A bit of tax fun (not words which usually go that well together)
I came across this tax analogy from Toby Morris.
It takes the example of a group of people going out for a beer, and distributing the bill according to their means in life – so far so good, some obviously pay more than others, and some pay nothing at all as they are unable to. Continue reading “How the Tax System Works – in Beer” →
Can you imagine the cost of missing out on university ?
Now, I am not talking about a specialist role which needs a degree, but rather (as tends to be common) someone who has no particular direction, but thinks that uni will be a good option for a few years, because all their pals are going there.
The big question here is, are you willing to invest a huge amount of YOUR FUTURE money on the speculation that you may get a better outcome. Let’s see… Continue reading “The cost of missing out on university” →
In the article, the journalist says “…free advice is usually worth exactly what you paid for it…” which may not be necessarily so.
In financial planning, free advice (albeit sometimes well intended) can frequently take you further away from where you want to be, putting you in a more precarious or risky position than you were before. Continue reading “Free Financial Advice is usually worth exactly what you paid for it. Here’s why” →
A recent FCA (Financial Conduct Authority) report (mainly centred around the issues of a standardised fact-find -the gathering of client information), ‘acknowledged’ that the length of the fact-find process can act as a potential barrier to the consumer seeking advice.
What the report does not say is how long this lengthy, arduous task of explaining what are the most important things in your life and how they may impact on your financial outlook for the rest of your life actually takes. Continue reading “Do clients want their advisers to guess what is best for them, or help them find the best way ?” →
Here is a questions often asked – what is a financial life plan, and why would I need that as opposed to a financial plan?
More and more consumers are understanding that there is a difference between the old way of financial advice (selling as many products as possible) and financial planning (where recommendations are able to demonstrate that they are relevant and appropriate for the long term).
So where is Financial Life Planning different? Continue reading “What is a financial life plan ?” →
There is much talk at the moment around transferring pension benefits from Defined Benefit (Final Salary) schemes – especially in the wake of the British Steele pension issue. It is a hugely complex area, one which requires high levels of care and consideration, and it is not just the financial issues to consider, it is a whole different way of planning around your pension and life. Continue reading “Cruising or Paddling Your Own Canoe ? That is the difference between pensions!” →
A question I have been mulling over – ‘is financial advice negative or positive’ – or is it aimed to create negative feelings, then solve them with overly positive predictions or scenarios, or actually, should it be to create positive feelings, then stay sensibly grounded, aware of what could happen (negative scenarios)? Continue reading “Is the financial advice experience negative or positive?” →
In a study carried out recently, it was found that only 41% of over 55s in the UK actually know how much they will need when they retire. In all likelihood, the figure is probably far less than that. Continue reading “Can 41% of over 55s in the UK really predict the future?” →
There is a vicious cycle combining money and mental health – quite simply, worrying (about money in this case) makes mental health worse, and poor mental health, makes managing (money in this instance) harder.
Although we are taking money as the example here, the example can be extended to many areas – just substitute money for ‘work’, ‘relationships’, ‘health’ and many more. In particular though, the money cycle is one which can have a self-destructive path which is far more challenging to escape from. Continue reading “Can you recognise the vicious cycle of money worries?” →
At our ‘Serenity On Tour’ seminars (which spanned the UK covering Cornwall, London, Lincoln and North Wales), one of the presenters asked these questions …
- How much money do you have on you right now?
- How much money did you spend last month?
- How much money will you spend next month?
Not many attendees knew the answer to the first question, less to the second, and less again to the third. The point behind the exercise, was that if you do not know what you are going to spend next month, then how on earth will you know what you will spend in retirement? Continue reading “How to fix a terrible money habit in one month” →