Latest news with #TheMoneyPlan
Daily Mirror
4 days ago
- Business
- Daily Mirror
'One question will help you achieve your financial goals in 2025'
Multi award-winning Chartered Financial Planner, Certified Coach, author of The Money Plan, and Sunday Mirror columnist Your New Year's Eve celebrations may seem a distant memory, and for many of us when we start a new year, we commit to some resolutions; goals that we'd like to accomplish in the following twelve months, things that are important to us, and will bring us happiness. However, only a minority accomplish what they set out to achieve, why is this? In summary, it's our focus. There are deeper reasons why we are not focusing on what we want, but the overarching cause why we don't accomplish what we want in life is that we never actually make it a must, we leave it as a should. This is not isolated to our resolutions at a new year; it can be extended to our life, we never decide how we want to live the rest of our lives. We've never been taught to take the time to decide what we want. Life can be busy and often we are like ships in the ocean, without a rudder, bobbing around and being directed by the wind. Get the best deals and tips from Mirror Money We can't control our environment; government policy, the cost of living, the Ukraine or Israel /Gaza/Iran crisis, but we can decide how we will react to these events and the meaning we will give them. Our time on this planet is often far too short, if you're in your 50s you probably have less than 35 more New Years to celebrate, a sobering thought. Your past does not equal your future. Why not make this year great, a year to reflect back and say I am glad I did, rather than I wish I had. You can do this by answering this question: "How do you want to live the rest of your life?" It's a question I often ask my clients, and once I do, I shut up and allow them to really think what it is they want. For some, it's the simple things in life, others have great ambitions. It's not for me to decide what's right for you, it's your life to live on your terms, and I want to help you really live it. Once you've answered the question, write your answer down in your diary, or smart phone notes and take some time to ensure this is what you really want, not what you think you should have. For me, I often think I should grow my business and earn more money, but in reality, I love nothing more than helping others achieve financial freedom, and freedom from the worries of money, that's what truly brings me fulfilment. When you're clear on what it is you want, write down the things you need to achieve in the next twelve months to move you closer towards your outcome. I believe that if you're not growing as an individual, you're not really living life, taking strides towards achieving your outcome will make you feel more confident, happier and fulfilled. I work with clients who earn more than a million pounds a year in personal income, and those through my coaching, who may have no income, complete extremes of the economic scale. But what they both have in common is a nervous system that runs their decision making processes. We are all looking to grow as individuals, make a difference in our own lives and the lives of other people. We have less than twenty-six weeks until we'll be welcoming in 2026, make this year count and decide how you want to live the rest of your life. For more money planning ideas please visit The Finance Geeks Podcast
Daily Mirror
15-06-2025
- Business
- Daily Mirror
Inflation is killing your savings - what you must do to combat it
Multi award-winning Chartered Financial Planner, Certified Coach, author of The Money Plan, and Sunday Mirror columnist The American economist Milton Friedman once said: 'Inflation is the one form of taxation that can be imposed without legislation.' Yet for most people, it slips under the radar, affecting our spending power without us giving it a second thought. In recent years, inflation has made headlines more than usual, from the post-COVID stimulus surge to its gradual retreat. I first raised concerns about the risk of rising inflation over three years ago. To me, it felt inevitable. Professional investors and economists should not have been caught off guard by its rise. What was surprising, however, was just how far and how fast it went. Get the best deals and tips from Mirror Money Inflation is a normal part of the economy, and it shouldn't be feared. However, when it gains momentum, it can spiral out of control, leading to a rapid increase in prices. This is what we have recently experienced, which led to the cost-of-living crisis that affected everyone. Inflation and its impact on wealth is often overlooked. I tell my clients that inflation is one of the biggest risks to their money. Why? Because inflation is effectively a constant tax on the value of your pounds and assets, a tax that we all collectively pay. Consider this: since 1989 inflation has averaged around 3%, which to most people would seem modest. But this means you would need to achieve at least a 3% return on your cash savings and investments, after tax and costs, each and every year, to maintain the value of your money. In other words, you need £189 today to buy the same goods which would have cost you £100 at the turn of the millennium, just because of inflation. That's why I advise against keeping excessive amounts of money on deposit for prolonged periods of time. Inflation is like carbon monoxide to your money: it's a silent killer of wealth creation, of which few people are aware. So, what's the solution? The answer lies in investing rather than maintaining cash deposits (savings). The MSCI World index, which is a collection of the world 's largest companies in developed countries, has delivered 10.5% pa average return over the last 20 years for UK investors. Even after accounting for fees and tax, you'll comfortably stay ahead of inflation. This is one reason why the wealthy get richer during inflationary times: they understand that companies can increase their prices and profits, which helps share values rise. You too can participate and grow your wealth over the next 20 years, even if you start small, but you must start. Now, more than ever, it's crucial to focus on the importance of investing to combat the negative effects of inflation. The recent high inflation rates serve as a stark reminder of this necessity.
Daily Mirror
24-05-2025
- Business
- Daily Mirror
'Save some grief - why you need to protect your family from financial woes now'
Multi award-winning Chartered Financial Planner, Certified Coach, author of The Money Plan, and Sunday Mirror columnist The past few years, marked by the pandemic and the unfolding tragedies in Ukraine and the Middle East, have been a sobering reminder of how precious and fragile life truly is. Like many, my wife Nicky and I have felt this, having lost a few close friends far too soon and with little warning. Behind each death is a story, all too often of a family with money worries. When death occurs, it's not uncommon to uncover a financial picture that looks very different from what had been expected. On top of the pain and sadness of losing a loved one, there is suddenly also a financial shock; loss of income, and surprising debts. Many people consider that they are adequately insured if they have their mortgage covered in the event of their death, but far too many of us don't even go that far. As a Certified Financial Planner, a vital part of what I do is ensuring catastrophes like premature death are considered now, so there is a plan in place before something may occur. Managing risk is an important part of that. A way of transferring the risk away from your family unit to an insurance company is by buying life assurance. It doesn't always have the best reputation but ask a widow or widower who benefited from it and they'll tell you a different story. We insure our cars and our home; it's a natural step to insure our lives and income. What should I insure? Think about all your liabilities. An obvious one to start with is your mortgage, but also consider other debts you have which are currently outstanding: overdraft, credit cards, loans, car finance and so on. Having the funds available to repay these debts, plus funeral expenses, is a comfort to those you leave behind. What insurance do I need? Term assurance, which provides a payout if death occurs within a specified term, is the cheapest way to get protection. A mortgage protection plan could be used to cover your mortgage, and a separate term assurance plan used to cover your other liabilities. After that, to cover a loss of income, I like Family Income Benefit plans. This is a term assurance policy that pays out a tax-free monthly amount for the remainder of the policy term, rather than a lump sum. To work out how much you would need, deduct the payments on the mortgage and other debts you have, and calculate how much more you need for day-to-day living. You can arrange a Family Income Benefit plan for this amount, to go with your separate cover for the mortgage and other liabilities. Together or separately? For couples, arranging individual polices rather than a joint policy is slightly more expensive, but you can personalise the cover amounts to suit each of your needs. You can also ensure the benefits are paid into a trust, which will speed up payment, meaning the funds can be available before probate is granted. I appreciate life assurance isn't exciting but leaving your loved ones heartbroken and in a financial mess isn't great either. If you have financial dependants, get yourself insured.
Daily Mirror
18-05-2025
- Business
- Daily Mirror
Everything you need to know about investing - is it really the same as gambling?
Multi award-winning Chartered Financial Planner, Certified Coach, author of The Money Plan and Sunday Mirror columnist We have recently marked the 80th anniversary of VE Day – Victory in Europe. It was a moment to reflect on the courage, resilience, and long-term vision of a generation that rebuilt after unimaginable hardship. As we paused to honour their legacy, it struck me how these same qualities; patience, perspective, and a steady resolve, are also relevant when it comes to how we approach our money. Investing isn't about quick wins or reacting to the latest headlines. It's about believing in the future, even when the present feels uncertain. Successful investors hold firm during difficult times, knowing that the tide eventually turns. In today's column, let's explore what that mindset looks like in practice and how it can help you grow your wealth, the smart and steady way. Embrace uncertainty The stock market does not go up in a straight line, which is what often worries people about investing. But as investors, we are rewarded for the uncertainty we take in the stock market. Over the last 100 years the world stock market has returned around 10% on average per year, but hardly ever is it close to 10% in any given year. Some years it's far higher, and others it's negative. We can't make this uncertainty disappear so we should embrace it, by buying into the world stock market and holding on for decades. The stock market has delivered a positive return 75% of the time, or another way to look at this is that the stock market is only negative one in every four years. Gambling is not investing This is important. Gambling is a short-term bet, if you treat the stock market and investing like a casino, picking your favourite share and trying to 'buy low, sell high' then you may well end up sorry. If you bet on the stock market in this way, you need to be right twice: when you buy and when you sell. Investing on the other hand is a long-term game; you buy, sit tight and go off to enjoy your life. The sooner you start, the luckier you could become. The odds of winning are higher in the stock market too; Blackjack can have odds of 48%, compared to the long-term stock market index at 99.9%. Tune out the noise If an investment sounds too good to be true, it probably is. Fads come and go, but the world stock market is still here. TV experts' tips, my neighbour's 'next sure thing': these are entertainment, not investments. You can do well without insider secrets, being in the know, or first in line. While sometimes the world stock market may seem chaotic, there is a form of order which rewards the long-term buyer. What should I do? I'm often asked: 'If what you say is true, why do so many people try to beat the market, why not just accept the market return and leave it?' Because we all want to think we are better than that. Just like we think we are a better than average driver, employee or lover. You'd do very well by buying a world index fund and leaving it alone for as many years (not months) as you can. Your future self will thank you. For more investment and financial planning ideas search for The Finance Geeks podcast.
Daily Mirror
10-05-2025
- Business
- Daily Mirror
Money worries and mental health - what to do if you're struggling with debt
Multi award-winning Chartered Financial Planner, Certified Coach, author of The Money Plan, and Sunday Mirror columnist Tomorrow is the start of Mental Health Awareness Week – and money worries can impact our wellbeing in many ways. People often think if they had more money, their worries would all go. But – while I'm sure you'd prefer to find this out for yourself – I can tell you that for most people, more money just means different types of worries. The key can be in not letting yourself live beyond your means, if you can find ways to live adequately within them. When your budget begins to stretch and you start to borrow for day-to-day spending, money worries quickly grow. This is the reason I don't like using credit cards and why I developed the Bank Account System to help people gain control over their spending. Worries are one thing but, for some, small worries can escalate rapidly into bigger problems and cause mental health issues that can paralyse our decision-making process. Just thinking about money, your bills and your credit card statements can bring on a sense of helplessness and a lack of hope. That's especially true when you're in debt, if you can't see a way you will be able to repay what you owe. This can cause a vicious circle which can quickly spiral out of control – your money worries impact your mental health, but when you are struggling mentally it is so much harder to face your financial challenges head on. And so your money problems can easily get worse, compromising even more your ability to face up to them. If this is you, you are not alone. So where can you turn for help? There are several charities to support you when you have money challenges. Two I like are – who advise and support anyone experiencing a mental health problem, whether money-related or anything else – and who have been helping people deal with debt problems for more than 25 years. Mental Health Awareness Week, running from tomorrow until next Sunday, is hosted by the Mental Health Foundation. The theme this year is community, highlighting the role of social connections and supportive communities in mental wellbeing. The Mental Health Foundation aims to celebrate the power of community in aiding mental health. Remember, motion creates emotion – it's hard holding on to those feelings that drain you while dancing or running around If you're challenged by money, or by anything else, please don't try to resolve it alone. Reach out for help – a problem shared is a problem halved.
