The Making Money Simple Podcast – Details, episodes & analysis

Iain from @IainJGeddes joins me on this episode of the podcast to talk about investing for your children. 

If you don’t currently have children, this is useful future information. Even if you don’t want children, you can hopefully pass on this knowledge to friend's children, nephews and nieces. 

We have three main options: Junior Stocks & Shares ISA, Junior SIPP, or using part of your own adult Stocks & Shares ISA allowance. 

Each option has different pros and cons. 

The key with the two ‘Junior’ options is that the money legally becomes your child’s at 18 (Junior Stocks & Shares ISA) or at 55 (Junior SIPP). 

If you’re skeptical they may misuse the money, or you just want more control, you can use part of your own adult ISA allowance - assuming you have some left - to invest for your children.

The greatest asset that children have is time. Due to compound interest, even small amounts contributed today have the chance to grow for decades to come.

Listen to the full episode for all the details!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

In this video I go through everything that you need to know about investing and taxes in the UK.

This includes the 3 main vehicles we can use to invest in the UK - ISAs, pensions and general investment accounts.

And the 3 main 'phases' of investing - before investing, during investing (i.e when we are invested in something) and when withdrawing.

Ultimately, ISAs and pensions have great tax advantages. So if possible, make the most of these.

But, GIAs do have their place in specific situations. Not to mention that for some types of investments (e.g crypto) we can only use GIAs to invest.

Just be aware that with GIAs we may be liable to pay capital gains tax and/or dividends tax.

Capital gains tax arises when we sell, and the allowance is currently £3,000 per tax year.

Dividend tax arises when we earn dividends and this happens when we're investing as most funds pay dividends, and the allowance is currently £500 per tax year.

Listen to the full episode for all the details!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

Tom from @TomTalksMoney_ joined me on this episode of the podcast to discuss all things matched betting. Unbelievably, Tom started matched betting and then took it full time for 4 years, the perfect guest for this episode.

First, we discuss what is matched betting and how we can actually get started, including the best platforms to use. You can get started from as little as £50, but ideally if you can start with around £200 that would be ideal.

Second, we talked numbers, specifically how much you could realistically earn through matched betting. Through initial sign ups bonuses you could make £500 in your first month from £150. Then going forward, depending on your time investment, how you could look to make £100+ per week.

Third, we dug into Tom’s story to find out how he managed to become a full time matched better. It is a very interesting story from starting matched betting after uni in 2014 to then becoming a full time matched better roughly a year later to then transitioning into building other income streams to step back from matched betting after doing it full time 4 years later.

We also touched on some risks of matched betting. Can you get banned? What happens if you get ‘gubbed’? Can you withdraw your money? How can you track your bets? And a lot more.

Listen to the full episode for more information!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

In this episode I’m joined by Brian from The Frugal Spender to discuss the difference between being frugal, being cheap and being tight.

We went through what these terms actually mean. All of them have some negative connotations, but being frugal is: using your resources in the most efficient way possible to maximise your personal benefit. This sounds pretty good and what we want to aim for, as opposed to being cheap/tight.

We also went through a number of actionable ways to be frugal and become more frugal over time. Some ideas are not buying stuff you don't need and only buying things you value, buying things second hand (I recently bought a 2nd hand backpack for travelling Thailand), shopping around for the best deals (like insurance and phone contracts), and so on. We discuss a lot more in the podcast.

Listen to the full episode for more information!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

In this episode I’m joined by Sarah from @altstproperty and we discuss what will happen to the property market in 2023.

It's always hard, and nearly impossible, to predict what will happen to the markets. But we tried out best!

First, we discussed what happened to the property market in 2022 and more broadly over the last few years.

Second, we delved into discussing what could happen to the property market in 2023 - given current conditions of inflation, interest rates, house prices, and so on.

Finally, Sarah shared three top tips for people who want to invest in property in 2023.

Listen to the full episode for more information!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

In this episode I’m joined by Kate from @moneymindsetmother and we discuss how to effectively manage your money as a parent.

Kate is a mum of 3 and is very experienced at managing her own money and her families money so is the perfect guest for this episode.

First, we discussed the transition to managing money from a non-parent to a parent. One of the most important things is to know your numbers - knowing exactly what is coming in and going out each month. This comes back to budgeting which is the ‘bedrock’ of both building your wealth personally and as a parent for your family.

Another suggestion from Kate, which I’m a fan of, is to print out your bank statement at the end of the month and get two highlighters. In one colour highlight your needs and in the other colour highlight your wants. This will then help you to understand where you’re money is going and if there's any wiggle room to cut back.

Second, we discussed whether the process of managing your money changes as your children grow older. It most likely will and is likely to include using vehicles like Junior ISAs to help save/invest for your children’s future.

Third, we chatted through how much to save, especially if you have multiple children. The bottom line is, if you’re able to, any money saved/invested at all is a bonus. Even if there are points when you can’t contribute, any money previously invested no matter how small will continue to compound over the years.

Lastly, we discussed investing personally for yourself whilst having a family and some top tips to take away for managing your money as a parent.

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

Richard Brown from @thepropertyvoice joins me (again) on this episode to share some property wisdom. This time on some of his 'Property First Principles'.

This includes:

The 18-year property cycle - what it is, how you can use it to your advantage, and when the next crash might me.

Leverage and 'other people's money' - how property can accelerate your wealth building path.

Being a property investor - including the '3F's', which are forcing the discount, forcing the appreciation and forcing the yield.

We also touched on a few more property related tips at the end. 

Listen to the podcast for more details!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

Richard Brown from @thepropertyvoice joins me on this episode to discuss how we can turn our own homes into an investment or an asset.

It is worth saying that it is contentious as to whether a home is an asset or a liability, each person has a different opinion. But, a general definition is that an asset 'puts money into your pocket' and in this podcast we talk through how you can do exactly that.

First, we touch on some tax efficiencies through buying your first home - particularly by using a LISA and paying no Stamp Duty. 

Second, we then go on to talk through the Rent A Room Relief Scheme. In the UK this allows us to bring in a lodger and rent out a room in our home. Doing this we can earn up to £7,500 per tax year completely tax-free. This is exactly how we can turn our home into an asset as we can earn some monthly rental income that 'puts money in our pocket'.

Third, we go through how buying your own home can work out cheaper than investing in property. Mainly through a lower deposit needed - 5% compared to 25% generally for buy-to-lets, and lower interest rates available on residential properties compared to investment propeties. 

Listen to the podcast for more details!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

Inflation is currently at 9.1% in the UK (a 40-year high) and is a large concern for many people as everyday items becoming increasingly more expensive. In this podcast episode I cover everything that you need to know about inflation.

Starting with the basics of what it is and how it is measured. Before moving onto why governments actually want inflation, how they attempt to control inflation, and the impact inflation has on our finances.

Finally I talk through whether you should be worried about rising inflation and what you should do right now with inflation on the rise.

Listen to the podcast for more details!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact

Ola from @allthingsmoney_ joined me on this episode of the podcast all about the current cost of living crisis.

First, we discuss what the 'cost of living crisis' is and why we're in this position. There are a number of factors that have contributed to the position that we are currently in.

Next, we talked through what this means for us. In short, due to the cost of living crisis and inflation our money unfortunately is not going as far.

Finally, and hopefully most helpful, we go through what we can do. This revolves around reducing expenses and increasing income. In the podcast Ola gives many specific apps and platforms that we can use to both reduce expenses and increase income. 

Listen to the podcast for more details!

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More investing:

📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide

📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book

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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.

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📥 Get in touch: https://www.makingmoneysimple.co.uk/contact