Financial experts Bola Sol, Timi Merriman-Johnson, and Damien Jordan share tips on managing money effectively in 2024. They discuss dealing with cost of living, unexpected financial challenges, challenges of running a business, finding profitable opportunities, political engagement's impact, managing household finances, effective communication techniques, and goal setting.
Prepare for increasing mortgage payments by speaking to a mortgage broker, exploring new mortgage products, and maintaining a good credit score.
Invest in global index funds for long-term growth, maintain a consistent investment strategy, and avoid being swayed by short-term market fluctuations.
Deep dives
Preparing for Mortgage Adjustments
With fixed mortgage rates coming to an end for many, over a million people will see their payments increase in 2024. To prepare for this, it is recommended to speak to a mortgage broker early, explore new mortgage products, and ensure your credit score is in good shape. Additionally, consider adding extra money to your emergency fund to help mitigate the impact of higher mortgage payments.
Investment Strategy and Consistency
When it comes to investing, it is important to maintain a consistent strategy and not be swayed by short-term market fluctuations. The experts in the podcast emphasize the benefits of investing in global index funds for long-term growth. They advocate for staying the course and not trying to time the market or chase short-term gains. A consistent and long-term approach to investing is key.
Budgeting and Facing Pinch Points
One of the important aspects of budgeting is being aware of pinch points and allocating resources accordingly. The experts in the podcast recommend assessing your budget regularly, identifying areas where you may overspend or need to cut back, and setting clear financial boundaries. They suggest using the colder months to assess your finances, align your expenses with your goals, and avoid impulse spending.
New Year's Resolution Tips
The guests share their tips for setting effective financial New Year's resolutions. They emphasize the importance of implementing systems and processes rather than solely focusing on the end result. Setting realistic goals, investing in oneself by acquiring new skills, and being consistent in financial habits are all important factors in achieving financial resolutions. They also highlight the value of forgiveness and self-compassion in maintaining long-term financial success.
If you’re looking for inspiration for managing your money more effectively in 2024, this episode is for you! Claer Barrett is joined in the FT studio by popular financial experts Bola Sol, Timi Merriman-Johnson aka Mr MoneyJar, and Damien Jordan. Between them they offer a wealth of tips for navigating next year’s expected financial challenges and share their own money stories and strategies.
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Presented by Claer Barrett. Produced by Philippa Goodrich. Our executive producer is Manuela Saragosa. Sound design by Simon Panayi, with original music from Metaphor Music. Cheryl Brumley is the FT’s global head of audio.