Informed Choice Radio Personal Finance Podcast

How to do you make your decisions? The decisions we make every day – frequently automatic and incredibly fast – impact every area of our lives. My guest on the show today is an expert when it comes to making decisions in an increasing complex world. Michael Nicholas is author of The Little Black Book of Decision Making. His book delves into the cognition behind decision making, guiding you through the different ways your mind approaches various scenarios. Michael is a coach, corporate trainer and professional speaker. He works with leaders and teams from organisations ranging from medium size, entrepreneurial businesses up to leading FTSE companies, specialising in helping them to improve their business performance and release more of every individual’s potential. In addition, he's trained several hundred people globally to become effective coaches and occasionally provides one-on-one help for wealthy, private clients. In this episode, I chat to Michael about why it's becoming harder to make the right decisions, the role cognitive dissonance plays, how we can neutralise some of our inherent biases, striking the right balance between intuition and logic, evolutionary traits that no longer serve as well in modern society, a more mindful approach to rational decision making, and much more. Here's my conversation with Michael Nicholas, author of The Little Black Book of Decision Making, in episode 257 of Informed Choice Radio.

This week on the show, what are the risks to consider when it's time to open a branch of the Bank of Mum & Dad? Introducing Mrs Mummypenny My co-host for this episode is Lynn James, otherwise known as Mrs Mummypenny. Lynn left the corporate world in June 2015 to run Mrs Mummypenny, a personal finance & lifestyle brand. She launched Mrs Mummypenny in 2013 whilst on maternity leave with her youngest son and kept it going as a hobby when she returned to full time work. Lynn has always loved sharing her money saving tips with friends, so thought why not learn how to build a website and social platform and go for it! You can follow Lynn on Twitter at @mrsmummypenny. Want to join the Informed Choice Radio squad and co-host a future episode? Find out more here. Personal finance news -The latest price inflation figures are a blow to millions of rail users, who will see a 3.6% increase in regulated rail fares from January. Train operators use the Retail Prices Index figure for July when setting regulated rail fare increases. -The merger of Aberdeen Asset Management PLC and Standard Life plc has completed this week to form Standard Life Aberdeen plc, one of the world’s largest investment companies. The merger has created a company with assets under administration of £670 billion. -A new online only cash Junior ISA has been launched by National Savings & Investments. The account will offer a 2% tax-free/AER (variable) interest rate and has a maximum subscription limit of £4,128 for 2017/18. -A new independent study from GoCompare has revealed that drivers could beat rising premiums and cut their insurance costs significantly, just by buying cover sooner and not leaving it until the last minute. According to new figures from the comparison site, 89% of drivers would see cheaper quotes if they shopped around a week before their policy start date, rather than leaving it until the day itself. -Average house prices close to Scottish Premiership football grounds have increased by 20% over the last ten years, according to research by Bank of Scotland. This represents an average increase of £24,811 during the past decade; from £121,237 in 2007 to £146,048 in 2017, equivalent to a weekly rise of £48.

My guest on the show today is Ray LeVitre. Ray is Managing Partner of Net Worth Advisory Group, based in Utah. He's a Certified Financial Planner and Member of the National Association of Personal Financial Advisors. Ray's gained a unique perspective of the financial industry during his 19 years of experience. Ray has worked as representative for one of the nation’s largest mutual fund companies; as a bank investment representative at one of the nation’s largest banks; and as an insurance agent at a reputable life insurance company. Ray then worked as a stock broker at the nation’s largest brokerage firm before starting his own independent firm. Because Ray has seen the industry from many angles, he understands the types of products and services commission-based companies offer. As an independent fee-only advisor Ray is in a unique position to help people evaluate the products and services they have been sold by other advisors and help determine if they were given sound advice. In this episode, I chat to Ray about retirement rules of thumb, the right time to get serious about your retirement planning, what investors should do with their portfolios in light of these strange economic times, common mistakes he sees people making when they enter the retirement phase of life, and much more. Here's my conversation with Ray LeVitre, CFP professional and author of 20 Retirement Decisions You Need to Make Right Now, in episode 255 of Informed Choice Radio.

Hello and welcome to this episode of Informed Choice Radio. My guest on the show today is Tim Albert. Tim was born in 1947. He studied psychology and sociology at Surrey University and then trained as a journalist on local newspapers in Devon. In 1973 he moved to London and started working on national newspapers, and specialised in education. In the 1980s he became a medical journalist, and in 1990 set up as a trainer, specialising in writing and editing skills for health professionals. Tim moved on from full time training in 2007. He now writes and promotes books and cultivates his garden in Surrey. His new book is Mostly We Had It Good. In this book he traces his journey through the last five decades of the 20th century, using his memories, discussions with others, family documents and the articles he wrote at the time. It looks at family life in the austere post-war years, education in a monastery school and a brand-new university, training as a journalist on a local paper, the fights for a fairer education and against NHS changes, and a doomed attempt to persuade health professionals to write clearly. In this episode, I chat to Tim about being part of the post-war baby boomer generation, whether this really is a fortunate generation, and  some of the key milestones which have shaped his life. You can find the show notes for this episode at icradio.co.uk/254. There's useful links and you can also download the full episode transcript. That's all at icradio.co.uk/254. Before we get into the conversation with Tim, do you have an Amazon Echo or Echo Dot in your home or office? You can now get a daily Flash Briefing from Informed Choice Radio; a 3-5 minute summary of the day's most important personal finance and investing headlines. You can add the Informed Choice Radio Flash Briefing to your Alexa enabled device by searching for Informed Choice Radio in your Amazon Alexa app and enabling the skill.  To play the latest Flash Briefing from Informed Choice Radio, simply say to your Echo or Echo Dot, “Alexa, what’s my Flash Briefing?” or “Alexa, what’s in the news?” Here's my conversation with Tim Albert, author of Mostly We Had It Good, in episode 254 of Informed Choice Radio.

This week on the show, we're talking about how to get Generation Debt back on track. Insurer LV= has published some new research which has found renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK. Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34 year olds fall short of the Money Advice Service (MAS) recommended amount of savings to be financially resilient. Resilience can be defined as someone who has 90 days’ worth of outgoings in savings, however the research found that a third (34%) of late-Millennials could only survive for one month or less if they lost their income. These figures are even more pronounced for renters of this age, who make up almost half (45%) of the group. Two-thirds (65%) of 25-34 year olds who rent don’t have the level of savings specified by MAS – almost double the national average (37%) – and 45% could only cope for one month or less without their income. In addition, more than two in five (44%) aren’t confident in their ability to handle a personal financial crisis, again far higher than the UK average (33%). Subscribe in Apple Podcasts | Click to listen now | Right click to download episode Introducing Andy Webb My co-host for this episode is Andy Webb, founder of Be Clever With Your Cash. Andy is a blogger, journalist and trainer on all things money and consumer. Alongside Be Clever With Your Cash, he works two days a week as the senior writer for The Money Advice Service’s blog.  Andy also represents the company as a “money expert” on TV, radio and in print. He's appeared on BBC Breakfast (BBC One), Rip Off Britain (BBC One), Right on the Money (BBC One), Channel Five News, You and Yours (Radio 4), Newsbeat (Radio 1), Rip Off Britain Food (BBC One) and dozens of local radio stations. Personal finance news -Members of the post-war baby boomer generation have enjoyed a massive boost from private and workplace pension income over the past 40 years. New figures from the Office for National Statistics show 80% of retired households received income from a private pension last year. -UK house prices recorded their fourth consecutive month of quarter-on-quarter falls in July. The latest figure from the Halifax reported that average property prices fell by 0.2% between May and July. -Household bills have risen at more than double the rate of price inflation over the past year. The Billflation Index from comparethemarket.com found the average monthly cost of household bills rose by 5.7% to £845 in April 2017, compared to the same month last year. -The Sunday Telegraph has reported that Britain is ready to pay up to €40bn as its 'divorce bill' to leave the European Union. The newspaper cited three unnamed sources who were familiar with the negotiating strategy. -Four in ten care homes have failed inspections, according to new analysis of Care Quality Commission reports. The Daily Mail analysis found 5,300 care homes have been inspected by the regulator this year and 2,000 were found inadequate or in need of improvement.

Hello and welcome to this episode of Informed Choice Radio. My guest on the show today is Spencer Jakab. Spencer writes for and edits the “Heard on the Street” column for The Wall Street Journal and previously wrote its daily investing column, “Ahead of the Tape.” He has also written about investing for the Financial Times, Barron’s, and Dow Jones news wires. Prior to becoming a journalist, he was a top-rated stock analyst covering emerging markets at Credit Suisse. His first book is Heads I Win, Tails I Win: Why Smart Investors Fail and How to Tilt the Odds in Your Favor. According to Spencer, most of us have no idea how much money we’re leaving on the table — or that the average saver doesn’t come anywhere close to earning the “average” returns touted in those glossy brochures. We’re handicapped not only by psychological biases and a fear of missing out, but by an industry with multi-million dollar marketing budgets and an eye on its own bottom line, not yours. In this episode, I chat to Spencer about making the transition from stock analyst to journalist, how important the cost of investing really is, steps we can take as investors to insulate ourselves from making bad decisions, the common mistakes Spencer sees investors making, and much more. Here's my conversation with Spencer Jakab, Wall Street Journalist columnist and author of Heads I Win, Tails I Win, in episode 252 of Informed Choice Radio.

My guest on the show today is Marion McGovern. Marion was the founder and CEO of M Squared Consulting, one of the first gig economy talent intermediaries before the term was even coined.  She also founded Collabrus, a company focused on independent contractor compliance.  Marion is the author of A New Brand of Expertise: How Independent Consultants, Free Agents, and Interim Managers Are Transforming the World of Work.  Her new book is Thriving in the Gig Economy. So much has changed in the world of work in the past five years. Technology firms including Uber, Airbnb, TaskRabbit and Instacart have created a new 'gig economy', which is rarely out of the headlines.  But most of the media focus is on the low end of the skill spectrum; little attention is being paid to the best-in-class professionals who have chosen an independent path.  In this episode, I chat to Marion about how the gig economy differs from the sharing economy, whether millennials fit into the gig economy differently to baby boomers, the role of the individual in this new workplace, how the gig economy can be a positive force for all involved, where best in class professionals fit in, and much more. If you enjoy our conversation, and I hope you do, please take just a minute to connect with Marion on Twitter. You can find her there at @marionmcgovern. Mention me too, @martinbamford.  And if we're not connected yet on Twitter, why not? Go on, click that follow button today, say hello and I'll follow you straight back. You can find the show notes for this episode at icradio.co.uk/251. There's useful links and you can also download the full episode transcript. That's all at icradio.co.uk/251. Here's my conversation with Marion McGovern, author of Thriving in the Gig Economy. 

This week on the show, as we celebrate the milestone of 250 podcast episodes, I answer questions from some past guests. A big thank you to Iona Bain, Pete Matthew, James Wallman, Jon 'JB' Beckett and Kelly Eroglu for sharing their questions. Thank you also to Richard Hanson, an Informed Choice Radio listener who I bumped into last weekend and asked to record a question for the share! Most importantly, thank you for listening and continuing to support Informed Choice Radio. With 250 episodes under our belt, we are very close now to 100,000 total downloads, a milestone we hope to reach in the next week or so. There are some big plans for this podcast in the future and I can't wait to bring you the next 250 episodes. Personal finance news -Around 200,000 staff working in UK higher education face big changes to the future pension entitlement with the deficit of the sector's main pension scheme soaring to £12.6bn. Despite achieving a positive rate of investment returns in the past year and adding £10.2bn to its assets, the Universities Superannuation Scheme has also experienced rising liabilities. -Bank of England governor Mark Carney has warned that uncertainty over Brexit is already weighing on the economy. His comments as the Bank voted six to two to maintain low interest rates and cut its economic growth forecasts. -Delays to state pensions have resulted in more than one million women in their early 60s being worse off financially. The Institute for Fiscal Studies found that women aged 60 to 62 were £32 a week worse off on average. -Elderly people in the UK face a shortage of 30,000 care home beds by the end of next year. The research commissioned by BBC Radio 4's You and Yours programme found the ageing population could result in a shortfall of 70,000 care home beds in nine years' time. -Pay for chief executives has fallen during the past year. FTSE 100 bosses earn an average of £4.5m a year, down from £5.4m a year in 2015. An average full-time worker in the UK would take 160 years to earn the same amount, based on an average salary of £28,000 a year. Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

My guest on the show today is Rob Dix, someone who you may well already know if you're at all interested in the world of property investing. Rob is co-host of the incredibly popular The Property Podcast, along with Rob Bence. He's also founder of the Property Geek blog and podcast, and author of several popular property investing books. Rob's new book is How To Be A Landlord; a straightforward guide to everything involved in letting and managing a property – whether you’re an accidental landlord or an enthusiastic investor. In his characteristic simple and entertaining language, How To Be A Landlord covers important steps like preparing the property to let, advertising for tenants, conducting viewings, doing all the paperwork, managing the tenancy, and dealing with any tricky situations that crop up. In this episode we talk about whether property investing is right for everyone, how Rob got started with his first buy-to-let, if the future for this asset remains bright, finding good value in the current market, some of the pitfalls associated with being a landlord, and steps to finding great tenants.  Please take a moment to connect with Rob on Twitter, where you can find him @robdix. Mention me too, @martinbamford. You can find the show notes for this episode at icradio.co.uk/249. There's useful links and you can also download the full episode transcript. That's all at icradio.co.uk/249. Here's my conversation with Rob Dix, author of How To Be A Landlord.

Today on the show I'm joined by the excellent Dawid Konotey-Ahulu, co-founder of Redington. Redington advises large pension funds around the world and believes there is a way to solve the pensions challenge, and that it involves bringing together great minds in conversation, as well as connecting unlikely dots to provide new and better ways for pension funds to reach their goals. Dawid qualified as a barrister of Lincoln’s Inn in 1987, before transitioning into banking to work for Natwest Capital Markets in 1990. He joined Merrill Lynch in 2000 where, in his last role, he was Managing Director responsible for Merrill Lynch’s Pensions and Insurance Group, Europe. In 2004 he implemented the market’s first full derivative liability driven investment (LDI) hedge for a defined benefit pension fund, making history in the risk management arena. In 2005 on the advice of his clients, he left to set up Redington, and hasn’t looked back. In 2009 Dawid took the lead in setting up the firm’s second business, mallowstreet.com, which is now the established online community for the UK pensions industry. 3000 members of the site represent over $2 trillion in pension fund assets through 500 pension schemes.  In this episode, we have a wide-ranging conversation about several different things. We talk about the savings crisis; what is it and what can we do to get people saving more for their futures? We also talk about behavioural economics, something regular listeners to this podcast will know I'm currently exploring and learning more about. Finally, we chat about the role of technology within the world of financial services and some exciting future developments in this space. You can find the show notes for this episode at icradio.co.uk/248. There's useful links and you can also download the full episode transcript. Here's my conversation with Dawid Konotey-Ahulu, in episode 248 of Informed Choice Radio.