Money Clinic with Claer Barrett

She earns a six-figure salary working an 80-hour week on Wall Street but 20-something Anna spends her spare moments dreaming about starting her own business. She chats to presenter Claer Barrett about the challenge of resisting “lifestyle creep” - the pressure to spend more as you earn more - in New York City. But how much will she need to save up to support herself if she pursues her passion project? Experts Bola Sokunbi, the founder of Clever Girl Finance, and Emilie Bellet, founder of Vestpod, share stories of how they quit high-flying jobs to launch their own personal finance platforms - and have plenty of tips for listeners who are tempted to go it alone. If you would like to talk to Claer for a future podcast episode, email the Money Clinic team money@ft.com with a brief description of your story. Follow Claer on Twitter and Instagram @Claerb and read her weekly Serious Money column in the FT Money section of the FT Weekend newspaper.Further reading:-If all this talk of ‘lifestyle creep’ has inspired you to take a closer look at your spending habits, check out this free to read FT column by Claer which is packed with budgeting tips: Simple rules for managing your money-Clever Girl Finance, the personal finance platform founded by podcast guest Bola Sokunbi, is full of free content, courses and resources covering all kinds of financial issues. You can hear more from Bola on her Clever Girls Know podcast, follow her on Instagram @CleverGirlFinance and check out her book, Clever Girl Finance: Ditch debt, save money and build real wealth-Emilie Bellet quit her City of London career to found Vestpod, a platform dedicated to empowering women on their investing journey where you can sign up to her free weekly newsletter. Follow Emilie on Twitter and Instagram, and check out the Vestpod Facebook group. She also presents a weekly podcast The Wallet and her first book is called You’re not broke, you’re pre-rich-Anna's project is Young Money Plans Hosted on Acast. See acast.com/privacy for more information.

If you’re offered the chance to make some easy money during the pandemic, what should you do? Money Clinic was emailed by 19-year-old student Henry who, along with many of his friends, had been contacted on Snapchat and Instagram and asked: ‘Do you want to make money working from home?’ To earn a few hundred pounds, students are being asked to open bank accounts, then receive and transfer money. This may sound innocuous. But as presenter Claer Barrett reveals, acting as a ‘money mule’ is a criminal offence, and could involve money laundering. Reformed fraudster Tony Sales and anti-fraud expert Mike Nathan explain how it works and how to stay safe online. If you would like to talk to Claer for a future episode, please email the Money Clinic team at money@ft.com with a short description of your dilemma, and how you would like us to help. Follow Claer on Twitter and Instagram @Claerb and read her weekly Serious Money column in the FT Money section of the FT Weekend newspaper.Further reading:-If you have been a victim of cyber crime, or want to report a scam attempt, here are the agencies to contact, depending on where you’re based, in the UK, the US or Europe -Claer’s FT column this week goes into much greater detail about money muling, and how parents can spot the signs-Claer won a Wincott Award for this 2018 column exposing “Modern Day Bank Robbery”, which highlights the techniques criminals use to steal money from the unwary online-You can also read Claer’s column: Don’t fall for these 10 financial scams -And Tony Sales, the reformed criminal we heard from on today’s show, will shortly be releasing his autobiography - The Big Con: How I stole £30m and got away with it, published by Mirror Books Hosted on Acast. See acast.com/privacy for more information.

Finding a side hustle that earns you  money alongside your main job is an attractive idea — but it can be hard to achieve as Jonny, this week’s guest, has found out, with his side hustles costing him time rather than earning much extra cash. He’s also looking to volunteer as a side hustle to further his ambition of campaigning on personal finance issues, but how can he find the right balance of money and time? Presenter Claer Barrett hears from experts Abadesi Osunsade, founder of Hustle Crew and presenter of the Techish podcast, and Juliet Tomlinson from the Oxford university’s careers service on “success metrics” and acquiring the right skills. If you would like to talk to Claer for a future podcast episode, she is very keen to find someone who is resolving to sort out their finances for the new year and could do with some expert help. If that sounds like you, please email the Money Clinic team with a brief description of your story to money@ft.com. Follow Claer on Twitter and Instagram @Claerb and read her weekly Serious Money column in the FT Money section of the FT Weekend newspaper.Further reading:-If like Jonny, you’re seeking inspiration from how others are earning money on the side, check out this FT Magazine piece — How lockdown encouraged young people to develop their side hustles -If your side hustle is successful, there could be tax implications, but this piece from FT Money gives some useful tips about tax returns and the kinds of expenses you might be able to offset -Abadesi Osunsade is the founder of Hustle Crew, which runs workshops and events for people working within the tech space, and presents the Techish podcast which is focused on the intersection of tech, pop culture and life. Follow Abadesi @Abadesi Hosted on Acast. See acast.com/privacy for more information.

Since they moved in together at the start of the UK lockdown in March, Marijke and Danny’s relationship has gone from strength to strength. Marijke owns the flat they both live in — but Danny has recently come into an inheritance and wants to finance building an extension to their home. How can the cohabiting couple structure this arrangement in a way that will be fair to both of them if they later split up? Presenter Claer Barrett seeks guidance from experts, Michael Gouriet, partner in the family law team at Withers, the legal firm, and Angela Marson, chartered financial planner at Fairstone, the financial advisory business.If you would like to talk to Claer for a future episode, please email the Money Clinic team at money@ft.com with a short description of your dilemma, and how you would like us to help. Follow Claer on Twitter and Instagram @Claerb and read her weekly Serious Money column in the FT Money section of the FT Weekend newspaper.Further reading:-Our guests on this episode were shocked to find out that cohabitation is such a ‘grey area’ of the law in England and Wales.-This FT Money article by Lucy Warwick-Ching — Is my boyfriend entitled to a share of my flat if we split? — covers many of the legal options couples like Marijke and Danny could consider.-Of course, talking about money is a big issue for many couples. This FT column by Claer — Six ways to manage money and not fall out with your partner — is packed with practical tips and is currently free to read.-Michael Gouriet, the legal expert featured on this podcast, has also made a more in-depth podcast series with his firm Withers focusing on the issues arising from cohabitation agreements.Finally, this column by the FT’s economics correspondent Delphine Strauss — Unmarried couples in the UK pay the price of an outdated system — looks at repeated attempts to reform the laws concerning the rights of cohabiting couples. Hosted on Acast. See acast.com/privacy for more information.

For 61-year old Margaret, and millions of other women, being able to retire with a pension has become an unaffordable dream. She has relied on working as a supply teacher to pay the bills. But she says employers don’t want to hire older workers. After many unsuccessful job applications, Margaret has gone back to university to study creative writing and to seek a new career. Lindsay Cook, the FT’s Money Mentor columnist, suggests how women in Margaret’s situation can maximise their retirement income, and Stuart Lewis, the founder of over-50s online community Rest Less, has plenty of tips for older jobseekers.If you would like to talk to Claer for a future episode, please email the Money Clinic team at money@ft.com with a short description of your dilemma, and how you would like us to help. Follow Claer on Twitter and Instagram @Claerb and read her weekly Serious Money column in the FT Money section of the FT Weekend newspaper.Further reading:-The experts had plenty of practical tips for UK listeners looking to get on top of their retirement planning.-To track down lost pensions, Lindsay Cook suggested that Margaret uses the government’s Pensions Tracing Service, which is free to use. As we said on the show, please be careful of copycat websites run by commercial firms.-You can also check how many years’ worth of State Pension contributions you’ve made, and what you could receive in retirement-Looking for a job in your 50s and 60s can be a very challenging and lonely experience, as Margaret has found. Rest Less is an online community and recruitment website for older workers which is packed with all kinds of tips and advice. Membership is free, and has trebled since the start of lockdown.-Claer’s latest FT column is full of practical advice for job seekers, drawing on a live video Q&A with Jonathan Black, the FT’s “Dear Jonathan’ columnist and director of the careers service at Oxford University. This contains useful suggestions of how to reach out to contacts for help finding your next position, and the strange theory of why wearing smart shoes in Zoom interviews could boost your performance — even though your feet are out of shot!-Finally, if you’re considering going back to university in later life, you may be concerned about student loans. In the UK, these operate more like a graduate tax than a conventional loan, as this free to read column by Claer explains. Hosted on Acast. See acast.com/privacy for more information.

29-year-old jewellery designer Roseanna Croft is having her mettle tested by the pandemic. Wedding cancellations have dented her sales, and now the second UK lockdown threatens Christmas trading. As a limited company director, she has restricted access to government support and must rely on her own efforts to redesign her business plan. Claer finds creative inspiration for Roseanna from Suli Breaks, the entrepreneur, poet and presenter of the 7even Figures Business Podcast, and financial tips from Andy Chamberlain, head of policy at IPSE (the Association of Independent Professionals and the Self Employed).Further reading:-Claer has written extensively about issues facing small business owners during the pandemic, and the problems of accessing government support schemes. Her recent FT column Help for the self-employed won’t save everyone is free to read -Suli presents the 7even Figures podcast, where he interviews an entrepreneur who has set up a business from scratch, finding out how they grew their passion into a million pound company-Watch Suli in action on his website and follow him on Twitter @SuliBreaks-Andy Chamberlain is head of policy at IPSE, and tweets @AndyChamberlain-The IPSE website has a hub full of advice and information for the self employed and limited company directors detailing the help available during the pandemic-You can follow Claer on Twitter and Instagram @Claerb  Hosted on Acast. See acast.com/privacy for more information.

Lucy is on the cusp of buying a shared ownership flat with her partner — but she’s getting cold feet. The shared ownership model enables buyers to take out a mortgage on part of the property, and pay rent on the rest. However, Lucy is worried this could be more expensive than she bargained for, and fears she will never be able to afford to own 100 per cent of her new home. Claer hears from independent property expert Henry Pryor and mortgage broker Andrew Montlake from Coreco. Further reading:-Henry Pryor tweets @HenryPryor and has a website packed with tips for property buyers.-Andrew Montlake tweets @Montysblog and blogs about the mortgage market (which is genuinely more interesting that it sounds!) Read it here.-Claer’s recent column in FT Money tackled the pitfalls of shared ownership properties, the government’s Help to Buy scheme and a mad-sounding new idea to let young people borrow from their pensions to get on the property ladder.-This Millennial Money column from Kate Beioley, the FT’s legal correspondent, reveals how being single made it practically impossible for her to pursue the shared ownership route. You can follow Claer on Twitter and Instagram @Claerb Hosted on Acast. See acast.com/privacy for more information.

Claer Barrett chats to Harri about the challenges of building an ethical investment portfolio. The 29-year old is saving £1,000 a month into his retirement fund, and has noticed a growing array of ESG options (a label applied to investments that address environment, social and governance considerations). Are they genuinely doing good — or have they just done a good job on their marketing? And does investing ethically mean he has to sacrifice some investment returns? Experts Gillian Tett and Moira O’Neill offer their tips.If you would like to talk to Claer for a future episode, please email the Money Clinic team at money@ft.com with a short description of your dilemma, and how you would like us to help. Follow Claer on Twitter and Instagram @Claerb and read her weekly Serious Money column in the FT Money section of the FT Weekend newspaper.Further reading:--Gillian Tett chairs the FT’s editorial board, and set up Moral Money, the FT’s online hub for all things ESG. Read the latest stories and sign up for the twice-weekly newsletter at FT.com/moralmoney (the newsletter is currently free for the first 30 days). You can follow Gillian on Twitter: @GillianTett.--Moira O’Neill is an investment columnist in FT Money, and the head of personal finance at Interactive Investor. Read Moira’s latest column about why it’s a myth that only the “young and woke” are interested in ESG investment at ft.com/goodmoneyweek. You can follow Moira on Twitter: @MoiraONeill.--The dilemmas of ESG investors are explored in a forthcoming book by Alice Ross, the FT’s deputy news editor. You can read an extract from Investing to Save the Planet via this link ft.com/investingtosavetheplanet and it will be published by Penguin Books in November 2020. Hosted on Acast. See acast.com/privacy for more information.

Claer Barrett chats to Josh, a high-earner living in New Jersey who has large credit card bills to settle. The 30-something finance worker has spent $20,000 paying for holidays and unexpected bills on his interest-free cards, but his wife is unaware of how much he now owes. Under lockdown, the couple have impressively managed to save more than $27,000. His wife wants to use their savings towards a deposit on a house, but should Josh come clean and pay off some of his card debt? Experts Robert Armstrong and Sara Williams (aka the Debt Camel) offer their tips.If you would like to talk to Claer for a future episode, please email the Money Clinic team at money@ft.com with a short description of your problem, and how you would like us to help. Follow Claer on Twitter and Instagram @Claerb. Further reading:--Sara Williams writes the independent Debt Camel blog, offering no-nonsense advice for people who want to get out of debt. Covering debt problems and debt solutions, she has won praise for answering common questions about debt without jargon, and has been a debt adviser in the UK for more than 15 years. --Robert Armstrong, the FT’s US Finance editor, recently bought a house in Brooklyn, and is already regretting his purchase, as he explains in this column: Was buying a Brooklyn townhouse just before lockdown the worst trade of my life?--He has also explored the topic of mounting consumer debt in this FT video: Will Covid-19 light the fuse on a debt bomb?--If, like Josh, you find it difficult to talk openly to your partner about your finances, check out Claer’s column, Six ways to manage money - and not fall out with your partner (which is free to read).--Last year, Claer spent a day inside one of the UK’s biggest debt helplines and spoke to advisers about how people of all income levels can and do suffer from debt problems — and heard practical tips on what to do about it.  Hosted on Acast. See acast.com/privacy for more information.

Could there be a worse year than 2020 to graduate from university? Lockdown disrupted final exams, not to mention final goodbyes - and graduates face one of the toughest recruitment markets in recent times. Claer Barrett chats to 21-year-old graduate Olly. He’s landed a traineeship with a big City of London firm, but his start date has been delayed until January 2021. Other friends have had job offers withdrawn, ending their hopes of renting a London flat together. Olly also worries how Covid-19 could affect his job security and career progression. Can his love of spreadsheets help him budget for the unexpected? With experts Iona Bain and Jonathan Black.The pandemic has made everyone feel very differently about their finances — and we’ve changed our podcast to reflect this. Every week, Money Clinic features real life stories from FT readers around the world (on a first name only basis) to help everyone get to grips with common financial dilemmas. If you would like to talk to Claer for a future episode, please email the Money Clinic team at money@ft.com with a short description of your problem, and how you would like us to help. Further ReadingIf you’re about to start your first job, read this column by Claer (she wrote it when her stepdaughter landed her first job). There are tips on setting a budget, and using workplace perks including the company pension and Save As You Earn schemes to maximise your savings: https://www.ft.com/content/4604c988-a7ad-11e9-984c-fac8325aaa04If you enjoyed hearing Jonathan Black’s careers advice, check out his regular column in the Financial Times where he answers readers’ dilemmas: https://www.ft.com/dear-jonathanThis column, How do I get my first graduate job in a tough economic climate? contains some useful insights from Jonathan and FT readers: https://www.ft.com/content/42ff5dc4-8976-11ea-a109-483c62d17528Iona Bain is a freelance writer who shot to fame with her hugely successful Young Money Blog, covering everything from budgeting hacks to the best money apps and non-nonsense advice on pensions and investing: https://www.youngmoneyblog.co.uk/Iona’s next book Own It! How our generation can invest our way to a better future comes out next year, and is available for pre-order now: https://www.amazon.com/Own-generation-invest-better-future-ebook/dp/B08JVFLFFRIona regularly writes in FT Money; one of her most recent pieces covers how she uses the Lifetime Isa for under-40s to invest for the future: https://www.ft.com/content/5d6eb1a8-f403-44c0-8ad6-1648460f7900You can follow Claer Barrett on Twitter and Instagram @ClaerbYou can follow FT Money on Twitter @FTMoney Hosted on Acast. See acast.com/privacy for more information.