Making Money

Paul Johnson, Director of the Institute for Fiscal Studies and author of 'Follow the Money,' dives into the complexities of UK taxation. He discusses where our taxes truly go and dispels myths about tax burdens. The conversation tackles public spending inefficiencies, especially in the NHS, and explores the ancient and bizarre tax laws that still echo today. Johnson emphasizes the need for tax reform to address modern financial pressures, particularly on families, and argues for a fair taxation system to tackle national challenges like an aging population and climate change.

In this conversation, Martin Holdsworth, a seasoned lawyer with over 20 years in inheritance disputes, shares insights into the chaos that can arise when families neglect proper estate planning. He discusses startling statistics about will ownership and the rising conflicts tied to intergenerational wealth. Martin emphasizes the importance of clear communication around inheritance to prevent emotional turmoil and explores innovative legal tech that simplifies asset distribution. With anecdotes of estranged siblings and the ethical implications of heir hunters, he advocates for proactive planning to preserve family harmony.

Yota Trom, a career coach with an impressive track record, shares insights on how she helped a client skyrocket their salary from £35k to £150k in just 2.5 years. She emphasizes the importance of mastering negotiation skills and self-advocacy in achieving fair pay. Yota also discusses the role of personal branding in career advancement and provides actionable strategies for navigating salary discussions. Listeners can learn about building confidence, researching salary benchmarks, and preparing for impactful conversations with managers.

Tom Nicholas, a popular YouTuber known for his insightful commentary on politics and history, dives into the generational divide. He discusses how baby boomers shaped the current economic landscape, impacting housing, wages, and stability for younger cohorts. The conversation delves into the financial challenges faced today, from rising living costs to diminishing safety nets, while humorously reflecting on evolving views of fame and retirement. With sharp analysis, Tom asks if the system favors one generation over another, exploring the implications for the future.

In this engaging discussion, Diane Coyle, a prominent Economist and Professor at the University of Cambridge, dives into the transformative potential of AI on productivity in the UK. She highlights the need for local talent and regulatory frameworks to harness AI's benefits fully. Coyle also critiques traditional metrics like GDP, advocating for a shift towards more inclusive measures. The conversation touches on AI’s dual nature, its risks and rewards, and the challenges faced by businesses in adapting to this rapidly evolving landscape.

Toby Newbatt, a self-taught personal finance YouTuber, shares invaluable investing wisdom drawn from reading over 40 books. He candidly discusses his early investing blunders and the lessons learned, emphasizing the need for accessible financial education. The conversation dives into the charms and pitfalls of cryptocurrency, the importance of research in making informed decisions, and the ethics of trading platforms. Toby also highlights the benefits of diversification and the necessity of long-term strategies to navigate the unpredictable investment landscape.

How often do you question your money habits or what your saving or investing for? Anne-Laure Le Cunff is a neuroscientist and author of Tiny Experiments and she thinks we need to question whether our financial goals are really what we want. (https://profilebooks.com/work/tiny-experiments/).🤝 Make the most of your money with one of our financial advisors Get support doing the right thing with your pension, investing, tax efficiency, retiring, planning etc: https://makingmoney.email/financial-advisors-video⛑️ Free guides and financial health checkLearn how to build long-term wealth in the UK: https://linktr.ee/makingmoneypod📈 Investment platforms we use:Trading 212Watch this video where Damo explains how to get the most from it: https://youtu.be/BVVZhrM0LVQGet a free share worth up to £100 when you sign up for a new Invest or ISA account and deposit at least £1.Use the code ‘MM’ or this link: https://www.trading212.com/join/MMInvestEngine Get up to a £50 bonus when you invest at least £100.https://investengine.pxf.io/daOD2QVanguardMinimum investment of £500 or £100/month.https://www.vanguardinvestor.co.uk/🎉 SponsorsVanta - Get your company secure and compliant, with $1k off: https://vanta.com/makingmoneyTide - Get up to 4.48% AER (variable) on your business savings. Use this link https://www.tide.co/offers/makingmoney or the code 'MAKINGMONEY'. You'll also get £100 if you fund your account with £5,000 in the first 30 days. Ts&Cs apply. The more you save, the higher the rate—up to 4.48% AER (variable) on balances over £1M. New Tide members receive these rates free for 6 months, then your Tide plan’s savings rate and thresholds apply. Visit https://tide.co/savings for full terms and conditions.–If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Ian Williams, a former China correspondent with over 20 years of experience and author of "Vampire State," sheds light on China's faltering economy amid a property market collapse and escalating debt. He draws alarming parallels between the Communist Party's tactics and historical authoritarian regimes, highlighting vulnerabilities in China's electric vehicle sector. Williams discusses the implications of global dependencies on Chinese technology and the geopolitical landscape shaped by the Belt and Road Initiative, urging a reexamination of international engagement strategies.

Dr. Eliza Filby, a generational historian and author of 'Inheritocracy', discusses the immense wealth transfer from baby boomers to their children and its impact on inequality. She examines how inherited wealth often overshadows hard work, creating an 'inheritocracy' that benefits some while disadvantaging others. Eliza delves into cultural differences in family support systems, critiques the myth of the self-made individual, and underscores the importance of open conversations about inheritance to empower future generations.

Joining the discussion is Ed Conway, Economics Editor for Sky News and author of Material World, who dives into the crucial materials driving our economy. He reveals the significance of lithium, copper, and other key resources, connecting them to the modern technologies we utilize daily. Ed highlights China’s dominance in battery production and the complexities of global supply chains. He also discusses the environmental impacts of mining and the pressing need for sustainable practices to achieve net-zero carbon emissions.