The Meaningful Money Personal Finance Podcast

Today we’re going to be taking about being financially prepared for life events. This is important because it’s so easy to make progress with your finances, only to have the rug pulled out from under your feet by something unexpected. Or even something that IS expected… Shownotes: https://meaningfulmoney.tv/YC3 Everything You Need To Know 03:00 Life events – like what? 03:55 Marriage 04:43 Having a Child 05:09 Buying a Home 05:24 Career Advancement 06:02 Starting a Business 07:47 Receiving an Inheritance 08:44 Job Loss or Career Change 09:10 Divorce or Separation 10:04 Serious Illness or Disability 10:41 Death of a Family Member 11:36 Caring for Aging Parents 12:25 Children’s Education Costs 12:53 Relocation 13:45 Retirement 14:14 Unexpected Large Expenses 15:15 Being prepared means mastering the 3F’s – Foundation, Forward-looking, Flexibility.   Everything You Need To Do 17:03 Foundation – Emergency fund, workplace benefits and personal insurance. LifeSearch - affiliate agreement. 28:38 Forward-looking – consider what may happen and what is likely to happen. 43:02 Flexible – keep things flexible so that we can be able to make changes as needed. 51:47 If big events happen – take your time, seek help.   53:35 Podcast Review

In today’s episode, we show you how YOU CAN learn to invest. Honestly, it’s easier than you think! Shownotes: https://meaningfulmoney.tv/YC2  Everything You Need To Know 01:21  What is investing? Swapping your money for assets that grow in value, produce an income, or ideally both. 05:46  Why do people think it’s hard? 08:14  What you really need to know? Asset classes that matter - equities, bonds and property. Everything You Need To Do 29:48  Build a foundation first. 32:58  Start with money you’re probably already investing. 42:27  Open an ISA/LISA/Pension 48:40  Choose a fund - You want a global multi-asset fund. 52:25  Watch and learn - Commit to doing NOTHING for at least a year. 56:02  Don’t… 58:05  Podcast Review 59:20  The Meaningful Money Retirement Guide is due out on 6th May 2025

Dive into a journey of financial empowerment as the hosts tackle common fears around money management. They highlight the importance of building financial confidence and learning from mistakes. The conversation includes actionable strategies for overcoming limiting beliefs and reframing financial setbacks as growth opportunities. Listeners are encouraged to embrace personal values in budgeting while expanding their financial literacy through curated resources. It’s all about taking control and fostering a supportive mindset toward finances!

It’s another Q&A show, and this week we cover managing finances under an LPA, Maternity pay, and what to do with a big windfall, plus lots more besides! Shownotes: https://meaningfulmoney.tv/QA4  00:58  Big fan of the show. Really appreciate your work. Dad is 92 with rapidly declining health (Dementia and mobility issues). He is still living at home with Mum (80) who is caring for him with family help. At the moment, it is about manageable. I am managing their finances. We have moved the majority of savings into my mum's accounts. I have used up mum's entire ISA allowance for this year. There is still around £38k of savings sitting in a no interest paying Barclays account. Due to their ages, I do not want to tie up the cash for too long, though at this point in time, they do not need to use this money as they are still able to live off my Dad's pension. Can you suggest how I might manage this chunk of cash? Possibly a simple savings account, but I am aware that the interest rates are not exactly brilliant, and I wonder about moving into a GIA instead (I have moderate experience buying/selling shares in my own SIPP and ISA, though I am personally high on the risk curve with investments heavily in MSTR and TSLA). Any advice would be appreciated. Cheers, Rich 05:08  Love the podcast (obviously!), it’s genuinely very helpful and has really helped me get my stuff together!!! Not sure if this is something you’d know about but, do you think you would be able to explain to me in your very listenable way, how to work out maternity pay, as in how it’s actually calculated and how to plan to make up the difference etc plus anything else that might be helpful that I don’t even know that I don’t know!! I can’t really find what I’m looking for anywhere else so just thought I’d ask as I find your explanations of things easy to understand (and could listen to you chat about anything tbh)!! Thank you! Jess 12:16  Thanks so much for your brilliant podcasts. I love the idea of the question and answer ones! I have a fun question I have been meaning to ask for ages. I keep my contingency fund in premium bonds, and I periodically enjoy a thought experiment, around what I would do if I were to win the big prize of £1 million. (I fully realise this will never happen, but it is a helpful thought experiment to get me thinking about where my priorities lie in case I do receive a much smaller lump sum in the future). I have no bad debts, I have a contingency pot and I contribute to a pension and ISA. My hypothesis is that I would give some to charity (maybe 10%?), might retain 5% for fun – a nice holiday or an upgrade to my car, would max out my ISA and pension,  and then would split the rest between a world index tracker and one or two investment properties. I’m curious to hear your thoughts on this and how you would allocate. Thanks! Justyn 17:52  The mantra is that the most important time to take advice is when nearing retirement. That's certainly true for us now, and my other half sought some regulated advice recently in respect to tax free cash and pension recycling rules. The advice was provided (that it was not tax free cash recycling) & so we are continuing with the plan as discussed  / agreed with the regulated IFA that we contracted the discussion with (we checked the company and the individuals credentials out on the FSA website .. All good). The question is (call me paranoid, but quite a lot of money – for us, is involved) what happens if in due course HMRC come to us and effectively look to impose penalties for us acting in accordance with the regulated advice provided / paid for (ie, they dont agree with it / decide it has broken the recycling rules)? I have no (sane) reason to suggest this will happen, but paranoia is a terrible thing!! Keep up the good work (oh, and Roger as well) Regards, Kevin Milsom 23:02  With UK inflation now only 1.7% (from 16 Oct 24), are we in a very unusual phase were inflation is less than half of the rate you can easily get on savings? This leads onto thinking about investing versus savings – we all invest to try and beat inflation, but we can currently do this easily with no risks via savings accounts. It is a conversation my wife and I are having at the moment! She is  ‘saver' and I am an ‘investor'. Of course we have a good mix of both from all the guidance you have provided. Cheers. Dave Hicklin 27:40  Hello gents! Big fan of the podcast and the YouTube channel. Thanks for everything you do! Question for you – which I realise is pretty niche so you may not want to cover it. I am in the fortunate position of reaching max pension taper threshold (due to a great salary, some even greater RSU awards and an increasing company share-price!). I have some pension contribution carry-forward but will have used this all up by FY26. My employer do a 7% pension contribution if employee contributes 4%. But for those reaching taper threshold, you can opt out and the company will instead just give the 7% on top of your salary (which is very generous!). Thinking ahead, my question is: – Would it be better to: a) take the combined 11% contribution and opt for a scheme-pays for the tax above the £10k allowance when time comes. I am thinking this way I still get a years worth of investment of the pre-tax money before the tax is paid – which might be beneficial? or b) opt out and take the post-tax increase in salary and put this somewhere else? My wife's and mine ISAs will be maxed already, so would have to be GIA most likely (or premium bonds!?). I'm thinking A makes most sense. I still get the £10k tax free and benefit from some further untaxed money working for me for a little while at least. The tax has to be paid either way, but I am delaying it till later. What do you both think? Thanks very much! Paul

Kick off the new year with an engaging Q&A about personal finance! Discover the differences between ETFs and index funds, especially concerning UK tax implications. Learn about pension contributions for high earners, including strategies to avoid breaching limits. Dive into taxation challenges and investment decisions, plus explore effective pension management and common mistakes to avoid. Get insights on transitioning between homes and maximizing financial efficiency. Tune in for expert tips and thoughtful discussions to improve your financial journey!

Explore the world of pension consolidation, tackling the benefits and challenges of merging old plans. Discover why it's essential to understand your existing pensions and the hidden values they may hold. Learn about the complexities of defined benefit versus defined contribution schemes and the risks of transferring. Get practical advice on navigating the transfer process, and see how better management can lead to enhanced financial security. Plus, uncover strategies for informed decision-making to align pensions with your future goals.

Discover the essential steps of the financial advice process, including the vital difference between advice and planning. Learn about the importance of cash flow modeling and how it can enhance retirement options. Gain insights into the need for clear communication and transparency with your advisor. Explore how to effectively choose a financial advisor by focusing on trust and organization. Plus, hear a humorous analogy about shopping for window blinds to illustrate the importance of being prepared before consultations.

In this engaging Q&A, listeners tackle pressing financial dilemmas. One graduate is torn about whether to prioritize paying off high-interest student loans or saving for the future. Another listener uncovers a mysterious pension payout linked to a past employer, raising questions about pension accessibility. The hosts share insights on building emergency funds and balancing loan repayments, while also diving into tax strategies for high earners. This conversation unveils vital lessons in smart financial planning for young professionals.

The importance of being intentional in personal finance is front and center. Clear goals, supported by the SMART criteria, lead to greater financial success. Consistency is key in managing budgets and tracking net worth. The episode offers practical strategies for debt management and emphasizes a disciplined approach to investing. Additionally, the hosts discuss the significance of avoiding emotional decisions in volatile markets. Overall, it's about aligning actions with long-term goals and building wealth through intentionality.

In today’s episode of our Helpful Basics season, we’re going to be talking about Pensions and ISA, explaining how they work, comparing them and helping you to know which ones to use and when. Shownotes: https://meaningfulmoney.tv/HB7 Everything you need to Know 02:07 Paying money IN. 13:50 Taking money OUT. 22:40 What happens when you die. Everything you need to Do 33:07 Join your employer's pension, or stay in it, or open one if self employed. 36:50 Use ISAs for medium term savings. 38:17 Use LISAs for first-time house purchase or to supplement retirement savings. 40:17 Blend 41:15 Be intentional, review regularly. 43:56 Podcast review.