Pulling The Right Financial Levers
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- čas přidán 29. 06. 2024
- I want to add to last week's video and concentrate on the things we can control, in the face of the stuff we can’t. I call these the big levers that we can pull to improve our situation, no matter how bad things are in the big scary world.
Let’s pull some levers…
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Chapters:
00:00 Welcome
00:29 Intro
00:48 Spending
02:11 Tax and charges
04:07 Intention
05:49 Planning
07:08 Resolution
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📍Nice video, love how you take your time to educate your viewers. Right now, I am enjoying a good life and touring round the world with what I made investing. Indeed ,building a Portfolio income(investing) through a licensed investment adviser is one out of many ways to earn passive income.
Most important „lever“: take care of your health and fitness! Don’t defer until your 60s
Ain't that the truth
True, I know lots of dead people with brilliant pensions - at least their children benefit.
Investment charges are a big one. I got a new financial adviser (a real independent adviser) for my mother to replace SJP. It turns out that SJP made more from my mother's investments than she did. They also went quiet when I asked them to give me an actual figure for their services per year - not a good sign.
Thanks Pete. Another great, timely video that focuses on the basics. More than financial advice, I think at the moment what is needed is exactly what you are giving, some good old fashioned common sense, level headed advice on staying calm, not losing one's head, staying focused, and seeing the big picture. As the saying goes, common sense is not that common and even simple things like telling people to be mindful of their spending and living within their means need to be spelled out explicitly. People don't need zingy apps and elaborate planning tools. Good old fashioned pen and paper can do just as well for budgeting, planning, and saving decisions. As Pete often says, simplify and streamline your savings and investment planning and decision making. Stay calm. Be focused. Think long-term.
I’m now at the other end having just retired at 56 after a plan I’m now finding the change of mindset to selling investments rather than buying rather difficult
I am close to making the same leap, but I am conscious I am also likely to struggle with the move to decumulation after decades of trying to maximise my retirement fund. I may need an adviser to remind me that it is actually OK to spend what you have built up. 😵💫
@@mortelski5814 it more which investment to sell The ones that have done the best or the underperforming ones I’m happy to spend as that what the investments and long term plan has been for !!!! I have a very good friend who sold a business for close to a million (has other savings too) He is really struggling not to work and spend his money in fact he has gone back to work after retiring 12 months ago he is 58 So early retirement isn’t for everyone
60k subs well done Pete
Thanks man - next stop, 100k
Another great video, thanks.
Keep it up Pete.
Another excellent video to counterbalance the doom-mongers!
Excellent video, simple, sensible, practical guidance and it's always good to be reminded of these things. Since I found MM on CZcams earlier in the year I've made a lot of modest changes but they're really paying off. So thanks again Pete for making a real difference - it's a great thing to do with your time. Cheers!
Delighted to hear that, Myles! Thanks for being here, and for watching!
Thanks Pete for a very interesting and helpful video.
Great video Pete, thank you. A good old fashioned mixture of common sense and practicial advice.
Thank you Adrian!
Pete what a brilliant message use shared in the podcast today reinsuring us that spending money whilst we’re young isn’t selfish and it should be encouraged if we can of course……… just wanted to say 😊
Great video as usual Pete. Thank you
Thanks Pete.
Absolutely Great advice.
Pete, Iam a new follower of your channel. Whilst it is aimed those less knowledgeable than I consider myself to be (IMOH) I do appreciate the value of your offering. Unusually, for me I have never heard you utter anything that I can criticise. Keep up the good work. Regards Steven
Another great video Pete & a nice follow on to last week's. Simple & to the point 👍
Cheers Gavin - I appreciate it!
Excellent video and helpful information as always - thanks, Pete!
Thank you Simon!
Wise words Pete ,wise words 👍
Are they though, Donald?!
(Thanks Andrew!)
Your comments regarding platform fees are very pertinent to me right now.
Having watched several of your videos, along with other commentators, I revisited my platform costs and switched a large percentage of my funds in to tracker ETFs. I realised that several of my funds were roughly mirroring the FTSE 100 anyway, so just what was I paying for ? At current rates, that saves me at least £1400 in fees per year, both platform and fund combined. Honestly, I was shocked at that. I simply did not realise the difference it would make.
Someone also pointed out that my platform (HL) allowed you to pay platform fees from outside the ISA wrapper. I have just made that change. If that works out the way I hope (I have only just done it, so we shall see how that actually pans out) that is equivalent, for me, of adding about an extra £360 per year to my ISA rather than having it deducted.
The question I have about that last point is why HL do not publicise that facility more ?
So, many thanks for the good advice, to all the content creators plus the helpful comment posters.
Thanks 🙏
Thank you!
The benefit of pension investment for Higher Rate taxpayers lies in the 67% boost to the investment, compared to 25% for Basic Rate payers. Getting below the threshold is not an aim in itself- one could always do that by earning less!
Hi Pete - can you remind me again what brand shirts you wear. I know you mentioned this before, but I can seem to place it. Thanks
Hi Ola. They’re Crew Clothing Company - love them!
Thanks Pete, sound advice as always. I am trying to find some informtion on the below: Does anyone know how multiyear fixed saving accounts usually add interest? Say I have savings account fixed for 3 years paying 4% in interest a year. Is the interest added every year or one needs to wait 3 years to see interest added in one single transaction at account's maturity? This is important for tax purpose. How HMRC would see it? If I get £1500 in interest on account maturity after 3 years and my interest alowance is £1000 for money earned in interes in a given tax year will I be taxed on remianing £500?
Each account is different and you’ll need to check carefully. Basically you’re looking for annual interest or interest added at maturity. In the former, you’d be taxed as each instalment of interest gets added. In the latter, all the interest gets added in one year, which might be problematic.
The investment community call it silence the noise focus on your dd not the news
60k you will be retiring soon or is it 67🤔