WEBVTT - A Little Bit Richer Wrapped: 12 Money Tips

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<v Speaker 1>This  series is bought to  you  by  L&amp; G,  helping  you  build  a 

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<v Speaker 1>future  that's  a  little  bit  richer.

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<v Iona Bain>Hello,  I'm  Iona  Bain,  and  welcome  to  A  Little  Bit 

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<v Iona Bain>Richer,  brought  to  you  by  Legal &amp;  General.  Now,  as  we're 

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<v Iona Bain>in  the  thick  of  the  festive  season,  I  thought  we'd 

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<v Iona Bain>do  something  a  wee  bit  different,  and dare  I  say,  a 

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<v Iona Bain>wee  bit  Christmasy.  Today,  we're diving into  the  12  financial  days  of 

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<v Iona Bain>Christmas.  Yep.  12  quick,  simple,  feel  good  money  tips  that 

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<v Iona Bain>we've  learned  on  the  show  this  year  to  help  you 

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<v Iona Bain>finish  the  year  strong  and  set  yourself  up  for  an 

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<v Iona Bain>even  better  one  in  2026.  No  partridges,  no  pear  trees, 

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<v Iona Bain>just  practical  bite- sized  ideas  you  can  actually  use  from 

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<v Iona Bain>the  guests  we've  had  on  the  show.  So  whether  you're 

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<v Iona Bain>wrapping  gifts,  traveling  home,  or  hiding  from  your  in  laws 

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<v Iona Bain>with  a  pair  of  headphones,  we've  all  been  there.  Let's 

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<v Iona Bain>jump  into  day  one.  First  up  is  financial  advisor  and 

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<v Iona Bain>content  creator,  Rotimi  Merriman-Johnson,  who  shared  some  great  insights  on 

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<v Iona Bain>building  your  investment  portfolio.  I  particularly  loved  his  tip  around 

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<v Iona Bain>the  importance  of  diversifying.

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<v Rotimi Merriman-Johnson>So  diversification  in  simple  terms  means  not  putting  all  your 

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<v Rotimi Merriman-Johnson>eggs  in  one  basket.  And  the  reason  why  we  do 

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<v Rotimi Merriman-Johnson>this  is  because  different  companies  will  go  through  different  cycles 

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<v Rotimi Merriman-Johnson>and  will  perform  differently  at  different  times.  And  rather  than 

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<v Rotimi Merriman-Johnson>have  a  scenario  where  you're  just  invested  into  one  company 

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<v Rotimi Merriman-Johnson>and  you're  hoping  that  that  company  does  well,  you  build 

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<v Rotimi Merriman-Johnson>what's  called  a  portfolio  of  companies.  You  can  do  this 

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<v Rotimi Merriman-Johnson>yourself  or  you  can  use  a  fund.  So  if  you 

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<v Rotimi Merriman-Johnson>pick  the  right  stock,  then  you  can  do  really  well 

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<v Rotimi Merriman-Johnson>off  the  back  of  it,  potentially.  But  it  also  means 

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<v Rotimi Merriman-Johnson>that  if  the  company  doesn't  do  so  well,  your  investment 

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<v Rotimi Merriman-Johnson>can  go  to  zero.  If  you  were  using  an  index 

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<v Rotimi Merriman-Johnson>fund  that  tracked  the  UK  stock  market,  the  FTSE 100,  you 

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<v Rotimi Merriman-Johnson>would  have  100  companies  in  that  fund.  So  for  your 

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<v Rotimi Merriman-Johnson>money  to  go  to  zero,  it  would  require  a  hundred 

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<v Rotimi Merriman-Johnson>companies  to  go  to  zero,  which  I  think  if  that's 

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<v Rotimi Merriman-Johnson>happened,  we  have  bigger  problems  to  worry  about.

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<v Iona Bain>Yes.  Our  second  tip  comes  from  Helen  Tupper,  author  of 

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<v Iona Bain>The  Squiggly  Career  and  co- founder  of  Amazing  If.  Helen 

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<v Iona Bain>was  full  of  practical advice,  and  here  she  is  talking  about 

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<v Iona Bain>how  to  tackle  the  fear  of  failure  when  making  a 

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<v Iona Bain>career  change.

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<v Helen Tupper>So  there's  this  fear- based  response  to  change.  And  then 

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<v Helen Tupper>there  is  a  very  practical  one  of, " No,  but  what 

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<v Helen Tupper>if  I  don't  enjoy  it?"

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<v Iona Bain>Yes.

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<v Helen Tupper>It's  not  a  fear.  It's  a  real  thing.  What  if 

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<v Helen Tupper>I  am  not  good  at  it?  I've  not  done  this 

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<v Helen Tupper>before.  So  I  think  there  are  two  different  things  to 

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<v Helen Tupper>work  on  here.  So  the  first  one  is  caging  confidence,  (inaudible)

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<v Helen Tupper>,  and  the  second  one  is  sort  of  trying  to 

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<v Helen Tupper>get  some  exposure  and  experience  before  you  kind  of  make 

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<v Helen Tupper>that  move  so  that  you  mitigate  the  risk  of  it 

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<v Helen Tupper>going  wrong.  A  lot  of  that  is  moving  from  sort 

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<v Helen Tupper>of  limiting  beliefs  like, " What if  people  don't  like  me  in 

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<v Helen Tupper>that  team?  If  I  fail,  I'm  going  to  be  a 

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<v Helen Tupper>failure."  All  these  kind  of  statements  that  go  around  our 

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<v Helen Tupper>head  to  more  limitless  thinking.  So  when  I  say  limitless 

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<v Helen Tupper>beliefs,  all  I'm  saying  is  change  the  story.  So  not, "

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<v Helen Tupper>Well,  if  I  do  it  and  I  fail,  then  everyone's 

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<v Helen Tupper>going  to  think  I'm  a  failure."  More, " Well, if I do it  and  I 

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<v Helen Tupper>fail,  at  least  I'm  going  to  learn."

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<v Iona Bain>On  our  third  day  of  Christmas,  let's  look  at  pensions 

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<v Iona Bain>and  the  power  behind  them.  Here  I  talk  to  L&amp;

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<v Iona Bain>G's  Pete  Gladwell,  all  about  how  your  pension  savings  can 

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<v Iona Bain>be  invested  to  help  build  better  communities,  doing  stuff  for 

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<v Iona Bain>the  greater  good.  That  sounds pretty Christmasy to me.

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<v Pete Gladwell>Your  pension  does  have  a  power.  It  can  have  real 

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<v Pete Gladwell>impact.  It  is  worth  thinking  about  who  you're  entrusting  your 

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<v Pete Gladwell>pension  pot  to,  because  it  might  feel  like  a  small 

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<v Pete Gladwell>amount  to  you,  but  when  it's  combined  with  millions  of 

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<v Pete Gladwell>other  people's  pensions,  it  starts  to  be  a  game  changing, 

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<v Pete Gladwell>a  town  changing,  a  city,  changing  a  country  changing  amount 

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<v Pete Gladwell>of  money.

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<v Iona Bain>Oh,  I  like  that.  That's great.

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<v Pete Gladwell>It's  true.  I  mean,  you're  talking  about  serious  amounts  of 

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<v Pete Gladwell>money.  So  think  about  the  impact  and  the  provider  that 

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<v Pete Gladwell>you're  entrusting  your  pensions  and  savings  to.  That's  the  first 

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<v Pete Gladwell>thing.  But  again,  you've  got  the  power  to  change  the 

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<v Pete Gladwell>industry.  Where  people  put  their  pensions  is  what  the  industry 

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<v Pete Gladwell>then  moves  to  accommodate.  So  if  you  have  lots  of 

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<v Pete Gladwell>people  telling  their  providers, " I  don't  want  to  be  invested 

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<v Pete Gladwell>in  these  sectors  and  I  really  care  about  these  things," 

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<v Pete Gladwell>then  providers  like  Legal &amp;  General  and  others  will  start  to 

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<v Pete Gladwell>create  funds  for  you  to  invest  in  those.  So  even 

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<v Pete Gladwell>within  your  choice,  you  can  affect  what  the  industry  does 

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<v Pete Gladwell>in  future  and  affect  that  trend  in  the  industry  towards 

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<v Pete Gladwell>being  more  considerate  of  the  environmental  and  social  impact  of 

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<v Pete Gladwell>the  billions  of  pounds  of  money  that  we  steward.

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<v Iona Bain>Next  up  on  our  list  is  accountant,  campaigner,  and  speaker, 

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<v Iona Bain>Crystal  McGillivray,  who  joined  me  to  talk  about  neurodiversity  and 

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<v Iona Bain>money.  Here  she  is  talking  about  strategies  to  put  in 

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<v Iona Bain>place  to  manage  debt.  And  I  think  that's  something  we 

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<v Iona Bain>can  all  learn  a  lot  from.

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<v Crystal McGillivray>First  of  all,  I'd  say  stop,  pause,  breathe,  and  know 

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<v Crystal McGillivray>that  you  can  get  through.  And  I  think  second,  just 

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<v Crystal McGillivray>take  an  audit,  note  down, " Okay,  this  is  what  I 

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<v Crystal McGillivray>have  here.  These  are  the  terms  and  conditions  here."  And 

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<v Crystal McGillivray>then  it's  slowly  working  your  way  through  various  different  methods, 

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<v Crystal McGillivray>a  kind  of  avalanche  and  snowball  method,  and  it  can 

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<v Crystal McGillivray>be  quite  fun  actually,  as  you  watch  that  journey  of 

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<v Crystal McGillivray>your  debt  reducing  and  know  that  you  have  done  that, 

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<v Crystal McGillivray>once  you're  on  that  journey,  the  progress  that  you  make 

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<v Crystal McGillivray>then  becomes  very  self- motivating.

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<v Iona Bain>100%.  But  you  have  to  start  that  journey  in  the 

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<v Iona Bain>first  place.

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<v Crystal McGillivray>You have to start. Yeah. And  even  starting  with  five  pounds,  because  what  we're  doing 

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<v Crystal McGillivray>there  is  we're  building  this  new  habit  and  that's  the 

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<v Crystal McGillivray>key.  You  are  teaching  yourself  and  learning  and  building  up 

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<v Crystal McGillivray>the  confidence  that  I  can  commit  to  paying  money  to 

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<v Crystal McGillivray>clear  a  debt  that  I  have.  That's  you  being  responsible. 

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<v Crystal McGillivray>And  once  you  start  that  journey,  it  starts  to  snowball 

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<v Crystal McGillivray>and  you  feel  really  good.

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<v Iona Bain>That's  so  encouraging  and  heartening.  Let's  come  to  The  Mortgage 

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<v Iona Bain>Mum,  Sarah  Tucker  next,  who  guided  us  through  the  remortgaging 

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<v Iona Bain>process.  Sarah  had  some  great  advice  on  checking  your  mortgage 

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<v Iona Bain>deal  so  you  can  make  sure  you're  getting  the  best  rate.

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<v Sarah Tucker>What  we  see  is  a  lot  of  people  don't  ring 

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<v Sarah Tucker>their  bank,  they  don't  switch  the  rate.  They  go  onto 

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<v Sarah Tucker>what's  called  a  standard  variable  rate.  They  pay  a  lot 

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<v Sarah Tucker>more  money  and  they  don't  talk  to  us  because  they're 

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<v Sarah Tucker>worried.  What  if  I talk  to  an  advisor  and  then  they 

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<v Sarah Tucker>tell  me  I  can't  have  my  mortgage  and  they  take 

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<v Sarah Tucker>my  house  away?  That  is  not  going  to  happen.  So 

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<v Sarah Tucker>my  biggest  message  is  go  and  speak  to...  Hopefully  the 

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<v Sarah Tucker>advisor  you  used  in  the  first  place  is  the  one 

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<v Sarah Tucker>to  contact  you  six  months  before  your  rate  ends  and 

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<v Sarah Tucker>just  tell  them  what's  going  on  right  now  for  you, 

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<v Sarah Tucker>what's  happened  in  the  last  few  years  and  let  them 

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<v Sarah Tucker>guide  you  through.

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<v Iona Bain>Yeah,  because  the  standard  variable  rate  is  not  going  to 

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<v Iona Bain>be  a  good  deal  for  you.

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<v Sarah Tucker>It's  not.  It's  the  highest  option  out  of  the  three. 

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<v Sarah Tucker>And  you  can  be  talking  about  hundreds  of  pounds  a 

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<v Sarah Tucker>month  more  and  so  many  people  are  on  it.  This 

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<v Sarah Tucker>is  what's  crazy.  1. 8  million  people  coming  off  of 

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<v Sarah Tucker>their  fixed  rate  deals  and  there  will  be  a  huge 

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<v Sarah Tucker>number  that  do  nothing.  And  that  is  a  mission  for 

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<v Sarah Tucker>us  to  try  and  get  through  to  those  people and  say, "

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<v Sarah Tucker>Don't  do  nothing  because  then  you're  just  going  to  switch 

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<v Sarah Tucker>onto  the  variable  rate."

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<v Iona Bain>Because  it's  crazy,  but  it's  a  very,  very  understandable  mistake 

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<v Iona Bain>to  make  whereby  you  just  think, " Hang  on a  second,  I've 

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<v Iona Bain>really  got  no  choice  but  to  do  this,"  whereas  you're 

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<v Iona Bain>making  it  clear, " No,  it  doesn't  have  to  be  like 

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<v Iona Bain>that."  We're  officially  halfway through our  12  financial  days  of  Christmas.  And 

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<v Iona Bain>on  my  list  next  is  life  admin,  specifically  combining  your 

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<v Iona Bain>pension  savings  into  one  pot.  Yep,  you  might  square  them 

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<v Iona Bain>at  the  thought,  but  actually  I  had  a  really  interesting 

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<v Iona Bain>chat  with  L&amp; G's  Mike  Crossley  all  about  this  subject. 

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<v Iona Bain>He  broke  it  down  for  us  in  easy,  doable  steps, 

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<v Iona Bain>and  that's  music  to  my  ears.  Here's  Mike  talking  about 

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<v Iona Bain>how  you  can  stay  on  top  of  your  pensions.

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<v Mike Crossley>If  you've  got  three,  four,  five  different  pensions,  it  can 

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<v Mike Crossley>be  tricky  to  understand  how  much  have  you  saved,  are 

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<v Mike Crossley>your  savings  on  track  to  give  you  what  might  be 

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<v Mike Crossley>a  good  income  in  retirement.  So  bringing  them  together  can 

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<v Mike Crossley>be  a  really  positive  first  step  towards  getting  on  top 

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<v Mike Crossley>of  your  retirement  savings.

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<v Iona Bain>So  it's  a  question  of  not  forgetting  that  you  have 

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<v Iona Bain>pension  pots  and  therefore  being  able  to  maximize  what  you 

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<v Iona Bain>have  much  more  effectively.

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<v Mike Crossley>Yeah.  So  really  important  not  to  be  one  of  those 

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<v Mike Crossley>people  who's  lost  an  old  pension.  And  it  can  happen 

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<v Mike Crossley>so  easily.  As  people  move  house  and  stuff,  they  forget 

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<v Mike Crossley>to  tell  their  pension  provider.  And  then  when  you  try 

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<v Mike Crossley>and  remember, " What  was  that  pension  I  had  5,  10 

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<v Mike Crossley>years  ago,"  really  easy  to  fall  into  that  trap.  So 

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<v Mike Crossley>bringing  them  together,  perhaps  after  you've  just  changed  job  and 

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<v Mike Crossley>you've  got  a  new  pension,  it's  a  great  way  of 

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<v Mike Crossley>keeping  on  top  and  actually  reducing  your  life  admins,  you're 

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<v Mike Crossley>not  then  needing  to  tell  five  different  pension  providers  each 

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<v Mike Crossley>time  you  move.

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<v Iona Bain>That's  a  very  good  point.  Often  when  we  are  reluctant 

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<v Iona Bain>to  do  something  in  the  short  term,  actually  we're  just 

0:08:19.830 --> 0:08:21.930
<v Iona Bain>storing  up  more  problems  for  the  long  term.  It  could 

0:08:21.930 --> 0:08:25.770
<v Iona Bain>actually  save  us  time  in  the  long  run.  We're  on 

0:08:25.770 --> 0:08:28.950
<v Iona Bain>day  seven  now,  and  up  next  is  Dr.  Eliza  Filby. 

0:08:29.070 --> 0:08:33.510
<v Iona Bain>Eliza  is  a  historian,  author,  and  generational  expert,  and  we had 

0:08:33.690 --> 0:08:37.200
<v Iona Bain>a  fascinating  chat  about  inheritance.  Here  she  is  talking  about 

0:08:37.200 --> 0:08:40.290
<v Iona Bain>how  some  people  can  only  really  afford  properties  if  they 

0:08:40.290 --> 0:08:42.090
<v Iona Bain>have  the  bank  of  mom  and  dad.

0:08:42.300 --> 0:08:45.300
<v Dr. Eliza Filby>Bringing  into  the  conversation,  this  bank  of  mom  and  dad. 

0:08:45.870 --> 0:08:48.630
<v Dr. Eliza Filby>And  there  was  a  lot  of  shame,  still  is  a 

0:08:48.630 --> 0:08:51.660
<v Dr. Eliza Filby>lot  of  shame  on  that  parental  dependency.  There's  a  lot 

0:08:51.660 --> 0:08:55.949
<v Dr. Eliza Filby>of  unsaid,  whispered, " How  did  she  afford  that  deposit,"  in 

0:08:55.950 --> 0:09:00.300
<v Dr. Eliza Filby>friendship  groups.  There's  a  lot  of  silence  in  families  talking 

0:09:00.570 --> 0:09:05.820
<v Dr. Eliza Filby>about  gifting,  dependency,  certainly  about  inheritance.  There's  a  level  of 

0:09:06.150 --> 0:09:10.170
<v Dr. Eliza Filby>economic  infantilization  that  a  lot  of  people  feel  when  it 

0:09:10.170 --> 0:09:13.439
<v Dr. Eliza Filby>comes  to  their  parents.  And  I  think  you  need  to 

0:09:13.440 --> 0:09:16.079
<v Dr. Eliza Filby>be  much  more  open,  both  if  you're  in  a  privileged 

0:09:16.080 --> 0:09:17.550
<v Dr. Eliza Filby>position  of  having  the  bank  of  mom  and  dad,  but 

0:09:17.550 --> 0:09:20.940
<v Dr. Eliza Filby>also  if  you're  not,  actually  creating  a  greater  level  of 

0:09:20.940 --> 0:09:23.130
<v Dr. Eliza Filby>empathy  amongst  your  friendship  groups  and  saying, " Do  you  know 

0:09:23.130 --> 0:09:25.890
<v Dr. Eliza Filby>what?  I  can't  spend  2000  pounds  on  attending  your  hem 

0:09:25.890 --> 0:09:28.200
<v Dr. Eliza Filby>party  and  wedding  because  I'm  not  in  the  position  that 

0:09:28.200 --> 0:09:30.660
<v Dr. Eliza Filby>you  are."  And  I  think  talking  about  it  in  your 

0:09:30.660 --> 0:09:33.660
<v Dr. Eliza Filby>peer  groups,  but  also  talking  about  it  within  your  family 

0:09:33.809 --> 0:09:36.209
<v Dr. Eliza Filby>and  also  talking  about  it  in  society.
 Because  one of  the 

0:09:36.210 --> 0:09:39.120
<v Dr. Eliza Filby>things  that  I'm  really  passionate  about  is  helping  people  understand 

0:09:39.120 --> 0:09:42.059
<v Dr. Eliza Filby>the  social  and  economic  forces  that  actually  govern  their  lives. 

0:09:42.240 --> 0:09:46.890
<v Dr. Eliza Filby>And  I  think  basically  what's  happened  since  2008 to 2025 is that  the  state 

0:09:46.890 --> 0:09:49.890
<v Dr. Eliza Filby>has  shrunk,  the  market's  become  dysfunctional  and  the  parents  have 

0:09:49.890 --> 0:09:52.770
<v Dr. Eliza Filby>stepped  up.  Stepped  up  from  a  point  of  love.  And 

0:09:52.770 --> 0:09:55.770
<v Dr. Eliza Filby>I'm  not  someone  that  believes  that  inheritance  should  be  taxed 

0:09:55.830 --> 0:09:59.640
<v Dr. Eliza Filby>into  oblivion.  It's  about  creating  and  having  a  conversation  where 

0:09:59.640 --> 0:10:03.270
<v Dr. Eliza Filby>inheritance  matters  less  and  an  economy  where  inheritance  matters  less 

0:10:03.510 --> 0:10:05.550
<v Dr. Eliza Filby>because  it  ultimately  is  demotivating.

0:10:07.200 --> 0:10:10.290
<v Iona Bain>We're  coming  up  next  to  my  episode  with  financial  advisor, 

0:10:10.320 --> 0:10:14.610
<v Iona Bain>Emmanuel  Asuquo,  and  we  had  a  great  chat  about  side hustles. 

0:10:15.150 --> 0:10:17.280
<v Iona Bain>And  in  this  clip,  he  talks  about  how  you  can 

0:10:17.280 --> 0:10:20.580
<v Iona Bain>make  some  extra  money  through  passive  income  streams.

0:10:21.059 --> 0:10:24.600
<v Emmanuel Asuquo>Passive  income  streams  are  the  dream,  they're  like  Midas'  gold, 

0:10:25.200 --> 0:10:28.559
<v Emmanuel Asuquo>they're...  What  we're  looking  for  is  basically...  Passive  income  stream 

0:10:28.559 --> 0:10:31.770
<v Emmanuel Asuquo>is  where  you  put  money  into  something  and  then  it 

0:10:31.770 --> 0:10:34.500
<v Emmanuel Asuquo>gives  you  an  income  each  month,  each  year  without  you 

0:10:34.500 --> 0:10:36.059
<v Emmanuel Asuquo>having  to  go  back  and  work  for  it.  So  your 

0:10:36.059 --> 0:10:39.390
<v Emmanuel Asuquo>money  is  working  for  you.  Now,  it  sounds  really  difficult 

0:10:39.390 --> 0:10:41.309
<v Emmanuel Asuquo>and  really  hard,  but  there  are  some  ways  that  you 

0:10:41.309 --> 0:10:44.130
<v Emmanuel Asuquo>can  do  this.  So  for  example,  I  meet  people  who 

0:10:44.130 --> 0:10:46.740
<v Emmanuel Asuquo>have  a  spare  room.  So  you  could  rent  out  that 

0:10:46.740 --> 0:10:49.679
<v Emmanuel Asuquo>room,  no  additional  work,  and  every  month  that  room,  or 

0:10:49.679 --> 0:10:51.600
<v Emmanuel Asuquo>every  week,  depending  on  how  you  rent it  out,  could  be 

0:10:51.600 --> 0:10:54.809
<v Emmanuel Asuquo>making  you  money.  So  that  could  be  considered  passively.  Or 

0:10:54.809 --> 0:10:57.240
<v Emmanuel Asuquo>you  could  have  a  car.  Some  people  get  a  car 

0:10:57.420 --> 0:10:59.370
<v Emmanuel Asuquo>and  then  they  rent  out  that  car.  And  again,  they're 

0:10:59.370 --> 0:11:02.610
<v Emmanuel Asuquo>getting  income  from  that  car  every  single  month.  So  it 

0:11:02.610 --> 0:11:05.790
<v Emmanuel Asuquo>all  depends  on  what  you're  doing,  but  typically,  I  would 

0:11:05.790 --> 0:11:09.960
<v Emmanuel Asuquo>say  that  most  things,  although  they  say  they're  passive,  require 

0:11:09.960 --> 0:11:12.780
<v Emmanuel Asuquo>work.
 Anything  that  you're  making  money  from  needs  to  be 

0:11:12.780 --> 0:11:15.270
<v Emmanuel Asuquo>maintained  and  tends  to  need  to  acquire  work.  So  one 

0:11:15.270 --> 0:11:17.910
<v Emmanuel Asuquo>of  the  big  ones  people  talk  about  is  property.  So 

0:11:17.970 --> 0:11:20.340
<v Emmanuel Asuquo>owning  a  property  and  renting  it  out.  But  even  if 

0:11:20.340 --> 0:11:22.320
<v Emmanuel Asuquo>you  rent  out  that  property,  even  if  you  get  an 

0:11:22.320 --> 0:11:25.170
<v Emmanuel Asuquo>estate  agent  to  manage  that,  there's  still  work to  be  done 

0:11:25.170 --> 0:11:27.120
<v Emmanuel Asuquo>because  they  may  need  to  be  updating  to  the  property. 

0:11:27.330 --> 0:11:29.520
<v Emmanuel Asuquo>There  may  be  times  when  the  property  is  empty,  you 

0:11:29.520 --> 0:11:32.010
<v Emmanuel Asuquo>may  need  to  help  with  the  marketing.  There's  work  to 

0:11:32.010 --> 0:11:34.559
<v Emmanuel Asuquo>be  done  to  really  maintain  that  income  and  make  sure 

0:11:34.559 --> 0:11:37.469
<v Emmanuel Asuquo>that  that  grows  and  works  on.  So  I'd  say  passive 

0:11:37.470 --> 0:11:40.800
<v Emmanuel Asuquo>sounds  amazing,  but  the  reality  is  that  there  normally  needs 

0:11:40.800 --> 0:11:41.309
<v Emmanuel Asuquo>work  to  be  done.

0:11:42.480 --> 0:11:44.370
<v Iona Bain>We  talk  a  lot  on  the  show  about  planning  for 

0:11:44.370 --> 0:11:47.100
<v Iona Bain>the  long  term  and  creating  that  future  that  you'll  be 

0:11:47.100 --> 0:11:50.550
<v Iona Bain>thankful  for.  And  with  that  in  mind,  here's  financial  coach 

0:11:50.580 --> 0:11:54.030
<v Iona Bain>and  content  creator,  Laura  Ann  Moore,  who  gave  us  a 

0:11:54.150 --> 0:11:57.870
<v Iona Bain>genius  hack  on  how  to  trick  your  brain  into  saving.

0:11:58.230 --> 0:12:00.751
<v Laura Ann Moore>So  I'm  not  a  massive  fan  of  no  spend  months.

0:12:00.751 --> 0:12:03.000
<v Iona Bain>Yeah,  that  feels  very  restrictive.

0:12:03.000 --> 0:12:04.470
<v Laura Ann Moore>So  restrictive.  Where's  the  fun?

0:12:04.559 --> 0:12:04.770
<v Iona Bain>No.

0:12:04.830 --> 0:12:07.530
<v Laura Ann Moore>But  no  spend  zones  would  be, " Okay,  where  are  my 

0:12:07.530 --> 0:12:11.220
<v Laura Ann Moore>biggest  triggers  with  overspending?  Where  do  I  spend  when  I 

0:12:11.220 --> 0:12:13.530
<v Laura Ann Moore>look  back  and  go,  'Oh,  really  wish  I  hadn't  done 

0:12:13.530 --> 0:12:16.290
<v Laura Ann Moore>that?'"  They're  the  places  that  you  would  put  a  bit 

0:12:16.290 --> 0:12:19.350
<v Laura Ann Moore>more  of  a  rule  around.  For  example,  if  your  weakness 

0:12:19.380 --> 0:12:22.860
<v Laura Ann Moore>is  after  work,  tired,  can't  be  arsed  to  cook,  you 

0:12:22.860 --> 0:12:25.800
<v Laura Ann Moore>know  you're  going  to  be getting a  Deliveroo,  afterwards  you're  like, " Oh, 

0:12:25.800 --> 0:12:28.260
<v Laura Ann Moore>I  could  have  probably  even  made  that  for  half  the 

0:12:28.260 --> 0:12:31.140
<v Laura Ann Moore>price."  So  if  you  know  that's  your  trigger,  you  would  say, "

0:12:31.170 --> 0:12:34.140
<v Laura Ann Moore>Okay,  I  am  going  to  maybe  do  no  Deliveroos  during 

0:12:34.140 --> 0:12:37.334
<v Laura Ann Moore>the  week."  Or  you  can  step  foot  outside  in  London 

0:12:37.335 --> 0:12:39.900
<v Laura Ann Moore>and  before  you know  it,  you've  spent  100  pounds.  So  maybe 

0:12:39.900 --> 0:12:42.720
<v Laura Ann Moore>you  say, " Monday,  Tuesday,  Wednesday,  I  don't  spend  before 12: 00 

0:12:42.720 --> 0:12:46.020
<v Laura Ann Moore>PM."  Just  zones  of  the  day,  of  the  week,  where 

0:12:46.020 --> 0:12:48.270
<v Laura Ann Moore>you  just  make  an  active  choice  to  not  spend  as 

0:12:48.270 --> 0:12:50.370
<v Laura Ann Moore>much,  therefore  allowing  you  to  save  a  bit  more.

0:12:51.720 --> 0:12:54.420
<v Iona Bain>We're  on to day  10  now.  I'm  going  to  chat  about  relationships 

0:12:54.420 --> 0:12:56.790
<v Iona Bain>because  when  they  go  from  the  fun  and  frolics  of 

0:12:56.790 --> 0:13:00.630
<v Iona Bain>dating  to  having  those  difficult  conversations  about  your  future  together, 

0:13:00.840 --> 0:13:03.240
<v Iona Bain>let's  face  it,  you've  got  to  be  honest  and  transparent. 

0:13:03.390 --> 0:13:06.510
<v Iona Bain>So  here's  financial  advisor  Bola  Sol  on  how  to  have 

0:13:06.690 --> 0:13:07.890
<v Iona Bain>that  tricky  chat.

0:13:08.550 --> 0:13:12.179
<v Bola Sol>Their  response  is  incredibly  important.  So  whatever  the  situation  may 

0:13:12.179 --> 0:13:14.730
<v Bola Sol>be  when  you  bring  up  finances,  are  they  short  with 

0:13:14.730 --> 0:13:16.830
<v Bola Sol>you?  Are  they  snappy?  You  have  to  look  at  all 

0:13:16.830 --> 0:13:20.040
<v Bola Sol>those  things.  Are  they  avoidant  or  do  they  communicate  with 

0:13:20.040 --> 0:13:22.410
<v Bola Sol>you  and  say, " Okay,  I  can  do  this  next  week 

0:13:22.410 --> 0:13:25.380
<v Bola Sol>and  so  on  and  so on."  I  think  their  response  is 

0:13:25.380 --> 0:13:28.650
<v Bola Sol>very  important  as  well.  Having  the  conversation,  even  if  it's 

0:13:28.650 --> 0:13:31.950
<v Bola Sol>not  sexy.  Sometimes  you  have  to  talk  about  the  hard 

0:13:31.950 --> 0:13:34.199
<v Bola Sol>things  and  do  the  hard  things.  That's  how  long- term 

0:13:34.200 --> 0:13:37.230
<v Bola Sol>relationships  work.  When  you  hear  people  say, " Oh,  we've  been 

0:13:37.230 --> 0:13:40.290
<v Bola Sol>together  15  or  20  years,"  and  everyone  kind  of  claps 

0:13:40.290 --> 0:13:42.839
<v Bola Sol>by  hearing  that.  I'm  like, " I'm  sure  they've  had  a 

0:13:42.840 --> 0:13:46.740
<v Bola Sol>conversation  or  two  about  finances,"  and  other  things  as  well, 

0:13:46.740 --> 0:13:51.600
<v Bola Sol>relationships  in  different  formats,  friendships,  professional  career  and  so  on. 

0:13:51.840 --> 0:13:54.210
<v Bola Sol>So  I  just  say,  just  see  finance  as  one  part 

0:13:54.210 --> 0:13:56.220
<v Bola Sol>of  that  as  opposed  to  all  of  it.

0:13:57.600 --> 0:14:00.300
<v Iona Bain>Now  our  11th  tip  is  about  a  subject  that  doesn't 

0:14:00.300 --> 0:14:02.610
<v Iona Bain>exactly  make  our  hearts  race,  but  it  is  a  really 

0:14:02.610 --> 0:14:05.070
<v Iona Bain>important  one.  And  that's  why  we  did  not  just  one, 

0:14:05.309 --> 0:14:09.000
<v Iona Bain>but  two  great  episodes  with  accountant,  Tim  Paul.  Yep,  we 

0:14:09.000 --> 0:14:11.850
<v Iona Bain>were  talking  about  tax  and  he  broke  down  all  those 

0:14:11.850 --> 0:14:14.280
<v Iona Bain>technical  terms  that  we  find  a  bit  scary  and  showed 

0:14:14.280 --> 0:14:16.860
<v Iona Bain>us  that  tax  really  isn't  as  daunting  as  we  might 

0:14:16.860 --> 0:14:20.040
<v Iona Bain>think.  Here's  Tim  talking  through  some  quick  wins.

0:14:20.250 --> 0:14:22.770
<v Tim Paul>The  first  thing  I  would  say  is  checking  your  tax 

0:14:22.770 --> 0:14:27.750
<v Tim Paul>code.  For  majority  of  people,  this  should  be  1257L  to 

0:14:27.750 --> 0:14:31.260
<v Tim Paul>reflect  the  personal  allowance  that  I  mentioned  earlier.  If  your 

0:14:31.260 --> 0:14:34.740
<v Tim Paul>code  on  your  payslip  is  anything  other  than  1257L and  you 

0:14:34.740 --> 0:14:38.100
<v Tim Paul>don't  know  why,  then  immediately  you  want  to  contact  your 

0:14:38.100 --> 0:14:40.770
<v Tim Paul>employer  and  get  that  sorted  out.  That'd  be  the  first 

0:14:40.770 --> 0:14:43.320
<v Tim Paul>thing.  The  second  thing  I  would  say  is  there's  a 

0:14:43.320 --> 0:14:46.170
<v Tim Paul>government  app  now,  HMRC  have  an  app,  the  government  have 

0:14:46.170 --> 0:14:49.170
<v Tim Paul>an  app.  Download  both  because  what  you  can do is you can  go  on 

0:14:49.170 --> 0:14:51.210
<v Tim Paul>the  app  and  you  can  actually  put  in  your  details 

0:14:51.210 --> 0:14:53.640
<v Tim Paul>and  then  it  can  tell  you  what  benefits  and  allowances 

0:14:53.640 --> 0:14:57.990
<v Tim Paul>you're  entitled  to,  childcare,  the  child  benefits,  marriage  allowance,  those 

0:14:57.990 --> 0:15:00.660
<v Tim Paul>kinds  of  things.  So  it's  actually  a  very,  very  good 

0:15:00.660 --> 0:15:02.460
<v Tim Paul>app.  I've  worked  with  the  government  a  few  times  to 

0:15:02.670 --> 0:15:04.920
<v Tim Paul>promote  it  and  I  use  it  myself  and  it  does 

0:15:05.310 --> 0:15:07.560
<v Tim Paul>give  you  all  the  information  that  you  need,  your  national 

0:15:07.560 --> 0:15:10.380
<v Tim Paul>insurance  contributions,  how  much  tax  you're  paying,  your  self- assessment 

0:15:10.380 --> 0:15:14.340
<v Tim Paul>record,  even  your  national  insurance  number,  everything  like  that.
 So 

0:15:14.640 --> 0:15:16.530
<v Tim Paul>yeah,  that  would  be  the  second  thing,  see  what  you 

0:15:16.530 --> 0:15:20.280
<v Tim Paul>can  get. And then  the  third  thing  is  the  pensions  point.  Get 

0:15:20.460 --> 0:15:23.040
<v Tim Paul>your  pension  sorted.  If  you  don't  know  what  pots  you've 

0:15:23.040 --> 0:15:25.050
<v Tim Paul>got  where,  or  if  you  don't  know  how  much  you're 

0:15:25.050 --> 0:15:27.630
<v Tim Paul>contributing,  if  you  don't  know  how  much  your  employer's  contributing, 

0:15:27.900 --> 0:15:30.840
<v Tim Paul>find  that  out,  find  out  what  the  pension's  getting  invested 

0:15:30.840 --> 0:15:33.420
<v Tim Paul>into.  Make  sure  that  you've  got  that  sorted  because  that 

0:15:33.420 --> 0:15:36.390
<v Tim Paul>is  the  quickest  win  in  order  to  make  sure  that 

0:15:36.390 --> 0:15:38.100
<v Tim Paul>you're  not  overpaying  on  your  taxes.

0:15:39.600 --> 0:15:42.450
<v Iona Bain>It's  a  12th  day  of  Christmas.  Hurrah,  we  made  it. 

0:15:42.660 --> 0:15:44.670
<v Iona Bain>For  our  last  tip,  we're  going  out  strong.  We're  going 

0:15:44.670 --> 0:15:47.340
<v Iona Bain>to  hear  from  Claer  Barrett,  who  I  had  a  great 

0:15:47.340 --> 0:15:51.870
<v Iona Bain>discussion  with  on  pensions  versus  property.  Here's  Claer  explaining  why 

0:15:51.870 --> 0:15:54.990
<v Iona Bain>most  people  prioritize  one  over  the  other.

0:15:55.170 --> 0:15:57.780
<v Claer Barrett>Ask  any  young  person  at  any  point  over  the  last 

0:15:57.780 --> 0:16:00.810
<v Claer Barrett>20 or 30  years, " Which  one are  you  going  to  prioritize?"  Of  course 

0:16:00.810 --> 0:16:03.030
<v Claer Barrett>it's  going  to  be  property  because  we  want  to  get 

0:16:03.030 --> 0:16:06.600
<v Claer Barrett>on  the  housing  ladder.  We've  seen  what  house  prices  can 

0:16:06.600 --> 0:16:09.960
<v Claer Barrett>do  and  the  impact  of  owning  an  asset,  which  could 

0:16:09.960 --> 0:16:12.330
<v Claer Barrett>rise  in  value.  No  guarantees,  of  course,  that  that's  going 

0:16:12.330 --> 0:16:15.420
<v Claer Barrett>to  keep  happening,  certainly  keep happening at  the  same  rate  in  the 

0:16:15.420 --> 0:16:19.770
<v Claer Barrett>future,  but  it's  been  a  one- way  escalator  for  generations 

0:16:19.770 --> 0:16:23.280
<v Claer Barrett>past.  And  you  can  also  tell  your  landlord  to  do one. 

0:16:23.700 --> 0:16:26.460
<v Claer Barrett>I  think  for  many  people,  it's  that,  that's  the  motivation, 

0:16:26.460 --> 0:16:29.790
<v Claer Barrett>the  insecurity  of  living  in  rented  accommodation  as  well  as 

0:16:29.790 --> 0:16:33.210
<v Claer Barrett>the  huge  cost.  Maybe  you're  living  with  your  parents  for 

0:16:33.210 --> 0:16:35.940
<v Claer Barrett>longer  in  order  to  save  up  for  a  property.  These 

0:16:35.940 --> 0:16:41.250
<v Claer Barrett>are  all  factors  that  are  pushing  young  people  towards  prioritizing 

0:16:41.430 --> 0:16:45.330
<v Claer Barrett>property  over  retirement,  which  seems  like  a  very,  very  distant  dream.

0:16:47.400 --> 0:16:50.580
<v Iona Bain>Well,  that  wraps  up  our  12  financial  days  of  Christmas, 

0:16:50.760 --> 0:16:54.540
<v Iona Bain>12  tiny  tweaks  that  together  can  make  a  surprisingly  big 

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<v Iona Bain>difference  to  your  long- term  financial  health.  If  you  try 

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<v Iona Bain>even  one  or  two  of  these  over  the  holiday  break 

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<v Iona Bain>or  beyond,  let  us  know.  You  can  get  in  touch 

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<v Iona Bain>with  us  on TikTok and Instagram @ legalandgeneral.  And  don't  forget,  you  can  watch 

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<v Iona Bain>all  our  full  episodes  on  YouTube.  If  you  enjoyed  this 

0:17:09.840 --> 0:17:12.270
<v Iona Bain>episode,  feel  free  to  share  it  with  a  friend  who's 

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<v Iona Bain>looking  for  a  little  festive  money  motivation.  We'll  be  back 

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<v Iona Bain>on  January  the 1st with  a  book  club  special  to  get  your 

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<v Iona Bain>new  year  off  to  a  brilliant  start.  This  podcast  is 

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<v Iona Bain>brought  to  you  by  L&amp; G.  I  hope  you  have 

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<v Iona Bain>a  wonderful  Christmas  and  see  you  very  soon.