WEBVTT - Your 2026 Money Reset: Practical Steps to Be Better Off by Year-End 0:00:02.720 --> 0:00:19.560 Bloomberg Audio Studios, Podcasts, Radio News. Welcome to Marin Talks 0:00:19.600 --> 0:00:22.560 Your Money, the personal finance vision of Marin Talks Money. 0:00:22.680 --> 0:00:25.239 In these bonus podcasts, we talk about the best strategies 0:00:25.280 --> 0:00:27.520 we're making the most of your money. I'm married something 0:00:27.560 --> 0:00:30.520 that web editor at large for Bloomberg UK Wealth and. 0:00:30.400 --> 0:00:33.159 That joined Stevieck Senior reported at Bloomberg and author of 0:00:33.159 --> 0:00:36.239 the multi award winning money Distilled newsletter. 0:00:37.680 --> 0:00:40.519 Happen You Year, Man, Happen you here? John. Now, you're 0:00:40.520 --> 0:00:42.640 probably having a lovely time because you were so right 0:00:42.680 --> 0:00:46.000 about silver and knowing you, you probably absolutely piled in 0:00:46.040 --> 0:00:48.120 and now you're super rich and leaving us any day. Now, 0:00:48.159 --> 0:00:49.160 Am I right? Or am I right? 0:00:49.520 --> 0:00:52.319 I mean, obviously yes, I was right a boot so well, 0:00:52.320 --> 0:00:54.680 I wasn't even right. But somelf, I've just been gopping 0:00:54.720 --> 0:00:58.840 at it. But yes, from the seed lanes, because self 0:00:59.040 --> 0:01:03.600 is the crypto of the males world. 0:01:04.640 --> 0:01:06.959 Yes, I suppose it is. No, it's not, because it's 0:01:06.959 --> 0:01:07.560 been going up. 0:01:10.080 --> 0:01:14.039 Oh shorts filed already. It's only the first podcast of 0:01:14.040 --> 0:01:18.520 the year, starting early to the usual address. 0:01:19.000 --> 0:01:23.880 John's listen, I'm feeling quite optimistic about the beginning of 0:01:23.920 --> 0:01:26.080 this year and partly to do with the Golden Civil Prize, 0:01:26.080 --> 0:01:28.480 et cetera. But I'm kind of alone. Well, this is 0:01:28.520 --> 0:01:31.600 the time of year to look at Pole's surveys, et cetera. 0:01:31.920 --> 0:01:33.679 And one of the first ones that caught my eye 0:01:33.720 --> 0:01:37.759 this morning was one about despair over the future in 0:01:37.760 --> 0:01:40.680 the West. So the majority of people think governments are failing, 0:01:40.760 --> 0:01:43.840 democracy is weakening, life is going to be harder and 0:01:44.120 --> 0:01:48.920 harder generation after generation. There's this kind of miserable stuff, 0:01:49.000 --> 0:01:51.520 this idea that people genuinely feel that their governments are 0:01:51.560 --> 0:01:53.720 failing we say are by the way, and that they 0:01:54.040 --> 0:01:58.080 that there is very little at a high level agency. 0:01:58.640 --> 0:02:01.680 Yeah, to be honest about it, it's hard to disagree 0:02:01.960 --> 0:02:05.639 with the sense of a lack of agency. I think 0:02:05.840 --> 0:02:08.400 the one thing that I would the main thing with 0:02:08.520 --> 0:02:11.239 a disagree is the idea that this is then the 0:02:11.360 --> 0:02:14.400 lete and inevitable declaim as opposed to a change. And 0:02:14.400 --> 0:02:18.960 obviously change is unsettling. But obviously we're already seeing change. 0:02:19.600 --> 0:02:24.720 You just started with Donald Trump demonstrating change very clearly. 0:02:25.360 --> 0:02:27.320 Yeah, when he goes for change, he really does go 0:02:27.400 --> 0:02:29.040 for change. I don't think that the rest of us 0:02:29.120 --> 0:02:30.960 can quite go for change in the same way as 0:02:30.960 --> 0:02:33.600 Donald Trump. What we are going to talk about today 0:02:33.880 --> 0:02:36.440 is things that you do have your own agency over 0:02:36.600 --> 0:02:39.400 that that is not, you know, invading countries and that 0:02:39.480 --> 0:02:42.280 kind of thing. It's a little more prosaic really. 0:02:42.240 --> 0:02:46.480 So find your resolutions less quite like an idea invades 0:02:46.800 --> 0:02:49.000 small country. 0:02:49.160 --> 0:02:52.239 But let's just correct because as Trump is main clear, 0:02:52.280 --> 0:02:55.960 there's not an evasion. No, not an invasion, not invaded Venezuela, 0:02:56.040 --> 0:02:59.080 not running Venezuela, or they're kind of running Venezuela. Do 0:02:59.160 --> 0:03:01.280 we leave that to one of the political podcasts and 0:03:01.320 --> 0:03:05.240 move on. Yes, financial resolutions things you should be doing 0:03:05.440 --> 0:03:07.600 or not doing to be better off. By the end 0:03:07.600 --> 0:03:11.840 of twenty twenty six, were aiming for six potential financial 0:03:12.040 --> 0:03:15.440 resolutions for you. Now. One thing to say here is 0:03:15.440 --> 0:03:18.480 that there is a yet another survey out from you gov. 0:03:19.160 --> 0:03:22.359 It says only nineteen percent of Britons say they intend 0:03:22.360 --> 0:03:25.200 to make New Year's resolutions for twenty twenty six. We'd 0:03:25.200 --> 0:03:28.280 like to make that one hundred percent of our listeners. 0:03:28.440 --> 0:03:30.799 Young people are the most likely thirty seven percent of 0:03:30.919 --> 0:03:32.840 them eighteen to twenty four, so they're going to do it. 0:03:33.240 --> 0:03:37.120 And health pledges top the list of resolutions. Now that 0:03:37.160 --> 0:03:41.880 makes sense health first always, but rather depressingly, only about 0:03:41.920 --> 0:03:43.840 seven percent of them say that they want to make 0:03:43.880 --> 0:03:46.760 a financial one. So no, it's worse than that. Save more, 0:03:46.800 --> 0:03:51.240 spend less seven percent of people. Okay, improve financial management 0:03:51.320 --> 0:03:55.480 four percent of people. Reduced levels of debt two percent 0:03:55.520 --> 0:04:00.440 of people. Hmmm for centristan, maybe people just don't have 0:04:00.480 --> 0:04:02.520 any doubt. We know that household that isn't across the 0:04:02.520 --> 0:04:04.480 board much for a problem at the moment. But save 0:04:04.560 --> 0:04:07.840 more spend less. Economists wouldn't be down with that. They 0:04:07.840 --> 0:04:11.080 would let us just spend more, save less, but improve 0:04:11.160 --> 0:04:13.720 financial management. I think that's that's the key. So why 0:04:13.720 --> 0:04:17.840 don't we work from that? Improve financial management is an 0:04:17.920 --> 0:04:23.400 over arching resolution that, to be honest, really really really, 0:04:23.440 --> 0:04:25.120 more than a couple of percent of you should be 0:04:25.120 --> 0:04:27.240 picking up because that is not enough that I should 0:04:27.240 --> 0:04:30.960 be like one hundred percent. Okay, So John inside that 0:04:31.760 --> 0:04:35.080 what would be your number one financial resolution? 0:04:36.200 --> 0:04:40.640 Number one? Yeah, well number one is quite tricky, but 0:04:40.720 --> 0:04:43.919 I guess the if you won't improve your financial management, 0:04:43.960 --> 0:04:46.160 then that it's more. But well, it's making sure that 0:04:46.240 --> 0:04:51.039 you you your spending is under control within the bones 0:04:51.120 --> 0:04:55.760 of your monthly income. And I think that's the most 0:04:55.839 --> 0:04:56.520 important thing. 0:04:57.160 --> 0:04:59.480 God, John, do you think people should be making spending 0:04:59.600 --> 0:05:02.560 spreads cheets and budgeting spreadsheets and all that kind of thing. 0:05:03.000 --> 0:05:05.680 Not unless you have to. You know, if if your 0:05:05.680 --> 0:05:07.840 budget is tight, then you want you do want to 0:05:07.880 --> 0:05:10.560 live within your means. I think that's that's important. Obviously, 0:05:10.560 --> 0:05:13.679 living within your means death us from period to period 0:05:13.760 --> 0:05:15.640 in your life. And that's the other thing. It's like, 0:05:15.720 --> 0:05:19.599 what you haven't you prioritized at this particular point, So 0:05:19.640 --> 0:05:22.160 you know, what is your savings goal? Do you want 0:05:22.200 --> 0:05:25.800 to you need to buy a house, in which case 0:05:25.800 --> 0:05:28.880 that dictates how you save or are you more my 0:05:29.080 --> 0:05:31.719 age and you want to maximize the amount of money 0:05:31.720 --> 0:05:33.080 you're saving for your retirement? 0:05:33.600 --> 0:05:33.720 You know. 0:05:34.120 --> 0:05:36.920 So it's all a bit different life stages. So if 0:05:36.920 --> 0:05:39.280 you're asking about one thing, then that that is the 0:05:39.279 --> 0:05:41.960 most boring thing. It's like, nowhere your money is going 0:05:43.000 --> 0:05:45.440 and what your what your what you want to do 0:05:45.520 --> 0:05:45.920 with it? 0:05:46.520 --> 0:05:48.560 Yeah? Do you know this connects nicely with what I 0:05:48.560 --> 0:05:51.760 would say would be my number one right, which is 0:05:51.800 --> 0:05:54.840 to actually make time for this. And one of the 0:05:54.839 --> 0:05:58.080 things that people never do is set aside an hour 0:05:58.120 --> 0:06:00.000 a month. Literally, this is not going to kill you 0:06:00.120 --> 0:06:03.880 an hour a month to sit down and just go 0:06:03.960 --> 0:06:04.880 through everything. 0:06:04.960 --> 0:06:07.800 That's really important, because yeah, because it's the same any 0:06:07.880 --> 0:06:11.680 kind of productivity move or or exercise move is. The 0:06:11.720 --> 0:06:13.640 first thing you actually need is to budget the tame 0:06:13.720 --> 0:06:14.080 for it. 0:06:14.200 --> 0:06:17.560 Yeah, and take that time and then you can actually 0:06:17.560 --> 0:06:19.520 sit down. You can open your bank account, you can 0:06:19.560 --> 0:06:22.120 look at all your direct debits or if your build, 0:06:22.279 --> 0:06:25.320 you can look at your insurance utilities. You can talk 0:06:25.360 --> 0:06:27.120 to your partner about it, because you've got to do 0:06:27.240 --> 0:06:28.520 this as a couple. If you're going to do it, 0:06:28.520 --> 0:06:32.279 sit down with your partner, do it together. This one 0:06:32.360 --> 0:06:34.400 hour maybe once a month is pushing it once every 0:06:34.400 --> 0:06:36.280 two months, once every two months. 0:06:36.000 --> 0:06:38.960 Even once every two months is good. And also steffin 0:06:39.000 --> 0:06:41.640 in tames as well, because I mean things like when 0:06:41.680 --> 0:06:44.120 your insurance comes in, make sure you've got that in 0:06:44.160 --> 0:06:47.320 a diary so that you know to do the compartison 0:06:47.400 --> 0:06:50.440 search at some point before it comes in. Yeah, it's 0:06:50.480 --> 0:06:52.240 much much easier than it used to be in the 0:06:52.279 --> 0:06:54.120 old days. I mean, I still remember when you had 0:06:54.120 --> 0:06:57.120 to phone around three different car insurance or whatever to 0:06:57.200 --> 0:06:59.440 try and seek it a new quote. But there's at 0:06:59.480 --> 0:07:01.599 least now you can or put any one wave site, 0:07:01.680 --> 0:07:04.160 so you just you need to put a detain for 0:07:04.240 --> 0:07:06.120 it and planet. 0:07:05.600 --> 0:07:07.039 Ye and I'm going to pick up that one on 0:07:07.120 --> 0:07:11.160 insurance right. The other thing, if you've got a mortgage, 0:07:11.320 --> 0:07:14.400 a remortgage coming up, you really need to be on 0:07:14.400 --> 0:07:16.679 this probably an advance. I had of text this morning 0:07:16.960 --> 0:07:19.760 from a friend who's just about to roll off a 0:07:19.800 --> 0:07:24.680 five year mortgage deal at one point five percent, and 0:07:24.800 --> 0:07:27.240 so you need to be on that very quickly to 0:07:27.280 --> 0:07:29.600 make sure that you do not end up on a 0:07:29.600 --> 0:07:30.720 standard variable rate. 0:07:32.320 --> 0:07:32.520 Yeah. 0:07:33.680 --> 0:07:37.000 Yeah, those will come in nasty, very nasty. They can 0:07:37.040 --> 0:07:39.280 come in at six plus percent at the moment. Imagine 0:07:39.320 --> 0:07:41.000 going from one and a half to six percent on 0:07:41.040 --> 0:07:43.400 your mortgage. You do not want this to happen. So 0:07:43.560 --> 0:07:46.840 that's something to be absolutely aware of. If you know 0:07:46.880 --> 0:07:48.880 your mortgage is coming to an end, and now is 0:07:48.920 --> 0:07:50.960 the time to put that in your diary, not the 0:07:51.200 --> 0:07:53.840 actual end of the mortgage, but six months in advance, 0:07:53.880 --> 0:07:56.800 to make sure that you are not the person, particularly 0:07:56.840 --> 0:07:59.400 in an environment of falling interest rates at the moment, 0:07:59.560 --> 0:08:02.080 you are not a person who ends up with the 0:08:02.200 --> 0:08:04.160 standard variable rate. Don't be that person. 0:08:04.760 --> 0:08:07.320 Yeah, And you can also talk to a mortgage broker 0:08:07.800 --> 0:08:10.640 doing the boat that team, and if you do find that, 0:08:10.680 --> 0:08:12.680 you're like, there's a good chance you'll be able to 0:08:12.680 --> 0:08:15.360 lock that in and then look at it again just 0:08:15.440 --> 0:08:18.400 before your mortgage is actually up, and if there is 0:08:18.400 --> 0:08:19.960 a bit of rate at that point, you can switch 0:08:20.000 --> 0:08:20.240 to that. 0:08:20.800 --> 0:08:23.480 Yeah. And we have, by the way, done several podcasts 0:08:23.520 --> 0:08:26.360 on this. Do go back to our property series when 0:08:26.360 --> 0:08:28.920 you can learn all about mortgages and finding a mortgage 0:08:28.920 --> 0:08:30.960 broker and how to work on that. I suppose one 0:08:30.960 --> 0:08:33.040 thing I might add to that, John, This is not 0:08:33.080 --> 0:08:36.520 necessarily a resolution, but a reminder, which is that if 0:08:36.559 --> 0:08:38.760 you are one of the very few people who appear 0:08:38.800 --> 0:08:44.360 to be buying a house this year, bargainheart. Bargainheart prices 0:08:44.400 --> 0:08:47.120 are changing, aren't they. The market is finally reacting to 0:08:47.200 --> 0:08:50.160 higher interest rates. These things move so slowly, but interest 0:08:50.240 --> 0:08:52.680 rates have gone up a lot. House prices are reacting 0:08:52.720 --> 0:08:55.439 to that. So it is time if you are looking 0:08:55.480 --> 0:08:58.320 for a house to make sure you really really get 0:08:58.360 --> 0:08:59.000 the right price. 0:09:00.200 --> 0:09:02.880 And I think the further up the ladder you go, 0:09:03.080 --> 0:09:06.240 the harder it is to find a buyer. So if 0:09:06.280 --> 0:09:10.160 you are a buyer, especially at the kind of upper reaches, then, 0:09:10.760 --> 0:09:12.439 as you say, you should be able to kind of 0:09:12.520 --> 0:09:14.960 drive a harder bargain than you could have maybe five 0:09:15.040 --> 0:09:15.600 years ago. 0:09:16.160 --> 0:09:17.839 Yeah, and if you're selling. 0:09:18.880 --> 0:09:22.400 Well, I guess you're just going to have to accept 0:09:23.080 --> 0:09:26.960 that you may not get the price that you would 0:09:27.040 --> 0:09:30.400 have got again sort of like five years ago. And 0:09:30.480 --> 0:09:32.800 again it depends on where you are. The further north 0:09:32.840 --> 0:09:35.000 year in the country, the more likely it is that actually, 0:09:35.080 --> 0:09:38.160 you know, your house price probably is roughly what you 0:09:38.240 --> 0:09:40.760 thought it would be worth, whereas the further south year, 0:09:40.840 --> 0:09:43.800 particularly in London, prices haven't moved since, you know, in 0:09:43.880 --> 0:09:45.800 about a decade. Realistically. 0:09:46.520 --> 0:09:49.080 Well, the papers are full at the moment of stories 0:09:49.080 --> 0:09:51.920 about people who can't sell the houses where dashboards sell, 0:09:52.000 --> 0:09:54.640 with this, with that, and it's a cruel world out there. 0:09:54.679 --> 0:09:56.360 But the answer is that there is no such thing 0:09:56.400 --> 0:09:58.680 as a house that won't sell. There is only a 0:09:58.720 --> 0:10:01.240 house that won't sell because of it's is wrong. There's 0:10:01.280 --> 0:10:02.440 always a price, right. 0:10:02.520 --> 0:10:04.280 Yeah, And I think a lot of the problem with 0:10:04.320 --> 0:10:08.199 that is that people have unfortunately something's taken out debt 0:10:08.600 --> 0:10:12.880 against the home over time, and so they end up 0:10:12.920 --> 0:10:15.160 with a price that not only they think is worth 0:10:15.280 --> 0:10:17.600 the kind of a price that they feel they need 0:10:17.800 --> 0:10:21.240 to get and you can't ankled to that. As you say, 0:10:21.240 --> 0:10:24.000 if the house isn't selling or getting viewings, then that's 0:10:24.040 --> 0:10:25.800 because it's the price is too high. 0:10:26.040 --> 0:10:28.880 Yeah. Yeah, okay, now that's a depressing woman moving on 0:10:28.960 --> 0:10:31.320 from this, although not depressing for the bias, just the price. 0:10:33.800 --> 0:10:34.680 Yeah, it's good. 0:10:47.360 --> 0:10:50.080 Right. The next one, next to the financial resolution is 0:10:50.200 --> 0:10:53.520 be aware of all the possibilities for tax efficiency and 0:10:54.360 --> 0:10:56.959 take advantage of them. Right, So max out your eyes up. 0:10:57.200 --> 0:10:59.320 I think pretty much everyone who is able to do so, 0:10:59.440 --> 0:11:01.800 max out there, I said last year. Right, Yes, we 0:11:01.920 --> 0:11:03.959 saw we figured from the Bank of England out the 0:11:04.040 --> 0:11:07.200 other day showing that five point one billion into cash 0:11:07.320 --> 0:11:10.520 ices in November twenty twenty five alone. That's the highest 0:11:10.559 --> 0:11:12.360 inflow in the year, apart from in April, which is 0:11:12.360 --> 0:11:16.720 obviously it was the highest INFLOCE. So yes, max that out. 0:11:17.000 --> 0:11:19.600 Remember that it's not that long hammer. It's another two 0:11:19.800 --> 0:11:23.240 iSER seasons until you can only put twelve thousand pounds 0:11:23.240 --> 0:11:25.120 into cash and the rest has to go into equities, 0:11:25.120 --> 0:11:27.080 of which John and I thoroughly approval that. We don't 0:11:27.160 --> 0:11:29.160 understand why the over sixty five is get an exemption 0:11:29.240 --> 0:11:31.800 from that I spoke for you. You approve as well, right, John, Oh. 0:11:31.760 --> 0:11:33.960 Yeah, I approve, yes, And also yes, I don't know 0:11:34.000 --> 0:11:36.800 why the over sixty five is get get exempt from that. Well, 0:11:37.200 --> 0:11:39.880 I know why, but I think it's a tought reason. 0:11:40.480 --> 0:11:42.520 Yeah. So max out your isis, but also be aware 0:11:42.559 --> 0:11:45.440 as you do so of the interest rate you might get. 0:11:45.559 --> 0:11:47.760 Very often the interest rate on a cash iSER is 0:11:47.800 --> 0:11:50.400 lower than the rate you might get on an ordinary account. 0:11:50.400 --> 0:11:53.480 And it isn't entirely possible that if you have to 0:11:53.520 --> 0:11:56.840 pay tax on the interest from an ordinary account, you 0:11:56.880 --> 0:11:58.520 may still end up ahead of what you get on 0:11:58.559 --> 0:12:01.120 a cash isico. Who can know? Check all that stuff 0:12:01.160 --> 0:12:03.240 out along the way. By the way, a number from 0:12:03.280 --> 0:12:06.559 aj Bell three hundred billion pounds is sitting in the 0:12:06.600 --> 0:12:08.600 posit accounts or current accounts of pay no interest of 0:12:08.600 --> 0:12:12.200 any kind whatsoever. Do something about that. If that's you, 0:12:12.679 --> 0:12:14.880 do something about that. It's insane. 0:12:15.280 --> 0:12:17.520 And another thing is if you've got cash that is 0:12:17.559 --> 0:12:20.760 setting out, say the nayser for whatever reason, then if 0:12:20.800 --> 0:12:23.440 you're married, make sure it's going into the name of 0:12:23.520 --> 0:12:26.680 the spouse who earns the least, because they all pay 0:12:26.760 --> 0:12:30.600 the least tax or the interest issuming that you trust 0:12:30.640 --> 0:12:33.400 your spousting off to stick your assets in their name, 0:12:34.080 --> 0:12:34.880 which I hope you do. 0:12:35.600 --> 0:12:37.280 I hope you do too. Back to the fact that 0:12:37.320 --> 0:12:40.280 all your financial decisions should be joined. There with another 0:12:40.320 --> 0:12:42.240 survey out the other day saying that a very large 0:12:42.280 --> 0:12:45.319 number I can't remember the percentage of which of people 0:12:45.360 --> 0:12:48.440 and couples have money they hide from their partners. Can 0:12:48.559 --> 0:12:50.040 tell you much about trust, does it. 0:12:50.240 --> 0:12:52.520 Everyone's good different ways of running their financies. But I 0:12:52.559 --> 0:12:56.000 think whenever you're haiding money from your partner in a 0:12:56.160 --> 0:13:00.680 serious way, then that's that's that's just Biden news. 0:13:00.960 --> 0:13:04.320 Yeah. I mean there's having your that's having your own accounts. Yeah, 0:13:04.400 --> 0:13:07.280 that's having your own accounts, and there's hiding money. Anyway, again, 0:13:07.480 --> 0:13:09.440 that's not our area. We'll leave that for the self 0:13:09.720 --> 0:13:10.760 self help podcasts. 0:13:10.920 --> 0:13:13.240 We do need to do a divorce episode at some point. 0:13:13.760 --> 0:13:16.760 Keep getting getting requests for that for some reason I 0:13:16.760 --> 0:13:21.559 think than maybe some people in the office who are. 0:13:23.160 --> 0:13:25.360 I would like to apologize to all our colleagues for 0:13:25.400 --> 0:13:29.480 the exsumptions John Nigs. But anyway, we have past divorce day. 0:13:29.760 --> 0:13:32.560 Divorce Day was January the fifth, the day when the 0:13:32.600 --> 0:13:35.000 more people file for divorce in any other day in 0:13:35.080 --> 0:13:37.679 the year on average. But of course the best financial 0:13:37.720 --> 0:13:39.880 tip when it comes to divorce is don't do not 0:13:40.000 --> 0:13:43.600 get divorced. Everyone's standard of living is lower after divorce. 0:13:43.800 --> 0:13:45.679 You can run one house on a certain amount of 0:13:45.720 --> 0:13:48.000 cash trying and two households on the same amount of 0:13:48.000 --> 0:13:51.000 cash doesn't work so well, particularly right now when you're 0:13:51.000 --> 0:13:52.319 not going to sell your house to the amount you 0:13:52.360 --> 0:13:53.800 thought you were going to sell your house for. So 0:13:54.080 --> 0:13:57.760 if you can possibly reconcile and again moving into the 0:13:57.800 --> 0:14:02.600 realms of our self help compare it anyway. So if 0:14:02.600 --> 0:14:05.600 you can avoid getting divorced, don't get divorced. And of course, 0:14:05.640 --> 0:14:08.560 the the other bit of advice that divorce lawyers always give, 0:14:08.600 --> 0:14:12.040 particularly to women, is if you are getting divorced, forget 0:14:12.080 --> 0:14:14.880 the house, go for the pension, and stay out of 0:14:14.920 --> 0:14:16.560 court to the extent that you possibly can. 0:14:17.679 --> 0:14:21.440 That could advice because patients relooked. 0:14:21.640 --> 0:14:23.480 Yeah, do we now need a divorce podcast or are 0:14:23.480 --> 0:14:23.880 we done? 0:14:26.560 --> 0:14:27.520 Let the people decay? 0:14:27.920 --> 0:14:30.000 Okay, send it in if you want, if you want 0:14:30.040 --> 0:14:32.360 to know more about how to divorce well financially, at 0:14:32.440 --> 0:14:35.000 least that's all we can do. Let us know, right, 0:14:35.040 --> 0:14:37.280 I'm sticking with tax John, I'm sticking with tax. The 0:14:37.320 --> 0:14:39.080 next resolution has got to be to keep an eye 0:14:39.080 --> 0:14:41.280 on your pension. Do you know what you've got? Do 0:14:41.360 --> 0:14:43.520 you know what types they are? Do you know how 0:14:43.560 --> 0:14:46.520 they work? Do you know all the t's and c's 0:14:46.600 --> 0:14:49.400 around the edge? Can you save more? What if you 0:14:49.440 --> 0:14:53.720 make a really small additional contribution, if you're young, and 0:14:53.840 --> 0:14:56.760 you up your contributions by one or two percentage points, 0:14:56.760 --> 0:15:00.240 which most most schemes will allow you to do, time, 0:15:00.240 --> 0:15:02.200 that's going to add up to a lot right with doing. 0:15:02.240 --> 0:15:04.280 Yeah, and I mean this is a really important one 0:15:04.320 --> 0:15:07.720 because so many people have got so many pensions or 0:15:07.800 --> 0:15:10.680 even just one pension that they don't know what's in it. 0:15:10.720 --> 0:15:13.480 So if you're if you're an employee, look at your 0:15:13.480 --> 0:15:17.440 auto enrollment pension, double check the conditions if you get 0:15:17.640 --> 0:15:20.520 a match from your employer, like if you put more 0:15:20.520 --> 0:15:22.960 in and they'll put more in, then you should definitely 0:15:23.000 --> 0:15:26.640 do that. And also check what it's invested in. And 0:15:26.720 --> 0:15:29.880 also if you're older, check that your fund isn't being 0:15:30.200 --> 0:15:33.960 lifestyled unless you want it to be because a lifestyle 0:15:34.000 --> 0:15:35.600 and this is the closer you get to retirement, the 0:15:35.640 --> 0:15:39.640 more that gets put into Technically, less risky assets like bonds. 0:15:40.240 --> 0:15:42.320 But that can mean that when you get to retire, 0:15:42.440 --> 0:15:44.080 maybe you know what, your fund doesn't grow in as 0:15:44.120 --> 0:15:46.360 much as you wanted it to, or you know, you 0:15:46.400 --> 0:15:48.240 thought you were invested in one thing and in fact 0:15:48.240 --> 0:15:51.040 you're invested in another. So just keep an eye on 0:15:51.080 --> 0:15:52.760 what's going on with your pensions. 0:15:53.280 --> 0:15:56.480 Yep. Okay, any other tax things we should think about. 0:15:57.320 --> 0:16:00.960 I mean, there's you. I mean, obviously the gains tax 0:16:01.000 --> 0:16:05.400 allowance is very low now, but it's still three thousand pounds. 0:16:05.520 --> 0:16:08.280 And then for some reason you do have you know, 0:16:08.400 --> 0:16:13.560 investments in outside an outside the pension wrapper. Then crystallizing 0:16:13.640 --> 0:16:16.320 some of those gains can be useful to use up 0:16:16.360 --> 0:16:19.480 betsy your allowance. But yeah, it has become very very 0:16:19.560 --> 0:16:22.760 meager in a very short space of time, you know. 0:16:22.880 --> 0:16:24.760 So it's going down from like twelve to kind of 0:16:24.800 --> 0:16:27.400 three and just the space of a few years. So 0:16:27.480 --> 0:16:29.480 people who once wouldn't have had to worry about that 0:16:29.560 --> 0:16:31.160 and do have to worry about it now. So's what 0:16:31.440 --> 0:16:33.840 taking a look at and again trying to share that 0:16:33.840 --> 0:16:35.560 allowance about your books where you can. 0:16:36.400 --> 0:16:38.680 Okay, I have one more that I think is really 0:16:38.680 --> 0:16:40.560 important and that I wrote about at the end of 0:16:40.640 --> 0:16:42.680 last year, which is taking us back to cash, we 0:16:42.760 --> 0:16:46.000 talked about making sure you're any interesting cash, making sure 0:16:46.040 --> 0:16:48.240 that you max out your eyes seraph for what you 0:16:48.320 --> 0:16:52.040 wanted to have, the cash, stocks and shares, make sure whatever. 0:16:52.040 --> 0:16:54.160 We'll do more on ices at a different time, but 0:16:55.040 --> 0:16:56.720 one of the key things about cash is that you 0:16:56.760 --> 0:17:00.520 need to have actual, real physical cash. Hmm. 0:17:00.600 --> 0:17:02.160 Thought this was a really interesting point. 0:17:02.440 --> 0:17:04.439 You mean, yeah, so you know, what if there's a 0:17:04.480 --> 0:17:07.080 cyber attack, what if your bank account is locked for 0:17:07.119 --> 0:17:09.199 some reason, you know, to do with cyber attack, to 0:17:09.240 --> 0:17:12.160 do some money laundering mistake whatever it is. I don't 0:17:12.200 --> 0:17:14.320 mean a mistake on your part, obviously, not our listeners. 0:17:14.400 --> 0:17:16.240 I mean a mistake on the bank's part, believing that 0:17:16.240 --> 0:17:18.080 there may be something wrong with your account when there isn't. 0:17:18.280 --> 0:17:23.040 This happens increasingly. There are all sorts of reasons why 0:17:23.080 --> 0:17:25.960 you might need to have a couple of weeks worth 0:17:26.000 --> 0:17:29.800 of cash at home. Don't forget, of course, possibility of blackout. 0:17:29.880 --> 0:17:32.439 All sorts of things can happen. Yea, and none of 0:17:32.760 --> 0:17:35.080 none of your accounts are going to work if there 0:17:35.119 --> 0:17:37.720 isn't any electricity, or if there's a cyber attack. So 0:17:37.880 --> 0:17:41.119 having a bit of cash at home in case of 0:17:41.119 --> 0:17:44.440 emergencies is really worth doing. And I know people listen 0:17:44.520 --> 0:17:47.560 to me saying this and they think you're ridiculous. But 0:17:47.720 --> 0:17:50.000 look at the cyber attacks we saw last year and 0:17:50.040 --> 0:17:53.320 the year before, look at the geopolitical tensions ramping up, 0:17:53.440 --> 0:17:55.680 look at the problems we're having in our electricity market 0:17:55.680 --> 0:17:57.760 and with our grid. I mean, why would you not 0:17:57.920 --> 0:18:00.600 have the insurance of having cash at home. 0:18:00.880 --> 0:18:04.359 This obviously happened in Spain last year, and again another 0:18:04.400 --> 0:18:07.760 colleague was pointing out that she was in Spain at 0:18:07.760 --> 0:18:11.480 the time and they couldn't get cash out and they 0:18:11.520 --> 0:18:14.320 couldn't you know, they couldn't buy anything, or they did 0:18:14.359 --> 0:18:18.320 something like twenty euros to last them for three days, 0:18:18.680 --> 0:18:20.639 and so yeah, no, I mean I think that's that's 0:18:20.760 --> 0:18:24.200 a really important useful one. It's almost like your emergency 0:18:24.240 --> 0:18:25.159 emergency fund. 0:18:25.560 --> 0:18:27.680 Yeah exactly. I mean we're not talking here about the 0:18:27.720 --> 0:18:29.960 amount of cash it has armed robbers breaking into your ome. 0:18:30.680 --> 0:18:33.160 We're just talking about a couple of days of cash. 0:18:33.320 --> 0:18:36.080 If something goes wrong, you can still get some bread 0:18:36.119 --> 0:18:36.720 and some milk. 0:18:37.080 --> 0:18:39.160 Yeah, yeah, no, I think that's a that's a really 0:18:39.240 --> 0:18:42.080 useful one. I think it's one that the people don't 0:18:42.200 --> 0:18:46.239 think about, particularly again younger people, whenever they've just used 0:18:46.280 --> 0:18:48.199 their phones for everything. Oh. 0:18:48.320 --> 0:18:50.439 Actually, while we're on the subject, John, I just wanted 0:18:50.440 --> 0:18:55.040 to point to a Bloomberg article on our website about 0:18:55.440 --> 0:18:58.439 the horrors of people invading your home if you have 0:18:58.600 --> 0:19:01.920 very got large crypt holdings, to force the passwords out 0:19:01.920 --> 0:19:04.639 of you really unbelievably unpleasant. So I just wanted to 0:19:04.640 --> 0:19:07.439 take this opportunity to let everybody know that while I 0:19:07.560 --> 0:19:10.400 talk a lot, just to teach John about my crypto holdings, 0:19:10.520 --> 0:19:15.840 they're worth very very very little, like basically nothing. Please 0:19:15.880 --> 0:19:18.880 do not invade my home. And John, of course, John 0:19:18.920 --> 0:19:22.240 of course has no cryptoical so definitely do not invade 0:19:22.280 --> 0:19:25.520 his home. Yes, that would be a complete waste of time, 0:19:25.720 --> 0:19:28.160 total waste of time. Invading either of our houses would 0:19:28.160 --> 0:19:29.600 be a waste of time. Don't do it. 0:19:31.359 --> 0:19:34.480 Yeah, okay, so that's another New Year's resolution. If you've 0:19:34.480 --> 0:19:37.160 got a lot of crypto, don't tell anyone. 0:19:37.880 --> 0:19:40.520