The Money Advantage Blog - The Money Advantage

Aug

2023

man with a laptop facing a difficult choice

Why it can be futile to trust economic and stock market forecasts

22 Aug 2023

The whole process of making your own predictions or being guided by the predictions of others is a key part of our lives. From what the weather will be like tomorrow to how long it will take to drive to a certain destination, forecasts and estimates are part and parcel of what you do and when you do it on a daily basis. At that level, the worst outcome you might face is getting caught in a rain shower without an umbrella or arriving late for a meeting. However, problems can arise if you start relying too heavily on predictions when planning your financial future. This applies in two key areas where such predictions are commonplace: economic outlook and investment...

Jul

2023

Taking stock: your mid-year financial review and a look at what’s ahead

Adam Rideout

Blog

26 Jul 2023

The halfway point of a calendar year is a good time to take stock of what happened during the first six months. After all, learning from the past is often a useful discipline when it comes to helping you navigate the financial challenges you may face in the future. So, read my analysis of some of the key economic activity you’ve experienced so far in 2023, and what you might expect to see before the year is over. July can be a better time to take stock than January Although the start of the calendar year is the traditional time to read articles about what to anticipate in the coming months, actually focusing on financial issues in any detail can...

Jul

2023

person hiking leading someone else by the hand

7 habits of the financially successful, and why you should copy them

Adam Rideout

Blog

25 Jul 2023

One of the best routes to personal success in any endeavour you undertake is to learn from the actions of those who have done it successfully before. As a financial planner, I come into contact with, and help, many financially successful people, both in the course of my work and through background study I carry out into personal finance more widely. So, I feel I can give you some insight into my observations and research when it comes to the habits of successful people. With that in mind, read about some of the lifestyle habits I’ve noticed financially successful people acquire and benefit from. To avoid covering some of the same ground I’ve gone over in some previous articles, I’ve...

Jun

2023

11 important life lessons from the last 11 years

Adam Rideout

Blog

26 Jun 2023

12 July 2023 marks the 11th anniversary of starting my financial planning business. As you approach any anniversary, it’s always tempting to look back and consider how things have changed and what you may have learned in that period. In recognition of that, I would like to share with you some lessons I’ve picked up over that time. Here are my 11 lessons. One for each year. There’s no distinct pattern to them, or any unifying theme, beyond the fact that I think all of them are worth sharing with you. They are simply a collection of random thoughts and ideas, not necessarily related to financial services. Hopefully there’ll be something that might strike a chord. 1. There are many...

Jun

2023

How would you live your life if money was no object?

Adam Rideout

Blog

21 Jun 2023

A recent article on the BBC Science website about the psychology of the very rich has prompted me to come up with a thought experiment for you to consider. How would you spend your days if you didn’t have to work because money was no object and you had more than enough to live comfortably? In other words, put yourself in the shoes of the likes of Jeff Bezos or Bill Gates, and try to consider what you would do with your time. Could you fill each day meaningfully if you had that level of financial freedom? Clearly, there’s no correct answer, and everyone will have different ideas and thoughts. But it does raise some interesting points around the relative...

May

2023

Why your personal benchmarks are more important than external ones

Adam Rideout

Blog

23 May 2023

Throughout your life, it’s always tempting to compare your circumstances and achievements to others. For example, if your neighbour buys a new car, or a friend moves to a bigger house, it’s always hard not to look at your own situation and wonder why you haven’t done the same. This feeling is known, colloquially, as “keeping up with the Jones’s”. Effectively, it means that you’re benchmarking your own position against an external comparison. A dictionary definition confirms that a benchmark is a “standard, or reference, by which others can be judged”. However, comparing yourself to others when it comes to planning your financial future may not be a good thing to do. Read on to find out why it’s far...