30
Oct
2024

Your Autumn Budget update – the key news from the chancellor’s statement

Almost four months after Labour won the general election, chancellor Rachel Reeves has delivered her 2024 Autumn Budget, outlining the government’s plans for this tax year and beyond. Arguing that the July general election had given Labour a “mandate to restore stability and start a decade of renewal”, Reeves described it as “a Budget to fix the foundations and deliver change”. Against a backdrop of a manifesto pledge not to increase Income Tax, employee National Insurance, or VAT, Reeves also announced that her Budget would raise taxes by £40 billion, stating that any other chancellor would “face the same reality”. Read on for a summary of some of the key measures and announcements from this year’s Autumn Budget – the...
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23
Oct
2024

Are you feeling squeezed? The financial challenges of being a member of the sandwich generation

A combination of demographic and lifestyle changes has resulted in many people facing the type of financial challenges they may not have encountered a generation ago. One of these is increasing longevity. According to the Office for National Statistics, life expectancy has increased by 8 years for women and 11 years for men over the last half a century. There have also been remarkable advances in medical technology over the same period. These have not only helped drive increases in longevity, but also mean that people are living comfortable lives with illnesses that they may previously not have survived. While positive news, this can mean an increased potential for care provision, especially when it comes to your elderly relatives. Additionally,...
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14
Oct
2024

Your 3-step prescription to financial success

The parallels between medicine and personal finance are noteworthy, as both require discipline, prudence, and timely action. In the same way that your physical health depends on preventative care and informed decisions, your monetary wellbeing also relies on ensuring you’re following sound financial habits. While you will have unique circumstances and challenges, some generic guidelines can help you to go on a successful journey. As you navigate your financial journey, having a clear and precise plan is paramount. Today, I’m looking to provide just that with a well-crafted, three-step financial prescription. By mirroring a medical prescription, I’m aiming to curb any financial “bleeding” you may be suffering, stabilise your finances, and guide you towards sustained financial health. 1. Stop the...
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24
Sep
2024

Wealth accrual doesn’t always mean satisfaction – often your wellbeing matters more

Dopamine is highly addictive. Unlike other addictive substances that are produced in laboratories, Breaking Bad style, or harvested in Columbia, it’s produced naturally by the human body. It’s what drives the sense of pleasure you get when you hit a target or achieve a goal. Its positive aspect is how it can motivate you to achieve success. However, the overriding desire to continually repeat that success can create a situation where many successful people find it difficult to enjoy their accomplishments. This is because our brains are hardwired to seek balance from extreme emotional states so that any big “high” is followed by a balancing low. Because of this, you can end up constantly setting yourself new targets to feel...
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12
Sep
2024

Why rebalancing is your secret investment weapon

In any investment portfolio, it’s normal to find that one asset class has outperformed the others in the recent past. Your mind, being an extrapolation machine, will often assume that what has happened in the past will continue into the future. This can cause you to be drawn to investments that have performed well recently, hoping their strong performance will continue. This behaviour would appear to be unique to investing because, in most other areas of life, you will generally look for good value. So, you’ll rush to the shops when there’s a sale, not when the price has recently increased. In reality, however, rather than recent price movements continuing forever, investment asset classes tend to “revert to the mean”....
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27
Aug
2024

Why procrastination can damage your future wealth

Do you struggle to motivate yourself when it comes to certain financial-related tasks? If you do, you certainly aren’t alone. More people than you probably think, while they appreciate how important such tasks are, can be reluctant to knuckle down and get them done. There’s no one reason for this, and no simple solution to curing any procrastination blues you may be struggling with. Here’s what I think are the main reasons for inhibition, why a desire for perfection could be acting as a block, and some simple steps to overcome any reluctance you have to get financial tasks done. Making financial decisions can be intimidating Encouraging you to make important decisions about your finances (and, ultimately, your life) is...
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