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Showing posts from December, 2002

13 tips to help save money if you live in London, from a financial expert

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Because ‘savings’ and ‘London’ rarely ever feature in the same sentence
It’s no secret that London is home to some of the highest living costs in the world.
The median annual salary for London is £34,473, but there are many people – especially young people – living on well below this.
After rent and bills are paid, the remainders of pay packets go to food and necessities – so how are we meant to save for that big holiday or to get out feet firmly on the property ladder?
In light of Financial Capability Week this week we spoke to Andrew Johnson, Advice Manager at Money Advice Service who has revealed his 13 top tips for saving when you live in London.
1. Loose change adds up
By the end of the week, many of us have a few coins left over in pockets and purses – and even down the back of the sofa. Gather up these odd coins each week and put them in a jar. Even just a £1 a week in loose change will give you a cushion of over £50 by the end of the year. Looking after the pennies really can …

5 Big Retirement Money Mistakes to Avoid

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It’s never too late to start getting smart about money.
Maybe you’ve made it this far with few problems … you’ve done pretty well all alone just by winging it. Good for you.
But retirement planning isn’t about the past 30 years of your life — it’s about the next 30. And that’s harder. There are decisions you can’t undo, and mistakes are tougher to recover from when you don’t have a paycheck to back you up.
Here are five big money mistakes people make every day that a comprehensive retirement plan can help you avoid:
Written by Bill Smith, the host of the television and radio show "Retirement Solutions." Author of "Knock Out Your Retirement Income Worries Forever." He is the CEO of W.A. Smith Financial Group and Great Lakes Retirement Inc. His firms specialize in retirement income planning, wealth management, wealth preservation and estate planning.
Big Mistake No. 1: Choosing your retirement date based on age alone.
People often decide to retire at a certain age be…

Want to retire wealthy? Start with your 'money personality'

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For those seeking ways to build wealth (or just to get rich quick), there’s no shortage of advice out there.
Personal finance sites abound online, and self-styled radio talk show experts dispense wisdom with varying degrees of accuracy.
But one study found that your fundamental attitudes about money can be a predictor of your ability to accumulate wealth.
The study, published in the Journal of Financial Planning, looked at the correlation between certain behaviors and four “money scripts” — or, put another way, four money personalities.
And, spoiler alert: Only one of the four money scripts is particularly conducive to getting wealthy.
But Tom Murphy, a certified financial planner and CEO of Murphy and Sylvest, said the good news is, like anything, once you recognize that you look at money a certain way, you can take steps to change.
“Recognizing why you are doing what you’re doing is strongly correlated with changing it,” he said. “Lots of times, once people understand their money p…