Welcome to the 100th episode of Tony Talks Wealth! Listen to Tony talk to wealth experts from many of his recently published podcasts and share their wisdom on the question that Tony asks all his guests ; What does wealth mean to you? Sign Up Now For These Exclusive Podcasts and MORE Tony Talks Wealth Content at https://www.patreon.com/TTWealth GUESTS Steve Conley Bev Jones Kristina Wise Fanny Snaith Angel Ribo Jim Meulhhausen Rick Heyland Joseph Wilkins Dr Clemen Chiangmai EA Csolkovits BEST MO...
Oct 23, 2022•19 min•Ep. 100
Individual Savings Accounts (ISA) are a great way of saving and minimising the amount of tax you have to pay on your investment returns. Tony talks about the different kinds, how they work and how they can benefit you and your Investment Plan. KEY TAKEAWAYS Some ISA’s give you instant access to your money and can be used to plan your finances in the short term. You can also invest in an ISA for the future. If you are a UK resident over the age of 18 you can open up one of each kind of ISA over t...
Oct 09, 2022•7 min•Ep. 99
Risk tolerance is one of the biggest factors in your investment decision process. Tony talks about how to decide how much risk to take depending on your circumstances, goals and individual comfort level when it comes to risk. KEY TAKEAWAYS Consider how you would feel if your investments lost money in the short term. If this makes you anxious, you may be significantly risk averse. If you are comfortable with this circumstance, however, you may be able to take on more risk. Understanding if you ar...
Oct 02, 2022•9 min•Ep. 98
Investing can be a very complicated and confusing process, especially for those who are new to it. There are so many options and strategies out there and it can be difficult to know where to start. Having a clear understanding of what you are hoping to achieve and your current finances is essential before you start to decide how you are to move forward toward your goal. Tony talks about how you can achieve this. KEY TAKEAWAYS Cash Flow Modelling (CFM) is a powerful tool that can help you take co...
Sep 25, 2022•8 min•Ep. 97
Goals based investing is a great way to make wise financial decisions when you are overwhelmed by the choice in investment options. Tony talks about how to navigate the myriad of investment products available today by clarifying what you are really aiming for in the future. KEY TAKEAWAYS A variety of financial goals such as retirement, home purchases or saving for a child’s education can be specified specifically to make choices on investments. Focus on the long term. You are less likely to make...
Sep 18, 2022•8 min•Ep. 96
Tony talks about how to make the most of your pension pot so you can get back to dreaming about your retirement and not dreading it. Many people are feeling financial pressure at the moment, and it can be difficult to consider the future, but even with current conditions there are ways you can maximise your pension opportunities. KEY TAKEAWAYS When offered the opportunity to join a workplace pension it is always a good idea to do so due to the contributions they make. You also get extra money fr...
Sep 11, 2022•8 min•Ep. 95
The key to a robust retirement is having a good idea of the plans that you have for when you reach your chosen age. To keep up your lifestyle in your golden years you need to be sure of your pension and financial situation. Tony talks about what you need to know when working on your future. KEY TAKEAWAYS Retain a professional Financial Advisor to achieve the retirement that you want. Currently only half of those with assets over £100,000 to £500,000 excluding property are planning to take profes...
Sep 05, 2022•6 min•Ep. 93
Tony talks about the erosion that occurs in your savings with the current inflation rates and how you can benefit from tax relief in the coming year. KEY TAKEAWAYS Tax efficiency is a key consideration when investing because it can make such an enormous difference to your wealth and quality of life. One way to avoid tax is to contribute to an individual savings account (ISA) and take advantage of up to £20,000 tax free with a stocks and shares ISA. A cash ISA allows you to earn interest on your ...
Sep 04, 2022•8 min•Ep. 94
In this episode Tony talks about the difference between individuals' personal plans towards retirement and some of the extra challenges previous generations of savers never had to worry about. KEY TAKEAWAYS Life expectancy is longer than ever before which means you need your money to last much longer. More companies are moving away from Defined Benefit Pensions which guarantee you a certain amount of money in your retirement. Defined Contribution Plans are much more subject to the ups and downs ...
Aug 21, 2022•6 min•Ep. 92
Tony talks about the requirements of withdrawing your pension and the five things you need to carefully consider before doing so. Currently you can access your pension from the age of 55, changing soon to 57 unless you have a protected pension age, so if you are approaching these birthdays it's worth checking out Tony’s advice. KEY TAKEAWAYS Pension Freedoms. Consider your pensions accessibility arrangements. Savings Requirements. How much will you need each month to maintain your lifestyle? Fut...
Aug 14, 2022•6 min•Ep. 91
With many people living longer expectations of retirement are being reshaped and there is no longer a one size fits all approach to retirement planning. Tony talks about the many choices and options available to you in your retirement bearing these changes in mind. KEY TAKEAWAYS It's important to consider loved ones over the course of one's retirement. Find out if your pension will cover your finances throughout your retirement or if you should be investing your savings. Do not leave your retire...
Aug 07, 2022•8 min•Ep. 90
Many savers believe that inflation will have no impact on their savings or even leave them better off. In this episode Tony spells out the real effect that inflation can have on your savings and what to do about it. KEY TAKEAWAYS The total cost of saver inaction, if inflation continues over the next five years, could amount to 18 billion pounds. Work out how much of your savings you need to put aside for easy access emergency funds. Get the best interest rate you can on your savings. Remember, t...
Jul 31, 2022•6 min•Ep. 89
Investing is one of the most important things you can do to secure your financial future. Tony shares the10 principles that should be applied when choosing and managing your investments. KEY TAKEAWAYS Set investment goals. Plan on living a long time and saving more for it. Cash is rarely king, inflation can erode your purchasing power. Start early and reinvest investment income. Be realistic about your objectives and what you can achieve when it comes to choosing risk. Market volatility is norma...
Jul 24, 2022•9 min•Ep. 88
So when is the right time to retire? There's no one size fits all answer to this question, because it very much depends on your personal circumstances. However, there are a few things to consider that may help you to decide when the time is right for you. Tony details what information and circumstances you should be looking out for to know the right time has arrived. KEY TAKEAWAYS Do you have enough saved up to provide for yourself in retirement? If not, you may need to work longer to ensure a c...
Jul 17, 2022•9 min•Ep. 87
When investing, market volatility can often cause rash decisions that can often be unnecessary and harm your long term outlook while trying to achieve short term peace of mind. This is why it's important to take a 10 year or more view to enable cool-headed rational responses to sharp financial movement in either direction. KEY TAKEAWAYS Trying to second guess events and make bets on them rarely pays off and deters many from investing. A safe option for risk averse investors to undertake is to sa...
Jul 10, 2022•9 min•Ep. 86
Tony explains the six key principles to ensuring your financial prosperity for a secure future. Understanding your targets, preferred investment types and tolerated risk level is essential before you embark on a well rounded investment plan, but what should you keep in mind as you move forward towards your goals? KEY TAKEAWAYS Have a strategy and stick to it. Think twice before putting all of your money in cash. Diversify and consider your investments as a whole. Invest as early as you can. Resi...
Jul 04, 2022•10 min•Ep. 85
We know that rising inflation and increases in taxes are set to leave millions worse off in 2022 and beyond. Households are already grappling with the worst cost of living crisis in a generation. Budgets have been further squeezed by a raft of price and tax rises, and inflation is the highest it has been for 30 years. Tony offers ten tips to help you manage through this difficult period. KEY TAKEAWAYS Save money on your energy bills. If you are finding budgeting for energy bills difficult consul...
Jun 27, 2022•10 min•Ep. 84
For very many couples divorce is a sad outcome, emotionally and financially. However, there are many things you can do to make the process easier should this unfortunate situation occur. KEY TAKEAWAYS Since April 2022 a ‘no fault' divorce came into effect in England and Wales. This finally removes a need for blame as a basis for divorce. The respondent to a divorce is also no longer able to contest it. Seek legal and separate financial advice immediately. A Financial Consultant can consolidate a...
Jun 19, 2022•8 min•Ep. 83
There are many factors that can influence when someone decides to retire, which Tony will explore in more detail in this episode. For some, it might be based on health reasons, while others may want to take advantage of government benefits or simply enjoy a more relaxed lifestyle. However one of the most common factors that determines when people choose to retire is definitely their age. So with that in mind, what is the most popular age to retire early? KEY TAKEAWAYS The most popular age curren...
Jun 12, 2022•9 min•Ep. 82
In the last in his series on estate planning Tony explains the use of Lifetime Transfers to decrease the eventual tax liability left to your inheritors by giving away funds before your passing. However, there are still liabilities payable depending on when you pass. KEY TAKEAWAYS Inheritance tax exemptions can be achieved by means of making certain exempt transfers which apply in a number of cases, including wedding gifts, life insurance premiums, gifts to your family and charitable giving. If a...
Jun 05, 2022•11 min•Ep. 81
In this episode Tony continues further on his estate planning series with an explanation of the lasting power of attorney (LPA). These agreements allow individuals to make decisions that can effect them in the unfortunate event that they are incapacitated from making those decisions themselves. KEY TAKEAWAYS An individual can create an LPA covering all their affairs or just their health and welfare. At the point the appointed attorney believes their donor is losing their mental capacity they mus...
May 29, 2022•11 min•Ep. 80
Tony continues his series on estate planning with the consideration of making a will. Talking about your death with relatives and professionals is a difficult conversation to have, but it is vital if your wishes are to be respected and enacted upon your passing. KEY TAKEAWAYS Unmarried couples have no right to any of the estate if there is no will. A will is essential to mitigate a potential inheritance tax liability. Where a person dies without a will the distribution of the assets is subject t...
May 22, 2022•11 min•Ep. 79
Tony continues with his series on inheritance and safeguarding your estate for your family with this episode on why wills and power of attorney agreements can be vital. KEY TAKEAWAYS If you don't create a will in readiness for your passing your estate could be inherited by someone you had not envisioned taking over your wealth and assets. The Health and Welfare Lasting Power of Attorney allows you to appoint an attorney to make decisions about matters such as your medical care, where you live, y...
May 15, 2022•8 min•Ep. 78
More and more families are becoming subject to Inheritance Tax currently and it has become increasingly important to make plans for this eventuality in balance with your other financial priorities. Tony talks how you can reduce your families Inheritance Tax liability and how the current rules affect you. KEY TAKEAWAYS Inheritance Tax was introduced in 1986 replacing the old Capital Transfer Tax which itself replaced Estate Duty. The Government has frozen the 325k lifetime exemption allowance, wh...
May 08, 2022•8 min•Ep. 77
Continuing with the topic of estate planning, Tony discusses the importance of Intergenerational Wealth Transfer Plans in the current climate of rising net worth and mortality rates. The earlier you put your plan in place the less you will have to give to the tax man in Inheritance Tax. KEY TAKEAWAYS By 2027 it is predicted that wealth transfers will nearly double from £69 billion to £115 billion. Unplanned Inheritance arrangements can cause conflicts that can create rifts within the family. Chi...
May 01, 2022•10 min•Ep. 76
To keep wealth within your own family, Tony explains how to make suitable plans for how much you can safeguard for the people that you care about on your departure. Inheritance tax can cost families thousands of pounds but there are ways to legally avoid paying this tax. KEY TAKEAWAYS Without making suitable plans your loved ones could face the prospect of paying 40% tax on the value of everything you leave for them above a certain threshold. Estate planning gives you control over what happens t...
Apr 24, 2022•12 min•Ep. 75
When creating your investment portfolio you should always pay close attention to spreading your savings to achieve diversity and spread your risk. In this episode Tony talks about why and how you should make this happen. KEY TAKEAWAYS A diversified portfolio manages your exposure to market volatility. Managers manage the mix of investments at different levels, from high risk profiles to low, depending on market conditions. Asset allocation means deciding how to spread your money across different...
Apr 17, 2022•15 min•Ep. 74
Tony talks about how much we need to plan for our upcoming retirements. The state pension will fall short in providing a comfortable lifestyle into retirement so what action should we take to bolster our funds now. KEY TAKEAWAYS Review your finances sooner rather than later to assure your future income. Track down your pensions to be sure you are claiming everything you are entitled to in retirement. Find out when you can draw from those pensions. How much is your pension worth? Your pension pro...
Apr 10, 2022•8 min•Ep. 73
Tony covers the questions you need to ask and the products and services you need to be aware of to provide the finances you need to live your best life in retirement. This requires a lot of information about you, your family and what your needs are likely to be when you retire, along with the sort of lifestyle you envision for yourself when the time arrives. KEY TAKEAWAYS What will your life look like after retirement? Are you planning to scale back on your spending or will you need more to prov...
Apr 03, 2022•8 min•Ep. 72
To be successful in investing, a strategy that reflects your risk tolerance and time horizons is key. Trying to second guess how events will impact the market is rarely successful. Instead investors should focus on long term strategies that transcend the vagaries of short term fluctuations. Tony talks about where your head should be when everyone else is losing theirs. KEY TAKEAWAYS Long term means at least 5 to 10 years. Owning a diverse range of investments including shares, bonds or property ...
Mar 27, 2022•6 min•Ep. 71
