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As autumn approaches many students are preparing to start university for the first time. For most, this will mean leaving the place they grew up in behind as they embark on a life far from their home comforts. This will bring with it plenty of new academic opportunities, and likely many late night takeaways too.
The Bank of Mum and Dad is a well-known concept and we all hate to see our children struggle financially, which is why many parents continue to support their children well into adulthood. Instead of being ‘empty nesters’, many parents discover that their offspring return to the family home straight after university (that is if they ever left in the first place!) due to the problems of getting a foot on the property ladder.
Since the Brexit vote, ‘staycations’ have become increasingly popular. This is unsurprising – for many people, going to the bureau de change has become an uncomfortable experience of seeing their hard-earned pounds transformed into a pitiful equivalent of euros or US dollars.
Being a grandparent is an exciting time of life. You get all the enjoyment of doing fun activities with your grandchildren but can hand them back at the end of the day. Part of that pleasure is knowing that you can help them financially. Often you’re at a stage of your life where you’re comfortably off and in a position where you want to give a helping hand to the next generation.
Before World War One, Britain was undoubtedly the global economic superpower – a role now played by the USA and soon to be filled by China. However, the war had a crippling effect on the British economy and is widely considered to be the start of Britain’s gradual decline from the global superpower it once was.
The new girl on the block, in terms of saving products, seems like she may not actually be around for much longer. LISA, or the lifetime ISA, is being threatened with abolition by a Treasury committee, having only been on the market for 16 months.
The Bank of England has raised interest rates from 0.5% to 0.75%, only the second rise in a decade. Currently, interest rates stand at their highest since March 2009 and reflect what the Bank of England perceive as a general pick-up in the economy.
Inheritance tax (IHT) has existed in the UK for over 300 years. In its current form, it was brought in to replace the old Capital Transfer Tax; a measure that was brought in itself as a form of wealth distribution in order to regulate disparity between rich and poor.
You can’t take two steps on the internet without tripping over a new get-rich-quick scheme or the latest mentor promising you fast, easy results. In reality, the path to successful entrepreneurship for most takes time, planning and the right mindset. Inc recently gave a great summary of the new book by Ann Marie Sabath, ‘What Self-Made Millionaires Do That Most People Don’t’. These are the top points we took from the article when it comes to hitting that 7th figure:
With the array of online tools and self-help resources available, it can be tempting to try and take your finances into your own hands from time to time. For some people, that’s the way to handle it but for the vast majority, getting advice tailored precisely for you from a qualified professional is the best approach.