Here we are at session number 101 , and we’re going to be talking about what we have learned in the first 100 sessions of this podcast. I want to summarise the key points that we have covered, point to some previous shows and pick out the best bits. Then, at the end, I’ll set us up for what’s coming in the next 100 shows! We also have a listener question from Stuart, so stay tuned for that.
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Introduction
Having passed the significant milestone of 100 episodes, it’s fair to say we’re nowhere near done yet! But I wanted to take a look back at where we have come over that time, take some lessons from it and look at how we might apply those lessons in the future.
This week, rather than the usual what you need to know, followed by what you need to do format, I’ll look at each lesson learned and then look at the action points straight away
What have we learned?
1. We’ve learned how to get started
There is a real hunger for getting going with personal finance and this podcast has been helpful to many who are starting out. Here are some great sessions to help with this:
- Five fundamentals for financial success
- How to budget
- How to get out of debt
- How to start saving
- An introduction to investing
- Protecting your future
My thinking on how to get started has been refined in my recent eBook, Three Steps to Financial Success which you can download from the site here. (email required)
2. You want to know how to invest
It is clear from the last 100 shows and from my listener survey last year that the biggest financial pain for you is how to invest. The three most downloaded shows are:
74. How I Invest with Abraham Okusanya
76. How to win the Loser’s Game with Robin Powell
79. Financial Forecasting with Andy Hart
This also tells me you like interview shows!
A great place to start with learning how to invest is Session 41, which covers the basics pretty well.
3. The podcast format works
Looking at the reviews which come in regularly for the show on iTunes, it’s clear that more and more people are enjoying the long-form format of the podcast.
I get asked a lot (mostly by other advisers) about how to do what I do online. I always say that online content of any kind must:
Educate – what I’m all about
Entertain – keep it fun
Empower – help people to take action
Your feedback tells me that the usual know-then-do format works well for you, helping you frame the actions with good knowledge first. You also tell me that I’m listen-to-able, and that I keep things light, which is good
Many of you have let me know that you have made real changes to your financial lives as a result of listening to the podcast – awesome!
4. You want to take action
I get quite a few calls and email asking to work with me in person. This is sometimes possible, but not always due to my workload. Seems like there is a desire for listeners to take action themselves, but also to seek advice from a professional.
Quite a few of you who have made enquiries about working with me I have passed on to colleagues in your area, especially if your enquiry is about advice in an area which isn’t my particular specialism.
That’s fine, and I’m happy to continue recommending other advisers where I see fit. I can make it a bit easier for you though. Always work with a CFP professional, Certified Financial Planner
Find them at: meaningfulmoney.tv/findanadviser
Or feel free to hit the Work with Pete button at the top of the site if you want to get hold of me particularly.
Where do we go from here?
More of the same, obviously, but also:
- More video
- More interviews
- More on investing
- More writing
- Better use of email
I’m excited for the future – certainly I’m showing no signs of stopping!
I thanked lots of people last week for sticking with me throughout 100-odd episodes, so I won’t do all that again. But I think that now, 100 shows into this experiment, that I have an idea what it is you want from the show and what I need to deliver.
Listener Question
This week, we have a question from Stuart about planning for children. My answer to him was:
Firstly, check out Session 21 if you haven’t already, but this does assume you already have kids, which you say you don’t.
You used the word trust funds, which is interesting. This conjures up the idea of wealthy heirs getting generous allowances from the trust fund, sort of like Rich Kids of Instagram, which is always worth a look for sheer indulgence.
A trust is just a mechanism for ring-fencing money in some way, either specifically for one person or a group of people, or for a given purpose. You have to name beneficiaries or groups of beneficiaries for these, so you could set something up ‘for your children’ which will come into force if and when you have any.
The best thing you can do for your kids is to start saving as early as possible, if you are able. Having kids sometimes comes at the cost of some income if one of you decides to work part-time or to stop work completely. Even if you both continue to work full time, you will likely have childcare costs to consider which will impact on disposable income.
I think I would counsel you not to overthink this too much before the kids come along. But when they do, then begin saving in earnest if possible, using the tax breaks of Junior ISAs, and maybe even stakeholder pensions for a long term plan.
Final thought: think about what you want to achieve. Think about timescales: university, weddings, house deposits and invest accordingly. Don’t be shy with risk; you’ll be investing for a long time. Just because it is ‘for the kids’ doesn’t mean you should be ultra-cautious, unless that is your natural bent anyway.
If you want to leave a question, hit the green bar to the side of the screen labelled Leave Pete a Voicemail.
Reviews
My thanks to MarcHaroer from the UK for his review this week – you rock!
Next Session Announcement
Next time we'll be talking about tax year-end planning as it’s that time of year once again.
If you have a question on this subject, or any other financial query that you want answering here on the show, then the best way to do that is to leave me a voicemail at meaningfulmoney.tv/askpete
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