A Lot On Your Plate - S4 Ep6: Smart Investing or Girl Math?

Episode Date: March 19, 2024

We have our first guest on the show for season 4! The wonderful Kayleigh from @archerjoy_financial_planning (IG) Kayleigh talks us through everything from smart saving tips, investing as a beginner, pensions, getting on the property ladder and even writing a will!We de-bunk some finance myths and talk openly about credit card debt and what we’ve learnt along the way. We really hope this episode helps you get a better understanding on your finances and if anyone is needing some professional support, we highly recommend you speak to Kayleigh. Here’s hoping for more money in our piggy banks 🐷💕 Hosted on Acast. See acast.com/privacy for more information.

Welcome back, happy Tuesday, guys. That was Jess just slurping her coffee. Happy Tuesday, guys! We have a very exciting episode today. We have a lovely guest joining us. Can you tell we sat next to each other? On this new sofa. It's a bit close for me, but it's a one-time thing.

He loves it, really. When we've got guests on, you see. So we've got an amazing guest today, we felt like, lots of you guys when you're sending things that are a lot on your plate it can be about

finances, money saving and stresses with money saving pensions you name it salary so we thought we'd get on the expert

and we have our lovely Kaylee coming on today from Archer Joy finance from Archer Joy financial planning and she's going to come

and talk and answer all your questions so we're so excited and we've got a lot of questions for us well haven't we I need financial help I would say. Same.

I'm not good in that department whatsoever. Shit show. Anyway, we'll have a very quick brief catch up because Jess needs to speak about our achievement. Tell us all how you got on at your half mara, as you would call it. Half Mara. That needs to stop by the way, just putting that out there. But anyway. What do you mean?

Half Mara. Why are we calling it a Marra? Why are we going to write a Marathon? Like who can be asked to write that length of word? When I can just write half Mara? I actually never say half mara though. I've always said a half marathon. Everything annoys you.

You're the problem. I know I'm the drama. I know. I just, I like to keep you young and hip. Do you know what I mean? I think I keep you young and hip. Absolutely right. Anyway, I did my half mara everyone and I completed it.

It was fucking hard. Congratulations. But you know what? would definitely do it again. So I've gone and booked another one. I've gone and booked Glasgow half marathon in October. But yeah, the Inverness half marathon loved it. Um, so happy my knee was fine. Yeah. So shout out to Udington physiotherapy. Martin. Thank you so much. You saved me there. But yeah, it didn't hurt me. I was really conscious that it would it would hurt me like after a certain amount. But it didn't just other niggil was like the lower

my shoulder, my left knee. I thought, fuck me. I think that was just the fact that I was running on it. Shock. A length of time. Because I think I said before, I've only around 16K before, so it's 21 in total. But definitely doable, really enjoyed it, such a nice route. It definitely wasn't flat, which it said it was. There was a few hills. And then I went to lovely Johnny Foxes afterwards and another Irish pub that I love over there. It was a Sunday night so it wasn't All the way over there in Inverness. God blessing Vanessa. I fucking love that place, guys, and so many people get taking the place, like, why do you love it?

Like, what? I like it. So, it is what it is. Right, well, whilst you were doing that, I went to see a nice show at the theatre again. Shock? People need to stop being bothered at how often I'm at the theatre because I can tell you one thing. It's been three times this year.

And do you know what else has been three times this year? It's three months. One a month. That's not that much. So, people don't go to one in a lifetime. Well that's fucking weird, who are you? What a shame for these sad acts. Sad, lonely life, Jane. But honestly, the show that I went to see was an officer and a gentleman.

Have you seen the film? Richard Gere? No. Guy from Pretty Woman, you know, I'm talking about it. Anyway, I hadn't seen the film either. And I went to see this show and it was wonderful and then I watched the film the next night and that was also good. So that's what I was doing. You went to watch the same film the following night, sorry?

No, I went to the show on the Friday night and then my mum was like, you absolutely watch. the film it's better oh and I was like oh my watch that will it be though um it's kind of like raw it you know what it gives me kind of like top gun energy because there's a bit romance in it but they're also training for the navy okay um anyway so then the next night i thought i watched the film with jason and see compare the two and you liked it i really liked it but i think it's hard to go from a musical to film yeah and prefer the film but if you see the film first Do you prefer the film? It's kind of like when you use a book.

Yeah. What's better? Do you know what I mean? Anyway, that's all I've been up to. So Fairfax, you're on your marathon. Well, thanks. I think what we're going to do now is we're going to have to save a bit of the ketchup again

for the side dish, aren't we? Because we're going to have a lot of questions for our galey. Absolutely. So join us over on side dish if you want to hear a bit more. But we'll definitely have a big, massive catch-up next Tuesday. And we'll save this episode for all the financial money questions. Money, money, money. Must be funny in a rich man world.

So hi Kaylee, how are you? I'm good, thanks. How are you? We are fabulous. We're so excited for you to be here today, our first guest. Thanks so much for having me. Love this studio, it's great. I know you are you a pod pig.

Major pod pig. Love it. Yay! You have to be to be in this set. Can I just say where you put the questions out on our Instagram for you? And there was so many. So we're really looking forward to today's episode because I think both Zoe and I are very interested in what you do and what you can tell us, but also we have no idea on finance, do we? No, I need majorly educated.

So I feel like this is like a personal one-to-one session with you, but equally we're sharing. Yeah. So that's allowed. Pulling the questions together were very, oh, that would also benefit me, do you know what I mean? We're not 100%. So, let's begin. You've bought us a spit or swallow. Well, as it's been quite recently, we think none of this is going to be a spit.

We need to get a bit more savage with this, don't we? We need to go back to eating things out of jars and like... Yeah. But equally we do love supporting small businesses, so... It's a nice mix. We'll do a nice mix. Right, Kaylee, tell us. Yes, please, what we've got. It's from a small farm shop, independent family farm shop that's out by me, just outside Linlithgow. Manorston's are called and they have given us a cake, the first cake there dress

that you've got is Perjit and lime which to me I was like oh, is that going on? I think that sounds delicious and then the second cake is white cream egg chocolate cake. I think that was white cream egg. Have you ever had the white cream egg? Yes it comes in the pack with the caramel in the normal doesn't it? Yeah, you can get it individually as well but

I don't know if I've tried it before I've not tried one. A white cream egg. And then we've got here And then we've got Biscoff Flapjack. Oh. And a good traditional fruit scorn. A we can never go wrong with a wee scone. A wee scone. Do you say scone?

What do you say? Scon. Scon. I say scone. Scon. But I can't say that. You scone. Scone.

But I would need to put your accent on to say that. Do you know what I mean? Yeah. Scone. Could you please pass me a fork. Oh yeah. Sorry. be in the fell.

A few crumbs going on there. Oh, Jesus. Okay. I know I'm just going to take a bit and pass it on. That's so good. I thought that would be nice. I'm not a big disco fan, which I know is controversial. That's a good.

Do you know what? Oh my God, that's really good. I think I am, but I think I'm sick of it. It's the biggest trend. It was too, yeah. Yeah, everybody went. Like it was salted caramel. Oh my God, that's really good.

Ooh. Love that. Pass me in our fort on there. What's that one? That's the white cream egg one. You take a bit with a chocolate fudge. I think, yeah, I'm sure he says it was chocolate fudge. That's nice, by the way.

By the way. That is good, by the way. Is there the reason you're slagging me? No. I love it. Right, Kaylee, get in about it. There's your breakfast. I know that's... I know how dare you.

Come on. She says, oh no, we have our breakfast today. have had breakfast today. It means we went to a place for bagel mania this morning on Great Western Road. I love a bagel. Same. And they had the everything bagel. We had salmon, capers, red onion, cream cheese and avocado. It was really good. Actually, I did a dramatic morning so I didn't have breakfast. Why was your morning traumatic? So, it's so glamorous. My dog was sick. Oh, no. So I came downstairs ready to go and was like, oh no, we've got a situation to deal with. So yeah. As I tuck into chocolate cake, that's a bit. And you've got two children.

Mm-hmm. What are their names based on their ages? So I've got a 10-year-old called Charlotte. Mm-hmm. And I've got a six-year-old called Lucas. Amazing. I love the little family. Are they well-behaved?

Um, yes. Like, Charlotte's very diligent, very, does whatever she's told, never wants to get in trouble. She told people please her. Mm-hmm. Not like me. Oh, no. My son is a riot. Like he just, he's just, does that, can I keep exciting, though?

yeah that's lovely it does nothing that he's told but he's just typical boy with it as well yeah like it's quite cute having a wee shit of a kid in a way and I'm not maternal like I was more than not not all really yeah I don't like other people's kids same no that's not true actually I do like I do like other people's kids that's the thing it's not that I don't dislike children it's just I love the fact that I don't have to have responsibility for them yeah and that's that You can get them back. Yeah.

Yeah. It's funny actually before we recorded, two people came in to record, it was a little boy and his dad and he came in and he was so charismatic, wasn't he, he walked and he went, hi ya, what's your name then? And I was like, we take it back like, oh my name is Jess, what's yours? It's fine. But I said to say, I was like, that is kind of the child that I would love. Like I want a child to be so confident, but maybe a wee shit would be quite cute too.

But I think he probably has a wee shit. Oh, he kicked his dad. He was like, bang. Okay, it was cute. Do you want to try this one? Yeah. That is really good, by the way. As much as you think cogette cake isn't,

that is very zesty and delicious. Can you pass my fork out? So, big shout out. What's the name again, please? Manerson's Farm Shop. Shout out to you. Like we, they've got a gift shop section. They've got, they do homemade ice cream.

Mmm. It's all really nice. It's lovely. Lynn Lithgow. Yes. Lynne Leth Glow. No, but that's another one that's, I find funny. Les Mohego.

What a name that is, by the way, guys. Les Mohegel? Les Mohego. Wow. Take that out of your... So, can you? In a few words. Tell us a little bit about yourself and how you got into your line of work.

Would you please? Yes. So I've always been in and around financial services. And in about it. So I've grown up in it. My dad was a financial advisor. Worked through different kind of companies and stuff. So for me it was like, I'm not going to do that and then just kind of fell into it. Yeah.

And they had a family business. So when I was 13 or 14, they started a financial advice company. And I guess like most family businesses it was like, well, you can help at the weekend to get your pocket money, you can do this, you can do that. So I did a lot around the admin and stuff when I was younger. was younger and then I've just kind of stayed in it yeah went to uni and did business and most spent most my time at the pub yeah don't think ever went to lectures to be honest quite night came out at uni and went straight to work in the family business again so and where's that based so that was it was actually based

in the Lithgow again so it didn't really travel for had the best commute to work ever and then so yeah so 22 years in financial services and then my family business was actually sold during COVID. They decided, my mom and dad decided to retire, although they don't ever say retire because they're too young and cool on holidays. So they decided to sell the business. And at that point, I was like, well, I've got to stay for a period and let everybody kind of get settled and understand what we do. Because it's a bit niche financial services and particularly what we did in financial services. And then I'd gone from running the company to not. And, and

had gone from being my own boss to not being my own boss and I do kind of describe myself as a most unemployable person in the world. I don't like being told what to do. I don't like being told you, no. So I was like I kind of need to change this a wee bit and do something for myself again. My kids were getting a bit older by that point. I travelled loads before with work when it was in family business so I'd be away three, four times a month which was great, But when you've got kids at home, I kind of do want to see them a little bit, I guess. Just a little bit. When they're asleep.

And quiet. So then, yeah, it's like I want to be at home a bit more and in control. Yeah. Yeah. So do you work from home? Work from home, yeah. But I travel all across the UK again. Maybe.

Seeing clients, yeah. That's so good. Yeah, so I spend a lot of time through here seeing clients, like Lensie, Kirk and Tillock, I've got clients in Edinburgh, got clients up in Fife, Aberdeen. Oh my God. And it's just kind of wherever I find that I'll work well with somebody, then I'll happily travel to. Yeah. And what's your business code?

Tell everyone. The business is Archer Joy financial planning. And that's the kid's middle names, Archer Joy. Oh, that's lovely. Yeah, everyone's like, what's the name about? It's a bit strange. Yeah. Everybody else in financial services is like Keli Dorian financial planning or Dorian wealth management.

I really liked about your business as well because obviously from the outside looking in we just really looked at your social media page on your Instagram and it was very, I mean this in the nicest way but like it was quite idiot friendly for us. I am like that though, it was very, really simple, you debunked lots of myths in terms of finances and I felt like that was really engaging and I love your the colours of your Instagram as well and your branding was really cool but yeah I just felt like it didn't seem intimidating and like really corporate. yeah yeah that's what drew us to want you here today to be honest I think it was

really important for me because I think financial like financial advice and financial plan and it's all the same so financial advisor financial planner wealth manager fundamentally all do the same job it's just if you choose to brand yourself in a different way for me financial planning seems more everyday normal person which is what I want to work with like yeah I am sure it's lovely to work with multi-millionaires who fly in and out of Glen Eagles every weekend But it's probably not relatable to my life experience. Yeah.

So that's where I kind of went for financial planning. And I do spend so much time with the myths, debunking the myths going through, making it easy to understand because it shouldn't be difficult to understand. I think people put a level of complexity around financial advice that doesn't need to be there with terms and jargon and just, well, what is this? And a lot of people don't think that they should have a financial planner. planner whereas everybody should have a financial planner in my house. And is it mainly just one to one you do or do it for businesses as well? So I do it for businesses as well. For businesses what I like to do is go in and do like financial well-being financial

seminars and talking about the importance of financial planning for staff. So typically when you've got staff what you'll find is there'll be an element of sickness that comes from stress and a lot of that stress will come from financial stress. Right, yeah. So if you can go in and if you can be an employer which is promoting, you know, mental health and financial well-being, it actually has a positive impact on sickness levels. So for them I'd go in and go in and kind of do that to the staff members, but it can also look at the company as a whole, so group pensions are a big, boring subject, to be honest,

but you can go and set that up for companies and there's different insurance policies which are relevant for business that wouldn't be applicable for an individual. you can look at that as well. So business and personal as well. Amazing. Oh my gosh. Very intelligent. Well we've got a thousand million questions here from all of our listeners but a lot of these are also from us as well. So let's start. We'll go through topics. We're going to go through saving. We're going to go through investing first home advice pension. Yeah. And we're also going to look at just some extra bits and bobs. Bits and bobs in the end, absolutely. So let's start with saving. Should everybody be saving? Yes. They should.

Wrong answer. No. But you should, and it's, obviously this is generic advice and etc. But you should have an element of saving, whether or not that is saving five pounds a month, ten pounds a month. You should get in the habit of setting aside a small amount that goes to savings. cost of living crisis, not everybody can go and save £300 a month. There's salary. So it's about what's relevant to you and what's relevant in your life.

If you're a single mum and you're going paycheck to paycheck, saving a pound a week, still better than saving nothing. It's just about earmarking that money to the side, putting it away, not touching it. Yeah. It's really important. And that's good of you saying that because where to save, that's not easy to transfer from one account to another.

Yeah. Get it. out of sight, out of mind. Right, okay. What you don't want, and I'm my worst client, right? So, my savings pot is in my sterling account. So what happens is a nice pair of shoes come up on sale, I try to find the money from my pot, I'll lose my savings. Yeah. So that doesn't work very well, whereas if I put it out of sight, out of mind, if I move it to another bank, if I put it into a tied up bank account, where you can't access it as easily, it's a barrier. And as soon as there's a barrier, I'm like, oh, no, just not bother. Because I was never, into saving at all and I only really started doing it about two years ago

which is crazy to think about because I've always been so terrible with money management for personal goals anyway and I started putting some money aside into a Monzo pot yeah so I pay for I think it's like Monzo premium I've got a Monzo business account but you get slightly better interest rates if you pay a bit extra a month to have a premium account and I popped it in like a locked part yes and if I didn't touch it for 12 months it's shows you what you will get in return if it stays at that. And I thought, that's so good for me.

Again, idiot proof, for me to visually see, this is what I could get in return. Yeah. The savings, it's out of sight, out of mind. Yeah. Don't have it somewhere that you can access it easily because if you end up out at the weekend and you buy too many drinks, you stick it in your Monzo card or whatever. So those locked pots are great because you can really easily access it.

What I always think is quite good as well, and this is just something I do myself. I have them in separate bank accounts, so I have like my data. day bank account on one and then I have my savings and another bank account just so that it's even harder for me to go and just spend. Yeah. I do like shopping and I do like going out and I do like going to concerts. The good stuff. So for me that's really that works quite well.

Out of sight, out in mind and it's just the habit. A lot of people, what they'll do is they'll take their money and they'll pay themselves first. So you get paid your salary at the 21st, 28th, whatever day of the month. if you're employed and then what they would do is rather than just taking all that money into their account is separated across different accounts so have your bills coming out at one pot almost have your savings going into another one so you're paying all of your accounts across the month on day one of your salary right yeah it makes total sense and then what you've then got to

work with is what's left I suppose it's like paying treating savings like a bill yeah kind of you could see to be fair and have my savings in a Monzo account right now right but it's not it's not a pot of of any sort it's just an account so like if I'm out and about and I think I wasn't really planning on spending like a hundred pound on clothes today or whatever or even on a night out like I've stayed out wasn't planning on drinking or whatever I just end up using that Monzo card and it's like there's no reason for me to do that I've got money in my day-to-day account but that's the one that I watch more and I'm more

like keeping an eye on that I have enough in it. Yeah. But that's just stupid. So it's good to have a savings target as well. Yeah. I think I've not got enough in it. I need to top it up at the night before. I know.

It's easy when you're hungover. But it's definitely have a goal there around your savings. Savings, for me, it's like a short term. What am I saving for? It's an event. It's something. Yeah. I always recommend it's a safety net for clients as well.

So I'm speaking to someone and build them a financial plan. I would build them like a percentage, like a monthly amount, or I'd say, okay, you need to have four, five, six months in your savings of all of your outgoings so that if anything happens, you're covered. For some people, that's not possible, and that's absolutely fine. We build that in. And that's why everybody's financial plan is different and completely mistaken. Yeah. Because your circumstances are different. And I guess at the cost of living, everybody's ability to save is different as well. so people haven't been prioritising savings as much because it now costs a fortune to go to Sainsbury's and do your weekly shop.

It's so expensive. So expensive. Even like... I don't even saying Aldi's cheap anymore. It's not. I don't think that's not. The pressures of Christmas time as well. That is just the pressures of Black Friday

thinking that you need to buy everything there and then Christmas. My grandma actually, I think it was my grandma. She used to back then, so it was obviously years ago now, but I think she used to put aside 20 pounds or 10 pounds a month per grandchild so when it came to it they had like a hundred pound each rather than her forking out having ten grandchildren talking out a grand that she wouldn't have been able to have afforded just at that end of the month but that's quite clever but that's something else I do by the way I actually

send ten pounds a week to Jason's mum do yeah my wife's mum a week ten pounds a week right as well as fifty pounds in count and ten pounds a week to Jason but it's them that have got me into this like see before I honestly didn't say one pound like I was just like oh but ask that's for Christmas so we all all of us send her ten pounds and again you'll be like oh she takes it out in cash right but but see when it comes to Christmas I've got like five hundred twenty pounds to put towards Christmas presents yes and I know it could be more than that is what now I'm now thinking but it's it's actually such a relief at Christmas time because I just

think I forget about that yeah at Christmas she then gives you that much And there's that for you to then go by present. So I'll get it, like, start of December or something like that. But it's just like such a good wee boost to help. Well, it is girl math as well. So yeah. I have an account with my friends. It was set up for our 30th holiday.

We did bake it on one because everybody kept getting pregnant. So we spend, we save 40 pound a month into it and it was supposed to be all like all big bougie holiday for the girls and that's just continued. So. My mum does that as well. and they're just just, they've not went for ages. But it's in a bank account, so it's getting at least a wee bit interest on it. Yeah.

It's the only thing I'd say maybe tweak slightly. I know, putting them in account instead. Yeah. Because then if you get a wee bit interest on it, then something, isn't it? Yeah. Okay, well, let's go on to the best place to be saving when saving over £300 per month plus lump sum of money. Or if you've got like a bag, say you got gifted like a lump sum.

What should you do with that? So let's say, why I say to you now, I'm having a meet with you, I'm like, right, I've got either 300 pound extra a month or I've got some inheritance or something, maybe like a couple of grand or maybe it could be 50 grand. Yeah. What would you suggest? I know it's personal to everybody, so I understand that. But let's just do like the basics. I mean, the first place for starting for me would always be looking at Aisas. So you can put £20,000 in an Iza pot a year.

So if you've got £300 a month, you can contribute that every month into an isapot. We don't get many great incentives from the government around tax. It's a bit of a stinker. But our ISAs are one of the things. So they will grow in a tax-efficient environment. So basically what that means is that if there's any growth or any interest that comes in, you don't pay any tax on it. So if you put in £20,000 this year and with interest and compound interest,

your values in sitting at 25,000 pounds in two years' time, that five-pound gain is not subject to any tax. Oh, okay. It's an extra £5,000 that you can earn, but you're not having to think, well, I need to put that my self-assessment, or I need to think about... Well, that's good.

And that's only with, like, an ISA. So that's your AISA one. That's definitely the best place to start for people, because it's $20,000 that you can put in. Maximum. Maximum, and you can split that. So in Isars, you've got either a cash isa, which is like basically a bit like a bank.

account doesn't traditionally give high interest rates but it'll give you something. I think one of them years ago was Santander. Yes, that was a kid. The banks would have. Yeah, um, you get junior eyes as well. Yeah, yeah, they're always quite good as well. Um, and then you've got your stocks and shares, which is a bit more getting into investing. Is that like premium bonds as well? They're slightly different. Oh my God. So I've got a friend that does premium bonds. Yeah. My husband does premium bonds, loves them. I've got a friend who does them and wins all the time. Really?

Is it like a lottery? Yeah, it's basically that you buy a ticket. You're giving the government money and what they're giving you is a bond effectively. So they're giving you back a ticket and then they do a draw and you can win on that. They've taken your money and invest in it.

Wow. But yeah, okay. There's some controversy around how many people win and it seems to be the same people always win. Right, okay. Totally rumour, but... Yeah. I've seen a little bit.

And just before we go on investing, do you think a lot of people ask this, is it best to pay off all of your debts before thinking about saving or is it kind of best to do a bit of both or what do you recommend? So it's totally personal choice. I think credit cards get a really bad rep. I love a credit card, but it's got to be a credit card that's working for you. So if you've got credit card debt and it's mounting up and mounting up and mounting up, then if If I was sitting down with a client, I would say, let's look at that.

What can we do to start paying that off, particularly if it's one that's got like a high interest charge. Yeah. If your plan is to pay off all your debt, so if it's a debt like your student loan and you want to clear that, then that's great. If that's your goals, definitely start with it. It's not wrong to carry debt. Most people in their life will carry debt because we have a mobile phone, a finance of a car

or a mortgage. Yeah. All debt, yeah. So most people will carry debt. It's just how you perceive it in your life. So if you're getting yourself into so much debt because you want to have the swankiest car, but you can't afford the monthly repayments,

I wouldn't be doing that. But if you need a car and it's essential for your life because you've got to get to see clients, you've got to get your kids to school, et cetera, et cetera, then that's essential debt. So it's not a problem. Because it's interesting because with debt, I had a lot of debt when I was young

and I don't think I'm a candidate for a credit card So I know how you say like credit cards are good. I have friends that are brilliant with credit cards. They use Amex or other ones where they get points for like British airways and things or fuel. So then they pay it off instantly. Richard is the same. We've got a credit card. It's paid off.

So he gets good credit score whatever. Yeah. I was the opposite. I was a rack it up, rack it up. Vegas, Vegas. And when I was 21 to 28, I was in five grand of debt. Never could get out of it. And it was such a hole with just constantly paying the minimum.

minimum repayments because by that point I've transferred the credit card to so many others to get the interest-free part of it that ended up having four credit cards with four different banks which I know that's what happens and I'm sure a lot of people listen maybe in the same boat as me or was and yeah I think I was the same way I would never save because I was constantly putting the savings to pay off the debt because I'd never got out of it and thank God I eventually did but yeah it's just really difficult to understand that mindset of thinking, I know I'm in debt in other ways, but this is like a big dark cloud over my head and I'll never get out of this, I'll never be able to buy a house. And definitely

Richard was someone that helped me sort out my finances because he was smart, but I, I'm sure there's be loads of people listening that aren't that, with that mindset. And I think my pet peeve is it's things that aren't taught at school. I am. Yeah. I've ever seen before, like, I've yet to use Pythagoras' Theorem or Pi, since I left standard grade math. What do you call it? Algebra. Right, and I have to do maths in my job, but I've yet to use any of that. Yeah. What they don't teach at school is what is credit and what's good credit and what's bad credit.

Like what is savings, how do savings work? What's interest rates? So everyone goes, oh, interest rates are going up, that's really bad. Well, it is bad if you have, you know, have some debt, but it's good if you're a saver, you get more. Yeah. But no, that's never taught in schools. And it's a major peep of mine. Yeah.

I wish I could be like you. I really want to be smart but I've got like PTSD of credit cards because of how it made me feel so I feel like if I own one now it's like an addiction I'll be thinking Yeah, I'm the exact same You should spend it

But I should learn to be able to use it to my advantage Yeah And I think it's about getting a credit card That works for you so yeah I use the BA one I think it was great because it gave me Ear Miles and Ear Miles paid for my flights So on holiday so

Yeah I wanted to go to London for a weekend or something To see one of my best friends I would pay for it on the credit card because what I was then getting was points I was then getting air miles and it was just kind of giving me a bit of a benefit but what I would say is that I always approach

credit card to caution because the credit card companies can just like the experience you've had Jess lure you in and just oh we can give you more and more and more and more and that's great if you're controlled and you know you're able to deal with it When I was 18 left school, it got handed a credit card with a £5,000 impressed free. I went to New York. Yeah.

And it was like I had a great time shopping and I bought every handbag or whatever. But what have... And it's not worth it, is it? Because I did the same. I had a credit card and an overdraft. So my wage just took me back to zero. So I was never in a positive. So what I did, and you can tell me if this was a good thing or not,

I got a loan for all of it, collected it all. collected it all on the one loan and then I just paid the loan off like in a stable amount every month but and I actually think the main benefit of that was my income was a positive number so it's your mindset changed at same so I actually saw that I had money whereas before it was like she just going negative to zero and as soon as I paid a bill I was back in a negative and that negative is a huge negative like in your mind yes it's like a dark cloud like I thought about it all the time yeah absolutely it is I mean it's certainly a way to look at it and see people who start

condensed debt to get balanced transfers on credit cards, things like that. So there's definitely approaches to use with it. I guess your point about, you know, Richard helping you and getting you. It's about reaching out to somebody. So even if it's, you know, a family member, I think that there's this fact that actually people are more happy to talk to their kids and their family about their sexual relationships and they're happy to talk about money. Yeah, no, honestly, I was the same.

I would be the amount of times my poor mom have had. to lend me a hundred pound. I lived in London. I thought this either day, it's been years now since I've ever asked anyone to borrow money, but it was near enough on every day, sometimes every week thing when I was a whole 20s. And I just can't believe that I was ever in that position now, that the only debt debt that I have, obviously, my mortgage and everything else, but it's probably like McClana. If I pay on Clana because I do that purely because I don't want that money to come out my account if I don't like the clothes. Yeah. It's not because I can't afford it. Yeah. I just do it because I think it's just to save the house.

in it. By the time you send it back. So if you buy all the clothes, you send it back, I'm going to wait five to ten days for whatever. Kind of it takes your money, you bit, doesn't it? That's how I feel. Yeah. But then like on my Monzo app, because I've probably got a better credit score now from the years of being better with my money. Yeah, you will. I get notifications. They can give me something like a loan of 15,000 pounds. And I think if I still had that mindset now, that addictive personality, I'd have been like, boom, I'll just take that 15 grand, piss it up the wall. Yeah.

Loans are a massive example of that and they're, oh, the interest rate and those are horrific. Like the loan, sharp things and they'd pay, oh my God, I used to do that as well. It's all coming back to me. I was honestly terrible with money. Yeah. Like, it used to... I'm still not that great, to be honest. Like, Jason really helped me as well because he's such a saver.

He's like, when he's skin, I'm like, no, you're not. Whereas when mask it, I was like, I get two pound left. So he definitely, and that's why, like, I know I'm saving all these bits of cash and all that, but I'm only doing that because he's encouraged me to do it. They say their skin, Richard said, I'm skin, I'm like, but I swear you've got savings. He's like, that doesn't matter. That doesn't care, out of sight, out of mind. But you know what's funny, see now that I've got savings for the first time ever, by the way.

I say that, yeah. Like, if I say to Jason, oh, I don't know, like, we should watch her money, like, just a bit doing, going out for dinner or whatever. I'm like, do you really need to? And he's like, but you've got loads of money and I'm like, no, don't. I'm like, that, and I say, that doesn't exist. Those say, and it's no loads, by the way, that's just the way we speak, obviously. But, like, I pretend that. that's not there. So I definitely have changed my mindset on it but it's because when you've

got more, you are more, you become tighter. You do. You've got more to lose. Uh-huh. Like we're not tight people, we should be tighter actually if I'm saying anything. I think becoming self-employed now. Yeah. I think that money that's sat in my business account is not my money. It might seem nice but it's not my money. I'm so precious over my business account. Oh 100% like any bill comes and I'm like do I need to pay. I put a coffee on that and I'm like... Yeah. You are like that.

Because I'm still new to it though, do you know what I mean? So I'm like, even though that's my money, I... That's a better to be. I know, I know. Because what if you go out at the weekend and start buying, you know, shots on your... On your business. Like, you're like, well, that's money like, right, what are you doing it? That's not a business.

It's meant... I was with a client. Yeah. Just treating them nice. Anyway, we'll move on to the big beast of questions that most people had. Investing. Investing. Investing. I need to know more about us.

We said this, don't mean those, when we'll read in the questions coming in, I personally was really happy to see and shocked that so many women were interested investing and I didn't realize like, then I'm sitting there thinking, fuck, should I be? I know. The pop pigs are, so I need to invest. Tell me like, do we need to invest? Like what can you just even tell us like what does that mean? What's the benefits?

Yeah. So investing is just where you effectively. are going out and you're purchasing like an asset of a business or you're purchasing a fund of a business where you're on like the stock market it's a great example and but it cannot think that's kind of growing a lot when you can buy a handbag right and people would say that's investing because yeah a Rolex or a Hermes bag or Chanel a Birken bag these days is a fantastic investment if you want to you know spend 20 grams no thanks I would net that's one thing we've said that's one bag that I would never understand the hype around them I don't that's given that's

given me like my mum going to the office it's very that bag but then again would we would we say no to one I'm sure not all this I would never say no anything like that but Chanel like 10 grand now they're just going on investment's huge and their second-hand resale is phenomenal it's absolutely amazing but that's that's more like modern Yeah, sorry, yeah. Girl math investing. Absolutely. Whereas your traditional would be like your stockshund shares going on to like buying

something at the Futsi 100 or you know buying a share in a company. A what? The Futsi 100. What's that? Sorry. Try not to you. It's the top 100 investment companies in the UK. So the top 100 companies that are...

Right. So you've got the Futsi 100, the Futsi 250, which is the top two hundred. which is the top 250 companies, and then the Footsie, I think it's 500, that's on there as well. So you can go and invest in their companies. So if you went, so within the Footsie 100, there would be like BP would be on there or other companies. She's giving Woolf of Wall Street. I know. My life is not Woolfell at Wall Street.

I'm not a buy and settled, not in anything. There's no, like, you know, parties happening in my office. Shame. Sorry. But that's traditional investing, which is where you go and buy shares in a business. And it's about hoping that that business will be profitable and then we'll therefore give dividends and those dividends come back to you. So you can do that through funds, you can do it through in your stocks and shares, for example. If you pick a stocks and shares AISA, what that is doing is taking your up to 20,000 pound and investing it in companies that sit within.

And is that high risk? You can go really, not within the, not really, I mean, you can go really high risk in financial advice. There's always risk in investing because stock market can fall, you can have a great company that's doing so well and then something happens, yeah. News comes out of their, you know, mispractice or something they're literally wiped, their values wiped off. So it does carry risk, it's just not the most risky, I am thinking.

There's a correlation between risk and ward, so. It's really interesting to know your thoughts actually on, because I was thinking of shares and I've never invested, but we actually have, if you think about it, we've done that Wii shop thing. Oh, yes. Your opinion on this, because my We shop dashboard looks bloody gorgeous.

Yeah. Can I get any money from it? No. So does it sound too good to be true? Oh, yeah. Of course. Yeah. But they've not floated yet, have they?

They've not floated yet. So that's why you can't get your funds out. Apparently, yes. So when that happens, if it happens, maybe more of the questions. If it happens, and it'll depend how it happens, when it happens, and what the value of the business is at that point. So businesses often think that they're going to go and float on the stock market. In America, we work, so you know the office, they were hyped up,

they were totally overvalued and basically what happened is they went to float on the stock market. And it just went, boom, and dropped. So if that happens on Wichita, and I don't, it might on. Yeah, but it will. It's going to, isn't it? Just to say, like, there is people that we've seen get money out of.

Yes. And the day, not even joking you, the day where it says I could withdraw the funds, because it says I could withdraw some now, it changed T's and C's and it was like, we have now decided to wait until we float. And then I think we bought shares or we were doing it when it was $5.95, $5.95. It's now gone up to £6.19. I checked the other day, just out of interest. and so obviously that means the money's going up and up

but I've now stopped using it since it happens I know no incentive to use it anymore I think me too that's a load of bollocks there's probably places where you can get something like quid coal for example so if you're buying online you can use quidcone they'll give you cash back or three percent whatever depending on your what's that one cashback top cashback yeah stuff like that

um we shop with one of my friends was using it for quite a while and she was like oh I can't really use it anymore because I'm not getting anything. I mean, you know what I will say is it's completely harmless what we've done. You're not losing anything. Exactly. Yeah. If in a couple years time we'd get even a hundred pound versus what it says you're going

to get, you've not lost anything. No, and it's stuff that you're going to buy anyway. Yeah. So it's like an nectar point, right? Yeah. Yeah. If you then get something at the back of it, great. If you don't, you've not lost anything.

Yeah, exactly. Mm-hmm. And that's really risk to it. Yeah, exactly. And say with investing, like, does it need to be a lot of money you're putting in? Like, what's the starting point, average starting point? Like hundreds or less? It's really different, yeah, and it's about affordability.

So for me with clients, I would never recommend something that they couldn't sustain. So if you came to me and said, okay, I've got 45 quid a month left over, can we do something with it? Let's have a look at it. Let's see what our options are. I would rather have that conversation with somebody than I'm come and say, I've got 10,000 pounds to invest and then in two months time they don't have any money and they can't afford to sustain what we've set up. That's where kind of the conversation and a lot of, in what I do day to day, it is a bit like therapy. We spend so much time looking at what your plans, what do you need to do, what do you want, what are your goals, what your hopes, your dreams.

Yeah. What are the risks that you're happy to take on and what are the rewards that you want? And then we build that plan. But I would happily have a conversation with anybody about, you know, wanting to start investing. For me, if you've got the money there and you want to invest in it, do it. If you want to go really risky, you've got things like crypto and stuff out there. I don't get involved in any of that. My best friend does and that's a whole other bag that's just...

Yeah, I don't understand any of that whatsoever. Do you work with anybody that's had gambling addictions? Or their spare income, they gamble? I don't work, I know of people who've had, yeah, pretty serious gambling. And are you obviously very much a stop the gambling, invest the spare money? Yeah, invest in a still type of gambling though. I know, this is why I thought about it. So the, one of my best friends is a psychologist, so she'll tell us all the psychology behind it and the risk reward, the buzz, the high, the low.

Which is so interesting, but investing in a cell gambling, because it's never a dead cert, there's never a guarantee of the money. yeah it will fall it will rise there's no fluctuations in the market maybe just not like that instant it's not yeah yeah it's not the 90 minutes what's happening with the rangers game and what's outcome going to be yeah it's not like that um but there's people who get the buzz from investing and you can spend hours doing it you know a bit like the wheel of wall street the buy sell buy element to me that's not the right approach and that's not the approach i would take clients down yeah if i'm dealing with somebody who maybe has had a history around gambling or a bit of a, I guess a vulnerability around money, I would

take a lot more time getting to know them and understand them and what they want to do. Money is just such a wonderful topic for people and polar opposites for different people. So do you think everyone should be investing in? If they can, then I think it's definitely worth well looking at. As well as saving? Savings for me is the first place to start. Okay. At your savings, you've got your bucket there, the pot, then maybe look at investing

and that's the next step on the ladder of kind of financial planning. Right. Okay. Definitely kind of goes up levels. What should I invest in? What do I invest in? What the hell do I invest in? The something 100?

So the footsie 100. The footsie 100, get your show on now. That looks nice. And it's personal choice. So different clients look at it differently. For me, if I'm looking at clients, what I would do is do, like, different funds, diversification is a big thing. So I would look at, you know, if you were quite a risky investor, I'd maybe say, okay, well, maybe let's put some, you know, foreign equities in there. Let's go to the US market.

That makes it all sounds really, really fancy. It basically just means we're going to buy Apple shares or we're going to buy Facebook shares or Google shares, things like that. Imagine if you bought into Facebook or Instagram. Imagine. How do I get into that sort of thing? How do we predict the future? How do we become millionaires? I've got no crystal ball, honestly.

If I did and I knew how to do it, I would... God you'd be so rich, wouldn't you? I know. Yeah. Damn it. Right, okay, so, have we finished on investing? First home. People want to get onto the property ladder,

which I'm sure you can imagine is really difficult for many people. Do you think that is definitely the best way to invest your money if you have or how do you start saving for your first home or is there any sort of um you know there's government things to buy to isis yeah what is it i used an isa the liaisers yeah the liaisers yeah leases yeah lea the lea for ages yeah so the the liza is a great thing for first-time buyers and it's a bit of extra money that the government kind of for 25% yeah so it's

It's great. Could you get more in investing potentially? There's a few catches though, isn't there? There are a few catches. It needs to be a new build? I believe so. First-time buyer, new build. But you can also now use it for retirement, I believe. Yeah, you can either, I kind of remember because it wasn't that long ago, obviously, but I didn't get my bonus on mine because I took it out within a year.

So you've got to keep it for four years, is it? Is it? No, once you've got past the year, that was nearly three years ago now, so I might have changed, but mine was, me and Jason both opened one, but he was literally like two months before me and he was in the year, so he got the benefit, but I don't think both first-time buyers can take the benefit anyway. I think only one person can put their bonus to the deposit or whatever. And then also it's like you can obviously only save, I want to say it's four grand a year and

give you then it's 1000 so it kind of bumps you up to five each time so it's like a couple of catchies but it's kind of the ones that I came across were kind of fair enough like yeah because then you would just bang in four grand get a grand take it back out if there wasn't do you know what I mean yeah you've got to have yeah it's in conditions I guess yeah it is a great way it encourages saving it gives you a goal to work towards and you can do it in other methods as well so there's definitely things to look at with with buying houses and what you need to do yeah and do you think if anybody has a mortgage do you think

we should be overpaying the mortgage if we've got the spare cash saving or overpaying it's it's personal preference so and I've got friends who overpay every month and that's we want to be mortgage free by god I'd love to be like that I'd love to like that I would love to be that person I prefer saving and so I would put it into savings. I think I would prefer saving as well. Your mortgage is one of the... Your mortgage is just going to be there anyway. Unless you are, you know, able to overpay it massively. Traditionally what happens is there's penalties for overpaying it. There is, isn't there? Yeah. There's a certain amount you can pay it, yeah.

Yeah, I think traditionally it's 10% but it can vary per mortgage provider. But if you can overpay and you want to, and that's your dream to be mortgage free by 45, 50, great, do it. You're working towards a goal. I'm not really about that, actually. I could die to I know I'm not arsed of that either and it's the more your mortgage is one of the biggest well your house is your biggest one of your biggest assets yeah that you'll have and your mortgage is the biggest pot of money you'll ever have access to yeah start to reduce that you may not have access to as much in the

future depending on what happens so mortgages traditionally are based on your salary what happens if your salary changes yeah and a lot of thought around it I know this isn't really your expertise but just quickly for anyone that remorgeting their house and that it's with the inflation yeah so I'm about a fixed rate mortgage is up in July yeah it's nearly tripling yes what the fuck yeah what will I do so I really wish I did the fixed rate for five years but at the time when I did it when I was remorgeting it or whatever it's called I just did the two so I didn't think I thought I don't want to say that I'm going to be in this flat for another five

years it's really difficult isn't it it is yeah and it's I think remorgaging, if you know it's your forever home, take a fixed rate for as long as you can, if you're comfortable with it. So I moved in the middle of COVID. We took a fixed rate. I'm in fundamentally what will be my long-term house until I get old and you have to move out probably. But if I was looking at it thinking, I'm going to move in two years, I probably wouldn't take a fixed rate for that term. The best thing to do is get yourself a really good mortgage advisor. yeah because your bank will just send you or whoever your mortgage lender is will just send you a quote for your new mortgage yeah and I was like what I got the

letter to what the fuck yeah it's a bit like your car insurance if you pick up the phone to them they'll go well actually we can get you a better deal oh really if you get a mortgage advisor what they're going to do is go out and look and say okay these are all the providers that are out there and it will still increase because interest rates now are yeah higher than ever Jason's your man but definitely yeah any mortgage advisors out there and help you out Jason can help you. Can he? Yeah.

Is he a broker though? No, but he can look at all the different deals and all that. Okay, half it then. I think he can. Okay, amazing. And again, it might be too homey, but like I would be in this position when I eventually do move. I would rather rent Manow flat out and then move on and always have that.

Do you think that's a good thing to do? Or do you think it's better to like take that equity? and pay more to your next property? Yeah, it's... I know it's really person-dependent, but... Do you see that as a good investment? Property is a great investment. It depends if you're going to rent it out

to a family member that you know in their trust, and they're not going to trash your house. Yeah. When they move out in, you know, a year's time, you've not got to repaint, recarpet and everything. I've heard some horror stories of people who've bought properties. rented them out and had to basically rebuild. Yeah.

And just people don't treat other people's houses. The same. Yeah. But if it's somebody that you know, you trust, you're happy to let them in your space, great. It's an option. There's less benefits now to own a multiple properties, so your stamp duty would be higher,

which is a thing to consider, because they don't really want you having multiple properties across you. Because it's stopped people getting on the housing market when everybody was going to buying 20 flats in Glasgow and Northern big property empires. So that's why that incentive is not there anymore and it's now an additional cost. Which I do also understand that as well. Do you know what I mean? For sure.

Because I would love to ideally keep my flat as well but I don't think we'd be able to afford to then get the next house without taking the money out. I know. Just depends on the position you're in at the time, doesn't it? kind of last on the home front quite a few people ask us questions on if they're moving into their first home with a partner but it's not an equal share of the mortgage or they're just cohabiting how the fuck do you say that gohabiting like if they are just doing that should they have a will should they what

should they have so that everything's in place when it's not You mean like myself and Richard where we're not married? Yeah, but also if you moved in there and didn't go 50-50 on the deposit. Yeah, exactly. We didn't sign anything though to say that we did. So I wouldn't fuck him over. I guess again it's personal. What other people like is it a really bad break-up or something like that?

So I think it's more like what should you have in place when it's not being 50-50? Yeah, you've got to have it legally written down. Right. But we are 50-50, so. Yeah, so if you're in a comfortable relationship and you know it's going to be financial forever relationship and that's never going to change, it doesn't really matter. But the things can happen and the worst thing that you would want is say, for example, you've put in 60% and your partner's put in 40 and you come to sell the house and there's no record

of that and they turn into about a dick, right? And will they go, well no, I'm taking half of it? Yeah. you've got no legal fallback so definitely have that I always the first thing I say to anybody is get a will in place as well so as soon as you at any point a will it happens if you don't have a will and just now if what if you passed away yeah who would my money go to by the way it does your money go to who would it go to your parents my cats my cats unfortunately don't have children I'd go to your parents even though I've got life insurance

with Rich. Yeah. So your estate, if you die without a will, and Scottish rules are different English rules, but if you die in Scotland and you cannot got a will in place, they would look at your family treat effectively. And so, get your parents still alive, any siblings, and they go through and basically work out your estate. And that's wild, by the way, because maybe you didn't speak to your parents.

Well, I'm saying this line in a podcast, I want Richard to have my money, so you're not having it, mum. There you go. Play this podcast. I'm joking. You should split it. You should split it between me and Richard. I'm your other partner.

You know, it's funny you say this actually. Just quickly, a friend of mine, she split from her partner, and there was a child involved, and I think her mom made her sign something legally. She never wanted to do it at the time, because obviously they were in love, they were getting married, all that.

It feels like a bit of a negative to do it straight away, doesn't it? But it's not. And then I think what it was, she inherited quite a lot of money from her grandparents, so a lot of them went into the house. So she made them sign. Anyway, they did split and thankfully, because it wasn't a very good split, they had that paperwork which she never thought she'd have to use and yeah.

And it's about protecting yourself, you know, there's things that you can do around like your pensions, for example, I'm saying, well, Kaylee, if I pass away, this passes to my husband but if at the point my husband remarries, you know, I'm in any more of that, I wanted to go to my kids or something along those lights. Love that. There's a lot that you can do that just kind of protects yourself, your estate, your legacy effectively. Yeah.

You've worked hard for your money. Not much in there, but you know, hopefully one day. It's funny. The amount of people I was out with my friends a couple of weeks ago and I was saying like, do you guys have a will in place? Because I'm just about to redo mine because of the business and redoing mine to incorporate that. And they were like, I've got a well.

And they're all married, really successful women, all have children and do not have a will. I can tell you someone who does not have a will, who absolutely should, my mother. Yeah. Does she not have a will? Right, well, she's chaos. She's chaos. Well, this brings us on nicely to pensions. Because that's something.

We ain't got one. We didn't have one. Yes. And I think Richard actually wrote in to ask you a question, but he wanted to ask, and I'm sure most people would like to say this as well. How do you move all your pensions into one for? Into one. Get someone to do it for you is a simple answer. So that's part of what my job is.

So you can do that. I can do that for people tonight. We'll be calling you up. You can also get, you can go and do it yourself and put them into pension. Oh, who can be asked. Oh, who can be asked? Right?

That's the thing. It's like, how else can you say to people, look, you know, why do I need a financial advisor? It's like, well, you can die or hear yourself, right? I'm sure you would do an okay job of it. You've got someone that can do it for you, and that's their nine to five or nine to whatever. Why not use that benefit?

benefit because if it very valid point like I mean I was a boxed out here job for a long time and it's terrible so if we wanted if anyone is self-employed yeah what's the best thing to do to start off to look for a pension do you think we should get a financial advisor that would look at right yeah and the reason for that address is like there's a lot of things that goes alongside financial planning for self-employed which are really important so alongside pensions which are the most you know the sexiest topic of conversation there's things that you should be put in place that can be paid for from the business or

that you know that then you then benefit from as well so putting in place some life assurance and protection things like that which means that you know if you're not able to work your money can still come in so there's a whole self-employed kind of process when you're looking at finances. Pensions definitely the best place to start because we get, you know, some incentives from the government for them as well in terms of we get some of the tax into it. Again, they grow in a tax efficient environment as well, so we don't have to worry about any tax, you know, paying extra tax on them. And we should all have a pension. Let's say, for example, I didn't have a pension. I said,

you know what, instead I'm going to invest my money into a property and a flat and that flat will be my pension in 25, 30 years. Is that fine? Yeah. Is that fine? How do you do that? As long as you've got a plan in place? Yeah.

That's funny. Pensions, generationally, like my parents' generation, they would all be about pensions, pensions. Yeah. Let's all get our pensions to a million pounds and retire on, you know, all this money. There's a really interesting flip now because what's happening is our private pensions, you can currently access at 55. changing to 57 so although people have been told for years and years you can retire at this age similar to how we're seeing the change in in state pensions that's now happening in your private pension so it's now dictating when you can

retire what's your state pension retirement 68 fuck that it's I know it's getting sold by the way I was that was like that willing it was like 57 back in the day we'll be we there won't be an age when it's our time 68? But we're going to be so much and successful that we will be retired at 40. Can I ask a dumb question? No, no question. Is pension gambling? So if I died, if I put loads of money into a pension part and I died at 40, where's that money going that I've saved for years and years? Where, so you would have to have in place an expression of wish, which would say what you want,

similar to will, what you want to happen with that pension point? But surely there must be some interest that that company keep, what's the incentive of a pension company? So where did they make their money? Yeah. So as your pension pot grows, what the company will do is they'll take off an annual management charge. Do you know what? I honestly always thought it was like a gambling. Like they're like killing people off because they can get their money. What goes on in that brain of yours, honestly?

I thought that was a point was like gambling. Like you're giving it to someone. They're like, you know, if they die young, then they keep a lot of that money. Or just no one gets it. Their money's just in the business pot. Because there's deeds anyway. It's the Christmas party bonus. When they're going to say.

No, when I was still... But I thought, who would it go to? When I was still at work, you sign the wish thing. So, like Jason had mine. Like if I died when I was still at work, he would I get my money. Yeah. So you can play in place so that what then happens is if you do pass away, then that would pay out, and it would pay to Richard or whoever would begin, you know, in your case, Jason would begin it.

So you put that in place alongside a pension. Again... Wow, my plot. plot. The plot seconds. And make sure they reciprocated in them, right? I know, imagine. They don't say you for them.

For you men. I wonder how Jason says, I'm going to ask him. Better you. He'll get a good pension. He's been there for ages. Again, is there a certain amount percentage you should be paying into your pension? Should you overpay? Is that a thing?

Is that stupid? So the maximum that you can pay into your pension a year is up to £60,000. Right. because there's a clause around relevant earnings. So if you're employed, basically what they say is, okay, you can pay 100% of your earnings. So if you're on a salary of 30k, you can only pay up to 30,000 pounds into your pension.

Okay. If you're on a salary of 150,000, you can only pay up to 60. Right, okay. So, yeah, and it's just because of the, I guess, the tax benefits and the efficiencies are there that were in place that a lot of wealthy people were benefiting from.

I've got a good question, Tash, actually, because we will speak about this in the car last week. You know the tax bracket when you get taxed, what do we get taxed? 20%. If you earn over a 50, 60 grand a year. They're not, are just the right to change. They're not like 40. No, I'm sorry.

It's not going to be. Different in Scotland. So we've got 20. Oh, I'd need to actually get them off. Yeah. How terrible is that? No. But this is what I think a lot of people get confused about,

because I've heard this so many times. But you know if you earn over the threshold, people are like, oh, well, then I'll get tax 40%. You only get tax 40%. on the bit that's over. It's not the whole salary. So it's a tiered approach to tax. There's also now,

or what will happen in Scotland, in particular, there'll be a 60% tax trap. So if you earn over 120 something thousand, because you lose some of your benefits around, you get a personal allowance, so our tax-free amount that we get, so your tax code is 12, 7, 8, 5, or something around those numbers.

that then changes when you earn over that salary and it starts to come down and what the government say is, okay, you can't have as much tax-free because you earn substantial amounts. At that point you start basically paying more tax because the amount that you've got, you don't have a tax-free amount. So that's where there's a 60% tax trap being kind of publicised at the moment as well, which is incredibly weird and a lot of money to pay. We're now paying more tax than ever in the UK. for what fuck all by the way

countries are shambles do you know what I'll say about tax right I do agree that it's an absolute joke and bladdy bladdy blah but from as long as we've worked it's been a thing so I feel like people do need to chill about it a wee bit

do you know what I mean I'm paying my taxes obviously there's so much that you get NHS is an I know but you know like some people look like some people have yeah well that's Galswell tax but yeah but some people like a couple of my pals are very late I mean I get taxed this a month it's a joke and I'm like but you've all like it's always been a thing and it'll always be a thing so remove see the amount you get taxed a month remove it from your brain like forget about it like there's no point getting frustrated at it's never going to change and you're just going to waste energy being annoyed so uh-huh

So you're 20, 21, 42, 47% your tax rates and changing in Scotland. So we get charged more tax in Scotland than they do in England. Yeah. But I think probably people get frustrated when there's people that claim benefits when they probably shouldn't. No, I know. I get that side, but yeah. So much tax for this or prisoners or things like that, that probably would be quite frustrating to the real rich. real rich. I don't know. I don't know enough about it to be able to do you, but I could

understand like a friend of mine worked out of arse off for years and years and years and she just got like taxed so much every single month and it was just like what's the fucking point? And I'm like you do need to have that mindset of just pretend it's not there but you know that it's going to go so it's like that's going somewhere. Yeah but just take it out of your it's not your much just have what your monthly income is after all that shit is taking off and think about that because it's always going to get taken. away it's just you're just like annoying yourself really aren't you um anyway we had a few kind of like questions that bits and bobs kind of questions which were quite good um and i feel like

the first one is like very you would be very efficient if you went down this route like any tools to track outgoings track your savings like keeping top your finances yeah so most of the banks like the banking apps will have in going outgoing trackers So if you want to spend the time sitting and looking how much you've spent in a month in Marks and Spencers you can and they do it automatically. So for me, efficiency is the best thing, makes it nice and easy so if you can run it through your banking app. Yeah, my motto separates it all into travel, finance or whatever.

Yeah. And you can spend a while setting it up so like what's car payments, petrol, etc., etc. It's a great way, it's a great tool to look at. Other tools, I mean you can use a great Excel spreadsheet if you want, if you're a whiz on Excel. You can also, some financial planners will use like cash flow modelling as well, so what they'll be doing is saying, what do you spend all your money on, what do you, you know, where's your pension app, all of this stuff, and they build you a cash flow model for your life, which will basically plan up to 100 years of how your life will look. peaks and troughs is scary about the amount of detail that you can go into it.

It's phenomenal. Oh my gosh. Definitely worth well looking at. Yeah. Deep in money is quite intense, isn't it? There are so many interesting questions. I listened to on a podcast once, it was like, why can't you just print more money? And I'm like, yeah, why can't I?

Just make any sense to me. They did? Did they not do it quite recently though? So that's quantitative easing, yeah, basically when the government go and print. What's it called? Quantitive easing. I'm not an economist, so. no the ins and out of it is not in my kind of mind space but basically the government

will go and print a bit more money and it's normally around inflation and stuff that kind of happens but they try and I just print in every flip in the fly and I'll just give it to everyone fuck it I know so I think you covered a couple of this you said is it worth paid off all credit cards a one low um you spoke about Ices what would a first meeting with you look like and the costs involved please I'm sure everyone wants to know I want to know this is how I first meeting with me looks like it's just for me and so for me and financial advisors will work very very differently for me first meeting is get to know me because you're working with somebody you've got to learn to trust them

and as a financial planner I will ask some pretty detailed questions and it's if you're not comfortable with that person quite invasive isn't it especially when it's like what you're spending on and why are you spending up on that and why do you mean Anne Summers at the weekend love honey yeah yeah exactly so it is it's new it's an invasive process as horrible what does that is so you've got to be comfortable with the person so for me a first meeting is make me somewhere public because you know you want to make sure that you're comfortable so it could be a cup of coffee somewhere nice just chat, get to know who I am, get to know about me,

get to know about them as well. And that's kind of, there's never a cost around that first meeting. It's just a, can we work together, can I see as being a good fit? Yeah. Because I might not be the right financial advisor or the right financial planner for everybody. It might be that I think, well actually, you know, our personalities don't, nothing in common. Yeah.

And there's sometimes nothing worse that you want to go and enjoy a meeting. Of course, yeah. Like I said, so no costs there. So no costs there in a nice cup of coffee at the end of it. Or a glass of wine, it's always quite nice. Oh, yeah. Sounds delicious. And then what would then happen is the second stage,

we would then have a more in-depth meeting. And that's a bit like therapy. Yeah. But it is going into that kind of, you know, invasive. Mm-hmm. Looking at all the detail, what do you do? What are you spending this on? Is this essential?

What are your hopes, goals, dreams want? And would they need to come with you with their bank statements and... They can, yeah. All that. Some people come with, like, big files. Do they? I'll go, I don't know where anything is, and I'm happy to work on either way.

Like if someone's super organised, there's all my paperwork, here's all my pensions I've got from these five jobs, or I've got everything on a spreadsheet, do you want me to send that before? Great, perfect. If I turn up to the meeting and someone's got paper sitting, not a problem with that either. It's lovely if it's electronic because it makes my life a wee bit easier, but I'm also there to make their life easier, so I'm not dictating how things run. When we're going through that, what are we starting to think about is, okay, where can I see some opportunities?

So if we were talking about you guys, we'd be saying, okay, well, we've not got an active pension in place. There's an opportunity that I can pick up on there, something that we can look at. Does that fit with what you're wanting to achieve in the future? You know, I could be talking to somebody about their attitude to risk and what's, you know, how they're comfortable with risk and potential losses as well. So we spend probably an hour and an hour and a half on that. And then I go away and do research, pull together. The dirty work. The dirty work, exactly.

The bit that I spend hours in my hoodie, no makeup on, doing all of that. And then I'll pull together like the financial plan for them. Come back and kind of present that to somebody. And then at that point, that's where there would be kind of, I guess, a cost. Because what we're then doing is how the costs work is traditionally. they'll come from the product. So rather than somebody having to worry about, well, actually, I don't, you know, I can't pay for this because I've only got 20,000 pounds, I want to do it

this way. Then what we do is we take most of the costs from the product. And that's traditionally how most financial advisors and planners will work. Some people do it differently. Some people say, okay, I'm 500 pounds for initial consultation. For me, that's just not right. Yeah. And I think it's, you've got to trust the person that you're working with. Like I said, it's a bit like therapy. Yeah. And for me, a lot of my clients have become friends because you get to know them probably more than you do know your own friends.

Yeah, definitely. And know, you know, what ultimately they're wanting to do and their financial situation, which, as I said, nobody ever wants to talk about and it's a horrible subject sometimes. Yeah, it's a good one. Oh, that. Well, most important question.

Yeah. What is your favourite meal and where's your favourite meal? And where's your favourite place to eat out, like in and about Glasgow? So I am ridiculously fussy. I'm vegetarian. Right. But I hate mushrooms. Yes.

Same. Which I think is a vegetarian that's partly not allowed. Yeah, no, because everything's mushroom. Mushrooms struggle enough. And I'm like, ugh. I can't think that honestly. So I go to weddings and tell people I've got a mushroom allergy. Love it.

Which I don't. I just hate them. So favourite meal? God, I love, I love a potato. Yes. Love potatoes. Any mash potato. Any warmer potato.

So, favorite meal, if it's not potato, it would be, I love Mexican, so probably like a burrito. Yeah. Mm-hmm. Yum. Lovely. veggie chillo. veggie chili, sorry.

Veggie chili. Yeah. Yeah, I love cherry. Not too spicy, I'm not great on spice. No, I'm not either. Yeah, something like that. It takes a taste, right? Oh, what do I like?

I love. I do love a good Italian. Yeah. I think Italian for a veggie is quite... Quite good, yeah. Quite easy. You can always go quite safe. So I love a bit of Sartes.

Oh yeah. Where's that again? That's on... Oh, where is that again? I can picture the outside of it. On the corner. Two backing each other. I don't know but it's in...

It's not far from here. It's like a traditional old-school Italian. It's lovely. It's nice. Spatini, I was like. Oh, you hate something I don't mean? No, I don't hate it, I had a bad experience. Oh did you?

Yeah, it's so bad. But we should probably try it again. Yeah, I've only been like twice. Yeah, I thought I was this kid. But again, I don't think you can go wrong with, for a veggie. It's like, I know. I mean it's safe for you then. It's pasta.

Yeah. It's not. Like how bad can it be? Yeah. Um... Where else? What else? Have you been to Don Costanzo?

No. You need to try there. then if you like Italian. That's our favourite Italian, isn't it? One of, yeah, definitely. Yeah. So you go, number one. Yeah, and I went to on Royal Exchange Square, the bank, is it Bank of, in Roma? Yes. It's nice, yeah, really like that recently. It was there for girls night.

Yeah, that would be nice for that. Nice drinks and stuff, you did that was old, don't me. It was our savings pot for. Oh, it was a free night out. Yes. Love it. Yeah, see you all. Love it. Why, well, thank you. That's really inside of all. I know thanks much for coming on. I feel educated and inspired to be rich. Better. I hope you guys found that helpful as well and we will put all of your details in the bio on the YouTube, we'll share on Instagram, all that good stuff. So hopefully everyone gets you up for that girl, ma. I think of you point that. I know.

I'll be hitting you up. Absolutely. Same by the way. Yeah, thank you so much for coming on and bringing a snack. Thank you. Thank you so much, girls. Bye! Bye. I'm looking.