To kick off the year we asked for your biggest money questions, which we're answering with financial adviser and friend of the podcast, Lisa Conway-Hughes.

This is Lisa’s advice firm LCH/WEALTH: https://lchwealth.co.uk

Correction: At 5:06 Lisa misspoke and said Tom would need 12-24k for 3-6 months of expenses as an emergency fund. She meant to say 6-12k (as in her example he'd have 2k expenses per month).

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–

If you purchase a product or service using one of the links above (including Lisa's firm LCH Wealth), we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - Franchise Exhibition ad

00:39 - Happy New Year

03:29 - House or Pension at 30

09:56 - Rent vs Buy 

15:08 - Salary Sacrifice rules have changed

16:56 - TaxZap ad

18:10 - How to derisk for retirement

22:10 - Running out of money

27:22 - How to retire early

29:37 - Pensions savings at 30/40/50

33:07 - Self-employed and pensions

38:11 - Vanta ad

39:16 - Will you get a state pension?

42:12 - Tax trick for low earners

46:45 - How to stop worrying about money?

49:55 - Know your number

54:19 - Can you spend more?

59:02 - How to pay less tax in retirement

01:02:33 - Pension or ISA?

01:04:22 - Inheritance tax

01:06:20 - Where to save to pay less tax?

01:07:15  - Basic money principles

It’s our final episode of 2025! To celebrate, we’ve brought back the hat to answer your questions. What’s been our favourite episode? Which guest completely changed our mind? And would we rather fight a duck-sized bear or a bear-sized duck? Plus, watch out for an incredible reveal from T… enjoy!

📩 We want to hear more from you in 2026. If you’ve had a big financial lesson you’d like to share with us, email our producers Ruth and Emma at [email protected]

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TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - Franchise Exhibition ad

00:39 - Our favourite episode

07:10 - Why we get along

10:35 - Vanta ad

11:39 - 2025 Proudest Moments

14:03 - 2025 Mistakes

21:08 - Long v short term

24:44 -  What we’ve changed

34:43 - TaxZap ad

36:00 - What’s changed our mind?

37:29 - Hair transplant

41:53 - What we want to do in 2026

43:22 - What if we were in charge?

49:23- Duck-sized bear or a bear-sized duck?

51:54 - 2026 market predictions

52:29 - T’s military camp experience

54:57 - 2026 resolutions

Amy is a member of the Making Money audience. Many of us have made mistakes in our investing journey but not everyone is brave enough to come on and tell us about it.

This episode was first published in November 2024

If you’ve had a big financial lesson like Amy and you’d like to share it with us, email our producers Ruth and Emma at [email protected]

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TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you don’t know Bill’s work here’s where I suggest you start:The Four Pillars of Investing: https://amzn.eu/d/hKCTHVJ 

The Intelligent Asset Allocator (recommended by Jack Bogle himself): https://amzn.eu/d/6NKLjTu 

The Investor’s Manifesto: https://amzn.eu/d/3kDgo57 

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - Moneyweek ad01:07 - 15 years in an index fund

09:15 - Pulling out in a crash

17:58 - Taxzap ad

19:12 - Looking for advice online

29:25 - Stock picking

36:26 - Vanta ad 

37:40 - Knowing when to sell

44:03 - Making mistakes

54:33 - How much money did Amy lose?

59:19 - Lessons

Most of us just want to know one thing: what’s the best way to invest? Decades ago, William J. Bernstein had the same question, so he decided to find out. That led him to become an early supporter of the simple, evidence-based approach: keeping costs low, diversifying widely, and not trying to beat the market. It’s basically the philosophy behind modern index investing and he shared it through several classic books, including The Four Pillars of Investing.

🤝 Learn about our financial adviser services & book free consultation: ⁠https://makingmoney.email/financial-advisors-audio⁠

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Franchise Exhibition - go for free: ⁠⁠⁠⁠https://www.franchiseinfo.co.uk/franchise-exhibitions/the-british-international-franchise-exhibition/⁠⁠⁠⁠

TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you don’t know Bill’s work here’s where I suggest you start:The Four Pillars of Investing: https://amzn.eu/d/hKCTHVJ 

The Intelligent Asset Allocator (recommended by Jack Bogle himself): https://amzn.eu/d/6NKLjTu 

The Investor’s Manifesto: https://amzn.eu/d/3kDgo57 

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - Moneyweek Ad

01:07 - Learning How To Invest

05:07 - What To Read (And What Not To Read)

09:07 - Ignore Forecasts

12:07 - The Biggest Risk In Investing

16:59 - Vanta Ad

18:12 - Should you be in 100% Equities?

24:03 - How To Fight Inflation

29:28 - Bitcoin

32:18 - Learning From History

35:49 - TaxZap Ad

37:03 - Are Too Many People Passive?

43:50 - Don’t Invest To Get Rich

46:07 - Returns Over The Next 100 Years

49:52 - Will You Survive Retirement?

01:00:23 - Why Young People Want A Bad Stock Market

How To Own The World’ was probably the biggest influence on me getting into investing. Its author, Andrew Craig, has now released a new edition tailored for readers under 30 (https://amzn.eu/d/4QqRHdJ). 

🤝 Learn about our financial adviser services & book free consultation: ⁠https://makingmoney.email/financial-advisors-audio⁠

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Franchise Exhibition - go for free: ⁠⁠⁠⁠https://www.franchiseinfo.co.uk/franchise-exhibitions/the-british-international-franchise-exhibition/⁠⁠⁠⁠

TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - The Power of Compounding

06:47 - The One Rule For Investing 

10:59 - Wealth And Money

16:06 - Vanta ad

17:17 - Capitalism And Prosperity

23:21 - Index Funds 

31:18 - TaxZap ad

32:34 - Saving the UK Economy

43:06 - Wealth Inequality

51:13 - Wealth And Value 

54:57 - Tax Wealth or Work?

58:35 - What You Should Know at 25

Who are the winners and losers of the Budget? What happened to growth? Will the tax changes actually happen? We sat down with Helen Miller, Director of the Institute for Fiscal Studies (IFS) to answer your questions.

🤝 Learn about our financial adviser services & book free consultation: ⁠https://makingmoney.email/financial-advisors-audio⁠

🎉 Sponsors

Franchise Exhibition - go for free: ⁠⁠⁠⁠https://www.franchiseinfo.co.uk/franchise-exhibitions/the-british-international-franchise-exhibition/⁠⁠⁠⁠

TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - What Happened?

06:00 - Doom and Gloom

09:58 - Public Services

16:13 - TaxZap Ad

17:28 - Winners and Losers

21:03 - What About Growth?

27:58 - Mansion Tax

30:23 - Vanta ad

31:34 - Will The Changes Happen?

35:34 - Freezing of Tax Bands

41:00 - Broken Manifesto Promises

44:05 - Salary Sacrifice

48:56 - Tax Complexity

53:40 - Tax Reform

59:44 - Why Don’t Politicians Listen

01:03:34 - ISAs

01:10:40 - What’s The One Thing?

Sorry there's no episode for you to get stuck into yet, that's because we're recording a special budget episode with the Director for the Institute of Fiscal Studies, Helen Miller today. We'll be uploading the episode as soon as it is done so stay tuned!

When is it the right time to open a limited company? How should you budget when you're self-employed? And how do you stay as tax-efficient as possible? You sent us your biggest questions about self-employment, so we brought in financial planner and trained accountant Tom Ashworth, who’s also helping T set up his own Ltd company, to answer them. 

Book a free chat with Tom: https://makingmoney.email/chat-with-tom

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TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

Nearly half of working-age people are saving nothing for retirement — so what’s gone wrong, and what changes are coming? We sat down with Pensions Minister Torsten Bell at the Pensions UK conference in Manchester to unpack the government’s plan.

🤝 Learn about our financial adviser services & book free consultation: ⁠https://makingmoney.email/financial-advisors-audio⁠

🎉 Sponsors

Franchise Exhibition - go for free: ⁠⁠⁠⁠https://www.franchiseinfo.co.uk/franchise-exhibitions/the-british-international-franchise-exhibition/⁠⁠⁠⁠

TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

00:00 - We’ve got to finish the job

05:17 - 45% of people aren’t saving for retirement

08:20 - We can’t get complacent

10:53 - TaxZap ad

11:52 - Big changes are coming

16:36 - Does the pensions industry have a problem?

21:09 - Should your pension be invested in the UK?

24:29 - Vanta ad

25:39 - What age will you get a state pension?

30:47 - Is the triple lock putting future retirements at risk?

33:42 - What will happen over the next 5 years?

35:08 - What we thought about the Pensions Minister 

We’re living longer, saving too little, and the state pension’s under pressure. So, can we actually afford to retire in the future?  Our favourite pensions expert Tom McPhail joins us to chat through what’s changing in the current pension system, what’s not, and what it all means for your future.

🤝 Find the right financial adviser service for you

Book free consultation: ⁠https://makingmoney.email/financial-advisors-audio⁠

🎉 Sponsors

Franchise Exhibition - go for free: ⁠⁠⁠⁠https://www.franchiseinfo.co.uk/franchise-exhibitions/the-british-international-franchise-exhibition/⁠⁠⁠⁠

TaxZap - Do your self-assessment by Jan 31 & use code MONEY10: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://makingmoney.email/taxzap⁠⁠⁠⁠⁠⁠⁠⁠⁠

Vanta - Get your company secure and compliant:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠https://vanta.com/makingmoney⁠⁠⁠⁠

–

If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.

This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - We’re at a crisis point 

05:56 - Is it too late?

10:42 - Is change even possible?

13:16 - What could change today?

18:50 - Vanta ad

20:00- Who doesn’t have enough to retire?

23:40 - Will consolidating schemes benefit you?

29:50 - Have you lost a pension pot?

34:25 - TaxZap ad

35:34 - Should the government force schemes to invest in the UK?

43:58 - Is the state pension a ticking time bomb?

53:05 - What actually gets people to save more?

55:35 - Why the triple lock needs to go

58:38 - What’s coming in the Autumn Budget?