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Money Management - Episode 3: Savings
Shaz looks at the different ways you can save money as part of the overall strategy anyone should have in place for money management.
Savings is about the income you derive from it and the capital appreciation and savings can be in various different forms such as an ISA, bonds, real estate or property.
This is a concise and informative overview with useful information for anyone considering the best way to save.
KEY TAKEAWAYS
- With an ISA money can only be added each tax year but there is a limit. Any income generated is tax-free and an ISA can be transferred between providers.
- To qualify for stocks and shares ISA’s an individual must be over 8 years old and resident in the UK.
- Investment in stocks and shares ISA’s are exempt from dividend tax and capital gains tax.
- The innovative finance ISA includes peer to peer loans. It is quick and flexible although the interest rate can be higher.
- Fixed-rate savings accounts offer higher interest but your money is locked in for a certain amount of time
- The most common investments are shares, bonds and the property market and are most suitable for the longer term.
- You can invest in anything and may consider investing in a business as a silent partner
- Make sure you take into account all costs involved when investing so you know what’s involved and what you will be spending
BEST MOMENTS
‘There are junior ISA’s available for your children’
‘Regular savings accounts are good for habit building’
‘The higher the risk the higher the potential return’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
View all episodes
By Shaz NawazShaz looks at the different ways you can save money as part of the overall strategy anyone should have in place for money management.
Savings is about the income you derive from it and the capital appreciation and savings can be in various different forms such as an ISA, bonds, real estate or property.
This is a concise and informative overview with useful information for anyone considering the best way to save.
KEY TAKEAWAYS
- With an ISA money can only be added each tax year but there is a limit. Any income generated is tax-free and an ISA can be transferred between providers.
- To qualify for stocks and shares ISA’s an individual must be over 8 years old and resident in the UK.
- Investment in stocks and shares ISA’s are exempt from dividend tax and capital gains tax.
- The innovative finance ISA includes peer to peer loans. It is quick and flexible although the interest rate can be higher.
- Fixed-rate savings accounts offer higher interest but your money is locked in for a certain amount of time
- The most common investments are shares, bonds and the property market and are most suitable for the longer term.
- You can invest in anything and may consider investing in a business as a silent partner
- Make sure you take into account all costs involved when investing so you know what’s involved and what you will be spending
BEST MOMENTS
‘There are junior ISA’s available for your children’
‘Regular savings accounts are good for habit building’
‘The higher the risk the higher the potential return’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
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