Money Tips Daily by Charles Kelly, former IFA and author of

You have until 29 August to submit your claim for mis-sold PPI insurance.

Weekend Moey News Roundup.

Amazon is running and Amazon Prime day shortly and will be running special offers in order to get people to buy more stuff.

If you are shopper, then you might pick up a few bargains on the other hand you might spend money on things you don’t need!

If you are a marketer, I assume you have already prepared for this day.

What is the point of these days? 

It’s easy to be cynical about Black Friday, Christmas, January sales, Mother’s Day, Father’s Day, Easter and so on. 

The aim is obviously to create an event and encourage people to buy.

Do you have to wait for those specific days? No, you can have your own events. 

Rob Moore of Progressive recently merged two divisions of his company into one. Rather than just let it pass as an accounting event, he had a progressive day in which he had special offers on his courses, one off special deals...you get the picture. 

Despite the fact that we are all shopping more and more online these days, good shopping malls are still thriving. Why, because they are a destination, an event and a meeting place. 

I was recently in The Mall of Asia in Manila, one of the largest shopping malls in Asia. The owners son, Harley Si, once told me that it would take three days to visit every shop in the huge shopping city! They have free concerts, exhibitions and even fireworks and are always busy seven days a week. 

That part of Manila Bay was once covered by water. People with great vision, such as the Si family, reclaimed the land and they have built five star hotels and casinos in an area that was almost forgotten. The aim is to make Manila the Las Vegas of Asia. A destination!

We need to do more than just offer a product or service and hope that people will buy it. Barnum was a master at this, as you can see in the fantastic movie The Greatest Showman.

In modern times, Richard Branson has always done some incredible stunts, such as flying around the world in the balloon, to market his brand!

Even if you have invented some entirely new and innovative products, you still have to marketed and promoted to get it out there. 

Think about your business and what you can do to create an event or something special to encourage people to use your product or service. 

To learn how to make money on Amazon, email me at [email protected] 

How to trace lost accounts and investments

A recent report explains how the UK government is planning to expand its dormant accounts scheme to include some pensions, shares, and bonds, and take our money and donate billions of pounds to charity, according to Hargreaves Lansdowne.

The scheme will eventually mirror the dormant account scheme where the provider hasn’t been able to get in touch with the investor for at least 12 years, and there’s been no activity on the account. If you hold only cash in your account then after six years it will be considered dormant.

Banks and insurance company’s charges and fees will not be dormant, but your account will be considered dormant!

Your money could be taken and “allocated” to good causes by the National Lottery Community Fund. However, the current dormant accounts scheme gives people the right to reclaim their money at any time in the future.

The dormant accounts scheme has been running since 2011, and £1.2 billion in so-called dormant bank and building society accounts has been earmarked for charity.

Listen to my 3 steps to help avoid losing your accounts...

Find out where you can trace lost accounts and read the full article and podcast on my website www.moneytipsdaily.com 

In my book, In my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, two of which are Record and Review. Check it out on Amazon http://bit.ly/2MoneyBook.

Check those subscriptions as you might be paying for a service you don’t use.

4 in 10 people forget to cancel subscriptions costing British people £338 million per month. 

We’ve all done it, we sign up with the best intentions and then forget about it. Gym memberships, courses on trial or streaming films. Like me, you may be tempted by a free trial but find out later that you are still paying because you forgot to cancel after the free trial ended!

42% of people continue to pay for service they don’t use

A lot of these payments come out by bank direct debit but, which are easier to check by printing off a list of your bank direct debits or going into your bank and asking for a list of your bank direct debits (and standing orders). Direct debit’s and standing orders are easy to cancel at the bank or on your online apps.

However, a lot of online and American companies take recurring payments by credit card which are trickier to cancel and more difficult track unless you religiously check your credit card statement every month. 

In my book, you can read about the ‘3 R’s of Money Management’, outlined in Part 3 on ‘How to Grow and Manage Your Money’. As I’ve said in previous podcasts, making money and keeping money are two different skills.

To cancel these, you have to contact the company, which can be difficult if you’ve lost contact details, all the credit card company.

Calling your credit card company, which is a mission in itself, frequently results in them telling you to contact the company and asking them to cancel the subscription. Not very helpful.

They are also reluctant to refund money or reverse the payment when you inform them that it has been taken in error.

That’s why I like using my Monzo card because it alerts me on my phone app every time a payment is deducted from my account. Saved me money recently when click funnels were taking too much money from my account as they had upgraded me without my permission.

Check out Yes, Money Can Buy You Happiness, on Amazon - http://bit.ly/2MoneyBook

www.moneytipsdaily.com

Should the British NHS Treat Anyone Free of Charge Regardless of their Residential Status?

Should non-residents be charged for healthcare services?

What's your view?

 10 Tips on How to Survive and Thrive in a Recession 

1. Prepare for a recession because one always comes sooner or later.

2. Save and create an emergency fund.

3. Pay off and cut out consumer debt.

4. Create additional or multiple income streams.

5. Check on your investments and think about diversifying if you are heavily into equities or shares.

6. Talk to your family or friends. 

7. Reduce expenses to live within your means. 

8. Be that indispensable employee so that money still is keeps coming in.

9. Keep saving money as part of your budget.  

10. Avoid recession depression and try to enjoy life 

Should you be bothered about the US inverted yield curve and what is it?

When the yield on a 10-year US Treasury Bond falls below three-month government debt it signifies a recession is on the way.

The gap between three month and ten-year yields has been negative before every American recession in the past 50 years according to the Financial Times.

The news comes as the troubled Deutsche Bank announced 18,000 job losses worldwide, which will affect its City of London operation where it employs 8,000 staff. 

What should you do to prepare for a downturn in the economy? I’ll be going deeper into tips on surviving and thriving during a recession in part two of the podcast edition.

In my book, I talk about the wealthy who know how to preserve their ‘economy’ or what I call the ‘Uconomy’ and protect themselves whatever the outside economy is doing. They usually follow the ‘3 R’s of Money Management’, outlined in Part 3 on ‘How to Grow and Manage Your Money’. As I’ve said in previous podcasts, making money and keeping money are two different skills.

Read about money mindset in my book, Yes, Money Can Buy You Happiness, on Amazon - http://bit.ly/2MoneyBook

If you’re planning your holidays this year, make sure you have adequate travel insurance. Ignoring this advice could bankrupt you or leave you with a huge bill.

What is travel insurance?

Travel insurance covers things like medical expenses, trip cancellation or delays, lost or stolen baggage and personal liability while you’re travelling. The type of cover you need depends on the countries you’re visiting, the activities you’ll be doing on your travels, e.g. winter sports or summer holidays, and the length of your trip. Your age and health will also be a factor and you may need to find specialists providers. You’ll also need to state whether you want travel insurance for a single trip, multiple trips or for backpacking, as cover may vary and typical policies cover trips of up to 30 days at a time.

Why do I need travel insurance?

We love to travel, but accidents do happen, which can incur medical bills, delays, lost items and thefts. All of these unforeseen events can prove very costly if you’re not properly insured. 

Whilst it sounds like a no brainer to take out insurance, which can sometimes cost as little as £10 for a short trip, 1 in 4 people do not take out any travel insurance for their holidays, according to Compare The Market.com. When you consider the minimal cost of a policy and the fact that travel insurance providers paid out £370m in 591,000 claims last year, according to the Association of British Insurers (ABI). 

The potential costs of travelling without insurance for emergency medical care are horrendous. The ABI has examples of what has been paid in 2017 for claims that you would have to pay for yourself (in some cases, on the spot or before medical treatment) if you had no insurance cover:

· £768,000 was paid to cover the medical costs of treating a traveller who suffered a stroke in the USA.

· This includes £60,000 for an air ambulance back to the UK.

· £125,000 to pay for surgery following a jet-ski accident while holidaying in Turkey.

· £136,000 for treating complications following an insect bite in Chile. This included paying for a nurse to escort the traveller home.

I have seen first-hand what happens when people have no insurance. Two friends of mine had family deaths on holiday. One had insurance, but the other did not because he was driving. It cost the family a fortune to fly the body back home and pay all the handling charges.

It doesn’t matter whether you’re taking the family to the beach, a student on your gap year taking the trip of a lifetime or simply making the most of your retirement, you must find a travel insurance policy to keep you covered. Check comparison sites or speak to an independent broker.  

As I say in my book, the wealthy know how to preserve their money and protect themselves against liability. As I’ve said in previous podcasts and in my book, making money and keeping money are two different skills.

Make sure you watch your back because you never know what’s coming your way.

Read about money mindset in my book, Yes, Money Can Buy You Happiness, on Amazon - http://bit.ly/2MoneyBook

Some of the top finance stories this week:

Amazon is 25 years old looks set to dominate the world, although I’ve heard that before with other companies like Facebook.

House prices continue to fall in London. According to the nationwide survey house prices in London fell for the eighth consecutive quarter and grows in other parts of countries slowed to just .5%.

Earlier this week it was reported that the salary needed to buy the average property in London is now £84,000. This figure also reflects the tight lending policy imposed by the government a few years ago in order to stop another house price boom and bust.

Excessive stamp duty does not help the situation 

This news may be good for buyers and even investors who want to pick up cheap properties. However, stamp duty is a factor. For instance, if you Bought a three bed house or similar price property in London inside zone three or four for £575,000 to £600,000 your stamp duty would be over £34,000. 

Then look at the yield. If you were able to get a rental of £19,000 - £20,000 pa your gross yield would be around 3%. Some agents in London are claiming that 3% is a good yield! Nonsense. If interest rates were not so low – 2%ish on a buy-to-let mortgage - and landlords were not taking interest only mortgages, most London property deals would not stack up at all.

Inheritance tax (IHT) is to be simplified and possibly tightened up following a review by the office for tax simplification. One of the suggestions is to reduce the seven-year rule to 5 years, but I expect loopholes to be closed in order to squeeze even more money out of the taxpayer! What does this mean for you? Seek tax advice from an expert if you are worried about IHT.

Boris Johnson and Jeremy Hunt continue to fight out the battle for the leadership of the Conservative party and, by default, the country’s next Prime Minister. Both candidates are promising big rises in spending, which makes you wonder where the money is going to come from. Government ministers have previously said that there is “no money tree” and this is true. All the money that is collected in taxes is spent on running the country and more is usually needed which means borrowing and issuing government bonds. 

Stock markets at all time-high

Like any business, you can make cuts here and there and try to save on salaries or marketing, but unless you produce more, make more sales and make more profits you are just juggling figures and robbing Peter to pay Paul. 

Coming out of the European Union would in theory save £39 billion on the EU contribution, although how much we save in net terms we are not exactly sure. However, they could also be a recession and I slowdown in the immediate aftermath of Brexit.

Stock markets steadied as Trump reins back on his threatened trade war with China, but are at an all-time high following a ten-year bull run. 

The price of gold has risen in the last few months indicating that investors are looking for a safe haven for their money.

Britain’s oldest builder, Brighton based R Dutnell and Sons (now there’s an old name) went into liquidation. Quite sad because the firm had been trading since 1591 And been run by 13 generations of the same family. Can anyone save them?

On the good news front, Jaguar Land Rover have agreed to invest hundreds of millions of pounds building the new generation of electric vehicles in the UK.

Charles Kelly

Money Tips