Money Tips Podcast

Another bank bailed out while Paris burns.

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As expected, Jeremy Hunt’s first budget did little to excite investors and the property industry.

Watch YouTube video - https://youtu.be/igKUWeiF4W4

With the country still recovering from the events of the last two years and massive Government debt there was not much money to give away in this budget. Chancellors usually save that for a pre-election budget!

Jeremy Hunt highlighted concerns about the banking sector, following the collapse of America’s Silicon Valley Bank, Signature Bank and a further bailout by the US banks, but reassured us that the UK banking industry is safe.

European Central Bank supervisors see no contagion for euro zone banks from recent sector turmoil, a source said on Friday, after U.S. lenders threw First Republic Bank a $30 billion lifeline and tapped record amounts from the Federal Reserve.

Large U.S. banks on Thursday were forced to rescue the San Francisco-based lender, which was caught up in market volatility triggered by the collapse of two other mid-size U.S. banks.

This week, Credit Suisse went ‘cap in hand’ to the central for an emergency bank loan of up to $54 billion to shore up its liquidity – banking terms for having no money!

The National Residential Landlords Association described it as a missed opportunity to tackle the supply crisis in the private rented sector and the Royal Institution of Chartered Surveyors (RICS) said it was disappointed by the lack of housing ambition in the budget.

However, the Chancellor did announce 12 new Investment Zones across the UK and relaxed Immigration Rules to help the construction industry cope with staff shortages.

Most of us will be paying more tax  in the coming years due to the ‘fiscal drag’ caused by tax allowances not rising in line with inflation each year.

Here’s a summary of the main points, but you can read the full budget speech at the commons library - https://commonslibrary.parliament.uk/research-briefings/cbp-9748/

Budget main points

• Energy cap limiting typical household energy bills to £2,500 a year extended to June 
• £200m to bring energy charges for prepayment meters into line with prices for customers paying by direct debit - affects 4m households
• Lifetime Allowance – the cap on amount workers can accumulate in pensions savings over their lifetime before having to pay extra tax (currently £1.07m) to be abolished
• Tax-free yearly allowance for pension pot to rise from £40,000 to £60,000 
• The 5p cut to fuel duty on petrol and diesel, due to end in April, kept for another year
• Office for Budget Responsibility (OBR) predicts the UK will avoid recession in 2023, but the economy will shrink by 0.2%? Economy shrinking but not in recession!
• Growth of 1.8% predicted for next year, with 2.5% in 2025 and 2.1% in 2026
• UK's inflation rate predicted to fall to 2.9% by the end of this year, down from 10.7% in the last three months of 2022
• Underlying debt forecast to be 92.4% of GDP this year, rising to 93.7% in 2024
• Corporation tax, paid by businesses on taxable profits over £250,000, confirmed to increase from 19% to 25% making the UK a less competitive place to invest
• Companies with profits between £50,000 and £250,000 to pay between 19% and 25%
• Companies able to deduct investment in new machinery and technology to lower their taxable profits
• Tax breaks and other benefits for 12 new Investment Zones across the UK, funded by £80m each over the next five years
• £200m this year to help local councils in England repair potholes
• £900m for new super computer facility, to help UK's AI industry
• 30 hours of free childcare for working parents in England expanded to cover one and two-year-olds, to be rolled out in stages from April 2024
• A £600 "incentive payments" for those becoming childminders, and relaxed rules in England to let childminders look after more children
• New fitness-to-work testing regime to qualify for health-related benefits
• New voluntary employment scheme for disabled people in England and Wales, called Universal Support
• Tougher requirements to look for work and increased job support for lead child carers on universal credit
• £63m for programmes to encourage retirees over 50 back to work, "returnerships" and skills boot camps
• Immigration rules to be relaxed for five roles in construction sector, to ease labour shortages

Source: BBC News

We are living in turbulent times. Need more help with your money, finances, or debt?

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success Money Management!

I want to help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #mortgage #interestrates #property #budget  #franceriots #parisriots #pension

The UK mortgage market is constantly evolving, with new economic factors shaping the landscape. As of the start of 2023, there are several notable updates to the UK mortgage market that potential buyers and homeowners should be aware of.

Interview with Mortgage Advisor Miriam Nawagamuwa CeMAP  

One of the biggest changes is the increase in interest rates. The Bank of England has been hiking its base rate since 2021 to 4%, the highest in 14 years. Mortgage rates have risen substantially, making borrowing more expensive. However, there are still competitive rates available for those with good credit scores and larger deposits or equity.

In addition to interest rates, the UK mortgage market is also seeing increased competition among lenders. More and more online-only banks are entering the market, offering lower rates and faster application processes. This is good news for borrowers, given them more options to choose from when shopping for the best mortgage deal.

Stricter lending and affordability checks have been introduced following the Financial Conduct Authority's (FCA) lending review in 2022. Mortgage lenders now consider borrowers' regular expenditure and other financial commitments when assessing affordability. In the past, banks lent based on a simple multiple of salary. The tough new criteria means that some borrowers may find it harder to secure a mortgage or re-mortgage, but ensures that lenders are lending responsibly and not overstretching borrowers. 

The lending ‘stress test’ bar has also been raised on buy-to-let mortgages, pushing more investors into higher yielding HMO’s, holiday lets and serviced accommodation.

Regulators do not want a repeat of the 2008 financial crisis largely caused by banks lending recklessly to borrowers with a poor credit history.

Finally, the government's Help to Buy scheme will end in March 2023. This scheme allowed first-time buyers to purchase a home with just a 5% deposit, with the government providing a loan of up to 20% (or 40% in London) of the property value.

Overall, the UK mortgage market is a complex and ever-changing landscape. It's essential for potential buyers and homeowners to keep up to date with the latest developments and to seek professional advice before making any significant financial decisions. With the right knowledge and support, it's possible to navigate the market and secure a mortgage that meets your needs and financial goals.

How to contact Miriam:

Miriam Nawagamuwa CeMAP
Mortgage and Protection Advisor
Larkin Financial Services Ltd
[email protected]
https://www.larkinfinancial.co.uk

Need more help with your money, finances, or debt?

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome #bankfailure #siliconvalleybank

US regulators have taken control of Silicon Valley Bank (SVB) as a liquidity crisis caused the biggest bank failure since the 2008 Crisis.

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The Bank of England said depositors in the UK arm of SVB will be protected up to £85,000 and the US regulators protect depositors up to $250,000.

This will not help firms like Roku which is reported to have had $487 million in SVB.

 Here in the UK, the media is concentrating on more important issues than the failure of America’s 16th largest bank, Gary Lineker!

The MOTD football presenter, who is paid in excess of £1,000,000 a year for his weekly show, was suspended by the BBC this week after tweeting remarks about the government’s migrant policy. Several other presenters have walked out in sympathy with Lineker wrecking the BBC’s weekend football schedule.

The demise of SVB, which started in 1983 and employs 8500 people, is a sign that higher interest rates and the Fed’s QT policy is starting to bite the economy and that we are not out of the woods.

Key Lessons:

Don’t leave all your eggs in one bank basket. Who knows where your cash is really safe in times of financial crisis?

Be more financially aware.

Learn more about money and how to manage your finances.

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome #bankfailure #siliconvalleybank #garylineker #football #MOTD #bankcrisis

In these times of economic  uncertainty and turmoil, Money Tips looks at ways to generate and earn recurring income streams.

1. Rent out property or equipment
2. Invest in dividend-paying stocks or funds
3. Create and sell a product or service on a subscription basis
4. Offer consulting or coaching services
5. Create and sell an online course or e-book
6. Develop and sell a mobile app or website
7. Invest in a franchise or cash flowing business
8. Become an affiliate marketer selling other people’s products
9. Create and sell a physical or digital product on a recurring basis
10. Build and monetize a YouTube or social media following.

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success In Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #governmenttraining #recruitment

1. Set financial goals: Start by setting clear and specific financial goals for yourself, whether it's paying off debt, saving for a down payment on a house, or building an emergency fund.
2. Make a budget: Creating a budget is a crucial step in managing your money. Determine your income and expenses, and make sure you are living within your means.
3. Track your spending: Keep track of your spending by writing down all of your expenses, and review your spending regularly to identify areas where you can cut back.
4. Save for emergencies: An emergency fund is a must-have for anyone looking to manage their money effectively. It will provide a financial safety net in case of unexpected expenses or loss of income.
5. Reduce debt: High-interest debt, such as credit card debt, can be a major burden on your finances. Create a plan to pay off your debt as quickly as possible.
6. Invest wisely: Investing can help you grow your wealth, but it's important to be smart about it. Do your research and invest in assets that align with your goals and risk tolerance.
7. Take advantage of employer benefits: Many employers offer benefits such as 401(k) matching, health savings accounts, and flexible spending accounts. Take advantage of these programs to help you save money and manage your finances.
8. Shop around: Whether you're buying groceries, clothes or any other item, it's important to shop around for the best deals. Compare prices from different retailers and online marketplaces to ensure you're getting the best value for your money.
9. Consider a financial advisor: A financial advisor can help you create a financial plan that is tailored to your specific needs and goals. They can also provide valuable advice and guidance on investment and retirement planning.
10. Keep learning: Managing your money is an ongoing process, and it's important to stay informed and educated about personal finance. Read books, articles, and blogs on the subject, and attend financial workshops or seminars to continue learning and growing your knowledge.

Need more help with your finances or debt?

We are living in challenging economic times.

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #governmenttraining #recruitment

Property prices are tumbling in the US, Germany, Sweden, Denmark and the UK.

Higher interest rates and borrowing costs are hitting the property market across the globe.

The FT reports that there will be a global property meltdown this year, especially in overheated markets like Canada and New Zealand.

The property market in China is now at the slowest pace since records began in 1992 – down 26% last year.

Home prices in several US cities are crashing, following a recording boom from 2020-22, including Houston, Sacramento and Las Vegas. 

The cost of a 30-year fixed rate mortgage hit 7% recently, more than double the rate in 2022 and the highest since 2008.

Mortgage demand in the US is at its lowest for 25 years and house sales fell by a quarter last year.

Denmark has suffered the biggest fall in a decade, where house prices fell 3.8% in the third quarter of 2022 despite an interest rate of 1.75%, according to Yahoo Finance. In neighbouring Sweden, house prices have crashed by 20% in the last five months, says Yahoo.

Prices have fallen for the fifth consecutive month in the UK, where fixed mortgage rates reached 6% last year pushing affordability beyond the reach of average buyers.

Average property prices are close to ten times average incomes and much higher in parts of London and the south east of England.

Renters are also leaving London in droves to escape unaffordable rents and in search of cheaper properties to buy.

The Bank of England increased base lending rates by 0.5% last week to 3.5% in a bid to control the inflation their actions largely caused.

UK mortgage rates fall below 4%

Virgin and HSBC are offering fixed rates at 3.00% as lenders slash rates to stimulate demand. However, the headline rates required a 40% deposit and are usually for residential mortgages as opposed to buy-to-let loans.

Experts believe the property market will fall this year, but not at the same rate as in Sweden and Denmark. 

Despite demand for housing in the UK, prices in popular areas are unaffordable and will have to come down unless the market simply stagnates. Transactions are down by 30% and buyer enquiries are at the lowest level since 2008 (excluding 2020).

Like the overheated stock markets, property markets regularly go through a 10-12-year boom and bust cycle. The current boom has been fuelled by an unsustainable central bank money printing on an industrial scale since the 2008 financial crash.

Happy Valentines Day!

Learn more about getting control of your finances using my 3-Step Money Management Formula on my free training webinar. 

If you’re struggling or worrying right now, I want to show you:

• 3 Steps to get control of your finances and spending and not only survive, but thrive in a recession or depression?

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment. Act now and take advantage of this limited time offer.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #property #interestrates #propertyprices #houseprices #housingmarket #interestrates

Exploring the Power of Hypnotherapy and NLP with Anxiety Expert Gavin Rubenstein

Watch video - https://youtu.be/cB9PhKZfjUk

To contact Gavin visit - www.gmrhypnotherapy.com

Learn more about getting control of your finances using my 3-Step Money Management Formula on my free training webinar. 

If you’re struggling or worrying right now, I want to show you:

• 3 Steps to get control of your finances and spending and not only survive, but thrive in a recession or depression?

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment. Act now and take advantage of this limited time offer.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #property #interestrates #hypnotherapy #NLP #anxiety 

The Whitney Houston biopic, ‘I Wanna Dance With Somebody’, shows how making money and getting rich are not enough to stay rich.

For more great tips and money-making ideas and coaching offers see Master Your Money the S.M.A.R.T Way training. Check it out for free - https://bit.ly/3isugCr. 

Whitney Houston was the biggest female star of her time selling millions of records and selling out shows all over the world, but nearly went broke because left the management of her financial affairs to her Father who frittered millions of dollars away on private jets, hangers on and high living. 

Many other stars have made and lost a fortune, which I talk about in my books.

It’s a lesson for all of us.

It doesn’t matter how much money you make, you will never be financially free without proper money management.

Learn how to manage your finances in 28 days, without pain.

In my S.M.A.R.T MONEY course I teach five principles of managing and making money.

For more information see my free Master Your Money the S.M.A.R.T Way training. Check it out - https://bit.ly/3isugCr. 

#money #business #whitneyhouston #iwannadancewithsomebody #moneymanagement #smartmoney #freemoneytraining #financialfreedom #getrich #stayrich #moneycanyouhappiness 

The average house price in the UK fell for the fourth month in a row in December as prices plummeted by 1.5% compared to November - the average house price is now £281,272, according to Halifax.

For more great tips and money-making ideas and coaching offers see Master Your Money the S.M.A.R.T Way training. Check it out for free - https://bit.ly/3isugCr. 

December's decline was not as high the 2.4% drop in November.

Annually, house prices grew by just 2% compared with December 2021 - down from 4.6% annual increase recorded in November – and the slowest rise since October 2019 when prices were going up by 1.1%.

Mortgage approvals unsurprisingly declined to their lowest level in two years as interest rate rises deterred buyers, new Bank of England figures find.

Mortgage approval lending slumped to just 46,000 in November, down from under 58,000 in October, the BOE reports.

Home-buyers and buy-to-let investors were put off by a massive rise in mortgage interest rates following a succession of base rate hikes designed to curb soaring inflation.

Rates have gone up nine times since December 2021 to 3.5%, the highest level in 14 years. 

The average 5-year fixed rate mortgage rate recently reached just under 6% hitting 100,000 per month with higher payments of up to three times their previously deal.

Economists and experts have predicted that already depressed house prices could further fall by up anything from 10% to 20% in 2023.

Bank of England figures also reveal that people are borrowing more on credit cards - up by £1.2bn - as cost of living pressures continue to hammer household and business budgets.

Despite higher rates, householders increased mortgage borrowing against their homes by an additional £4.4bn in November.

UPDATE ON MTD

Good news for business. Making Tax Digital and quarterly reporting bureaucracy changes for self-employed will be postponed for two years until 2026, HMRC has announced.

See also:

See My UK Property Predictions For 2023 – Where Is The Housing And Rental Market Going?

Watch video on my YouTube channel - https://youtu.be/ekDrJUZ6pUg

Toronto Property Market Explained By Luc Lising One Of Canada’s Top Realtors  - Watch full video interview - https://youtu.be/lldv5gL1GaQ

What Are You Doing Today To Make Your Life Better Tomorrow? 

Watch video version on my YouTube channel - https://youtu.be/G8_SKQgGisI

The UK Prime Minister Rishi Sunak wants to force children to study mathematics until 18, but they should be teaching them about finance, mortgages, investing and pensions. 

For more great tips and money-making ideas and coaching offers see Master Your Money the S.M.A.R.T Way training. Check it out for free - https://bit.ly/3isugCr. 

#property #rentalmarket #finance #financialfreedom #freefinancialtraining #freetraining #money #wealth #landlord #buytoletlandlord #property #goals #plans #interestrates #mentor #canadapropertymarket #GTApropertymarket #torontoproperty #luclising #filipinocanadian

The Bank of England has increased rates nine times since December 2021 to try to dampen the rate of price rises, also known as inflation. Interest rates are currently 3.5%, the highest level in 14 years.

For more great tips and money-making ideas and coaching offers see Master Your Money the S.M.A.R.T Way training. Check it out for free - https://bit.ly/3isugCr. 

In this exclusive interview with 22-year-old Canadian-Filipino Luc covers:

• Why buying in a property downturn is the best time for opportunities.
• The advantages of buying off-plan new build condos in the GTA.
• Government ban foreign property investors.
• What you MUST do to be successful.
• The importance of having a mentor.
• Don’t meditate on work, just work!
• Simple businesses that work!

Watch full video interview - https://youtu.be/lldv5gL1GaQ

The UK housing market will shrink - but not necessarily crash - next year, industry experts agree, as the government fights recession and higher mortgage rates.

House prices have been dropping month-on-month with average prices down 2.3% in November from October – the most since the start of the financial crash in 2008 – according to Halifax.

See My UK Property Predictions For 2023 – Where Is The Housing And Rental Market Going?

Watch video on my YouTube channel - https://youtu.be/ekDrJUZ6pUg

#property #rentalmarket #finance #financialfreedom #freefinancialtraining #freetraining #money #wealth #landlord #buytoletlandlord #property #goals #plans #interestrates #mentor #canadapropertymarket #GTApropertymarket #torontoproperty #luclising #filipinocanadian