Money Tips Podcast

Key points to consider:

• The UK government is pumping billions into the economy and…

• Asset prices usually inflate after a fiscal stimulus, as they did after 2008

• Property has been on a 12-year bull run and prices are at an all-time high

• Stamp Duty holiday, Furlough and tenant protection will end by March 21

• OBR report for government says property prices will fall by 8% next year

• Anti-landlord legislation and taxes could push investors into selling mode

• Interest rates are at an all-time low and are expected to remain low for years

• Government 5% deposit help scheme could boost first-time buyer purchases

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

• Philip Green’s Arcadia could go bust

• He is in Monaco sitting on his billions

• Buying Arcadia and BHS, a classic BRR

• He bought businesses and got his cash out

• Mike Ashley wants to buy the assets cheap

• Business Buying Opportunity Webinar

• UK introduces Tier system lockdowns

• Biggest economic decline in 300 years

• UK national debt now exceeds £2 Trillion 

• Government borrowing will reach £394bn

• Average house prices reach an all time high

• Property marketing slows down in London

• How a crash will affect your pension plan

• Why live in expensive town centres anymore?

• Thousands trapped in unsellable leasehold flats

• Government extends ban on landlords evicting tenants 

• Self-employed, have you claimed your government grant?

• Why UK Property prices rising after stamp duty cut, despite the downturn?

• New planning rules will open up more opportunities to make money in property

• You can create a second income during the lockdown…and come out stronger

• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

The 2020 business buying opportunity webinar will reveal:

• The 10 strategies and tactics which have CHANGED as a result of lockdown
• Three compelling reasons why now is the right time to buy a business and why you just can’t miss out
• Why the number of businesses coming to market over the next twelve months will at least triple - and it’s not just because of Coronavirus
• How to, without insulting the seller, lower the price by at least 50%, with one simple sentence
• The real secret of finding businesses to buy – and it’s not cold calling or LinkedIn
• Why Business Brokers are now your friend – even though for years I’ve been saying that they are the enemy...

Your webinar host Jonathan Jay:

"During lockdown I completed the purchase of SIX business, without meeting anyone face to face and without leaving my home. And I have another three at exchange, about to complete.

But here’s the best part – because of the lockdown, the deal structure changed overnight and this combined £3m a year annual revenue became mine, WITHOUT any of my personal cash invested."

Join Jonathan on Wednesday, 2nd December to find out how to utilise his exact strategy.

Claim your spot now! 

Click for more details - https://bit.ly/36dbTvS

As most of the UK goes into the second lockdown this year, Chancellor Rishi Sunak has changed direction by extending the furlough scheme until the end of March and promising more generous help for self-employed people.

Barely a week ago the Chancellor announced £22 billion package of aid for businesses affected by Covid restrictions, but infection rates have continued to climb forcing the government to adopt a new approach.

Support through the Self-Employment Income Support Scheme (SEISS) will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500.

However, millions of small business owners are slipping through the net and will not qualify for any help.

Stock markets went up and house prices have hit new highs following the bad news during the worst economic crisis since the second world war!

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

• Job Furlough Scheme extended

• UK state pension age rises to 66 

• How a crash will affect your pension plan

• House prices rise will reach all time high

• Why live in expensive town centres anymore?

• Thousands trapped in unsellable leasehold flats

• Government extends ban on landlords evicting tenants 

• Self-employed, have you claimed your government grant?

• Why UK Property prices rising after stamp duty cut, despite the downturn?

• New planning rules will open up more opportunities to make money in property

• You can create a second income during the lockdown…and come out stronger

• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken Honda Japan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

Register now for life-changing BLACK FRIDAY exclusive business skills offers:

https://bit.ly/39fNPKQ

Headlines

• Economic output falls 11.8% worst for 300 years
• Unemployment will rise to 7.5% or 2.6 million by Q2 2021
• Borrowing now at £394 billion, national debt £1 trillion
• Millions face work-based pensions cut
• Public sector worker pay freeze
• Overseas aid budget cut
• Council tax set to rise
• Markets still riding high despite downturn
• Britain’s largest estate agent in rescue plan

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

• Property prices fall in London
• Job Furlough Scheme extended
• UK House prices rise will reach all time high
• Why live in expensive town centres anymore?

Register now for life changing BLACK FRIDAY exclusive business skills offers:

https://bit.ly/39fNPKQ

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Get exclusive, MASSIVE discount offers, plus receive instructions on what to do, & when. Register now to be the first one to know!

In times of disruption and lack of control, this is one way YOU can secure your financial future. This is ultimately the BEST time to start gaining new business skills, a new mindset or a new income stream.

Register now for life changing BLACK FRIDAY exclusive business skills offers:

https://bit.ly/39fNPKQ

Chancellor announces £22 billion package of aid for businesses affected by new covid restrictions.

Rishi Sunak promised grants of up to £2,100 a month for ‘Tier 2’ companies that are not forced to close but are struggling to be commercially viable.

As many as 150,000 businesses could qualify for the payments, which could cost the Treasury £1.2billion. 

The new Job Support Scheme replaces the furlough and will be extended to firms that are legally allowed to open.

It will be more generous allowing employers to pay just 5 per cent of staff wages, while the minimum threshold for hours worked will be reduced to one day.

If an estimated two million people enrol, it could cost the Treasury £6billion. 

Mr Sunak also increased grants for self-employed workers to 40 per cent of the average profits, up to a maximum of £3,750 a month, which could cost about £3billion.

Government borrowing was revealed to be running at £1billion a day during the pandemic. 

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

• New Job Support Scheme

• Welsh Government lockdown

• UK state pension age rises to 66 

• Emergency help for energy bills - Ofgem

• How a crash will affect your pension plan

• House prices rise will reach all time high

• How to avoid bankruptcy in business

• Is this the end of office work as we know it?

• Why live in expensive town centres anymore?

• Thousands trapped in unsellable leasehold flats

• Government extends ban on landlords evicting tenants 

• Self-employed, have you claimed your government grant?

• Why UK Property prices rising after stamp duty cut, despite the downturn?

• New planning rules will open up more opportunities to make money in property

• You can create a second income during the lockdown…and come out stronger

• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken Honda Japan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

Today in Parliament, Boris Johnson announced further lockdown measures and business closures in selected cities where infection rates have increased. 

Liverpool and Nottingham are among the cities where businesses such as gaming will be forced to close. 

Last week, Chancellor Rishi Sunak Employees announced that people working for UK firms forced to shut by law because of coronavirus restrictions will receive two-thirds of their wages paid for by the government.

The scheme starts on 1 November for six months and could cost hundreds of millions of pounds a month according to a Treasury source speaking to the BBC.

The leisure and performing arts sectors have been hit hard and will welcome government new aid announced by the Culture Secretary, Oliver Dowden.

Venues and organisations including Liverpool’s famous Cavern Club and the London Symphony Orchestra will receive a share of £257m government arts funding.

Markets have barely reacted to the poor economic forecasts and the property market is up in most areas.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

• UK state pension age rises to 66 

• How will a crash affect your pension?

• House prices rise to reach all time high

• How to avoid bankruptcy in business

• Will demand for HMO rooms rise or fall?

• Is this the end of office work as we know it?

• Home workers one step closer to outsourced

• Why live in expensive town centres anymore?

• Buy-to-let landlords ignore “NO DSS” tenant ban

• Thousands trapped in unsellable leasehold flats

• 2m homeowners apply for mortgage payment holiday

• Government extends ban on landlords evicting tenants 

• Self-employed, have you claimed your government grant?

• UK property prices jumped by 3% since June following stamp duty cut

• Why UK Property prices rising after stamp duty cut, despite the downturn?

• New planning rules will open up more opportunities to make money in property

• You can create a second income during the lockdown…and come out stronger

• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken Honda Japan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

The state pension ‘Ponzi’ scheme becomes harder to fund as people live longer and the demographic ratio of working to retired people changes. There is no fund and the scheme relies on new entrants to pay out people in retirement.

The age at which the majority of UK retirees qualify for the state pension has now officially changed to 66 following rises in the qualifying age in the last few years.

For men and women born between 6 October, 1954, and 5 April, 1960, they will miss out on at least one year of state pension income and will only start receiving their pension – worth up to £175.20 per week - when they reach age 66.

It gets worse for those born later. The government will gradually phase in an increase in the state pension age to 67, and 68. Eventually, we will all have to work until 70 to get a state pension.

Use the government's calculator to find out your state pension age

Rishi Sunak, the UK chancellor, said he will maintain the "triple lock" pledge under a conservative government.

This means the state pension will increase each year in line with the highest of average earnings, prices (as measured by inflation) or 2.5%.

How will you be able to afford to retire?

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

• How will a crash affect your pension?
• House prices rise to reach all time high
• How to avoid bankruptcy in business
• Will demand for HMO rooms rise or fall?
• Is this the end of office work as we know it?
• Home workers one step closer to outsourced
• Why live in expensive town centres anymore?
• Buy-to-let landlords ignore “NO DSS” tenant ban
• Thousands trapped in unsellable leasehold flats
• 2m homeowners apply for mortgage payment holiday

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken Honda Japan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

You may have heard the saying, “rich as Croesus”. Meaning that you have to exceeding wealthy to be richer than the king of Lydia in Asia Minor in 560 BC. He is believed to be the first person to mint coins as “money” from gold, although I visited a ruin in Rome where the Italian guid said the Romans first minted coins and coined the phrase which became known as money. Why was Croesus fabulously wealthy? He formed and controlled his own currency which dominated the region.

Now others want to form their own currency and dominate the financial markets. 

Is it a currency or just a speculative investment?

But are cryptocurrencies, such as bitcoin, the answer or are they, in the words of Warren Buffett, a “mirage”?

Buffet has called it wrong on previous technological revolutions, but you have to sit up and listen to one of the greatest investors and richest men in the world. 

The leading and most well-known cryptocurrency is bitcoin. In the last five years, the price of a single digital bitcoin has risen from $263 to over $10,000. 

However, it rose to $17,000 in 2017 and failed to just over $3000 a year later. It has doubled in price since March 2020, as soon investors sought a “safe” haven for their cash during the financial crisis. 

What is Cryptocurrency?

Cryptocurrency is a digital assets design to become a medium of exchange where individual coin ownership records are stored on a ledger in the form of a computerised database records known as the blockchain.

The US dollar is the world reserve currency, which gives America a tremendous advantage because other countries need to change their currency into dollars to trade internationally. 

China is launching its own digital currency based on its paper currency, the Yuan. Although not the same as a cryptocurrency, China would like to break America’s dominance in the financial markets and become the most widely used international currency. 

How do you buy a Cryptocurrency such as a bitcoin?

The answer is you exchange your real money dollars or pounds for digital bitcoin stored in a “wallet”, which comes in various forms. 

When you sell it, you get back your dollars or pounds.

Bitcoin is not a practical and real currency accepted by markets and governments. You cannot go down to your local supermarket and pay for your shopping in crypto currency. Well, not yet. Digital currency is definitely coming as the banks try to phase out money using “Covid 19” as a convenient excuse, but whether this will be in the form of bitcoin is another question. 

Furthermore, if you accepted payment in bitcoin in December 2017 when the price of one coin was equivalent to $17,000, a year later that bitcoin would be worth $3000.

There are many other contenders for the digital currency market, including powerful companies like Facebook with their libre currency. 

Some form of digital currency will eventually replace paper money, but that will be a sad day for all of us. Money in your pocket represents a bit of freedom and more difficult for banks and governments to take it from you. 

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

• Trump tests positive for Covid 19

• Have you made a Will and is it valid?

• UK house prices soar 5% in September

• How to avoid bankruptcy in a business

• Is this the end of office work as we know it?

• Home workers one step closer to outsourced

• Why live in expensive town centres anymore?

• Buy-to-let landlords ignore “NO DSS” tenant ban

• Thousands trapped in unsellable leasehold flats

• New Job Support Scheme unveiled by UK Chancellor

• 2m homeowners apply for mortgage payment holiday

• Government extends ban on landlords evicting tenants 

• Self-employed, have you claimed your government grant?

• UK property prices jumped by 3% since June following stamp duty cut

• Why UK Property prices rising after stamp duty cut, despite the downturn?

• New planning rules will open up more opportunities to make money in property

• You can create a second income during the lockdown…and come out stronger

• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

UK house prices were up 5%, the highest growth rate in four years, in September year on year, according to the Nationwide Building Society’s lending data.

Mortgage lending also rose, reaching a 13-year high, as the property market experienced increased post-lockdown demand.

However, job loss fears and tighter mortgage lending criteria forced many young people to delay buying a property.

Activity has partly increased due to the temporary stamp duty holiday, which means no tax is paid on the first £500,000 of all property sales in England and Northern Ireland until the end of March.

However, some estate agents are saying that there is a “mixed bag” of demand, with some properties selling faster than others, for instance four-bed houses with space for a home office.

London based agents are reporting a “buyers’ market” with room for negotiation on properties for sale in the capital. Maybe the new ‘work from home’ pattern is encouraging young people to move out of city centres, where they have more space and can afford larger properties? 

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

• Have you made a Will?

• How will a crash affect your pension?

• House prices rise to reach all time high

• How to avoid bankruptcy in business

• Will demand for HMO rooms rise or fall?

• Is this the end of office work as we know it?

• Home workers one step closer to outsourced

• Why live in expensive town centres anymore?

• Buy-to-let landlords ignore “NO DSS” tenant ban

• Thousands trapped in unsellable leasehold flats

• New Job Support Scheme unveiled by UK Chancellor

• 2m homeowners apply for mortgage payment holiday

• Government extends ban on landlords evicting tenants 

• Self-employed, have you claimed your government grant?

• UK property prices jumped by 3% since June following stamp duty cut

• Why UK Property prices rising after stamp duty cut, despite the downturn?

• New planning rules will open up more opportunities to make money in property

• You can create a second income during the lockdown…and come out stronger

• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Following the tragic loss of a dear friend and business partner this week, I was reminded of just how precious and fleeting life can be. We all should make the best of our time on this earth.

She certainly packed more into her short life than most people would in three lifetimes.

Someone once said that there are two things certain in this life:

Death and taxes!

We’re all going to die one day, but unfortunately, taxes, and other financial liabilities, do you not die with you. The government still wants its share of your estate before it is passed on to your beneficiaries.

Even though you build up your savings and property from money on which you have already paid tax, the taxman still puts his hand out for a cut when you die so that the government can spend it. Each year, HMRC collect’s around £5 billion in inheritance tax (IHT) from ordinary families, as well as the rich. Politicians on the left would like to see this increase, as they do not believe children should inherit wealth.

You cannot change the system, but you can take steps to legally mitigate inheritance tax liabilities. See my article on the billionaire Duke of Westminster who legally avoids several billion pounds inheritance taxes. Even the staunch left-wing socialist MP Tony Benn used trusts to avoid inheritance tax on his substantial estate before he died.

You need to take advice on IHT planning, but three of the common methods used are:

• Wills

• Trusts

• Life Assurance

Where there’s a will there’s a relative.

There’s an old saying, “where there’s a will there’s a way”, but there is also a saying, “where there’s a will there’s a relative!”

When somebody dies, relatives you haven’t see for years turn up from all over the place.

Even if you think you don’t own very much, you should make a Will.

If you die without a Will, known as dying intestate, the state will make one for you and distribute your assets in accordance with the laws of intestacy. Furthermore, if no beneficiaries can be found when you die, your estate will go to the state!

Here are some points to consider.

Make a Will even if you think your situation is simple and you don’t see the point because you are going to “leave everything to your spouse or children”. Wills can include ‘expression of wishes’, such as whether you want to be buried or cremated, where you would like to be buried and the type of funeral service you prefer.

Have it done professionally preferably by your solicitor or a Will specialist. You can buy basic Will online or at WH Smith’s, but I wouldn’t recommend it, as it needs to be prepared properly in order to be valid. You don’t want relatives turning up challenging the Will or claiming that it is not valid for one reason or another.

Make sure that people can find your Will. Your solicitor can hold the original, but you also need to let people know you’ve made a Will. Burying it away in a drawer or in a box in the loft is not the best place. 

How will your family pay for your funeral? Do you have insurance, a funeral plan or a pre-paid funeral with a reputable firm?

People often do not realise that when a loved one dies, their financial assets, such as bank accounts, are effectively frozen. In other words, your family will not be able to access your money until a grant of probate has been given, which could take several months or even years in more complex cases. 

A basic funeral costs between £3000 and £5000, which will have to be paid for upfront. In addition, there are also costs for a graveyard plot, as well as cemetery or crematorium fees.

Make sure you have adequate life assurance if you have dependents.

You should also take advice about putting your insurance cover into trust so that it does not form part of your estate upon death, which means the money from the policy will also be paid out to beneficiaries far quicker without the need to wait for probate. 

I was in financial services for over 25 years and almost everybody I met was underinsured. Husbands who were the main breadwinners would often say things like, “well, she’s got the house hasn’t she?“.

People even have mortgages that are not protected by insurance. Clearing debts upon death should be your first priority unless you have no dependents.

Think about inheritance tax. Thousands of ordinary families with just one property have been hit with huge inheritance tax bills. You may want your family home to be preserved by your children, but the property may have to be sold quickly to pay inheritance tax.

You can also make use of lifetime allowances to gift monies to children or grandchildren.

Finally, don’t leave things to chance and take professional advice from your solicitor or financial adviser. This is not something for the DIY enthusiast!

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

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• House prices rise to reach all time high

• How to avoid bankruptcy in business

• Will demand for HMO rooms rise or fall?

• Is this the end of office work as we know it?

• Home workers one step closer to outsourced

• Why live in expensive town centres anymore?

• Buy-to-let landlords ignore “NO DSS” tenant ban

• Thousands trapped in unsellable leasehold flats

• 2m homeowners apply for mortgage payment holiday

• Government extends ban on landlords evicting tenants 

• Self-employed, have you claimed your government grant?

• UK property prices jumped by 3% since June following stamp duty cut

• Why UK Property prices rising after stamp duty cut, despite the downturn?

• New planning rules will open up more opportunities to make money in property

• You can create a second income during the lockdown…and come out stronger

• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com