'Where Your Treasure Is...': The Podcast where Faith and Finance Meet

In this bonus episode, Simon and Bex talk with Fiona Clarke, an Aberdeen Solicitor who specialises in Private Client work, an area of the Law which includes Estate Planning, Wills and Powers of Attorney.

Some key points covered in this episode include the following:

• Fiona introduces herself [01:13] and describes how she became a Christian. [02:01] She goes on to explain how she developed an interest in the Law [03:53] and the steps that led her to become a Private Client Solicitor. [04:42]
• In response to a question from Bex, Fiona talks about the way in which her faith interacts with her job on a day-by-day basis. [05:45]
• When asked to share some top tips from her area of expertise that may be of interest to listeners, Fiona highlights the vital importance of having a Will [08:23], putting in place a Power of Attorney arrangement [09:44] and taking proper financial advice, especially with regard to Pensions. [10:42]
• Fiona then covers various practical matters relating to the priorities that she has identified. In this section, she emphasises the importance of not using a Will template or Do It Yourself pack [11:38] and explains when someone should consider putting a will in place [16:18] and how much that is likely to cost. [20:53]
• Fiona also highlights the importance of not taking financial actions on the basis that a particular arrangement worked for someone else. When making significant gifts, for example, it can be very important to take specific financial advice because of the impact that an individual’s own, particular circumstances can have in that kind of situation. [21:52]
• In reply to a query from Simon about the best way of finding Private Client solicitors, Fiona draws attention to the useful information provided by the following organisations: the Society of Trust and Estate Practitioners; The Legal 500 and Chambers and Partners. [26:44]
• When asked for some concluding remarks, Fiona comments on the vital importance of good communication in this whole area – between and among advisers, but also for each individual in their contact with friends and family regarding such matters. [29:21]

Feedback and questions regarding this episode can be sent via email to [email protected] or by contacting @whereyourtreasureispodcast on Instagram.

Otherwise, please join us for Season 4 of the ‘Where Your Treasure Is’ podcast, which will begin on Wednesday 3rd May 2023.

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.

In this bonus episode, Simon and Bex talk with Don Thomas of Inverclyde Vineyard Church about his experience of becoming a church planter, which Don describes as having ‘a dream in your heart that you’ve heard God whisper to you’. Don describes the financial and faith challenges that he and his wife, Abi, encountered along the way.

Some key points covered in this episode include the following:

• Don introduces himself [01:24] and describes how he became a Christian [02:14] before going on to talk about how he came to study Theology at Aberdeen University [04:20] and the contribution made by an early version of Vineyard Leadership College to his thoughts about church planting. [08:09]
• In response to a question from Bex, Don speaks about the financial matters that had to be considered when making the decision to move to Inverclyde in February 2019 to plant a new church in that area. [11:15]
• Simon then asks Don about the role of faith in his own life and in the church planting process. [14:42]
• Don talks about the factors and experiences that he feels have equipped him to deal with the financial challenges of his role as a church planter. [18:50]
• Bex asks Don to share some top tips about faith and finance that he has learnt as a result of his church planting experiences over the last few years. [22:05]
• Answering a further question from Bex, this time about key biblical principles that have guided him, Don talks about the importance of examining our attitudes and our ‘heart’ to check that they are aligned with God’s heart and His purposes. [26:11]
• Simon then asks Don what he thinks God wants to say to us about our relationship with money, especially in connection with supporting the church and living generous lives. [28:46]
• Simon concludes by inviting listeners to drop into Inverclyde Vineyard Church at 10.30 on a Sunday morning if they are in the area and also to contact Don if they have an interest in church planting and would like to pick his brains on that topic. [33:00]

Feedback and questions regarding this episode can be sent via email to [email protected] or by contacting @whereyourtreasureispodcast on Instagram.

Season 3 Bonus Episode 2 will be released on Wednesday 12 April 2023, with the first episode of Season 4 arriving on Wednesday 3rd May 2023.

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.

In the final episode of our ‘Practical Financial Planning’ season, Simon puts forward some key points to note regarding the arrangements that we can make in connection with the belongings and assets that we leave behind when we die.

Some key points of interest covered in this episode include the following:

• Bex and Simon invite listeners to contribute suggestions for topics to be covered in future seasons of the podcast. [00:52]
• Simon explains what he means by ‘estate planning’, noting that its key purpose is to help people to arrange their financial matters so that, when they die, the right people get the right amount at the right time. [02:35]
• Simon outlines the vital importance to effective estate planning of having a will. [04:42]
• Inheritance tax is the second key factor to take on board in connection with estate planning. Simon explains how it works. [06:27]
• In response to a question from Bex about effective ways of passing on what we have to others when we die, Simon covers the following three points: the advantages of not waiting until death to pass on our assets [09:55]; the importance of understanding the seven year tax rule in connection with gifts that we make during our lifetime [13:25]; and the fact that trusts can be used as a way of placing gifts ‘on hold’ until the right time for making them is reached. [16:51]
• Simon identifies two other approaches to estate planning that can be very useful: ensuring that, for married couples in particular, they hold some assets jointly so that one party is not left without access to money when the other dies [19:39]; being generous and, in particular, making gifts to charity can lead to an outcome where more of our money can be used for purposes that we have decided on, rather than being allocated as a tax payment. [21:00]
• Bex rounds off the season by explaining that there will be a bit of a break before Season 4 and invites listeners to get in touch with feedback, but also with suggestions for the new season, by emailing [email protected] or by sending a message via Instagram to @whereyourtreasureispodcast. [23:20]

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.

In the final episode of the ‘Key Life Stages’ season, Simon and Bex discuss key financial elements involved in making thoughtful, appropriate and helpful end of life arrangements.

Some key points covered in this episode include the following:

• Simon explains why end of life planning is important. [00:25]
• Simon highlights that a key factor affecting financial planning in this area is the extent to which resources can be passed on to others. In the first instance, he describes the situation as far as pensions are concerned. [03:15]
• Simon goes on to talk about the heritability factors that apply to Individual Savings Accounts (ISAs). [10:45]
• Simon then explains the heritability characteristics of General Investment Accounts (GIAs) and Investment Bonds. [13:08]
• Simon speaks about the importance of simplifying financial arrangements [15:34] at this stage of life, before going on to cover Wills and Powers of Attorney [18:53], Deeds of Variation [20:10] and the Nil Rate Band [21:17].
• He concludes with some quickfire pieces of advice: be organised [23:01]; consider running a credit check on yourself [23:30]; get your family involved sooner rather than later [23:48]; and if you have more than you need, spend it or give it away [24:23].
• Simon draws attention to the fact that the recording of Season 3, ‘Practical Financial Planning’ is now complete. The final episode, ‘Estate Planning’, will be released next week. [25:26]

This show has been brought to you by Free Range Podcasting.

If you would like to contact us with some feedback, questions or requests, please do so via [email protected] (email) or @whereyourtreasureispodcast (Instagram).

You can sign up to receive news and updates about this podcast by clicking on this link.

In Episode 7 of our ‘Practical Financial Planning’ season, Simon explains the relevance of a decumulation strategy to managing finances in retirement. Typically, money needs to be taken from various sources during this phase of life in order to fund expenditure, but the choices to be made regarding the timing and order of such withdrawals can make a big difference.

Some key points of interest covered in this episode include the following:

• Simon explains that the aim of a decumulation strategy is to manage the timing and order of financial withdrawals during retirement. [01:06] A good decumulation strategy is based on a clear understanding of the tax arrangements that apply to investments that have been made in preparation for retirement. [03:44]
• Simon works through examples of how a newly retired individual might release money in retirement. [06:18] He demonstrates that for anyone who has more than one source of income, understanding the relevant tax factors can make a huge difference to the right order in which to withdraw money. [14:15]
• In response to a question from Bex, Simon explains how to use crystallisation to manage the process of taking withdrawals from a pension fund in a tax efficient manner. [18:14]
• Simon explains that not all pensions include a 25% tax free cash element, meaning that different types of pensions can require different treatments in order to maximise withdrawals. [21:24]
• Simon deals briefly with points to note when taking money from Individual Savings Accounts (ISAs) and General Investment Accounts (GIAs). [23:43]
• Simon summarises key points covered in this episode. [26:11]
• The final ‘Practical Financial Planning’ episode will deal with ‘Estate Planning’, including various matters relating to inheritance tax. [28:24]

This show has been brought to you by Free Range Podcasting. If you would like to contact us with some feedback, questions or requests, please do so via [email protected] (email) or @whereyourtreasureispodcast (Instagram).

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.

In Episode 7 of the ‘Key Life Stages’ season, Simon and Bex explain that the nature of retirement can vary from person to person and they discuss how to thrive in retirement.

Some key points covered in this episode include the following:

• Simon identifies four factors that can come into play when considering what ‘retirement’ means for each individual [02:09]: Age [02:44]; Stage [03:25]; Health [03:57]; Income. [04:38]
• Simon explains that the process of ‘retirement transition’ requires people to weigh up their priorities regarding matters such as money, career, health, family and other relationships. [06:19]
• In response to a question from Bex, Simon provides some top tips for doing retirement well, based on his experiences of working with clients over the years. [10:34]
• Bex draws attention to the relevance of the Season 3 episode on ‘Decumulation’ (which is being released next week) because of its focus on managing money in retirement. [17:02]
• Using Numbers 8.24-26 as his starting point, Simon comments on what the Bible says about retirement and then puts forward some suggestions for inclusion in a Christian perspective on retirement in the 21st century. [20:02]

The final 'Key Life Stages’ episode will be devoted to the topic of ‘End of Life Planning'.

This show has been brought to you by Free Range Podcasting. If you would like to contact us with some feedback, questions or requests, please do so via [email protected] (email) or @whereyourtreasureispodcast (Instagram).

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.

In Episode 6 of our ‘Practical Financial Planning’ season, Simon explains how cash flow planning can help to create a useful 'budget for life'.

Some key points of interest covered in this episode include the following:

• Bex and Simon set the scene by quoting the following biblical references: Luke 14.28-30 & 12.31-41; Proverbs 31.16-21 & 21.5. These verses flag up a number of topics relevant to financial planning, including anticipating future needs, providing for family, inheritance and generosity, but also greed, laziness, haste and lack of planning. [01:05]
• Simon starts talking about the concept of cash flow planning by explaining the long-term perspective that it provides when he uses it in a business capacity with clients. [04:13]
• Software can be a great help when undertaking cash flow planning, so Simon draws attention to 'Truth About Money', a free version of a cash flow modelling tool that he uses professionally. [08:32]
• Simon goes on to describe how a long-term cash flow model works and in what ways it can be helpful. [16:00]
• Simon suggests that financial planning decisions should not be determined purely by monetary considerations. The faith perspective is vital for Christians and, in his final comments, Simon mentions the importance of seriously considering matters such as working out “how much is enough?”, being generous and serving God. [21:06]
• As ever, please contact us via [email protected], or on Instagram via @whereyourtreasureispodcast. The next ‘Practical Financial Planning’ episode will be ‘Decumulation Strategy’, which will be released after a break for Christmas. [24:42]

This show has been brought to you by Free Range Podcasting.

In Episode 6 of the ‘Key Life Stages’ season, Simon and Bex discuss various points to consider in connection with getting ready for retirement.

Some key points covered in this episode include the following:

• Simon provides a brief overview of planning for retirement and explains why it is important to prepare well for that stage of life. [04:06]
• The first, and most obvious, step is to build up your State Pension. [06:49]
• The next key factor is to increase your pension(s), whether company pension schemes or personal pensions. [08:08]
• The third main strategy to adopt is to make a conscious decision to decrease pre-retirement expenditure in a sensible and considered manner. [09:24]
• Simon highlights the benefits to be gained from saving money in the final years before retirement and putting it into a pension. [12:06]
• Simon acknowledges that there are many different factors that can affect people’s priorities and actions as they get ready to retire. [14:55]
• Simon suggests that the best way of being able to retire at your preferred point in time is to set up a budget with that goal in mind. [16:55]
• Simon concludes by listing five additional points, aka ‘nuggets of wisdom’, to consider when preparing for retiring: (1) the significance for couples of discussing retirement matters with each other beforehand [19:33]; (2) the benefits of including all relevant factors when making affordability calculations [20:36]; (3) the need to consider various principles and practicalities when considering leaving an inheritance [21:12]; (4) the advantages of taking a flexible approach towards ‘retirement goals’, recognising the benefits of putting some plans into effect before retirement itself actually takes place [21:32]; (5) the importance of considering being generous and planning how and when giving can occur during retirement. [22:38]
• If you would like to contact us with some feedback, questions or requests, please do so via [email protected] (email) or @whereyourtreasureispodcast (Instagram). The next life stage episode will be devoted to the topic of ‘Retirement’ itself. [22:56]

This show has been brought to you by Free Range Podcasting.

In Episode 5 of our ‘Practical Financial Planning’ season, Simon explains how an understanding of platforms (technology that enables us to interact with various financial elements) can help us to manage our money.

Some key points of interest covered in this episode include the following:

• Simon uses the analogy of buckets (places we put money) on a shelf (a way to organise our money) to explain how we can accumulate various products (bank accounts, pensions, ISAs, savings accounts etc) from different providers (banks; building societies; brands such as Visa, PayPal, Mastercard; insurance companies etc), which then require to be organised if we are going to manage them efficiently. [01:13]
• Simon explains how platforms (‘integrated’ platforms in the first instance) were developed as technology enabled people to interact to a greater extent with financial matters. [09:55]
• The DIY platform (sometimes called 'Fund Supermarkets') allows investors to hold different types of investment in one consolidated account, without having to go through a provider. [12:09]
• The 'adviser facilitated' platform enables independent financial advisers and planners to manage their clients’ money in a manner similar to the DIY platforms, with the result that investments do not have to be restricted to a single provider's funds. [13:40]
• When asked about the relative merits of a provider's own integrated platform, a DIY platform or an adviser platform, Simon explains that four factors need to be taken into account: Product [17:11]; Cost [18:11]; Funds [22:36]; Advice [25:11].
• As ever, please contact us via [email protected], or on Instagram via @whereyourtreasureispodcast. The next ‘Practical Financial Planning’ episode will be ‘Cash Flow Planning’. [28:07]

This show has been brought to you by Free Range Podcasting.

In Episode 5 of the ‘Key Life Stages’ season, Simon and Bex discuss various issues and opportunities connected with career progression.

Some key points covered in this episode include the following:

• Simon introduces the topic of ‘Career Progression’, explaining what is going to be covered in this episode. [00:55]
• Bex and Simon consider some of the things that the Bible says about work, referring to Genesis 2.15, Revelation 22.3, Colossians 3.23, 2 Thessalonians 3.10, Proverbs 14.23 & 16.3, and concluding with Ephesians 4.28, which highlights the potentially transformative effect of work. [02:27]
• Simon suggests that any point at which our financial circumstances change is an opportunity to think about how generous we can be and to review our giving. [05:17]
• Simon then covers four further topics that merit fresh consideration at this time: protection [09:39], debt [10:48], pensions [14:12] and saving & investing [17:28].
• Simon concludes by mentioning briefly some other topics (including inflation, and also individual and family considerations) that are worth thinking about in connection with career progression. [19:41]

If you would like to contact us with some feedback, questions or requests, please do so via [email protected] (email) or @whereyourtreasureispodcast (Instagram). The next life stage episode will be ‘Getting Ready for Retirement’. [21:28]

This show has been brought to you by Free Range Podcasting.