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The Simple Steps Personal Finance Podcast: UK Online Coaching | Blogging | Financial | Lifestyle
22 minutes | Feb 18, 2015
SSPF017 Mortgages: The Types
Summary - Mortgages - they get cheaper over time thanks to inflation - Remortgaging as time passes and your LTV falls - Two main types: 'Repayment' and 'interest-only' - 'Fixed' rate or 'variable' rate - Fixing over 2, 3, 5 or 10 years. Variables ...
22 minutes | Feb 11, 2015
SSPF016 Mortgages: The Basics
Summary - Mortgage - the definition and the necessity - How much can you borrow? Or how much will they lend you? - Loan-to-value, or LTV - The deposit - One – the amount you borrow. Two – the interest rate they charge. Three – the monthly repayment. - Effect of changes in interest rate and changes in the term - The other costs to buying a house and where are they funded - Stamp Duty Tax Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) moneysavingexpert.com/mortgages/how-much-mortgage-borrowing - How much can you borrow? Transcripts PDF - SSPF016-Mortgages_The_Basics.pdf Rich Text - SSPF016-Mortgages_The_Basics.rtf The Simple Steps Personal Finance Podcast - SSPF016 by Simple Steps Personal Finance on Mixcloud SSPF016-Mortgages: The Basics Hello and welcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Sixteen. Thanks for joining me! This episode we’ll be talking about mortgages. Simply put a mortgage is a long-term loan that is used to buy a property. It’s secured against that property so if you don’t pay the loan back, then the property can be sold to recover the monies due. In this country, the most common length of a mortgage is 25 years, so it’s more than likely to be the most important financial decision of your life! However, research often shows that the amount of time put into choosing a mortgage is less than the amount of time spent researching a holiday. Does that make sense to you? No, me neither. All I can think is that the knowledge needed to fully understand the vast array of mortgage choices means people have to learn a new world, a world they’re unfamiliar with. Unlike choosing a 4-star all-inclusive resort - like you prefer to stay in each year - in a destination your friends recommended, picking a mortgage requires a whole different vocabulary: a financial vocabulary. Over the next three podcasts, I’m going to dissect the ‘mortgage‘ and put everything you need to know in Simple terms. Let us start at the very beginning. Houses are expensive. It’s very unlikely you have the £175,000 it would need to buy the ‘average’ house in Britain today just laying around or even down the back of the sofa. You have to borrow the money then. 30 years ago, just a few building societies would cater to your needs. Today, your choices are a vast selection of a couple of the remaining bu
21 minutes | Feb 4, 2015
SSPF015 Paying Off Debts: More!
Summary - The tips to clearing debt - Debt counselling if you can't make the monthly minimums - Citizens Advice, National Debtline & Stepchange & Christians Against Poverty - 0% Balance Transfer credit cards - Consolidation Loans - Money Transfer...
18 minutes | Jan 28, 2015
SSPF014 Practicalities Of Paying Off Debts
Summary - New Year is the time to clear off debts - and address the source of the problem - February must be a month where spending is less than earnings - Which debt do I pay off first? - The Interest Rate Method v The Debt Snowball - Being true to your human nature - Looking for other avenues to scrape payments together - Sacrifice then Snowball! Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) whatsthecost.com/snowball.aspx - Debt Snowball claculator Transcripts PDF - SSPF014-Practicalities_Of_Paying_Off_Debts.pdf Rich Text - SSPF014-Practicalities_Of_Paying_Off_Debts.rtf The Simple Steps Personal Finance Podcast - SSPF014 by Simple Steps Personal Finance on Mixcloud SSPF014-Practicalities Of Paying Off DebtsHello and welcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Fourteen.Thanks for joining me! If you want help with your personal finances, book a FREE call with me through the website – that’s sspf.co.uk/book – and I’ll call you for a chat. If I can help you and you want to proceed, I can assure you that you’ll benefit more than I cost you. It’s a free call so an enquiry costs you nothing and could gain you a lot. Before I start this week’s episode, let me remind you that it’s Valentine’s Day next month. If you’re planning a romantic date, don’t forget to allocate money to it in your monthly Spending plan. After all, all months are not the same! This week we’re going to look at the practicalities of paying off debt. It’s that time of the year where so many people have struggled to get to the end of January with any money left in the account. That early December payday and that expensive Christmas and New Year add up to a long and poor January. For many, there’ll be overdraft debt or credit card debt that has been inflicted in order to make it through to payday. Nobody’s judging here, I want to help you with your plight. Now if you’re following my Simple Steps approach, we’re talking about Simple Step 3 here. “Pay off debts, starting with smallest first”. You should be living off a spending plan and you’d also have £1,000 in a savings account as a Rainy Day Fund. Now I’m not sure there are many people out there who would keep money in one account to the side and run up a debt on the other. So it may be that some of you have dipped into your £1,000 to loan yours
20 minutes | Jan 21, 2015
SSPF013 Protection: Income Protection and Critical Illness Cover
Summary - Once daily living needs are under control, the next financial hurdle is 'protection' - How to protect your income against long-term inability to work - Income Protection Insurance policy - How to protect your income against short-term accidents, sickness or redundancy - Accident, SIckness and Unemployment policy - Receiving a payout if you suffer a critical illness - Critical Illness Cover policy - The importance to the self-employed and the entrepreneurial Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) which.co.uk/money/insurance/reviews-ns/income-protection - Information on Income Protection policies which.co.uk/money/insurance/guides/protection-insurance-explained/critical-illness-cover - Information on Critical Illness policies Transcripts PDF - SSPF013-Protection_-_Income_Protection_and_Critical_Illness_Cover.pdf Rich Text - SSPF013-Protection_-_Income_Protection_and_Critical_Illness_Cover.rtf The Simple Steps Personal Finance Podcast - SSPF013 by Simple Steps Personal Finance on Mixcloud SSPF013-Protection: Income Protection and Critical Illness CoverHello and welcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Thirteen.Thanks for joining me! Before we start, I want to tell you that my Christmas & New Year discount offer has now finished. Though I’ll be busy on-boarding those new clients over the next few weeks, I’ve extended my working hours to allow for more FREE initial phone enquiries. If you want help with your personal finances, book a FREE call with me through the website – that’s sspf.co.uk/book – and I’ll call you for a chat. If I can help you and you want to proceed, I can assure you that you’ll benefit more than I cost you. It’s a free call so an enquiry costs you nothing and could gain you a lot. In this episode I want to follow on from the topic we started in Episode Eleven. That is – how to protect your finances against life’s risks. In that episode we talked about life insurance to protect against death, with an emphasis on the cost-effective term insurance and avoiding the commissions-bloated, misguided investment vehicle that is ‘whole-of-life life insurance’. Term Insurance is preferred because it protects from a death during a given window of time. And should that occur, it would indeed be catastrophic to your life or those that you leave behind
9 minutes | Jan 14, 2015
SSPF012 New Year Financial Resolutions
Summary - Losing weight or doing better with your money... The two resolutions! - My seven tips for the New Year - Happy New Year! Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) sspf.co.uk/seven-simple-steps - The Seven 'Simple Steps' Framework Transcripts PDF - SSPF012-New_Year_Financial_Resolutions.pdf Rich Text - SSPF012-New_Year_Financial_Resolutions.rtf The Simple Steps Personal Finance Podcast - SSPF012 by Simple Steps Personal Finance on Mixcloud SSPF012 – New Year Financial ResolutionsHello and welcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Twelve. We’re going to break into our regular series of podcasts ath the moment and just touch on that thing I think you’ve already forgotten: New Year’s resolutions. So this episode I’m going to talk to you briefly about New Year’s financial resolutions. Next time we’ll crack on with the year and I’ll continue talking about protection and critical illness cover and income protection insurance. But let’s be honest – there’s only really two types of resolutions. Losing weight and doing better with your money. Now I’m a bit of a permanent resident at my gym so if you were to ask me for tips, I’d say: keep a food diary to demonstrate to yourself that you actually eat more than you think you do; look to exercise at least 3 times a week, preferably 4 or 5, mixing cardio and weight training; take a photo each week to prove progress to yourself; and lastly, concentrate on building a new shape rather than thinning down your old one. However, as I’m a financial coach, it might be even better for me to give you tips on how to ‘fix’ your finances in line with those resolutions. So this year’s resolutions last past the first fortnight of the year... First tip! To lose weight you’d likely join a gym. Well, my financial version of that is to open a new bank account. Most people don’t like their bank, they get nothing from their account and they have no idea how much they actually have available to spend at a given moment of the month. So here’s how you fix that. Get an account that you use to do only two things: receive your pay and then pay your bills. Then get another account to do only one thing: hold your spending cash. That way you know that your obligations will be met through the first account – and exactly how much you hav
26 minutes | Jan 7, 2015
SSPF011 Protection: Life Insurance
Summary - **XMAS OFFER reminder - 20% off until mid-Jan ** - Once daily living needs are under control, the next financial hurdle is 'protection' - How would you cope if a partner passed away? - What is life insurance and what is its purpose? - Ho...
15 minutes | Dec 30, 2014
SSPF010 How Far We’ve Come
Summary - **XMAS OFFER reminder - 20% off until mid-Jan ** - Tenth podcast - how far have we come? - Recap of tools given to organise finances - Tool 1: Having a strong enough reason - your 'Why' - Tool 2: The Seven 'Simple Steps' Framework - Tool 3: A-B-C. Accounts. Bills. Cards. - Education is the real financial advice - SSPF into the New Year - enjoy the festive period! Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) sspf.co.uk/seven-simple-steps - The Seven 'Simple Steps' Framework Transcripts PDF - SSPF010-How_Far_We've_Come.pdf Rich Text - SSPF010-How_Far_We've_Come.rtf The Simple Steps Personal Finance Podcast - SSPF010 by Sspf on Mixcloud SSPF010 – How Far We Have ComeWelcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Ten. Thank you for listening! Before we start I just want to remind you of my Christmas offer. My Starter Package cost has been reduced by 20%. That’s three 90-minute coaching sessions with two bonus 45-minute catch-ups for a one-off cost of £200. The coaching sessions can be performed over Skype or Facetime making them as convenient for you as possible. By organising your finances and improving your relationship with money, the coaching pays for itself. This episode is the tenth podcast and to mark the occasion, I want to show you how far we’ve come together. I also want to set out a vision for how this podcast will move on from here. Now that I have outlined an approach to personal finance that I am certain will improve your control over your own money, enhance your interaction with money and give you a better relationship with your money. The path of the last 9 podcasts has been one that has set foundations of how to frame your financial picture and judge where it sits in relation to improvement over your lifetime, how your personal finances can be better structured to help your daily life, and why making certain behaviours automatic will lead to wealth over the long term. So what tools did I give you to do this? Firstly, we talked about having a good enough reason to want to make changes in your life. And not only make changes but to force them through, by the power of that initial motivation. To then take this change and make it permanent. That reason you have – that’s your ‘why’. It may be born from the love of your children and creating a better future for them
22 minutes | Dec 23, 2014
SSPF009 Automating Finances Makes For Better Finances
Summary - **XMAS OFFER reminder - 20% off until mid-Jan ** - How to automate financial behaviour - Benefits of automation - Tools of automation - 'Direct Debits' and 'Standing Orders' - "You don't miss what you don't have" - Deduct before or as s...
19 minutes | Dec 17, 2014
SSPF008 Keeping Things Smooth Helps Us Sail Further
Summary - ** XMAS OFFER - 20% off 'Starter Pack' of Personal Finance Coaching sessions ** - Recap of working with a 'grey area' - a gap between earnings and spending - My own experience and peace-of-mind from having a slush fund - Practical approach to managing a slush fund - The difference between 'saving' and 'investing' - A mention of 'index trackers' - How to maintain multiple accounts - by focusing only on two - Have a 'financial blueprint' Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) hl.co.uk/news/calculators/regular-savings-calculator - how much do I need to save to have a future amount? fool.co.uk/investing-basics/isas-and-investment-funds/introducing-the-index-tracker - Index Tracker 101 Transcripts PDF - SSPF008-Keeping_Things_Smooth_Helps_Us_Sail_Further.pdf Rich Text - SSPF008-Keeping_Things_Smooth_Helps_Us_Sail_Further.rtf The Simple Steps Personal Finance Podcast - SSPF008 by Sspf on Mixcloud SSPF008 – Keeping Things Smooth Helps Us Sail FurtherWelcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Eight. This episode is being broadcast just a couple of weeks before Christmas. Now I’m not going to start talking about the New Year just yet but what I would like to do is offer a Christmas gift to you all. As you know, this podcast is designed to help you help yourself. For those of you who are still put off making changes by themselves or feel they would achieve better results by having personal guidance, I offer my Personal Finance Coaching. So my gift to you is a discount on my current rates. For one month – covering the end of December and start of January – I will be reducing my Starter Package cost by 20%. Three 90-minute coaching sessions with two bonus 45-minute catch-ups will now cost only £200 – that’s £50 off. This package is designed to give us a generous window of 3 months to assess and improve your Financial Picture. Improve your behaviours with money and help you keep more of your money each month, with regular catch-ups to keep you motivated and combat any issues that you may be facing. This package can also be given to someone else as a gift so keep it in mind as you meet with friends and family over the Festive period. Helping someone gain control of their money is a gift that lasts much longer than one Christmas. This episode we are going to expand on our them
22 minutes | Dec 10, 2014
SSPF007 What Is The Grey Area?
Summary - 'The grey area' - the difference between what you earn and what you spend - How future wealth comes from the grey area - Approach One - creating a grey area when you have no wiggle-room - Use pay rises and shave costs to create a gap - Approach Two - creating a grey area by using 'fake' boundaries - Add fake bills to your outgoings to automatically achieve good goals Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) Transcripts PDF - SSPF007-What_Is_The_Grey_Area.pdf Rich Text - SSPF007-What_Is_The_Grey_Area.rtf The Simple Steps Personal Finance Podcast - SSPF007 by Sspf on Mixcloud SSPF007 – What Is The Grey Area? Welcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Seven. Thank you for downloading and listening to this podcast. I hope you have followed some of the approaches laid out in previous episodes, to help you control your money and make it work harder for you. If you have, I’m confident you’ll already be seeing the benefits of doing that. If not, perhaps you’d like a guiding hand to get you underway. Feel free to book a free consultation with me and I’ll give you an honest assessment of whether you have room in your life for personal finance improvement. For some people, they have an income problem; they just don’t earn enough to sustain a minimum standard of living. Some are casual with their money and would benefit from someone giving them boundaries and goals. Some earn plenty but spend every last penny and need to trim down their costs to see the benefit of their earnings. Then there are those who earn much more than their costs - have plenty of money in the bank but refuse to spend on life’s little luxuries. By depriving themselves of experiences, what is the point of living – if all we do is exist? So, it’s about finding that balance that is true to yourself, living a life you can afford, and finding an approach that works to meet your goals. My personal finance coaching is designed to do just that. If it was only about finance and money, you’d see a mathematician – but it’s also about that relationship you have with the thought of money, what it means to you and what it has meant in your history, in past events... that’s personal. And that means the same solution doesn’t apply to everyone. So get in touch and see if my coaching is what you are missing.T
28 minutes | Dec 3, 2014
SSPF006 Paying Yourself Beats Paying Others
Summary - Becoming your own bank - 0% interest - is it a good deal or not worth the risk? - Interest-free is no substitute for affordability - 0% interest on cars is the worst deal of all - Car Insurance is 20% more costly when paid for monthly - Second hand cars are cheaper to run - paying upfront for insurance is cheaper too - How to save the money to pay upfront - Poor decisions are symptoms of not seeing 'the bigger picture' - Pay yourself so you don't have to pay more to others - Irregular Spending Plan to prioritise for inconsistent income - Cover the necessities first - food, housing, utilities & transport - Look to create a buffer fund to smooth out income Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) whatcar.com/car-depreciation-calculator - What Car? Depreciation Calculator confused.com/car-insurance/guides/how-car-insurance-is-calculated - factors that go into Insurance Premiums Transcripts PDF - SSPF006-Paying_Yourself_Beats_Paying_Others.pdf Rich Text - SSPF006-Paying_Yourself_Beats_Paying_Others.rtf The Simple Steps Personal Finance Podcast - SSPF006 by Sspf on Mixcloud SSPF006 –Paying Yourself Beats Paying OthersWelcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Six. It’s great to be back and great to have you listening again! The audience figures for this podcast are growing by the day so a big thank you to you for listening and an even bigger thank you if you have put someone you know on the podcast too. One more of us, one less of them!! Last time we looked at getting the most of a simplified approach to your financial picture. By utilising a simple account approach, we can separate bill paying, discretionary spending and saving into three distinct buckets. We control the flow of money in and out of each bucket, making it work harder for us than it ever has – and keeping our stress levels low, our need to monitor even lower, and our peace-of-mind plentiful. It may even pay us to adopt this approach – thanks to the cash back current account on offer at the moment. So today, I want to take your control to the next level. I want to strike a major blow to all of those financial institutions and service providers who stand between you and the best deal. To anyone who ever took more than they should when you signed on the dotted line; who fooled you with a clause hidden in the small pr
18 minutes | Nov 26, 2014
SSPF005 Getting More From Your Simplified Spending
Summary - Current Accounts - Utilising the '3 Account Structure' using Current Accounts on the market today - The Santander 123 Current Account for the 'bill-paying' account - Cashback and how it works through the Santander 123 account - 7-Day Current Account Switching - a good idea? - Choosing a Current Account for your 'Spending Cash' account - 'Faster Payments' transfer system - Cash ISA/NISA for the third account - Tracking Cash ISA's and savings accounts' interest rates - Cash ISA for Rainy Day Fund - Tweaking the '3 Account System' when you are married - the '4 Account System' Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) sspf.co.uk/blog - guide to Current Accounts and Cash NISAs moneysavingexpert.com/savings/best-cash-isa - finding the best Cash ISA through MoneySavingExpert savingschampion.co.uk - best Cash ISA rates tracked by Savings Champion savingschampion.co.uk/rate-tracker - Savings Champion's Rate Tracker santander123.co.uk - Santander 123 Current Account cashback calculator Transcripts PDF - SSPF005-Getting_More_From_Your_Simplified_Spending.pdf Rich Text - SSPF005-Getting_More_From_Your_Simplified_Spending.rtf The Simple Steps Personal Finance Podcast - SSPF005 by Sspf on Mixcloud SSPF005 – Getting More From Your Simplified SpendingWelcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Five. Thank you for joining me! I’m going to dive straight into this episode though as I opened a door last week and then asked you to not step through it. I wasn’t being deliberately unkind; I just want you to focus your energies in one area at a time. That’s a key lesson in money – and one you’ll no doubt see reoccur through these episodes – focus on one area at a time. Or else your focus doesn’t achieve much. Last time I asked you to focus on implementing your Spending Plan. Having a game-plan on how you would spend next month’s money ahead of time – on paper, on purpose – so it goes further and works harder for you. I raised the idea of having three accounts to keep life simple – one for getting paid and paying regular bills, one for spending from, and a third for saving into. By keeping things straight forward we can automate bill-paying through one current account, set up automatic savings to a Cash NISA, and spend freely from a second current account – safe in the knowledge that th
22 minutes | Nov 20, 2014
SSPF004 Simplifying Your Finances
Summary - Brief recap of your 'Average Month' Spending Plan - Extra tips on adjusting your Plan mid-month - The benefit of creating broad categories and not being too pinickity - How to create your Financial Picture by building from requirements, not collecting bank accounts for the sake of it - "Q", the fictitious person, and how his life creates his financial picture - The benefit of two current accounts - Adding a third account for saving - The three-account system - Paying off credit card debt and 0% balance transfers - Interest isn't the problem, it's the amount you owe - Soapbox - debt is modern slavery Links sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) sspf.co.uk/blog - guide to Current Accounts and Cash NISAs Transcripts PDF - SSPF004-Simplifying_Your_Spending.pdf Rich Text - SSPF004-Simplifying_Your_Spending.rtf The Simple Steps Personal Finance Podcast - SSPF003 by Sspf on Mixcloud SSPF004 – Simplifying Your SpendingWelcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Four.Thank you for joining me for another episode of controlling your money, changing your life and creating your future. We’re finding our stride here at Simple Steps and I’m extremely happy with the impact this podcast is having in the personal finance world. My download figures for the first month have been extremely encouraging and I hope the listenership continues to grow and grow. The plan is to release a new 20-to-30 minute episode every Thursday or Friday so that you can use the upcoming weekend to put into action anything you’ve heard or liked. I also post a new blog every Friday for those of you who are really fired up – or for those who have had enough of my voice and would prefer the printed word instead!I’m here to help you better understand the money world but I’m here primarily to give you control back of your household finances. No longer will a lack of understanding or fear of jargon stop us from owning our biggest financial tool – our income. And we won’t trust anyone with our wealth other than ourselves. After all, nobody cares about your money as much as you do.Let’s briefly catch up with where we are now at after Episode Three concluded... You’ve got your ‘Average Month’ Spending Plan. Every pound of your income has been allocated a job to do. You’ll be trying to stick to that in the coming
24 minutes | Nov 12, 2014
SSPF003 Getting A Grip On Your Finances
Summary - Why being debt-free in the long term is the right approach - Are there any acceptable debts? - An approach to mortgages and student loans - a loan which acts more like a tax - How to analyse recent spending and create a Spending Plan - The importance of knowing how much you earn before and after deductions - The effects of an incorrect 'tax code' - Spending a little too much consistently - How to chop the fat off your Spending Plan painlessly - Why you should never 'auto-renew' insurance policies - Small changes lead to big savings Links moneysavingexpert.com/students/student-loans-repay#tool - Student Loan repayment calculator thecompleteuniversityguide.co.uk/university-tuition-fees/repaying-your-student-loan/ - Student Loan repayment rules www.sspf.co.uk/resources - FREE download template of the SSPF 'Spending Plan' (for regular and irregular incomes) thesalarycalculator.co.uk - Salary Calculator to check your payslip accuracy moneysavingexpert.com/cheapenergyclub - MSE's 'Cheap Energy Club' for comparison of gas/electricity tariffs billmonitor.com - analyse mobile phone bills to get the optimum tariff moneysavingexpert.com/car-insurance - the starting place for renewing Car Insurance Transcripts PDF - SSPF003-Getting_A_Grip_On_Your_Finances.pdf Rich Text - SSPF003-Getting_A_Grip_On_Your_Finances.rtf The Simple Steps Personal Finance Podcast - SSPF003 by Sspf on Mixcloud SSPF003 – Getting A Grip On Your FinancesWelcome to the Simple Steps Personal Finance Podcast. Bringing personal finance to you, step-by-step. This is Episode Three. Let me start off with a big thank you. If you’ve been listening to this podcast from the very start, thank you so much. We’ve got the foundations out of the way now and it’s time to start building. I’ve been pretty harsh in my tone so far and I will be lightening up a little now. I will be offering much more in the way of practical help to you now that you understand my Seven ‘Simple Steps’ framework and the over-riding arc that any guidance I offer should be viewed in. As you no doubt will have realised from my first couple of shows, the main theme for the Simple Steps approach is to be debt-free over the long term. The reasons for this are simple. If you are out of debt then that means your money is working for you. Any excess cash will be working to create more money – be it interest earned or dividends from stocks – for you. Also, in times of crisis, when life takes an unex
28 minutes | Nov 6, 2014
SSPF002 The Seven ‘Simple Steps’
Summary - The foundations of personal finance - How to judge your financial position - Being in debt is normal - but who wants normal? - My background to Personal Finance Coaching - My Seven 'Simple Steps' to personal finance - Each Step is explained - Why not give them a try? Links alvinhall.com/about/ - Alvin Hall , my first 'finance guru' inspiration daveramsey.com/tools/new-to-dave/?snid=start.basics-b - Dave Ramsey, radio talk show host extraordinaire suzeorman.com/about-suze/ - Suze Orman finishrich.com/davidbach/db_about.php - David Bach edelmanfinancial.com/radio - Ric Edelman - The other US finance gurus moneysavingexpert.com/site/martin-lewis-biography - Martin Lewis, the UK's best consumer advocate and the real-world face of 'financial advice' My Seven 'Simple Steps' - Blog posts about the Simple Steps, each post is a chapter of the eBook Transcripts PDF - SSPF002-The_Seven_Simple_Steps.pdf Rich Text - SSPF002-The_Seven_Simple_Steps.rtf The Simple Steps Personal Finance Podcast - SSPF002 by Sspf on Mixcloud SSPF002 - The Seven 'Simple Steps'Welcome to the Simple Steps Personal Finance podcast. Bringing personal finance to you, step by step. This is episode two. Today we’re going to talk about the foundations of your personal finance. Everyone looks for reference points in their life – and money is no different. How do you know whether you are ‘on track’? You judge your position against that of something relative. But what is that reference point? If you look at what others have, you’ll get a false image. It’s been reported this month – October 2014 - by The Money Charity that the average person in the UK owes around £29,000 – with average earnings of just under £25,000. That means the average person owes a year’s worth of pre-tax salary and a bit more... Shocking isn’t it? Now this figure includes mortgages so you could say it’s inflated. On the flip side though, it’s an average. For everyone out there who has no debt, that amount is spread amongst those other people who do have debts. The average mortgage is estimated to be £116,000 less change. The average household credit card debt is £2,180. Average consumer credit borrowing – so loans as well as credit cards – was £3,220 for every UK adult. Now I don’t want to swamp you in figures here but there’s a bigger message in amongst all this. Debt is normal. Being in debt has become normal. So next time you look over at that shiny white BMW nex
9 minutes | Nov 4, 2014
Summary - Introducing Simple Steps Personal Finance - What is Personal Finance Coaching? - How coaching helps - The truth about money - Why am I doing this podcast? - Planning your finances pays dividends - What's to come from SSPF Podcast Links www.sspf.co.uk - The home of Simple Steps Personal Finance www.sspf.co.uk/blog - Blog posts about the Simple Steps to personal finance www.sspf.co.uk/podcast - The home of the SSPF podcast Transcripts PDF - SSPF001-Introduction.pdf Rich Text - SSPF001-Introduction.rtf The Simple Steps Personal Finance Podcast - SSPF001 by Sspf on Mixcloud SSPF001 - Introduction Welcome to the Simple Steps Personal Finance podcast. Bringing personal finance to you, step by step. This is Episode One. My name is Chris Sephton and I’m the owner of Simple Steps Personal Finance. This podcast is designed to introduce you to personal finance in a way that demystifies this murky money world and teaches you the basics so that you can go out there and win. When you know what you need to do about money, the whole thing becomes a lot clearer, much less intimidating and much easier to navigate. That’ll bring you peace of mind and a real sense of control over your finances. And that’s why my motto here at SSPF is “Control your money. Change your life. Create your future.” Money is the common denominator to our everyday lives. We work to earn it. We spend it on the things we need and the things that we want. To many of us it provides security. To some it provides self-esteem. It’s the medium of exchange in virtually every transaction we make. Like it or not, money is the currency of daily life. And as such, I think it’s only right that we learn how to keep it reigned in. Money is a lot like children. Give it boundaries to stick to and it’ll thrive inside them. Let it run loose and well, it’ll disobey you its entire life! The reason I say this is because very few people actually tell their money what to do. For many people, there money kind of happens to them. They earn it, it somehow gets spent and then they limp to the next pay-day. Then they get some more, spend it somehow again and... you get the picture. So the cycle goes. It’s unsurprising then that, steering so close to the wind like this, it doesn’t take much to steer the boat off course. A last-minute holiday, an expensive Christmas, some furniture on sale, a great deal on a car... When your money just flows over you, it doesn’t tend to get caught
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