The Meaningful Money Personal Finance Podcast

Pete Matthew
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The Meaningful Money Personal Finance Podcast

Pete Matthew discusses and explains all aspects of your personal finances in simple, everyday language. Personal finance, investing, insurance, pensions and getting financial advice can all seem daunting, but with the right knowledge and easy-to-follow action steps, Pete will help you to get your money matters in order. Each show is in two segments: Firstly, everything you need to KNOW, and secondly, everything you need to DO to move forward on the subject of that episode. This podcast will appeal to listeners of MoneyBox Live, Wake Up To Money, Listen to Lucy, Which? Money and The Property Podcast. To leave feedback or ask a question, go to http://meaningfulmoney.tv/askpete Archived episodes can be found at http://meaningfulmoney.tv/mmpodcast

  1. HACE 15 H

    Helpful Basics -Combining Pensions

    Today we’re going to look at combining or consolidating pensions - a big subject which we’ll try to do some justice…   Shownotes: https://meaningfulmoney.tv/HB10   What You Need To Know 02:15 Why transfer? 04:47 How the process works. 07:47 Things to watch out for. 14:39 About Defined Benefit transfers.   Everything You Need To Do 26:44 Get up to date with your existing plans. Pension Transfer Checklist (PDF) 28:27 Decide if there’s any reason to leave the pension where it is. 29:44 Request the transfer. 31:07 Chase to completion. 35:07 Podcast Review.

    38 min

  2. 20 NOV

    Helpful Basics: The Financial Advice Process

    In this episode, we want to look at the financial advice process, and give you the helpful basics that you need to think about if you are considering getting professional financial advice. Shownotes: https://meaningfulmoney.tv/HB9   What You Need To Know 02:24 Advice vs planning - Advice is product-led, Planning is outcome-led. 08:11 The Financial Planning process. 08:50 Establish and define the relationship. 11:50 Collect client information to have context for advice. 15:04 Analyse and assess the current position. 16:45 Develop the plan and make recommendations. 22:32 Implementation. 23:33 Ongoing review. 28:05 Costs and value. 35:00 Qualifications and designations.   What You Need To Know 39:03 Begin with the end in mind. 41:30 Contact several advisers. 45:47 Get costs and scope in writing. 48:25 Be prepared to be vulnerable. 53:50 Podcast Review

    55 min

  3. 13 NOV

    Listener Questions - Episode 2

    It's time for another listener Q&A! This time we cover paying off student loans, old pensions, alternative to pensions and ISAs and much more. Shownotes: https://meaningfulmoney.tv/QA2    00:40   Sophie - My question is that I am about to start earning a lot more than I thought I was as a graduate. I have always been told to ignore my student loans by my parents as it's essentially a tax, but looking at some calculators I would pay it all off in 25 years before it gets cleared and pay more than double the £45,600 in interest. I'm thinking of trying to overpay it off more quickly than that as it seems very big to have especially with 7.3% interest rate. I'm not sure if I should prioritize this, as I could start now, but as I'm starting work I'm still very uncertain of what to save and how I should treat this debt. Or should I not worry about it this early on? 06:55   Ellie - My partner recently traced a pension from an old employer. When he contacted the company they told him the pension was all paid out to him when he left the company, 9 years ago. He was 28 at the time. Is that possible? I believed it wasn't possible to access pensions until 10 years before state pension age. The exceptions I'm aware of (certain types of job/illness) aren't relevant here. I can't believe this pension would have had particularly special properties. It was while he was working for Experian. He doesn't remember receiving a lump sum, and is checking with his bank (it's too far back to see online). Did the person he spoke to just make a mistake? He is reluctant to go back to them without anything concrete, and it is hard to trust what they say. Any advice on what to do next? 12:15   Joanne - I am a higher rate tax payer and contribute to a SIPP on top of my employer pension (very generous DB scheme) to keep my earnings underneath £100k so that I can benefit from free childcare hours and about the 60% tax trap bracket between £100-£125k. However, I am now breaching the annual £60k pension allowance and so end up paying significant tax on the additional pension contributions in my self assessment. I am so aware that this is a privileged position to be in and want to contribute my fair share of tax but I wondered what other channels I should be exploring to be as tax efficient as possible please (I have never dabbled in VCTs!) 18:44   James - How do I weigh up the relative value of AVC on my DB pension rather than investing in a LISA or S&S ISA where I retain my capital? 22:25   Giles - I have fallen into the 60% tax trap on a number of occasions, to mitigate this I have tried to top up my pension to get my earnings below 100k to reduce my tax bill. Being the main earner and with 2 very expensive teenagers I don’t have enough spare cash to do this easily so have taken the money out of a S+S ISA in the past. I know this shifts the balance of my assets massively into pensions but it seems worth it to reduce tax. My question being is this a reasonable plan? Is it a good idea to do this or am I better keeping retirement options more flexible with a larger ISA pot?

    30 min

  4. 6 NOV

    Helpful Basics: How to be intentional

    Today we’re going to focus on a subject that we often allude to, but which we want to take a bit further and deeper. We’re always talking about the need to be intentional, but what does that actually mean, in practice? Shownotes: https://meaningfulmoney.tv/HB8 Everything you need to Know 02:03 The definition of being intentional . 02:59 About goals . 06:48 Consistency . Everything you need to Do 07:50 The Two Spheres . 08:58 Be intentional with our personal finances . 18:38 Be intentional with our investments . 37:37 Rinse and repeat. 38:49 Podcast review. Meaningful Academy Financial Foundations  https://meaningfulacademy.com/financialfoundations

    41 min

  5. 30 OCT

    Helpful Basics: Pension vs ISA

    In today’s episode of our Helpful Basics season, we’re going to be talking about Pensions and ISA, explaining how they work, comparing them and helping you to know which ones to use and when. Shownotes: https://meaningfulmoney.tv/HB7 Everything you need to Know 02:07 Paying money IN. 13:50 Taking money OUT. 22:40 What happens when you die. Everything you need to Do 33:07 Join your employer's pension, or stay in it, or open one if self employed. 36:50 Use ISAs for medium term savings. 38:17 Use LISAs for first-time house purchase or to supplement retirement savings. 40:17 Blend 41:15 Be intentional, review regularly. 43:56 Podcast review.

    46 min

  6. 23 OCT

    Helpful Basics: Self-employment and side hustles

    Today we’re going to be covering Helpful Basics in the area of self employment and side hustles. We’ll be talking about what you need to know and what you need to do if you’re planning on going it alone in business or supplementing your income in some way… Shownotes: https://meaningfulmoney.tv/HB6 What You Need To Know 01:55 What is self-employment? 04:08 What is a side-hustle? 09:18 How tax works as a self-employed person.   Everything You Need To Do 20:37 Start as you mean to go on. 26:44 Register for self employment. 29:22 Start a pension. 31:07 Think about insurance. 34:03 Plan for the future. 39:25 E-myth Revisited book.   40:40 Review of the podcast

    43 min

  7. 16 OCT

    Helpful Basics: Credit Files and Credit Scores explained

    We have a slightly different episode because today I am speaking with the good people from a company called CheckMyFile all about credit files and credit scores - why they are important and how we can optimise them to our benefit. CheckMyFile: https://meaningfulmoney.tv/checkmyfile Shownotes: https://meaningfulmoney.tv/HB5 01:33 - Pete chats with Beth. 04:15 - What is a credit record / credit report / credit score 06:50 - Purpose of a credit record. 08:52 - What makes a good / bad credit file 12:00 - Credit card to increase your score before buying a house - is that true? 13:26 - Important to be on Electoral Role. 14:28 - Bad debts, using debt responsibly. 18:15 - What can be done to improve your credit score? 21:24 - Credit is attached to person, not address. Financially linked people. 23:40 - Check your credit file. 26:35 - Is there a business equivalent? 27:43 - What is CheckMyFile and why should people use it. 32:00 - Pete and Roger chat and a podcast review.

    36 min

  8. 9 OCT

    Helpful Basics: Behaviour Is Everything

    In this episode we want to cover the helpful basics of a subject that underpins EVERYTHING to do with personal financial success - behaviour. Shownotes: https://meaningfulmoney.tv/HB4 Everything You Need To Know 02:06 We are really bad at making good decisions. 07:18 Many things are objective. 13:40 Our higher functions allow us to pre-think decisions. 15:56 Our goal is to be intentional. Everything Your Need To Do 19:05 Know yourself. 27:35 Set clear goals to keep you on the path. 32:33 Use all the tools at your disposal. 42:55 Pursue higher thinking. 52:40 This week’s reviews

    55 min
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Pete Matthew discusses and explains all aspects of your personal finances in simple, everyday language. Personal finance, investing, insurance, pensions and getting financial advice can all seem daunting, but with the right knowledge and easy-to-follow action steps, Pete will help you to get your money matters in order. Each show is in two segments: Firstly, everything you need to KNOW, and secondly, everything you need to DO to move forward on the subject of that episode. This podcast will appeal to listeners of MoneyBox Live, Wake Up To Money, Listen to Lucy, Which? Money and The Property Podcast. To leave feedback or ask a question, go to http://meaningfulmoney.tv/askpete Archived episodes can be found at http://meaningfulmoney.tv/mmpodcast

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