In this inspiring podcast episode, we explore the remarkable story of Jon, a true financial maestro who has maintained an annual budget of under £7,000 since 2009. What makes his journey truly extraordinary is not just his modest income, but his ability to achieve financial independence. If Jon were to cease working today, his sustainable living wouldn't falter. So, how does he work this financial wizardry? Jon's secret lies in his meticulous tracking of expenses, not income. He openly admits to occasional years where his spending exceeded his earnings. However, his steadfast indifference to m ..read more

To include the State Pension or to ignore the State Pension, that is the question…when you’re retirement planning. If you’re a millennial (born between 1981 and 1996) or later, I’ve come to a bold conclusion: it’s best to assume you won’t receive a State Pension, when you’re planning how much to save for retirement. Let me explain why… While it's likely that some form of State Pension will persist, I believe there’s a good chance that it will become much less generous or that the state retirement age will increase even further. It is also possible that it will become means-tested so only the l ..read more

Retirement is a dream shared by many of us, but achieving it requires careful planning and early action. In this article, we’ll delve into the world of retirement savings and reveal exactly how much you need to save each month to retire comfortably. So, if you're aiming for financial independence but are possibly thinking it’s a pipe dream, buckle up and discover the key to retiring early! A little teaser: if you start saving at 22, to have £1 million by the time you are 68 you only need to save £195 each month if you're single...how much do you need to save each, if you're part of a couple an ..read more

Have you heard about the FIRE movement? It's an acronym for Financial Independence Retire Early. While many people interpret it literally, there's more to this movement than meets the eye. In this episode, we delve into what FIRE truly means, dispel some common misconceptions, and explore the different aspects of achieving financial independence (or FI) and retiring early. Contrary to popular belief, the FIRE movement is not a cult or a race to become a millionaire overnight. FIRE is also not about living close to the poverty line so that you can save every penny possible – in the process depr ..read more

Hi Heather, Here’s my questions. I'm a single first time buyer, I have just under £10k deposit and i can borrow up to £200K based on some mortgage brokers.. is there any way I can borrow more money to buy a bigger house? What are your thoughts on the "helping hand mortgage" by Nationwide. Are there any other schemes for first time buyers? Second question, my plan is to use the house hacking method to save up faster in order to invest in more BTL properties. What’s your advice on house hacking and is it legal, do i need to inform the lender and would that make them more inclined to raise my int ..read more

Amrita owns a buy to let property and is a renter herself. She has been renting for over a year and wants to buy a home to live in. She wonders if she will have to be pay the extra 3 per cent stamp duty tax on the purchase of her new home. In addition, if she is subject to the extra 3% tax, she asks if she can she avoid it by buying her home through a limited company? That’s what we answer in this short podcast. If you need advice for your own situation, please contact a mortgage broker or personal financial advisor. RESOURCES Call me: https://clarity.fm/heather B School for Kids and other boo ..read more

I always say that if you get nothing else right in your financial life, at least own where you live outright by the time you hit retirement and ideally much earlier. Well that’s not quite right, the other thing you need to make sure of, is that you qualify for the full UK state pension. Currently, when I am 68, for so long as I have 35 qualifying years, I will get £185/week in state pension until my dying day. That’s about £800/month or £9,620/year. This is not an insignificant amount and if you live with someone, i.e. your partner, a sibling or friend, it’s double that as you would each quali ..read more

When you’re at one point in your life it’s often nearly impossible to imagine having much more than what you’ve got – or maybe that’s just my lack of imagination – anyhow, in this podcast I recount the steps we went through to move from our £385,000 beautiful terraced home to a £1.1m detached bungalow in the same neighbourhood. We did all this in 2020 but, even as recently as in 2017, when I walked past the homes on the street where we now live, I thought actually living in one of them was pure fantasy for us and at that point, it was. It took getting a proper second income, a stamp-duty holid ..read more

If you’re looking for ideas on how you and your partner can split the household bills without arguing about it, I have a few ideas for you. Obviously what you ultimately go for depends on your own specific circumstances, e.g. whether you’re married or in a civil partnership or not in either, employment status, differences in income and personal beliefs, however, you can either: 1. Split bills fairly – this can mean equally, i.e. 50-50; or in proportion to your incomes. 2. Approach finances with unity – i.e. all money earned belongs to the household regardless of who earned it and is managed in ..read more

If you’re over 55 and own your home outright or have significant equity, banks target you for equity release schemes. There are two types: lifetime mortgages and home reversion schemes. With a lifetime mortgage you generally get a loan based on the value of your house and your age – the higher your home’s value and the older you are the bigger the loan you can get. Then, rather than pay interest monthly, compound interest is charged and accumulates without payment until your death at which point your house is sold to pay off the borrowed money and accumulated interest. Most lifetime mortgages ..read more