Straightforward Guide To Individual And Family Finances , livre ebook

Straightforward Publishing - Adrian Fellows

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107 pages

English

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A propos
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Extrait

Description

A Straightforward Guide to Individual and Family Finances is a comprehensive guide to all aspects of the complex area of personal finances. The book is clear and concise and is intended for the layperson or student, although it can be utilised by the professional. It is ideal for anyone who wishes to obtain important practical advice concerning this area, particularly in the current turbulent climate where uncertainty concerning savings and investments is prevalent.

Sujets

Personal finance

Economics

Informations

Publié par	Straightforward Publishing
Date de parution	25 novembre 2020
Nombre de lectures	0
EAN13	9781913776534
Langue	English

Informations légales : prix de location à la page 0,0300€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

A STRAIGHTFORWARD GUIDE TO INDIVIDUAL AND FAMILY FINANCES
Adrian Fellows
Editor Roger Sproston
Straightforward Guides www.straightforwardco.co.uk
Straightforward Guides
Straightforward Co Ltd 2020
All rights reserved. No part of this publication may be reproduced in a retrieval system or transmitted by any means, electronic or mechanical, photocopying or otherwise, without the prior permission of the copyright holders.
ISBN: 978-1-913342-56-2 ePUB ISBN: 978-1-913776-53-4 Kindle ISBN: 978-1-913776-62-6
Printed by 4Edge Ltd www.4edge.co.uk
Cover design by BW Studio Derby
Whilst every effort has been made to ensure that the information contained within this book is correct at the time of going to press, the author and publisher can take no responsibility for the errors or omissions contained within.
CONTENTS
Introduction
Chapter 1 - Financial Advice/Financial Advisors
Different types of advisors
Other types of advice
Fees and charges
Services offered by different advisers
Online advisor directories
Complaints
The Financial Ombudsman Service
The Pensions Advisory Service
The Pensions Ombudsman
The General Insurance Standards Council
The Property Ombudsman Scheme
The Financial Services Compensation Scheme
The Fraud Compensation Fund
Chapter 2 - Mortgages and Financing a Property Purchase
Hidden Mortgage Hurdles
The options available
How much can you borrow
Deposits
Help to buy scheme
Joint mortgages
Main types of mortgage
Complaints
Borrowing and the internet
Stamp duty
Solicitors fees
Advice for helping children on the property ladder
Chapter 3 - Life insurance
Do you need it?
Different types of life insurance
Decreasing term insurance
Level term insurance
Family Income Benefit policy
Whole Life insurance
Critical Illness
Chapter 4 - Maximising Your Savings
Cash returns
Tax on interest earned
The choice of accounts
Children s accounts
Instant access accounts
ISA s
Savings APPS
ISA Scammers
Monthly income accounts
Notice accounts
Time deposits
Fixed-rate investments
Short-term fixed-rate investments
Escalator bonds
Fixed rate bonds
Guaranteed growth bonds
Guaranteed income bonds
National savings certificates
Unit Trusts
National savings pensioners guaranteed bonds
With profits savings plans
Friendly society plans
The purpose of saving
Peer-to-peer lending
Investing a Lump Sum
The options available
Tax implications
Crypto-Currencies
Savings APPS
Chapter 5 - Protecting Your Income
What is IP insurance?
Chapter 6 - Borrowing money
Caution before borrowing
Comparison of costs
Payment protection insurance
Borrowing to pay off other loans
Overdrafts
Credit cards
Personal loans
Payday loans
Secured or unsecured loans
Interest free or low-start credit
Hire purchase
Credit unions
Borrowing through peer-to-peer lending
Credit scoring
Chapter 7 - Income tax Generall
Income Tax rates
Personal allowances
Married couples/Civil partners allowance
Blind persons allowance
The employed
The self-employed
Capital gains tax
Tax on dividends
Inheritance tax
Exemptions
Gifts made before death
Chapter 8 - Funding Education
Generally
Bursaries, scholarships and other help
University
Student Loans
Chapter 9 - Financing Health Care
Private medical care
Regulatory structure
Long-term care
LTC insurance
Immediate needs policy
Regulation
Chapter 10 - Paying for Weddings and Funerals
Why use a funeral plan?
How safe is money in a funeral plan?
Pros and cons of funeral plans
Questions to ask the plan provider
Over 50s plans
Pros and cons of over 50s plans
Alternatives to funeral plans and over 50s plans
Putting money into a savings account
Using the money you leave behind in your will
Death in service from an employer
Life insurance
Weddings
Use your savings
Get a new credit card
Spread the cost and pay no interest
Earn rewards
Credit card spending is protected
Get a personal loan
Get help from friends and family
Protect what you spend
Chapter 11 - Earning From Stocks and shares
The Individual Investor
Purchasing assets
Hedging and speculation
The speculator
The markets
How The Stock Market Works
What is a stock market?
Chapter 12 - Benefits of Owning Shares
Owning Shares in a Company
Long-term investment
Short-term investment
Perks of owning shares
How to Buy Shares-Taxation of Shares
Buying through investment trusts
Unit trusts
Investment clubs
The cost of dealing in shares
Commission
The spread
Income tax
Buying shares
Taxation of shares
Dividends
Capital gains tax
Chapter 13 - Pensions and Planning for the Future
Sources of pension and other retirement income
The Pensioners Income Series
Average income of pensioners
Sources of pensioner incomes
Pensioners income according to position-bottom fifth of pensioners and top fifth
How Much Income is needed in Retirement?
Income needs in retirement
What period to save over
Inflation
Stages to planning your retirement
Chapter 14 - Sources of Pensions-A Summary
Sources of pension savings-The State Pension
The over 80 pension
Occupational pensions
Stakeholder schemes
How much can be invested in a stakeholder pension?
Other ways to save for retirement
Useful addresses
Index
***
INTRODUCTION
The main purpose of this book, updated to 2020 is to guide the reader through the maze of personal financial decisions which he or she or the family might have to make during a lifetime. Currently, we are in a period where the COVID 19 pandemic is dominating our lives and playing havoc with the economy. Peoples incomes are being affected and returns on investments (for the most part), have been decimated. Savings rates have dropped right down and there is even talk of negative interest rates. That is why it is now so important to understand the opportunities available.
In addition, Britain s exit from the European Union may well affect different parts of the financial landscape. This is a case of wait and see.
I have concentrated heavily on specific areas such as pensions, savings and insurance, because these are areas which have been affected the most and which will have the most effect on you during the course of your working life. The book also discusses the operations of the stock market and how to invest wisely. There are also frequent references to financial advisors, ranging from the independent advisor to those employed by institutions such as banks. I have made repeated references because very often you will receive advice from such a person and will make decisions based on that advice. It is very important indeed to know exactly who you are receiving advice from.
As an individual, you could spend untold hours considering the various options open to you with regard to financial matters, only to find yourself more confused than ever due to conflicting advice received along the way. That advice will, quite often, be made in the best interests of the advisor, and his or her subsequent commissions, rather than in the best interests of yourself.
A Guide to Individual and Family Finances will set out, in a clear and unambiguous way, the meaning and implications of the various financial options open to you, and should leave you in a better position to make an informed choice.
The main areas covered by the book are mortgages, life insurance, savings generally, investments, income protection, stocks and shares, tax wills and trusts and pensions. In addition, I have also covered education, and health care plus wedding and funeral plans. Because of the importance of receiving accurate advice from financial advisors, the book will begin by outlining the law that governs such advisors and also the types of advice given.
**
Ch. 1
Financial Advice/Financial Advisors
There are many ways to purchase financial products nowadays, either through the Internet or by telephone. However, when considering more complex financial issues, it is evident that professional advice is needed. There are numerous advantages to using financial advisors, one of the main ones being that you will have extra protection if things go wrong. The first step towards finding a good advisor is considering which type is likely to provide the service you need. Like solicitors and other professionals, financial advisors do specialise and you would have to find the correct advisor for your needs. It is also very important to discover whether or not the advisor is properly authorised and registered and approved by the correct bodies. Nowadays, advisors and the companies that they work for must be authorised by the financial services watchdog, the Financial Conduct Authority (FCA). The FCA is responsible for the conduct of advisors. To be on the safe side you should always check with the FCA. You can also find out what type of business the advisor is authorised to do. These details are held on the FCA s register. Its public enquiries helpline is on 0800 111 6768. It is important to be aware of the distinctions between different types of advisors, the services they are likely to provide, and how they are likely to be paid, before narrowing your choice down.
Different types of investment advisers
Financial advisers come in different guises and aren t always called financial advisers . Sometimes they are named by their specialism such as mortgage adviser , investment adviser , pension adviser or financial planner . Sometimes they are known as brokers - often when dealing with products like home and car insurance, mortgages or investments like shares.
Advisers who deal with: Investments; pensions; retirement income products (such as annuities) and general financial planning
Since January 2013, advisers recommending these types of products must charge a fee for the advice they give and carry higher