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Summertime Publishing - Helen West

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119 pages

English

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Warning! Secrets of a Financial Adviser - Your Money, Your Life could change your life, making you happier, wealthier and confident that you have made the right choices.

Sujets

Personal finance

Informations

Publié par	Summertime Publishing
Date de parution	03 décembre 2012
Nombre de lectures	0
EAN13	9781909193611
Langue	English
Poids de l'ouvrage	2 Mo

Informations légales : prix de location à la page 0,0250€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

Secrets of a Financial Adviser – Your Money, Your Life
First published in Great Britain in 2013
© Helen West 2013
The right of Helen West to be identified as author of this work has been asserted by her in accordance with the Copyright, Designs and Patents Act 1988.
ISBN No: 978-1-909193-16-1
British Library Cataloguing in Publication Data
A catalogue record for this book can be obtained from the British Library
Notice of Rights
All rights reserved. No part of this work may be reproduced in any material form (including photocopying or storing in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the written permission of the copyright holder except in accordance with the provisions of the Copyright, Designs and Patents Act 1988. Applications for the Copyright holder’s written permission to reproduce any part of this publication should be addressed to the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published without the prior consent of the Publisher. The author and publisher gratefully acknowledge the permission granted to reproduce the copyright material in this book. Every effort has been made to trace copyright holders and to obtain their permission for the use of copyright material. The publisher apologises for any errors or omissions made within the book and would be grateful if notified of any corrections that should be incorporated in future reprints or editions of this book.
Notice of Liability
The information in this book is distributed on an ‘As Is’ basis without warranty. While every precaution has been taken in the preparation of this book, neither the author nor the publisher shall have any liability to any person or entity with respect to any loss or damage caused or alleged to be caused directly or indirectly by the instructions contained in this book or by the computer software and hardware products described in it.
Trademarks
Many of the designations used by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations appear as requested by the owner of the trademark. All other product names and services identified throughout the book are used in editorial fashion only, and for the benefit of such companies with no intentional infringement of the trademark. No such use, or the use of any trade name, is intended to convey endorsement or other affiliation with this book.
Supporting Young People in Education
A percentage of all profits from Secrets of a Financial Adviser – Your Money, Your Life are donated to educational not-for-profit organisations for the benefit of young people.
Designed, printed and bound in the United Kingdom
To my darling daughter Sarah, wishing you lots of love and happiness on life’s journey
CONTENTS
INTRODUCTION
The Objective of this Book
How to Use this Book
Why You Should Read This Book by Ken Davy, Entrepreneur & Founder of SimplyBiz
A Personal Note from Helen West
PART I: YOUR MONEY
THE BASICS
What is the Mystery about Money?
Basic Maths
Your Money History
Money & Emotions
BUDGETING
SAVING
MAKING THE MOST OF YOUR SAVINGS
Investing in an ISA
The Junior ISA
Interest Rates
LONG-TERM SAVING
The Power of Compound Interest
DEBT
PERSONAL LOAN (UNSECURED)
CREDIT CARDS/STORE CARDS
The Truth about Credit Card Borrowing
MOVING ON
Money for Further Studies
Student Loan Repayment
EMPLOYED
National Minimum Wage
PAYE (Pay As You Earn)
Working Hours
Student Employees
Salary
INCOME TAX
Why is there Tax?
Tax Returns
Working Tax Credit
Child Tax Credit
Child Benefit
SELF-EMPLOYED
What is Self-employment?
Self-employed Tax
Self-employed NICs Rates
Tax for Entrepreneurs
PENSIONS
Compound Interest & Pensions
Time & Money
Employment-based Pensions (Defined Benefit (DB) Pension Schemes)
Maximum Contributions
Life Time Allowance
Personal Pension Plans
Stakeholder Pensions
State Pensions
THE CHANGING FACE OF PENSION SCHEMES
Contribution Levels & Tax Relief
MOVING OUT
RENTING VERSUS BUYING
RENTING COSTS
BUYING COSTS – MORTGAGES
Taking Out a Mortgage
The Deposit
Mortgage Interest Rates
Repayment and Interest-only Mortgage Examples
Stamp Duty
Negative Equity
PROTECTION
CONTENTS INSURANCE & PERSONAL BELONGINGS
A Note on Personal Belongings
Mobile Phones
LIFE ASSURANCE
Your Human Capital
Life Assurance Products
Critical Illness Cover (Living Policies)
INVESTMENT
GROWING YOUR MONEY
Asset Classes
Risk
Capacity for Loss
CHOOSING INVESTMENT FUNDS
Paying Capital Gains Tax (CGT) on Shares
Equities
Equities Timing
Fixed-Interest Securities
Wrap Accounts
KEEPING YOUR MONEY SAFE
PART II: GETTING THERE
FIRST STEPS
Raising the Participation Age (RPA)
Thinking Ahead
GAP YEAR
Points to Consider for Your Gap Year
FURTHER STUDYING
TIPS FOR CHOOSING A UNIVERSITY OR COLLEGE
Dealing with Disappointing Exam Results
GETTING A JOB
Job Hunting
Questions for Job Hunters
Writing a Good CV
Writing a Good Cover Letter
THE JOB INTERVIEW
On the Day
Starting a New Job
The Right Job?
SELF–EMPLOYED
ENTREPRENEURS
APPRENTICESHIPS
INTERNSHIPS
VOLUNTARY WORK
UNEMPLOYED
How Jobseekers Allowance (JSA) Works
Voluntary Work for the Unemployed
PART III: YOUR LIFE
THE ABC LIFEPLAN™
INTRODUCTION
A – ATTITUDE
Positive or Negative?
How Other People’s Attitudes Affect Us
Witch or Princess?
What is Your Life View?
The Wheel of Life
Being Positive!
Checking Your Attitude
B – BELIEF
THE POWER OF BELIEF
The Committee
Programming
THE POWER OF DESIRE
Overcoming Fear
Character Building
The Tree of Life © Roy H. Savery (adapted by Owen Jones)
Being Accountable
C – COMMITMENT
Goals
Change
Effort
Focus
Priorities
CONCLUSION
IT’S YOUR LIFE!
TRUE HAPPINESS
Promise Yourself © Christian D Larson
JARGON BUSTER
APPENDICES
APPENDIX 1 : Helpful Websites
APPENDIX 2 : Reading List
ABOUT THE AUTHOR
ACKNOWLEDGEMENTS
INTRODUCTION
Congratulations on purchasing Secrets of a Financial Adviser – Your Money, Your Life or managing to get hold of a free copy!
Taking time to read this book could be one of the best things you ever do. I encourage you to read each section carefully as the information you find here could change your life for the better as Ross found – see what he has to say about how Secrets of a Financial Adviser – Your Money, Your Life helped him below.
" Before your visit to Coombe Dean School, I hadn’t thought much at all about finance and money. During the day of your visit you helped me understand how money works, and ways of being able to cope with money. For me, it cleared up many of the grey areas within finance.
Within a couple of weeks of leaving school, I had been employed by PMC Tiling. Earning a substantial amount of money each month, I was able to use the life skills you taught me. This knowledge has helped so much – helping me pay for driving lessons, small bills, and also having money left over for day to day essentials.
Would like to say a huge thank you for teaching me to understand these valuable life lessons."
Ross
This book cannot tell you absolutely everything about finance and life-skills as it would take far too many pages, but it will introduce you to many of the key areas. To get the maximum benefit from this book, I have also included lots of helpful exercises – working through these will help you to focus on the various topics, and some of your answers may surprise you.
This book is for young people between the ages of 16 and 21.
I recommend that you keep a record of your progress as you work your way through this book in whatever format suits you – notebook, laptop, MacBook, iPhone etc. A folder to store your completed exercises in one place is also helpful. When you look back through your notes you may be astonished at how far you’ve come, and this will fuel your determination to keep on going.
The Objective of this Book
I have been teaching Financial Planning and Investment seminars to adults for the past 20 years. In recent years I have also given many presentations on finance in local secondary schools as part of Personal, Social, Health & Economic Education (PSHEE) to help students get a picture of how money fits into the real world after they leave school. I have also worked through the ABC LIFEPLAN™ with smaller groups with the aim of developing the key character qualities that are crucial in making the best of what life throws at us. In this book I will share with you some of the money and life secrets that have helped me to become successful.
This book is in three parts:
PART I: YOUR MONEY
Many young people would like to have a better relationship with money. They want to know how it can work for them in everyday life. Part I will give you the practical ‘know-how’ so you can understand the role money plays in today’s world and discover skills that will help you to use it better.
Here you will learn key issues about money, including the most basic of all – how not to spend more than you have. This is known as budgeting. In this section you will find out about many key money areas you need to get to grips with including savings, interest rates, and debts, for example credit cards, loans, and mortgages.
We will also look at protecting your money – planning ahead for future expenses, for getting married, having your first child, or to provide a safeguard against things that could go wrong such as an illness that prevents you working. Taxation is covered in some detail. Nobody ever mentioned to me at school exactly how much tax would be due on my hard-earned money.
PART II: GETT