Forget new year's resolutions, this is how to sort your financial life in 2024

28:17It took me quite a while to get to three months. It's also not exciting, is it, building up your emergency cash buffer? But a good tip is to use a regular savings account rather than just your bog standard one. So a really good provider to look at often is Coventry Building Society. They seem to allow, most regular savers allow you to put 50 quid, 200 quid in, but Coventry usually for their rates allow you to put 500 pounds a month in and they'll give decent rates. So you can put a good amount in and get a good rate and they'll give you more by regular savings than just putting into your bog standard account.

28:52I will say though, if you're someone that doesn't have any form of savings or investments, nothing makes you feel better than having a few grand in the bank. It's like that in terms of freedom and weight off your shoulders does more than having a portfolio of investments. Well, the definite, I think it was legal in general that did this study. The average person is six weeks away from being homeless, like not even two paychecks. So we really, as a nation, need to build up those cash buffers. The cash buffer, the three months to six months, depending on age up to a year, you're saying, easy access savings account because the rates are pretty good at the minute.

29:26What about the other types of savings for the goals? So if you know that goal is one year, two years, three years away, and the market is giving you a better rate by locking it away, you can quite comfortably look around for one year cash bonds, two year cash bonds, three year cash bonds, so that you're allocating that pot of money for a job in the future. And by looking at where you're probably going to get a better interest rate, but also outside, out of mind, you're not going to spend it. And then what about your pension, say? So your retirement money, that long term money, pension usually is what attracts your, well, I'd like it to attract people because of the tax relief.

30:08So the 20, 40, 45 % tax relief, well, for some people, 60 % tax relief. The pension feels like a natural place to start to put your money so that you can get the employer contribution and the tax relief. And then as a general rule of thumb, that medium term money tends to be stocks and shares ISA as a starting point. But don't forget that building up stocks and shares ISAs are also amazing for retirement. and then we covered it in that last episode, but it helps you have control over the tax that you're paying in retirement. So don't just think of ISAs as your medium, it's medium to long term money.

30:49Yeah. And what you mean there is that because pensions get tax relief on the way in, but they're taxed on the way out, whereas ISAs are the opposite. You're putting tax money in and you pull it out tax free. So you can use a combination of the two to pay very little tax in retirement and get quite a good income. And a good tip is, depending on the platform you use, for a lot of clients, we'll split their ISA. So let's say we've got a one-third, two-third rule. One-third is medium-term money, two-thirds is long-term money. We'll split their ISA wrappers accordingly. So one-third of money is invested with a medium timeframe in mind.

31:23And two-thirds of the money is probably slightly more risky, probably cheaper funds that we've picked. And that's got a more long-term view as well. Last time we recorded, Tomei, and you were having some real dramas with your accountant. So how's that been going, mate? They're sacked. So drama sorted. They're a big corporate firm. They didn't really reply to my emails very quickly, like took a week or two at times. And they charged me way too much. I mean, I've got pretty simple taxes. And yeah, they were charging me thousands. They saved me some money. But yeah, I had to move on. Slow and expensive.

31:55Pretty much. Yeah. This is one of the reasons that we're really happy to be partnering with TaxApp. It's a tech platform that makes self-assessment simple. Whether you're self-employed like me, a freelancer, or a director like Damo, big dog. Instead of sending endless emails, bills, and spreadsheets to your accountant, you just connect your bank, answer a few questions that are only relevant to you, and your tax return can be ready in as little as 15 minutes. TaxApp is really easy to use, and it's HMRC-recognized software. So it's safe, secure, and legit. The price is also decent. So if you're self-employed with one income stream, it's just£89 as a one-off fee.

32:27No big accountancy fees. And we also have a discount code, of course. If you need to file a self-assessment this year, give TaxApp a try. We've left a link in the description and use the code MONEY10 for 10 % off your first tax filing. That code is MONEY, M-O-N-E-Y 1-0. So Mr. O 'Carolet, I hear you are a salesman. Elite salesman, yes. One of the best, they say? I've got a little bit of experience in the game, yeah, I could say. Done a few deals. A bill, a bill. What would your compliance team say about you? They will say that I am always nagging them and that essentially I just have beef with compliance.

33:04I love the team. Compliance slows down all my deals because every time I get to the finish line, they've got to check documents, KYC, GDPR, and it's just a nightmare. It slows the deal down by like two, three weeks. It's always on both sides as well, isn't it? Sometimes it can be blocked on the other side. Well, that's where today's sponsor can help. Indeed. Vanta helps companies of all sizes get secure and compliant fast. And they stay that way. They do it by automating compliance with over 35 security and privacy frameworks like SOC 2, ISO 27001 and HIPAA. Yeah, all of them. And this saves businesses so much time and money.

33:39According to a recent IDC study, Vanta customers save over half a million dollars a year in costs. Not bad. And they also help you complete security questionnaires up to five times faster, which is great because everybody hates filling out forms. If you're a business that needs to prove security and compliance, visit Vanta.com forward slash making money to sign up for a completely free demo today. That's Vanta.com forward slash making money. There's a link in the description though, so you can just click that. Let's talk about the pension thing then, because I think most people that are listening to this and they're starting at the start of the year, the easiest thing that they could do is go and log on to their work-based pension and have a look at that.

34:16Do you have any tips for someone that knows nothing about pensions and what they should be looking for? So you need to know three things. Who's your pension with? I know that sounds really funny, but most people don't know where their pensions are. So who is it with? And then remembering that you're paying these people, they work for you. Ring them up and ask them, what is the name of the investment that I'm in? And can you email me a list of all the different investments that I can be in? And then lastly, you want to know what's going in. And if you paid in more, would your employer paying more um so if you know those things so know who it's with find the name of the fund you're in and then take the name of that and just go into google put trust net into the google search bar and then the name of the fund and it'll bring up a fact sheet and just as a quick acid test is is my fund outperforming the benchmark that they've picked there's two lines on the graph are you higher than the average if you're higher than the average it's a rough sense check that you're in the right direction and if it's not doing well or it's not achieving your goals then look start to look through the list of all the different funds that you could be in and pull on the resources of the pension provider they're not going to be able to give you advice but they're going to be able to say can you give me a list of of all the global multi-asset funds just getting that right like I had um last year I'm on a real rampage now with employers default pension schemes because these pension funds get picked for you and you trust your employer to do the right job because presumably the pension companies know more than you.

35:56But not more often than not, because thankfully a lot of companies are getting it right, but there are big, big companies out there that are getting it really, really royally wrong with with their pension default fund choice. I had a lady in December last year, her pension pot in the default fund in a growth mandate. So taking high amounts of risk has achieved 5.2 % over the last five years. Wow. And that is so way off what she needs it to be doing. And she's in her forties. So - Is that average per year or total? No, total. With inflation at 10 % a year. So she's lost a lot of money. Yes, exactly.

36:36Exactly. And she's in her 40s. This is the time when we need that money to be working hard for us. So it's things like that that I think just a session with an expert can just sense check. Am I going wayward? She was also going wayward because she was paying far too much into a pension. She was breaching the annual allowance and getting herself into all sorts of tax bothers that she just didn't realize. Another thing is either the People's Pension or NEST. The only fund that they offer that's 100 % equity is their Sharia fund, which is like people would look at that and go, that's not something, that's not me.

37:12But that's actually the one that for the youngest people is probably the more sensible growth option if they want the most risk, which most people tend to. I think you've got to just don't, because also don't look at a pension label. If something's classed as balanced or aggressive, what do they actually mean? Dig in deep. and on that trustnet.com when you so there's a graph at the top and then there's some blurb and some handsome pictures of the fund managers that are worth looking at alone and then if you go below you'll see two pie charts and in those pie charts it'll show you how are you split around the world but also how much of your money's in equities and you just want to toss up roughly how what percentage of my money is in equities and how much is in cash or property or bonds and it's that equity bit, that percentage that you really want to know.

38:00Could you explain the logic as a financial advisor of how you would use bond allocation as people got older so they could maybe understand that? Yeah. So ignoring current market conditions. The theory is, very traditional theory is, that equities are what's going to drive your portfolio and help you beat inflation. Bonds are going to be the break and the stability and they're going to help you protect your portfolio when things go wrong. And they're meant to be negatively correlated. So when one thing's doing well, the other thing's doing badly and vice versa. And so a traditional balanced portfolio would have 60-40 split.

38:41And then the last two years have come around. 60-40 in which way? 60 equities, sorry. Yeah, 60 equities, 40 bonds. So stocks and shares. And then the last two years have just completely turned that on its head that we've seen how volatile and the risks that can be involved in bonds. But yeah, traditionally that would be the role. As you get closer to retirement, you're being pulled in so many directions because you've got this short-term need to spend. So that sequencing risk that we talked about, if markets fall, does that mean you should just go and hibernate for the first two years of your retirement?

39:14Or does it mean you should need to get out there, which is why you have that large amount of cash, which some people find a preposterous amount of money to have, but it allows you the freedom to do what you want to do. But also inflation in old age is much higher than for younger people because inflation tends to affect the like your utilities, like we're seeing now, a greater degree, the food and the things that, well, older people tend to be consuming more of. Seven day weekend, as you put it in our last conversation. Yeah, exactly. You're always on your weekend. Damien and me propped up at the bar at the old people's home every day.

39:50Yeah, mate, we're going to be there in the high-end bougie retirement home. Maybe just mixing it up. Whiskey sour. 9am, whiskey sour. And the news started right. I don't know if you ever watched Coronation Street, but Ken Barlow went to a very swanky care home. And I always think that's what I want in my mind. Yeah. Anyway, so where did we get to? Oh, yeah, 60-40 split. And what you're trying to do as you build your portfolio in retirement is be mindful of inflation. so that you're taking enough risk, but also be wary that you do just want to live your life, which is where the security and the lower risk investments come from.

40:31But what a lot of pension plans are doing behind the scenes is they're moving you to cash so that on the day you retire, you're in cash 100%. And for most people, that's just not what you need now. So I think that's called lifestyling. So you want to understand how is my pot lifestyling? Is it lifestyling completely to cash or is it lifestyling me to more of a balanced portfolio? The money that you're not going to spend until your 80s and 90s, is there a reason why that shouldn't be in equities when you're 60? Exactly, because what people don't realize is that age gap is the same as 30 to 60 or whatever.

41:08You know, if you're 60 to 90 and we're planning for that, why wouldn't you be an extra 20, 30 years in the market? You don't just want a lump of cash at 60 and going, that is you. I will blow that in the first few years. The big goals and all of that stuff and this whole thing of like, I want to sort my life out this year. What I've taken away there is actually, if you look at your pension at work, you get insured and you get an emergency fund, then you've probably had a pretty good year one. Yeah, you could definitely pat yourself on the back after that. And also if you've just set, setting sides to think about what you actually want will be worth its weight in gold.

41:42Because if I notice that I'm bumbling along in life and I don't really have a direction, I don't really achieve anything. whereas if I know where I'm headed without realizing I achieve more. So we talked about the short term there, cash savings. We've talked about pensions long term and we briefly touched on the ISA but I want to go into a bit more detail with that if we can and how people approach medium term investing. So we're on TrustNet and we're just going to look at the Vanguard Life Strategy Fund. So there's the 100%. Sorry guys, what is in 100 %? Yeah, you go ahead. So when we were talking earlier about whether you have equities or bonds, 100 % means you've got no bonds.

42:26You've just got 100 % equities and no bonds. 80 % would be 80 equity, 20 bonds. On the five year, on the 100%, so 100 % equity is a 52.7 % return over five years. For the 80%, it's 39.1%. And for the 60%, it's 26.4 over five years. So, I mean, we've had, it feels like we've had a real roller coaster of it. I feel a lot of people will be surprised at how well those portfolios have done over a five year time frame. Whether you're balanced investor with that 60 % equity all the way to quite an adventurous investor with the 100%. Those kinds of returns, if you keep compounding those over five, 10, 15, 20, can actually be really life changing.

43:14Anyone listening though is just going to go, well, I just want the most amount. So why would I go? Because most people want the most amount, but they don't want the pain along the way. They don't want the ride is more than the point. Exactly. And so the last three years, so 2020 to the end of 2023, we've seen so many roller coasters coming out of COVID. we've had the Ukraine war we've had inflation then we've had Israel Palestine we've had huge amount of change and that has been a genuine roller coaster I don't feel I did many good news annual reviews with clients during that time and it's only now coming well the end of 2023 into 2024 now that I'm actually excited to do annual reviews with clients when the numbers are feeling that little bit more positive So it's lovely looking back now, we've been through it all, but it was really painful when we were in all those different stories.

44:09It felt like it was never ending because the worst thing you can do is sell when things are down. And we know that like, if you were Dell boy, you'd know to buy high, sorry, buy low, sell high. But everyone does the opposite. But with investing, we do the other way. And with an ISA especially, it seems a lot easier to do that in the modern world. Pensions are something they seem a bit more - Yeah, they've been a bit more locked away. Whereas with an ISA, you can dip in and out constantly. Yeah. So you stick to your plan as long as it's a sensible plan in the first place. You stick to it and you let it go.

44:42You really do let it go and focus on those more medium term numbers that you can get from those websites like TrustNet. What sort of investments are financial advisors putting inside of ISAs then? It really depends on the client, but essentially it's got to be well diversified in terms of geographically well diversified. but also you've got to be really careful of not being too focused on the themes of the moment. I mean, when I joined the industry, it was China was everything. Then obviously recently it's tech in the US. You've just got to choose things wisely and not be just so theme led that you're possibly getting in at the tail end of a theme.

45:20A lot of AI attention right now. There's always something, right? There's always a bubble, always a hype. And it surprises me how quickly people are to move from one to the other NFTs. And then the same people are like six months later, like AI, you know, when we guys just. And they're like metaverse. Yeah, exactly. It just changes like every six months. But it really, it should be boring. It really should be boring. I mean, most people would say being a financial advisor is boring. But maybe I'm living true to that. But yeah, I think it's got to be, it doesn't need to be the highs and lows of unregulated risky investing, definitely.

46:00The way I do it, I know that I'm like, I need risk in my life. I have a set allocation of my portfolio that I've kind of rolled the dice with. 90 % goes into low cost global index funds, both in my pension and in my ISA. And I have 10 % where I'm, you know, buying individual companies, you know. The devil makes work of Idaho. Yeah, yeah. You should know that, you've got a devilish name. You end up tinkering. And that's the worst thing that you can do with some of these things because you tinker at the worst time when actually, you know, if we liken it to MainLikes is crypto, I've got a bit of crypto.

46:33It's been very hard for people to buy into that when it was crashing. But actually, those are the people that have done well. And now it's flying again at the time of recording. Everyone's piling in and it's like you're making the classic mistake again. And this is the exact same psychology we see within the stock market. You talk about themes. The theme of today is interest rates, mortgages, these kind of things. How are people balancing the decision between my mortgage is going to go up by a lot and should I could stick to the plan of long term investing? Yeah, it's just about the numbers, isn't it?

47:03So first of all, let's think about the mortgage. Is the mortgage going to be paid off by the time that you're going to retire? Or are you going to downsize is the ultimate question. And most people think, oh, when I'm old, when I'm 60, I will downsize. But the reality is when you're 60, you get there and you won't be downsizing because you do want to have a fun house and a party house. You want to have the kids back with the grandkids and perhaps downsizing isn't going to be what you really, truly want. So you've got to get your mortgage cleared by the time you retire if you're not 100 % sure you're downsized.

47:34With interest rates going up, that could be an easy thing to say, well, for the next few years, I'll just go interest only for when interest rates get back to normal. But we've got to get back into this mindset that perhaps this is normal now, that maybe interest rates of 4%, 4.5 % is where we're going to land. So how will you navigate that for the next decade, two decades, three decades? And what impact will that have on your decision? So it's going to be that you pay off, you increase your mortgage amount. So should you invest or pay off your mortgage is the next question. So after costs and charges and tax, what return would you reasonably expect to get from your investments?

48:18My mindset naturally is I'm a cautious person. So interest rates going up like they are now, my new mortgage rate is 3.84%. I've decided that I'm going to overpay my mortgage because I just feel I want the certainty that that's done rather than the hope by investing. So I'm still doing my stocks and shares ISA, but I'm definitely focused on paying back my mortgage at a higher rate now. Yeah, it's such a personal decision. And I think that's why people struggle to get a definitive answer because some people really value being mortgage free. Others, you know, you could sit a property investor here and they would go, well, inflation's eating away the value of the debt in real terms.

48:54So I'm not bothered. You know, like I think over the next 30 years, house prices will go up and I just sell the house or whatever because the debt stays fixed. So you're never going to get a clear answer. But I think know the numbers. So what are your investments performing at? What is your cost of your mortgage? And just stress test it a little. So what if interest rates do stay at four and a half to five rather than four, four and a half? How would that impact your decision? And where's that threshold? And check your vanity as well, because it's much more fun to invest than overpay your mortgage.

49:28Yeah. What about the people who are thinking about affordability of a mortgage? You know, like, I don't want to put, I'm going to put you on the spot here. You stole my question. Yeah, I was going to say like, what about the people who are, I want to get a property in the next couple of years, where should they be like, what steps should they take at the beginning of the year to say, okay, this is how I'm going to get my property. Should you be saving in ISAs? Wasn't my question, but you know, go for it. Well, my question is better anyway, so that's fine. So it's again, don't let your heart rule your head.

49:56are you buying that property in the next three to five years? If so, it's going to be cash or cash-like things that are very, very secure. And shop around for the best ones. There's still some amazing one-year fix around and they're going to be going really fast. Lyses are pretty good as well, lifetime ISA. Yeah, it depends though on what you're going to buy. So I think it's 450 ,000 is the cap. And then the next thing is about in this new interest rate world, how does that impact the decision of what you're actually going to buy what can you what can you afford now because the game has completely changed maybe before you were looking at I don't know three to five hundred thousand pound budget but maybe now it's a 250 to a 350 budget so I book a call as soon as possible with a mortgage broker someone independent who can really tell you truly look this is what it's going to cost you a month and if you maybe you can go for the bigger one but you're not going to retire till 70 like how does it make you feel like what are the consequences of that decision?

50:55And what can I afford to pay each month taking into account the fact that I've still got to save, invest and retire? Exactly. You still need to hit all those other goals. And then that means then that you work in the same way with the retirement calculator, you go, I can afford a thousand pounds a month for a mortgage. You can then work backwards and go, right, that means I can only bid 200. And that gives you how much you can really afford. Because some of these banks you walk in, they're like five times income and you actually think we're going to be spending two and a half, three grand a month on a mortgage here.

51:21and could you afford that and still hit your other goals? Yeah. And so I think it's overlaying that with your happiness factor. Some people having the big house and retiring later will make them really happy. For other people, having a smaller mortgage, a smaller house and everything much more manageable, retiring early, that's their definition of happy. I know a lot of people that get stuck in that big house trap and they're not happier. You know, they thought like, oh, if we just move to here, it would be even better. And now it's like they can't afford to go on holiday or whatever. Yeah, well you see the estate agents boards going up all over the posh places at the minute.

51:54So as the year starts, we've got lots of great advice. Sort out your pension, get a buffer, look at your budget for five years. Is there anything else people should be doing at the start of the year if they want to fix their financial lives or get serious and sort it out? Yeah, I mean, a big thing is what if there's an imbalance between you and your partner? Yeah. You've been talking to Damon, haven't you? What have you been snitching on me? Because if your goals aren't aligned, you could just be pushing against the tide. I'm fortunate that my husband just lets me crack on with the money. I think he can't really argue.

52:29You probably should. Yeah. You're like a doctor of money. I don't do the creative stuff. But in some relationships, if you've got different money stories, different money backgrounds, different upbringings, it all changes that natural dialogue we have with ourselves about money. So I think if you're in a couple, it's really deciding together what it is that you're going to do and if there is a naturally stronger person financially in the relationship first of all are they actually stronger financially or or they is it false yeah because i do tend to find i mean i really cringe when it happens when the the financial god of the family comes and sits in front of me and i have to try not embarrass them in front of the financially knowledgeable weaker one because they really don't know what they're talking about like it just I'd really hate that situation when one person has sort of led the way financially they've made so many mistakes so don't just assume they know but also there's so many times when I see when people separate that they're like I just wish I'd known so even if you are the financially weaker knowledgeable person I think just try and do a little bit of reading everything I go and listen to more of these podcasts because I think if you could just learn one little thing a week how much more would you know by the end of the year and like with my husband like he the most stressed I've ever seen him his whole life is when he's doing his VAT spreadsheet um but and he really wouldn't be interested to look at money things at all but the first of every month we do our money in money out assets liabilities and I make him at least look at it and I think it's really important that you know where your money is and if you're on track as a couple.

54:10So yeah, I think getting that money conversation going could be a really good thing for this year. That's good advice about looking at it on the first of the month every - I mean, something I really look forward to, he's like, oh, bloody hell, not again. But that's like something small that people could do that is a bit painful, but like once you, I'm sure once you start doing it, it gets natural. Yeah, and I only started this spreadsheet of mine when I was 30. And the reason I'd put it off until I was 30 was because I was just really depressed about the numbers that would be on that spreadsheet in the early days, but the motivation and the education that it gives you, knowing that number, I think is really important.

54:50Yeah, and I've like 10 years into that journey and mine was a mess when I started, very big negative numbers. Now to look back on that is like, that's real happiness. If you ever need like a quantifiable way to look at where you've come, if you do one of these monthly budgets and you keep them or you just track where you are on a yearly basis So I have like, you know, all my different assets and that net worth, like I know you track your net worth. Over time that's really motivating and it's hard proof that you're better than you were five years ago or 10 years ago. And even when I just look back, I do, mine started in September of my 30th year.

55:26So every September I do a, what did I, how much have I improved September to September? And I'm always quite surprised. Yeah. Pleasantly surprised. I sat down with Claire Barrett the other day, who's like an F2. Name dropper. Humblebrag. She drops my name, mate. No, no. Well, I was about to say, I was worried that I look like a dick on the thing, but no, I just look like a dick there and all. So it doesn't matter, does it? But basically she was saying, we were talking about financial goals. And I was saying, I try and set them at the start of the year, but then I look back and I always laugh. And she was like, why do you laugh?

55:59And I'm always like, because I hit them like halfway through the year and I'm really bad at, you know, realizing my potential in a way. Or maybe you're too scared to write down the real goal. Yeah, exactly. You need a bit of me. Yeah, you want an easy win. Yeah, I'm gonna be a millionaire by next year. And then, yeah, be like, oh, I haven't hit my goal, damn it. This time next year. This time next year we'll be millionaires, David. So yeah, you just gotta be a bit more ambitious. I'm the opposite. So in your heart, maybe you know how ambitious you can be in a year, but maybe saying it or writing it down feels more exposing.

56:30Cause I feel like that definitely, like I always have a, I've got a white book that's meant to be, it's by my bedside and I'm meant to write in it, my big goals. And sometimes I write them in really messy handwriting because I know that it's a bit scary what I've written. And maybe when I look back, I won't quite know what I've written. Yeah, you don't want to admit it to yourself. Yeah, and it is that consistent little habit that drives the big returns over the long term. And it is the one thing that people need to realize, it does take time. You can't, in three months, you're not going to completely change your whole financial situation.

57:04And you could prove that to yourself by just pull up one of those retirement calculators and say, what if I got 3 % a year? What if I got 5 % a year? What if I got 7 % a year? And those numbers will be ginormously different. So doing the right thing regularly, not being in those rubbishy pension funds that you've not checked for God knows how long, that's pulling against all the effort that you're putting in. So I think, yeah, it's just looking out for what's not going quite right. Because it's the start of the year, I've been thinking back to a lot of the episodes that we've done. And the one thing that, you know, coming at this, I'm trying to think back to when I first started my financial journey.

57:46And there was a lot of me beating myself up, setting goals, like I'm going to completely transform my financial life in a year. And what this conversation shows is, it's all about the little actions and the small steps. and if someone's if someone is thinking i don't know what to do this year if they could get two to three months worth of emergency savings get some insurance if they fall out of work and they go and look at their work-based pension that's a great year of a five-year plan and claire barrett the first episode we did she said something that i like carry around with me which is just kind of forgive yourself for being where you are at the minute because i think a lot of people carry a lot of guilt with their finances.

58:23I think it's really good. And I think also, can you look at a procedure to put in place? So is there a job, a financial task that you could allocate to each month just to help you stay on track? I think that's a really good. So this is like the ritual you have around the first of the month where you sit down. Yeah, what's measured grows or whatever is there. And if you sit down each month and you look at it, you go, there's a lot of blokes out there going, really? Get the tape measure now. Sorry. It's not a podcast without a dick joke, is it? But anyway,

59:02by the action of simply looking at your budget and your finances every month, you start to know where things are going and you can then control the flow of the money and it will improve over time. Exactly. If you missed anything in that episode, don't worry. We do a really good summary of everything that's gone on and what we discussed in our newsletter. You can sign up using the link in the description. And don't forget to subscribe to the podcast and leave us a review. It really makes a difference and lets us know what we're doing right. This is not financial advice. The reason it's not financial advice is because it's not tailored to you.

59:31Like we say a lot on the podcast, investments can fall and rise. In fact, this is almost a guarantee. Remember, past performance is no guarantee of future results. So your money is always at risk with investing. Also, remember other fees may apply. I'm Damo. I'm T. This episode was recorded by Jack Hobbs. It was produced and edited by Ruth Edwards. Johnny Hunter is in charge of all our marketing and it's all brought together by Will Stollerman.