UK Economy Bouncing Back But Shop Closures Increase

UK Economy Bouncing Back But Shop Closures Continue To Rise

The UK economy is predicted to grow faster than expected this year as it recovers from the lockdown, according to the International Monetary Fund (IMF).

The IMF upgraded growth forecasts for developed economies in its new assessment, but said the world is increasingly split into two blocs with the outlook for many developing countries weakening.

The largest upgrade is for the UK to 7%, which is forecast to have the joint fastest growth of the G7 leading rich countries, together with the US, although that follows a sharp contraction last year that was the deepest in that group.

I was in central London this week and it was buzzing with activity again, with full cafes, restaurants and tour buses.

However, shop closures are still rising, especially in the North East where vacancy rates are the highest.

The end of the business rates relief and furlough scheme will be a further blow to the retail and fashion sector already suffering from increased competition from online retailers, such as Amazon.

I see shops closing all around me, but then opening up again a few months later by some hopeful start-up selling the same kind of stuff.

If you really want to get into business, the best way to get started without the huge financial risk of a physical business is to start with an online business.

Property is another type of business you can run part-time with little or no capital. If you would like to learn how to become a professional property investor, join the upcoming PROPERTY REVOLUTION SUMMIT where you will discover secrets that have turned thousands of ordinary people into millionaires. CLICK HERE TO JOIN - https://bit.ly/3zSpGEd.

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Is The Housing Market About To CRASH? Property Market Slowdown After Sta...

More Evidence Of Property Market Slowdown Post Stamp Duty Holiday

More worrying signs for the UK housing market have emerged following the ‘Stamp Duty property purchase tax’ holiday withdrawals, according to the Nationwide.

The leading building society own figures revealed that house prices dropped slightly in July compared with June, but were still 10.5% higher than a year ago, mirroring an earlier report by the Halifax, Britain’s biggest mortgage lender.

In the rush to buy, most stamp duty savings were outstripped by fast rising prices.

The tax break helped create a housing boom during the pandemic. Booms are often followed by busts.

A typical home cost £244,229 in July and annual house price increases were at a 17-year high in June, but slowed slightly in July, the lender said.

Breaks for property purchase taxes were pulled in Wales at the end of June, and reduced in England and Northern Ireland at the same time. The tax will return to normal levels by October.

The number of homes sold every month reached record levels not seen since comparable records started in 2005.

The market for large properties outside of town centres had surged, while sales of flats had fallen.

The number of transactions for properties bought for £500,000 or more increased by 37% over the 12 months to March, compared with a rise of 2% for all properties.

The search for space, indoors and outside, had driven demand for larger homes in which to live and work during the pandemic. Flats, without gardens and - in some cases - with issues over cladding and fire safety, have been more difficult to sell. Source: BBC News.

Professional investors make money from property whether the market is rising or falling.

If you would like to learn how to become a professional property investor, join the upcoming PROPERTY REVOLUTION SUMMIT where you will discover secrets that have turned thousands of ordinary people into millionaires. CLICK HERE TO JOIN - https://bit.ly/3zSpGEd.

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Mastering Money The S.M.A.R.T Way Lesson 2

Exclusive free training for my Money Tips Podcast followers!

 

Welcome To The Course, Mastering Money The S.M.A.R.T Way Without Working Any Harder!

 

Lesson #2

 

SPEND WISELY AND AVOID EXPENSIVE CONSUMER DEBT

 

In this module, we are going to learn how to spend wisely and avoid consumer debt.

 

Earn more than you spend.

 

“Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery”.

Charles Dickens, David Copperfield

 

Spending wisely means living within your budget, buying the things you really need and not indiscriminately shopping for things you want.

 

For instance, you need basic necessities such as food, utilities and a roof over your head, but do you really need Netflix?

 

Consumer debt

 

“Borrowing money at 18% to buy consumer goods is dumb”

Warren Buffett

 

The legendary investor Warren Buffett, whose Berkshire Hathaway company owns banks and credit card companies, actually warned investors against carrying a credit card balance!

 

Millions of Brits and Americans carry a permanent balance on their credit card – before the covid crisis, 110 million American had credit card debt paying a crippling average rate of 16%.

 

“You can’t go through life borrowing money at those rates and be better off,” Buffett added.

 

Buffett said that an old friend of his who came into some money and asked his advice on what to do with it. He asked if she had credit card debt. She said she did, and was paying an interest rate of about 18%.

 

“If I owed any money at 18%, the first thing I’d do with any money I had would be to pay it off,” Buffett advised her.

 

By paying off the balance, she would save more money on interest than any return she could earn by investing the money, whether in the stock market or in real estate or elsewhere, Buffett advised. He added, “I don’t know how to make 18%”.

 

If one of the greatest investors of all time admits that he cannot make more than the rate charged on a credit card, what makes you think you can?

 

You should still keep some money aside for a rainy day, but pay down expensive debt rather than keep cash in the bank earning less than 1% and don’t buy stuff which go down in value using credits cards.

 

How much are you paying each month on your credit card bill?

 

Chances are, you are paying the minimum amount required.

 

Paying the ‘minimum payment’ on your card balance will take between 10 and 20 years to clear the debt depending on the interest rate charged?

 

This practice is highly profitable for the card companies and extremely costly for consumers. UK card companies are now required to warn customers about the cost of paying off the minimum amount required.

 

Check your credit card statement now. If you are just paying the minimum ‘default’ figure, increase this immediately to a higher amount you can afford, or clear the entire balance.

 

Questions to consider

 

How much interest are you paying on your credit cards?

 

How do you use your credit cards?

 

How much do you pay off each month?

 

Would you still buy that gadget or item of clothing if you had to pay for it in cash or straight out of your bank account?

 

Albert Einstein said ‘compound interest is one of the most powerful forces on earth’.

 

Using compound interest to your advantage in saving and investing, will make you rich. Used against you by borrowing, it will make you poor and someone else rich.

 

At an annual interest rate of 18%, how long would it take for the investment or debt to double?

 

The Rule of 72.

 

The Rule of 72 is a simple way to determine approximately how long an investment will take to double given a fixed annual rate of interest. By simply dividing 72 by the annual rate of return, you can obtain a rough estimate of how many years it will take for the initial investment to double.

 

72/18 = 4

 

In other words, a sum of money invested at 18% pa will double approximately every four years.

 

Similarly, a debt with interest rolled up will double in four years.

 

You can see how powerful compound interest is when applied to debt. The average UK mortgage holder will pay over half a million pounds in interest over their lifetime.

 

Summary Lesson 2

 

The first step to becoming a SMART MONEY MANAGER is to spend wisely and avoid expensive consumer debt. By taking this step alone you will see a dramatic improvement in your financial and emotional wellbeing.

 

It’s not about how much you earn, but how you manage your money that counts.

 

You could earn more money by getting a pay rise, but unless you change your money habits, you’ll soon be back where you started.

 

Action Steps

 

Think about how you spend your money.

 

Start making a list of all your income and expenditure using your bank and credit card statements including all the standing orders and direct debits. You can use a notebook, spreadsheet or a smartphone app to keep your record.

 

Your list of expenditure will fall into two categories – Fixed and Variable.

 

Fixed costs, which can include:

 

·        Rent or mortgage

·        Food shopping

·        Utilities and energy

·        Regular bills

·        Club membership and subscription payments

 

Variable expenditure, which can include:

 

·        Clothing, coffees, drinks and treats

·        Meals out and takeaways

·        Repairs

·        Any other stuff you indiscriminately buy on a whim or because it’s ‘on sale’.

 

Simple money saving tips you can use right now.

 

If you are running short every month, think about where you can make savings.

 

There are so many ways of making savings from switching utility providers to finding a better loan or mortgage deal. Switching mortgage deals has saved me tens of thousands of pounds.

 

Here are a few simple money saving tips:

 

Cook your meals and cut back on eating out at restaurants and buying takeaways. Prepare proper meals using fresh ingredients instead of buying more expensive, and less healthy, ready microwavable meals?

 

Drink less alcohol. How often do you go to the pub of bars and how much do you spend on a night out?

 

Buy less coffees and make your own. How many visits to Starbucks do you make each week? You can make fresh coffee for a fraction of the price of Starbucks.

 

Save a fortune on credit card interest. You can save by switching to a lower rate or interest free deal which can help you increase your payment towards reducing the balance. Just Google ‘best credit card deals’ and you’ll find hundreds of offers which can save you money.

 

Use cards only when necessary and try to clear the balance in full each month to avoid interest charges.

 

Review insurance every year. Insurance companies make it easy to auto-renew your household and motor insurance every. Making the effort to shop around could save you hundreds of pounds.

 

Review your mobile phone contract and utility providers. Reviewing your phone contract or plan is a great way of saving cash and you don’t have to change providers. Call your provider today.

 

Your expenditure list will immediately help you identify any obvious targets for cutting back, like that subscription you no longer need or the recurring payment you’d completely forgotten about – we’ve all been there.

 

I cover many more money saving ideas in my free Money Tips Podcast.

 

I’m not saying you should give up having fun and live a reclusive life living like a miser. You can enjoy life more if you live debt free within your budget, save for the things you really want and increase your income when you want more.

 

You don’t have to follow the “I want it now” crowd!

 

Thank you for listening and congratulations on completing this module. In the next module, we will cover further steps on managing and respecting your money.

 

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

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The Habits That Define Your Life, Health, Wealth And Happiness

What Habits Define Your Life?

Your habits define you and you are where you are today largely due to the habits you form.

Good health habits will make you healthy, bad habits will kill you.

Good money habits will make you rich, bad habits will make you poor, which I talk about in my book ‘Yes, Money Can Buy You Happiness’ and S.M.A.R.T Money Manager Course.

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. 

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UK Paying £9 Billion Per Month Repayments On £2 trillion Debt!

The UK is now paying almost £9 billion per month to service its debt of £2 trillion – close to 100% of GDP. 

In America, the situation is even worse with an acknowledged debt of $30 trillion costing $600 billion per annum. 

The real American liability amounts to over $150 trillion if you take into account pensions and social security liabilities. The UK has a similar problem with unfunded pensions, state benefits, elderly care and the NHS. 

With record low interest rates the debts I’ve just about manageable, but what would happen if interest rates went up to a normal five or 6%? 

The ONS said that by December 2020 9 million people had to borrow more money. 

Where will this all end? 

The answer is that nobody knows because we’ve never been in this situation before where every country in the world is printing money like there’s no tomorrow. 

Inflation looks set to rise which will force up interest rates plunging millions and some government into bankruptcy. 

You need to educate yourself about money, so that you know how to build and preserve your wealth when disaster strikes. 

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

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Exclusive free training for my Money Tips Podcast followers... Mastering...

Welcome To The Course, Mastering Money The S.M.A.R.T Way Without Working Any Harder!

 

Lesson #1

 

Introduction And Course Overview

 

Do you struggle with money?

 

Do you worry about money?

 

Do you have arguments with your partner over money issues?

 

Do you have loans or credit card debt and struggle to keep up the payments?

 

If you have answered “yes” to any of the above questions, this is definitely the course for you.

 

How To Master Your Money The S.M.A.R.T Way

 

Congratulations on taking the first step to taking back control of your finances and life!

 

My name is Charles Kelly, and I am the author of three books and the creator of the Money Tips podcast which has over 200 episodes. As a qualified financial adviser, I spent 25 years working for banks, insurance companies and running my own business, as well as investing in property and the stock market.

 

This course is about personal finance and money, not global economics. It’s about managing your internal economy, or what I call your ‘U’conomy’, rather than worrying about what’s going on in the external world of global markets, national debt, recessions and the daily crisis you see on the news.

 

Focus on your economy and what you can control.

 

In every town, there are people who are doing well and there are those who are struggling – even when they are in the same business.

 

During recessions and depressions, boom or bust, people build fortunes, while others fail.

 

It’s not about the economy, the government or where you live.

 

It’s about you!

 

It’s about what you do and what’s going on in your head that really counts.

 

We live in the most prosperous time in 7,000 years of recorded history. There has never been a better time to learn, start a business, build a career and live the life you truly deserve.

 

The things you learn and habits you form in this course will change your life and last a lifetime – if you follow the action steps.

 

By the end of this course, you will have learned how to Master Your Money and become S.M.A.R.T Money Manager. Using this simple management system will help you to:

 

·        Spend wisely and avoid debt

·        Manage and respect your money

·        Accumulate wealth over time

·        Review your finances on a regular basis

·        Track your income and expenditure

 

SMART Money System

 

Have you ever said “I don’t know where it all goes”?

 

Millions of people who live their lives in poverty and debt. People go to work for forty, fifty, and even sixty-hours a week and bring home a pay cheque. After all that effort, by they have paid their bills, debt repayments and the family is fed, there is nothing left.

 

This pattern of behaviour can go on for years or a lifetime unless the habit is broken. Inbuilt behavioural patterns can only be interrupted by an awakening, attending a course or reading a book, or by a traumatic lifechanging event, such as bankruptcy, bailiffs towing away your car or repossessing your home.

 

Sometimes, we need to reach rock bottom in order to break a harmful addictive habit. Spending money you don’t have on toys using expensive debt can be just as damaging as a gambling addiction. When the reality of bad debt finally catches up, it can destroy your life and the lives of those around you.

 

“Fast credit” should be called “fast debt”.

 

Debt repayments, such as credit cards and personal loans can quickly drain your bank balance, and forever place you in the servitude of banks. Millions of people never break free and spend their lives in debt and go to their graves owing money, which the banks still pursue even after death.

 

Credit card companies and banks, feed you the candy of easy credit like a drug dealer.

 

They send you letters offering credit limits you cannot afford, and increase them when you reach those limits!   

 

You can juggle your debts with interest free (but not fee free) offers or consolidate your bills into “one easy payment” instead of a lot of small ones, but all this does is delay the inevitable. You need a lifestyle change starting with your spending.

 

 “A penny saved is a penny earned”.

Benjamin Franklin

 

It’s not how much you’ve got, but how you use it.

 

Don’t make the mistake of believing that it’s all about how much you earn. In my years working as a financial adviser, I met hundreds of clients earning huge salaries who were still broke and overdrawn every month.

 

When I worked for a leading bank, one of our customers was a trader in the City of London. He was earning at least ten times the average income, plus he received an extremely generous quarterly bonus of around £40,000. Unbelievably, his account was so overdrawn by the end of each quarter that all of his bonus was needed to clear it. That was in addition to the various ‘gold’ credit card debts and personal loans for luxury goods.

 

Banks love customers who spend and borrow, as long as they keep up the repayments. They are not too keen on customers who pay off their credit card balance in full each month or repay their mortgages early by accelerating the payments.

 

I also had many clients earning modest salaries who lived a good life, yet also saved a regular percentage of their income into pensions and savings. Some bought investment properties with their spare cash or built-up substantial stock and share portfolios. Managing and investing their money was their hobby.

 

One particular lovely couple comes to mind.

 

I was amazed to discover that they had saved over a quarter of a million pounds in cash and stocks and shares. They paid off their mortgage early and helped their Son buy his first house.

 

They were the typical ‘millionaires next door’ with combined assets, when you include the value of their final salary pension schemes, of more than a million pounds, But you would never guess it because they did not act like the stereotypical “millionaire”.

 

Best of all, they were happy and looked a lot less stressed than my city trader client who always seemed to be under pressure. Unlike the trader, they were in control of their finances.

 

Control of finances is part of control of life.

 

Being in control and giving back are also key factors in feeling happy.

 

These are exactly the type of people I meet at Rotary Clubs, church groups or those helping out with community and charity work in their spare time. Giving back is not just virtuous, it also contributes to your own emotional wellbeing. I’m sure that it is no coincidence that everyone I know who has money, gives back their time and money. Which came first?

 

I explore giving back and the studies into ‘millionaires next door’, in more depth my book, Yes Money Can Buy You Happiness.

 

 

MONEY TIP Keep a spreadsheet, or use one of the many app’s, to record how much comes in from salary or investments and exactly where the money goes. You’ll be amazed at the results. If you found this Money Tip useful, check out my blog at www.moneytipsdaily.com

 

 

Action Steps

 

Starting today, make it your business to become a SMART MONEY MANAGER and you will start to see your fortunes turn around and you will find peace of mind. In fact, 99% of your money worries will evaporate, because the root of everyone’s financial worries can be traced to the following 5 SMART rules.

 

SMART MONEY MANAGERS:

 

S. Spend wisely and avoid expensive consumer debt

M. Manage and respect their money, making informed investment decisions.

A. Accumulate wealth over time taking the long-term perspective

R. Review their finances on a regular basis and make appropriate changes

T. Track their income and expenditure on a daily or weekly basis

 

Thank you for listening. In the next lesson, we will go into spending wisely and how to avoid expensive consumer debt.

 

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. 

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

How Will Higher Inflation Will Affect You - UK Inflation Jumps To 3 Year...

UK Inflation Hits 3 Year High - Stocks Fall And Gold Rises On Investor Fears

UK inflation reached the highest level since August 2018 prompting a drop in share prices as investors looked for the safety of gold.

The price of gold was up this week following the latest UK inflation figures, which saw CPI rise to 2.5%. Despite the pound's recent strength, gold climbed to £1,311.59 per ounce.

Elsewhere, stock markets are subdued following the news, with the FTSE 100 down 0.46% at 7092 points, Spain's IBEX 35 down 0.26%, and the Shanghai Composite down 1.07%.

The data, from the Office for National Statistics, repeats what has been said for the past few months now: inflation is rising as food, clothing, fuel, and second-hand cars are all costing more. The Land Registry group also confirms that house prices are up 10% year-on-year, putting the average property value at £254,624; less than £1,500 off March's all-time record of £256,000.

What does this mean for the economy?

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Do Women Marry For Money? What’s Your Opinion?

Do women marry for money? Absolutely! 

Women say things like, “I’m looking for a man with a sense of humour who can make me laugh and go for walks in the park…” That’s a bunch of baloney! 

The majority of women really want someone who is a good provider who can give her and future children financial security.

I’m offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY

If you’ve ever watched a David Attenborough documentary, you’ll know that in the animal kingdom, the female of the species wants to mate with the leader of the pack, the strongest male to give them security and protect them make their offspring. It’s animal instinct. In the modern world, we forget how much our animal instincts still plays a part. 

In Asian cultures women absolutely marry for money and security. Even in the UK, many Indian family marriages are still arranged according to financial status, class, occupation and career prospects. In short, it is about money! 

Guess what. Arranged marriages are more likely to be successful than the western method of meeting someone in the club or at work. 

Am I saying that all women want from a man is his money? No, but money definitely plays a part and it’s also instinctive. 

Women are increasingly becoming more successful than men in the workplace and have their own money. However, why would a successful career woman want to marry and an uneducated man in a minimum wage job with zero career prospects? 

I’ve noticed that women quite frequently marry above their status or class, but men seldom do unless they become exceedingly rich! Even aristocrats marry beneath themselves for money to preserve the family home! 

There was a bright young girl who came from a successful middle-class family. Her parents built up a successful business and made enough money to send her to a top private ladies school. 

She had big dreams and told her friends that she to marry a prince, a substantial jump from middle class to the very top of upper-class - royalty. Not just any prince, but the future king of England Prince William. Her name was Catherine and in the UK she would be known as a “commoner” – not of royal blood. 

Despite her “humble” beginnings, Kate went to the same university as Prince William and the rest is history. 

Prince William’s mother, Princess Diana, apparently wanted to marry Prince Charles when she was a teenager. 

In the book, Secrets of the millionaire next door, the authors studied the effect of marriage on wealth and women who set out to marry a doctor. 

Their mothers groomed them from young and told them that “if you marry a doctor, you’ll never have to work another day in your life.” 

In other words, marrying a doctor means marrying into millions of dollars of future income, a nice house in a safe neighbourhood, membership of the country club, financial security for her and her children. 

One of the women in the study, told the authors that she even went to medical school for a couple of years specifically to meet a doctor and quit as soon as she hooked her prey. 

I like the fact that Americans and Asians talk more openly about money and are far more practical when it comes to financial issues when we are in the UK. 

This is important because one of the number one causes of divorce is money problems. 

Sorry to break it to you guys, but in most things, women are smarter than men! They can outthink and outsmart us!

Women also plan ahead. They are usually 10 pages ahead of us men. Yes, they are romantic but also keep an eye on the practical side. 

Women need security, just as they did when they married the strongest caveman to protect them from other men and invading tribes. Nowadays, the strongest man is the successful one bringing in the money! 

Security could mean the ability to buy a house in a safer neighbourhood to protect the family. 

So guys, man up if you want to attract the woman of your dreams. 

And girls, don’t marry just for money, but equally think about money when you’re making that all important decision, as you might come to regret it for the rest of your life. 

Remember this old saying: 

When money stops coming through the door, love goes out the window. 

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. 

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UK House Prices Drop As Stamp Duty Holiday Ends - Is The Property Bubble...

House Prices Fall As Stamp Duty Holiday Ends

UK House prices dropped by 0.5% in June just as the long stamp duty holiday began to be phased out, according to the Halifax.

Annual property prices still rose 8.8%, resulting in average prices more than £21,000 higher, which is more than most people saved on stamp duty in the mad scramble to buy a home. The average price of a UK property according to the lender is now £260,358.

The Government removed the need to pay stamp duty on some properties for much of the pandemic in a bid to stimulate the market in England, Wales and Northern Ireland.

The move worked, but critics argue that it caused price inflation and could created a property bubble if demand falls.

Mortgage lenders, like the Halifax and Nationwide, long with estate agents are confident that, "The power of home movers to drive the market won't fade entirely as the economy recovers”.

Demand remains high among buyers seeking larger family homes with the average price of a detached property climbing faster than any other type over the past 12 months - shooting up by more than 10% or almost £47,000 in cash terms.

Detached homes now cost on average more than half a million pounds, £200,000 more expensive than the typical semi-detached house.

Double tax on holiday homes

A Welsh local authority plans to double council tax on second homes in order to deter the growing number of English buyers snapping up seaside holiday homes on the coast of Wales.

Owners of holiday homes and empty properties in Gwynedd will be hit with double council tax from next month after Councillors backed the increase in premium from the current 50%. The tax could raise an extra £3m a year for social housing.

More than one in ten houses in Gwynedd was now classed as a second home.

Councillors in the larger city of Swansea are planning a similar tax hike.

Buyers, presumably priced out of the more expensive Devon and Cornwall, have been buying up properties in Welsh beauty spots. The effect of this prices locals out of the market and destroys local village life where properties are only used at weekends.

Councils have powers to increases local taxes on empty properties and second homes.

Cheap money also fuelling the bubble?

There is a buy-to-let mortgage available through the NRLA offering a 2 year fixed rate of 1.25%, with free legal fees and a £250 cashback! You could borrow a million pound on interest only and the mortgage payment would be just over £1000 per month. You couldn’t rent a million-pound home for that.

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