What is your MONEY B.E.L.I.E.F SYSTEM?

Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!

Sir Roger Bannister, one of the all-time greats athletes died today aged 88 at his home in Oxford.

Sir Roger was a great British hero and the first break the four-minute mile barrier that many said was impossible. They said the human body could not survive such a feat. Yet in the year that followed, several other athletes also ran a sub 4 minute mile, and the Australian runner, John Landy, beat Bannister's record by 2 seconds the following month with a time of 3:57.9. 

This goes to show that when we have the belief that something is possible we go after it with a different attitude and more often than not achieve it.

The medical student, who only took up running at the age of 17, used his knowledge to devise his own training routine in order to help him achieve his goal of being the first man to break the 4 minute barrier with a time of 3:59.4.

When Sir Roger went out and ran the first sub-four minute mile in Oxford on 6 May 1954, after working a shift that morning, the previous world record had stood for nine years. The record has been held by various British runners since then, including Lord Sebastian Coe, Steve Ovett and Steve Cram. Today, it is held by Moroccan Hicham El Guerrouj, who ran a time of 3:43.13 in 1999.

But we will always the man who did it first, like we know that Neil Armstrong was the first man to set foot on the moon. Do you know who was the second man to walk on the moon? Buzz Aldrin. If you want to know the third, you’ll have to Google it!

Despite his remarkable achievement, Bannister didn’t even win the BBC Sports Personality of the Year Award, which went to his running mate and pacesetter Sir Christopher Chataway. Chris Brasher, who acted as pacesetters and who went on to co-found the London Marathon.

He was not awarded a Knighthood until 1975 and was a part-time amateur athlete who went on to become a distinguished neurologist.

There are two things to remember about Bannister’s achievement.

Firstly, it was no accident or stroke of luck. He set a goal to break the record, planned and worked his training regime and record breaking race down to the smallest detail.

Secondly, it was his ironclad belief that help push him through that tape at under 4 minutes.   

In my forthcoming book, Yes, Money Can Buy You Happiness, I go through my MONEY B.E.L.I.E.F SYSTEM in detail to help you build positive money beliefs. Here are the main points: 

B - Build your belief or portfolio 

E - Earn more than you spend (not spend less than you earn)

L - Learn - money education 

I -  Identify money mind blocks

E - Eliminate limiting beliefs

F - Find your passion and profit will find you – do something you love doing

We all have talents and knowledge, and something we enjoy doing. The trick is to turn your knowledge into something that can make you financially free and bring happiness. I will be covering some techniques to help you achieve this in my next episode of Money Tips Daily.

Check out my Podcast episode "Your MONEY B.E.L.I.E.F SYSTEM " on Anchor! https://anchor.fm/charles-kelly/episodes/Your-MONEY-B-E-L-I-E-F-SYSTEM-e15545

See also: 

Leverage Your Time and Build a Profitable Online Business - Free Book Offer

How to Monetise Your Knowledge and Skills and Turn Passion into Profits

New HMO Letting Rules Could Drive Landlords Out Of The Buy-To-Let Property Market

Financial Education is Your Key to Wealth and Success

NEVER Borrow Money on Expensive Credit Cards to Buy Depreciating Consumer Goods

How to Make Money Online Without a Website or Inventing Your Own Product

Model the Rich and Successful

Home Based Business Ideas UK: The 5 C's to Avoiding Food Waste and Money and Hel...

Home Based Business Ideas UK: The 5 C's to Avoiding Food Waste and Money and Hel...: Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money! When the snow started fa...

The 5 C's to Avoiding Food Waste and Money and Helping the Planet

Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!

When the snow started falling in the UK this week, people I know started panic buying food and supplies in case the shops ran out or they became stranded in their homes. I’m not talking about people living in remote areas. These are people who live in London!

It made me think about the amount of food we buy and how much gets wasted.

Stop wasting food! 

On average, people in the west throw away around a third of the food they buy. Considering that food is one of our major areas of expenditure, apart from anything else, that’s a lot of money we are throwing away. 

Let’s say a family spends £100 per week on food and throws away a third of it. Over a year, that’s £1,716 going straight into the dustbin.

There is also a moral aspect to this. We all know that there are millions of people who go hungry every day, even on our own doorstep, while many of us overindulge and then throw millions of tons of food in the bin – much of which ends up in landfill, which is unsustainable and bad for the planet.

The government is even trying to change food labelling, which accounts for a huge amount of edible food being tossed into dumpster bins by supermarkets unable to legally sell it. 

We have the modern phenomenon of “dumpster divers”, raiding bins for food which would otherwise go to waste, and evening shoppers crowding around a trolley waiting for the supermarket to reduce prices on food which will be out of date by the end of the day.

So how can we reduce our waste?

Here are my 5 C’s to Stop Food Waste:

1. Cook it – cooked food will last longer and will not go off so quickly. You can store or freeze cooked dishes it to last even longer.
2. Chill or refrigerate most food and fruit to avoid going bad in a hot kitchen. In the days before fridges were common, kitchens had larders which faced an outside wall and stayed cool. Houses were also much cooler before central heating.
3. Consume or eat it! This is the most obvious method of avoiding waste and you can’t do this if you buy 12 muffins in Costco or constantly go for ‘3 for 1’ offers (which are nearly always approaching their sell by date!
4. Check it for signs of mould, decay or deterioration using your eyes and nose. Don’t just follow the date on the packaging. I’ve thrown away milk before it reached the sell by date and used milk a week after it. Labels can be wrong, as we don’t know how a consignment may have been handles or stored, so use your common sense. I’m not advising you to eat “out of date” food, however, I ate a pack of Asian style vegetables yesterday on which the best before date was 3 days ago. I’m still here to tell the tale.
5. Cold store or freeze food if you cannot consume it within a day or so. Freeze on the day of purchase and always read the label and follow safe guidance.

Bonus Tip: Try living on whatever food is stored in your cupboard and freezer for a few days without shopping until you have used it all up. Pull out those cans of beans and soup from the back of your cupboards.

Oh, and by the way, the supermarkets did not run out of food and the snow only lasted a few chaotic days before life went back to normal.

Check out my podcast version: "The 5 C’s to Avoid Wasting Food and Money" on Anchor! https://anchor.fm/charles-kelly/episodes/The-5-Cs-to-Avoid-Wasting-Food-and-Money-e151br

See also: 

Leverage Your Time and Build a Profitable Online Business - Free Book Offer

New HMO Letting Rules Could Drive Landlords Out Of The Buy-To-Let Property Market

Financial Education is Your Key to Wealth and Success

NEVER Borrow Money on Expensive Credit Cards to Buy Depreciating Consumer Goods

How to Make Money Online Without a Website or Inventing Your Own Product

Model the Rich and Successful

Home Based Business Ideas UK: New HMO Letting Rules Could Drive Landlords Out Of...

Home Based Business Ideas UK: New HMO Letting Rules Could Drive Landlords Out Of...: Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!The UK government recently an...

New HMO Letting Rules Could Drive Landlords Out Of The Buy-To-Let Property Market

Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!The UK government recently announced tough new minimum space requirements for private lettings in a bid to reduce overcrowding and other problems in the HMO rental sector.

The widely expected new rules for HMOs (Houses in Multiple Occupation) will bring the national mandatory licensing, currently only applying if properties are three or more storeys, to all flats and one and two-storey properties.

The new rules will allow local councils to force more landlords to register their HMO properties, which should raise standards. My own local authority has around ten times as many unlicensed houses in some form of multiple occupation as those licensed as HMO’s.

The majority of buy-to-let landlords in the UK are law abiding and should have no problems complying with new regulations. However, based on the previous experience of other local authorities, which have brought in blanket licensing for all rental properties, many landlords will be probably fall short of the minimum safety requirements for a rental property.

A housing officer in the London Borough of Brent told me that when they brought in licensing in selected postcodes of the borough, they discovered that hundreds of landlords did not even meet basic minimum standards and many didn’t even have a smoke alarm installed or in working order.

In addition to tightening the HMO rules, the Department of Communities and Local Government has also specified minimum room sizes for HMOs properties.

Single bedrooms will have to be a minimum size of 6.51 square metres, and doubles, or those occupied by two adults, 10.22 square metres. 

Children’s rooms, for aged 10 and below will have to be at least 4.64 square metres in size.

The new HMO licence will have to specify the maximum number of persons occupying any room and the total number across the different rooms must be the same as the number of tenants that the property is deemed suitable to live in.

The requirements are yet to be made law, but are expected to be on the statute books this spring. Despite the heavy snow, today is in fact the first day of spring!

In a statement, the DCLG said:

“The increased demand for HMOs has been exploited by opportunist rogue landlords, who feel the business risks for poorly managing their accommodation are outweighed by the financial rewards. 

“Typical poor practices include: overcrowding, poor management of tenant behaviour, failure to meet the required health and safety standards, housing of illegal migrants and intimidation of tenants when legitimate complaints are made. 

“Tenants are sometimes exploited and local communities blighted through, for example, rubbish not being properly stored, excessive noise or anti-social behaviour. 

“Although only a minority of landlords, the impact of their practices are disproportionate, putting safety and welfare of tenants at risk and adversely affecting local communities.

“They cause much reputational harm to the HMO market and it is often pot luck whether a vulnerable tenant ends up renting from a rogue or a good landlord.” 

Although many of the above concerns are justified, when the government ran a public consultation they received just 395 responses, which is extremely low when you consider that there are millions of tenants and over one million buy-to-let landlords in the UK.

I spoke to several HMO landlords, who did not wish to be named, about the new regime. The mood was mixed, with some favouring tougher rules to drive out the “cowboy landlords”, leaving more tenants chasing fewer rooms and higher rents for them!

Others were more negative and even angry, accusing the government of burdening smaller landlords with more red tape and bureaucracy, which would ultimately make the housing shortage worse as landlords are driven out of the market.

There is no doubt that HMO letting has boomed in the last few years, as the demand for rooms and studios has mushroomed for a variety of reasons including, relationships breakdowns, lack of affordable single let properties and immigration.

AIRBNB has also opened up a market for short term holiday lets and the tax free the rent-a-room scheme has encouraged people to let a room in their own home to earn some extra cash.

We will have to see the exact interpretation of the new rules, which currently varies from one council to another, once they are in force.

Private landlords have already been hit with punitive tax changes being phased in during the next tax year, as well as higher stamp duty, which will reduce their net income and may drive up rents.

Changes to the benefits system (Universal Credit) are apparently making it more difficult for tenants claiming housing benefit to find a landlord willing to rent a property to them.

Homelessness is on the rise according to the BBC and other commentators, although the exact cause is not clear.

In terms of Money Tips, there are still many investment opportunities in the UK housing market, seen by foreign investors as a safe haven for their cash. As always, you should take legal and financial advice and remember that financial education is key.

If you would like to learn more about investing in UK property, I have a limited number of complimentary tickets to a LIVE EVENT  - Beginners Property Course (held in the UK), which will give you the basic knowledge and techniques to get started. If you are interested, email me your full name and telephone number to charles@charleskelly.net.

Want to diversify? If you would like to learn more about investing overseas in one of the fastest growing economies in Asia, email me at charles@charleskelly.net.

See also:

Leasehold Properties Are A Legal Minefield, Read This BEFORE Buy A Flat

UK House Prices Fall Leaving First-Time Buyers And Buy-to-Let Investors Wondering Where The Market Is Heading

How to Monetise Your Knowledge and Skills and Turn Passion into Profits

Leverage Your Time and Build a Profitable Online Business - Free Book Offer

Home Based Business Ideas UK: What You Don't Know About Insurance CAN Hurt You, ...

Home Based Business Ideas UK: What You Don't Know About Insurance CAN Hurt You, ...: Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money! As the UK is hit with th...

What You Don't Know About Insurance CAN Hurt You, Ignorance Is NOT Bliss

Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!

As the UK is hit with the big freeze from the ‘Beast from the East’ and ‘Storm Emma’ snow falls, insurance companies will soon be paying out millions of pounds in claims for accidents, burst pipes and flooding.

Whilst we are thinking about insurance, this might be a good opportunity to check your insured items on your home buildings and contents policy, as well as other forms of insurance.

Make sure you have the right insurance cover for your home, and review it every year for price and sum insured.

People often assume that all policies are pretty much the same and only find out the real truth when they put in a claim and get that sick feeling in their stomach when they realise they are not covered for what they thought they were.

For instance, are you covered for losses caused by accidental damage or shattered glass, does it cover your garage or outbuildings, garden equipment, how high is your excess (the amount you pay for each claim) and how much interest are you being charged to spread the cost of your premiums over 12 months? 

Landords, homeowner occupiers and tenants have different needs. Landlords letting unfurnished properties usually require buildings cover, but can also obtain loss of rent and accidental damage for some items like glass.

I recently had a double glazed window shatter for no apparent reason, but had it covered under a separate water pipes, glazing and locks policy for the repair job which cost over £200.

Tenants may wish to insure their contents and belongings against loss through fire, theft or flood damage.

Homeowners normally require both buildings and contents.

If you own a leasehold flat, you may already have buildings insurance cover via a block policy through the freeholder, although not always. You don’t need two buildings policies, but do ensure you have at least one, as people do lose their properties in the event of fire because they have no insurance.

You should check that you have the cover you want within your budget. Companies generally offer ‘standard’ policies, where the cover is basic, and ‘premium’ type policies, which should cover most eventualities and offer all round cover for people with high value contents. I would go for the best policy you can afford.

Two general rules to follow: never under insure the replacement value of your contents or over insure buildings (obviously don’t under insure the rebuilding cost of your property either).

You can check the rebuilding cost of your property on the survey report, or commission a new survey, alternatively the Association of British Insurers offer an online estimate.

Many do the opposite, they have too much buildings rebuilding cover (which is not the same as the open market value of the property, which can be higher or lower than the cost of rebuilding depending on the values in your area) and under insure their contents and personal belongings.

When it comes to claims, the insurance company will reduce the payout by the percentage they feel you are under insured. If you are insured for £25,000, but the actual value of your contents is £50,000, any claim payout could be cut by 50%.

Companies can also refuse to honour a claim, or even void a policy, if you lie on a proposal form or fail to disclose material facts, so read or listen to those questions very carefully.

Another useful money tip. Shop around for the best quotes using online comparison sites, as opposed to approaching one provider or bank. As mentioned in an earlier broadcast, staying with one company for life does not generally pay, so compare the market every year or so to save money.

One of my listeners just emailed me today saying she had saved over £2000 on her car and contents cover by using a comparison site after listening to Money Tips Daily!

I am guilty of this myself, staying with one mobile phone provider and a well known breakdown cover company for over 20 years. However, I have recently negotiated a better deal with both after I noticed they were increasing my premiums!

Another tip. Watch out for the cost of paying your premiums monthly by direct debit.

You are effectively taking out a loan with a finance company – and you will be credit searched leaving a footprint on your credit file - and the interest rate can be as high as 39% pa! You can save money by paying by annual Direct Debit or even on a credit card, which would probably be a lot cheaper.

Make sure you are covered for valuable items like gold and jewellery, designer bags or watches, and that they are covered for loss or theft outside of your home, for example when you are wearing them, commonly known as ‘All Risks’ cover which will cost a little extra but I think is worth it because that’s when you are most at risk of loss.

Further tip. Have you declared the correct value and can you prove legal ownership?

Undeclared jewellery brought in from abroad without paying the duty may not be covered.

Many years ago, a Middle Eastern client of mine had a burglary and the thieves stole £10,000 worth of gold and jewellery. Because it was quite a large claim in those days, the insurance company sent a loss adjuster out to see him to assess (well, reduce) the claim and I attended the visit.

The first thing we discovered was that he was way under insured and had not disclosed the amount of ‘valuable’ items.

The assessor then asked where he bought the jewellery and he said in Egypt. He was then asked to show proof that he’d paid the duty when he brought the jewellery into the country. He said he hadn't because it had been brought in over a number of trips and it had just been worn by him and his wife.

The insurance company refused to pay out on the jewellery items as they said they were not legal. The company was reputable and did come to a fair settlement however, which shows that choosing the right insurer based on claims payout and service is sometimes more important than just the price.

If you have a large claim, particularly in the commercial world, you can employ a loss assessor to act on your behalf against the insurance company and their loss adjuster.

Bonus Tip... Have your jewellery valued and photographed, as you may not have receipts especially for family heirlooms. 

Action...Review your contents insurance today and if you can’t find the documents, call the company and ask them to go through exactly what you are covered and not for.

Check out my Podcast Version: 

https://anchor.fm/charles-kelly/episodes/What-You-May-Not-Know-About-Insurance-Policies-Can-Hurt-You-e14mlt 

See also: 

Leverage Your Time and Build a Profitable Online Business - Free Book Offer
Financial Education is Your Key to Wealth and Success

NEVER Borrow Money on Expensive Credit Cards to Buy Depreciating Consumer Goods

How to Make Money Online Without a Website or Inventing Your Own Product

Model the Rich and Successful