Welcome to the Money to the Masses RU-vid channel.
Money to the Masses helps over 4 million people a year with information and guidance on all areas of personal finance including investing, pensions, savings, taxation, property and insurance.
Damien Fahy, founder of Money to the Masses, has 20 years of experience in the financial advice sector and founded MoneytotheMasses.com in 2010 to help consumers, who are not able to afford financial advice, through the minefield of personal finance.
Damien runs two of the most popular money/investment podcasts in the UK, he invests his own money live on the site via 80-20 Investor, a support tool which helps DIY investors run their own money and recently launched Damien's Money MOT, a tool designed to help you shape up your finances.
Buy now pay later is something I’ve only ever used once or twice. Do it out of necessity not because it’s simply an option. Don’t take a bigger bite than you can chew. Being able to make all ends meet while still being able to save and invest should be everyone’s ultimate goal. Not everyone wants to be rolling-in-it rich, but this is definitely a great point for any average person. Good clip.
Hi there, i'm looking into signing up with AJ Bell for my own SIPP. Do you know if there are any bitcoin ETFs that I can add to my portfolio via AJBell? thanks a lot!
Thanks for this video - can I ask: can I open a Cash isa and a stocks and shares isa in the same year? I can’t seem to find clarification on opening two different types of isa within the same tax year and would ideally like to open both asap! Also ideal would be to open a lifetime isa aswell. Is this possible? Thank you.
Yes it is possible. You can open up multiple cash ISAs and stocks and shares ISAs and contribute to them all in the same tax year as long as you don't pay in more than £20k in total across all of them. But... some ISA providers might not let you open up multiple ISAs with them despite the official rules making it now technically possible. You can only pay into one Lifetime ISA in each tax year and the max £4k contribution each tax year counts towards your overall £20k ISA allowance. You can theoretically hold more than one Lifetime ISA however you can also only use one Lifetime ISA (per person) to buy your first home so you would need to think about consolidating them.
I am utterly appalled by the unethical practices of EMMA. They lured me into a so-called "free trial" only to slam me with charges for a service I never wanted and never used! This company is nothing short of a scam. Their customer service? Absolutely abysmal. When I finally realised their sneaky tactics and tried to cancel, they conveniently claim they have no record of my cancellation request. How convenient for them! It's clear they care more about squeezing every last penny out of unsuspecting customers than providing any semblance of ethical service. I urge everyone to steer clear of EMMA. They will trick you into paying for something you don't need and then refuse to help when you try to rectify their deceitful behaviour. Be warned: this company cannot be trusted. EMMA's response to my complaint was dismissive and cold-hearted. They basically told me tough luck, they've got my money now and there's nothing I can do about it. What a disgrace! Save yourself the headache and money, and find a company that values honesty and customer satisfaction.
I am utterly appalled by the unethical practices of EMMA. They lured me into a so-called "free trial" only to slam me with charges for a service I never wanted and never used! This company is nothing short of a scam. Their customer service? Absolutely abysmal. When I finally realised their sneaky tactics and tried to cancel, they conveniently claim they have no record of my cancellation request. How convenient for them! It's clear they care more about squeezing every last penny out of unsuspecting customers than providing any semblance of ethical service. I urge everyone to steer clear of EMMA. They will trick you into paying for something you don't need and then refuse to help when you try to rectify their deceitful behaviour. Be warned: this company cannot be trusted. EMMA's response to my complaint was dismissive and cold-hearted. They basically told me tough luck, they've got my money now and there's nothing I can do about it. What a disgrace! Save yourself the headache and money, and find a company that values honesty and customer satisfaction.😡
I've found the best thing for me to do if I've put my back out: get in the shower; crank the heat up to as high as I can tolerate; turn the shower head to a focussed jet; blast that sore spot on the back; get my back going again with stretches/ marching on the spot. Then later spend time doing back and hamstring stretches to prevent it happening again. We all spend too much time sitting and it's terrible for our backs and flexibility
Regarding care home assisted living I’ve personally looked into care homes outside the UK particularly South East Asia,Overall I’ve found it a better quality accommodation,better climate,outside swimming pools, accompanied day trips and more average price coming in below £2000 a month, it’s probably not for family oriented individuals but this is most definitely my preference
Hi Damien & Andy, thanks for the latest podcast, i look forward to listening early every Sunday with the dog! i have been listen for a few months now and still working my way through the back catalogue! BUT i have started a SIPP, activated my wife's WPP and have got the future planned (ish). I do have one question for you though that I cant find any definitive info on. My Nan recently passed and has left her house to her 3 daughters. Whole estate is worth under £350k, so i believe IHT is not an issue, however 1 sibling will be giving 1 other sibling her share, couple of queries - firstly should this just be a simply bank transfer between the sisters after the solicitor has executed the will & secondly are sibling to sibling transfers of this value (~85k) subject to their own IHT rules. Thanks in advance, love the show and will be certainly listen (and watching now) for many Sunday's to come! thanks again, Luke
this was helpful, so I'm currently in colombia... won't be coming back for at least a few months, but i need a new laptop (And i mean really need), and also will be travelling in next few months, i have a perfect 999 experian credit rating, i'm aiming to get the laptop end of the week, what's your thoughts on best card? knowing there will be fees etc.
Hi, Have a look at this article that focuses on travel credit cards. moneytothemasses.com/using-credit/credit-cards/compare-the-best-travel-credit-cards-uk I can’t make a personal recommendation obviously. But the article will give you a range of options. Interestingly there are travel credit cards that do offer cashback. Such as the Barclays Rewards Credit Card. Obviously all the cards are for UK residents only.
Its really bad. Yes it works until theres an issue. Its impossible to get help because it takes months between answers in their chat. Even if you have the most expensive subsription that promise prioritized support. I had to close my connected accounts because you cant remove your cards from their system your self so they can keep billing you even if they have frozen your card because of their mistakes. Avoid curve
Generally speaking whether it's worth repaying your student loan early depends on a number of factors. But remember... You only have to start repaying the loan if you earn above a certain threshold. If your income is below this threshold, then you don't have to make repayments. Also student loans are written off if you haven't managed to repay them after a certain period of time, which for more recent graduates is 25 years. Plus, the interest rates on student loans are relatively low compared to other types of debt. So If you have high-interest debt (like credit cards) or no emergency savings, it might be better to prioritise those over paying off your student loan early. Now in terms of mortgages.... student loans don't appear on your credit report and therefore won't affect credit scoring. However, your monthly repayments are likely to be taken into account by mortgage lenders when assessing affordability during a mortgage application. This is when a lender looks at how much income you take home each month and assesses whether you can afford the mortgage you've applied for. But the reality is that your other financial commitments, your new monthly mortgage repayments and other debts repayments are going to have a more significant impact on this affordability assessment. Best wishes Damien
Where is travel disruption cover? Where is end supplier failure cover? It's so hard to find a decent insurance which doesn't cover itself from paying anything ever. When you read the small print there is virtually nothing they cover, to every so called "cover" there are dozens of exemptions.
Is the 25% bonus a one off bonus or can you get up to £1000 bonus per tax year? I.e a £1000 in one tax year then £1000 in the next so long as you put in £4000 every tax year
@@Moneytothemasses Thank you for getting back to me; I’m not sure I understand though 😭 are you saying for example, let’s say in one tax year I put in £4000, I’d get a £1000 back for that tax year. Then if I were to put another £4000 in the tax year after, I could get another total bonus of £1000 bonus? Or is the bonus just a one off thing?
@@zinabstarit’s not a one off thing, you’d get the 25% bonus for each tax year you contribute. So with your example, you’d get an additional £1000 bonus for the next year if you saved £4000.l that year. That’s my understanding of it
I fixed with octopus earlier in the year. No exit fee. Last month I called them to move to their latest fix which is slightly cheaper. They moved me across without fuss.
Can we have the subscribe prompts less often and more subtle please. They make me feel a bit seasick! Just a little pop up in a corner does the job I think. Thank you.
Noted… although I’ll let you into a secret… they are sometimes used to mask a difficult edit where the jump cut would not just make you feel seasick but probably make your eyeballs explode… Damien
The health insurance info is quite useful-- however what I find most off putting about getting it is not the price but that trying to get any sort of quote ended up with a call and I really, really hate people calling me, especially pushy salespeople... 😓
I know what you mean. The service I’ve used which you can find the links isn’t pushy. But if anyone ever uses it and find otherwise then I want to know… Thanks for the comment Damien
With any offer for a new customer credit card companies will usually state that you have to have not been a customer for a set period of time after you have closed an account.
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I wonder how many people like me are going to be coming off low fixed rate mortgages in the near future and will see a massive increase in repayments. Is it going to be safer to go on to variable rate rather than fix again is a difficult choice right now
1.5 million people were due to remortgage in 2024, so that means hundreds of thousands of households are still to remortgage. Whether you choose to opt for a variable rate rather than a fix will depend on your view of interest rates, your finances and your desire for certainty. As you say it is not an easy decision. You may find this article useful moneytothemasses.com/owning-a-home/mortgages/should-you-fix-your-mortgage-now
Today Moneybox has just updated their cash Lifetime ISA rate to 5% "This includes a 4.00% base rate (variable) and a fixed one year bonus interest rate of 1.00%"
Hi mate I’ve got a NatWest mortgage at 2.10 % I could have overpaid 10% a year but didn’t my question is can I now pay all the overpayment now so 10% x 5 allowance in the last 6 months of the 5th year fixed
HI, contact NatWest directly and ask them the question, because the answer depends on the mortgage you have with them and the product's terms and conditions. With fixed-rate mortgages you would not normally be able to go over 10% in a given year and not incur early repayment charges (whether you've overpaid previously or not) . But as I say... contact Natwest and they will give you the answer. Damien
Hi Stephen. Go into your Gmail settings, find the security settings and there will be a list of your devices that are signed into Google. From there you can disable the devices that access your email.
@@stephenlewis2084 The idea is that you do this immediately if your phone is stolen. A thief is likely to go into your email on your phone and change your passwords to lock you out, so disabling access via your phone (assuming you can access it quickly from another device) is crucial. It is also worth doing as you can see all of the devices that access your email, including old devices that you no longer use. You can then manually sign out on these devices which will help improve your security.
@@Moneytothemasses I see. I misunderstood. I thought you were suggesting doing it permanently. (Like the timing of screen lock). I was thinking of changing the screen lock settings as I have a new phone and it locks quickly. It's annoying sometimes and I was going to make it longer, but it seems safer not to. And the new phone has face recognition so it's not as bad as the dodgy fingerprint sensor on my last one.
No. The risks come from how you use them or if they are stolen. A debit card gives you access to the money in your current account when you spend in the shops or when you want to use a cash machine.
I'm glad you found the video helpful. If you are struggling with debt here is where you can get free debt help and advice. moneytothemasses.com/using-credit/tackling-debt/where-to-get-free-debt-advice Best wishes Damien
Emma app is great for beginners because it is easy to use but it's new pricing structure means there is no free plan with which to budget effectively. So I suggest you take out a free trial of Emma, Snoop & Money dashboard and see which one you like best. Damien
They are not covered under the deposit section of FSCS as they are not bank accounts. But they are usually covered under the investment section of the FSCS. Always check with the provider directly.
You didn't mention Mettle. Best by far especially as a Sole Trader. The thing I particularly liked is you can deposit cash upto £23,000 per year, which is good if you're a cabbie like me. No fees...for anything!!!
