There are two ways to use money. One is as a tool to live a better life. The other is as a yardstick of status to measure yourself against others. Many people aspire for the former but get caught up chasing the latter. Money is a tool you can use. But if you’re not careful,
The 50-30-20 rule is a common way to allocate the spending categories in your personal or household budget. The rule targets 50% of your after-tax income toward necessities, 30% toward things you don’t need—but make life a little nicer—and the final 20% toward paying down debt and/or adding to your savings. The 50-30-20 rule isn’t
Recent studies have suggested the benefits of financial planning go beyond simply having enough money. US research conducted by the Leeds School of Business in Colorado found people in the UK and the US who planned for their financial future were likely to live longer than those who did not. It also found people with
Revolut is set to begin selling mortgages. The financial payments company says it is hiring staff with mortgage products in mind, although it has not put an exact timeline on its market entry. The company’s intention to enter the Irish mortgages market was first revealed by the Irish Independent 10 months ago. "We're focused on
Borrowers are being hit with a 10th interest rate rise by the European Central Bank in a move that is set to suck billions of euro out of household budgets. It had been hoped that after nine hikes in lending rates, the ECB would decide to pause hiking rates again this month. But fears that
If you had a defined contribution (DC) or “pot of money” type pension prior to the introduction of Pension Freedoms in 2015, you generally had to use the money to buy an annuity paying a guaranteed income for life. That route provided security and peace of mind. However, annuities are inflexible, provide poor value (£100,000
We’ve all self-prescribed a healthy dose of retail therapy. And there’s definitely been a time when we’ve dipped into our rainy day funds when there’s nothing but clear skies. But there’s a whole other side of spending we need to talk more about: FOMO spending. FOMO is nothing new in finance. We’ve seen it before
Last year was one of the worst years ever for financial markets. Call it recency or loss aversion or some other Daniel Kahneman bias but for some reason, our brains are hard-wired to assume big losses will be followed by additional losses (just like we assume big gains will be followed by additional gains).1 The thing about big
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. As financial planners, some of the most important conversations we have with clients are not about money – at least, not exactly. Oh, sure, we spend a lot of time in discussions with our clients about money and finances that
One of the ways Merriam-Webster defines the word cycle is a course or series of events or operations that recur regularly and usually lead back to the starting point. And when the word vicious is placed in front of it, it becomes a chain of events in which the response to one difficulty creates a new problem that aggravates
