ICR 108: 10 ways to improve your financial resilience
In this episode of Informed Choice Radio, Martin talks about 10 ways to improve your financial resilience.
There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.
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10 ways to improve your financial resilience
This week on Informed Choice Radio, Martin shares his ten tips for improving your financial resilience.
This topic was prompted by a couple of things; the news that the German government is thinking about making it mandatory for citizens to stockpile food and water in case of a terrorist attack; and a conversation Martin had this week with fellow personal finance podcast David Stein.
We started by asking the people of Cranleigh how they would cope in case of a national emergency or the collapse of the banking system.
Martin shared the following ten tips for improving your financial resilience and explained the practical importance of each one:
Tip #1 – build a cash emergency fund
Tip #2 – diversify your investments
Tip #3 – deal with your debt
Tip #4 – insure the essentials
Tip #5 – control your expenditure
Tip #6 – live simply
Tip #7 – create multiple streams of income
Tip #8 – get in better shape
Tip #9 – plan ahead for the future
Tip #10 – stockpile the essentials
We would love to hear what you think. Are you financially resilient? How would you cope with a collapse of the financial system?
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Personal finance news update
-Gender pay inequality has widened, according to the latest figures from the Institute for Fiscal Studies.
-More than 1.6 million families in the UK are living with ‘extreme problem debt’.
-Oil prices fell this week, after an unexpectedly large inventory build in the US renewed fears about an oversupply.
-More money was withdrawn from investment funds distributed in the UK in July than in the past three years.
-Help to Buy ISAs have faced criticism this week after the revelation that the government will withhold adding its bonus until after the completion of the property purchase.
-People taking money out of their pension pots using the new pension freedoms are being hit with unexpected tax bills.
Useful links mentioned in this episode
–The 4-Hour Work Week by Tim Ferriss (book)
–Money For The Rest Of Us (podcast)
–Cranleigh Food & Music Festival
Get answers to your personal finance questions
Do you have a personal finance or investing question for Martin?
Email martin@icfp.co.uk or ask on Twitter @martinbamford.
You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visitwww.speakpipe.com/InformedChoicePodcast to leave an online voicemail.
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