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.
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?
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-More money was withdrawn from investment funds distributed in the UK in July than in the past three years.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
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