ICR037: Money lessons from the very rich
This week in episode 37 of the Informed Choice Podcast, Martin talks about the most important money lessons from the rich and why retirees are shunning financial advice.
He also answer a listener question about investing his pension pot in a Croatian hotel. Yes, really.
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In the personal finance and investing new roundup this week:
-CPI price inflation is up in July, to 0.1% from zero in June.
-The Greek parliament has backed draft terms for a new bailout package, its third in five years.
-Interest rates on savings accounts are going up, but easy access accounts are becoming harder to access easily.
-The Bank of England is warning fund management groups they need to plan for higher interest rates and investors withdrawing money to pay off mortgage debt.
-Association of British Insurance (ABI) members paid out £3.4bn in insurance claims last year.
-The price of oil is falling again, with light, sweet crude for September down to $41.87 a barrel on Monday.
Listener question
Our listener question this week comes from Brian, who emailed martin@icfp.co.uk with the following:
“My adviser has suggested I consolidate my pension plans into something called a SIPP. He has then suggested that I invest my pension pot in a hotel that is being built in Croatia. I’m not sure about this. What do you think?”
If you have a personal finance or investment question, we would love to hear from you and have the opportunity to answer your question in a future episode of the show.
To leave your question as a voicemail, call 020 8144 2745 and record your message.
Please leave a note of your full name, mention your website or blog if you have one, and then record your question. If you could keep the question to under 60 seconds, that would be perfect, and then we will feature it on a future episode of the podcast.
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Main topics
Why do retirees often shun financial advice? This was the topic of an article in the Daily Mail at the weekend, which concluded they don’t need advice, find it too expensive, and sometimes find advisers intimidating.
What do the world’s richest people do differently with their money to the rest of us? Martin read an interesting article in Entrepreneur magazine this week, sharing seven lessons about money from the world’s richest people.
Question of the week
The question of the week; What is your most important lesson for money success?
Let Martin know your answer on Twitter @martinbamford, email him at martin@icfp.co.uk, leave a voicemail for the podcast by calling 020 8144 2745 or record an online voicemail.
Useful links
Here are links to everything else Martin mentioned in episode 37 of the Informed Choice Podcast:
Cranleigh Lions Classic Car Show
Cranleigh Food & Music Festival
Why do retirees shun financial advice? (Daily Mail article)
7 Lessons About Money From The World’s Richest People (Entrepreneur magazine article)
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