Returning from Sabbatical: Deep Dives into Finance, Property, and Life Updates

Ready to embark on a thrilling journey with us? We're back from our sabbatical, armed with riveting conversations about business and finance, and the latest giveaways you won't want to miss. We reminisce about personal experiences, including a recently attended wedding and touch on the new visa requirements for non-European travelers. As we dip our toes back into the podcasting world, we also discuss a heartwarming family show on Channel 4.

Ever wondered how a cruise with the Good, Bad, and Rugby Boys would be? We spill the beans on that, and engage in some light-hearted banter about the highs and lows of golf, body weight exercises, and our recent office move. Fair warning though, our carpet woes might tickle your funny bones as we lay out the saga of the never-ending carpet issue.

But it's not all laughs and lighter moments. We venture into the serious territory of financial planning, specifically retirement. The landscape of retirement is morphing, and we share our concerns about inadequate savings, the impact of inflation, the growing wealth gap, and the challenges of acquiring property today. We further delve into the intricacies of finance like finding the right loan rates. So, join us as we unravel these complex issues and remember, being informed is being empowered.

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Stay well, stay motivated and most of all stay educated.

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Chapters

• 0:11 Return of the Podcast
• 4:37 Rugby, Golf, and Office Decor Discussion
• 13:15 Retirement Planning and Financial Priorities
• 26:26 Property and Finance

Transcript

Speaker 1 0:11

And just like that we're back.

Speaker 2 0:13

It's been a while.

Speaker 1 0:15

What date?

Speaker 2 0:17

13th of April, the last one went out, live, live went out.

Speaker 1 0:22

I've done my time. I'm back out on remand.

Speaker 2 0:26

Can't say that you wouldn't be back out on remand.

Speaker 1 0:30

You'd go on remand, sorry, yeah, yeah.

Speaker 2 0:33

You'd be watching those police, 24-7 in custody. You're new again.

Speaker 1 0:36

Absolutely Loads them Along with Bargain Brits, bargain Loving Brits abroad.

Speaker 2 0:42

I like that. Bargain Loving Brits by the season. Bargain Loving Brits abroad. They live in the caravans out there.

Speaker 1 0:49

And the ones that look to go on by the houses abroad. You know, mary, and Don.

Speaker 2 0:53

There's a new one of those on at the moment. It's a family business have you seen that yes.

Speaker 1 0:59

Mary and Don are looking for a five bed, four bath with, you know, overlooking a sea view, and they've got 87 and a half thousand pounds to spend.

Speaker 2 1:10

Yeah, they want to write in the prime of Marbe, the one on the Marbe, what I'm trying to work out is do you apply for these?

Speaker 1 1:19

Do channel four or whoever Send you over there and put you up? And then, because no one ever buys, well, we all be paid for. So have you had a chance to think about this? Yeah, we love House Three and we're going to go back now and we're going to speak to the family. What do you need to speak to them from? I've just got a free holiday for four days out of here.

Speaker 2 1:37

I'm going to know that many of those actually go through. They should do one of those follow up programs like they do with the Dragons Den, which ones actually went anyway, absolutely, because we know they don't all go to. We, we know that. We know that very well. And now Not that we've been on Dragons Den.

Speaker 1 1:51

Now, since everyone that voted out of Brexit, isn't the new changes happening? Well, it's a 90 day and 180 rolling now that you can only live in places like that and you have to be very careful. And from September, is it? You're going to have to start paying a visa to go to these countries Really? Or September 24 for not Offers? Good England, okay, anyone, any, any, any non European people will have to pay a European tax to get into Europe.

Speaker 2 2:30

So we have to pay to actually get into Europe.

Speaker 1 2:32

You go to Spain next year, you're paying. I think it's a seven quid a pop, but it's an online registration and all that. It's 28 quid.

Speaker 2 2:40

So it's literally like going inside the congestion zone in London. Now is it? You got to pay.

Speaker 1 2:43

Yeah.

Speaker 2 2:44

Well, actually everywhere in it. You got to pay a new port a new. Bristol bath, new ports. I don't want to go there. Anyway, I can say that's from there.

Speaker 1 2:56

It's been a while since we've been Well 33. How?

Speaker 2 2:58

long is that now May?

Speaker 1 2:59

June, July.

Speaker 2 3:01

Well, well, we back for good though.

Speaker 1 3:07

This is where we put the bit of take.

Speaker 2 3:08

The longest probably break we've had.

Speaker 1 3:14

In three years. It was about it was 2020.

Speaker 2 3:17

Yeah, we started April 20th, april 2020. We started, yeah, yeah.

Speaker 1 3:25

I only know that because I don't like it it's not couple of episodes.

Speaker 2 3:29

Yeah, be someone on that. One cross all podcasts well. I will. We are back and it's gonna be a little bit more the same, but we're gonna give away a lot more stuff this time, a lot more what's inside our brains, what's inside our heads about business is the main financial planning.

Speaker 1 3:52

You said money the last day, didn't somebody?

Speaker 2 3:55

say you were rugby.

Speaker 1 3:56

You're one of the two guys that do the podcast. You had a wedding the last day, weren't you? Yeah, and somebody mentioned it. Yeah, people listen people listen thank you for the three things recently.

Speaker 2 4:05

Thank you for three people. I mean a few things recently where they've kind of said you bring the podcast back, and so I thought let's get the band back together yeah, absolutely it's a small band, it's a two piece there's a one-man band as well we've done a few solo ones on me yeah, you probably more than me yes, yes, don't.

Rugby, Golf, and Office Decor Discussion

Speaker 1 4:26

You don't enjoy them. There isn't as much fun. You know it's a monologue and people, people don't even want to listen to me. You know, here, in a joint episode, in a joint episode, how they put up with me and I'm on a well, he's never listen to us talk about rugby.

Speaker 2 4:37

This time around, yeah, because we're not doing rugby. I'll be back soon because we got games coming up now in the summer next, next week, I think.

Speaker 1 4:45

I don't want to watch it? Would you go to France if you got a ticket? Would you go to France for a game, all expenses?

Speaker 2 4:52

no, after what you just told me, now you have to pay to get in.

Speaker 1 4:54

I think it's. I think it's next year oh, is it okay I know, I know the good, bad and rugby boys are doing a cruise. How much fun would that be. Four or five days, two games been taken in oh yeah, with all the booze and beer. Yeah, because, because we do a lot of drinking these days excuse me, can I, can I have a very diluted Chandi please?

Speaker 1 5:18

what he told you totally but it that would be a lot of fun. It isn't cheap. I saw that the numbers, but I don't know if they is a commandeering, a full cruise.

Speaker 2 5:28

That would be a lot of people well, I can't imagine they're on one of those pedals no, I can imagine on a cruise with a load of over over 50s on their retiree holidays. So half is for them, half is for the good, the bad and the right. Because you imagine that how school the speedos?

Speaker 1 5:47

they've done some very good ads for it and they've done the the Titanic and that and you've got the two boys you know in the the songs now. But it would be, it would be lots of fun going on and I put just see how many will actually go on.

Speaker 2 5:59

That it'd be interesting. I think it's like a marathon.

Speaker 1 6:01

I think you have to do a lot of training in advance for that and I have no training done, I think I think I'd be, you know, substitute one night, and I'd be right, but after that I'd have stayed in bed. But and two games involved in that, but I don't know what games there are.

Speaker 2 6:15

But so what's been happening, then?

Speaker 1 6:18

you've been playing a lot of golf, haven't you any better than. I played golf this morning in the rain and now this afternoon it is a bright. Golf is a game of it's it's.

Speaker 1 6:35

70 emotions emotions, it's 72. Well, not for me it's a hundred and a hundred games in itself, because each shot is a game and you can't let emotion get the better of you. And I give you an example. Today I was speaking, I was playing with a guy we know, josh and I was pouring down and my three would. I pinged it and it went from right to left. It bounced and waited on the fairway. I measured it, it was lovely, it was 247 yards. Granted, it was downhill. I'm strutting down like a peacock. I'm going. Oh, you know, I am the best golf from the world. Now I've got 200 and something like 11 yards to go on the par 5. I've already hit a 247. I hit shot 2, shot 3, shot 4. So remember, I have 211 yards to go on my fifth shot. I've got 207 years ago.

Speaker 2 7:34

So, michael, that is, you can get in a trio.

Speaker 1 7:37

So you're just. I could not hit it one shot today. Now, if anyone plays golf, try this. I've never done it before. I try to knock the spots off the golf ball today. You know, when you try hard and I know I shouldn't have so smooth, smooth as fast yeah, and I hit the ball.

Speaker 1 7:54

Don't know how I hit it. The club followed through just an an arc, exactly as you would normally, and the ball hit my left shin, which is 90 degrees away, and I'm I've. No, that's how the. So when you ask, how is the golf going? Shockingly bad, but it doesn't matter. It poured rain, I got soaked, but I'm out golfing.

Speaker 2 8:18

I can't play in the wet, I must full-on fear weather player it was superb.

Speaker 1 8:23

It was superb. As you know, I've just come off a call there getting an invite for tomorrow and I just can't do it. I'm getting the bug now. I'm not playing well at all, but I don't care. But there's some good shots. But yeah, summertime superb. Winter time I'm not. I'm not a fan of being wrapped up to the end degree. Your, your, your. Movement is restricted, um so, no interest.

Speaker 2 8:48

Like me, when we played the other day like with that water who go down, which wasn't a coffin, I couldn't move my arms properly in it to swing the thing.

Speaker 1 8:57

So you've got to have the right kit as well the normal to do at the moment is a lot of this body weight exercise, and I was of the opinion before yeah, this is, this is so easy, you know. Do you know? 10 of these, 15 of these, 12 of these, take a 30 second break. It's not like lifting weight, oh my lord. It is so bloody hard to do, but it's lots of fun. Got a. I've got 1.3 kilos off in three weeks my shoulders as well I'm trying to put.

Speaker 1 9:27

I want to put some naan, not take it off well, that's easy.

Speaker 2 9:29

I can help you with that. Have some of mine so can johnny greg across the road yeah, that's the problem, and luckily we don't go there, so we moved offices moved offices nice big, bright, cold um offices. Well, it's all right in this weather, don't it? It's cold, it doesn't get like, don't need a acorn, it's nice, um nice, but it's not told by the carpet, it's gonna. It's gonna bug me for the rest of the year we'll have to put some picture on social media.

Speaker 2 9:56

Yeah, we I think we're gonna put some newspaper down over the um, the stains on the carpet which is here, from where we got it from, it was an hour carpet. It's what came with the building. We've managed to decorate it. We're probably at about 90% decoration there. We're just waiting for our branding on the walls to be sorted, aren't we?

Speaker 1 10:15

yeah, it's gonna. It's gonna look nice. It is a lot bigger, um we're gonna do some events here, aren't we?

Speaker 2 10:21

yes shame on the pool table, the swimming pool, the spa. It's cozy, I dartboard.

Speaker 1 10:29

I'm thinking I was speaking to joff today and and in between the bad golf shots he mentioned. Um, there's a new placing card. If opened, remember jjb on queen street yes, it's got.

Speaker 2 10:40

It's got darts, shuffleboard, all that stuff and that's shuffleboard.

Speaker 1 10:43

That's what he was trying to explain. I went yeah, I've looked at them. He said they're brilliant.

Speaker 2 10:46

I said they're shuffleboard, the one we played in that one underground six.

Speaker 1 10:50

I said six and a half grand for it and you gotta for a shuffleboard.

Speaker 2 10:54

Shuffleboard, but you can make one. I think my dad could make one absolutely he gives out. Yeah, there you go.

Speaker 1 11:01

Yeah, it's the oil that you the cost of fortune as well but he can do that there you go. Yeah, we'll. We'll go somewhere um. We'll have an event on. We'll go somewhere, we'll take a lot of pictures oh, it's again off the internet for him.

Speaker 2 11:13

You're fine, bring the you're probably measuring tape on on tinderweb, you'll uh, you'll probably find some sort of um diagram of how you can make one. Maybe if I'm in there, if I'm in there, can I could he make it in three weeks, do you know what he'd be? In his element. Yeah, he's not gonna win, really that.

Speaker 1 11:31

That would be superb, do you? Know what if you want to out pick a little I'm gonna say they're about three, three and a half four foot tall, but probably at a 15 foot long, something like I don't know where you're gonna put that, though, when she's, when she's done with it 15 foot well, I'm six foot playing an egg, right okay?

Speaker 1 11:54

yeah, they are long, um, and I and I'm saying it could even be longer than that, um I guess you can make it so it can be folded up and folded down from the edges um an impact on the, the slidiness, then I don't know yeah, I've never seen one of them before, um, until recently, and they do look superb. They just it's a bit like golf. I've seen guys play it. It's really really horrible, because it it's. It sounds difficult to get it.

Speaker 2 12:24

Yeah, it's gotta be shiny the right. You just stick to that board pool table.

Speaker 1 12:30

But yeah, um a few, a few events happening then, hopefully over the next, yeah, in the office go room.

Speaker 2 12:37

We've got a area where we can do some events and invite people down. Make it a little bit different.

Retirement Planning and Financial Priorities

Speaker 1 12:44

We'll uh, we'll do some online events again I think and I keep harping on about it a lot on more. So, linkedin this cost of living crisis, of which there is nothing we've we've done it before it's costalized. I'd like to go back and do some very basic, maybe not advising more, so maybe educational pieces on money and almost the the. Do you think people care? I do, I think they do, but I think they are frightened of trying to understand, because I think everyone thinks A question with anyone really cares.

Speaker 1 13:25

Yeah, I think they do. I think there's a lot of berry in the heads in the sand. I think it is that 100%.

Speaker 2 13:31

I think people only come and look at that when it's bloody crisis, I mean when actually should be a bit of forethought.

Speaker 1 13:39

I spoke to a guy a few weeks ago who runs coaching and stuff like that and he said a lot of people are coming to me when the event happens and they need help. You know the reactor rather than product I think that's the way people are taking the money at the moment is you know they'll worry about it when it happens. Where People now are concerned that they're not having the holidays in the new car now, they're not worried about what the future holds for them, and I kind of get that. But also, you know, the future is going to come upon you very, very quickly. I'm in the UK 20 years, since January, and it doesn't feel like half a dozen years.

Speaker 2 14:24

Time flies as you get older, and that's some of the things we need to talk about people planning for retirement and planning for the future and what are they going to do? Because I don't think people are saving enough. But if you are not saving enough, there's going to be this generation who are going to have to work until they die, unless they get a lot of inheritance.

Speaker 1 14:45

But that's what happened for the history of human beings up until the last maybe two, two and a half generations. So you know back in what 1940 or people probably worked up until they died.

Speaker 2 14:59

Yeah, but they didn't live that long either did they? So they probably wouldn't go much past 50 odd anyway, were they?

Speaker 1 15:06

But we are technically living longer.

Speaker 2 15:08

So people got to have things in place, because if you're going to be living through your 80s, 90s, if you retire at 60 years of age and you've been working since you were 20. You're going to be nearly retired as long as you've been bloody working. So for people to think I can just save 5% of my pension, it'll be alright, just sell my house. Who are you going to sell your house to? The other people who are trying to sell the house?

Speaker 1 15:37

I'll wait until my parents die. Well, you miserable bastard, you're not even thinking. You know the emotions out of it. You just want cash or they don't like you.

Speaker 2 15:45

But the problem you're going to have, though, I think, is going to be generations, where generations are going to have to refinance their houses to use in retirement. So therefore, there's going to be no money from there for their kids, because they can have to use their pension pots too. They have the value of their house via some sort of equity release to pay for retirement. Therefore, there won't be as much then for retirement.

Speaker 1 16:05

It's a vicious circle, you know people that are in their 30s, maybe 40s, have seen their parents finish at maybe 55. And gold plated inflation linked pensions, which now no longer exist. A generation prior to that people probably. Life expectancy was probably maybe 70s if you were looking. So people retired maybe at 60. They had 10 years.

Speaker 2 16:35

People still want to retire at 60 now.

Speaker 1 16:38

In fact, a lot of people want to go in their mid 50s and life expectancy is longer. So, as you say, the time scale of in retirement is gone from maybe 10 to 12 years to potentially 36 years. It's troubled and people are not putting anything aside for it and they're burying their heads in their sand. And that is down to naivety, misunderstanding, not educated correctly. Amazon, netflix, sky cinemas, you know All of these things. That is our priority and people think is the people up with the Joneses.

Speaker 1 17:14

They think it's the priority now and they class that as a cost of living crisis because some of them might have to Cancel sky sports and sky cinema.

Speaker 2 17:25

It's all quite interesting though, because Inflation hasn't really slowed down as it. I know obviously it's come down a little bit this month, but I'm not convinced that's gonna last and it's all a bit artificial, isn't it thing? Rob more said today said you should take the inflationary rate and Add 50%, because that's the 50% he said the government are hiding that we don't really see is being spent. So actually, inflation is higher than it was. I probably got to agree with that. But Even though they've been banging interest rates up, people are still buying stuff. People still is not really slowing anything down, and I've never been a big fan of Wacking interest rates up to try and stem inflation, because I don't really think it works. I mean, I know you might have economists out there who'll argue with me, but People will still spend if they want to.

Speaker 2 18:16

I was sticking on credit cards. Oh, you're not gonna stop it.

Speaker 1 18:19

We know somebody works in finance who is, you know in between bits of his opinion rent with a credit card.

Speaker 2 18:26

Yes, it's like.

Speaker 1 18:28

I spoke to a woman in the gym yesterday and her daughter said her daughter and her son in future son-in-law are Professionals and they can't afford to buy now because they said this thing that's happening with x amount of salaries and all that. You know she didn't get it with the mortgage and you go. I think they'll be living with us forever because they don't want to. The rent is Nearly two thousand pounds a month and you kind of go.

Speaker 1 18:52

Well, it must be a big place if it's near or in around Cardiff. But you know that's the generation that the rich in a nice way of getting richer and those that have cash Are buying more and more property.

Speaker 2 19:03

Yeah, the the, the gap is widening, isn't it? I mean, this is, the rich are definitely getting richer because they can capitalize on what's going on.

Speaker 1 19:13

But you go out on Friday night or Saturday night and find you love the same kind of age group that will like ourselves when now, when you were in your 20s and that. But the restaurants will still be busy, the takeaways will still be busy.

Speaker 2 19:24

I wonder if the clubs and bars are as busy as they were. Like the restaurants Definitely are. Because you try and get into a restaurant in Cardiff last minute on a Friday or Saturday you ain't got hope and if you can get in you've got to wonder whether actually the food's any good. The rug, that's my yeah.

Speaker 1 19:41

Football is starting again in two or three weeks. You know stadiums will be full again. Rugby pre World Cup almost.

Speaker 2 19:48

Yeah, and then we got the World Cup.

Speaker 1 19:49

You're gonna watch in that people will go to the World Cup and I know some of them are probably a bit like the Lions tours will may have saved for the last four years or so For something like that. So I get that. But I know, I know on so many people that are just, you know, packing up and going to France for August. I know one. One guy Said to me some weeks ago in the gym. He said I'm on camp on the weekend. Okay, I said I'm Got a camper van, so where you going West Wales, testing out sort of right? I'm going to France for three weeks in August, so you renting over there? No, no camper van. And I went outside and saw and he bought a VW camper van. Oh, how much was that? 45? And it nah 60. And I said You've ever been camping before? There's no tour of sharing those ones.

Speaker 2 20:40

They know, because they literally out the van, like my van yeah even don't like camper, but do you know what it was?

Speaker 1 20:45

just I couldn't be bothered.

Speaker 2 20:48

To be even a hotel after the first few days. I couldn't be bothered renting one for a few days, just bought it as you've been in there with no a con, 60 grand, the sun, the sun in Europe, with a minute for them, for them in a full for.

Speaker 2 21:00

Don't get me wrong. I'd have one of those big like Winnebago. Things look like a bus with Everything in, but like it's my sister-in-law, she's goes. She's in France now, I think. I think they've gone, they take the car. They got a proper caravan, though, and it's a big one as a Double wheelbase one, great on everything, but they're at the three weeks down, I think next summer. They tend to go for longer, you know, but they love it, I mean.

Speaker 2 21:25

No but he's quite a big caravan though, and it's also got a big warning with it.

Speaker 1 21:29

No, actually kind of no, I'm not bought it, I'm not. No, no, that's what hotels were like one of those.

Speaker 2 21:34

I would like one of those drive proper driving camper vans with the proper beds, and I'm not there.

Speaker 1 21:40

The little ones might need to have a toilet and a shower, like the lad that when covert happened is the formula one Driver who spent was a hunt 200 grand on it and the sides push out and they Some button.

Speaker 2 21:51

No, got a 1.2 million.

Speaker 1 21:53

It's another guy. I can't remember who he was, but it's short and he lived in that. It's like maybe that. But do you know what? That's why they invented hotels. Don't eat, you don't need to be traveling in things like that small, condensed areas now. So he says he's just gone on a cruise.

Speaker 2 22:09

In a few weeks it's gonna say don't waste spoiling if you go on the rooms in the windows as well.

Speaker 1 22:14

No, we got two windows yeah your portal of you. We got one portal and one fake portal.

Speaker 2 22:20

You got balcony.

Speaker 1 22:21

No.

Speaker 2 22:22

No, you chose not to happen.

Speaker 1 22:24

The, the health and safety officer chose not to have a balcony.

Speaker 2 22:28

Yes, I agree with actually, because Some of them literally do we look over and I strain the sea.

Speaker 1 22:33

Ah, what's the worst?

Speaker 2 22:34

again happen you drop, shouldn't see. But you can't swim, can you?

Speaker 1 22:40

I wouldn't go in the balcony then. Just to the window, lovely balcony one of the two portals might you guess, we blow yet the portals, and one of them is a TV, so it shows the picture of what it's like outside. Really, what's the point in that? How much more is that gonna cost than a normal window? Oh, that's right, so you got to turn it off at night, then I have no idea. I'll take some videos on Disney cruise.

Speaker 2 23:08

Yeah, yeah, I'll be funny, so so sold my left kidney for now. Well, yeah.

Speaker 1 23:17

I've all said it's a costal lifestyle crisis. I'm not, I'm, I'm not ashamed to say that.

Speaker 2 23:21

I'm convinced this, this cruise is gonna have all like the disney characters on there.

Speaker 1 23:25

Yeah, I hope so, otherwise there's gonna be somebody very, very upset in our house. Yeah and that ain't me, I'm. I'm only imagining that there's going to be loads of drugs on there as well, because I can't imagine the parents being able to get through four days of non-sleeping because of the kids' excitement, without any sort of narcotics.

Speaker 2 23:45

Where am I?

Speaker 1 23:46

It's impossible, you know. 11 o'clock in the night kids are going to be running around the place, parents are going to be absolutely exhausted and there's no way off. You can't, especially for us. We've got no more balcony. You can't jump. There's no way out.

Speaker 2 24:01

Well, fair. So what are people going to expect from the new podcast? Then? New podcast for the carry follow-on of the podcast. Well, I have to change the name as well.

Speaker 1 24:10

That's another story.

Speaker 2 24:11

That's another story. We'll keep you updated on that one.

Speaker 1 24:16

Yeah, I'd love to say something, but let's keep that quiet. I think there's a need for people, for I'm going to say re-education, because I think people understand certain things, but maybe just giving a bit back.

Speaker 2 24:32

Who's going to give a lot back? We're going to give a lot back this time, not more than we've ever given.

Speaker 1 24:35

I'm going to try and all for free as well.

Speaker 2 24:38

I'm going to try and troll. You're going to troll people.

Speaker 1 24:41

True, that's difficult to say as an Irish person that's trolled through any sort of papers, media and then each week and just find some crap that people are coming out with just to kind of put the world right in terms of what you're saying You'll have to do that because I don't watch the news or read the newspapers, as you well know. Well, we'll talk about me reading newspapers. But I kind of get a bit switched off after about 9.7 seconds of reading stuff. But that's for another podcast.

Speaker 2 25:13

Yeah, and we're going to have a couple of listeners throw client questions at the end as well, some common things that come up. We're going to do that at the end of every podcast. We'll actually do some today as well.

Speaker 1 25:22

We might bring a few guests on as well.

Speaker 2 25:24

Oh, we definitely get some guests on. I think we got a couple potentially lined up and we'll see where we can go with that. I quite enjoy doing guests.

Speaker 1 25:34

Yeah, Do you know what I've realized when we've gone on a few more of them? When you start in 2020, it seemed what are we going to talk about? Are we going to be able to talk when you go on as a guest? It's bloody horrible because they're in control, they dictate where it goes to and they ask the questions, Whereas when you're in control here, you can just ask whatever you want to people they can tell you to. I'm not going to answer that. You know, a bit like remember one of the first few episodes we had, Mr Haskell.

Speaker 2 26:00

Oh, yeah, yeah, Ask where you want. It, just won't answer it. Did you read?

Speaker 1 26:03

the questions. James, Did I? You know I'm not going to answer the questions if I don't want to, Okay.

Speaker 2 26:10

I don't think as many questions you won't answer, though. No, that's very true, in fairness. But yeah, so happy days. Let's just roll on with the question then. Shall we Do.

Property and Finance

Speaker 1 26:20

I have a question. Do I have a got two One? All right, I hope you're not asking me to answer them. It was in relation to finance and probably useless on it.

Speaker 2 26:29

Right. So this is one that I've seen a lot of forums kind of knocking around right Property forums, anything to do with property or finance and stuff where members of the public are on there. And you see this one Can somebody who's a broker give me some nice bite? A let rate search are available at the moment. There's a pretty simple answer that no, it's not that straightforward. People actually do go on and say can I just give me some? Could someone give me an idea of what rates I'm going to be having? No, it doesn't work like that.

Speaker 1 27:02

Yeah, between five and 25%.

Speaker 2 27:05

But yeah, it could be anywhere from two to whatever percent, depends on your circumstances. Where you're buying, you're buying, you know commercial bite a let. Is it. Family bite a let. Is it vital? Is it no? By what is a HMO? You know, and do you work, don't you work?

Speaker 1 27:23

It's 3.4%. No, no, wait a minute, they've just changed 3.95.

Speaker 2 27:27

Yeah, well, I suppose, like the moment, wait a minute.

Speaker 1 27:28

No, it's 4.7.

Speaker 2 27:29

No no, no. So I think there's a couple of things with that. Really, I would probably say is that was 5.7.

Speaker 2 27:37

Yeah, exactly One is you can't ask questions like on a general form, because if anyone gives you an answer it's never going to be right because they don't know your circumstances. But you can't get an answer from down the pub. You certainly shouldn't get an answer off just the internet. You need to speak to somebody. I wouldn't say go and speak to the banks, because they're very limited and actually if you're looking to buy a, let they don't really do them. Anyway, it's very specialist. You can speak to a professional who can give you those answers.

Speaker 1 28:06

Do you know? What does it impact on? You know, when you go on to a Santander, lloyd's, nat West, any sort of thing, it shows how much can you borrow or work out your rate, and it allows you to put in the I'm borrowing this, it's over 25 years and the interest you can type in the interest rate. So aren't people going. Then, if you can get me a deal I've just looked online and I've got 50 grand deposit that I wanted over 20 odd years Can you get me a deal where I'm paying? It's going to be 800 quid, that's 3.95%. I can afford that. Can you go and find me? That doesn't work like that but but.

Speaker 2 28:43

But those calculators are, but the funny thing is like that's the problem.

Speaker 2 28:46

So if you go on to somebody's calculators, right, now we've had this numerous times and clients will come to you and say I found this rate on many savings export, whatever it might be, can you, can you get this rate? And you're like, yeah, we can get our rate. And you say, okay, so do you? Do you live in Mansfield? No, no, I live in Cardiff. Okay, well, that's only available if you live in Mansfield or in a certain postcode area and they might come with another one. Okay, that's great. Do you private bank with Coots? No, no, I don't. It's not available to do that.

Speaker 2 29:20

The problem is these websites are generic. I would say on 99.99% of occasions people have ever come to me with those rates they found on the internet. They're always the lowest ones. They're not exactly what they think they are. And the thing is, even I've had people come me with discount rates. Or they've got this rate, it's it's a 3.45% fixed. No, it's nice, discounted was I mean, what is discount on some of the rates? So they more for you can go up and down, and they're like, oh right, I thought it said fixed. No, it's fixed anyway.

Speaker 1 29:49

It actually doesn't really see anything of what what it is, and that's the danger and I think then you're not good enough because you can't get the same deal as you they can get as a generic thing online.

Speaker 2 29:57

She's frustrated, that's. The problem is that there's so much information on the internet which is Not accurate. True true. Question two.

Speaker 1 30:08

Bum, bum, bum. It's like mastermind.

Speaker 2 30:12

Now I see I've been asked this many times Should I paint on my work pension?

Speaker 1 30:19

No, absolutely not. Put it all in crypto. That's not advice and I'm being what's the word I'm looking for? Sarcastic, sarcastic.

Speaker 1 30:28

Yeah, should he pay into your works pension? Well, put it this way if you pay 80 pounds in, potentially or let's say a hundred pounds, and your standard rate taxpayer, the government give you an extra 25 quid on top of that. And then, on top of that, your boss, your employer, might add in money. Let's say they put another hundred quid in and so, all of a sudden, before even any of this growth or interest rate, you put a hundred quid in and now it's worth 225 pounds. Now go and find anything on this planet that will give you that sort of uplift immediately. And then you are. You impact on the effect of compound interest over 10, 20, 30 odd years. It is phenomenal. So, yes, you should pay into your pension how much, as much as you can bloody afford, and a bit more, and as much at least that your boss can match, because it's free Money.

Speaker 1 31:29

Stop worrying about you know I can't access it. Access it until Ex-amount of years, doesn't matter. Still your money. What have I died? It's still your money. It'll go to the family is a tax-free lump sum. I want to spend another money. No, it's a cost of a lifestyle crisis. You need to plan for the future. There's no excuses, just get it done. I suppose that let's not even go into the. Where shall I invest it?

Speaker 2 31:54

Oh, we'll do that. Another upside I think we'll actually cover off this in another kind of podcast. We'll talk about Workpaid pensions and actually how we think you should actually invest in those, because I think, that's a problem, because it's, but you know.

Speaker 2 32:06

But what you don't do is just go with the default option that they're giving you. There's a lot more you can kind of do that, but you've got to do it because Effectively you could have a good hundred percent uplift straight away from day one, while you're putting in by what your employer puts in and where you get from tax relief.

Speaker 1 32:20

You know, let's come come back to this in another in a few weeks time. Default is lifestyle, lifestyle strategy, which defaults as you put a date when do you want to retire? 60, what age, you know? 55, I don't want any risk. It automatically puts it into cash or bonds, and bonds in some forms have gone down by 50% in the last three years. So you've lost half of your money in a time when you you are looking to start drawing an income in the future. So this concept of risk is just totally, totally Upside down.

Speaker 1 32:50

People don't understand it. They don't understand risk and they understand Most words of two meanings. You know, as in I don't know. Let's say, give me an example. I can't think of one right now and I'm lost. But some words will have a double meaning, even though they sound the same. They're spelled the same. But risk everyone just sees as one thing loss of money, and high risk is the high of the worst thing and low risk is is you never lose? That's, that's gone out the window. People need to be educated correctly, but yeah we come back to that another day.

Speaker 2 33:23

Yeah.

Speaker 1 33:24

Your expansion.

Speaker 2 33:25

Yeah, not pain to it and do not do what you hear a lot of people doing. I'm not gonna start now, I'm gonna start it next year because I got a few things I want to pay off. You're never gonna pay them off to start and you're never gonna start that pension. Before you know, at five, six years down the line, you've lost it on that couple hundred quid a month you would have had compounded. You know you've.

Speaker 1 33:44

You've lost it on a lot of money if somebody sends me in the bank statement, I bet you I can find 60 quid a month on savings them. You know Netflix, you never used that. Amazon Prime you've got two of them in the house. You know I'm pet pet cover. Your pet died last year. Phone insurance that you already have.

Speaker 2 34:03

We were that's another episode. That is the amount of people who pay pet insurance but don't insure themselves or their family or their kids Unbelievable I.

Speaker 1 34:12

Think we've probably offended as many of the listeners as we could in the first episode. It's a good effort.

Speaker 2 34:19

Yeah, we're trying well, we probably will do more of that, but people need to wake up and hear these things.

Speaker 1 34:26

So we're back.

Speaker 2 34:29

Back together.

Speaker 1 34:31

That was loud, yeah, yeah.

Speaker 2 34:35

So it's good to be back actually. Yes, and we don't have not, I don't talk to you every day anyway.

Speaker 1 34:40

And we don't have to do the YouTube version at the moment. So, people, people can't see my, my pinstriped three people can't see the fact.

Speaker 2 34:47

I spilled food down the front of my t-shirt today as well and with my daughter with a greasy fingers has greased up my t-shirt, so didn't realize this morning till I actually going to work. But most people don't know his bike.

Speaker 1 34:58

I can't until next week, stay safe, spend loads of money, feel happy Investing crypto and all those things that people just don't listen to anyone else about.

Speaker 2 35:09

Don't do any of those again.

Speaker 1 35:10

Yes, that was taking the mickey.