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12/05/2021

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Should you pay off your student loan early? 👩‍🎓

Student loans, issued by the Student Loans Company in the UK, have been around since 1990, providing millions of students with the opportunity to undertake higher education.

They are a unique form of borrowing, where you only repay when working and whilst earning a minimum amount. This borrowing is also automatically written off over time, if the balance has not been cleared at particular checkpoints.

With rising student loan costs in recent years, many working people wonder whether overpaying is a good option with built up savings.

Swipe across to see what you should consider before choosing to overpay this debt or not.

For more content like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

27/04/2021

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"The first 100,000 is a b****"

Charlie Munger, a long term business partner of Warren Buffett, was asked at a 1990's Berkshire Hathaway shareholder meeting for his advice to a younger person on creating wealth.

His response: "The first 100,000 is a b****, but you gotta do it."

Simply put, starting to save and invest early as possible whilst aiming to reach a milestone like £100,0000 will (most likely) make future wealth growth happen a whole lot quicker.

Swipe across to see an example of how money grows quicker with a larger pot each year and positive returns.

For more content like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

18/04/2021

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Assets vs Liabilities

Assets, liabilities and net worth together represent your financial status in a bigger picture view. 🌍

Knowing about assets and liabilities and how they impact your finances in the short and long run is key when aiming to increase your net worth (or wealth), as most of us probably want to do. 🥅

Head over to 20SomethingAdvice for more content like this and a list of other recommended books to read. Link in bio. 🔗 @ London, United Kingdom

11/04/2021

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Is debt weighing you down? ⚓

Borrowing money as a general consumer comes in many forms. Personal loans, mortgages, credit card, store and pay day loans are just some of the types. 👛

Debt can easily spiral out of control, and can be extremely difficult to clear if debt payments are significantly more than your available monthly income. 🤯

Swipe across to see how you can deal with debt that might be or already is a burden to you and learn about good vs. bad debt. ➡️

Head over to the 20SomethingAdvice website for more content like this and to take our 5 Pillar Money Test, to help you assess your current financial situation. Link in bio. 🔗 @ London, United Kingdom

09/04/2021

What is a NFT?

It appears that there is a new way to make money on the internet.
Non-fungible tokens are the latest Blockchain topic making headlines, with people trading NFT's for millions as 'digital collectibles'.

With NFT's, any unique, non-recreatable 'digital asset' like web pages, virtual images and videos or even GIF's can be 'tokenised' to create a certificate of ownership, thus marking a version as the 'true orginal'.

NFT marketplaces now exist, where people are trading ownership of their digital-only content for sky high valuations. However, copies of the content still may exist throughout the world wide web.

What do you think of NFT's? Are they another bubble or do they bring a collectables market to the digital world?

For more content like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

01/04/2021

April 2021 money changes

Did you know the National Living and Minimum Wages have gone up?
Did you also know most home and personal bills have gone up?

Head over to Insta stories to see a comprehensive list of money changes that could impact your day-to-day personal finances.

For more content like this, head over to 20SomethingAdvice. Link in bio. 🔗

28/03/2021

Should you max out your ISA allowance?

This is a common question around ISA deadline day (5th April 2021). There is a fixed limit on what you can add each year whilst all gains, interest and dividends earned within it are tax-free. 🗓️

Maxing out an ISA can be a great option for saving or investing. Building a separate pot of cash or trying to invest for the future is very important and can be very lucrative in the future, as our example shows. 💰

The ISA allowance is a large amount of money for most young people.
Be sure to figure out your money goals and evaluate all other aspects of your personal finances first, before potentially locking away money that you need near term OR investing money you can't afford to lose. Swipe across to see what we mean. ➡️

For more content like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

26/03/2021

What is a Mortgage in Principle (MiP) document?

This FREE document that buyers need to obtain is essential in property purchases that take place with mortgages, a precursor to the large and complex process of mortgage applications.

Swipe across to learn all about it.
For more content like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

23/03/2021

Which job pays the most?

Train and tram drivers earning more than medical practitioners? Marketing and sales directors earning more than legal professionals?

It might come as no surprise that chief execs, senior directors, legal professionals and finance managers top the median salary rankings.

Each year, the Office of National Statistics compile earnings data by conducting the Annual Survey of Hours and Earnings. It shows salaried employees pay data and more from those on the HMRC payroll.

Knowing the differences in pay scales across sectors & industries, job types and fields is important for people starting out in their careers but also for lifestyle planning. Lifestyle inflation is a thing, but salary growth simply may not be possible in many jobs.

The figures we've used for job types were sourced from the dataset 'Earnings and hours worked, occupation by four-digit SOC'. It looks at full-time gross annual pay, sorted by median pay, as per the ONS' recommendation. @ London, United Kingdom

19/03/2021

The FTSE 100 (or Footsie as it's known) is one of the world's prominent stock market indices that looks to reflect the performance of a group of companies listed on the London Stock Exchange, namely those with the highest market value.

It serves as a benchmark measure, against which many stocks and funds can compare their own performance, but also acts as a loose indicator of how well the UK economy is doing.

Numerous tracker funds exist that aim to closely follow the rules of the index, allowing for external investment.

Advantages of doing so include strong historical returns, low fees and diversification (owning a tracker that invests in ~100 companies rather than 1 offers less risk).

For more content like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

15/03/2021

COMPANY SPOTLIGHT: How does Alphabet makes it money?

Alphabet, the parent group of Google, continues to dominate the advertising space, still collecting huge revenues from its Search function, in a truly global fashion.

In addition, YouTube ads, a developing Cloud business and strong 'Other' business line (think home products and personal electronics) further boosted revenue numbers.

Can the company continue its pattern of strong global growth?

For more information like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

12/03/2021

Leasehold vs Freehold

There are several types of home ownership, which most people only learn before buying their own home.

In the UK, the most common are leasehold and freehold (there is also commonhold).

Leaseholds are more common in larger blocks and have shared building and land management costs, whereas freeholds tend to be individual properties such as houses, with no shared cost element.

Knowing the differences between the types is important, as there is likely a big cost difference and other broad implications when looking to buy or sell.

For more info like this, head over to 20SomethingAdvice. Link in bio. 🔗 @ London, United Kingdom

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