Show Notes
To kick off the year we asked for your biggest money questions, which we're answering with financial adviser and friend of the podcast, Lisa Conway-Hughes.
This is Lisa’s advice firm LCH Wealth: https://lchwealth.co.uk Set up a Financial Diagnosis Session with Lisa via her assistant Abi: [email protected]
Correction: At 5:06 Lisa misspoke and said Tom would need 12-24k for 3-6 months of expenses as an emergency fund. She meant to say 6-12k (as in her example he'd have 2k expenses per month).
🎉 Sponsors:
Uswitch - See if you can save by switching to solar: https://makingmoney.email/uswitch
Vanta - Get your company secure and compliant: https://vanta.com/makingmoney
–
If you purchase a product or service using one of the links above (including Lisa's firm LCH Wealth), we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.
This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.
Chapters:
00:00 - Franchise Exhibition ad
00:39 - Happy New Year
03:29 - House or Pension at 30
09:56 - Rent vs Buy
15:08 - Salary Sacrifice rules have changed
16:56 - TaxZap ad
18:10 - How to derisk for retirement
22:10 - Running out of money
27:22 - How to retire early
29:37 - Pensions savings at 30/40/50
33:07 - Self-employed and pensions
38:11 - Vanta ad
39:16 - Will you get a state pension?
42:12 - Tax trick for low earners
46:45 - How to stop worrying about money?
49:55 - Know your number
54:19 - Can you spend more?
59:02 - How to pay less tax in retirement
01:02:33 - Pension or ISA?
01:04:22 - Inheritance tax
01:06:20 - Where to save to pay less tax?
01:07:15 - Basic money principles
More from Making Money
As more of us invest in index funds, is that a good thing? Tim Edwards from S&P Dow Jones Indices, the company behind the S&P 500, joins us to explore whether trying to beat the market pays off, and reveals fascinating data on the cost of waiting for the next stock market crash.
The NHS now costs around £240 billion a year across the UK. We're spending more than ever before. It employs more people than ever before. So why doesn’t it feel like it’s getting Max Warner is an economist at the Institute for Fiscal Studies who specialises in health and social care.
Marcia is a 45 year old counsellor from Birmingham.
The Bank of England has a key target: to keep inflation at 2%. Its main tool is interest rates. Dr Swati Dhingra is an external member of the Bank’s Monetary Policy Committee, which she joined in August 2022, making her one of just nine people who decide what that interest rate should be.
Former trader Tom Hayes was sentenced to 14 years in prison for manipulating LIBOR, which used to be one of the world's most important interest rates. Prosecutors said Tom was the ringleader of a conspiracy to influence the rate. Tom says he was made a scapegoat for the financial crisis and that what he did was commonplace. He ended up spending five and a half years in prison before being released in 2021. Then in 2025 the Supreme Court overturned his conviction.