What They Don't Teach You About Money: The Instant Top Ten Bestseller

Product Information

And what would you say your normal kind of timescale would be? Three years, five years, less than that? Now, let’s talk about successes in the den. As an investor, what impresses you the most about someone who’s pitching? Do you have any practical tips about how people can pay more attention to where our investments are going and the kind of businesses they’re funding and the kind of attitude our banks might take to all of this? Well, you can be good at more than one thing. And you clearly are. Algy, It’s been so lovely to have you in the podcast studio and catch up again. Feels like old times.

I like to sit down in twixt Mr Pitt between December and January and think, well, what are the big sort of points of expenditure that we’re gonna have over the year? You know, what home improvements are we gonna try and do? What holidays are we gonna budget for? How much do I need to be saving up a month to go into those different pots? Because I like to use internet banking where you set up different goals and automate direct debits on payday so (imitates typing sound) you know, automate automatically, fill them up. So you don’t need to think about things more than once. Other than my own. (Laughter) I wouldn’t be so modest. (Laughter) We had a reading list on the Investors’ Chronicle actually, after your time, Claer. There were three books. One is The Little Book That Builds Wealth, which explains how companies can gain a competitive advantage. And then there’s another one, which is also a little book. It’s called The Little Book of Behavioral Investing, which explains how we’re all basically set up to make poor investment decisions, unfortunately. (Laughter) Yeah. They’ve got to weigh in the debt and say, “You know what, I got myself into this situation and this is how it’s happened.”Digital apps commonly feature interactive quizzes, modules and games to make learning about money engaging and fun — perfect for an audience glued to their smartphones. If young people can build this capability digitally, the chances are they’ll be better prepared for future financial challenges that life may throw at them. So yeah, so it will, the interest will change over time depending on inflation. So right now it looks appalling and hopefully it will start to look better. But the bright side is that it doesn’t operate like a normal loan. Like if you’re struggling, if you’ve not got a job . . . I’m Claer Barrett, Isabel’s colleague and host of the FT’s personal finance show, Money Clinic. And this week, a double billing: Working It and Money Clinic have joined forces.

I have to say the book is a little generous with this interest, but partly because I want them to feel good about it and get engaged with it rather than doing that thing like your nephew did, which is, oh really? Mmm. I mean, I can remember very clearly when I was 18, I think my payslip and saying to my dad, but like all of this money has been taken out for tax, like, what’s that about? He said to me, “Welcome to the club, Claer.” (laughter) This is so awful. But how about you, Lucinda? What would you like to learn more about money at the moment? This article is part of a series of pieces written for the new FT Flic charity which will develop educational programmes to boost the financial literacy of those most in need.Yes. Overspenders Anonymous, Debtors Anonymous, and these are really helpful organisations, but I guess the partner has to admit that they’re powerless. You know, that’s the step one. Even things like direct debits, we’ve got the same amounts of money coming out for something every month. It would be wonderful if we could have some flexibility with that. Well, thank you very much for your question. And we had one more question from the man in the gilet. We had loads of questions from webinar viewers on everything from how to handle debts, to what financial advice young people should be getting. So let’s dive straight into the recording. A question the viewer put to you, Claer: why did you write your book?

This week’s episode was produced by Laurence Knight and Philippa Goodrich. Our executive producer is Manuela Saragosa, and the sound design was by Breen Turner, with original music from Metaphor Music. Cheryl Brumley is the FT’s global head of audio.

Retailers:

The second group of companies Algy thinks are worthy of further investigation are those that pay a dividend. If you’re not sure what that is, listen up. This is an audio transcript of the Money Clinic podcast episode: ‘Understanding economics — why it matters for your money’ FT Commenter Tarma: We should be introducing finance and taxation as part of early, primary school education and onwards. Introduce the good reasons for understanding why we have money and how we use taxation in democratic society. Business and money are part of normal life. Yes. My first book, you may have heard about it on the show. And this is a recording of a webinar that we did to mark the event organised by the FT’s financial literacy charity, FLIC.

So that’s not showing a sign of weakness by saying, I find it difficult to do this. It’s actually a sign of strength. Claer Barrett, the FT’s consumer editor, and Aimée Allam, the director of FT Flic, the FT’s Financial Literacy and Inclusion Campaign, answered your questions in the comments below this story. I think it’s a really daunting concept because from one side it reminds you that maybe you’re going to be more independent, but at the same time it’s also exciting. I can earn my own money. I don’t have to rely on my parents. My parents don’t have to be as responsible for me as they are right now. So I think it’s two sides. I don’t know which route I’m taking. I do think it’s daunting and exciting at the same time.

Cookies on the FT

I hope not. Susannah, AI is also something that fascinates investors. Tell us a bit more about that. Well, during the winter, my parents have cut down on turning on the heating, so there’s, like, really big blanket hoodies have been my saviour throughout the winter because they refuse to turn up the heating because it’s getting more expensive. OK, so the quality strategy, what are the pros and cons? ‘Cause I can imagine these kinds of companies might be as expensive as the goods they sell. Well, I have to say, perhaps showing my snobbery, I might buy shares, but I certainly would never, ever buy one of its handbags. (Laughter) (Inaudible) stingy, too stingy by half. Yes. So definitely in the UK, and in fact you mentioned entrepreneurship as well, I mean in the UK since the financial crisis, the last one in 2008, there’s been a huge increase in the proportion of people who are self-employed, and that ranges from people being Uber drivers or riding for Deliveroo to people setting up their own kind of independent, one-person consultancies. There’s been a real kind of mixture of people that have decided to become self-employed. But yeah, I feel like the other structures in our economy haven’t necessarily caught up with the fact this is becoming a much more common way of working. So yes, things like getting a mortgage are much, much harder than they need to be, probably. I think the yeah, a lot of our kind of financial institutions are still kind of wedded to the notion of most people having a sort of traditional 9-to-5 job. But actually the world of work hasn’t been like that for quite a long time.