Welcoem to posts!!
in the future - u will be able to do some more stuff here,,,!! like pat catgirl- i mean um yeah... for now u can only see others's posts :c
If you don't know this about pensions, you're missing out...😔
Let's say you are 40 years old and bring in a salary of £95,000 a year (bravo! 👏) This means you are a higher rate tax payer and will be paying 40% tax on a hefty portion of your income (ouch! 😩)
Now let's say you sit with a good financial planner (maybe me 😉) and they suggest you contribute a lump sum of £32,000 into your pension. The first bit of good news is that you will receive instant basic rate tax relief at 20% adding £8,000 to the contribution, grossing it up to £40,000. But wait, it get's better...
As a higher rate taxpayer, you can claim a further 20% via your self-assessment - so just like that, you'll be getting another £8,000 back from HMRC. What this all boils down to is that your £40,000 pension contribution towards your own financial future has only actually cost you £24,000 (£32,000 - £8,000)! 💰
But we're not even done yet...!
Within your pension, let's say you invest in a well diversified, global equity-based fund which achieves average returns of 7% a year. Because this money is wrapped inside your pension, this growth is completely tax free and once the compound interest snowball starts to roll, boy are you getting some results. ⚡️
By age 65 (in 25 years time), your investment of £40,000 (which don't forget, only cost you £24,000) is now worth approximately £229,000! 💪🏻
Shall I carry on? OK...
When you come to retire you can take 25% of this amount completely tax free, that's £57,250. 💰
Now yes, the rest is taxable at your marginal rate of income tax. However, let's say that you're retired with no other income... the first £12,570 is tax free and income up to £50,270 is only taxed at 20% basic rate.
Tax relief on the way in, tax efficient growth over time and tax planning opportunities on the way out - what an amazing wealth building tool! Are you making the most of it? 😎
...and all of this before we even talk about the Inheritance Tax benefits. 😮💨
**Investment returns are not guaranteed and can go down as well as up. When investing, your capital is at risk**
24 - 7
A while ago I announced that I was making the biggest single investment of my life, a holiday let property. Many of you have noticed I went a bit quiet on this ever since announcing it. There is quite the story to tell here and I'm nearly ready to start telling it, I think it's going to be really interesting and I can't wait to share it with you. Put it this way, it was the hardest thing I've ever tried to do. It might be a long old story and I'm not sure whether to split it up into 'episodes', what do you think? Please vote below.
10 - 5
Hello everyone, I know I know I haven't uploaded in a while. Tax year end is always a crazy time of year for me and I've had a bit of a break to recharge too. I'll be back soon, let me know if there's a topic you want covering. Thanks for still being here. Tom
33 - 4
This whole FTX & BlockFi saga is a great example of why you shouldn't follow investment advice from people on YouTube. They are never there to help you when it goes wrong, never. Stay safe everyone.
29 - 4
Right, I have a question for you. With all the doom and gloom, equity markets in trouble, bonds struggling, talks of a property bubble, I’m interested to know where are you investing right now? Tell me, where’s the majority of your money going? Follow it up with more info in the comments please. (Results are anonymous)
5 - 13
For your investments, a recession is only an issue if you need money from the pot. If you don’t, it’s an opportunity. Potentially, a big one.
20 - 4
I’m looking for more interesting people to interview for the channel. Is that you? Run your own business? Had money problems or have some interesting investing stories? Anyone with a tale to tell who is happy for a interview with a creative difference, please get in touch below…
10 - 4
I’m back, and it’s a big one. My interview with the main man of the UK Finance YouTube scene @DamienTalksMoney is live now.
25 - 9
I know it’s cliché but thank you to everyone who has helped in anyway to get me here, big or small. I appreciate everyone one of you.
36 - 8
► MY INDEPENDENT REGULATED FINANCIAL PLANNING BUSINESS – Orca Wealth Ltd. If you are interested in how proper Financial Planning could help you visit my website below to learn more and enquire.
🎯www.orcawealth.co.uk
Orca Wealth Ltd (FRN: 1007211) is an appointed representative of Sense Network (FRN: 465124) , which is authorised and regulated by the Financial Conduct Authority.
► MY ONLINE STORE
🎯www.thatfinanceshow.com
► TRADING 212 (for investing in funds and individual shares)
If you want to use Trading 212, use this link and get yourself a free share worth upto £100!
🎯 www.trading212.com/invite/FMJT5xrl
Trading 212 UK Ltd. is Authorised and Regulated by the Financial Conduct Authority (FRN: 609146)
► INVESTENGINE (for investing in ETF’s only)
Get £25 when you invest at least £100 with InvestEngine (Ts&Cs apply)
🎯 investengine.pxf.io/x9d6gx
InvestEngine (UK) Limited is Authorised and Regulated by the Financial Conduct Authority (FRN: 801128)