Are your children relying on a future inheritance to pay off their debts?
Fabafterfifty: General Finance
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Article by Fabafterfifty According to a new survey*, the majority of Brits ‘expect’ to receive inheritance from their parents – but in reality four in 10 won’t get a penny. The findings emerged in a study of 2,000 adults, and show that while 75% of people aged 20 to 35 hope to receive a windfall when their parents pass away, they look set to be disappointed In fact, the average person assumes they’ll get in the region of £78,000 when mum and dad pass on, so are in for quite a shock. A fifth of children over the age of 20 are hoping their parents’ wealth will sort out all of their money problems, and have completely shelved all financial plans for the future as a result. It seems that 49% of parents aged 50 and over have already had to dip into their savings to get by, and four...
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7 quirky money saving tips from a superscrimper
Tips from Eithne Farry We all like to find ways to help our pennies stretch further, so here are some quirky money saving tips from Superscrimpers Eithne Farry Keeping House Waterproof an old umbrella Over time umbrellas can lose their waterproofing. A quick way to restore it is with cheap hairspray. Spray the umbrella liberally, and head off into a rain shower. Shiny shoes These simple solutions will keep your footwear looking like new. The outsides of banana skins contain potassium, a key ingredient in commercial shoe polish. Rub the skins over the leather, and then buff with a soft, clean cloth Head to Toe Beauty Oat For glowing skin it’s really important to exfoliate away the dead skin cells. An oat mask is just the thing to ditch dullness. Mix oats (any kind) with a tiny amount of water so that it forms a thick paste. Apply the paste...
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Is 50 too late to plan for a secure financial future?
Article by Ceri Wheedon Is our generation teetering on a financial precipice .With a report out today highlighting the fact that one third of us are not saving for our futures, what are our options, and is too late, in our 50s, to create a secure financial future for ourselves? Many of us who had anticipated retiring at 60 have had to face the fact that we will now have to work until our late 60s and possibly even our 70s before we are able to draw a state pension. Also, with adult children needing financial help for longer, often seeing us as the ‘Bank of Mum and Dad’ and escalating daily costs most people are feeling the strain. So what are our financial options? Karen Pine offers some great advice in her book Sheconomics, helping us to examine our own relationships with money, and guiding us through how best...
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Setting up a business in your 50s. What to ask your accountant at your initial meeting
Article by Elaine Clark If setting up a business in your 50s or becoming self employed for the first time, appointing an accountant can be daunting. Elaine Clark, our newest expert on the Fabafterfifty panel, has drawn up a useful list of questions to offer some structure to help you decide who is the right accountant for you. A question often asked by a new business owner is: “I have arranged an initial consultation with an accountant – what should I ask?” These days this consultation can take place face-to-face or virtually, via phone, Skype or other electronic means. Whatever the method, there are a few essentials that should not be neglected when you have your meeting. Fact Finding It is best to start off with some very simple fact finding questions. We’ve prepared a check list – just add / change / delete to your circumstances: How many of...
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New Year, new plans… new budget! How to improve your finances over 50
Article by Helen Gradwell No matter what your age or your lifestyle, it’s never too late to commit to a positive change in your life – whether that’s improving your finances, enhancing your health or adding to your life experiences. New Year seems a perfect time to make these changes; a great time for a ‘new start’. You’ve got a whole year ahead of you, and anything could happen. Who knows where you could be by the end of it? According to the Daily Mail, ‘saving money and spending less’ was the fourth most common New Year’s resolution in 2012 – beaten only by losing weight, getting fit and eating more healthily. If your New Year’s resolution is to improve your finances, this article has some handy tips that can help you get started: Work out your budget It’ll be far harder to improve your finances in the future if...
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Wealth Creation – Gill Fielding’s Top 10 tips.
Article by Gill Fielding. 1. Understand where you want to be. Everybody has wildly different perceptions about money and what wealth means – you have to discover what wealth means to you: one man’s riches may be peanuts to somebody else. Think about what you really want in terms of money: in my experience people always need much less than they originally think. What wealth do you want to have? 2. Work out exactly what you have. If you don’t know what you’ve got and what wealth you want to have – how on earth can you work out how to bridge the gap! Start recording your assets and liabilities and your regular cash flows. 3. Understand your relationship to money. It’s an obvious statement but if you think you are bad at maths for example, for sure you will be – because humans have a remarkable ability to bring...
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Why I think it was easier to set up a business in my 50s than it was in my 30s.
Article by Ceri Wheeldon When I set up my first business in my early 30s, the financial investment needed was far greater than the investment needed today. I needed a PC, business quality printer, fax machine, copier, and telephone system all of which came to an initial investment of around £7000 and delivered far less functionality than a laptop and all-in-one printer costing hundreds of pounds today. On top of that I had to rent an office and install ISDN lines. Phone calls were paid for by the minute, mobiles were still not an everyday tool. Investment in business stationery was significant. As was postage. The business day revolved round meeting the 4pm post deadline. Marketing of services was reliant primarily on print , radio and trade shows. All of which had to be budgeted for and carried significant costs. Of course word of mouth was always free! Fast forward...
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The Rise and Rise of the ‘Fab-preneur’ (or Gran-trepreneur as some are calling!)
Article by Fabafterfifty New research confirms just what we’ve been saying on Fabafterfifty – that more women than ever are looking to set up their own businesses in their 50s-although I have to say I hate the term that ISME have come up with Gran-trepreneur! Much prefer Fab-preneur! They’ve spent their lives working for others, now Britain’s 50-somethings are setting up shop and doing it for themselves in 2012. A staggering 71 per cent of mature women say they’re considering going into business themselves this new year, creating an entirely different breed of business woman – the ‘gran-trepreneur’! (ouch!!!) Instead of retiring or opting for the quiet life, they’re putting their money where their mouth is to create an exciting new breed of cottage industries. And they say bad bosses and workplace ageism are fuelling the grey power revolution. According to the survey, commissioned by mature online retailer isme.com, one...
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How expensive is it to live in your 50s? £1560 a month needed according to new study.
Article by Fabafterfifty We may think that once we turn 50 our costs will decrease, but it would appear that this not necessarily the case. Turning 50 marks the most expensive period in our lives, a new study has revealed. Especially with children flying the nest later than anticipated, increased costs of education, and adult children returning home to live! Experts calculated that those in their 50s can still expect to be lumbered with hefty mortgage payments while also trying to support teenage children. Increased costs of holidaying as four adults, rather than a family with two children, coupled with helping the kids with motoring costs as well as a house deposit costs means a deep financial pot is needed. The study, by leading UK health and wellbeing mutual organisation Benenden Healthcare Society, also went as far as to calculate how much the average 50-something will need a month to...
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Five Empowering Steps for Women over 50 to Grow a Great Financial Mindset
Article by Anthony Fleming First of all identify as many of the limiting thoughts and beliefs you have with regard to money. For example, “I’d rather be healthy than be rich.”, “There’s not enough money to go round.”, “We can’t afford it.”, “Rich people are selfish.”, “You have to work hard to earn more money.”, etc. etc. Why? Because in the first instance, why must you choose to be healthy or rich? Why can’t you have both? And if you think rich people are selfish you would not want to become selfish which means that, subconsciously, you would sabotage your effort to become rich because of course rich people are selfish, aren’t they? Once you have identified these limiting beliefs, think about each one and laugh, to yourself or out aloud, at the nonsense of these beliefs. Also, find evidence to the contrary, e.g. that rich people are in fact...
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