Martin generally gives great advice but his guidance on long-term savings is out of touch. If you want to put £50K away for ten years, the best bet by far is to invest it in a global tracker fund via a Stocks and Shares ISA. Yes there is an element of risk but ten years is long enough to ride out the bumps. The only real challenge is not to react when markets fall.
100% agree. And it’s so disappointing because he has such an influence over a large portion of the country. He needs to promote long term investing and make clear about leaving your money in a bank is suboptimal over the long term
At the very least Martin should say he’s not allowed to give investing advice but point people in the direction of regulated advice on stocks and shares ISAs, rather than ignoring them.
Energy companies are horrendous! I had to email Eon saying they held my money "in credit" for a year and a half. I asked them when do I expect a refund as it has been this long and truthfully they are holding my money and should pay interest on top!
The passport thing is really complicated and there aren’t clear answers anywhere. It’s because of widespread confusion about EU-specific rules, but those rules are specific to the EU and a handful of other countries which match the EU (like Switzerland and Morocco). Many media reports are also incorrect about it, and some governments have issued contradictory advice. Basically, for the rest of the world, in all countries your passport must be in-date. For most countries you also need at least 3-6 months before the expiry date (normally 6), this is to stop people overstaying. However the EU has a slightly different rule: they have basically imposed a 10 year validity on passports, so for normal passports you need 6 months before the passport is 10 years old, not 6 months before the expiry date. The UK is one of very few countries which issues passports valid for more than 10 years, some are up to 10 years 9 months, and so it’s easy for us to fall foul of this rule. I’m not aware of any countries outside the EU+ with the same restriction; I’ve been researching it but it is hard to be sure since most countries don’t publish guidance on it.
"Research confirms that people do in fact spend more money - often, substantially more money - when they make purchases on a credit card instead of using cash." My question for Martin is - Why do you tell people on low incomes to use credit cards 'for the points', when all research shows that people tend to spend more when using credit vs their own cash, and most people do NOT pay the cards off each month, even though they might intend to. Shouldn't a responsible 'financial guru' be telling people on low incomes NOT to use credit cards, at all? This is a rhetorical question, because the answer I feel is self-evident.
Surely that’s their fault then, he does tell people to pay the card off in full & reduce all debts where possible, I use all my credit cards to pay for everything gather as much points as I can whilst earning 60 days of interest on the money in my savings account before I pay the card of in full each month it’s not hard is it 🤔. If you can’t afford to pay a credit card of it full or any debt each month then simply don’t get a card or in debt stop spending.
@@madds6678 1. You probably spend more using your CC than if you used cash 2. Most people don't pay off their cards, and I'm sure Martin knows this. Fun fact, Martin's website makes its money from selling referrals to credit cards and loans. He sold the site a while back for £140 million. It's all a scam, and everyone falls for it.
For the question about £50k. If the lady puts it into a SIPP, or specifically puts 48k in, the government will uplift this to £60k with tax relief (60k the maximum). That return is 25% guaranteed year one, which out performs any cash isa. If she puts it in a low cost index fund like an s&p500 tracker, that fund averages over 10% return per annum also. Maybe a good option dependant on her exact circumstances/age.
I think when Martin advises not to have too much energy credit (he suggested just one month in credit for now), he is basing it on one of the warmer areas of the UK. I always build up a lot of credit on my gas, and I do use it all over winter!
Spend it on a new car the ultimate way to put envy in your neighbours faces that you don’t speak to. 😂 😢 as you are stuck in traffic again! While Martin runs past saying hello!
£50k into premium bonds. Easy access, safe and secure. No tax to pay on any on any 'winnings'. Last year I earnt 11% on 50k. Draws are monthly and largest are £1million.
11% is VERY good. I had £50k in Premium Bonds for the last year and average return was a paltry 2.5%. I’ve just cashed in and now have money in Hargreaves Lansdown earning nearly 5%, guaranteed. I recently retired and my taxable income allows me to earn more than £1000 interest tax free.
@@stevegeek last year was very good with wins spread out over 11 months. This year I've not done so well, two months with no wins the wins I have had haven't been great. That's the risk you take with premium bonds, fingers crossed this next 6 months makes up it. Although I'm considering maybe a tracker fund to put savings. Of course after we know what Labour will be doing to taxes.
@@PFL44 Sounds good. My wife still has faith in her PBs...she's been teasing me now I've cashed in, whether any of her £1M prize will be shared with me! 😆
I tried that and only got like a 6% return annually. Switched to investing it all in S&P 500 index fund, and have 11% return within 3 months, can’t wait for the long term returns.
So if I am 60 and have 35 years of national insurance contributions and choose to retire early it means I may not be able to get my full state pension when 67? Huuuuh ?
@@ashleyballester9053The majority of Americans own shares. It isn't rocket science. And returns from index funds average WAY more than 5%. The compound over time makes a huge difference.
@@shadowxxxyt9589 the time to buy them was when Gordon Brown sold all the countries gold at rock bottom prices. We’ve just sold all of ours as at all times high!!
Why this is recommended on my feed is ludicrous, it’s hurried dribble rush rush rush we don’t have enough time nonsense when this type of talk should be mainstreamed at prime time daily for at least 1 hour, so forget this… and check out The Ramsey Show instead.
Martin generally gives great advice but his guidance on long-term savings is out of touch. If you want to put £50K away for ten years, the best bet by far is to invest it in a global tracker fund via a Stocks and Shares ISA. Yes there is an element of risk but ten years is long enough to ride out the bumps. The only real challenge is not to react when markets fall.
US stocks tend to out-perform global funds.
100% agree. And it’s so disappointing because he has such an influence over a large portion of the country. He needs to promote long term investing and make clear about leaving your money in a bank is suboptimal over the long term
He can’t give investment advice because of regulations
Agreed. Always annoys me.
He's always said he can't give advice on investments, only cash.
At the very least Martin should say he’s not allowed to give investing advice but point people in the direction of regulated advice on stocks and shares ISAs, rather than ignoring them.
This 🙌
Agree
Energy companies are horrendous! I had to email Eon saying they held my money "in credit" for a year and a half. I asked them when do I expect a refund as it has been this long and truthfully they are holding my money and should pay interest on top!
The passport thing is really complicated and there aren’t clear answers anywhere. It’s because of widespread confusion about EU-specific rules, but those rules are specific to the EU and a handful of other countries which match the EU (like Switzerland and Morocco). Many media reports are also incorrect about it, and some governments have issued contradictory advice.
Basically, for the rest of the world, in all countries your passport must be in-date. For most countries you also need at least 3-6 months before the expiry date (normally 6), this is to stop people overstaying.
However the EU has a slightly different rule: they have basically imposed a 10 year validity on passports, so for normal passports you need 6 months before the passport is 10 years old, not 6 months before the expiry date. The UK is one of very few countries which issues passports valid for more than 10 years, some are up to 10 years 9 months, and so it’s easy for us to fall foul of this rule.
I’m not aware of any countries outside the EU+ with the same restriction; I’ve been researching it but it is hard to be sure since most countries don’t publish guidance on it.
Stocks and shares ISA into the s&P500 is going to get you the best return
Absolutely. I’m up around 30% after 2 years
@@JDawber85well I'm down
@@keepingitreal618only down if you sold at a loss. Time horizon is important
S & P overvalued buy over 60%. A correction awaits
@@hypnoticmonkee it’s averaged 10% for the past 100 years, not just the past 2 years
I would put the money in Vanguard S&P500 ETF.
"Research confirms that people do in fact spend more money - often, substantially more money - when they make purchases on a credit card instead of using cash."
My question for Martin is - Why do you tell people on low incomes to use credit cards 'for the points', when all research shows that people tend to spend more when using credit vs their own cash, and most people do NOT pay the cards off each month, even though they might intend to.
Shouldn't a responsible 'financial guru' be telling people on low incomes NOT to use credit cards, at all?
This is a rhetorical question, because the answer I feel is self-evident.
I don't. My CC is usually in credit 🙄
Surely that’s their fault then, he does tell people to pay the card off in full & reduce all debts where possible, I use all my credit cards to pay for everything gather as much points as I can whilst earning 60 days of interest on the money in my savings account before I pay the card of in full each month it’s not hard is it 🤔. If you can’t afford to pay a credit card of it full or any debt each month then simply don’t get a card or in debt stop spending.
@@madds6678 1. You probably spend more using your CC than if you used cash 2. Most people don't pay off their cards, and I'm sure Martin knows this.
Fun fact, Martin's website makes its money from selling referrals to credit cards and loans. He sold the site a while back for £140 million. It's all a scam, and everyone falls for it.
@@keepingitreal618on credit ? You do know that can add interest to your account ? Why on earth would you over pay on a credit card 😂😂
@@paulgal If paying for anything online credit cards are best as you get some protection against fraud and insurance on items above £100
I have just got the Barclaycard for use in europe. It should save a few quid on fees etc.
For the question about £50k. If the lady puts it into a SIPP, or specifically puts 48k in, the government will uplift this to £60k with tax relief (60k the maximum). That return is 25% guaranteed year one, which out performs any cash isa. If she puts it in a low cost index fund like an s&p500 tracker, that fund averages over 10% return per annum also. Maybe a good option dependant on her exact circumstances/age.
I think when Martin advises not to have too much energy credit (he suggested just one month in credit for now), he is basing it on one of the warmer areas of the UK. I always build up a lot of credit on my gas, and I do use it all over winter!
Spend it on a new car the ultimate way to put envy in your neighbours faces that you don’t speak to. 😂
😢 as you are stuck in traffic again! While Martin runs past saying hello!
The title doesn’t match the content at all 🤣
I was thinking the same. Clickbait. Pffff.
@@stevegeek same!
I'd put the money in s/s if I wasn't touching them for 10yrs far greater return than a collection of fixed rate ISA accounts over the same time
Stick cash in an Etoro account at 5.2%.
I pity anyone who doesnt invest their money and just keeps their money in a 3-4% account.
W hat about 5per cent
£50k into premium bonds. Easy access, safe and secure.
No tax to pay on any on any 'winnings'. Last year I earnt 11% on 50k.
Draws are monthly and largest are £1million.
11% is VERY good. I had £50k in Premium Bonds for the last year and average return was a paltry 2.5%. I’ve just cashed in and now have money in Hargreaves Lansdown earning nearly 5%, guaranteed. I recently retired and my taxable income allows me to earn more than £1000 interest tax free.
@@stevegeek last year was very good with wins spread out over 11 months.
This year I've not done so well, two months with no wins the wins I have had haven't been great.
That's the risk you take with premium bonds, fingers crossed this next 6 months makes up it.
Although I'm considering maybe a tracker fund to put savings. Of course after we know what Labour will be doing to taxes.
@@PFL44 Sounds good. My wife still has faith in her PBs...she's been teasing me now I've cashed in, whether any of her £1M prize will be shared with me! 😆
I tried that and only got like a 6% return annually. Switched to investing it all in S&P 500 index fund, and have 11% return within 3 months, can’t wait for the long term returns.
@@clipperdipper5881well I have only lost money I make more on fixed term.
The only way I make money on stocks is through government contributing NZ
I find listening to this older man really hard. It's all gibberish.
So if I am 60 and have 35 years of national insurance contributions and choose to retire early it means I may not be able to get my full state pension when 67? Huuuuh ?
Microstrategey
No mention of investing. Terrible advice
Depends how risk averse you are.
@@ianbarnes961 didn't even mention as a possibility though. For the average person it would be a better option
@@Josh95x disagree, the average person doesn’t even know how an ISA works, never mind buying shares
@@ashleyballester9053 The average person should learn how money works!
@@ashleyballester9053The majority of Americans own shares. It isn't rocket science. And returns from index funds average WAY more than 5%. The compound over time makes a huge difference.
He cannot be ignoring stocks and shares isa s investing.
5% you can have now on savings is descent but not going to be there for long
Gold sovereigns…..end of
@@shadowxxxyt9589 the time to buy them was when Gordon Brown sold all the countries gold at rock bottom prices. We’ve just sold all of ours as at all times high!!
The multi millionaire
Self made and has saved millions of ordinary people a lot of money. I suspect you are simply jealous.
@scrimmy45 blah blah blah
how can anyone trust this person??
Why this is recommended on my feed is ludicrous, it’s hurried dribble rush rush rush we don’t have enough time nonsense when this type of talk should be mainstreamed at prime time daily for at least 1 hour, so forget this… and check out The Ramsey Show instead.
Satan gives money advice!!!
What?