Choosing the right account - Season 2, Episode 6
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 10 August 2016
⏱️ 26 minutes
🧾️ Download transcript
Summary
Last week we looked at choosing a platform, and I said that a platform was essentially just an admin system which allows you to hold different kinds of accounts . But which tax wrapper is best for which situations? This week we're looking at choosing the right account...
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This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk
Choosing the right account
I’ve said countless times on this show that simple is best. I come across clients with lots of different tax wrappers with loads of different providers, and with no cohesive strategy for how these disparate plans are intended to achieve their aims. Most people need two kinds of accounts, or tax wrappers: one for medium term savings, and one for longer term. Let’s dig into that now, and look at everything you need to KNOW and everything you need to DO, to choose the correct tax wrapper for the job…
In this session, you'll discover:
- That different accounts serve different purposes
- That tax is an important factor in the choice
- Why compounding is possibly the most important factor of all
- That timescale is an easy factor to make a high-level choice
- Which investment limits to look out for
- Why it isn't always necessary to choose one account over another
Resources mentioned in this week's show
Podcast: Season One, Session 80 - Pension or ISA?
Free email course - Learn How To Invest
Join the conversation
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Question: Which account(s) are you saving into? Why did you choose one over the other?
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Transcript
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| 0:00.0 | Hi folks and welcome to the Meaningful Money podcast, Season 2, Episode 6. |
| 0:04.9 | I sold my father's sailboat. Put it all into a savings account. |
| 0:15.5 | This is the podcast dedicated to helping you put your finances in order. |
| 0:20.6 | My name is Pete Matthew and I'm going to |
| 0:22.0 | share with you everything you need to know and everything you need to do to secure your financial |
| 0:26.5 | future. I'm here to help you make sense of money. Here we go. Welcome back folks. Great to have you with me once again for season two episode |
| 0:43.0 | six last week we looked at choosing a platform on which to invest your money all right i said |
| 0:49.5 | that a platform was essentially just an admin system allows you to hold different kinds of |
| 0:53.9 | accounts or tax |
| 0:55.6 | wrappers in one place. But of those tax wrappers, which is the best one for which situation? |
| 1:02.5 | Well, that's what we're going to look at this week, okay? And as usual, after we've done that, |
| 1:06.2 | I'll look at some reviews that have been left, announce what we're going to be talking about |
| 1:08.9 | next time and all that good stuff. But first, remember, this podcast is brought to you with the help of |
| 1:13.8 | seven investment management management management managers based in London who specialize in |
| 1:18.5 | multi-asset investing, which brings institutional investing techniques to ordinary people, just like |
| 1:23.8 | you and me. And they continue to put their name to my show or to the website |
| 1:27.6 | because they believe in what I'm doing, |
| 1:29.3 | which is just trying to get decent, |
| 1:30.9 | easy to understand financial information out to those who need it. |
| 1:34.1 | And I continue to be really grateful to them for their support. |
| 1:37.3 | So please do check out what they're up to. |
| 1:39.2 | They're at 7im.com.com. |
... |
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