Ep 510 - Why your first £100k is the most important, Truth about Premium Bonds & Council Tax Changes
The Money To The Masses Podcast
Damien Fahy
4.8 • 589 Ratings
🗓️ 29 June 2025
⏱️ 33 minutes
🧾️ Download transcript
Summary
This week Damien explains why saving your first £100,000 is the crucial milestone if you want to be wealthy. He then looks at Premium Bonds, revealing the possible returns you can expect if you have the maximum £50,000 holding. He also explains how to improve your chances of winning a £1 million prize. Finally, Andy discusses the proposed changes to how council tax payments are collected.
Check out this week's podcast article on the Money to the Masses website to see the full list of resources from this week's show
(00:00) - Money to the Masses Podcast Episode 510
(02:42) - How to Build Wealth: The Power of Compound Interest and the £100,000 Savings Milestone
(15:42) - Premium Bonds Explained: Returns, Odds, and Are They Worth It in 2025?
(27:04) - Council Tax Payment Changes in England: What Homeowners Need to Know
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Links referred to in the podcast:
- NS&I set to cut premium bond rate
- What is the Financial Services Compensation Scheme
- Council tax payments set to change
- Find your local council
- Council tax explained and what to do if you are stuggling to pay
- Subscribe to our Newsletter
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Transcript
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| 0:00.0 | Hello and welcome to episode 510 of the Money to the Masses podcast with your resident expert as |
| 0:04.9 | always Damien and me Andy Licks Damien. How you doing? |
| 0:08.0 | I'm good Andy. I'm not going to be typically British and moan about the weather. I'm actually |
| 0:12.4 | going to say I'm enjoying the warm weather. In fact my wife went and bought a paddling pool much to my |
| 0:19.4 | amusement but I say it's a paddling pool. |
| 0:23.4 | It's more, I don't know what you would call it, it's three metres by two metres and about, |
| 0:28.7 | what, 60 centimetres deep. So you can imagine the amount of water that was contained in that |
| 0:35.0 | paddling pool. We seem to now have everybody coming down to use it. |
| 0:38.7 | I was being so precious about my grass, actually. I've been worked so hard to try and get my |
| 0:43.0 | grass to grow this year that after months of work, she seemed to in one foul swoop. Just destroy all |
| 0:50.7 | of that. So people out there who also try to grow grass. So if you're probably |
| 0:54.4 | middle-aged, then that will be you. You can understand my pain. But having said that, |
| 0:59.9 | if you listen to the podcast at the weekend, it's apparently going to be an absolute sculpture again. |
| 1:04.8 | So maybe, just maybe, I'll be grateful that we now have a monstrous paddling pool in our garden rather than any grass. |
| 1:12.6 | But before I move on to what's on the show this week, I just want to mention, do make sure you follow us on all our social channels. |
| 1:18.2 | I'm doing so much on there and it will make a massive difference to the future of money to the masses if you follow us on all of those channels, |
| 1:24.5 | whether that be TikTok, Instagram, Facebook, follow us on our YouTube |
| 1:29.2 | channel, make sure you subscribe because there's lots of content going out there, threads and Twitter |
| 1:33.4 | as well. So moving on to what's on this week's show, we've got the three pieces as normal. The first |
| 1:39.5 | piece I'm going to be doing is in relation to how you grow your wealth. Now, we often talk about compound interest, |
| 1:46.7 | but in reality, compound interest often makes the rich richer and keeps the poor poor. So what I'm |
| 1:53.5 | going to do is explain what you really need to focus on if you want to become wealthy. The second piece is going to be in relation to premium |
... |
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