Financial Crisis: Your Questions Answered - with Gary Das

On a Mission Podcast

Ellie McKay

4.4 • 1K Ratings

🗓️ 10 October 2022

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

As the cost-of-living crisis looks set to push the UK into recession, how bad is the situation and what could be done about it?

The Bank of England says inflation might reach 11 per cent this year. Mortgage interest rates have increased by 50% in less than a week and rapidly rising energy costs have started to cause mass panic.

In this special episode, I’m joined by financial expert Gary Das who shares his insights into the current climate and offers a positive perspective in stark contrast to the fear-mongering mainstream media.

KEY TAKEAWAYS

Even though a lot of us have seen this recession and economic struggles coming, it doesn’t make it any easier to deal with.
It’s easy to forget how low the rates we have had recently actually are, even if we compare them to less than 10 years ago.
Financial advice is always specific to the individual. The biggest thing that will have an impact on the rates you pay is your income.
A property crash is very likely now, for some investors this presents opportunities.
We are heavily connected to America, we can take a look at what is happening in their market to gain clues on what will happen next in the UK.
Lenders have changed the ‘stress test; of mortgages from 5½% to 8.5% which means in some cases, there will be 50% extra needed to cover the rate for landlords from tenants.
Professional landlords are being creative in what they are investing in, with many moving towards commercial properties or options where they can get tax benefits.
Using the right terminology with the right lender will have an impact on what lending you can achieve.
If you leave cash right now, then you aren’t making it work for you. It’s a waste, you should instead invest it in income-generating assets.
If you can’t provide the capital for property investing, you can instead offer your hard work and joint venture with someone who has the cash.
If you are wanting to overpay your mortgage, then you need to decide whether you want to reduce the term or your monthly payment.

BEST MOMENTS

'There’s always opportunities in amongst the chaos’

‘Whenever you buy a property, you buy it with a long-term strategy’

‘Raising interest rates, I don’t believe is going to bring down inflation’

‘I’m seeing a number of investors move away from residential and more towards commercial because of the tax benefits’

‘It’s making us all level up…I do think we are going to come out of this bigger and stronger’

VALUABLE RESOURCES

On A Mission - https://omny.fm/shows/on-a-mission

Gary Das - https://garydas.com

Gary Das Facebook - https://www.facebook.com/GaryDas/

Gary Das Instagram - https://instagram.com/garydas?utm_medium=copy_link

Gary Das LinkedIn - https://www.linkedin.com/in/gary-das-26557114/

Enquires form - https://activefinancial.ac-page.com/onamission

ABOUT THE HOST

Not so long ago, life was barely recognisable for Ellie McKay, raising three children under five, battling post-natal depression, facing redundancy and walking into the job centre to claim benefits with a double pram, no confidence, and wracked with insecurities.

Fast forward to today, and life looks very different. Ellie committed to turning her life around for herself and her family. Following this commitment, she got to work and has now built multiple successful companies, as well as having created a multimillion-pound property portfolio from a standing start.

Ellie is now on a mission to make a positive impact and add value to others through her podcast which has attracted phenomenal guests worldwide. The show is specifically to help those trying to reach their full potential through its inspirational and motivational content, as well as challenging conventional wisdom to discuss all the “hot topics” in a relentless pursuit of the truth.

CONTACT METHODS:

Website: http://www.elliemckay.com

LinkedIn: Linkedin.com/in/ellie-mckay/

Facebook: Facebook.com/ellie.mckay.3150

Instagram: https://instagram.com/ellie_mckay_official?igshid=YmMyMTA2M2Y=

OAM Instagram: https://instagram.com/onamissionshow?igshid=YmMyMTA2M2Y=

YouTube: https://www.youtube.com/c/EllieMckay

This show was brought to you by Progressive Media

Transcript

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0:00.8	This episode is brought to you by Red Light Finance. Red Light Finance is on a mission to bridge
0:06.5	the gap between the real world and web3 using blockchain technology. YouTube can power your
0:11.9	business through Red Light Finance's gaseous blockchain. With the cost of living crisis,
0:15.7	we all need a little bit more extra income in your pocket. Red Light Finance offers
0:20.2	blockchain solutions, passive income, gaming and so much more. I've personally been investing
0:25.6	on Red Light Finance since day one and I'm hugely passionate about the project. For more information
0:31.1	on how you can get involved to visit www.redlight.finance. Thanks again to Red Light Finance for sponsoring
0:38.8	the Onimission Podcast. I like to keep this podcast very positive and to focus on solutions,
0:45.4	but that doesn't mean that we can hide away from what's actually happening. It's turbulent times,
0:51.5	it doesn't matter what kind of positive spending you put on that. People are in panic mode.
0:56.4	There's a lot of concerns over the cost of living crisis, the rising interest rates,
1:01.1	the pound is very weak. It's savage, but in sad times you can't have sadness without happiness,
1:07.3	you can't have negativity without positivity, you can't have it upside without downside. We need
1:12.0	to be respectful to people who are struggling, but there's always opportunities within the chaos.
1:17.2	You've just got to get out there, you've just got to do more than you've already done and do
1:21.7	more than you've done. Set examples for your team and for the people that are around and don't listen
1:26.9	to the people who are broke doing nothing and that short-term pain could literally change your life
1:33.2	and create generational wealth. You either change your life or you sit there on the hamster
1:37.2	wheel and you're in exactly the same position in the next 18 months. It's your freaking choice.
1:42.4	Now, we are joined by a favourite of the show, the wonderful Mr Gary Das.
1:47.7	Now, for those of you who follow us regularly, you'll know that Gary's been on before,
1:52.2	and if you're not checking it out, actually, I would encourage everyone to go back and listen to that
	...

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