In the fourth episode of this ‘Good with Money’ season, Simon and Bex talk about the key role that pensions can play in assisting us to manage our money well, right through to the end of our lives.

Some key points of interest covered in this episode include the following:

• Simon explains why pensions can be so important to our attempts to be good with money throughout our lives [00:51] despite the fact that, as Bex points out, it is now being reported that a significant number of working age adults are currently not paying into a private or workplace pension. [02:42]
• Simon outlines what a pension is [04:18] and then goes on to describe different types of pension, including the state pension, the defined benefit workplace pension, the Career Average Revalued Earnings pension and personal pensions. [06:17]
• Drawing on her own experience, Bex notes that personal pension providers have become adept at simplifying and streamlining pension arrangements for their customers. [09:18]
• In response to questions from Bex, Simon talks about the different factors that can influence our pension-related behaviour ranging from being in our 20s (when any pension contributions can ultimately yield a high return) [12:39], then progressing into the very busy and expensive middle stage of life [15:50], and finally into the pre-retirement phase. [19:33]
• For some people, the pre-retirement period can be a helpful time to seek professional financial advice. [20:14] Among the options that can be worth considering at this time are exploring the possibility of phased, or even ‘multiple’, retirements [22:05] and proactively planning the detail of what we would like our retirement to look like. [23:29]
• Concluding his comments, Simon stresses the importance of having a realistic and effective plan to manage money throughout retirement, for however long that may last [24:17]. He also notes the invaluable benefits, to family members in particular, of being organised and communicating well when it comes to putting our affairs in order in preparation for the end of life. [25:56]
• After a week’s break, our next ‘Good with Money’ episode will be on the theme of ‘Taxes’. [27:13]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

Our Instagram page will also provide you with additional content and features.

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6

In the third episode of this ‘Good with Money’ season, Simon and Bex talk about when and why ‘Investing’ may be worth considering in the context of our personal finances.

Some key points of interest covered in this episode include the following:

• Simon starts off by explaining the two core elements of investing: to counteract the effects of inflation [04:48]; and to achieve an expected return, very often for a specific purpose. [06:14]
• Simon talks about the different kinds of ‘bonds’ (including premium bonds, bank bonds and corporate bonds) that can be used for investing. [08:23]
• In response to a question from Bex, Simon explains that activities such as acquiring gold, buying currency and day trading do not have an expected return and should not therefore be classified as ‘investing’ in the pure sense of the term. [11:05]
• Simon uses a story about the respective business needs of a farmer and a baker to illustrate how hedge fund traders can attempt to take advantage of the commodities market. [14:24]
• Property is another interesting area – unlike many other investments, it is generally not a passive income stream; instead, it requires active management and involvement from those wishing to make a profit from investing in that area. [16:06]
• Simon then goes on to address the issue of whether investing should be regarded as a form of gambling, with the key point being the presence, or not, of an expected return. [17:18]
• Quoting from Luke 12.16-21, Mark 10.17-21 and 1 Timothy 6.10, Bex and Simon highlight the importance of resisting the temptation to make money a goal in its own right when engaged in investing activities. [19:40]
• For anyone interested in exploring how we can adopt a heavenly perspective and have pure motivation when working and earning money, Bex would recommend ‘The Garden City’ by John Mark Comer. [23:34]
• Concluding his comments, Simon emphasises the importance of investing in order to achieve a specific and appropriate purpose. [24:01]
• Next week’s episode will focus on the related topic of ‘Pensions’. [25:20]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

Our Instagram page will also provide you with additional content and features.

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6

In the second episode of this ‘Good with Money’ season, Simon and Bex talk about the advantages of including ‘Saving’ as a core element of the way that we manage and use our personal finances.

Some key points of interest covered in this episode include the following:

• Simon introduces this episode by explaining that saving allows us to control our money by moving it through time so that it is available when we need it. [01:44] He goes on to explain that saving is a means of putting money aside while the aim of investing is to generate a financial return from money that has been placed into some kind of venture with that purpose in mind. [02:37]
• In response to a question from Bex, Simon comments that, generally, saving should be our second priority (after giving) when organising and deploying our money. [03:55]
• When it comes to deciding on a desirable size for an emergency fund being created by saving, Simon suggests that the key consideration is to go for a proportionate amount or ratio that suits our particular circumstances. [06:03]
• When asked to pinpoint a key benefit of saving, Simon talks about the resilience that it gives to our financial journey, for example by cushioning the shock of a sudden spike in expenditure that happens annually for most people at Christmas and which otherwise could push us into debt. [08:13]
• However, a saving strategy can only protect us against known future expenses [12:09] if we are able and willing to use our emergency fund when the need arises. [13:59]
• Being flexible in how we respond to financial pressure points or competing demands on our resources can be assisted significantly by maintaining a God-focused perspective of, ‘It’s His money; what would He have me do with it? [15:24]
• Simon remarks that the need to save is likely to be less of a priority for those who are approaching retirement or who are already retired. [17:57]
• When wrapping up the episode, Simon comments that the next stage after saving is to consider investing. He also addresses the issue of whether or not we should attempt to save if we are in debt. Regarding that latter point, he mentions that a number of previous episodes of the podcast have focused on the issue of debt; for example, , Season 8 Episode 6 looks at ten top tips for dealing with debt. [19:46]
• Simon’s final, final, final observation is that John Wesley, in his ‘Use of Money’ sermon, encourages his congregation to earn, give and save as much as they can – notably, omitting any mention of ‘spending’ as a significant priority. [22:30]
• Next week’s episode will focus on the topic of ‘Investing’. [23:23]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

Our Instagram page will also provide you with additional content and features.

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6