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"Wealth consists not in having great possessions, but in having few wants." -- Epictetus 🌟

Hello!

It’s about to get very busy here as you will see from our calendar of events below. I hope to see you at one of these over the coming weeks!

📻 I was listening to the FT money podcast this week with Maike Currie and Claer Barrett (which is, by the way, a brilliant podcast, easy to listen to and jargon-free) on the subject of the «motherhood penalty». You can read the corresponding article on the FT if you have a subscription. Taking time off work to raise children has an impact on your earnings, the amount of money you can save (including pensions) and your career progression. And the opportunity cost is huge. And please don’t run away if you don’t have children - it’s relevant for all. 

According to a relatively new study by Which? a woman who takes time off to have babies and raise children will be left significantly worse off at retirement than a man or woman who doesn’t. How much worse off? Around £15k, that’s how much! This is because a woman who takes time off or works part-time after having kids will end up with retirement savings of about £68k, compared to an average of £83k for women who don’t take time off for motherhood. And yes, you guessed it, a whole lot less than men – fathers or not.⠀

Whether you decide to stop working / take a career break / pay for childcare when you have children, here are a few things to consider: ⠀
  1. Keep track of your old pensions (if you have any). They are still invested so you should monitor them.⠀
  2. See if your partner can pay into your pension if he/she works and is financially able to do so. You are allowed £2,880 every year (i.e. £3,600 with tax relief) even if you don’t have any earnings. ⠀
  3. Don’t lose out and register for Child Benefit (when you don’t work and take care of the children) that will allow you to keep your NI credits to get your state pension. ⠀
  4. Discuss with your partner about shared parental leave.⠀
  5. Finally, on childcare costs: it’s easy to think: “if you aren’t earning x amount, it isn’t worth for you to go back to work”. Sometimes, it makes no financial sense when neither of your salaries can cover the cost of childcare BUT if you are in the privileged position to be able to consider childcare, you should view it as an investment, not an expense. It may seem counterintuitive, but seeing the long-term benefits of returning to work, such as the steady increase in salary, makes the process of paying for childcare a little less painful.
Join me on Instagram if you’d like to add to the conversation please!

📅 Already 70 of you registered for our next London event about “Housing: Buying and Renting”, it’s at Huckletree West on October 2nd at 6:30pm 🏠 and I am happy to announce that our next Introduction to Investing workshop is on October 22nd.

Have a good day!
📆 UPCOMING EVENTS 📆

Vestpod Events:

2nd October: Vestpod Series on “Housing: Buying and Renting”

Huckletree West 6:30pm
Tickets £10 (£20 with a signed copy of the book)

22nd October: Workshop “Intro to Investing”
Our signature workshop with Emilie £35

I am speaking at these events:

30th September: Declare x Vestpod on financial literacy
Apply here

5th October: Birmingham Literature Festival, Money Matters
Tickets £8

12th October: Cheltenham Literature Festival: You’re Not Broke, You’re Pre-Rich
Tickets £8

👀 All events are here on: vestpod.com/events
MoneyTalk With Lina Chan
Founder of Adia Health 
What does financial independence mean to you?
"Financial independence for me means not living paycheck to paycheck.  Being able to break even with our household costs and save a little every year. It also means being able to pursue the career and lifestyle that brings me happiness."
5 min read 💸
💭 WHAT WE'RE READING THIS WEEK 💭

Vestpod in the news:

📖 We are featured in Harper's Bazaar's October edition where Lydia Slater discusses the importance of breaking the money taboo.

📻  My friend Liana from the Inspiration Space, Bev and Helen invited me to be a guest on their radio show Taboo & Lemonade on Eagle Radio.

On our minds this week:
 
💸 Should You Spend, or Save, as if You’ll Live Forever in The New York Times? How young you feel can influence how you handle your money, research shows.

💰 According to a new survey by a P2P (peer-to-peer) lender, British people reach financial maturity at the age of 31. But it isn’t all about having a savings account - The Guardian looks at a “better list”.

💬 StepChange, a debt advice charity warns the number of households are vulnerable to future economic turbulence and urges government to prioritise preventing household debt. New statistics published last week paint a bleak picture of the scale of problem debt in the UK, revealing a record 331,337 people contacted StepChange for help with their debts in the first six months of 2019.

🌳 There is no Planet B. Watch Greta Thunberg’s latest speech to world leaders: 'How dare you – you have stolen my dreams and my childhood' from The Guardian website and the short film highlighting the need to protect, restore and use nature to tackle the climate crisis she has produced with George Monbiot.

📻 Rachael Revesz - journalist and host of new podcast An Honest Account: a podcast about how money affects our lives (listen here!) - writes for The Independent about the reason why women need to understand money

💥 In 2019, female executives helmed just 14 of the world’s 500 largest companies - and that was actually an improvement over the previous year, when there were only 12. Here is the Fortune list of the most powerful women. 

😳 What Thomas Cook collapse means for customers and investors with Claer Barrett on FT Youtube channel.

👀 Pensions consolidation: The typical worker now averaging 11 jobs over the course of their career – each with its own pension so consolidation seems like a good idea but maybe it isn’t the no-brainer it may seem in MoneyWeek.

🔮 Sapphire is opening the gates of the Coven (the online membership platform for women who are ready to take their business and their lives to the next level) again next week, so register quick! I have joined them so you'll find me on their platform!
What On Earth
Are We Doing With Our Money?
You may already know Refinery29’s Money Diaries… this is our own version of it! We’ve put together a few questions to understand what women are doing with their money. Let’s break the taboo and talk more about finances!
It’s short, snappy, fun and anonymous.
2 min read 🙋
📒  YOU'RE NOT BROKE
YOU'RE PRE-RICH
 
📒
 
I learnt so much reading this book. Personal finance is an area I’m not the comfortable with, but I wanted to learn. This books explains the jargon and makes the intimidating world of finances accessible. It’s helped me be more confident making financial decisions and planning for the future. I would - and do! - recommend it to all."
#1 Amazon bestseller in Online Trading & Investing & Financing Mortgages
⭐⭐⭐⭐⭐ 42 customer reviews  
 
💸 Order on Amazon
😜 Review on Amazon
👇 We are also on Instagram 👇
Do you want to continue our discussion online with the community? Follow us on Instagram and join our secret Facebook Group here.
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We are not certified financial advisers! The articles and information made available on Vestpod are provided for information and educational purposes only and do not constitute financial advice. You are advised to consult with an independent financial advisor for advice on your specific circumstances.
Copyright © 2019 Vestpod Ltd, All rights reserved.


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