5 ISA Mistakes Everyone Is Making (2023)

Рет қаралды 239,362

Күн бұрын

I always see people making the same mistakes with ISA’s (individual savings accounts) Whether it is the basics like how many you can have, or the correct way to use them to build long term wealth. There always seems to be confusion. So in today's video we will get back to basics and iron out some of the most common mistakes i see people making with ISA’s
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Links from the video:
Cash ISA Rates: www.moneysupermarket.com/savi...
PSA info: www.moneysavingexpert.com/sav...
Vanguard article: www.vanguardinvestor.co.uk/ar...
The filthy beat at the end is this: • Digital Camel - Sad Life
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I hold funds with all these brokers and believe they offer both affordable investing and great value for money, I only include brokers in my description that provide ISA’s and are authorized and regulated by the FCA so are covered by the FSCS.
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Timestamps:
00:00 - Intro
00:49 - Understanding an ISA
01:25 - More than 1 ISA
02:46 - Daily Upside Sponsor
03:42 - Being too cautious
06:23 - Family Allowance
08:39 - Don't take cash out.
DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.
DISCLAIMER: I am not a financial advisor and none of the content on this channel is financial advice. All information is provided for educational/entertainment purposes. If you are making investment or other financial decisions and require advice, please consult a suitably qualified licensed professional.

Пікірлер: 484

@DamienTalksMoney Жыл бұрын

Here is the link to The Daily Upside. bit.ly/3RP5vjU It is completely free to sign up and i love their newsletter! So much so I approached them and asked them to support the channel.

@buytolet-landlords Жыл бұрын

Subscribed. Ever heard of The Motley Fool?

@DamienTalksMoney Жыл бұрын

@@buytolet-landlords I know the fool very well mate! Some of the stock picks are a bit out there. but in the main they have some great content

@buytolet-landlords Жыл бұрын

Agreed, never used them for standalone investment advice as such, I like to get a broad understanding of how people feel. Or so I tell myself. I will then open up Reddit and FOMO my way into whatever the flavour of the day is.

@jamesc328 Жыл бұрын

@@DamienTalksMoney I remember signing up to the MF newsletter, but soon unsubscribed, just felt like it was more about selling their stock picks rather then good content news, which the Daily Upside do very well. I recommend Daily Upside to anyone interested in the stock market.

@andytaylor3443 Жыл бұрын

I’ll subscribe if cobweb got the tuna !

@dpspeedy Жыл бұрын

UK based financial commentators on KZfaq have really upped their game. Great job Damien, really impressed with your content….keep it coming.

@DamienTalksMoney Жыл бұрын

Thank you Darren! Love hearing you think the scene in the UK has moved forwards. i can list at least 5 UK finance channels that are really pushing the quality standards higher and higher.

@stevie3452 Жыл бұрын

#RIP money unshackled

@elka7823 Жыл бұрын

What so upped? They repeating same shit talking about isas and sp500 lmao recycling dead contenttheres only that muxh to talk about it which is 10 minutes nothing more but they manage to talk same shit every video and people listen

@DamienTalksMoney Жыл бұрын

@@stevie3452 I wonder what happened there.. They inspired me to start!

@jamesc328 Жыл бұрын

@@stevie3452 I wondered what happened and googled it a while back, and there UK Gov page came up with changes in June and theIR accounts. I was surprised how little they got, I think it was 70k pre tax. While it seems like a lot, for a channel that big and affiliate's etc, it did not seem that much.

@AlisonWonderland999 Жыл бұрын

the brilliant thing about this is that for once in my sweet life, I watched a list of 5 financial mistakes and realised I'm not making any of them. And you know why not? -- because I watch your channel! 🤩 I wish you and your advice had been around years ago, but at least I can start now. Better late than never... as the Chinese proverb goes: The best time to plant a tree was 20 years ago; the next best time is now.

@A_friendwithoutbenefits Жыл бұрын

Biggest ISA mistake I ever made when I didn't know what I was doing: Moving my funds in one ISA to another ISA via my current account. NEVER move money from an ISA account to a non-ISA account in order to then move it into another ISA. Always transfer between ISAs. It may take a lot longer, but transfers ensures that amount stays protected in that tax wrapper and doesn't use up any of your ISA allowance. It may sound obvious to those of us who know, but you'd be surprised how many ISA account holders don't know this.

@OH2023-cj9if 8 ай бұрын

I did this in lockdown, my ISA dropped to 0.01% so I moved it to a 0.4% savings account, then after a year put it back in an ISA. Each year I have filled it again as after the 0.4% and rates went up, I put the rest in savings accounts. I got far more and have filled up the ISA again. I also bought premium bonds and use bonds and high interest savings accounts. I did get a tax bill from HMRC unfortunately, but after paying tax I still earn far more than an investment fund which loses money. I make a minimum guaranteed amount that compounds, my money is not at risk and I will not get back less than what I paid in. Many investors get caught out and lose money compared to ISA, bonds and savings accounts. None will admit it as they feel foolish.

@mdapeebles Жыл бұрын

"reheeled by a different cobbler!" Oh my days...just CLASS.

@michaewelina7983 Жыл бұрын

I can see you are in great form again, this is one of the master class videos where you are able to explain crucial financial issues in very light and approachable way.👍👍

@DamienTalksMoney Жыл бұрын

Wonderful comment this! Thank you so much if i could sum up what I wanted to do with my channel it would be this. I just printed your comment off and have stuck it to my board on my desk as a reminder to keep it like this.

@Litzann Жыл бұрын

As someone who's starting to get a grip on finances as well as a better understanding around the topic, this channel is having a massive and a positive impact! Keep 'em coming!

@robertoc4271 Жыл бұрын

Massive Thank you for clarification on the use of multiple ISA's. This has been something that had worried me before.

@LaraJoannaJarvis Жыл бұрын

I signed up to the daily upside when you shared about them on here previously and it’s brilliant!! Bite-sized, digestible and easy to understand…oh and free! 👏🏼👏🏼

@liammacaodha4783 Жыл бұрын

You're legend. It's so difficult to hit the KZfaq bullseye like you have. You deserve it.

@DamienTalksMoney Жыл бұрын

Thanks again Liam!

@tomasromero8481 6 ай бұрын

Thank you Damien. Shared this video with my daughters as well.

@henrikasdanielius9885 Жыл бұрын

Great video once again Damian👏, this should be shown in schools,part of curriculum, informative,entertaining ,easily digestible and straight to the point. Congratulations mate👍💪

@andrewfranklin302 Жыл бұрын

Darren sorry darned predictive text did for me with your name .

@kxjx 4 ай бұрын

Great video. I think its always worth saying on these intro videos what the year is and emphasise that you are talking about the current rules abd that they may have changed by the time anyone watches it

@bikeman123 Жыл бұрын

I saved into a junior s&s ISA for my daughter. Unfortunately when she finished her degree and started her masters, it worked against her applications for grants and she was forced to spend it on living expenses whilst continuing her studies. Unfortunately it was a pointless investment which had to be sold during a stock market fall.

@rahsen1891 Жыл бұрын

Damo!! Man, it feels so amazing to see your video again. I am so sorry I wasn't myself for the last couple of months, but yeah, hope to do better. Love your work. ❤️

@DamienTalksMoney Жыл бұрын

My man!! Rahul so good to see you back i have honestly been thinking of you. I know you had a tough time, DM me if you ever need a chat

@gibboman Жыл бұрын

Absolute gold. Genuinely don't just watch for the humour but this was the funniest yet. Highlight of my week watching your videos 😄

@DamienTalksMoney Жыл бұрын

You legend Luke! Mate honestly love this comment thank you so much.

@lyndonharris5549 Жыл бұрын

This is the 1st time I've come across this channel and I don't comment very often on videos but felt I needed to one this one. I loved how honest and fresh you were and subsequently I have subscribed to watch more. Keep up the great work!

@DamienTalksMoney Жыл бұрын

Thank you Lyndon and welcome to the channel! Damo

@Clampers Жыл бұрын

That was your best video in terms of comedy, so much so, I had to watch it again to appreciate the content. You are so naturally funny Damo.

@markeh1971 4 ай бұрын

Oh so funny, invest my money in my wife’s name. Now how did I go in my divorced, ah #ucked over. Take care M.

@stevie6340 Жыл бұрын

Always great advice. Wish I started investing sooner. Started an ISA for my daughter and hopefully she will take up the savings bug and advantages of long term compound interest I missed out on.

@DamienTalksMoney Жыл бұрын

What a gift to give your daughter mate. She is lucky to have you

@michaelusher11 Жыл бұрын

First time watcher. I think 2 points you could have emphasised is the APS, a lot of people don't even know it exists. Also in the section around taking money out, you could have mentioned that some ISAs are flexible. Great video though 😊

@darrenjosephgregory Жыл бұрын

Another great video Damo, the last few minutes are spot on. I regret not starting earlier but I didn't earn enough or have the financial education needed earlier in my life. But there's no point spending time worrying about what I didn't do it's better to be late to the party than not at all! And my son should benefit from my mistakes, £50 per month goes in his S&S ISA which will either go toward his higher education or if not needed maybe transferred to a SIPP.

@DamienTalksMoney Жыл бұрын

Darren you have a great way of looking at this and ultimately you are investing for your future and your sons at the same time. www.forbes.com/sites/shaharziv/2020/12/07/bill-ackman-give-every-child-6750-so-they-retire-millionaires/ Have a read of that. The concept is simple stick 5k in the markets for a child at birth and they have 1 million quid by 60. What an amazing thing you are doing for your son if he goes the SIPP route. essentially securing his retirement

@jamesc328 Жыл бұрын

I think they should teach it in schools, especially the compounding time effect.

@liammacaodha4783 Жыл бұрын

I opened my first ISA because of you last October. Made 3000 off if Tesla's all time high of approx. $1200/share. Your great. I enjoy investing so much. I plan to put my money into property in the near future but I will go back to my ISA asap.

@DamienTalksMoney Жыл бұрын

Thank for watching Liam and let me know how the property goes.

@mtb5778 9 ай бұрын

One of the huge benefits of self managed stocks and shares ISA's happened a few years (under Gordon Brown?) ago when the Govt stopped the tax with-holding rules on dividends. Dividends used to have 20% removed by companies before being paid (for tax). Now they enter ISA accounts gross. This was a massive boost to dividend income from a stocks and shares ISA and if reinvested enhanced the compounding effect.

@minimad8793 Жыл бұрын

Firstly, No sneezing off cobweb, nice :) I have noticed the savings rates are shooting up at the moment so using the personal allowance as well as a cash isa if you so desire may be beneficial for some but not all. Personally, I am using the stocks and shares isa for long term happy times (hopefully). Glad to see your doing Ok Damo.

@tunmiseajai6376 Жыл бұрын

You are always on point 👉. Thanks for this useful information

@Josh95x Жыл бұрын

One thing to be careful with longer fixed savings accounts is when the interest is paid - monthly, annually or at maturity. If paid at maturity then only that year's personal savings allowance is taken into account for all of the interest received, meaning you are more likely to pay tax if the fix is longer than one year.

@susandodds8482 4 ай бұрын

Yes that is true true savings accounts that are NOT ISAs. The interest earned in an ISA does not count towards your PSA.

@fadeddave 9 ай бұрын

Your videos are sooo helpful!

@JordanTalksDeals Жыл бұрын

Another superb video Damo! Always good to go back to basics again every now and then - you’re the best at it! Also love the Howard Beale speech at the start, nearly 50 years since that speech and it’s starting to feel a little too close to home! Also laughed my ass off at the shower clip ‘if the boot fits’

@DamienTalksMoney Жыл бұрын

Mate that speech! I listened to it again for the clip and it is like he is talking about today! I will be making a video on this in the next few weeks using the clip as it was just mind blowing how similar it all is

@Life_Literacy Жыл бұрын

We’ll let you run with it fella 😂 Honestly this stuff needs to be taught at schools. I try and get my family/friends to open accounts but so much fear around losing money… “stocks go down as well as up, cash isa is the safest for your best egg”….. honestly they don’t even understand how pensions work and fact their all floated on stock market. I will continue to forward your videos in the hope some will listen.

@DamienTalksMoney Жыл бұрын

The 'cash isa nest egg' thing makes me want to cry mate. All it would take is some simple education to help people realise this logic is flawed.. At least you will be able to lead by example! The problem is by the time they realise it, it will be too late.

@ChrisRossUK 3 ай бұрын

Thoroughly enjoyed the video (and the shoe analogies) - thanks!

@blah4306 Жыл бұрын

Damien I've only been investing into my S&S ISA for the last 2 years (I'm now 52) and also wish that I had started sooner, but when I try and tell young people to open one they look at me like I'm mentally unstable!!! Great vid by the way mate :)

@DamienTalksMoney Жыл бұрын

Isn't it ridiculous that young people think older generations are clueless... I remeber thinking i knew it all when i was younger.

@jumanahxb4087 Жыл бұрын

@@DamienTalksMoney I’m 18 and I’m wanting to open a s&s Isa and probably a Lifetime one next year - depending on how much I can save which one should i arguably put most money into ? I don’t know if I want to ever buy a house as I really want to be able to move around a lot

@davudfarzullayev7563 Жыл бұрын

Damien, mate - you have come such a long way in production of your videos since your first video you uploaded. We are all so proud of you and your content is getting more and more entertaining, informative, interesting and pleasurable to watch. Keep going, and thank you!!

@DamienTalksMoney Жыл бұрын

You legend! Thanks for this and have a great week

@liammacaodha4783 Жыл бұрын

The cat's fur is so wholesome. Such a healthy 🐈!

@DamienTalksMoney Жыл бұрын

haha! Apart from a sneeze here and there he is the picture of health

@nikki_jp4216 Жыл бұрын

Damien spot on. I totally wasted time (and money) chasing after those yearly best rates in cash ISAs. They are also a pain...you have to think about moving them to a new ISA (through the transfer mechanism) to get a new rate... meanwhile stocks and shares just do tend to grow over time. Other thing is women not taking hold of their own finances. Get wise ladies: you are generally worse off in the divorce or breakup. I know of two recent family and friend stories here. It's heartbreaking. Listen to Damien!!

@DamienTalksMoney Жыл бұрын

Thank you for sharing this mate! very useful for people to hear your first hand experience of cash ISAs. The finance thing for women is SO important. It does not take much to just clue yourself up on basic finance and that ensures if a relationship does break down. One half is not left in a mess. When i worked in the debt industry we had so many people approach for help with the same story "my partner ran the finances since we split i have got into debt"

@sammclean23 Жыл бұрын

Keep doing what you're doing man. The end result is a 10 minute video but we appreciate the research, time and editing that goes into them. Not to mention the deeper understanding of finances we're gaining from these. I can't explain enough how refreshing it is to have someone speak with clarity without ramming 'here's how you can earn £1000 a month in dividends' down our necks at every opportunity. Cheers pal!!! 👊

@Rambo9700 Жыл бұрын

Man, your videos are just excellent. I wish you all the success in the world. 👍🏻

@DamienTalksMoney Жыл бұрын

Thank you so much! Love that this comment is from Rambo 🤣

@Brunty_Vegas Жыл бұрын

Excellent video as always my friend. Really stepping your game up. 👏🏻👏🏻👏🏻

@DamienTalksMoney Жыл бұрын

You would know! You have watched for so long. I will keep finding ways to improve the content for people like yourself.

@IamGrimalkin Жыл бұрын

Great video, although do I think Cash ISAs can be useful for cash you don't want to invest yet but might in the future. That way, when you do invest it; you can transfer it straight to a S & S/IF ISA without using up your allowance. In my opinion, the ability to transfer to a S & S/IF ISA is a more important quality of cash ISAs than their tax-free nature.

@alanpalmer3879 Жыл бұрын

Great video again 👍 always full with great information and still has a fun side keep up the good work 👌

@DamienTalksMoney Жыл бұрын

Thank you Alan!

@louiem97 Жыл бұрын

Another great video, keep smashing it!

@horukulislam6155 Жыл бұрын

Have you improved making videos over the years? Damn Skippy you have. The sun came out as soon as I launched your video. Luv it. Keep them coming.

@pglove Жыл бұрын

Came to ask for the filthy beat at the end, found it in the description described exactly as I had thought it. Great or simple minds? Thanks for the content as always!

@Snorbuckle 3 ай бұрын

Thank you for mentioning the importance of making sure any partner is also capable of managing money in a sensible way, I think the same applies to any skills that people bring to a relationship. You don't want to end up in a situation where a partner feels they may want to leave but can't because they depend on the other person for too much. Sometimes the best way to actually feel secure in a relationship is to feel like any person in the relationship has the tools to leave at any point but aren't choosing to do so.

@clloyd5399 Жыл бұрын

Thanks 👍 always enjoyable and informative watching these vids

@DamienTalksMoney Жыл бұрын

You are always welcome! Thank you

@brownfox3180 Жыл бұрын

Knocking it out of the park once again Damien, fantastic stuff. And Cobweb is cute AF with his little tongue blobbing out!

@DamienTalksMoney Жыл бұрын

Haha his tongue Is so good! Guys got no teeth…

@shireling6336 Жыл бұрын

Haha another great video, I will be sharing this to some friends... for some reason I get the feeling they don't believe what I say but when the information is presented like this, they will! Also I did always wonder if it was fine to keep old ISAs "running in the background" whilst, say the 6th April arrives, one can begin to invest in a different ISA provider. That has opened up some ideas for me long-term, cheers!

@DamienTalksMoney Жыл бұрын

Doesn't it feel like sometimes you know the key to long term financial success and your mates just think you are crazy! I run a youtube channel on the topic and people still think i am chatting rubbish when i say it to them directly...

@Hamish_A 4 ай бұрын

With interest rates up and new isa rules on the way this needs revisiting soon. I've always been appalled at the low rates offered by cash ISA's and they're still shocking.

@andrewfranklin302 Жыл бұрын

Thanks for the information Darren, nice video easy to understand for a complete novice like myself. I have just started to invest and am taking the better late than never approach.

@bernardo.daSilva Жыл бұрын

Yes! Always a pleasure to watch Damien!

@DamienTalksMoney Жыл бұрын

Thank you mate as always

@01302 Жыл бұрын

Another great video, plus its a shoe in to be the funniest video I've seen this week.

@rogerq7369 Ай бұрын

This is absolutely brilliant content. Going to find that one you mentioned you did on JISA, and subscribe to the daily upside Top job!

@MrLasty12 10 ай бұрын

Another excellent video Damo!

@93ReeceyBoy 4 ай бұрын

Brilliant Video, your ability to maintain interest while stay successfully conveying information is fantastic. Please keep up the good work Damien :)

@adamcunningham6746 Жыл бұрын

Hi Damo. Great video. Super useful to anyone who wanted to know about ISA accounts without being bored to death 🤣 Signed up to the Daily Upside and I've found it to be short, witty, informative and easy to incorporate into my morning with my coffee, thanks ☕😎👍

@DamienTalksMoney Жыл бұрын

Hahahah Mate you nailed that sponsor read at the end of the comment. Bravo

@scalleewagg9746 Жыл бұрын

Thanks again Dam! :D would be great if one day you can chat about SIPPs and other fin tools we have in the UK

@timpeach4518 Жыл бұрын

Thanks Damien. Great advice as always.

@DamienTalksMoney Жыл бұрын

You are very welcome Tim!

@thedownwarddoug6642 Жыл бұрын

Bro. Videos are epic. Super impressed.

@cameronpickard6829 Жыл бұрын

love the fact you videos cut out all the bull shit. Thanks Damien

@omarzjakhtar Жыл бұрын

Another great, informative vid!

@Dr.JubairsFinance Жыл бұрын

Too many ishoes with people and thier Tax ISAs. Thanks for another great video Damien!

@arwa3ntar Жыл бұрын

The first video you ever made was the tool to help me open a vanguard ISA

@mysteries2solve Жыл бұрын

As always Informative and entertaining

@nialhutton Жыл бұрын

Another solid video from you! I’d love for you to make some content based around a Pension vs. a S&S ISA? Just food for thought!

@DamienTalksMoney Жыл бұрын

I will make this!

@nialhutton Жыл бұрын

@@DamienTalksMoney Lovely job. You’re just about the only content creator that makes any sense to me, so I can’t wait! Hopefully you explain tax relief etc as baby proof as possible…

@trainerbeast409 Жыл бұрын

Great video as always👍 Leave the trainer jokes to me 😂😂.

@DamienTalksMoney Жыл бұрын

Haha! i was just warming up the stage for you mate.

@BulletMagnetLive Жыл бұрын

Better advice than you'd get from paying most professionals in my humble opinion.

@jamesdarby86 Жыл бұрын

Another good video Damo - your videos have always been good! Relating to point 2 - is it worth having more than one Stocks and Share ISAs? I currently have one with Vanguard - paid in the last 2 financial years, I haven't used my ISA allowace this year. Is it worth making a second S&S ISA with another company and then alternating payments each year or should I focus on one ISA to maximise how much I can earn via compound interest? (Or maybe somewhere in the middle where I have a second ISA, pay in one year and then focus on my primary one?)

@DamienTalksMoney Жыл бұрын

I have more than one as then i am covered by multiple providers protection under the FSCS which is the 85k insurance So your point on compounding is a common one i see but let me explain it like this. It does not make a difference to the compounding effect for example. 10% of 10 = 1. 10% of 10 lots of 1 = 1 also. The percentage across your portfolio will still be much the same accounting for any fees of course. But yeah it does not matter if it is in one place or spread about the percentage increase will result in the same gain across your portfolio. I hope that makes sense?

@lexlawthorrl3727 Жыл бұрын

People think the same about pensions, being an investment that is. With compounding, the years towards the end are worth a hell of a lot more than the years at the beginning

@Buckers29 Жыл бұрын

Great vid Damien 👍 I've got approx £9k in 212 ISA in TSLA, NIO, AMZ, APPL, LCID, PLTR (probably in that order) I'm at as of yesterday -1% I did a lot of DCA and dip buying to get it there. As we know the last 18 mths have been downwards. About £3k in Eth and a bit in SOL. Then a maxed out Premium Bonds acct, thinking moving half that into a lower risk Vanguard, but concerned that there going to be a big recession next year.

@DamienTalksMoney Жыл бұрын

You are doing very well considering overall market performance! I think you are in a great position with all the cash on the side lines to pounce on any big downturns in the market. You could always DCA that as well no need to slam it all in. Obviously not financial advice just my 2p on the matter.

@llamudos9809 10 ай бұрын

Great analogy!

@FreakyDeeky69 4 ай бұрын

Great job! I've had my eye on you over the last few months because I'm thinking of opening a shares isa. I was lucky enough to buy my house back in 2010 through my work in a share save. Since then, I've accumulated lots other stuff I was sucked into at times gold/silver/crypto. My work no longer does a share save scheme and feel I've been missing lots of action in these areas, so thank you for the education recently.

@garyhollywell2112 8 ай бұрын

The point is a good one depending on both Age and when you will need to access the cash!

@giulianaraffa9391 Жыл бұрын

You are a classy classic! Thank you.

@squadmeta Жыл бұрын

Time is a key factor, I hope people watch till the end for that gem. Buffett started at 11, food for thought if you've got kids.

@steelspawn1832 Жыл бұрын

nice one Damien, your videos has improved mate

@DamienTalksMoney Жыл бұрын

You would know! You have been here for a long while haha

@georgiakitson8493 Жыл бұрын

Love the content!!!

@ryanmason491 Жыл бұрын

This video touched me in my very sole.

@DamienTalksMoney Жыл бұрын

Hahah!!! I was trying to figure out a way to get sole in there.

@lewsmith4449 Жыл бұрын

As always… 10 mins well spent. Carol army for life ❤

@waveyswanswann8107 Жыл бұрын

Top quality content as always 🎉

@DamienTalksMoney Жыл бұрын

Thank you as always!

@TomFreer87 Жыл бұрын

Solid advice!

@RajR96 Жыл бұрын

Nice video idea!

@Techdadphd Жыл бұрын

Excellent video as always Damien. For S&S ISA accounts are any financial companies better than others?

@adrianfell4161 Жыл бұрын

Re point 2, aiui you can only pay NEW MONEY into one ISA of each type each tax year, but you can do whatever transfers of existing ISA money you like (so in that respect technically you can "pay in" to more than one ISA of the same type in the same year, buy you can only pay new money into one of each type).

@LebFIFA Жыл бұрын

Amazing explanation and advice as always Damien. Personally I am stuck between a rock and a hard place. My partner and I are saving like crazy at the moment for a deposit. So much so that we've never even considered putting money into anything other than a Lifetime ISA (for the extra £1,000 towards the deposit). However, after reading up and watching a few of your videos we've decided we should start saving into other ISAs even if its a tiny amount (£50~£100 a month or something). Thanks again for discussing these things!

@Jcstuart1 Жыл бұрын

Diversification is sensible, but make sure to keep anything you plan on using for your house deposit (if within the next 5 years) as cash. If you’re not already, then also ensure you’re making the most of your pensions.

@LebFIFA Жыл бұрын

@@Jcstuart1 You're right. However, we've opted out of pensions temporarily for the next 6 months as inflation and saving for the deposit at the same time is hitting us hard. Will definitely opt back in as soon as either the economy recovers (not likely) or when we actually buy a place (next 6 months).

@Jcstuart1 Жыл бұрын

@@LebFIFA just remember how costly opting out is. Not only are you not getting your own funds in the pension but you’ll also be missing out on contributions from your employer (assuming it’s an employer scheme?). Even if you only do the minimum it really is worth it. I’d honestly suggest slightly reducing the amount your saving for the house so you can keep your contributions up. Important not to hinder your future just for now, all about balance.

@KelticStingray 6 ай бұрын

@@LebFIFA did you restart your pension contributions I hope?

@LebFIFA 6 ай бұрын

@@KelticStingray haha yeah we did a long time ago

@musheopeaus4125 Жыл бұрын

Excellent job as always - ( cobweb , not you that is 😂)

@Shazmataz Жыл бұрын

Nicely wrapped Video!... Just like tying up your shoes...

@erenhassan8259 Жыл бұрын

Such a good video!

@maltesetony9030 Жыл бұрын

Another great video.

@DamienTalksMoney Жыл бұрын

Thank you!

@lynchs2441 Жыл бұрын

Great video about ISA, but at the end I have a feeling I need new shoes and I don't know why? :))) It's always better to think about future and possible split of money in relationship - life is not linear and with divorce rate between 40-50% you never know what can happen. Junior ISA - I started one for my child, it will be great tool to introduce her world of finance. I'm expecting that we do changes inside it together from age of 10+

@AztecKing444 Жыл бұрын

Haha loved the ending 🙂

@hanjarake_taro 5 ай бұрын

Japan has implemented a degraded copy of ISA this year, named NISA (Nippon ISA). The degraded part is that it comes with around 10k pounds total amount limit.

@mahinhannan595 Жыл бұрын

Hi Damien, can you do a video on sharia-complient finances as a broad overview and advicary peice? I have my ups and downs investing and using wrappers but would like to here your views and how you would tackle these issues

@michaelbalfour3170 9 ай бұрын

I have spoken to my gf that if this goes seriously, I want her to make her own savings. It protects both of us, and its realistic. I own my own home and every month I put into the mortgage, I want her to save money. This will ensure she is not entitled to take anything from me as she has not invested in the home and she wont even need to as she will have enough for a deposit of her own. I am making more money tho, so I'm putting 5k a year into the S&P and its up to her what she invests in.

@pablob618 Жыл бұрын

Hi Damien, I like your videos and I would love to hear your opinion on Bonds. More specifically, Bonds with 2-3 years to maturity with a "decent interest" and whether it is possible to get them inside an ISA. Or would you get a short term ETF Bonds instead? Thanks

@kevincowan2639 Жыл бұрын

I took profit from my ISA and i intend to take more in the future. It’s just last week when my ETF pie on Trading212 was so high I knew it was going to crash (and it did the next day) but I took it and invested it straight into my Vanguard SIPP

@kevincowan2639 Жыл бұрын

No. You damn scammer crypto is unregulated so I don’t mess with that 👀. Now beat it and go away and comment on some other financial KZfaqrs videos.

@NMPNMPNMP Жыл бұрын

Seriously, how long are we going to have to wait for a podcast?! Your humour would be perfect for one. Keep the videos coming too.

@DamienTalksMoney Жыл бұрын

I would love to but Podcasts are hard to make well!! Finding guests and such is no small task

@NMPNMPNMP Жыл бұрын

@@DamienTalksMoney No worries at all, keep the KZfaq videos coming! The mix of humour but great information (not advice) makes it the most enjoyable finance channel for me.

@8G00SE8 Жыл бұрын

Family allowance thing is important, I agree there's not much point putting your own money into their ISA unless you have maxed everything else. If you are married and don't own a home or are saving for retirement, you can max out your own and your spouses Lifetime Isa and make £2K in bonuses vs just £1K. The same goes for Pensions, from a joint account you can pay into their pension and claim tax rebates even if they are unemployed, when there is free money on the table it's worth taking.

@DamienTalksMoney Жыл бұрын

Yeah people never consider these allowances! I mean the 9k for kids is massive!!

@danielbradford7537 Ай бұрын

Update: now can pay into unlimited isa’s in the year up to 20k

@ollieL95 Жыл бұрын

Banging video mate, are you able to cover a comprehensive video on UK bonds at somepoint? With the way the economy might be going I'm think they might be a good shout in 3-6 months but just want to make sure I know what I'm getting in to

@DamienTalksMoney Жыл бұрын

I will add this to the list mate! Needs to happen.