Tag Archives: wealth

The Importance of a Good Pension

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Whether you are just starting out in your working life, or just about to stop working permanently, you should still be thinking about your pension. 

A pension doesn’t simply sit there until you are ready to use it. Depending on the part of the world you live in, and your job role, you may be entitled to a state pension, company pension, or both. 

Many people have an array of questions about their pension and how versatile the system is. 

Can I transfer my pension? The answer is simple: yes, you can. Transferring pensions can be a great idea if the provider you are currently with does not offer a pension plan that suits you. You may also have more than one pension plan in place, from multiple or previous jobs, that you wish to bring together into one lump sum. This can be done by instructing the current providers of your change – you click the above link for more info.

There are a wide variety of pension plans available in the United States that give you a wide range of choice dependent on your current and future situations, as well as familial responsibilities. 

Can I pay more if I have the spare money? Again, the answer is yes. You can pay in more than the minimum amount if you so choose, to increase the payments you will receive later in life. You may find it beneficial to use some form of pension calculator to figure out just how much you should be putting in now so that you can afford the lifestyle you want in the future or essentials at the very minimum.

A good pension plan is vital to your later life. When you no longer have a stable, monthly income from your current place of employment, it is the pension that will make sure you can pay your bills and buy food. 

Some pensions can also be used by your spouse. This means that, if you die, your money won’t entirely be wasted. Your spouse can then receive some of this money up until their own death.

Once you reach the age of entitlement, your pension is yours to do with as you see fit. Unlike food stamps or other government-provided means of assistance, the pension comes from years of input from either yourself or your employer, meaning that it is actually, in part, your money trickling back to you. There are no limitations on what this money is used for, but once you have used that payment, you would not receive another until your next scheduled date. Due to this, it is increasingly important that your pension does what you want, and that you spend wisely. 

Having a good pension plan in place now can make life that bit easier for you when you retire. Enjoying your golden years can be a very real possibility when you have put the work into place in your youth. 

Brand collaboration with Wealthify.

Only 2% of Britons Know How Rich They Really Are

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moneyWe are not sure if you saw Channel 4’s How Rich Are You Show last night but it was interesting. Take the quiz and find out how rich or poor you are below. The poll is also an eye-opener.

In a new poll commissioned by Channel 4, people in the UK were asked to guess how their income compared with the rest of the country’s, and then answer a series of questions to calculate the true result. Only 2% of the people surveyed guessed correctly.

The poll was commissioned to accompany How Rich Are You (1 x60) which airs at 8pm on the 10th November. Presented by Richard Bacon, this one-off special will show each of us where we stand in the great money map of Britain – and what that position means. With the help of leading experts, a studio audience and individual case studies, the show builds up a shocking and surprising portrait of the country that is now – officially – the most unequal in Europe.

Alongside the programme, the channel has launched a website app which will enable every viewer to take the ‘How Rich Are You’ test at home. Visitors to channel4.com/howrichareyou can answer a set of simple questions to determine if they are as rich or as poor as they think they are. The data for the app has been provided by the Institute for Fiscal Studies.

As many as 67% of the people surveyed underestimated their income compared by more than 10%, indicating a serious lack of understanding as to the economic state of the nation. Only 7% of people overestimated their income compared to the UK – but nobody overestimated by more than 10%. Just 2% correctly estimated their level of income vs the UK population.

The survey reveals that despite the struggles of the current economic climate, 75% of adults say that they manage financially, with 16% stating they struggle to get by.

Despite this there is still a bleak picture of life in 2014, as 61% feel that life in Britain has worsened over the last 20 years. Just 13% feel that life has improved.

The survey shed light on our embarrassment at talking about money. It revealed that 31% of adults surveyed would not be happy to discuss how much money they earn with family and friends, while 19% are not sure how they feel about it.

Interestingly, it is younger people who are more willing to discuss finances, with 60% of those aged 16-24 happy to talk about how much money they make.

When asked about inequality across the UK, the majority of adults (84%) think that the wealthy should pay higher taxes.

Those that feel they have enough money in their household (rating themselves as ‘well off’) feel less strongly on this matter, but still display strong agreement at 73%.

The survey also asked people about average salaries of other professions including a nurse, MP, care worker and average CEO. The results were fascinating with 70% of people overestimating the salaries of a CEO and more than half overestimating the salaries of an MP.

  • An average Nurse in the UK earns just over £26,000. Half of the adults that we spoke to correctly chose this amount, a quarter over estimated how much they earn, while a further quarter under-estimated their wage. Interestingly, those who were struggling in their household underestimated a nurse’s wage the most, while those that were well off overestimated their wage the most.
  • Just 27% of adults correctly knew an MPs current wage of £66,400, while a further 31% thought that MPs were on their soon to be higher wage of £72,000. A further 26% thought that they were paid nearly £20,000 more than their current wage.
  • An average care worker in the UK earns just under £13,000, 42% of adults correctly chose their wage. 50% thought that their earnings were at least 30% higher.
  • An average CEO in the UK earns an annual income of just under £118,000. Just 13% of the adults we spoke to correctly picked this amount, the majority (70%) thought their wage was significantly higher.

Dr Fazia Shaheen, Economist and expert on How Rich Are You? commented: “These numbers serve as a reminder of how little we understand about each other’s lives. We are failing to see the bigger picture – too busy trying to get by on our own wages to notice the growing gap between the very rich and the rest of us.”

John Hay, Commissioning Editor for Channel 4 commented: ““I’m convinced that years from now we will look back on the growing gap between rich and poor as the most significant issue of our age, and I think there’s a real hunger to understand it better (as well as to find out how much our neighbours earn). Richard and the team at Electric Ray have a gift for making important television that doesn’t feel like homework, so I hope this will be both revelatory and addictive viewing.”

Take the quiz here.

 

The Sunday Times Rich List 2013

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Roman_Abramovich_wins court battleIt seems that whether you become rich really is in the stars. Apparently Gemini’s are more likely to become rich according to The Sunday Times.

HOROSCOPE WEALTH LEAGUE TABLE

The star signs of the 1,000 richest people in Britain

 

Gemini              9.9%

Capricorn          9.6%

Aries                 9.4%

Taurus              8.9%

Leo                   8.6%

Sagittarius          8.2%

Cancer              8.0%

Pisces                7.9%

Libra                 7.8%

Aquarius            7.7%

Virgo                 7.5%

Scorpio              6.5%

 

People born under the star sign Gemini – between May 22 and June 21 – have the best chance of making a fortune, according to the 25th anniversary edition of The Sunday Times Rich List. Just under 10% of the 1,000 richest people in Britain are Geminis, the Rich List will reveal when it is published on Sunday April 21.

 

The survey found that the richest Geminis include diamond billionaires Nicky Oppenheimer, 67, and Laurence Graff, 74, performers Sir Tom Jones, 72, and Sir Paul McCartney, 70, Slavica Ecclestone, 54, the ex-wife of Forumula One chief Bernie, and 37-year-old TV chef Jamie Oliver.

 

Eighty-two-year old motor racing billionaire Bernie Ecclestone and Nancy Shevell, McCartney’s third wife, were both born between October 24 and November 22 under Scorpio, the star sign that is least likely to bring huge wealth. However, Shevell has her own personal fortune from a stake in her family’s transport business in the US. Another Scorpio billionaire is the Chelsea Football Club owner, 46-year-old Roman Abramovich. Jamie Oliver’s, wife Jools, 38, was born in November under the sign of Sagittarius, which accounts for 8.2% of the people in Britain’s richest 1,000 this year.

 

Geminis have topped the Rich List horoscope league for three years in a row, with Capricorn and Aries just behind in second and third places. The Duke of Westminster, 61, Britain’s wealthiest landowner, heads the list of the people born under Capricorn, between December 22 and January 20. Ireland’s richest woman, Hilary Weston, 71, was also born under Capricorn. The Rich List millionaires born under the sign of Aries, between March 21 and April 20 include Lord Sugar, 66, Lord Lloyd-Webber, 65, Sir Elton John, 66, Irish telecoms billionaire Denis O’Brien, 55, and 62-year-old bookmaker Victor Chandler.

 

The Sunday Times Rich List, first published in 1989, is the definitive guide to wealth in Britain and Ireland.

 

Last minute ISA Ideas for 2012/13 Tax year

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·         ISA ideas for different types of investors

·         14% of all HL ISAs opened in the last week of the tax year

·         HL Opening Times

 

Adrian Lowcock, senior investment manager at Hargreaves Lansdown offers his ISA ideas as this year’s deadline approaches:

 

“In the last two tax years 14% of all new ISAs opened on the Hargreaves Lansdown Vantage platform were opened in the last week.  Make sure you take out your ISA as once the tax year ends you have lost that allowance. To take out an ISA all you need is your national insurance number, debit card and cleared funds in the bank.”

 

Income investor

 

Invesco Perpetual Distribution – This fund aims to provide a regular stable income this fund invests in a mix of bonds and income-producing equities. Approximately two-thirds is invested in corporate bonds with the remainder invested in equities. Income is its primary aim and it makes payments to investors monthly.

 

Defensive investor

 

Newton Real Return – This fund is for investors who may need access to some of their capital in the medium term (but still in at least 5 years’ time). It therefore tries to offer some sheltering of capital and aims for more modest growth. The manager invests in a variety of assets and uses sophisticated techniques to try to profit from assets which fall in value.

 

Medium Risk investor

 

Troy Trojan – This fund is defensively managed and provides the potential to achieve a reasonable level of return over the medium term with a little less volatility than the very long-term, more aggressive portfolios.

 

Long-Term investor

 

CF JM Finn Global Opportunities – This suggestion is for investors with a long time horizon.  Therefore the focus is on more risky areas with greater potential to build wealth over the long term.

 

Junior ISA / Investing for Children

 

Lindsell Train Global Equity – The managers invest in global equities and have a long term buy and hold approach. This compliments those investing for children who often have very long-term goals in mind.

 

 

Hargreaves Lansdown end of tax year opening hours

 

Monday 25 – Thursday 28 March                               8am – 7pm

Easter Bank Holiday weekend every day               9am – 6pm

Tuesday 2 April                                                                 8am – 8pm

Wednesday 3 April                                                          8am – 8pm

Thursday 4 April                                                                8am – 8pm

Friday 5 April                                                                      8am – Midnight

 

ISA deadlines

 

Stocks & Shares ISA

 

Online                   Friday 5th April – 23:45                                    www.hl.co.uk/ISA

Telephone          Friday 5th April – 23:55                                    0117 900 9000

Postal                    Friday 5th April

 

Bed & ISA

 

Funds on Vantage                           Wednesday 3rd April – 17:00

Shares on Vantage                          Friday 5th April – 12:00

Funds/ shares certificated           Wednesday 3rd April

ISA Contribution limits

 

                                  2012/13                                2013/14

 

Stocks and Shares ISA                    £11,280                                 £11,520

Junior ISA                                            £3,600                                   £3,720

Sunday Times Rich List 2012: The Results.

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NEW WIFE BOOSTS FORTUNE OF BRITAIN’S RICHEST PERFORMER, SIR PAUL McCARTNEY
 
DAVID AND VICTORIA BECKHAM ADD £25 MILLION IN A YEAR TO THEIR COMBINED WEALTH
 
CHRIS MARTIN AND GWYNETH PALTROW JOIN BRITAIN’S RICHEST 1,000 WITH £72 MILLION FORTUNE
 
SPOTIFY FOUNDER DANIEL EK WORTH £190 MILLION
 
 
Sir Paul McCartney, Britain’s richest performer, moves up to third place in the latest Sunday Times Rich List Music Millionaires Top 50, thanks largely to his marriage in October to Nancy Shevell..
The chart of The Top 50 Music Millionaires in Britain and Ireland is included in The Sunday Times Rich List 2012, the definitive annual guide to wealth in Britain and Ireland to be published in an extra 104-page magazine free with The Sunday Times this weekend. The richest sportsmen will appear in The Sunday Times Sport Rich List 2012 published on May 6. Additional guides to wealth will appear at thesundaytimes.co.uk/richlist from April 29, with the Richest 2,000 people in Britain available from May 13.
The family fortune of Sir Paul McCartney has gone up by £170m in a year – from £475m to £665m – thanks largely to the personal wealth of his new wife Nancy Shevell, who has a £150m stakein New England Motor Freight, the haulage business led by her father. Nancy Shevell is vice-president of the New Jersey-based business. Performing and album sales account for the other £20m added to the McCartney fortune in the last year.
David and Victoria Beckham have seen their joint fortune rise by £25m, to £190m, in the last twelve months to put them in the top 10 of the Music Millionaires chart. Former Spice Girl Victoria’s clothing and accessories company was named designer brand of the year at the 2011 British Fashion awards. Husband David has boosted his earnings off the pitch by a further £4m with a new bodywear contract from H&M.
The continued popularity of Coldplay has helped to boost the joint wealth of Chris Martin and Gwyneth Paltrow, who also join the ranks of Britain’s 1,000 richest people for the first time with a £72m fortune.
This year The Sunday Times Rich List Music Millionaires Top 50 includes the wealthiest performers from the Republic of Ireland, where the four members and manager of U2 have seen their combined fortune rise by £59m to put them in fifth spot.
Daniel Ek, the Swedish founder of the digital music download service Spotify, joins the Beckhams in the Music Top 10, also with a £190m fortune. The Spotify business is valued at £1.2 billion. Ek, a London-based Arsenal supporter, has a stake worth £190m in the popular music download service which he started in 2008 and was launched in America last year.
THE SUNDAY TIMES RICH LIST 2012
THE TOP 50 MUSIC MILLIONAIRES IN BRITAIN AND IRELAND

 

Music rank
Name
2012 wealth
2011 wealth
1
Clive Calder
£1,350m
£1,300m
2
Sir Cameron Mackintosh
£725m
£675m
3
Sir Paul McCartney and Nancy Shevell
£665m
£495m
4
Lord Lloyd-Webber
£590m
£680m
5
U2
£514m
£455m
6
Simon Fuller
£375m
£375m
7
Simon Cowell
£225m
£200m
8
Sir Elton John
£220m
£195m
9
Michael Flatley
£192m
£214m
10=
David and Victoria Beckham
£190m
£165m
10=
Daniel Ek
£190m
New
10=
Sir Mick Jagger
£190m
£190m
13=
Olivia and Dhani Harrison
£180m
£170m
13=
Sting
£180m
£180m
15
Keith Richards
£175m
£175m
16
Jamie Palumbo
£170m
£150m
17
Denis and Caroline Desmond
£165m
£185m
18
Ringo Starr
£160m
£150m
19
Sir Tim Rice
£144m
£143m
20
Sir Tom Jones
£140m
£140m
21
Eric Clapton
£130m
£125m
22=
Roger Ames
£120m
£120m
22=
Rod Stewart
£120m
£115m
22=
Roger Waters
£120m
£105m
25
Phil Collins
£115m
£115m
26=
David Bowie
£100m
£100m
26=
George Michael
£100m
£90m
26=
Robbie Williams
£100m
£90m
29
Ozzy and Sharon Osbourne
£95m
£95m
30
Brian May
£90m
£85m
31
Enya
£86m
£85m
32=
David Gilmour
£85m
£85m
32=
Roger Taylor
£85m
£80m
32=
Charlie Watts
£85m
£85m
35=
Chris Blackwell
£80m
£80m
35=
Robert Plant
£80m
£80m
37
Jimmy Page
£75m
£75m
38
Chris Martin and Gwyneth Paltrow
£72m
£48m
39=
John Deacon
£70m
£65m
39=
Chris Wright
£70m
£70m
41
Moya Doherty and John McColgan
£68m
£70m
42=
Noel and Liam Gallagher
£65m
£63m
42=
Engelbert Humperdinck
£65m
£60m
42=
Mark Knopfler
£65m
£62m
45
Judy Craymer
£63m
£62m
46=
Nick Mason
£55m
£55m
46=
Martin Mills
£55m
New
48
Sir Cliff Richard
£52m
£50m
49=
Gary Barlow
£50m
£38m
49=
Brian Johnson
£50m
£50m
49=
Van Morrison
£50m
£50m
 
The 24th annual Sunday Times Rich List – the definitive guide to wealth in Britain and Ireland – is published on Sunday, April 29 in an extra 104-page magazine, which profiles the 1,000 richest people and families in the UK and the 250 wealthiest in the island of Ireland. The list is based on identifiable wealth (land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies), and excludes bank accounts (to which the paper has no access).
The Sunday Times Rich List 2012 is compiled by Philip Beresford, the leading authority on British wealth, and edited by Ian Coxon.

Simon Cowell Joins Sunday Times Rich List. Who's Up and Down This Year.

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SIMON COWELL JOINS RICH LIST
MUSIC TOP 10 WITH £200m FORTUNE

KATHERINE JENKINS WITH £13m FORTUNE PIPS CHERYL COLE, WITH £12m, TO HEAD YOUNG MUSIC MILLIONAIRES TOP 20

ADELE AT £6m, FLORENCE WELCH £5m, TAIO CRUZ £5m, ARE NEW ENTRIES IN YOUNG TOP 20

U2 HEAD IRISH MUSIC CHART WITH £455m

X-Factor judge Simon Cowell has amassed a personal fortune of £200m to place him at number six in the annual Music Millionaires Top 50, published in The Sunday Times Rich List 2011 this weekend.

The 23rdannual Sunday Times Rich List – the definitive guide to wealth in Britain and Ireland – is published as an extra 104-page magazine, free with the paper on Sunday.

The Music Millionaires Top 50 is headed by Clive Calder, with a £1,300m fortune made from the sale of Zomba Records in 2002. New entries include AC/DC’s lead singer Brian Johnson, born in Gateshead, who is worth £50m, and Moya Doherty and John McColgan, worth £70m, who own the Irish dance show Riverdance.

Katherine Jenkins, worth £13m – up £2m on 2010, tops the young music millionaires chart of people aged 30 and under ahead of Cheryl Cole, Leona Lewis and Katie Melua, who all have £12m fortunes. The top new entry in the young music millionaires chart is Adele at ninth equal with a £6m fortune. Two more new entries are Taio Cruz and Florence Welch, each worth £5m.

U2 with a combined fortune of £455m, up by £26m from last year – see table below, head the list of Irish music millionaires who appear among Ireland’s Richest 250 in The Sunday Times Rich List 2011.

THE SUNDAY TIMES RICH LIST 2011
TOP 50 MUSIC MILLIONAIRES

Music rank 2011

Music rank 2010

Name

2011 wealth

2010 wealth

Difference
(+/-)

Clive Calder

£1,300m

£1,300m

No change

Lord Lloyd-Webber

£680m

£700m

-£20m

Sir Cameron Mackintosh

£675m

£635m

+ £40m

Sir Paul McCartney

£495m

£475m

+ £20m

Simon Fuller

£375m

£350m

+ £25m

Simon Cowell

£200m

£165m

+ £35m

Sir Elton John

£195m

£185m

+ £10m

Sir Mick Jagger

£190m

£190m

No change

Sting

£180m

£180m

No change

Keith Richards

£175m

£175m

No change

Olivia and Dhani Harrison

£170m

£160m

+ £10m

David and Victoria Beckham

£165m

£145m

+ £20m
13=

Jamie Palumbo

£150m

£150m

No change
13=

15=

Ringo Starr

£150m

£140m

+ £10m
15

15=

Sir Tim Rice

£143m

£140m

+ £3m

Sir Tom Jones

£140m

£135m

+ £5m

Eric Clapton

£125m

£125m

No change

Roger Ames

£120m

£120m

No change
19=

Phil Colins

£115m

£108m

+ £7m
19=

Rod Stewart

£115m

£105m

+ £10m

Barry and Robin Gibb

£110m

£110m

No change

26=

Roger Waters

£105m

£85m

+ £20m

David Bowie

£100m

£100m

No change

Ozzy and Sharon Osbourne

£95m

£95m

No change
25=

George Michael

£90m

£90m

No change
25=

26=

Robbie Williams

£90m

£85m

+ £5m
27=

David Gilmour

£85m

£78m

+ £7m
27=

33=

Brian May

£85m

£75m

+ £10m
27=

26=

Charlie Watts

£85m

£85m

No change
30=

29=

Chris Blackwell

£80m

£80m

No change
30=

29=

Robert Plant

£80m

£80m

No change
30=

Roger Taylor

£80m

£70m

+£10m

33=

Jimmy Page

£75m

£75m

No change
34=

–

Moya Doherty and John McGolgan

£70m

_

_
34=

36

Chris Wright

£70m

£64m

+ £6m

38=

John Deacon

£65m

£60m

+ £5m

Noel and Liam Gallagher

£63m

£55m

+ £8m
38=

29=

Judy Craymer

£62m

£80m

– £18m
38=

Mark Knopfler

£62m

£62m

No change

38=

Engelbert Humperdinck

£60m

£60m

No change

41=

Nick Mason

£50m

£50m

No change
42=

–

Brian Johnson

£50m

–

–
42=

41=

Van Morrison

£50m

£50m

No change
42=

41=

Sir Cliff Richard

£50m

£50m

No change

44=

Chris Martin and Gwyneth Paltrow

£48m

£45m

+ £3m

44=

John Paul Jones

£45m

£45m

No change
47=

50=

Mick Hucknall

£40m

£35m

+ £5m
47=

50=

Kylie Minogue

£40m

£35m

+ £5m
47=

46=

Bernie Taupin

£40m

£40m

No change
47=

46=

Pete Townshend

£40m

£40m

No change

THE SUNDAY TIMES RICH LIST 2011
TOP 20 YOUNG MUSIC MILLIONAIRES (aged 30 and under)

Young
Music rank
2011

YoungMusic
rank
2010

Name

2011 wealth

2010 wealth

Difference
(+/-)

1=

Katherine Jenkins

£13m

£11m

+£2m

Cheryl Cole

£12m

£10m

+£2m
2=

1=

Leona Lewis

£12m

£11m

+£1m
2=

4=

Katie Melua

£12m

£10m

+£2m

Joss Stone

£9m

£9m

No change
6=

1=

Charlotte Church

£8m

£11m

-£3m
6=

Craig David

£8m

£8m

No change

9=

Paolo Nutini

£7m

£5m

+£2m
9=

New entry

Adele

£6m

_
9=

9=

Lily Allen

£6m

£5m

+£1m
9=

Natasha Bedingfield

£6m

£6m

No change
9=

9=

Duffy

£6m

£5m

+£1m
9=

9=

Amy Winehouse

£6m

£5m

+£1m
14=

9=

Nadine Coyle

£5m

£5m

No change
14=

New entry

Taio Cruz

£5m

_
14=

9=

Sarah Harding

£5m

£5m

No change
14=

9=

James Morrison

£5m

£5m

No change
14=

9=

Nicola Roberts

£5m

£5m

No change
14=

9=

Kimberley Walsh

£5m

£5m

No change
14=

New entry

Florence Welch

£5m

THE SUNDAY TIMES RICH LIST 2011
THE MUSIC MILLIONAIRES IN IRELAND’S RICHEST 250

Irish
Music rank
2011

Irish
Music
rank
2010

Name

2011 wealth

2010 wealth

Difference
(+/-)

U2

£455m

£429m

+£26m

Michael Flatley

£214m

£241m

-£27m

Denis and Caroline Desmond

£185m

£186m

-£1m

Enya

£85m

£85m

No change

Moya Doherty and John McColgan (Riverdance)

£70m

£72m

-£2m

Van Morrison

£350m

£50m

No change
7=

7=

Chris de Burgh

£32m

£31m

£1m
7=

New entry

Bob Geldof

£32m

_
7=

7=

Westlife

£32m

£31m

+£1

The 23rd annual Sunday Times Rich List – the definitive guide to wealth in Britain and Ireland – is published in a special 104-page supplement, which profiles the 1,000 richest people and families in the UK and the 250 richest across Ireland. The list is based on identifiable wealth (land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies), and excludes bank accounts (to which the paper has no access).

The Sunday Times Rich List 2011 is compiled by Philip Beresford, the leading authority on British wealth, and edited by Ian Coxon. Ireland’s richest 250 is compiled by Colm Murphy.