KELLY CLARKSON - ListedMagazine.com

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MONEY TALK You could save yourself £1,000s with the right fi nancial advice, as Ali Wood discovers “ With the right fi nancial advice our future should be plain sailing. Scared by fi nance? Me, too. The last time I received fi nancial advice was when my mortgage lender congratulated me on my engagement, swiftly followed by a Booker prizewinning depiction of my life as a widow...(would you be needing life insurance with that madam?). The time before that I was in school uniform, working out how many GSCE A-grades would get me a pool table. So, with scant fi nancial knowledge built on the foundations of threats and bribes, I wondered, as I approach my 30th birthday, what it would be like to take independent fi nancial advice. I contacted Lewis Innovative Investment, which provides independent advice on everything from investment and savings to pensions, life assurance and mortgages. I invited them to our home to look at our fi nances, to see how we could get rich quick...or at least learn to be a bit wiser with our savings. Our objectives, I explained over a cup of tea, were to build wealth in the form of investment properties and take advantage of tax reliefs and savings. James also added that he’d like to retire at 45 on an income of £50,000. Nice...but realistic? Lee and Steve assessed our attitude to risk, looked at our current savings and investments, and discussed topics we’d so far managed to avoid such as wills and pensions (surely we’re never going to get old and die?) Here’s what we discovered: Protection I don’t have life and critical illness cover, which could be tricky now that I run my own business, should the worst happen. It would cost James and me £37 a month for joint cover, which would pay out £75,000 on diagnosis of most critical illnesses, and £134,000 in the event of death. For comparison purposes, we’re talking the equivalent of Sky Sports, Broadband and Talk... tough call. Savings and investment We’ve talked about raising £200,000 in the next fi ve years for a business venture. We wondered if entering the buy-to-let market might be a good way to ‘build wealth’ before then. Steve and Lee pointed out that this would mean 48 www.listedmagazine.com ” paying interest on the entire amount we borrowed to fund it. A good alternative would be to use cash ISAs, and raise capital when we need it, against equity on our own property, possibly switching to interest-only. Tax savings This came as quite a surprise. James has no pension, but his salary package means that he could benefi t greatly by taking one out. We learned that if he were to credit a portion of his earnings to a pension, he could obtain over £1,000 a year in tax relief for the cost of £1,600... meaning more money for that Caribbean SAGA cruise! As for myself, I have £6,000 in a Money Purchase pension scheme where my previous employer matched my own contributions and the funds were invested by Fidelity. Steve and Lee approved of the scheme but suggested I shifted the balance of the portfolio in line with my current attitude to risk, which is more conservative than it was six years ago. Wills Steve and Lee revisited the topic of wills decidedly more tactfully that my mortgage lender had. Now that James is retiring on £50k a year, I felt this was a much sunnier proposition. Conclusion Steve and Lee started with our goals and worked backwards exploring ways to help us achieve them. We learnt so much more than we could go into detail here, and in the 15-page report that arrived the next week, we discovered ways to save and invest, that I’m sure will prove useful for life. They spoke English, not legalese, and I even enjoyed reading the report, which isn’t bad for a fi nance-phobic! This review and the accompanying fi gures are in respect of Ali and James’ situation only and should not be taken in a wider context. If you’d like a fi nancial review, contact Stephen or Lee, at Lewis Innovative Investment, 41 Commercial Road, Poole, Dorset BH14 0HU. Tel: 01202 718400 or www.lewisinvestment.co.uk.
PREVIEWS BY ABBY TAYLEURE FRIDAY 29 FEBRUARY SILVER BEATLES This polished tribute act return once again to The Brook and bring their now infamous costume changes, brilliant versions of old and new Beatles songs and onstage energy to the Southampton venue. For every generation of Beatles fan, from the ones who remember their early days to the teens that learnt about the band from their parents, this tribute act is certain to please. FRIDAY 07 MARCH THE GRANDMOTHERS OF INVENTION If you shouldn’t teach your grandmother to suck eggs, it’s safe to say you defi nitely shouldn’t try and teach the Grandmothers of Invention how to rock out. Consisting of original and former members of the Mothers of Invention – otherwise known as Frank Zappa’s lot – these aged rockers are still capable of tearing it up. Even if these guys are getting old, their riffs are defi nitely not. photographer: Martin Davis www.davis-reviews.co.uk MONDAY 10 MARCH STIFF LITTLE FINGERS Belfast punk band Stiff Little Fingers formed in 1977 and are still touring over 30 years on. Known for mixing old favourites and new material at their gigs, the night promises to be nostalgic yet fresh. A typically turbulent rock and roll history including splitting up and reforming in the 1980s and multiple band members leaving and joining hasn’t stopped this world famous band putting on a brilliant live show every time they play. Contact: The Brook, 466 Portswood Road, Portswood, Southampton SO17 3SD, tel: 023 8055 5366 www.listedmagazine.com music 49
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KELLY CLARKSON - ListedMagazine.com

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