Money Clinic with Claer Barrett

Latest Episodes:

What happened next: Should I buy a shared ownership property? Mar 30, 2021

Show notes

Last October Claer spoke to listener Lucy who was on the cusp of buying a shared ownership flat with her partner — but was getting cold feet. The shared ownership model enables buyers to take out a mortgage on part of the property, and pay rent on the rest. Lucy was hoping that this would be her first step towards being able to afford to own 100 per cent of her home, but worried about how much it would cost. Six months later, is she comfortably settled in the flat or did the couple stay renting? Claer hears from experts, independent property expert Henry Pryor and mortgage broker Andrew Montlake from Coreco.

If you would like to talk to Claer for a future podcast episode, email the Money Clinic team money@ft.com with a brief description of your story. Follow Claer on Twitter and Instagram @Claerb and read her weekly Serious Money column.

Further reading:

-Henry Pryor tweets @HenryPryor and has a website packed with tips for property buyers

-Andrew Montlake tweets @Montysblog and blogs about the mortgage market (which is genuinely more interesting that it sounds!) Read it here

-This Millennial Money column from Kate Beioley, the FT’s legal correspondent, reveals how being single made it practically impossible for her to pursue the shared ownership route

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What happened next: Pay off the credit card or buy a house? Mar 23, 2021

Show notes

In this special ‘What happened next’ Money Clinic episode, Claer catches up with US financial services worker Josh. When they spoke last October, he was hiding thousands of dollars in credit card debt from his wife. Under lockdown, the couple had managed to save up enough money to pay them off - but she wanted to use this cash for a deposit on their first home. The podcast experts had plenty of advice about dealing with credit card debt, and what could happen if Josh took on even more debt with a mortgage. Six months later, has he paid off his debt and cut up his cards, did he buy a property, and are he and his wife still talking openly about money? The experts were Sara Williams aka The Debt Camel, and the FT’s US finance editor Robert Armstrong. The original podcast was released on October 20 2020.

If you would like to talk to Claer for a future podcast episode, email the Money Clinic team money@ft.com, with a brief description of your story. Follow Claer @Claerb and read her Serious Money column.

Further reading:

-Free UK sources of debt advice include StepChange and Citizens Advice

-In the US the government’s Dealing with Debt has plenty of pointers

-Read, for free, Claer’s article on the UK’s biggest debt helpline and advisers’ tips, and her column Six ways to manage money - and not fall out with your partner

-For a different take on debt, listen to this previous episode: Starting your debt free journey

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What happened next: The jeweller redesigning her business Mar 16, 2021

Show notes

Claer catches up with 30-year-old jewellery designer Roseanna Croft. When they spoke last October, her small business was reeling from the impact of coronavirus and cancelled weddings. Money Clinic experts advised Roseanna on accessing financial support, and finding a new direction for her business under lockdown. Five months on, has she managed to hammer out her financial issues? The experts were Suli Breaks, the entrepreneur, poet and presenter of the 7even Figures Business podcast, and Andy Chamberlain, head of policy at the Association of Independent Professionals and the Self Employed. The original podcast was released on Nov 10th 2020.

Further reading:

-Claer has written extensively about issues facing small business owners during the pandemic, and has more advice in this recent Money Clinic

-Follow Suli @SuliBreaks and Andy @AndyChamberlain

-The IPSE website has lots on the help available for the self-employed and limited company directors

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Beyond GameStop: the day trader turned investor Mar 09, 2021

Show notes

Young investors have rushed to open day trading accounts under lockdown, using tips gleaned from chat rooms and social media as they attempt to make a fast buck. But betting on short-term market movements carries a high risk of losing money — something that 19-year-old Ross has found out the hard way trading stocks like GameStop and AMC. If he invested his money for a matter of years instead of a matter of minutes, would he get a better return? Claer Barrett hears from experts Merryn Somerset Webb, the FT columnist and editor-in-chief of MoneyWeek, and Damien Fahy, founder of investment website Money to the Masses.

-Claer’s thoughts about good investment habits to build for the future: Where do the next generation of investors go from here?

-Merryn Somerset Webb’s column every Saturday in the Weekend FT. Follow her @MerrynSW

-Damien Fahy’s website Money to the Masses for information about investing, including a blog about his own £50,000 portfolio and a podcast. Follow him @Money2theMasses

-And finally… those book recommendations. From Merryn: Investing for Growth by veteran fund manager Terry Smith; Effective Investing by former Hargreaves Lansdown research director Mark Dampier, and The Anatomy of the Bear by Russell Napier, the equity market strategist (disclaimer: Merryn wrote the introduction to the new edition). From Damien: How to own the world by Andrew Craig, adding that this book “explores the whole concept of why you’d want to invest”

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Money Clinic meets Gina Miller Mar 02, 2021

Show notes

Gina Miller’s campaigning spirit has made her front-page news — but what’s less well known is the personal story behind her own financial journey.

As one of the highest profile women working in the City of London, the anti-Brexit campaigner has raised awareness of unfair investment charges, the impact of the gender pay gap and the need for women to embrace investing. Her latest fear? That the pandemic has set back women's’ careers and earnings prospects.

In honour of International Women’s Day next week, the co-founder of wealth management firm SCM Direct chats to Claer for a special edition of Money Clinic.

Aptly, the theme of IWD this year is Choose to Challenge. Follow the hashtags #ChoosetoChallenge and #MoneyClinic on social media, and follow Claer and Gina @Claerb and @ThatGinaMiller.

If you would like to be a guest on Money Clinic and chat to Claer about a money issue that’s bugging you, get in touch - our email is money@ft.com

If the podcast has left you wanting to learn more about managing your money, this free to read column by Claer is a great place to start - Six financial mistakes that women need to avoid.

Finally, we promised to link to some sources of support for who are experiencing domestic abuse or seeking to leave abusive relationships. Here are links to the websites of UK charities Refuge, Women’s Aid and Respect Men’s Advice Line (for male victims of domestic violence). For listeners in the US, this website has links to charities and organisations.

Acknowledgements: Brass in Pocket by The Pretenders. Hipgnosis.

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Financial tips for the self-employed Feb 23, 2021

Show notes

Have you ever dreamt of starting your own business? It might sound more fulfilling — but being an employee has some perks you might miss. 33-year old Rhiannon set up her first business three years ago, offering virtual PA services.

Even though she’s making a profit, Rhiannon is struggling to find a mortgage lender who will help her buy a property. Plus, she’s unsure about whether to leave her savings in cash — or risk tying them up inside a pension. Expert help is on hand from Holly Mackay, founder of Boring Money and mortgage broker Will Rhind from Habito.

Further reading:

-Writing a will is one thing that’s been on Rhiannon’s financial to-do list for a while. Listen to this Money Clinic to find out how to set one up online.

-The pandemic has been tough on the self-employed. This Money Clinic with jewellery designer Roseanna Croft has expert tips to turn around a small business

-Pensions have long been an issue for the self-employed. This free-to-read FT column has practical tips: Self-employed women - how good is your pension?

-This free-to-read FT piece reviews the apps that can help the self-employed manage their finances

-And this Money Clinic from the New Year has the lowdown on wills

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Starting your debt free journey Feb 16, 2021

Show notes

Many people would like to move to a life with less or no debt, but taking the first step requires great courage. This week Claer hears from a couple in their 30s who have each run up large credit card debts. Duncan and his partner found that the pandemic made their debt problems worse. How can they get their finances back on track? Could a debt adviser help? Chris Browning, presenter of US podcast Popcorn Finance, has practical tips, and debt advice specialist Alan McIntosh explores different solutions.

Further reading:

-If you’re struggling with problem debt, this week’s experts say don’t wait for things to get worse before seeking advice. The earlier you seek help, the more options you’re likely to have

-Free UK sources of debt advice include StepChange and Citizens Advice

-In the US the government’s Dealing with Debt has plenty of pointers

-For a different take on debt and budgeting, check out this previous episode: Should I pay off my credit cards, or buy a house?

-Read, for free, Claer on the UK’s biggest debt helpline and advisers’ tips

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How can I use Isas to invest or buy a property? Feb 09, 2021

Show notes

With “Isa season” fast approaching in the UK, Claer explores how young people can use the popular tax-free accounts to invest or buy their first property. This week, she meets Ryan, a 22 year old graduate who confesses he has three Isa accounts, but doesn’t know how best to use them — or how to unlock savings bonuses potentially worth tens of thousands of pounds. Expert and practical help is on hand from Harleigh Reid, who used a Help to Buy Isa to buy her first flat at the age of just 24, and Young Money blogger Iona Bain who explains the rules of the new Lifetime Isa, which can be used for property or investing.

Further reading:

-If you’re new to investing, listen to this past Money Clinic episode on starting out

-If you’re ready to rock with an investment Isa, check out this free-to-read FT column by Claer

-Harleigh Reid also hosts her own YouTube channel

-Iona Bain shortly releases her second book on investing and features in the FT talking about her Lifetime Isa

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How can my small business survive Covid? Feb 02, 2021

Show notes

This week, Claer meets Lowri, who runs a small events business. She’s had no work for nearly a year, and as a director of her own limited company is one of an estimated 3m people in the UK who has fallen through the cracks of government support. Living on state benefits and reliant on her local food bank, Lowri’s previous experiences of business failure have prepared her for what she fears is to come. Legal and insolvency experts provide practical tips for small business owners in a similar situation, and we have the latest on the growing political campaign for directors to be included in UK government grants.

Thanks to podcast experts Rebecca Seeley Harris, founder of Re Legal Consulting, and Peter Sargent, insolvency expert and consultant at Quantuma

Further reading:

Read the FT story about how 262 MPs have backed Rebecca’s campaign to reform coronavirus support measures

If your business is in financial trouble, here are links to some free sources of support mentioned in the podcast:

Business Debtline

Forgotten Ltd

Excluded UK

The charity Turn2Us has a very user friendly benefits calculator

If you are looking for more information about finding an insolvency practitioner, please see:

The Insolvency Service

R3 (the trade body for insolvency practitioners)

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Should I rent out my property? Jan 26, 2021

Show notes

Disruption from the pandemic has created plenty of ‘accidental landlords’ - homeowners with an empty property they could potentially let out. This week’s guest, Jeremy, has relocated for work - he’s renting a room in a shared house, but wants to make some cash renting out his former home. He asks Claer what taxes he’d have to pay, the rules he’d have to comply with, whether or not to use a letting agent, and how to assess whether becoming a landlord makes sense financially. Expert guidance is provided by professional landlords Ayesha Ofori, founder of the PropElle network for female property investors, and David Lawrenson, author of the bestselling book Successful Property Letting.

Further information:

-David Lawrenson took part in a live Q&A with FT readers last year on renting property

-Read this FT Money article on ways landlords are tackling the effects of the pandemic

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