Prosperity Time Machine

By Mark Evans

Here are Mark Evans' three top tips for someone in their mid twenties...

 

Set up a LISA

If you are looking at buying a house then set up a LISA. Even if you only put a minimal amount in to it, this will start the clock ticking on the minimum term of 12 months that you need to have a LISA open before using it. You can fund right up until you actually complete the purchase, a last minute £4k would receive an additional £1k from the government.

 

Set up a pension

Everyone should have a pension set up, even if you have no plans to save in to one. New pensions can be set up with a few clicks with numerous providers, we offer Prosperity Managed Direct. Just deposit £10 and forget about it. Should you ever inherit money, start up a business and make some big profits quickly you may want to try and make use of something called “carry forward” and make a large pension contribution. This can only be done if you had a pension open during the previous three tax years. If you zoned out there, don’t worry. Set the pension up and you might find that it was a very good decision in the future. Worst case scenario, you have £10 in a pension!

Talk to your partner about finances

During the past 11 years of working in the financial services industry I’ve come across numerous examples of one person in a relationship keeping financial issues a secret from their partner. These have varied from things such as having a poor credit rating to having huge amounts of debt and not being open about it.

People tend to find it difficult to talk about financial problems but it’s essential that you find out about one another before entering in to big financial decisions such as having children or a mortgage. As with any problems, being open about them can help. Hopefully with the support of your partner you can work through them and improve the situation.

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