'Where Your Treasure Is...': The Podcast where Faith and Finance Meet

S11 Ep7 Good with Money: Insurance

In Episode 7 of this ‘Good with Money’ season, Simon and Bex discuss the different kinds of ‘Insurance’ that are available and what our attitude to them should be.Some key points of interest covered in this episode include the following:When providing an overview of types of insurance [01:14], Simon begins with car insurance because it is widely familiar to people as a result of it being a legal requirement for driving in the UK. [01:44]Home insurance is also very common and offers a range of options, depending on an individual’s circumstances. [03:39]The extent to which someone requires life insurance is also determined by circumstances, including whether or not anyone else is financially dependent on that person. [05:10]When it comes to health insurance, there are four main types: critical illness insurance [08:13]; income protection [09:20]; accident, sickness and unemployment insurance [10:41]; and private medical insurance [11:23].In response to a question from Bex, Simon talks about the contexts in which pet insurance might be considered. [12:11]The final main type of insurance is holiday insurance. [13:46]Bex explains how ’excess’ payments work and how they can reduce the premium paid when buying insurance. [15:10]Simon explains the concept of ‘group risk’, which underpins the insurance system. [17:07]Simon shares some thoughts on how we might decide whether or not we need insurance in particular instances. On some occasions, for example, it may be more cost effective for us to ‘self-insure’. [19:12]When asked what the ‘Christian’ response to this topic should be, Simon suggests that, if we can afford it, insurance can be an effective way of helping us to avoid unmanageable crises and to steward our resources well. [21:54]In the final episode of this season, the focus will be on financial issues around ‘family matters’, which will lead on to further coverage of that theme in Season 12. [25:17]Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast. Our Instagram page will also provide you with additional content and features.This show has been brought to you by Free Range Podcasting. You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6

S11 Ep6 Good with Money: Debt

In Episode 6 of this ‘Good with Money’ season, Simon and Bex discuss how we should navigate the issue of debt on our money journey.Some key points of interest covered in this episode include the following:Simon starts off by explaining why debt is a relevant and important topic for all of us. [00:33]Simon talks about ‘good debt’ and ‘bad debt’, highlighting the importance of being able to distinguish between our ‘needs’ and our ‘wants’. [03:29]Another important skill is to be able to discern between ‘manageable debt’ and ‘unmanageable debt’, and to organise our financial affairs accordingly. [05:43]When reviewing what the Bible says about debt, Bex and Simon comment on the following verses: Romans 13.7-8, ‘Give to everyone what you owe them: if you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honour, then honour. Let no debt remain outstanding, except the continuing debt to love one another.’; Matthew 5.42, ‘Give to the one who asks you, and do not turn away from the one who wants to borrow from you.’; Matthew 6.12, ‘And forgive us our debts, as we also have forgiven our debtors.’; Proverbs 22.7, ‘The rich rule over the poor, and the borrower is slave to the lender.’ [08:16]Simon explores the various ways that we can get into debt and highlights behaviours (including distinguishing between ‘needs’ and ‘wants’ and talking to others about our spending habits) that can help us to steer away from unmanageable debt. [11:30]Setting our own expectations for expenditure or articulating our budgetary boundaries to others (eg through ‘loud budgeting’) can also be helpful ways of putting sensible limits on what we spend. [16:59] Bex draws attention to previous podcast topics dealing with this area: Season 8 Ep9: Top 10 Money Tips for Teenagers with Dave Hall, Youth Pastor (‘loud budgeting’ at 25 mins 26 secs); Season 4: Talking About Money; and Season 2 Bonus Episode 2: Press 'Reset' on Some of our Major Expenses. [18:05]In response to a question from Bex, Simon explains how the concept of delayed gratification – deliberately waiting until costs have been covered before enjoying something – can help us not only to spend within our means but also to gain pleasure from the anticipation of looking forward to something that has been paid for. [18:42]In his closing comments, Simon speaks about how we can be good with money and do good with money when dealing with the topic of debt. [21:10] He also mentions ‘Christians Against Poverty’ and ‘Citizens Advice Scotland’ as two highly respected organisations that can provide assistance to individuals struggling with unmanageable debt. [22:18]Wrapping up the episode, Bex draws attention to previous podcast episodes about ‘Debt’. In particular, the content covered in Episodes 6 and 7 of Season 1 and Season 7 Episode 3 could provide some additional useful listening material. [24:21]Next week’s episode will focus on the topic of ‘Insurance’.Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast. Our Instagram page will also provide you with additional content and features.This show has been brought to you by Free Range Podcasting. You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6

S11 Ep5 Good with Money: Taxes

In Episode 5 of this ‘Good with Money’ season, Simon and Bex discuss what our attitude towards taxes should be.Some key points of interest covered in this episode include the following:Simon introduces the topic of taxes by quoting from the UK Parliament’s introduction to taxes on its website. [01:44] He then makes mention of Tax Freedom Day to illustrate the extent, variety and significance of our tax system. [03:36]When it comes to our attitude towards taxes, Simon and Bex note the importance of recognising how much we as individuals, and also society as a whole, benefit from the UK’s taxation arrangements. [05:04]For its part, the Government has made a priority of explaining how taxes are used, with HMRC publishing detailed information about the expenditure that has been made possible through taxation. [06:55]Simon suggests that the ‘right’ amount of tax to pay should be based on honest and accurate personal financial information, combined with any valid reductions that can be applied for specific, recognised purposes. [08:24]To illustrate the challenge that the Government faces in trying to make the tax system efficient and effective, Simon talks about the Laffer Curve, explaining that it shows how individuals and businesses alter their behaviour in response to changing tax rates. [09:49]References to tax in the Bible include the following: Jesus saying that we should give to Caesar what is Caesar’s and give to God what is God’s (Matthew 22.15-22); Jesus providing a coin from a fish to pay the temple tax (Matthew 17.24-27); and Paul saying that it is right to pay taxes (Romans 13.6-7). [12:20]Simon explains the difference between tax evasion and tax avoidance: the former means that the right amount of tax is not being paid, which is illegal; the latter is sanctioned, and indeed promoted, by the Government in order to prompt people to participate in specific schemes (eg investing in their pensions) that - over the long term - will produce better outcomes for the government, for society and for the individual. [17:59]Simon suggests that our default position should be to obey the law by paying the taxes that we owe. If we are unhappy about the amount of tax that we can pay, we can look into allowable, practical ways of improving our individual circumstances, and we can also engage with the politics of the situation by lobbying for change. [20:18]In Simon’s concluding remarks, he encourages us to be deliberate, thoughtful and prayerful in this area while also seeking practical advice, as appropriate. [21:59]Next week’s episode will explore the very important topic of ‘Debt’. [23:37]Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast. Our Instagram page will also provide you with additional content and features.This show has been brought to you by Free Range Podcasting. You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6

S11 Ep4 Good with Money: Pensions

In the fourth episode of this ‘Good with Money’ season, Simon and Bex talk about the key role that pensions can play in assisting us to manage our money well, right through to the end of our lives.Some key points of interest covered in this episode include the following:Simon explains why pensions can be so important to our attempts to be good with money throughout our lives [00:51] despite the fact that, as Bex points out, it is now being reported that a significant number of working age adults are currently not paying into a private or workplace pension. [02:42]Simon outlines what a pension is [04:18] and then goes on to describe different types of pension, including the state pension, the defined benefit workplace pension, the Career Average Revalued Earnings pension and personal pensions. [06:17]Drawing on her own experience, Bex notes that personal pension providers have become adept at simplifying and streamlining pension arrangements for their customers. [09:18]In response to questions from Bex, Simon talks about the different factors that can influence our pension-related behaviour ranging from being in our 20s (when any pension contributions can ultimately yield a high return) [12:39], then progressing into the very busy and expensive middle stage of life [15:50], and finally into the pre-retirement phase. [19:33]For some people, the pre-retirement period can be a helpful time to seek professional financial advice. [20:14] Among the options that can be worth considering at this time are exploring the possibility of phased, or even ‘multiple’, retirements [22:05] and proactively planning the detail of what we would like our retirement to look like. [23:29]Concluding his comments, Simon stresses the importance of having a realistic and effective plan to manage money throughout retirement, for however long that may last [24:17]. He also notes the invaluable benefits, to family members in particular, of being organised and communicating well when it comes to putting our affairs in order in preparation for the end of life. [25:56]After a week’s break, our next ‘Good with Money’ episode will be on the theme of ‘Taxes’. [27:13]Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast. Our Instagram page will also provide you with additional content and features.This show has been brought to you by Free Range Podcasting. You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6

S11 Ep3 Good with Money: Investing

In the third episode of this ‘Good with Money’ season, Simon and Bex talk about when and why ‘Investing’ may be worth considering in the context of our personal finances.Some key points of interest covered in this episode include the following:Simon starts off by explaining the two core elements of investing: to counteract the effects of inflation [04:48]; and to achieve an expected return, very often for a specific purpose. [06:14]Simon talks about the different kinds of ‘bonds’ (including premium bonds, bank bonds and corporate bonds) that can be used for investing. [08:23]In response to a question from Bex, Simon explains that activities such as acquiring gold, buying currency and day trading do not have an expected return and should not therefore be classified as ‘investing’ in the pure sense of the term. [11:05]Simon uses a story about the respective business needs of a farmer and a baker to illustrate how hedge fund traders can attempt to take advantage of the commodities market. [14:24]Property is another interesting area – unlike many other investments, it is generally not a passive income stream; instead, it requires active management and involvement from those wishing to make a profit from investing in that area. [16:06]Simon then goes on to address the issue of whether investing should be regarded as a form of gambling, with the key point being the presence, or not, of an expected return. [17:18]Quoting from Luke 12.16-21, Mark 10.17-21 and 1 Timothy 6.10, Bex and Simon highlight the importance of resisting the temptation to make money a goal in its own right when engaged in investing activities. [19:40] For anyone interested in exploring how we can adopt a heavenly perspective and have pure motivation when working and earning money, Bex would recommend ‘The Garden City’ by John Mark Comer. [23:34]Concluding his comments, Simon emphasises the importance of investing in order to achieve a specific and appropriate purpose. [24:01]Next week’s episode will focus on the related topic of ‘Pensions’. [25:20]Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast. Our Instagram page will also provide you with additional content and features.This show has been brought to you by Free Range Podcasting. You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6