Health, wealth and happiness
Accepting that we're never going to get health and finances sorted - and being OK with that.
At what age are you ‘old’?
Likely this number has increased as you have got older (40 isn’t old!) — but what does that mean for your later-life planning?
The finance industry is obsessed with retirement but a recent survey of 2,000 UK adults found that ‘looking after personal health is considered the most important element of life after 50.’ That’s for 64% of people. Financial planning came behind with 29% of respondents selecting this option.
Health and finance are arguably the two biggest drivers in our lives.1 The third is probably ‘connection and community.’
There’s an argument to be made that you need good health and financial stability before you can truly enjoy your social bonds with others. Otherwise you’re spending your time with others worrying about these things, making the interactions less meaningful. But that’s not true.
Today’s prevalent worldview requires us to get our own houses in order before we go out into the world. It’s what keeps us focused on optimising, running at breakneck speed, doing.
This forces us to deprioritise our relationships with people close to us, and to forge connections with our communities. It’s why social media thrives; it enables us to have high calorie versions of these interactions, completely devoid of any nutritional value.
How do we get off this dangerous — and entirely selfish — track?
First, we need to accept that we’re highly unlikely to ever reach a point where both our health and finance are at a perfect equilibrium. A point at which we don’t have to think or worry about either of these things simply does not exist.
Secondly, we need to be better at prioritising things that are good for us, in a world that wants us to spend more of our time and energy on the things that serve others better than they serve us.
This mean making time for people while placing less importance on work, tying our sense of identity and self-worth to our character (rather than what we do) and spending more time enjoying true leisure.
For the last week, I’ve been meaning to get out my watercolour set (I am not a good artist by any means, but I’ve been feeling like I want to paint). But I’ve yet to do it. This week I’m actually going to do it. I’ll report back.
1. The ‘gender numeracy gap’ is hitting women’s earnings power
More than one in three women say they would not apply for jobs that listed using numbers or data as a requirement. That’s compared with just one in five men.
So, either women really are worse at numbers, or we’re less confident or able.
I used to think I wasn’t a numbers person. To be fair, I struggled with statistics and accounting modules at university (but it’s probably because I didn’t put a whole lot of effort in).
But in recent years I’ve managed to understand — and create financial models — and I’ve actually loved doing this work.
Being able to manage a budget is pretty straightforward. It shouldn’t be scary. But it’s something you can learn on the job.
Just don’t take yourself out of the running before you’ve even had a chance to try.
2. Buying a home jointly? Here’s what you need to know
Why might you share a house purchase? Research has suggested that house prices are increasing by £80 a day currently; that’s £2,400 in a month, and almost £30k in a year.
Jointly can mean with anyone — a friend, family member, parent, or partner.
You’ll either become joint tenants or tenants in common:
Joint tenants: You both have equal ownership of the property — and when one of you dies, the other gets their 50%
Tenants in common: You each own a specific share of the property, and you can choose who gets your share after you die
But you’ll both be equally responsible for the mortgage; so making sure you trust the other person in pulling their weight is essential. Otherwise you’re both jointly liable for any unpaid amounts owing. Interestingly:
“If you apply for a joint mortgage with someone, it will create a link between your credit reports – called ‘financial association’. If you apply for credit in future, the company could check the other person’s credit history. If they have any negative information, this could affect the decision.”
Buying with a parent? There’s a specific type of arrangement of that, known as a “joint borrower sole proprietor” (JBSP) mortgage. “With this setup, your parent(s) will share responsibility for the mortgage repayments, but they won’t be named on the title deeds.”
There’s also a case study in the article from two friends who bought a place together. Their advice is to be completely transparent. I’d add that it’s probably worth interrogating each other about your attitudes to money thoroughly beforehand. Also probably good to test living together first.
3. The UK ‘side hustle tax’ has changed a bit — but you still have to pay tax on over £1,000
If you make money of over £1,000 from any side hustles; including selling items on Vinted or eBay, you’ve had to file a tax return.
That’s changing, however. The amount has gone up to £3,000.
That doesn’t mean that you won’t have to tell HMRC if you’ve earned anything under £3,000. You will. You’ll just have a different way of doing this, using a new digital service.
The government’s theory is that, with more time freed up as a result of not having to file a assessment tax return, entrepreneurial types can spend more time boosting the economy. That’s a fairly ridiculous premise, of course. But apparently more such changes are coming, so who knows.
Links!
Money
Cash ISAs are not going be changing — at least not in this spring statement (happening on Wednesday 26 March)
Nationwide customers are each getting £50 after the building society took over Virgin Money
“If you want to invest, just invest. Even if it’s tiny.” I found this interview with podcaster and venture capitalist Harry Stebbings interesting.
Life
There’s a Freaky Friday sequel with Lindsay Lohan and Jamie Lee Curtis coming…
Whistleblower’s exposé of the cult of Zuckerberg reveals peril of power-crazy tech bros — and Meta tries to bury this book. I cannot wait to read this (but I will because I’m meant to not be buying books at the moment…)
“What I currently feel is a more subtle pressure to self-censor.” Joseph Gordon-Levitt (
) explores talking about politics in a world where celebrities are broadly discouraged to do so (see also the ‘doomed Snow White press tour’ ).Julie & Julia–ing With Love, Meghan; this made me laugh a lot. Also I too have subsequently become a one-pot pasta fan.
The next Money Brunch is on Saturday 29 March. Sign up here.
Send this to someone you’d consider buying a house with.
There’s also a whole other thing to be said about how being healthy typically requires more money — but that’s for another time.