Money regrets, wills - and Bitcoin
A couple of survey-led stories, plus a guide to Bitcoin if you don't know what on earth is going on there. All ahead of the Budget next week!
I’ve decided to stop watching TV. At least until something comes along that I really want to watch.
Why?
Because I’m feeling energised at the moment, and because I’ve imposed a book buying/borrowing ban until I get through a good chunk of what I’ve already bought (SO many unread books(!).
Here’s some stuff that I’ve been enjoying this week:
Wasting time
How To Keep Time, from The Atlantic is a newish podcast series exploring time and productivity culture, and what it means to have time
This is RIGHT up my street even though I had so many thoughts and no one to discuss with… 😔
The first episode focuses on wasting time - such a crazy concept these days, but it wasn’t that long ago that we used to be bored
Women’s anger and political change
I finally finished Good and Mad: The Revolutionary Power of Women’s Anger by Rebecca Traister - a punchy and inspiring book for sure!
But a heavy read - it’s taken me over a year to finish it…
The inequality of wealth
Labour MP Liam Byrne has written a book on this, and launched it with a lecture at the LSE, which I watched from the comfort of my sofa 🤓
He suggested some interesting policy ideas, like a sovereign wealth fund that then provides Universal Basic Capital. Apparently the UK Government owns all sorts of assets, like shares in football clubs and other businesses, and these investments could fund giving all young people a £10k sum they can use to buy property or start a business (a Tory peer called for something similar this week)
Maybe the gap between the wealthy and everyone else doesn’t have to keep growing exponentially!
Writer Deborah Levy has an autobiography that’s so well written, and is in three parts. I finally finished the last book - Real Estate - last night:
It’s about her place in the world and covers a lot of ‘being a woman’ content (right up my street)
The typeface is large and the pages are few, but there is still so much packed into them. I’ve really taken my time reading each word
I love looking at all three of them squished next to each other on my bookshelf - I’d describe them as small books with a lot of heart, and they make me smile
Cold Times 2023 by London Grammar - a winter mix - which I’m listening to while writing this!
It’s on Apple Music (sorry to Spotify-ers) and is SUCH a vibe
1. People’s biggest money regrets
Half of people have money regrets. (I’m pleased it’s not higher, and I’d be really interested in the socio-economic differences underlying the data).
But, for those with regrets, these are the biggest ones:
Not putting money into a savings account each month
Having spent money on pointless things
Not learning about finances at a younger age
Choosing a better-paid job or career
Not paying enough into a pension each month and starting a pension at an earlier age
One in eight (12%) people who said they had financial regrets wish they had married someone with more money(!) - and this went up to 19% of people in their 70s!
2. Over 70% of people don’t have a will…!
It’s overlooked because it’s considered bleak and not the most fun - and 51% of people say it’s because they haven’t got round to it yet.
Not only is important because it provides guidance about what you want to happen to your assets, but it helps you to decide what you want to happen after you’re gone. This includes your funeral - what do you want that to look like?
As we know, money = power. You might choose to direct funds to a charity you’re passionate about to make a difference in the world, while also helping your loved ones with their financial security.
Taking the time to do this (and making sure your older family members do this too) is so important.
Free Wills Month happens every March and October, allowing those aged 55 and over to get a solicitor-drafted (or updated) will for free – though it's hoped you'll leave something to charity
This resource from Money Saving Expert signposts other ways to get your will done
3. The Bitcoin price has hit a two-year high - should you buy or sell?
Bitcoin - the world’s largest cryptocurrency - hi a two-year high of $63,968 on Wednesday. What’s driving this?
In January, the US regulator approved Bitcoin-backed exchange traded funds (ETFs) - a strong signal that crypto is on its way to becoming a valuable and legitimate asset (there’s no such approval in the UK)
Technology stocks are doing really well at the moment, so this is having a halo effect on crypto
Every four years, the rewards given to Bitcoin miners are halved. This means that supply slows down, and demand massively increases. This mechanism is written into the code of Bitcoin. The next halving is expected in April - so there’s a rush to buy before then
So is it worth getting into it now?
Be mindful that Bitcoin and all cryptocurrencies are unregulated and can be subject to wild price swings
It really feels like gambling; if it’s money you’re genuinely OK with losing, go for it. And you probably want to avoid putting too much of your portfolio into it
It depends how you want to approach it. There are two routes:
Quick results; rapid buying and selling of crypto, to try to make gains quickly
The slow and steady approach; acquiring some, and holding it for a few years (this is what I’ve done in the past, and I just check in on my holdings every so often)
Buying on the back of a price spike is rarely a good idea - “previous episodes have shown that those who get in when the frenzy peaks suffer extreme losses”
The UK budget is going to be announced on Wednesday so next week’s edition is probably going to be focused on relevant things to come out of that 👀
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