How much do you need to earn to be rich?
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This is Money Podcast
This episode is titled:
How much do you need to earn to be rich?
Notable Quotes
"What makes us feel rich isn't necessarily how much we've got in our bank accounts, but how big our neighbor's house is."
"If I was chancellor, I think I'd make it compulsory for kids to learn about money."
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Get More InsightsEpisode Summary
In this episode of the This is Money Podcast, host Georgie Frost is joined by Simon Lambert and Lee Boyce. They delve into what makes someone feel rich, highlighting that it's often less about the actual wealth accumulated and more about perceptions and comparisons with others. Simon introduces a new salary calculator that helps listeners understand their earnings relative to their peers, which reveals that many individuals may earn more than they assume. The episode emphasizes behavioral finance concepts surrounding feelings of inadequacy related to salary.
Later, the podcast explores retirement in the UK, citing a new study that ranks the UK favorably among developed nations for retirement satisfaction. The discussion includes the UK’s relatively high ranking in factors such as financial indicators and life expectancy, but notes that happiness levels could improve. Lee shares insights on whether it’s better to retire in the UK or abroad.
The episode also features practical advice about mortgages, especially concerning early repayment charges when moving homes. Simon explains the process of porting a mortgage and considerations for those looking to take their current rate with them.
In a segment with Ross Kemp, they discuss the importance of financial education for children, advocating for compulsory lessons on money management in schools. Kemp emphasizes the need for children to understand essential financial concepts such as debt and tax. There’s also a light-hearted discussion on celebrity interviews related to finance and humorous asides about various financial products.
Later, the podcast explores retirement in the UK, citing a new study that ranks the UK favorably among developed nations for retirement satisfaction. The discussion includes the UK’s relatively high ranking in factors such as financial indicators and life expectancy, but notes that happiness levels could improve. Lee shares insights on whether it’s better to retire in the UK or abroad.
The episode also features practical advice about mortgages, especially concerning early repayment charges when moving homes. Simon explains the process of porting a mortgage and considerations for those looking to take their current rate with them.
In a segment with Ross Kemp, they discuss the importance of financial education for children, advocating for compulsory lessons on money management in schools. Kemp emphasizes the need for children to understand essential financial concepts such as debt and tax. There’s also a light-hearted discussion on celebrity interviews related to finance and humorous asides about various financial products.
Key Takeaways
- Feelings of wealth are often more about perception than actual income.
- The UK ranks well for retirement satisfaction compared to other developed countries.
- Porting a mortgage may help retain a lower interest rate when moving homes.
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