Back to school this week, as we talked about financial lessons we’d been taught in the classroom. We were inspired by this Daily Telegraph article by Martin Lewis, the Money Saving Expert, and talked about some of his ideas while adding our own.
The lessons were:
- Your time has a value (Episode 63)
- Don’t borrow money to buy a liability or a depreciating asset
- Debt isn’t a dirty word (Episode 18)
- Inflation will make you poor…or rich (Episode 24)
- A pension isn’t just for thinking about when you get old
- Financial success doesn’t mean owning your own home
- You don’t need a job to earn money
- Understand compound interest (play with a compound interest calculator here)
As it turns out, the answer to the financial education of future generations is just to get The Property Podcast onto the curriculum, because we’d talked about many of these on the show before!
Got lessons of your own you’d like to add? Skip to the end to see how to join the discussion.
Resource of the week
We’ve mentioned before that a lack of mobile phone coverage in a property can be a big turn-off for potential buyers, so this week we shared an app that you can use to check the signal in potential purchases.
Cell Phone Coverage Map is available for Android and iPhone, and allows you to run various tests of the network strengths wherever you are. So if you’re doing a viewing and you have a reason to think that the reception might not be up to scratch, just whip out this app and put it to the test.
News this week
We went to China for this week’s news story, and a story from the Economist which says that the Chinese property market is slowing down after years of boom. Several leading property developers are hinting that a bust could be just around the corner.
The reason? Too much housing being built, which couldn’t be a starker contrast with the situation in the UK.
But it looks like they haven’t learned their lesson: another story talks of plans to flatten 700 mountains to build a new city!
Join the conversation!
What was the standard of your financial education like?
What lessons have you learned since that you’re the most keen to pass on to your children?
We’ve got a dedicated thread for this episode, so join the discussion in The Property Hub!
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