Don’t be a freelancer, don’t grow old, and don’t live in the EU

The Sunday Telegraph reports that freelancers’ earnings have fallen 30% to a record low as the pandemic bites; an exclusive report used by the Bank of England reveals the biggest drop in freelancer earnings on record.

Twisting the knife, another article highlights how the struggling self-employed will be hit with interest if they spread tax payments in yet another blow’; it seems the Chancellor forgot to mention the added cost of arranging a payment plan with HMRC.

Investors have just one month left to prepare their portfolios for the outcome of the American elections; they worry at presidential election time, especially when they are confronted by candidates as different as Trump and Biden.

The paper suggests the stocks to buy for a Biden win or a Trump triumph.

The Sunday Times reports an equity release sales blitz on the elderly.

There has been a surge in people considering equity release; but it can be an extraordinarily expensive way to borrow, with the debt typically doubling every 14 years.

There’s a warning to beware EU inheritance rules – they state that a portion of someone’s property after they die is left to their children. Expats living in the EU are being warned to update their wills if they don’t want their home to be automatically inherited by their children.

A reader poses the question “Can we challenge our father’s will without incurring hefty legal fees?” and the story told is a salutary lesson about inheritance arrangements which you may care to raise with your clients.

The Mail on Sunday reckons taxpayers are winners after the Chancellor postponed a Budget squeeze and suggests how to profit before we all start paying for Dishy Rishi’s rescue plan.

Experts suggest that generous ISA allowances and capital gains tax allowances will likely be cut, while Darius McDermott, managing director at Chelsea Financial Services, thinks UK smaller company funds could be a good place for investors.

The paper asks “As Covid continues to wreak destruction on our finances, how can you help a friend facing money problems?” – a question some of your clients may raise (for a friend, obvs).

Hmm, might have worked for him, what do you think? “Buy when everyone else is selling and hold until everyone else is buying. That’s not just a catchy slogan. It’s the very essence of successful investing.” (J. Paul Getty)

Keep safe, keep your distance, keep dry…

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