LIFE AND MONEY REFLECTIONS Archives - Page 5 of 22

A Christmas Bungle

Dominic Thomas
Nov 2024 • 3 min read

A Christmas Bungle

At a recent team meeting, we were discussing topics that we could write about, I piped up that I had recently read a short story Skipping Christmas by John Grisham. This was about a couple whose daughter was taking a year out with the Peace Corps in Peru which meant that they would be alone for Christmas. Once they had crunched the numbers on how much money Christmas had consumed last year, they decide to avoid it altogether and fly out to the tropics for a much needed holiday, costing roughly half what they would have normally spent.

As I regaled the tale, I noticed that my team was listening with cocked heads; but clearly thinking something … I went on to describe how I was irritated with the couple who capitulate on their promise to each other as their daughter suddenly calls them from an airport, unexpectedly returning home from Peru with her new fiancé. A daft and rather nauseating comedic mad dash ensues to provide a decorated house, a party, food, drink and presents with a few hours’ notice.

“That’s Christmas with the Kranks” laughed one of the team… “you’ve just told us the plot of the movie – Christmas with the Kranks… with Tim Allen and Jamie Lee Curtis!”

I hadn’t seen the film (and still haven’t – it’s got Tim Allen in it after all). We all laughed at my unusual lack of film knowledge!

So why did the story annoy me? Well, primarily because of the ridiculous amount of social pressure we are under to conform to ‘norms’ at Christmas; when most of these norms are actually contrived works of capitalism and have very little to do with Christmas. So when someone decides to do something different, one might even say ‘sensible’; it was a bit of a pity to see the opportunity wasted, and instead to simply capitulate into the consumerist event that it has become (particularly in America). I am not deliberately trying to be Scrooge, I am just as prone to overdo the decorations (you should see the tree I’ve got for the office!), food and presents as anyone else – it’s simply that this was offering the opportunity to explore the daft side of the expense.

In the end, the local community rally round to support, but prior to that had been deliberately conceited in their attitudes and downright intimidating. If they were my neighbours, I’d not think them an understanding, considerate bunch. I was left with that saccharine taste of an American Hollywood Christmas, that is playing the right notes to elicit a particularly superficial and romanticised nostalgia.

The points raised by Mr Krank are shuffled to the sidelines, written off as cronyism or “lacking fun”. Yet that was not how the story originated; it was yet another opportunity wasted to explore a more thoughtful approach to the festive season, which for many millions causes significant financial pain with many people left feeling even more in touch with their sense of loneliness or disconnection. It’s difficult to stand against a rampant culture. I even saw one charity flyer recently proclaiming that “nobody should be hungry at Christmas”. I immediately thought to myself – nobody should be hungry at any time of the year, unless they want to be. Christmas becomes this one day when we are told to suddenly regard each other with heightened empathy – for the day. It’s almost as fruitless as Remembrance Day, when we collectively vow that we will learn the lessons of heroes and not to go to war but then do so, repeatedly.

Compare this to Mr Scrooge, who is forced to reflect on his life choices, but who is changed, permanently for the better, to live generously. Dickens doesn’t pretend that change is easy nor that poverty will suddenly end, but he is all too aware that it starts with us.

Bah humbug!

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A Christmas BungleJemima Thomas2024-12-20T10:30:06+00:00

Captain of a 737

Debbie Harris
Nov 2024 • 2 min read

Captain of a 737 (sort of) – for an hour!

In my ongoing endeavour to do new and different things this year, I recently spent an hour flying a Boeing 737 flight simulator!

My ‘children’ will tell you that I am utterly dreadful at video games as my hand-to-eye coordination is shockingly rubbish, so I went into this particular experience with the mantra “please don’t let me crash”.

Suffice to say, my visual efforts were much better than my rely-on-the-instruments efforts, but I successfully took off and landed the ‘aircraft’ which felt like a massive achievement frankly!

At the end of the session, my co-pilot (*ahem!) said that I had learned a tiny fraction of what pilots have to learn. I laughed and told him that I would not ever in a million years be able to do what they do – absolutely not my skillset!

Which reminded me that we delegate tasks to other people all the time – train drivers, mechanics, plumbers, doctors, financial planners – because they are trained to do what you cannot (or have no desire to do).

And did I crash? Well no – at least … not the airplane. The simulator software on the other hand – I managed to crash that – TWICE!

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Captain of a 737Jemima Thomas2024-11-21T15:02:02+00:00

The State of This

Dominic Thomas
Nov 2024 • 1 min read

The State of This

When a clown moves into a palace, he doesn’t become a King. The palace becomes a circus.

Today I must once again face the struggle to recognise that I cannot control very much at all. I cannot control how people vote either here or in another country. I have to come to terms with the sadness, anger and disappointment that for reasons I simply fail to understand, Americans have voted for someone who wouldn’t be fit to work in any organisation I have ever been involved with. In my sector, the regulator would not permit a position of authority to such a person and hopefully not even a license to practice. Think about that for a moment.

I can control my responses, which is far easier to say (and write) than it is in practice. I can acknowledge my feelings of rage and the decisions taken, for which I have a variety of colourful terms, but I will not give way to my ire here.

Despite being a sad moment (and from my perspective a very dangerous one) for most of the planet, I remain committed to positive change. To doing the little that I can to improve life for those in my orbit and where possible those outside of it.

We will be here, at the ‘coalface’ of the struggle between your values and value, between enough and too much, between lack and excess, between conflicting feelings and realities. The nuance of life in all its glory, the choices that each of us make on a daily basis as we step forward into an unknown future, which has today become a little more precarious than it was yesterday.

We only have time, the important things are those that unite and bind us as humans, which are surprisingly simple and often forgotten.

Hope not hate.

Life is brief, his tenure will end.

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The State of ThisJemima Thomas2024-11-06T13:47:33+00:00

Ready for new peaks

Matt Loadwick
Oct 2024 • 2 min read

Ready for new peaks

Joining a new business is always a significant life change; filled with anticipation and, of course, some anxiety. Having joined Solomon’s as a trainee financial planner, I’m looking to follow the path which Dan has successfully navigated, in switching professions for a career in financial planning.

A geography graduate from Newcastle University, my career to date has seen me specialise in transport and development planning, through which I sought to satisfy an innate desire to improve society; in this case by helping to make places and spaces better for the people who use them.

Undertaking what is a fairly sharp turn in my career, it would be fair to say that the levels of excitement, anticipation, and yes, anxiety, were amplified. However, my experience so far has been fantastic, thanks to the warm welcome I have received and the generous support provided daily by each of my new colleagues. From day one, the team at Solomon’s has ensured that I am integrated into the company culture; encouraging me to share my insights in team meetings, whilst always being there to help with any questions, of which there have been many at this stage!

A little about me; a proud northerner and good listener who likes to connect with people, my motivation for starting a new career in the financial services industry stems from seeking opportunity to make better use of my people skills; to help individuals realise their life goals through financial guidance, and to further increase my breadth of knowledge – all things I am really looking forward to.

I was born and raised in Poynton, a small town located just outside of Manchester, on the edge of the Peak District National Park. Growing up there inspired my love of hiking and cycling in the countryside; undoubtedly had some influence over my love of alternative rock and indie music (for which Manchester is a real wellspring); and is also reflected in my favourite sports teams – Sale Sharks RUFC, Stockport County and Manchester City (before the oil money made them “everyone’s favourite team to hate”).

Since joining the firm, I’ve had the chance to see first-hand the positive impact that good financial advice can have on the lives of our clients at a variety of key life stages. The initial learning curve has been steep, but rewarding, as I do my best to soak in as much as possible from the incredibly knowledgeable team here. It’s a process I’m thoroughly enjoying. I’m eager to build my knowledge and skills further to grow within this fantastic team, and ultimately contribute to helping our clients achieve their life goals.

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Ready for new peaksJemima Thomas2024-10-25T11:50:16+01:00

Riding High on Free Spirits

Dominic Thomas
Oct 2024 • 4 min read

Riding High on Free Spirits

You cannot have failed to notice a significant increase in the number of camper vans pootling along British roads over the last few years. The pandemic really prompted a desire to get out and about but in a controlled personal environment. I know camping isn’t everyone’s idea of fun, but I found myself undeniably attracted to the idea of a quick getaway and the ability to pitch up almost anywhere and relax.

In the Spring, after much research I bought my first camper van from Free Spirit, based near Chichester. Like many, I had grown up with a fondness for the VW Beetle (thanks in part to Herbie and the 1972 Streisand and O’Neal film What’s Up Doc?) and its bigger partner the camper van. There is something reassuringly simple about the shape and sound, but of course the original vehicles are all now considerably older than me – and I need a reasonable amount of care, let alone a vehicle.

Like most, my default setting was heading towards club VW, that was until I looked at what I was getting, invariably a converted diesel tradesman’s, couriers or ex-breakdown van, all of which have had a serious amount of ‘stress-beating’ before then being gutted and converted into a camper. Thankfully I came across Ian and his team at Free Spirit. They import Japanese vehicles – unleaded petrol, steering wheel on the right side, well-maintained in a climate that makes life hard for rust. I ended up with a much better vehicle, it cost significantly less money than its VW competitor and having been designed as a luxury exec vehicle in image-conscious Tokyo, is a much more comfortable and smooth ride (it’s a Mercedes).

It’s early days in my camper van experiences, but I’ve already been able to enjoy rolling up to music festivals in fields, pulling up to a fantastic view of a sunlit coastline, then unrolling the bed to simply relax with a cup of coffee. I’m delighted. It’s probably not the typical vehicle that a financial adviser drives and I’ve had many battles with my own ego of ‘what a car says about me’ over the years. In my three-and-a-bit decades as an adviser, I’ve only been asked twice about what car I drive (by a client). I have no idea what you would think about cars or the car I might drive, but my suspicion is that if I turned up to your house in a new Ferrari (or even an old one) you would possibly think I am charging you too much! I’ve had this debate (sorry ‘discussion’) with peers before and I know many don’t walk their talk.

A camper van is not for everyone of course and it’s a fairly large vehicle (I even went long-wheel base), so it’s fortunate that I have a decent driveway at home (and at the office!). I’d be curious to learn what car you think your financial adviser ought to drive… I assume there are various scales at play – the price, brand, age and of course the affordable value purchase, versus desired aspirational one, all of which is subjective and reflects your own values.

I know several of you have camper vans or have considered getting one as part of your retirement treat (it’s not mine) but as ever, I suggest speaking to experts, people that do this stuff all day every day and not to be solely persuaded by lifestyle marketing and a sense of nostalgia. As ever, your decisions are best based on your values and earmarked resources. I can certainly recommend a discussion with Ian at Free Spirit, he has a great business and I’ve been delighted with their service, a simple five stars from me.

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Riding High on Free SpiritsJemima Thomas2024-10-23T14:11:38+01:00

The Money Fog

Dominic Thomas
Oct 2024 • 4 min read

The Money Fog

I came across a clip of an interview with female comedian Shappi Khorsandi who was talking about her struggle with money and the particular additional challenges that she faces due to ADHD. She described an inability to understand and manage her finances and whenever someone has attempted to help with explanations, it feels as though she is back in a maths lesson, where understanding and explanation rarely meet. Her ADHD meant then and now that her mind is spinning with distraction which removes the chance of any understanding.

This has resulted in Shappi facing financial problems and the preferred solution is to avoid thinking about it. This results in unopened letters and emails which leads to County Court Judgements and significant difficulties with any financial institution thereafter.

I don’t have ADHD, but I understand that it is a spectrum (like many things) and of course I also struggle to understand a lot of things … I acknowledge that this isn’t the same thing, but I simply wish to state that I understand at least some of the feelings around not understanding.

Unfortunately, the time in which we live means that understanding money is really very important in terms of basic living in both the present and the future. In truth, many of us struggle with numbers and financial concepts. Certainly, there will be people who struggle more than others, but it would seem to me that the financial sector has often deliberately made life more complex and full of jargon than it needs to be.

Shappi made the point that for a long time she didn’t know how to articulate the problem and the help that she needed. She struggles with the administration of her finances and understanding what she sees on a statement. I would argue that this is not exclusively a problem for people with ADHD, but for many people; and indeed as we age, our ability to cope with evolving technology and concepts becomes ever more challenging.

So my question in the thread and here to you, is on one level rather simple, but of course not a simple answer. What can we do to make managing your finances easier? How can we make things more straightforward? Given that we don’t wish to overreach our responsibility and remove any sense of your own agency from the dynamic – we cannot simply ‘do it all for you’, but I am certain that we can improve on what has gone before.

The FCA are aware of the problem, in many respects it is evident in their approach. At one level, they do not believe that most people can calculate 1% of a number, so advisers have to clearly state fees in cash terms not simply percentages. At its heart, the latest initiative Consumer Duty (which builds on the prior initiative of Treating Customers Fairly) is about this, but it’s still all about numbers and not really about helping people to build resources for their financial independence.

I would suggest, politely, that a lack of understanding combined with inertia are the real reasons why people don’t move their savings accounts to better rates of interest or invest cash that they are really very unlikely to need for five years or more. This is not helped by the reality that ‘advice’ comes with lengthy documentation and the litigious world in which we live means that those of us dispensing advice are caught between simplicity and detail for fear of claims in the future about “not understanding”.

Money is complex, partly because it can involve a lot of maths and formulae, but also because the jargon and terminology used make most of us shut down! There is also the very real problem that we are human, most of us are not really interested in money, but in what it can do for us. Having the self-awareness to appreciate that you don’t need to be an expert but need one; but not completing delegating decisions is a journey that you are on. I know it works, but I certainly recognise the size of the emotional step that you have taken, which is easier for some than others.

In this process, trust is obviously an enormous factor and it’s my belief that trust, whilst I can earn it by keeping promises, is at its core instinctual.

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The Money FogJemima Thomas2025-01-28T10:02:51+00:00

The Ticket-Masterplan

Sam Harris
Sept 2024 • 3 min read

The Ticket-Masterplan

On the 27^th of August 2024, Oasis announced their reunion, along with dates and venues for their ‘Live 25’ tour. An event which sent shockwaves rippling through social media as people were desperate to get their hands on tickets. Fifteen years on from when the band split up rather volcanically in 2009, the Gallagher brothers have decided to give the fans what they want. Though I’m sure the response and extent of subsequent engagement to the news caught them off guard.

When tickets went on sale, hundreds of thousands of frenzied fans vied for the chance to see the band. Inevitably, many fans were left in despair as they failed to obtain tickets. Yet for the few who managed to get a ticket just before they sold out; the victory was bittersweet. Due to Ticketmaster’s use of ‘dynamic pricing’, some fans who purchased tickets when availability was running out ended up paying more than double the price that was advertised. Originally, standing tickets were available for around £150. However, as tickets were sold and the remaining availability decreased, prices for those very same standing tickets rose to over £350!

Understandably, many fans were not happy about this and have described Ticketmaster’s conduct as exploitative and unfair. The practice of dynamic pricing has previously caused controversy, and some artists (such as Ed Sheeran & Taylor Swift) have taken a firm stance against it.

Earlier this year, the United States Federal Government filed an anti-trust lawsuit against Ticketmaster and its parent company Live Nation. As a consequence of the uproar, the UK Competition and Markets Authority (CMA) has also launched its own investigation into Ticketmaster’s use of dynamic pricing.

The Financial Conduct Authority (our regulator) holds the financial services industry to higher standards and we are very pleased to confirm that we do not manipulate our fees in this way – it will cost the same to top up your ISA today for example as it would cost if you left it until the end of the tax year.

Let’s hope that the Oasis fans who fell victim to Ticketmaster’s dynamic pricing don’t look back in anger at the ticket chaos, and are able to enjoy the show.

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The Ticket-MasterplanJemima Thomas2024-09-13T17:05:42+01:00

In Your Dreams

Debbie Harris
August 2024 • 2 min read

In your dreams

There is a wealth of psychological and anecdotal research around the content of our dreams which I find really interesting. Back in the day I went to see the musical ‘Joseph’ and liked the fact that his dreams were so easy to interpret … in reality this isn’t generally the case!

Scientists and psychologists, old and new, tell us that dreams reveal critical aspects about ourselves. Dreams are supposedly a reflection of our recent state of mind and of future possibilities.

I am slightly curious therefore as to what those scientists and psychologists might read into a dream I had recently where I was attacked in my back garden by a peacock?!

Apparently these sorts of dreams tend to represent an internal battle that the dreamer is fighting (largely subconsciously) but more importantly is our reaction/response to those sorts of dreams. I didn’t wake up afraid and sweating; I was quite calm about it and even though I woke up in the middle of it – I didn’t have a fear response at all; I figured that had I stayed asleep and seen the dream through, I would have ‘won the fight’. So maybe those dream analysts are onto something!

Here at Solomon’s, we don’t peddle in dreams; but we do challenge our clients to consider carefully and mindfully what their ‘ideal’ looks like (so perhaps ‘dreams’ in another sense of the word?!). We never promise that we can turn those dreams into reality; but we work closely with you to give you the best possible chance.

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In Your DreamsJemima Thomas2024-08-30T11:07:06+01:00

New start

Dominic Thomas
August 2024 • 2 min read

New start?

Do I dare ‘get political’ and risk offending you? Assuming you have pretty thick skin and are not easily offended … I’m going to proceed. I’m rather glad to see the back of the last Government. I appreciate that many people believe the narrative that Conservative governments are good at managing the national finances and Labour governments are not, however I don’t see any evidence to support this over the last 14 years or so.

In practice we saw a Conservative government launch a half-baked referendum on leaving the EU and ending our working relationship. Sure the EU has its faults, but not a single proponent had any real idea or plan for non-membership other than some rather Victorian notions of empire. I’m not sure that anyone could be worse than the collection of PMs that we have had over the last 14 years, who largely seem to be self-serving and unable to convey any vision.

So we have a new PM and Chancellor, the first female Chancellor in English history. It’s probably fair to say that this Labour leadership are right-leaning centrists and appear eager to reassure the public that they can handle our finances wisely, with economic growth being obviously important. We will see how this shapes up in practice.

Public spending can only really happen with public money, which is of course taxation and loans (Government debt). It is of course divisive political opinion about whether Government debt used to fund public spending creates wealth. On the one hand, better infrastructure and a healthy, educated workforce generate the conditions for growth and therefore more tax collected; on the other hand, debt needs to be repaid and the matter of how much and how quickly is of course the domain of spin doctors to suit your chosen narrative. Practically, we know on a personal level that spending more than you earn and building debt isn’t a great idea, but then this is public money – personal overspending is generally about consumption not investment into the hardwiring of our system (which is quite a different matter).

The truth is that life and politics are nuanced. Rarely is anything simple or either/or. All of us now have a refreshed understanding of inflation and for me, this is probably the more important element of the economics. Every year brings new challenges and we are undoubtedly at a watershed moment in technological advancement, perhaps the degree of change is as it ever was – overestimated in the short term with its impact underestimated in the long term.

We shall see how Mr Starmer handles the pressure compared to his predecessors.

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New startJemima Thomas2024-08-02T17:28:14+01:00

Game, (Re)Set & Match?

Debbie Harris
July 2024 • 2 min read

Game, (Re)Set & Match?

It seemed rather fitting that on the day Solomon’s bid farewell to our office in SW20, Andy Murray bid a tearful farewell to the green grass of SW19 (not to mention it was also the day we had a changing of the guard in parliament … but that’s a blog for Dominic to write!)

I met Andy well over a decade ago (before he won the coveted Wimbledon championship trophy) and he was a really down to earth guy. I was relieved to see that despite fame and fortune, during his post match interview after his foray into the doubles tournament with his brother Jamie, he seems to have retained that ‘average Joe’ attitude to life.

I wish him well for the future and I feel confident that he will remain in the public eye in the sport that he loves, but I actually wanted to talk to you about our office move to the leafy village of Cobham in Surrey.

As much as we loved our office in Raynes Park (it was the firm’s home for 17 years), we had started to outgrow it. And growth is a good thing! Our new space in Cobham is a wonderful place surrounded by nature and shrouded in the history of the area. You can read about ‘The Old Mill’ here.

Just like Mr Murray, it will take us a little time to adapt to new routines and arrange things so that the new office feels like ours, but it opens up new opportunities for us as a firm providing a more flexible space for us to be creative and productive.

As with all change – there is a feeling of having a ‘reset’ … it’s why I love Mondays so much (and the first page of a new notebook!). The team here don’t all necessarily agree with me about ‘the Monday thing’ but there is a freshness about starting something new – the novelty factor – that gives us an extra spring in our step and a little more focus.

We are hopeful that as we move forward in our new ‘home’, we will continue to do better and to challenge ourselves as we aim for excellence in everything we do for you.

We would love to welcome you to our new offices in the coming months – whether it’s for a meeting with one of our advisers or just for a coffee and a chat!

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Game, (Re)Set & Match?Jemima Thomas2024-11-19T16:46:53+00:00

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