This week I flashback to a podcast from 2021! While it is a few years old its a common and important question.
Key takeaways
I hope it helps!
In this week's podcast I chat with Dr. Daniel Crosby. He discusses the evolution of behavioral finance over the past eight years, reflecting on the growing acceptance and understanding of the field. He shares insights from his latest book, 'The Soul of Wealth,' emphasising the importance of health, happiness, and meaningful spending. The discussion also covers the role of community in financial behavior, the impact of delayed gratification, and the future of wealth management in an AI-driven world. Crosby highlights the necessity of practical applications in financial education and the importance of understanding one's relationship with money.
Dr. Daniel Crosby is a psychologist, author, behavioral finance expert and asset manager who applies his study of market psychology to everything from financial product design to security selection.
Key takeaways
I hope it helps!
The Soul of Wealth: 50 reflections on money and meaning
In this week's podcast #334 I take a look ARFs
If you google 'best ARF Fund in Ireland' today, you will get many results.
The first few are of course paid-for, sponsored adverts from firms who want your clicks (and are paying handsomely for them!). There are then quite a few other firms who have written about this 'best ARF fund in Ireland' topic.
This week I share a very short piece which shows the actual outcomes of a scenario where one invested in different funds, portfolios and companies over the past decade or more, and what we can learn from it.
And if anyone needs a reminder, an ARF is an Approved Retirement Fund. It is what happens to most of our personal pensions when we start drawing income from them, if we have not chosen an annuity pension. More on all this here if you want a refresh!
In this week's episode, I explore crucial financial planning lessons for Irish families, highlighting examples where small oversights led to significant tax bills.
Discover how one family's misunderstanding of Ireland's Dwelling House Exemption resulted in an unexpected €77,000 tax liability, and how another family's mismanagement of the Small Gift Exemption cost them over €65,000.
Learn essential strategies for gifting, saving, and inheritance planning, and understand why precise adherence to tax regulations, supported by expert advice, is key to safeguarding your family's financial legacy.
Good intentions aren’t enough - strict compliance with Irish tax law is essential.
Document and complete transactions properly - incomplete paperwork can lead to significant taxes.
The Small Gift Exemption (€3,000 annually) must involve actual yearly transfers - accumulating gifts without documentation won't satisfy Revenue.
Seek professional financial and legal advice early to avoid costly errors in wealth transfer and inheritance planning.
Understand clearly defined tax exemptions like the Dwelling House Exemption - missing even one condition can result in major unexpected taxes.
Hope it helps!