Money Matters Masterclass
Had an insightful and informative masterclass at Google Academy all about money management and self employment with Lauren Mathurin from Purple Partnership. I learnt so much on the day, but here are the top five points which stood out to me:
1. Banks make money through deposits and lending money to their customers through mortgages and loans.
2. A standing order is a payment set by you.
3. There are different types of savings such as instant access, which allow you to transfer money in and out easily, fixed terms which allow you to put a lump sum away for a period of time and individual saving account, which is a tax efficient way of saving.
4. ISA’s cash limit per year is 20k and it allows you to take out money abroad.
5. There are four different types of lending: personal loans, overdraft, credit cards and mortgages.