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Thanks to all those who got in touch. Rare slip of the tongue on the state pension age aside (🤦♀️) it’s right to acknowledge the
Iona Bain is an award-winning writer, author, speaker and broadcaster who specialises in personal finance. She came to prominence as the founder of Young Money Blog, the first blog in the UK devoted to young people’s finances.
Young Money was founded in 2011 and went onto become one of the most pioneering and influential personal finance blogs in the UK. Iona now blogs as as Young(ish) Money in-between her broadcast, journalism and speaking work. Find out more about what Young Money has achieved below, and the wealth of knowledge Iona built up around young people’s finances over 10 years.
Thanks to all those who got in touch. Rare slip of the tongue on the state pension age aside (🤦♀️) it’s right to acknowledge the
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Established in 2011, the Young Money Blog was the first British blog to help young people get to grips with personal finance.
Today, it’s Young(ish) Money, a place for anyone who’s young at heart but wants grown-up conversations about personal finance. It’s also the personal website of Iona Bain. You can find out more about her here.
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This Post Has 2 Comments
> having debt for a specific reason, such as paying off a genuinely justifiable expense like a car or home
You have this wrong IMO. A car is a wasting asset – it depreciates over time. A new car depreciates by at least a third as soon as you take ownership. Never borrow money for that sort of thing. if you are rich enough to pay over the odds for a new car then knock yourself out, but don’t borrow for that.
Cars are much more reliable now than they used to be, get a banger you can afford if you can’t afford to pay up front. A nice car is a want, because decent alternatives are available.
A home isn’t a wasting asset, and it is one that pays you an income – the rent you don’t need to pay. Under some circumstances (fewer at 5-6x income multiples) it is reasonable to borrow money to purchase that sort of thing. In general, only borrow money to pay for productive assets – if it enables you to earn more money than it costs (education other than sports science and media studies, tools of your trade, capital plant) then borrowing can be okay. For all else pay cash or do without.
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