A short conversational interview (recorded June 22, 2020) between Mark Simpson and Damien Fogg about practical steps to reduce personal and business outgoings and to increase income during the coronavirus crisis. Damien Fogg introduces himself as a former financial adviser and property investor who now helps people manage finances and start investing. Practical advice in this chunk includes using recent bank statements to identify high outgoings, averaging net earnings over 12 months (or 3 years if available), and a reference to a relief/payment approach that pays 80% per month of average net monthly earnings for eligible cases. The discussion also touches on support for self-employed and sole traders and mentions investing as an additional income route.
Questions this video answers
80% per month of the average net monthly salary/profit.
Chapters
Today we're talking about finances with Damien Fogg. We're talking about proactive and practical ways to cut down on your outgoings, increase your incomings so you can help your business survive through the coronavirus crisis. Friday drinks with Damien Fogg.
Hello everyone. So I'm Damien Fogg. I'm a former financial advisor and property investor. I've been involved in the financial services industry for decades. I'm now a full time investor. I help other people manage their finances a little bit better and get started with investing.
It was probably the start of my journey into figuring out more about finances. Definitely helped me reduce a lot of my outgoings. How do you recommend people go about making a start on looking at where their high outgoings may be and how could they look to make a start in trimming them down? What's some of the ways that you recommend when you're chatting to someone?
Easiest way to start is to use your bank statements very briefly. What he's basically said was what is your average net earnings, net profit over the last three years or over the last 12 months. If you've not been running that long, they'll take an average of that and then pay you 80% per month of whatever your net monthly salary profit was. He's in a fairly difficult position, isn't he? Because he was never going to please everybody and obviously you guys in hospitality industry have got the business rates stuff. So there's an awful lot of stuff that's already been put out there. Try and help people out when it comes to more the self employed side of things. I guess specifically at the lowest end of self employed people, predominantly sole traders.
That you show there's ways and means to bring in income in many different forms and one of them is the investing.
