Do you care if you're poor when you're old?

Question 1

cashflow forecast

Answer 1

a calculation of how much money you can expect to have at a particular time.

I can barely afford my current lifestyle!
Well, we would start by saying that we need to put together a lifetime cashflow forecast or a model. You just need four numbers: your income, your expenditure, assets, liabilities and then we project forward to show you what sort of lifestyle you will have …

Question 2

income

Answer 2

money coming in from, for example, your salary.

Well, we would start by saying that we need to put together a lifetime cashflow forecast or a model. You just need four numbers: your income, your expenditure, assets, liabilities and then we project forward to show you what sort of lifestyle you will have if you do nothing at all and if indeed you do some of the things that

Question 3

expenditure

Answer 3

money you have to pay out for your regular expenses such as rent, food, entertainment, transport, etc. (basic needs)

Well, we would start by saying that we need to put together a lifetime cashflow forecast or a model. You just need four numbers: your income, your expenditure, assets, liabilities and then …

Question 4

assets

Answer 4

the cash value of things that you own and your savings.
This is the cash value of things that you own. For example property, cars, jewellery as well as savings and investments, that kind of thing.

Well, we would start by saying that we need to put together a lifetime cashflow forecast or a model. You just need four numbers: your income, your expenditure, assets, liabilities and then we project forward to show you what sort of lifestyle you will have if you do nothing at all and if indeed you do some of the things that - perhaps an ISA or a pension or any other kind of financial product - might help you with.

Question 5

liabilities

Answer 5

the cash value of your debts, for example on credit cards or other loans.
This is the money that you owe, for example on credit cards or loans.

Well, we would start by saying that we need to put together a lifetime cashflow forecast or a model. You just need four numbers: your income, your expenditure, assets, liabilities and then we project forward to show you …

Question 6

to give someone a hand

Answer 6

to help someone.

it just reminds me of exactly how much money I don’t have. It’s quite depressing! How about you, ? Oh, I live in blissful ignorance. I have no idea how big my debts are. I try not to worry about it. I kind of think I’m much too young to worry about it now and that as if by magic it will all work out in the end.

so can you give us a hand to help us look forward to see what will happen’.
I think I give you a hand rather than the other way around