What caught my eye this week.
Despite our gloomy warnings about pricey stock markets and how every investment can fail you, we’re actually a pretty jolly crew here at Monevator.
Why wouldn’t we be?
For my part I long ago cracked the code of escaping the worst of the work world without giving up the income. And my co-blogger The Accumulator is forever chasing cows.
Happy days – so I think it’s high time we had a bit more fun about the place.
Yes, it’s mandatory Christmas party time!
Your Christmas party outfit sorted
Now, nothing says Yuletide office party like a Christmas jumper, right?
Even more so when you’re retired or working from home, and you want to stand out on a Zoom call.
Which is all a laboured way of revealing that my girlfriend has designed a special Christmas jumper – well, sweater really – that you can now bag at the Monevator shop.
Bulls, bears, and little tinsel decorations that look like share price graphs, it’s got it all.
How could you not want to be wearing one of these bad boys when the boss treats the team to a Christmas Nando’s:
There are two colours to choose from – blue and green – and again note that these are sweatshirts, not knitwear. (You can’t produce knitwear products on demand. Call me pessimistic but I wasn’t going to pre-order 1,000 in advance…)
So go grab one now to wow your friends, family, neighbours, and the postman.
(Note: wowing is not guaranteed, your mileage may vary.)
How to potentially win a Christmas sweatshirt
The forced fun doesn’t stop there. Because what’s an office party without prizes?
Yes, we’re going to give away three of these seasonal sweaters.
Full terms and conditions below (red tape in the UK? really?) but here’s the gist of what you need to do for a chance of winning one of the three Christmas sweaters we’re giving away.
Become a Monevator member
Sign-up to become a Monevator member between now and the end of Friday 12 December and you’ll automatically go into a random draw to win a Christmas sweater.
Refer someone who becomes a member
Back in June we launched a referral programme, where members can get discounted – or even free – membership by referring others who sign-up for an annual subscription.
That week saw a flurry (well, a handful) of referrals. But nothing since. I suspect our relentless focus on sub-optimal Monevator monetisation strikes again…
So I’m flagging the referral scheme once more. I’ve made it more generous, too.
As for this competition, refer a member who signs up for annual membership between now and the end of 12 December and you’ll go into a draw for a sweater.
Scroll down my previous post for details on how to refer someone. Note: you need to be on an annual membership for referrals to count.
Give some advice on investing
My girlfriend may be a talented designer of pixellated investing-themed Christmas sweatshirts, but she is not perfect.
In particular: she is insufficiently obsessed with investing.
So what inspiring advice would you give a 30-something who saves into her workplace pension but otherwise takes no interest in investing? Despite her boyfriend running a leading blog about investing?
Share 50-100 words on saving, index funds, retiring early, financial freedom, or any of the other topics we cover on Monevator (okay, maybe not leveraged ETFs) and you’ll go into a draw for a sweatshirt.
I will use a selection of these comments to create an article that I’ll then print out and leave conveniently in her make-up draw or in her car’s glove box.
She’ll surely be delighted!
Only initials or first names will be published if your advice is included.
You can either comment below, clearly stating a bit of investing advice, or get in touch with the comment form or with a reply if you’re reading this post on email.
Again, entries by the end of Friday 12 December please.
Now for that regulatory small print.
Monevator free prize draw: terms & conditions
1. Promoter: Monevator (monevator.com).
2. How to enter: You can enter the draw in any of the following ways:
(a) Sign up for Monevator membership;
(b) Refer someone who signs up for membership;
(c) Share some inspiring advice about investing via a comment, email reply, or the content form.
All valid entries receive one entry into the draw. No purchase is necessary because option (c) is free.
3. Opening and closing date: Entries open on 6 December 2025 and close at 23:59 on 12 December 2025. Entries received after this time will not be included.
4. Eligibility: Open to readers aged 18 or over. One entry per person. Monevator contributors and their close family members are not eligible. (Sorry!)
5. Prizes: Three winners will each receive one Monevator-branded sweatshirt. No cash alternative.
6. Winner selection: Winners will be chosen at random from all eligible entries within seven days of the closing date.
7. Notification: Winners will be contacted by email. If a winner does not respond within seven days, we may draw a replacement winner.
8. Data: We will only use personal details supplied for the purposes of administering this draw and citing any advice chosen for an article.
9. Use of comments: We may publish a selection of submitted comments in a future Monevator article. Comments will be published anonymously or using first names or initials only. By entering, you agree to this.
10. General: We reserve the right to withdraw or amend the promotion if necessary. Our decision is final.
Again, that’s three different ways to win one of three Christmas sweatshirts.
Ho ho ho! Have a great weekend.
From Monevator
When to derisk before retirement – Monevator
How to value and account for private companies and funds, angel investments, and crowdfunded shares [Moguls] – Monevator
From the archive-ator: Don’t waste money buying expensive gifts – Monevator
News
AJ Bell boss warns over ‘absolutely bonkers’ cash ISA charge [Paywall] – FT
Halifax: first-time buyers in best position to buy property in a decade – Guardian
Student loan repayments are changing: what workers need to know – Which
LSE reportedly cracking down on ‘Wild West’ bulletin boards – Proactive
Labour’s child poverty strategy unveiled, but not everyone is happy – Sky
Four million more households will see mortgages rise next year – This Is Money
MSCI launches a new index combining public markets and private equity – MSCI
Revealed: Britain’s happiest places to live – Sky
Michael Dell gives $6.25bn to launch ‘Trump Accounts’ for 25m US kids – FA Advisor
UK economy is still set to slow next year, warns OECD – This Is Money
Products and services
Disclosure: Links to platforms may be affiliate links, where we may earn a commission. This article is not personal financial advice. When investing, your capital is at risk and you may get back less than invested. With commission-free brokers other fees may apply. See terms and fees. Past performance doesn’t guarantee future results.
Do green mortgages offer better rates? – Which
Everything you need to know about sending Christmas parcels – Guardian
What is a ‘stepped pension’, and should you take one if you can? – This Is Money
Get up to £1,500 cashback when you transfer your cash and/or investments to Charles Stanley Direct through this affiliate link. Terms apply – Charles Stanley
Save at the supermarket with this gift card hack – Be Clever With Your Cash
Is it normal to pay a reservation fee on a property? – Which
Top ten credit card hacks – Be Clever With Your Cash
How do you unwind a trust? – This Is Money
Homes for sale with exposed beams, in pictures – Guardian
Comment and opinion
Gilts, dividends, and a shed full of machinery – Modern Tontines
Alan Johnson: the UK must escape the doom loop of low skills [Paywall] – FT
If there was a bubble, what would you do about it? – Behavioural Investment
Living for the eulogy – The Root of All
A drawdown case study [US but relevant] – A Wealth of Common Sense
What’s a ‘good enough’ financial plan? – Morningstar
The hidden cost of index replication – Larry Swedroe
The government is driving amateur landlords out of buy-to-let – This Is Money
The value of flexing spend in retirement – Simple Living in Somerset
Morningstar’s annual safe withdrawal rate guesstimate – Morningstar
Exploring value versus growth, again [Research, PDF] – Meketa
Naughty corner: Active antics
The liquidity illusion – 3652 Days
Proposed inflation indexation changes have rocked renewable trusts – II [Affiliate link]
Exploring the state of the bond market – Excess Returns
The story of DuoLingo – Quartr
Don’t get hung up on investment trust discounts [Paywall] – FT
The right tailwinds in emerging markets – The Falling Knife
Investors overweight mystery and underweight mastery – Groundwork
The most overvalued shares in the US aren’t in AI – Trustnet
Kindle book bargains
Quit: The Power of Knowing When to Walk by Annie Duke – £0.99 on Kindle
A Man for All Markets by Edward Thorp – £0.99 on Kindle
The End of Reality by Jonathan Taplin – £0.99 on Kindle
Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg – £0.99 on Kindle
Or pick up one of the all-time great investing classics – Monevator shop
Environmental factors
Stumbling over the holy grail of agriculture – Guardian
China has planted so many trees it has changed its water distribution – LiveScience
Pay-per-mile on EVs will see petrol cars rationed, says car boss – This Is Money
60,000 penguins starved to death after sardine numbers collapsed – Guardian
Saving Japan’s exceptionally rare ‘snow monsters’ – BBC
Robot overlord roundup
Chatbots are becoming really, really good criminals – Atlantic
Self-driving cars save lives – New York Times
Why doesn’t everyone love AI? – Noahpinion
AI safety features can be circumvented with poetry – Guardian
Google, nVidia, and OpenAI – Stratechery
VC firms’ ‘kingmaker’ strategy crowns AI winners in their infancy – TechCrunch
The AI snow globe is shaken – Spyglass
Not at the dinner table
A dishonourable strike – Exec Functions
(Dead) DOGE may end up costing US taxpayers $135bn this year alone – Fortune
Off our beat
A ‘fertility gap’ is fuelling the rise of one-child families – BBC
How to rig hidden markets in your favour – Next Big Idea Club
Five books published in 2025 worth reading – Klement on Investing
The spiritual basis for capitalism – We’re Gonna Get Those Bastards
In praise of biblomania – LitHub
Removing gang tattoos to help offenders start again – Reasons to be Cheerful
The first Bible with a map helped create nation states – The Conversation
52 things learned in 2025 – Tom Whitwell
And finally…
“I’m much more interested in the train than the weather, but I’m even more interested in the destination than the train.”
– David Gardner, Rule Breaker Investing
Like these links? Subscribe to get them every Saturday. Note this article includes affiliate links, such as from Amazon and Interactive Investor.
Um, if you *don’t* want to win a Christmas sweater then please do feel free to comment on the links, the chancellor, inheritance tax, Brexit, or any of our other greatest hits… 😉
The Monevator sweatshirt is a secret signal to other initiates at your office Christmas party / next Zoom call.
Does the Monevator jumper say “Balls to Brexit” on the back?
Many thanks for the links to the Tontines chap even if he did overlook gold sovereigns. I laughed at his conclusion on wee bit lairdies. Are there any more of his posts you’d like to recommend?
“Exploring the state of the bond market” persuaded me that I know so little about bonds that I’d be wise to steer clear of anything except low-coupon, short-maturity, index-linked gilts. Anyway, anyone with a state pension and a DB pension might reasonably feel he’s already got enough in bond-like investments.
Renewables trusts: I’m torn between laughing at renewables grifters being bilked and disapproving of retrospective legislation.That second instinct prevails. Just.
And one other thing: is the Tontines laddie right when he says that the starting rate for savings is available to someone with heaps of dividend income?
@dearemie
I seem to recall from the last time I looked into this, that the qualification for full starting rate for savings is ‘non savings non dividend income below the personal allowance’. Then it gets withdrawn pound for every pound above that.
So yes, I think dividend income is excluded.
@VGF/Dearieme
My tax calculator agrees, unfortunately Property income does remove the extra savings allowance pound for pound.
I’m very grateful for my ISA – the lifetime forgone tax must be huge, I’m not sure anyone has fully estimated the lifetime cost of this beautiful wrapper
Dear Ms TI –
Success is a mix of health, wealth and happiness. If you can’t be obsessed over finances (and noone is perfect), then find someone who is and keep them healthy and happy.
No fees bite harder than illness. No taxes cost more than divorce.
Cheers to those buying sweatshirts and skipping the competition raffle. Hope they bring you much acclaim, and you know where to send your co-workers haha 😉
We don’t get much financially out of this merchandise at all after costs, but I do get a kick out of imagining them in the wild. (Yet to see one though that I didn’t give to a friend…)
@Mathmo — Thanks for getting the ball rolling here in the comments!
@Rich — Haha, indeed. Out yourselves! (Incidentally if you’ve not looked in the shop for a while, I’ve upgraded my Printful account for December so we get cheaper products and I’ve decoupled the postage price. So less expensive than before, though clearly one-off printing on demand is never going to rival TK Maxx 😉 )
@dearieme — We are an apolitical merchandise store and it’s the season of goodwill 🙂
@Boltt — For various reasons, mostly me favouring pension contributions due to my age and the various tax hikes, last year was the first in nearly 20 where I didn’t fill my ISA allowance. I seriously still think about that weekly. 🙁 They are a marvel for UK investors.
The GDP graph. Nevermind (re-) joining the EU, the economically optimum choice ( by some margin) would seem to be joining the old US of A. I imagine the idea would flatter Trump’s vanity no end & a beautiful deal could be concluded in a week.
Thanks to Vanguardfan and Boltt.
“No fees bite harder than illness. No taxes cost more than divorce.”
That’s well said, Mathmo.
Above I repeated the well-known line that pensions, State and DB, are bond-like. What about our house?
At the moment its value to us is the imputed rent, in the sense of the rent we don’t have to pay because we own a house. That’s roughly bond-like. But when Care costs arise we may need equity release or a house sale. Suddenly the capital value matters. Does that mean it will have become more equity-like? What’s likely to happen as the baby boomers start to die in large numbers? Are house prices likely to fall (in real terms, at least)?
Is there anything that behaves the other way round? For instance, a SIPP which you draw down = capital-like, but if you use it to buy an annuity -> bond-like?
You’re already doing great by saving into your pension! Now think of your boyfriend as a free financial resource, it’s like having a personal trainer at home but not as useful. Once a month, ask him one practical question: “Am I in the right pension funds?” “Should I use my ISA allowance?” “What money mistakes should I avoid?” You don’t need to become an investing expert, but why not tap into his nerd knowledge? A few casual chats could add thousands to your future wealth with minimal effort on your part. You’re stuck with him anyway, might as well figure out what he’s good for!
>Anyway, anyone with a state pension and a DB pension might reasonably feel he’s already got enough in bond-like investments.
Yes and no. If you want bonds as protection against volatility and sequence of returns risk during that period, then does the state pension or a DB pension help if you can’t actually access them, for example with a view to rebalancing, for perhaps 15 years after you’ve RE ?
Investment advice (with a little help from my AI-friends):
Steady coins take root,
Freedom blooms beneath the tree,
Adventure unfolds.
Here’s a suggestion, inspired, in part by the thought of the Japanese carry trade unwinding.
Thirty summers gone,
start small, index funds, sleep well—
future you says thanks. Ignore the noise now,
pound-cost average slow—
compounding is kind. Boring wins the race,
seven letters: V-T-I,
just set and forget. No rush, no hot tips,
time is your quiet best friend—
let money chase you. One app, one click, done—
she who does nothing still wins
by simply beginning.
Read the Duolingo article, according to my annual review I’m in the top 1% of learners worldwide…. nice in to be in the 1% for something at least.
Thoroughly enjoyed the Tontine article (I live reasonably close to the Ironbridge. The construction of the bridge was funded by a tontine I was told). When laid out like that it does seem, how shall I say it, perverse.
Also enjoyed the Morningstar satisficers/optimisers article. As far as investment goes, and many other aspects of my life, definitely a satisficer. However, in my main hobby definitely an optimiser. Carefully researching and evaluating each decision. I think most of us have a limited optimising mental budget, and we choose where to deploy it. I lack the capacity and the interest to optimise everything. And I suspect that is true for most people. Optimise where it really matters to you and for the rest FISH (to quote some of my younger friends).
@TI (article)
“her make-up draw” should be “her make-up drawer”
What a joy the written English language is. Does pedantry get an entry to the draw too?
Here’s a mostly LLM written piece, its slightly over the word count, but it wouldn’t feel authentically LLM generated, if it didn’t get something like that wrong 🙂
Listen, you’re already winning.
Thirty-something. Pension ticking over like clockwork.
While he scrolls tax-free wrappers at 2am,
you sleep.
That’s not ignorance.
That’s equilibrium.
But here’s the thing about money:
it multiplies best when you’re not looking,
like a kid’s height marked on the doorframe,
imperceptible daily, miraculous yearly.
So take your £20,000 ISA allowance,
that beautiful British tax-free wrapper,
and fill it every April like you’re hoarding Freddos.
Pick one global tracker fund.
FTSE All-World. S&P 500. Whatever.
Set it. Forget it.
Let the algorithms handle the anxiety.
Your boyfriend, that skilled chronicler of capital,
self-confessed Dark Side devotee,
Promiscuous Pursuer of Profit
will explain why in seventeen-section epic,
each one subtitled with a song lyric
(because apparently portfolio theory
needs a soundtrack).
Nod. Smile. Pour the wine.
Alan S #16
I saw an item for sale on FriendFace recently. Unbelievably, it was a “chester draws”. Amazing what ten or more years of compulsory full-time education can do.
On a similar theme to Mathmo (and hoping not to cause trouble in The Investor-house): “Marry well.”
“Marry well.”
I said that on an American blog once and US commenters all revealed themselves to be like Victorian maiden aunts – they universally interpreted it as advice to “marry money”.
The almighty greenback, eh?
Anyone know why the Russ Oxley article didn’t consider gold or Premium Bonds?
@Boltt “I’m very grateful for my ISA – the lifetime forgone tax must be huge, I’m not sure anyone has fully estimated the lifetime cost of this beautiful wrapper.” They will. They will come for it in edge cases at first, and then limit or reduce it further over time. Sadly anyone with enough to put in an ISA will surely be identified as another target group having “broad shoulders’.
Investing Advice (for the glove compartment);
The joy of investing means any money you put in a “freedom fund” can alxo be used to replace this car in the event of an accident or upgrade. Should you not need to do this, you have the peace of mind knowing not only do you have the option, but the longer you leave it the better car you can buy. If you do it right it can be tax free and beat inflation, too!
Thanks for another interesting weekend reading. Love the Xmas jumper!
I have a question I just cannot find the answer to on the internet but I expect other Monevator readers may be able to answer:
If you have a cash savings account (ISA or non-ISA) and a S&S ISA with the same bank (e.g., Lloyds), does anyone know if the FSCS protection covers the cash savings and investments separately? (For a total of £120+85k.) I believe the FSCS protection is per firm so you would only be entitled to up to £120k back.
@the details man
I wrote that and then deleted it before posting on the grounds you should never alert the mark.
Really?
Long time reader, but not any longer.
You boast about your FIRE yet try to extract as much money as you can of your readers: affiliate links, subscriptions, merchandising,…
Not for me.
I don’t want the jumper (still doing my one-in-one-out thing) but I’ve never been known to skip an opportunity to dispense some unsolicited advice.
The best time for you to start investing is right now. And just to be clear: your employer’s pension, options, RSUs, SAYE schemes, or carry are not you “investing”. That’s remuneration. Investing is what you do after that.
The MSCI public + private equity index is interesting and whether products could be launched to track it. Less than obvious how you would replicate the performance of the private equity segment
Don’t you miss the old days when you paid money and got stuff.
The problem today is that too many people expect free stuff and get offended when someone points out that it costs time and money to create (and they’d like something in return).
/*****
Talking about free stuff – II just reduced my monthly fee from £22 to £15 and increased the benefits. I’m so angry I’ll probably leave…. /s
@Boltt — Cheers! It’s a bit frustrating but I suppose we all understand the general sentiment.
I’m not going to apologise for the membership or a few innocuous affiliate links (unlike others we never do explicit paid for links or paid-for editorial, etc) but I think maybe this Christmas jumper wasn’t the greatest idea given the underwhelming response.
FWIW we make about £6 a sweater sale after costs and postage, and we’ll likely sell 5-10 or so max. Any profit will basically go right back out on the three I’m giving away for free in the competition.
This is not not putting turkey on anyone’s table! I just thought it might be fun to do a giveaway. 🙂
I do kind of understand that people struggle to put a value on digital products and output, or see it as ‘work’.
Even I’m amazed at how much goes into Monevator a week these days. (Easily 80-100+ man hours when @The Accumulator is also on a mission. His last post, and associated spreadsheets, took four full days of work.)
But I’m not complaining. Thanks especially to the generous support of those who do subscribe, it pretty much pays its way these days, when added to the affiliate and advertising revenue (ever-shrinking, thanks AI) on top.
Cheers all! 🙂
Can’t we just get back to the good old days and how good Brexit has been for us all……………..
It’s always a bloody great big 2 week minimum scrap on here……… Lovely – who needs rubbish overrated Christmas when you’ve got that!
You just can’t win @TI #30.
Noone is tighter than me. I make Scrooge look like the Good Samaritan. Most of my friends and family have never seen me get out my wallet.
But even I realise that if you don’t pay for something which you value then either: a) you’re the product or b) the said thing will disappear.
Indeed, “b” was what I feared might happen after that rather melancholic December 2022 post here:
https://monevator.com/weekend-reading-wrapping-up-2022/
The best price is cheap. The worst prices are expensive and free.
I was thinking of replying to @David #26 along those lines yesterday, but: i) @Boltt #29 puts it far better than I could ever hope to; and, ii) I just can’t be asked these days to get into an argument with another poster over some sweaters*.
I do seriously worry though about the strategy of keeping more or less 95-99% of the 2,000++ historic MV articles (several million words of content I’d guess) from 18 years of blogging, and around 80% of new content, completely free.
I really do think that, if only Pour encourager les autres, you’re going to have to revisit your altruism (and idealism) here in keeping the archives etc free.
Christ we’re only taking about getting people to cough up £30 a year. Sometimes it takes a big stick though to get people to move a little distance.
Google’s AI search assistant reckons (based on the ONS Wealth and Assets Survey, apparently) that there are 1,103,000 persons in the UK with private pension pots worth over £1 mn and 46,000 worth over £3 mn, with nearly 5,000 ISAs and 5,000 SIPPs holding over £1 mn in investments in 2022/23 just on HL alone.
Out of that lot, surely there should be at least a few thousand folk who’d cough up the equivalent of a mere £2.50p a month (two thirds of the price of a coffee) for such magnificent and voluminous independent UK investment focused content.
*I can confirm what a terrible business the clothes industry is. A friend tried his hand 20 years ago at importing custom branded snow board clothing clobber, stitched in Vietnam. The moment the order was placed and paid for (£70k up front) the inventory depreciated at warp speed as the items immediately began to go out of fashion. Discounting to clear the stock wiped out the expected profits and then some; and the rest was lost to small independent retail clothes outlets in the UK showing a distressing propensity to go bust before paying him for the stock he’d supplied. Nightmare.
I will also pip in – After All, Advise is mostly free in this world 🙂 – Definitely not Financial Advise.
SAYE(Read Save), Invest
Rinse, Repeat
1) Pensions, Employer’s match, SAYE(if you are in 40/45% tax bracket), any RSUs, Employee Stock Options/Stock SAYE – All of these primary ones to save. Even bonuses if applicable and not needed for any other expenses can be bunked in to Pensions, limits allowing.
2) ISAs to Invest Next. Fill the limit every year (as much as you can) in a S&S ISA for Investing for the long-term. Flexible ISA will help if you need to dip in occasionally for something.
3) If you want to gamble and have the money left for it, put it in Premium Bonds upto the 50K. This is your rainy day(6 months expenses saving) expense fund – On average luck, you might win a few quid monthly(though lower than any savings rates usually), but the excitement of winning monthly possibly feels more like Gambling every month(and the adrenaline rush).
4) Next, Should you decide to have kid(s), use the childcare account(where possible) for the 25% uplift, kid’s ISAs limits to be filled and their Pensions can be filled next.
5) Should you decide to buy a house, better to pay your own EMI(and get some equity growing) than your house-owner’s EMI – Horses for courses ofcourse here. Can be considered an investment as well in the long-run for Equity Release and the like in future.
6) Trading accounts and the more exotic ones for the more wealthier folks with more money( AND TIME !) to spare.
For info, apparently the Martin Lewis Money Show Live is doing a beginners guide to investing tonight (Tuesday) at 8pm. If you have questions/topics you want them to cover you can email the team at martinlewis@itv.com (according to the perils of social media at least, this appeared on my Facebook spam – I mean feed).
Would be interesting to see if traffic to Monevator grew after MLMS from a google search possibly.
Generally, sites used to get traffic(and go down sometimes) once he mentions something in his show….
@flyer — Well, it’d be nice :-/ The other ‘ML’ acronym combo — LLMS, that is chatbots – have pretty much taken out 25% of our traffic since Google rolled out AI Search in the UK. The effect was instantly apparent.
From my reading into LLMs/LRMs (and @TI can confirm that I’ve actually done the reading 😉 ) the status quo ante business model of relying upon people finding and using a small site via old school Google referrals is now fundamentally broken.
Top of funnel info / edutainment sites face the brunt, with some reporting 527% LLM referral growth but net traffic losses.
https://searchengineland.com/ai-traffic-up-seo-rewritten-459954
And 99% of AI Overview users don’t click cited sources.
For better or worse things won’t go back to where it was. The direction of travel is definitely one way.