Jake Mills on LinkedIn: Top 50 Law firm 2024 (2024)

With the announcement of a General Election in July, it is quite clear that Labour is the favourite to form the next UK Government. But how could this impact our economy?My colleague Daniel Casali wrote this very informative article about how Labour have drawn some inspiration from across the pond, potentially mirroring Biden's strategies to try and boost investment in areas that have strategic competitive advantage, like green technology. Have a look at the below link to learn more about how changes like this may impact UK businesses, the workforce and the UK economy. https://lnkd.in/e43jEdvn.Evelyn Partners

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Yesterday I had a great day at Goodwood Motor Circuit to experience driving a handful different supercars around their famous race track. We was lucky to have a day full of sun, but the best part for me was having the instructors encouragement to drive faster and get more out of each car, especially the Ferrari. I couldn't help but take no score for the Ariel Atom personally, although I was later told it was because the instructor lost his pen. I'm still not convinced...The Goodwood Group Everyman Driving

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We are partnering with Elite Law Solicitors at the Sussex County Cricket Club, to share effective strategies for reducing inheritance tax and key considerations for making a will. Follow the below link to confirm your place.📅 1 May at 14:00Register here: https://bit.ly/3TY5zA9

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Is Cash Really King?Keeping large amounts of cash instead of investing can be nice and cosy, but it doesn’t do many favours in the long run. I found this illustration comparing a $100 investment across different assets from 1970 to 2023. Whilst cash certainly has its place for every investor, it’s clear that it lags far behind most other asset classes over the longer term.Investing isn't one size fits all, each investor will have their own sweet spot for how their investments should be structured. But most people would probably benefit from having a combination of all of these assets, not only for growth opportunities but also to smooth out some of the volatility that will inevitably be seen along the way. Long story short: Cash will always have its place. But when it comes to investing for the future, diversification is probably the best way to go - It's not just about watching your savings grow, but protecting them too.So is cash really king? I think it serves as a great king for an emergency fund and capital spending, but keeping too much is likely to be inefficient and actually present an opportunity cost over the longer term. Visual Capitalist

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When is the Right Time to Invest?Is a question I often get asked. The truth is, it's not about ‘timing’ the market, it's about ‘time in’ the market. The longer you're invested, the more opportunity your money has to grow, benefiting from the powers of compounding and market growth over time (I did a post on this last week) .What compliments time in the market is pound cost averaging - a strategy most investors use to smooth out the ups and downs of the markets, usually by investing an affordable, fixed amount, regularly, regardless of if investments are going up or down (I do it monthly).A few of the benefits of doing this are: - Removes the guesswork in ‘timing’. - Smooths volatility / cushions against short-term market dips. Regular investments can lead to buying more shares when prices are low and fewer when they're high, which may lower the average cost per share over time.- Builds Discipline: For me, this is the most important. Establishing a habit of regular investment sets a solid foundation for your financial future, steering you towards long-term wealth accumulation.When comfortable with doing this, it’s then a matter of choosing the best investments, which can be a minefield in itself. If you aren’t certain about how much risk you should or shouldn't be taking, or what the right investments may be, it would be sensible to start by speaking with a financial planner to help get started.

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Einstein's 8th Wonder of the World…"Compound interestis the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it."Compounding is the process where the earnings on your investments begin to earn their own earnings through reinvestment. It’s not just about the return on the initial amount you invest; it's about getting returns on the initial investment PLUS getting returns on any growth you have achieved, creating a snowball effect over time. The longer you leave your investments to grow, the larger the snowball becomes.What this means to savers: - Long-term Growth: Compounding magnifies the growth of your investments over time. The key is patience; the longer your investment timescale, the bigger the impact of compounding.- Accelerated Wealth Creation: Compounding can transform modest savings into substantial wealth - It's not just about how much you invest, but how long you stay invested.- Encourages Early Investing: Starting early gives your investments more time to compound - Start as soon as it's affordable, you'll thank yourself later. Here’s a simplified example of what compounding could look like: Let’s say an initial investment of £5,000, plus additional savings of £250 a month over the course of 20 years, getting a fairly conservative average growth rate of around 3% a year. The total cost would be £65,000 (only £3,000 a year after the initial investment), but the end result could see you with over £90,000. Making over £25,000 profit (almost 40% growth!). Which if done correctly, could be completely tax-free in your lifetime.To make the most of compounding, it may be worth considering to reinvest dividends, to keep a long-term focus, and start as early as possible. Whether you'resaving for a house, retirement or a legacy for family, understanding and utilising compounding can make a huge difference.

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Tesla vs ChatGPT....Gloves up 🥊Elon Musk has started a legal dispute against Microsoft backed OpenAI…Musk is criticising OpenAI's shift from its original non-profit model to a profit-focused approach, suggesting it strays from its promised mission to share AI advancements openly.Who knows if it's a genuine effort from Musk to ensure AI benefits humanity, or if it's just a strategic move against his competitor? I think it's a chess move to support his own agenda and ongoing tussles with tech giants and the government. Don't sue me, Elon🥴.It also brought to light deeper issues, putting OpenAI's latest developments of artificial general intelligence under the spotlight, a level of AI capability that could outperform humans in general tasks, contradicting Microsoft's original exclusive access terms.With other legal challenges from the likes of the New York Times and watchdogs in the US, Europe, and the UK, there is clearly a disruptive interplay of innovation, competition, and regulation in the exciting universe of AI. It's an interesting time for AI's future, which could be a possible reset in how revolutionary technologies integrate into society and the economy.

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In recent years, we have witnessed a remarkable era of savings accumulation, driven by factors like baby boomers preparing for retirement and wealthier individuals increasing their fortunes. This surplus in savings increased the funds available for lending, driving down interest rates due to the basic principle of supply vs demand.However, this trend is showing signs of reversal. As baby boomers start to draw on their savings and countries like China face financial challenges, we could be approaching a savings downturn - Although the chart may suggest we are already there, as it has somewhat flattened since 2010…This potential shift could lead to higher long-term interest rates, impacting everything from the bond market to companies reliant on cheap loans.Yet, this change can present opportunities for investors. High quality investments, paired with a long term view stand to gain as the focus shifts from saving to building. Now more than ever, it's crucial to understand the importance of investing smartly to navigate the economic shifts.One place to start when trying to keep ahead of the curve is to establish the best tax wrappers to save into and then choose some good quality, low-cost investments that can help your money grow. The right start is vital, so it may be worth speaking to a financial planner if you aren’t certain.

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