Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Lee Burbidge on July 21, 2014, 02:19:16 pm
-
Can you see yourself retiring ( when you do) and your window cleaning company still operating?
-
Yes I can.. 2 of my sons will (kind of) franchise the business off of me.. better than any pension plan :)
-
the best plan is not to have one.
-
Biggest rip off/waste of money I ever invested in.
-
N.E.S.T......Take look at that
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
Take the upkeep of the property, landlord insurance plus taxes and you would be better off living on the savings alone.
That's if your lucky enough to get a decent tenant, I have a few mates who rent out their properties and you want to
hear some of the horror stories they could tell you, certainly put me of buying a second property to rent out.
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
Take the upkeep of the property, landlord insurance plus taxes and you would be better off living on the savings alone.
That's if your lucky enough to get a decent tenant, I have a few mates who rent out their properties and you want to
hear some of the horror stories they could tell you, certainly put me of buying a second property to rent out.
Were i live the best houses to buy are really cheap ones mayby 70grand, they rent for about £480 a month and usually its people on benefits who move straight in.
So you dont need to do anything to the house just make sure the basics are there and a lick of paint.
I know a lad only 25 who has over 700k of these type of property's and he is absoloutly rolling in it.
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
Take the upkeep of the property, landlord insurance plus taxes and you would be better off living on the savings alone.
That's if your lucky enough to get a decent tenant, I have a few mates who rent out their properties and you want to
hear some of the horror stories they could tell you, certainly put me of buying a second property to rent out.
Were i live the best houses to buy are really cheap ones mayby 70grand, they rent for about £480 a month and usually its people on benefits who move straight in.
So you dont need to do anything to the house just make sure the basics are there and a lick of paint.
I know a lad only 25 who has over 700k of these type of property's and he is absoloutly rolling in it.
he is prob in 700k of debt too
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
Take the upkeep of the property, landlord insurance plus taxes and you would be better off living on the savings alone.
That's if your lucky enough to get a decent tenant, I have a few mates who rent out their properties and you want to
hear some of the horror stories they could tell you, certainly put me of buying a second property to rent out.
Were i live the best houses to buy are really cheap ones mayby 70grand, they rent for about £480 a month and usually its people on benefits who move straight in.
So you dont need to do anything to the house just make sure the basics are there and a lick of paint.
I know a lad only 25 who has over 700k of these type of property's and he is absoloutly rolling in it.
he is prob in 700k of debt too
Well it doesnt matter if he is because if one house is empty then the others cover the payments, its the first 2 property's wich are hard to keep ontop of.
-
Hi Lee
Yes, I plan to use my business well into retirement. I want the business to mature over the years from a two man operation into a solid four man set up. I will be very much in the back ground but still around to oversee and help with challenges.
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
Take the upkeep of the property, landlord insurance plus taxes and you would be better off living on the savings alone.
That's if your lucky enough to get a decent tenant, I have a few mates who rent out their properties and you want to
hear some of the horror stories they could tell you, certainly put me of buying a second property to rent out.
Were i live the best houses to buy are really cheap ones mayby 70grand, they rent for about £480 a month and usually its people on benefits who move straight in.
So you dont need to do anything to the house just make sure the basics are there and a lick of paint.
I know a lad only 25 who has over 700k of these type of property's and he is absoloutly rolling in it.
he is prob in 700k of debt too
Well it doesnt matter if he is because if one house is empty then the others cover the payments, its the first 2 property's wich are hard to keep ontop of.
The problem is once you get a tenant in then its hard to get them out if they are bad payers or causing a disturbance.
Took my mate nearly 2 years to get a non payer out and cost him a fortune in the process.
In the end the scum bags done a moonlight flit but trashed the property before leaving.
One of my customers got it worse than that, the people she got in gutted the property and left it in that bad a state
that she was ordered to have it demolished at her own expense.
Both of these families showed no sign that they would have done the above when they first started renting the properties.
Yes renting out properties can work if luck is on your side but it can be a very risky business.
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
-
Mine ;D
-
Firstly, I'd like to say you'd be better off speaking to a financial adviser for financial advice than ask on a window lickers forum ;D
Personally, I think you should have a wide portfolio of investments (not savings!!), you want your money to grow.
So stocks and shares. Good long term "boring" utility stocks (there is always going to be a demand for these companies products and services), that pays a good dividend and steadily grows through the years.
If you know what you are doing with sharing trading, its probably the lest hassle way of getting rich.
Physical Gold bullion bars and gold coins. British gold coins are capital gains tax free and you pay no VAT on gold. Look at the gold charts for the last 40 years, they are not making anymore gold! there is always going to be a demand for solid gold especially from emerging nations like the middle east, India and China. Having about 10% - 20% of your portfolio in gold (physical not a gold stock), would be a very shrewd move imo.
Property. This is a pain in the arris as has been said already. But the cold hard truth is that I know a ton of property millionaires than any other sector, business or other wise. The trick is to have more than one property rented out.
Always buy in a good location, if its cheap chances are its crap, remember your investing money so only buy in the best locations. Do you have a university in your town? In Edinburgh there are 3 - 4 bed flats that rent out for £1400 - £2000 pcm. And that's not taking in to account the growth of the property.
Sure you will get the odd dodgy tenant now and again but put them on a 6 monthly agreement/contract, take a 75% deposit (for any damages), get two forms of reference (ideally from previous landlords or letting agents), furnish the flat with minimum IKEA furniture and find excuses to check up on them occasionally. That's what I do ;) whats the worst that can happen? Your not furnishing the flat with plasma TVs! Stories of tenants setting up a cannabis farm in your property or knocking down internal walls is a load of old cods walop.
Property tip: Are there any new estates being built in your area? Still at the planning stages? Do you know you can buy property from the architects / house builders plans at vastly reduced cost. (of course it is harder to get a mortgage for these types of property purchase) You wait till they are built and flip it! Sell it as soon as the door handles have been screwed on and make a very easy £20k - £30k or more without doing anything!
Here's another tip: look into the Shale energy industry and companies that are set to profit big time from mining/processing/servicing it. Its going to explode in a few years to come, taking over the Oil industry.
All these hippy protestors need to get a reality check and shut the hell up. They have no idea what they are banging on about! Britain has some of the worlds largest shale gas reserves. There's a lot of money to be made for the savvy investor.
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
-
Firstly, I'd like to say you'd be better off speaking to a financial adviser for financial advice than ask on a window lickers forum ;D
Personally, I think you should have a wide portfolio of investments (not savings!!), you want your money to grow.
So stocks and shares. Good long term "boring" utility stocks (there is always going to be a demand for these companies products and services), that pays a good dividend and steadily grows through the years.
If you know what you are doing with sharing trading, its probably the lest hassle way of getting rich.
Physical Gold bullion bars and gold coins. British gold coins are capital gains tax free and you pay no VAT on gold. Look at the gold charts for the last 40 years, they are not making anymore gold! there is always going to be a demand for solid gold especially from emerging nations like the middle east, India and China. Having about 10% - 20% of your portfolio in gold (physical not a gold stock), would be a very shrewd move imo.
Property. This is a pain in the arris as has been said already. But the cold hard truth is that I know a ton of property millionaires than any other sector, business or other wise. The trick is to have more than one property rented out.
Always buy in a good location, if its cheap chances are its crap, remember your investing money so only buy in the best locations. Do you have a university in your town? In Edinburgh there are 3 - 4 bed flats that rent out for £1400 - £2000 pcm. And that's not taking in to account the growth of the property.
Sure you will get the odd dodgy tenant now and again but put them on a 6 monthly agreement/contract, take a 75% deposit (for any damages), get two forms of reference (ideally from previous landlords or letting agents), furnish the flat with minimum IKEA furniture and find excuses to check up on them occasionally. That's what I do ;) whats the worst that can happen? Your not furnishing the flat with plasma TVs! Stories of tenants setting up a cannabis farm in your property or knocking down internal walls is a load of old cods walop.
Property tip: Are there any new estates being built in your area? Still at the planning stages? Do you know you can buy property from the architects / house builders plans at vastly reduced cost. (of course it is harder to get a mortgage for these types of property purchase) You wait till they are built and flip it! Sell it as soon as the door handles have been screwed on and make a very easy £20k - £30k or more without doing anything!
Here's another tip: look into the Shale energy industry and companies that are set to profit big time from mining/processing/servicing it. Its going to explode in a few years to come, taking over the Oil industry.
All these hippy protestors need to get a reality check and shut the hell up. They have no idea what they are banging on about! Britain has some of the worlds largest shale gas reserves. There's a lot of money to be made for the savvy investor.
i agree with most of what you say but i would recomend you look more closely at shale gas, this is not the profit making industry it is being advertised as moreover if it occurs on a large scale in our country the toxic effects to our water will be devastating. Look at what has happened in both america and australia with this industry before suggesting that all the protesters are hippy types who have no idea what they are on about.
-
Firstly, I'd like to say you'd be better off speaking to a financial adviser for financial advice than ask on a window lickers forum ;D
Personally, I think you should have a wide portfolio of investments (not savings!!), you want your money to grow.
So stocks and shares. Good long term "boring" utility stocks (there is always going to be a demand for these companies products and services), that pays a good dividend and steadily grows through the years.
If you know what you are doing with sharing trading, its probably the lest hassle way of getting rich.
Physical Gold bullion bars and gold coins. British gold coins are capital gains tax free and you pay no VAT on gold. Look at the gold charts for the last 40 years, they are not making anymore gold! there is always going to be a demand for solid gold especially from emerging nations like the middle east, India and China. Having about 10% - 20% of your portfolio in gold (physical not a gold stock), would be a very shrewd move imo.
Property. This is a pain in the arris as has been said already. But the cold hard truth is that I know a ton of property millionaires than any other sector, business or other wise. The trick is to have more than one property rented out.
Always buy in a good location, if its cheap chances are its crap, remember your investing money so only buy in the best locations. Do you have a university in your town? In Edinburgh there are 3 - 4 bed flats that rent out for £1400 - £2000 pcm. And that's not taking in to account the growth of the property.
Sure you will get the odd dodgy tenant now and again but put them on a 6 monthly agreement/contract, take a 75% deposit (for any damages), get two forms of reference (ideally from previous landlords or letting agents), furnish the flat with minimum IKEA furniture and find excuses to check up on them occasionally. That's what I do ;) whats the worst that can happen? Your not furnishing the flat with plasma TVs! Stories of tenants setting up a cannabis farm in your property or knocking down internal walls is a load of old cods walop.
Property tip: Are there any new estates being built in your area? Still at the planning stages? Do you know you can buy property from the architects / house builders plans at vastly reduced cost. (of course it is harder to get a mortgage for these types of property purchase) You wait till they are built and flip it! Sell it as soon as the door handles have been screwed on and make a very easy £20k - £30k or more without doing anything!
Here's another tip: look into the Shale energy industry and companies that are set to profit big time from mining/processing/servicing it. Its going to explode in a few years to come, taking over the Oil industry.
All these hippy protestors need to get a reality check and shut the hell up. They have no idea what they are banging on about! Britain has some of the worlds largest shale gas reserves. There's a lot of money to be made for the savvy investor.
i agree with most of what you say but i would recomend you look more closely at shale gas, this is not the profit making industry it is being advertised as moreover if it occurs on a large scale in our country the toxic effects to our water will be devastating. Look at what has happened in both america and australia with this industry before suggesting that all the protesters are hippy types who have no idea what they are on about.
The tax payer will subsidise it, the investors will make a fortune and the tax payers will be paying to clean up the mess for
many years to come.
Carpet Dawg is right its a win win for all investors.
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
Well thats life isnt it! You dont pay your bills they catch up on you... Everyones out to make money!
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
Well thats life isnt it! You dont pay your bills they catch up on you... Everyones out to make money!
The cowardly landlord who sends the local bell ends round to do his dirty work more like.
-
Getting back to the OP.
Am I the only one who'd be quite happy never to retire?
I like my work.
I'd get bored if I didn't work.
I think I'll work until the day I die, whether I need to or not.
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
Take the upkeep of the property, landlord insurance plus taxes and you would be better off living on the savings alone.
That's if your lucky enough to get a decent tenant, I have a few mates who rent out their properties and you want to
hear some of the horror stories they could tell you, certainly put me of buying a second property to rent out.
Were i live the best houses to buy are really cheap ones mayby 70grand, they rent for about £480 a month and usually its people on benefits who move straight in.
So you dont need to do anything to the house just make sure the basics are there and a lick of paint.
I know a lad only 25 who has over 700k of these type of property's and he is absoloutly rolling in it.
he is prob in 700k of debt too
Well it doesnt matter if he is because if one house is empty then the others cover the payments, its the first 2 property's wich are hard to keep ontop of.
Wait until base rates start rising. People haven't had it so good. If they go up to 5% he will be in trouble.
-
talking about shale gas
well, would you not rather position yourself to make a profit? its going to happen anyway. and from my research there has been a lot of scare m0ngering from the hippies.
See the thing is, a lot of people sit on their armchairs like old woman and say oh pensions are crap, property investing is crap, these investors are just lucky, that person is just lucky to have been at the right place at the right time etc etc well take the sails of life my friend steer your ship towards a new path of thinking! become the investor! take the risk, make it happen for you and your family and don't moan about other peoples success. Everyone has the same 24 hours in the day.
Look at this thread for example, everyone is negative about how rubbish pensions are and what a bad idea property investing is. So? whats the answer to the OP question then? no one has given an answer apart from me.
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
Well thats life isnt it! You dont pay your bills they catch up on you... Everyones out to make money!
The cowardly landlord who sends the local bell ends round to do his dirty work more like.
Well the person living in the house should rent it if they cant afford it :s
-
The return on pensions is rubbish,that is if you any return at all
If you have cash on the hip property is always a good investment
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
Well thats life isnt it! You dont pay your bills they catch up on you... Everyones out to make money!
The cowardly landlord who sends the local bell ends round to do his dirty work more like.
Well the person living in the house should rent it if they cant afford it :s
The landlord should take time to try and get proper tenants who'll pay the rent, if that doesn't work they should then take appropriate legal steps to resolve the situation.
Relying on some tin pot 'gangster' to ensure the business stays on an even keel strikes me as immature and somewhat naive.
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
Well thats life isnt it! You dont pay your bills they catch up on you... Everyones out to make money!
The cowardly landlord who sends the local bell ends round to do his dirty work more like.
Well the person living in the house should rent it if they cant afford it :s
The landlord should take time to try and get proper tenants who'll pay the rent, if that doesn't work they should then take appropriate legal steps to resolve the situation.
Relying on some tin pot 'gangster' to ensure the business stays on an even keel strikes me as immature and somewhat naive.
You must be one of them people who tells kids " dont his him back go and tell the teacher"
The only way of solving thins nowadays is old school
-
When im in a position paying myself a good wage i shall pay money into a savings account, then invest into a second house in years to come and eventually that will be my pension renting it out. Alongside my business that my kids will be running (hopefully)
Take the upkeep of the property, landlord insurance plus taxes and you would be better off living on the savings alone.
That's if your lucky enough to get a decent tenant, I have a few mates who rent out their properties and you want to
hear some of the horror stories they could tell you, certainly put me of buying a second property to rent out.
Were i live the best houses to buy are really cheap ones mayby 70grand, they rent for about £480 a month and usually its people on benefits who move straight in.
So you dont need to do anything to the house just make sure the basics are there and a lick of paint.
I know a lad only 25 who has over 700k of these type of property's and he is absoloutly rolling in it.
he is prob in 700k of debt too
Well it doesnt matter if he is because if one house is empty then the others cover the payments, its the first 2 property's wich are hard to keep ontop of.
I have done the exact same thing :)
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
Well thats life isnt it! You dont pay your bills they catch up on you... Everyones out to make money!
The cowardly landlord who sends the local bell ends round to do his dirty work more like.
Well the person living in the house should rent it if they cant afford it :s
The landlord should take time to try and get proper tenants who'll pay the rent, if that doesn't work they should then take appropriate legal steps to resolve the situation.
Relying on some tin pot 'gangster' to ensure the business stays on an even keel strikes me as immature and somewhat naive.
You must be one of them people who tells kids " dont his him back go and tell the teacher"
The only way of solving thins nowadays is old school
Old school?
Please enlighten me?
-
Yes i totally agree! But you are within your rights to check up every now and again.
Also the guy i mentioned is good mates with the local "gangster" if you like so i imagine any money owed he would always get, likewise if i ever rented a property out.
But for most people it is a very risky way.
Hopefully the tenant doesn't go to the police to complain about the local bully boy demanding money with menaces and the said bully doesn'tthen sing like a canary (his type always do) and drop you right in it ;D
I assure you the police would advise the money got paid as soon as they know he was involved haha
What a wonderful way to do business and a lovely area your tenants will be living ::)roll
Well thats life isnt it! You dont pay your bills they catch up on you... Everyones out to make money!
The cowardly landlord who sends the local bell ends round to do his dirty work more like.
Well the person living in the house should rent it if they cant afford it :s
The landlord should take time to try and get proper tenants who'll pay the rent, if that doesn't work they should then take appropriate legal steps to resolve the situation.
Relying on some tin pot 'gangster' to ensure the business stays on an even keel strikes me as immature and somewhat naive.
You must be one of them people who tells kids " dont his him back go and tell the teacher"
The only way of solving thins nowadays is old school
Old school?
Please enlighten me?
Well if you play by the rules nothing gets done and it costs a fortune.
My van got keyed a few years ago so for once we rang the police and told them i had a withheld call threatening to come back and do it again. I asked the police persons "can you trace these numbers?" He said yes but only in life threatening circumstances 😁 so basically the police cant do anything unless i physically caught them.
-
Well let's have complete anarchy then I'm sure we'll achieve more.
Are you so jaded by life that one incident has set you a path that issues can only be resolved through force?
What do you do if the tenants brother is bigger than yours?
-
Am I the only one who'd be quite happy never to retire?
I like my work.
I'd get bored if I didn't work.
I think I'll work until the day I die, whether I need to or not.
We don't know what's around the corner though. Our health may force us to retire.
I've got a pretty good army pension; payable from when I'm sixty years old.
-
The return on pensions is rubbish,that is if you any return at all
If you have cash on the hip property is always a good investment
Interesting thread. There is no right and wrong way. Everyone is different and at different stages in their lives their needs are different. I for one don't want to invest just one way. The first thing I did was get an offset mortgage. My wife an I paid our mortgage off after 15 years. Paying interest on a mortgage is a killer - get shot as soon as you can I say - and an offset mortgage effectively gives you interest on your savings at your mortgage rate. Usually this is significantly higher than the savings rate.
Re. the OP's original question I have had several pensions set up for years now. Here is the annual return in % (that is, increase in fund size) on each for the last 12 years. These figures exclude the contributions I make (I have another spreadsheet that tracks this too... ::)roll ), so this is exactly how each has performed.... Remember these are % growths, like interest.
Pension 1
23.898
18.882
-3.436
53.429
33.537
42.639
18.578
3.245
-9.904
The average is 20.61% per year growth
Pension 2
107.9
130.6
53.0
55.8
29.7
13.9
-6.8
46.1
23.2
9.2
17.9
21.9
The average is 41.87% per year growth
Pension 3
19.4
60.9
38.6
36.0
28.9
-4.8
-16.6
36.0
3.5
10.0
5.2
6.0
52.686
11.558
11.669
19.382
12.400
The average is 18.60% per year growth
As you can see there are some years where the pension fund has reduced in size, indicated by a minus growth figure, but generally they grow and grow well. I'm happy, but won't be taking out any more as I'm 51 next month and want a spread of investments as it were. As they say, the key is to start these things early, even if it's a small amount - £20 a month. I also get the government to gross my contributions up, rather than getting tax relief on them. Also do a bit of research about "pound-cost averaging": http://www.moneyextra.com/dictionary/pound-cost-averaging-003482.html
And yep, back in the Eighties I used to sell pensions and savings plans for a life assurance company :)
I'd say do a bit of reading on the internet on Money Saving Expert and similar and then see a financial advisor. Don't go to a bank or a building society as they will only sell you their products which may not be the best on the market.
Hope this has helped.
-
Well let's have complete anarchy then I'm sure we'll achieve more.
Are you so jaded by life that one incident has set you a path that issues can only be resolved through force?
What do you do if the tenants brother is bigger than yours?
The bigger they are the faster they fall didnt you know?
-
Well let's have complete anarchy then I'm sure we'll achieve more.
Are you so jaded by life that one incident has set you a path that issues can only be resolved through force?
What do you do if the tenants brother is bigger than yours?
The bigger they are the faster they fall didnt you know?
Are you a teenager?
-
Im 22 suprised you dont already know ;D
-
Im 22 suprised you dont already know ;D
No I didn't but it explains things ;D
-
The return on pensions is rubbish,that is if you any return at all
If you have cash on the hip property is always a good investment
Interesting thread. There is no right and wrong way. Everyone is different and at different stages in their lives their needs are different. I for one don't want to invest just one way. The first thing I did was get an offset mortgage. My wife an I paid our mortgage off after 15 years. Paying interest on a mortgage is a killer - get shot as soon as you can I say - and an offset mortgage effectively gives you interest on your savings at your mortgage rate. Usually this is significantly higher than the savings rate.
Re. the OP's original question I have had several pensions set up for years now. Here is the annual return in % (that is, increase in fund size) on each for the last 12 years. These figures exclude the contributions I make (I have another spreadsheet that tracks this too... ::)roll ), so this is exactly how each has performed.... Remember these are % growths, like interest.
Pension 1
23.898
18.882
-3.436
53.429
33.537
42.639
18.578
3.245
-9.904
The average is 20.61% per year growth
Pension 2
107.9
130.6
53.0
55.8
29.7
13.9
-6.8
46.1
23.2
9.2
17.9
21.9
The average is 41.87% per year growth
Pension 3
19.4
60.9
38.6
36.0
28.9
-4.8
-16.6
36.0
3.5
10.0
5.2
6.0
52.686
11.558
11.669
19.382
12.400
The average is 18.60% per year growth
As you can see there are some years where the pension fund has reduced in size, indicated by a minus growth figure, but generally they grow and grow well. I'm happy, but won't be taking out any more as I'm 51 next month and want a spread of investments as it were. As they say, the key is to start these things early, even if it's a small amount - £20 a month. I also get the government to gross my contributions up, rather than getting tax relief on them. Also do a bit of research about "pound-cost averaging": http://www.moneyextra.com/dictionary/pound-cost-averaging-003482.html
And yep, back in the Eighties I used to sell pensions and savings plans for a life assurance company :)
I'd say do a bit of reading on the internet on Money Saving Expert and similar and then see a financial advisor. Don't go to a bank or a building society as they will only sell you their products which may not be the best on the market.
Hope this has helped.
best thing i ever did was buy property,i was lucky enough to have
a large amount of cash on the hip.I bought a couple of properties
here in the late nineties and several cheap properties in bulgaria
in 2000 in the varna and bansko areas,before they entered the
EU.
I guarantee a pension wouldnt of given me the kind of return
i got when i sold in 2007.
55 im retiring all being well healthwise i shall be leaving for
Italia matey and will be living my dream :)
-
The return on pensions is rubbish,that is if you any return at all
If you have cash on the hip property is always a good investment
Interesting thread. There is no right and wrong way. Everyone is different and at different stages in their lives their needs are different. I for one don't want to invest just one way. The first thing I did was get an offset mortgage. My wife an I paid our mortgage off after 15 years. Paying interest on a mortgage is a killer - get shot as soon as you can I say - and an offset mortgage effectively gives you interest on your savings at your mortgage rate. Usually this is significantly higher than the savings rate.
Re. the OP's original question I have had several pensions set up for years now. Here is the annual return in % (that is, increase in fund size) on each for the last 12 years. These figures exclude the contributions I make (I have another spreadsheet that tracks this too... ::)roll ), so this is exactly how each has performed.... Remember these are % growths, like interest.
Pension 1
23.898
18.882
-3.436
53.429
33.537
42.639
18.578
3.245
-9.904
The average is 20.61% per year growth
Pension 2
107.9
130.6
53.0
55.8
29.7
13.9
-6.8
46.1
23.2
9.2
17.9
21.9
The average is 41.87% per year growth
Pension 3
19.4
60.9
38.6
36.0
28.9
-4.8
-16.6
36.0
3.5
10.0
5.2
6.0
52.686
11.558
11.669
19.382
12.400
The average is 18.60% per year growth
As you can see there are some years where the pension fund has reduced in size, indicated by a minus growth figure, but generally they grow and grow well. I'm happy, but won't be taking out any more as I'm 51 next month and want a spread of investments as it were. As they say, the key is to start these things early, even if it's a small amount - £20 a month. I also get the government to gross my contributions up, rather than getting tax relief on them. Also do a bit of research about "pound-cost averaging": http://www.moneyextra.com/dictionary/pound-cost-averaging-003482.html
And yep, back in the Eighties I used to sell pensions and savings plans for a life assurance company :)
I'd say do a bit of reading on the internet on Money Saving Expert and similar and then see a financial advisor. Don't go to a bank or a building society as they will only sell you their products which may not be the best on the market.
Hope this has helped.
best thing i ever did was buy property,i was lucky enough to have
a large amount of cash on the hip.I bought a couple of properties
here in the late nineties and several cheap properties in bulgaria
in 2000 in the varna and bansko areas,before they entered the
EU.
I guarantee a pension wouldnt of given me the kind of return
i got when i sold in 2007.
55 im retiring all being well healthwise i shall be leaving for
Italia matey and will be living my dream :)
Good on ya Gary :)
-
My main priority is to build a good customer base alongside a well run business... Im young now and progressing quite well.
Once i decide to retire i will either have kids running it or workers and just keep in the background chasing money up etc.
I should imagine i would be able to pay myself a decent pension out of the business.
If all goes to play i will of bought another house to rent out aswell in years to come.
-
Am I the only one who'd be quite happy never to retire?
I like my work.
I'd get bored if I didn't work.
I think I'll work until the day I die, whether I need to or not.
We don't know what's around the corner though. Our health may force us to retire.
I've got a pretty good army pension; payable from when I'm sixty years old.
This is true.
I have things in place in case the worst should happen. (I don't mean dying)
A pension won't be drawable if i just feel like needing it though...