Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Stoots on July 12, 2022, 09:11:53 am
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Not really window cleaning but relevant to us self employed.
I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).
Anyway can anyone advise on the best retirement strategy going forward ?
I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?
What does everyone else do ?
Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.
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I don’t bother with pensions , I have buy to let and put money in the stock market . It’s a bear market at the moment so the best time to buy
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My accountant always says, any spare money, out it on a buy to let mortgage.
If I was you I would go and see someone to tell you what options you have.
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My accountant always says, any spare money, out it on a buy to let mortgage.
If I was you I would go and see someone to tell you what options you have.
Cheers
I think that would be my preferred option property but don't know if I would get another mortgage .
I guess a mortgage adviser would be the person to talk to thanks
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Might be worth paying for financial advice. A lot of the 'free' financial advice is just a way of selling policies be that pensions, life insurance, loss of earnings, critical illness etc.
That said I'm not sure how you find a good reputable (if they exist) financial adviser!
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A pension or ISA is just "Wrapper" in which to hold an investment, you need to figure out which investment to hold.
I hold a range of investments. As an example: The City of London Investment Trust currently yields 4.75% and has increased it's dividend for over 50 consecutive years.
I would try and educate myself about the world of investments. Personally I favour pooled investments - Investments Trusts and ETFs which have lower charges.
If you were to invest between 1 or 2 days monthly income you would in time build a decent nest egg.
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Not really window cleaning but relevant to us self employed.
I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).
Anyway can anyone advise on the best retirement strategy going forward ?
I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?
What does everyone else do ?
Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.
If you're going to start a pension the only thing that matters is charges*. It's been proven that no-one can beat the market consistently, so put your money into the cheapest index tracker you can find. At the moment, by far the lowest charges are with Vanguard (0.15% overall then choose index tracker funds with lowest charges inside that). All online, dead easy to start, minimum investment either £500 lump or £100 a month.
Don't delay. The later you start the less money you'll get back. 40 is not too late to start. It's definitely better than starting at 41.
Vin
*If I'd been with Vanguard paying their charges since I started saving, I've calculated that my pot would be 40-50% bigger than it currently is. Small percentages matter as they compound over time. Salesmen will sell you policies with the highest commissions they can. Guess who pays their fees?
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A pension or ISA is just "Wrapper" in which to hold an investment, you need to figure out which investment to hold.
I hold a range of investments. As an example: The City of London Investment Trust currently yields 4.75% and has increased it's dividend for over 50 consecutive years.
I would try and educate myself about the world of investments. Personally I favour pooled investments - Investments Trusts and ETFs which have lower charges.
If you were to invest between 1 or 2 days monthly income you would in time build a decent nest egg.
Yes you are right I don't understand any if that.
I'll get my headphones in whilst working and find some audio on the subject ;) cheers
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Not really window cleaning but relevant to us self employed.
I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).
Anyway can anyone advise on the best retirement strategy going forward ?
I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?
What does everyone else do ?
Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.
If you're going to start a pension the only thing that matters is charges*. It's been proven that no-one can beat the market consistently, so put your money into the cheapest index tracker you can find. At the moment, by far the lowest charges are with Vanguard (0.15% overall then choose index tracker funds with lowest charges inside that). All online, dead easy to start, minimum investment either £500 lump or £100 a month.
Don't delay. The later you start the less money you'll get back. 40 is not too late to start. It's definitely better than starting at 41.
Vin
*If I'd been with Vanguard paying their charges since I started saving, I've calculated that my pot would be 40-50% bigger than it currently is. Small percentages matter as they compound over time. Salesmen will sell you policies with the highest commissions they can. Guess who pays their fees?
Cheers Vin I'll have a look into that.
Yes I once phoned what I thought was an independent financial advisor a few years ago. He came round to my house "free" . But I soon realised his advise wasn't really that independent as he tried to sell me a pension with quite a high commission when all I was really after was advice so I guess I spoke to the wrong person.
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A pension or ISA is just "Wrapper" in which to hold an investment, you need to figure out which investment to hold.
I hold a range of investments. As an example: The City of London Investment Trust currently yields 4.75% and has increased it's dividend for over 50 consecutive years.
I would try and educate myself about the world of investments. Personally I favour pooled investments - Investments Trusts and ETFs which have lower charges.
If you were to invest between 1 or 2 days monthly income you would in time build a decent nest egg.
Yes you are right I don't understand any if that.
I'll get my headphones in whilst working and find some audio on the subject ;) cheers
Happy to have a chat if you want to drop me a line.
I'm not an expert and I'm definitely not a financial adviser but I've been burnt badly enough to know what to do in general terms.
You also MUST speak to your accountant. Set up properly, payments into a pension come out of your salary before it is taxed, so your payments are tax-free. Effectively, put in £100 and £100 + refunded tax goes in. But beware of your accountant telling you to speak to his mate, the financial adviser - you know where that's leading.
Vin
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I don’t trust any financial advisors really. But I did start a pension with these people a couple of years back: https://getpenfold.com/
It’s app based. Might be worth you having a look. Takes 5 mins to setup. You can stop & start when you want & you don’t have to speak to anyone. Seems to gave good reviews.
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Not really window cleaning but relevant to us self employed.
I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).
Anyway can anyone advise on the best retirement strategy going forward ?
I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?
What does everyone else do ?
Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.
If you're going to start a pension the only thing that matters is charges*. It's been proven that no-one can beat the market consistently, so put your money into the cheapest index tracker you can find. At the moment, by far the lowest charges are with Vanguard (0.15% overall then choose index tracker funds with lowest charges inside that). All online, dead easy to start, minimum investment either £500 lump or £100 a month.
Don't delay. The later you start the less money you'll get back. 40 is not too late to start. It's definitely better than starting at 41.
Vin
*If I'd been with Vanguard paying their charges since I started saving, I've calculated that my pot would be 40-50% bigger than it currently is. Small percentages matter as they compound over time. Salesmen will sell you policies with the highest commissions they can. Guess who pays their fees?
Good post Vin. This is also my strategy by way of investing through a s&s isa, that way I have full control. I spend an hour or so each week reading and learning about the various trackers and indexes and stick to those rather than individual shares. One day hope to have enough to live off the interest and growth relatively risk free.
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Not really window cleaning but relevant to us self employed.
I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).
Anyway can anyone advise on the best retirement strategy going forward ?
I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?
What does everyone else do ?
Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.
i wouldnt worry about pensions mate...you ll be pushing up the daises before retirement age
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Getting the right property at the right price with good rent potential can be a good investment. I get a 10% yield on two properties, they have also risen in value substantially since I bought them in 2016. But there is less tax relief available now on mortgage payments and there is a 3% additional charge for LBTT tax / Stamp duty for second homes ( I managed to avoid this as I bought mine before it was implemented in April 2016)
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Not really window cleaning but relevant to us self employed.
I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).
Anyway can anyone advise on the best retirement strategy going forward ?
I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?
What does everyone else do ?
Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.
i wouldnt worry about pensions mate...you ll be pushing up the daises before retirement age
Brilliant 😂
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I know you commented recently on you getting a mortgage and your repayments are quite low.
Although not an investment with interest rates so low I would also recommend while your earning good money to overpay your mortgage you will be surprised just how much interest long term and time you can shave of your current mortgage.
This could give you a deposit when you decide to re mortgage.
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If you pay for advice they will say it depends on your 'attitude to risk' what you do with spare money.
A safe bet is a NEST pension or similar as they have lower charges, the advantage of a pension is that if you pay in £100 the government put 20% or so, so that's free money. Time spent in the market is important and at 40 you have time for your money to grow
I have some of my Emergency money in Vanguard S & P 500 fund as that has really grown well historically.
Another worthwhile thing is overpaying your mortgage a bit once you have about 6 months in bills saved up, I saw my mortgage as a debt and always overpaid and have never regretted it.
Those are all low risk options, there is probably more money to be made if you are willing to risk some or all of your money
Glad to se someone thinking about the future so many just spend what they earn, when things are going well and then when they get older they have nothing to fall back on, having said that try and enjoy yourself as well,, ;D
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State pension and savings....that's it for me...
I have no plans to retire though.i will only retire when I'm forced to.
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My missus is overpaying her mortgage so she ll/we ll be mortgage free by the time we re 55.shes also spent thousands on new driveway,fencing,garden and decorated every room in the house with new wallpaper,furniture and I now have a dedicated drum room! ;D
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(http://www.cleanitup.co.uk/smf/1657644983_Screenshot_20220712-175543_Photos.jpg)
Hours of fun in this room(without annoying neighbours too!)😛😛
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What’s the difference between a drummer and a savings bond?
One will mature and make money.
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
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What’s the difference between a drummer and a savings bond?
One will mature and make money.
I've probably got more money in the bank than you mate! ;D
I never want to grow up!what into?a grumpy,sneering adult/troll with a large chip on their shoulder?
No thanks!😄😄😄
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Do you consider yourself semi retired now then ?
Personally id think of 1 or 2 days a week as semi retirement not 4
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Do you consider yourself semi retired now then ?
Personally id think of 1 or 2 days a week as semi retirement not 4
I’m semi retired at 34 mate, I now average 8-1pm everyday. It’s almost laughable ;D
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Do you consider yourself semi retired now then ?
Personally id think of 1 or 2 days a week as semi retirement not 4
I don't work full time that's for sure Adam...20-25 hours a week is the norm for me.the great thing is we can pick and choose what days we work...
Some weeks I might do 5 x 5 hour days then only work 2 days the week after.it depends.others it's a steady 4 day week.
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
It can do if ones choose to do it that way I think it’s a very good idea , Ime in the process of cutting back and only working 3 days a week for 3 weeks of the month , and taking it a bit easier .
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
My life does mate....I'm living it every single day.... ;D
The truth is most people will not live beyond 75..
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Am I missing something? The guys got no money and people are mentioning buy to let and investments….. he hasn’t got a pot to pizz into you might as well tell him to put his money into antique Rolex watches or Fabergé Eggs
How much money do you actually have? £50 , £5k or £50k? Without know that any advice is guesswork
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Difficult one. Depends what makes him happy, have family and kids? Want to leave them something or blow everything on yourself and stuff the future.
Just need a bit of balance in life. Save a bit, spend a bit and get out whilst the going is good.
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Am I missing something? The guys got no money and people are mentioning buy to let and investments….. he hasn’t got a pot to pizz into you might as well tell him to put his money into antique Rolex watches or Fabergé Eggs
How much money do you actually have? £50 , £5k or £50k? Without know that any advice is guesswork
I take it you didn’t know that you can get a buy to let mortgage based on affordability?
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Am I missing something? The guys got no money and people are mentioning buy to let and investments….. he hasn’t got a pot to pizz into you might as well tell him to put his money into antique Rolex watches or Fabergé Eggs
How much money do you actually have? £50 , £5k or £50k? Without know that any advice is guesswork
That’s bang out of order.
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
My life does mate....I'm living it every single day.... ;D
The truth is most people will not live beyond 75..
You might not get to choose when you retire or die.
Are you aiming for 75 to retire and die soon after then?
I'll hold you to that and if I'm still here, can I have the drum kit?
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For years I saved up my Christmas tips and bought a Stradivarius and a Picasso as investments.
Unfortunately, Stradivari was rubbish at painting and Picasso couldn't make a fiddle to save his life.
Although worthless, they'd look good on the wall of a dedicated drum room.
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Not really window cleaning but relevant to us self employed.
I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).
Anyway can anyone advise on the best retirement strategy going forward ?
I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?
What does everyone else do ?
Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.
You are buying your house which is the mainstay. Although no one wants to it can provide money in later life if really necessary.
Assuming that you have savings/credit for replacement vehicle and house upkeep I would aim for six months of monthly income in a cash ISA.
After that even a couple of hundred (or even one hundred if really low on spare cash) a month in a pension will build. It's not going into the market at the right time but being in the market for a long time that works.
If you ever have enough savings or even inherit money then a deposit on property is a good way forward using your current house equity.
Put SOMETHING away every month.
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
My life does mate....I'm living it every single day.... ;D
The truth is most people will not live beyond 75..
You might not get to choose when you retire or die.
Are you aiming for 75 to retire and die soon after then?
I'll hold you to that and if I'm still here, can I have the drum kit?
What I'm saying is by the time I retire my state pension will be enough to live on plus my savings.i won't be jetting off to the Maldives on holiday will I?it'll be a trip to Llandudno or Blackpool ;D ;D ;D
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
It can do if ones choose to do it that way I think it’s a very good idea , Ime in the process of cutting back and only working 3 days a week for 3 weeks of the month , and taking it a bit easier .
I think you need to mate for your own health and sanity.for me personally shorter working hours and more leisure time is the best way to live at my present age of 50.i also don't get too fed up of cleaning and work more efficiently
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
My life does mate....I'm living it every single day.... ;D
The truth is most people will not live beyond 75..
You might not get to choose when you retire or die.
Are you aiming for 75 to retire and die soon after then?
I'll hold you to that and if I'm still here, can I have the drum kit?
What I'm saying is by the time I retire my state pension will be enough to live on plus my savings.i won't be jetting off to the Maldives on holiday will I?it'll be a trip to Llandudno or Blackpool ;D ;D ;D
Them care homes soon go through your savings, Daz.
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When I was made redundant 18yrs ago I was advised not to put into a private pension (the frozen one I had wouldn't even let me), they were performing so badly. I was told to put money aside into an isa,which I've done ever since. I don't trust "advisors" whatsoever, they're all in it for themselves so have carried on down this line. Fairly sure I could have done better but going back to the op, the important thing is to at least set aside some money (and at 40,as much as you can afford each month). Everything investment wise comes with a risk, at least my savings are relatively safe and I have full control over them and 100‰ of it will be passed onto to family in the event of my demise.of course the bad side is that although isa rates are improving, they're way behind inflation. I'm not advocating what I've done is the right way to go, but definitely a good start even if it's temporary and you use the money later on in a different way. I've come across so many people who have been massively dissapointed with their pensions and wish they'd gone down a different route. It's a minefield really, but whatever you do, don't do nothing.
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When I was made redundant 18yrs ago I was advised not to put into a private pension (the frozen one I had wouldn't even let me), they were performing so badly. I was told to put money aside into an isa,which I've done ever since. I don't trust "advisors" whatsoever, they're all in it for themselves so have carried on down this line. Fairly sure I could have done better but going back to the op, the important thing is to at least set aside some money (and at 40,as much as you can afford each month). Everything investment wise comes with a risk, at least my savings are relatively safe and I have full control over them and 100‰ of it will be passed onto to family in the event of my demise.of course the bad side is that although isa rates are improving, they're way behind inflation. I'm not advocating what I've done is the right way to go, but definitely a good start even if it's temporary and you use the money later on in a different way. I've come across so many people who have been massively dissapointed with their pensions and wish they'd gone down a different route. It's a minefield really, but whatever you do, don't do nothing.
Makes no sense.
You can hold the same investments in an ISA as you can in a pension. It is not the ISA or pension that performs but the investments held in them.
One thing with holding cash at the moment, you are guaranteed to lose money when you compare the interest you earn with inflation. This has been the case for the last 10 years or more.
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
My life does mate....I'm living it every single day.... ;D
The truth is most people will not live beyond 75..
You might not get to choose when you retire or die.
Are you aiming for 75 to retire and die soon after then?
I'll hold you to that and if I'm still here, can I have the drum kit?
What I'm saying is by the time I retire my state pension will be enough to live on plus my savings.i won't be jetting off to the Maldives on holiday will I?it'll be a trip to Llandudno or Blackpool ;D ;D ;D
If inflation stays around 5-10% Daz, and you are getting less than 1% interest on your savings, in 20 years time your savings will have eroded to the point that they are next to worthless.
Wise up and learn the very basics of investing if even to just beat inflation.
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Invest in Crypto, thats where the big money is !! ;D ;D ;D
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
My life does mate....I'm living it every single day.... ;D
The truth is most people will not live beyond 75..
You might not get to choose when you retire or die.
Are you aiming for 75 to retire and die soon after then?
I'll hold you to that and if I'm still here, can I have the drum kit?
What I'm saying is by the time I retire my state pension will be enough to live on plus my savings.i won't be jetting off to the Maldives on holiday will I?it'll be a trip to Llandudno or Blackpool ;D ;D ;D
If inflation stays around 5-10% Daz, and you are getting less than 1% interest on your savings, in 20 years time your savings will have eroded to the point that they are next to worthless.
Wise up and learn the very basics of investing if even to just beat inflation.
I very much doubt £300,000+ will be worthless in 20 years time mate.inflation will not stay at 5-10% either.just as interest rates will not stay the same either.
I also add to my monthly savings every time I put my prices up
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You’re going to work into your late seventies you said then likely die at seventy five. How will you spend your £300,00 out of interest?
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You’re going to work into your late seventies you said then likely die at seventy five. How will you spend your £300,00 out of interest?
Funeral costs.....I want it to rival James Brown's funeral!🤣🤣🤣
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When I was made redundant 18yrs ago I was advised not to put into a private pension (the frozen one I had wouldn't even let me), they were performing so badly. I was told to put money aside into an isa,which I've done ever since. I don't trust "advisors" whatsoever, they're all in it for themselves so have carried on down this line. Fairly sure I could have done better but going back to the op, the important thing is to at least set aside some money (and at 40,as much as you can afford each month). Everything investment wise comes with a risk, at least my savings are relatively safe and I have full control over them and 100‰ of it will be passed onto to family in the event of my demise.of course the bad side is that although isa rates are improving, they're way behind inflation. I'm not advocating what I've done is the right way to go, but definitely a good start even if it's temporary and you use the money later on in a different way. I've come across so many people who have been massively dissapointed with their pensions and wish they'd gone down a different route. It's a minefield really, but whatever you do, don't do nothing.
Makes no sense.
You can hold the same investments in an ISA as you can in a pension. It is not the ISA or pension that performs but the investments held in them.
One thing with holding cash at the moment, you are guaranteed to lose money when you compare the interest you earn with inflation. This has been the case for the last 10 years or more.
A fixed rate cash isa is fixed for whatever term you choose so doesn't have the risk attached, (also the rewards are modest). I don't disagree at all that with high inflation I'm losing out but who's to say I wouldn't lose out even more if I go down the stocks and shares route, one of my family lost near on 100k when covid kicked in. There's no simple answer, there's risk with most avenues of investment. I must say, the higher inflation gets though, the more I'm leaning towards going down that route.
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If you had put money into a Vanguard etf that tracks the worldwide market, it would have doubled in value over the last 10 years and you also would have dividend payments.
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I very much doubt £300,000+ will be worthless in 20 years time mate.
Its unlikeley to be able to buy a house with it in 20 years time though.
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I blow all my cash . Just waiting for the wife’s parents to shake a 7 . Then I’m set for life .
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Back to pensions... personally I don't trust them.the amount of money you need to put away to get even a modest,small income is eye watering...no thanks!
I'd rather semi retire now at 50 and enjoy more leisure time NOW,go on the fancy holidays,etc NOW and work part time for longer (health permitting of course)....
By the time I retire fully I'll be knackered and ready to die anyway!😄
Life doesn't work like that, Daz.
My life does mate....I'm living it every single day.... ;D
The truth is most people will not live beyond 75..
You might not get to choose when you retire or die.
Are you aiming for 75 to retire and die soon after then?
I'll hold you to that and if I'm still here, can I have the drum kit?
What I'm saying is by the time I retire my state pension will be enough to live on plus my savings.i won't be jetting off to the Maldives on holiday will I?it'll be a trip to Llandudno or Blackpool ;D ;D ;D
If inflation stays around 5-10% Daz, and you are getting less than 1% interest on your savings, in 20 years time your savings will have eroded to the point that they are next to worthless.
Wise up and learn the very basics of investing if even to just beat inflation.
I very much doubt £300,000+ will be worthless in 20 years time mate.inflation will not stay at 5-10% either.just as interest rates will not stay the same either.
I also add to my monthly savings every time I put my prices up
Worthless was probably the wrong word, however it will be worth a huge amount less than if it was invested properly to beat inflation.
You refer to the inflation calculator Daz to show the importance of putting prices up. The same applies for your savings and compound interest.
Here, have a play with this calculator and educate yourself:-
https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
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I took out a Stakeholder pension years ago to take advantage of the 20% tax relief but I'm not impressed with it.
According to predicted payout I will have to live until I'm about 120 yrs old to get back what I've paid in!
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I took out a Stakeholder pension years ago to take advantage of the 20% tax relief but I'm not impressed with it.
According to predicted payout I will have to live until I'm about 120 yrs old to get back what I've paid in!
Exactly!I don't trust them with my money at all.....
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I understand compound interest substantially grows your savings over a long period of time but who do you trust with your money?most banks don't offer compound interest.
Who do you take advice from?a bunch of window cleaners?or financial advisors?(I don't trust them!) ::)roll
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Of course you get compound interest in your bank. Once you get your interest after say year one, the next year’s interest is calculated from your new amount. That’s compound interest.
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I understand compound interest substantially grows your savings over a long period of time but who do you trust with your money?most banks don't offer compound interest.
Who do you take advice from?a bunch of window cleaners?or financial advisors?(I don't trust them!) ::)roll
Neither mate. Do it yourself and research where to invest. Vanguard and trading accounts etc. you have control of your money, but you need to do your own research.
That 250k would turn into 500k in 10 years, and then interest in that would mean you would gain on average 50k per year purely from interest.
So 50k a year without ever touching the big pot.
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Of course you get compound interest in your bank. Once you get your interest after say year one, the next year’s interest is calculated from your new amount. That’s compound interest.
Problem is that banks giving 0.01 % is basically the same as a kick in the pants.
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I understand compound interest substantially grows your savings over a long period of time but who do you trust with your money?most banks don't offer compound interest.
Who do you take advice from?a bunch of window cleaners?or financial advisors?(I don't trust them!) ::)roll
Neither mate. Do it yourself and research where to invest. Vanguard and trading accounts etc. you have control of your money, but you need to do your own research.
That 250k would turn into 500k in 10 years, and then interest in that would mean you would gain on average 50k per year purely from interest.
So 50k a year without ever touching the big pot.
Sounds wonderful, if it was that reliable and easy, the whole world would be doing it at those sort of returns but their not, because it can go tits up just as easily. Like I said earlier, a family member lost 100k very quickly, it was a very stressful experience for them as you can imagine, especially as both retired so no working income coming in. Things have come back for them but it's an eye opener.
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I understand compound interest substantially grows your savings over a long period of time but who do you trust with your money?most banks don't offer compound interest.
Who do you take advice from?a bunch of window cleaners?or financial advisors?(I don't trust them!) ::)roll
Neither mate. Do it yourself and research where to invest. Vanguard and trading accounts etc. you have control of your money, but you need to do your own research.
That 250k would turn into 500k in 10 years, and then interest in that would mean you would gain on average 50k per year purely from interest.
So 50k a year without ever touching the big pot.
Sounds wonderful, if it was that reliable and easy, the whole world would be doing it at those sort of returns but their not, because it can go tits up just as easily. Like I said earlier, a family member lost 100k very quickly, it was a very stressful experience for them as you can imagine, especially as both retired so no working income coming in. Things have come back for them but it's an eye opener.
I’m guessing your family member withdrew his investment straight after the pandemic slump? Very silly. The markets bounced right back within weeks to record levels.
We’re talking here about investing over many years, trying to make a quick buck is not a good idea at all.
Look at the S&P lifetime chart and if you would have invested for a 10 year minimum period you would never have lost money.
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I understand compound interest substantially grows your savings over a long period of time but who do you trust with your money?most banks don't offer compound interest.
Who do you take advice from?a bunch of window cleaners?or financial advisors?(I don't trust them!) ::)roll
Neither mate. Do it yourself and research where to invest. Vanguard and trading accounts etc. you have control of your money, but you need to do your own research.
That 250k would turn into 500k in 10 years, and then interest in that would mean you would gain on average 50k per year purely from interest.
So 50k a year without ever touching the big pot.
Sounds wonderful, if it was that reliable and easy, the whole world would be doing it at those sort of returns but their not, because it can go tits up just as easily. Like I said earlier, a family member lost 100k very quickly, it was a very stressful experience for them as you can imagine, especially as both retired so no working income coming in. Things have come back for them but it's an eye opener.
I’m guessing your family member withdrew his investment straight after the pandemic slump? Very silly. The markets bounced right back within weeks to record levels.
We’re talking here about investing over many years, trying to make a quick buck is not a good idea at all.
Look at the S&P lifetime chart and if you would have invested for a 10 year minimum period you would never have lost money.
I believe they didn't withdraw, and whilst I don't know their present situation as of today, they had recouped alot of their losses but it took months not weeks.
Looking at historical performances of these things over the last 10 years does nothing to lessen the risk going forward over the next 10 years. It's a gamble.
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I understand compound interest substantially grows your savings over a long period of time but who do you trust with your money?most banks don't offer compound interest.
Who do you take advice from?a bunch of window cleaners?or financial advisors?(I don't trust them!) ::)roll
Neither mate. Do it yourself and research where to invest. Vanguard and trading accounts etc. you have control of your money, but you need to do your own research.
That 250k would turn into 500k in 10 years, and then interest in that would mean you would gain on average 50k per year purely from interest.
So 50k a year without ever touching the big pot.
Sounds wonderful, if it was that reliable and easy, the whole world would be doing it at those sort of returns but their not, because it can go tits up just as easily. Like I said earlier, a family member lost 100k very quickly, it was a very stressful experience for them as you can imagine, especially as both retired so no working income coming in. Things have come back for them but it's an eye opener.
I’m guessing your family member withdrew his investment straight after the pandemic slump? Very silly. The markets bounced right back within weeks to record levels.
We’re talking here about investing over many years, trying to make a quick buck is not a good idea at all.
Look at the S&P lifetime chart and if you would have invested for a 10 year minimum period you would never have lost money.
I believe they didn't withdraw, and whilst I don't know their present situation as of today, they had recouped alot of their losses but it took months not weeks.
Looking at historical performances of these things over the last 10 years does nothing to lessen the risk going forward over the next 10 years. It's a gamble.
So they haven’t lost 100k then ::)roll
Sounds like your talking about something you’ve no personal experience in and it’s just what you’ve been told
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I understand compound interest substantially grows your savings over a long period of time but who do you trust with your money?most banks don't offer compound interest.
Who do you take advice from?a bunch of window cleaners?or financial advisors?(I don't trust them!) ::)roll
Neither mate. Do it yourself and research where to invest. Vanguard and trading accounts etc. you have control of your money, but you need to do your own research.
That 250k would turn into 500k in 10 years, and then interest in that would mean you would gain on average 50k per year purely from interest.
So 50k a year without ever touching the big pot.
Sounds wonderful, if it was that reliable and easy, the whole world would be doing it at those sort of returns but their not, because it can go tits up just as easily. Like I said earlier, a family member lost 100k very quickly, it was a very stressful experience for them as you can imagine, especially as both retired so no working income coming in. Things have come back for them but it's an eye opener.
I’m guessing your family member withdrew his investment straight after the pandemic slump? Very silly. The markets bounced right back within weeks to record levels.
We’re talking here about investing over many years, trying to make a quick buck is not a good idea at all.
Look at the S&P lifetime chart and if you would have invested for a 10 year minimum period you would never have lost money.
I believe they didn't withdraw, and whilst I don't know their present situation as of today, they had recouped alot of their losses but it took months not weeks.
Looking at historical performances of these things over the last 10 years does nothing to lessen the risk going forward over the next 10 years. It's a gamble.
So they haven’t lost 100k then ::)roll
Sounds like your talking about something you’ve no personal experience in and it’s just what you’ve been told
At the point in time when 100k was wiped off their stocks and shares, then yes they did lose 100k and the total emotional nightmare that went with it. The fact that it would recover somewhat has no guarentees and wasn't a foregone conclusion. And no it wasn't my 100k so wasn't my personal experience but makes no difference to the senerio at all. ::)roll
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An emotional experience what risking money on the stock market or whatever investment come to think of it lol,that’s the stock market you are risking for reward or gambling to an extent you can’t start crying when it goes wrong I’m not being funny but if it was as simple as that everyone would be doing it and winning.
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
Some of us are.
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It's so easy to get ripped off and lose your hard earned money in this day and age....be careful!
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I don’t know many people that want to fly half way round the world and need a lot of money when they are 65-70,I think Daz has the right attitude tbh.
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You do not have to be an investment expert, that is why a lot of people use tracker funds - low charges and do not rely on an investment manager.
You can hold ISA or pension with a well known platform provider such as Hargreaves Lansdown and the only person who can access it is you.
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
Some of us are.
Lol why bother with windows if you can get what ones are claiming from theses investments???? It’s high risk you might make good money and re invest it and then loose the lot that’s what happens to most that dabble in this type of thing .
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
Some of us are.
Lol why bother with windows if you can get what ones are claiming from theses investments???? It’s high risk you might make good money and re invest it and then loose the lot that’s what happens to most that dabble in this type of thing .
It is not high risk if for example you invest in a Vanguard fund or etf (VWRL) that tracks the worldwide market index. What is high risk is keeping cash for the last 10 years plus, because when inflation is factored you lose money. The only real risk is if you want to hold an investment short term.
If the worldwide market fails, economically we are all fu££ed anyway
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10 years this 10 years that lol live you’re life while you can I’ve heard so many stories from OAPs m8,my cat eats more and does more travelling do all the things you want before you retire not when you’re fit for nothing with loads of saved cash lol.
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I’m guessing you’re another one with no kids then?
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I'm made for life, financially.
But I have to die before next weekend.
This heatwave might be a good thing; I could be dead and cremated in two days.
Anyway, what time does New York open?
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If I could give you any advice would be, if you have a mortgage over pay it paid off as early as you can. I am over paying mine and I have honestly halved the term of my mortgage. Also another good reason to do this is because I believe that interest rates will keep on rising for the new few years to try and curb inflation.
Hope this little bit of advice is of some help.
Dazzler
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
Some of us are.
Lol why bother with windows if you can get what ones are claiming from theses investments???? It’s high risk you might make good money and re invest it and then loose the lot that’s what happens to most that dabble in this type of thing .
It is not high risk if for example you invest in a Vanguard fund or etf (VWRL) that tracks the worldwide market index. What is high risk is keeping cash for the last 10 years plus, because when inflation is factored you lose money. The only real risk is if you want to hold an investment short term.
If the worldwide market fails, economically we are all fu££ed anyway
I still feel buying property is the way ahead especially long term ,as an example I bought a small bungalow for 26k 30 years ago it’s now worth over 300k ,that’s what I invest my spare money in .
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
Some of us are.
Lol why bother with windows if you can get what ones are claiming from theses investments???? It’s high risk you might make good money and re invest it and then loose the lot that’s what happens to most that dabble in this type of thing .
It is not high risk if for example you invest in a Vanguard fund or etf (VWRL) that tracks the worldwide market index. What is high risk is keeping cash for the last 10 years plus, because when inflation is factored you lose money. The only real risk is if you want to hold an investment short term.
If the worldwide market fails, economically we are all fu££ed anyway
I still feel buying property is the way ahead especially long term ,as an example I bought a small bungalow for 26k 30 years ago it’s now worth over 300k ,that’s what I invest my spare money in .
You can have a tracker fund and a property or two. They aren't mutually exclusive.
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
Some of us are.
Lol why bother with windows if you can get what ones are claiming from theses investments???? It’s high risk you might make good money and re invest it and then loose the lot that’s what happens to most that dabble in this type of thing .
It is not high risk if for example you invest in a Vanguard fund or etf (VWRL) that tracks the worldwide market index. What is high risk is keeping cash for the last 10 years plus, because when inflation is factored you lose money. The only real risk is if you want to hold an investment short term.
If the worldwide market fails, economically we are all fu££ed anyway
I still feel buying property is the way ahead especially long term ,as an example I bought a small bungalow for 26k 30 years ago it’s now worth over 300k ,that’s what I invest my spare money in .
You can have a tracker fund and a property or two. They aren't mutually exclusive.
Personally feel property is a much safer higher return long term , each to their own but that’s my take on it ,
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Well I know of a pension pot linked to blue chip shares with Standard Life that was at £11,500 in 1996, had nothing added to it and which is standing at £102,000. Not a bad return.
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I’m guessing you’re another one with no kids then?
Lol remember to do all you can to work you’re fingers to the absolute bone for you’re kids yeah so you can leave it all to them,in 2 generations time you’ll be lucky if anyone remembers you until they get the photos out 😂.
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I’m guessing you’re another one with no kids then?
Lol remember to do all you can to work you’re fingers to the absolute bone for you’re kids yeah so you can leave it all to them,in 2 generations time you’ll be lucky if anyone remembers you until they get the photos out 😂.
But it's better having someone to forget you than no one to remember you.
Hey, that's quite good that.
I might see if Hallmark want to buy it.
That's my pension fund sorted.
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If I could give you any advice would be, if you have a mortgage over pay it paid off as early as you can. I am over paying mine and I have honestly halved the term of my mortgage. Also another good reason to do this is because I believe that interest rates will keep on rising for the new few years to try and curb inflation.
Hope this little bit of advice is of some help.
Dazzler
I agree with this, it’s exactly what I did when my mortgage interest rate went down to 0.75% after the initial 5 year fixed term had lapsed. Just be careful not to pay the mortgage off entirely if you are thinking of releasing funds.
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
There are some right Alan Sugars on here mate ;D ;D
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This forum does make me laugh window cleaners that all of a sudden are financial advisers talking about large sums of money increasing xxx amount in xx number of years , why are you cleaning windows if you are all so smart ?? Why aren't you all investing your £500+ days money into theses schemes?? 😂😂😂
“Schemes” ::)roll ::)roll ::)roll
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I don’t know many people that want to fly half way round the world and need a lot of money when they are 65-70,I think Daz has the right attitude tbh.
I want to have a few hundred grand in the bank by the time I retire though mate....I'll need money for knee ops/dental treatment or other such health matters that might crop up....I won't be able to rely on the NHS that's for sure....
And of course I'll still want to go abroad on holiday from time to time and go out to nice restaurants!
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I don’t know many people that want to fly half way round the world and need a lot of money when they are 65-70,I think Daz has the right attitude tbh.
I want to have a few hundred grand in the bank by the time I retire though mate....I'll need money for knee ops/dental treatment or other such health matters that might crop up....I won't be able to rely on the NHS that's for sure....
And of course I'll still want to go abroad on holiday from time to time and go out to nice restaurants!
You know what sort of medical treatment you'll need?
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I don’t know many people that want to fly half way round the world and need a lot of money when they are 65-70,I think Daz has the right attitude tbh.
I want to have a few hundred grand in the bank by the time I retire though mate....I'll need money for knee ops/dental treatment or other such health matters that might crop up....I won't be able to rely on the NHS that's for sure....
And of course I'll still want to go abroad on holiday from time to time and go out to nice restaurants!
You know what sort of medical treatment you'll need?
Perhaps we can infer that the chances of needing it will increase as he gets older?
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Brain surgery is at a premium.
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I don’t know many people that want to fly half way round the world and need a lot of money when they are 65-70,I think Daz has the right attitude tbh.
I want to have a few hundred grand in the bank by the time I retire though mate....I'll need money for knee ops/dental treatment or other such health matters that might crop up....I won't be able to rely on the NHS that's for sure....
And of course I'll still want to go abroad on holiday from time to time and go out to nice restaurants!
You know what sort of medical treatment you'll need?
Of course not but I'll need some treatment no doubt.....I know loads of customers who ve had knee ops,etc when they get into their 70s...I'd be waiting forever on the NHS... ;D
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Brain surgery is at a premium.
I am not so sure. There are at least one or two on the Forum that may have had a labotomy.
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Brain surgery is at a premium.
I am not so sure. There are at least one or two on the Forum that may have had a labotomy.
You cant even spell LOBOTOMY!🤣🤣🤣
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I don’t know many people that want to fly half way round the world and need a lot of money when they are 65-70,I think Daz has the right attitude tbh.
I want to have a few hundred grand in the bank by the time I retire though mate....I'll need money for knee ops/dental treatment or other such health matters that might crop up....I won't be able to rely on the NHS that's for sure....
And of course I'll still want to go abroad on holiday from time to time and go out to nice restaurants!
You know what sort of medical treatment you'll need?
Of course not but I'll need some treatment no doubt.....I know loads of customers who ve had knee ops,etc when they get into their 70s...I'd be waiting forever on the NHS... ;D
Oh right. You will probably need knee ops if your customers have had them.
Any customer had cancer, strokes, heart attacks, gone into care homes?
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Brain surgery is at a premium.
I am not so sure. There are at least one or two on the Forum that may have had a labotomy.
You cant even spell LOBOTOMY!🤣🤣🤣
Can't.
Or are you swearing in a cockney accent?
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I don’t know many people that want to fly half way round the world and need a lot of money when they are 65-70,I think Daz has the right attitude tbh.
I want to have a few hundred grand in the bank by the time I retire though mate....I'll need money for knee ops/dental treatment or other such health matters that might crop up....I won't be able to rely on the NHS that's for sure....
And of course I'll still want to go abroad on holiday from time to time and go out to nice restaurants!
You know what sort of medical treatment you'll need?
Perhaps we can infer that the chances of needing it will increase as he gets older?
Yes but I was talking about what sort of treatment.
Was the inference that necessary?
I thought it was obvious that he was getting older.
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Am I missing something? The guys got no money and people are mentioning buy to let and investments….. he hasn’t got a pot to pizz into you might as well tell him to put his money into antique Rolex watches or Fabergé Eggs
You can invest in fractional shares and start with £100 ok your not going to get a massive return but it starts the ball rolling
How much money do you actually have? £50 , £5k or £50k? Without know that any advice is guesswork
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Is this really what it comes down to now - you cant spell this, your grimmer isn't correct etc...
How about debate the point instead of this silly grammar correcting "I'm better than you" rubbish.
certainly when using the phone the auto correct feature has changed words and inserted stuff that makes my posts even worse than normal, just answer the point without trying to be a smart ar$£
Darran
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Is this really what it comes down to now - you cant spell this, your grimmer isn't correct etc...
How about debate the point instead of this silly grammar correcting "I'm better than you" rubbish.
certainly when using the phone the auto correct feature has changed words and inserted stuff that makes my posts even worse than normal, just answer the point without trying to be a smart ar$£
Darran
Ewe knead two ewes a spell cheque. If ewe ewes won yore right ting will bee spelled prop early with know wrong leigh writ ten words.
;D
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Wale sed 👍
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im 59 in nov. every year the pension age goes up. i know lads who have passed away age around 62. i have savings but not all in bank. too much in the bank may be a hinderence at a later day if you fall ill . have to go in a home etc. i own my house. i hear all the time off customers who have to go into a home or even there partner and your bank accounts are Frozen to pay for the care receiving.
lots will get to retirement age and receive state pension and bus pass. but at what age. lots will pass away due to health reasons/
always keep a secret nest egg out of your named account.
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ive always thought about property investment. but cant do it on my own atm. 2/4 lads joint owners makes the risk smaller .