just won another £100 in October's Premium Bond draw. How did you do Prague?
Dunno yet. Did you find out on the web? I am still not registered for the web, as I had to wait to pick up my login details which of course have to be sent by post; I suppose, as part of the War on Money Launderers.
Yes! Yes! Yes!
...£25......
Obviously not knowing how much you have invested its hard to comment but better than nothing
Really interesting thread so far, I expressed my interest in it being opened - and I've been reading along so far. I've held off posting as I'm coming from a completely different angle!
Essentially I'm at the opposite end of the spectrum to many of you, and not looking towards retirement as per se, but simply equipping myself for a safety net in the future.
I have a recurring health condition that can put me out of action at times, although touch-wood: I've been stable for quite some time now. In March I decided to "go it alone" though, and have been setting up my own company whilst taking on the odd contract job here-and-there. (I should clarify: I'm fortunate enough to have an excellent network with regards to people I can trust should I get ill whilst under professional obligations.)
The overheads of what I do (software development, some infrastructure and infosec stuff too) are minimal - co-working space for a change of scenery, a few servers, some software subscriptions, insurance, rented landline telephone number and an o2 contract. Not exactly breaking the bank; so whilst the overheads have been low I've been able to live quite nicely without having to do 160hour months.
Now I'm beginning to run into my limitations: doing 40 hour weeks for client work, when it's around, leaves no time for (a) networking, (b) writing, (c) admin (I have invoices I should've put through weeks ago.) and (d) having a work/life balance to be frank. In 2017 I want to slowly expand this, and thus increase my overheads. So this means my income is going to fluctuate a bit.
With all this in mind, I need a mechanism of saving money which will not only provide a safety net should my health decline (or work dries up.), but could also be put towards purchasing my first property in a couple of years. Any suggestions?
I've looked up the new ISAs that are coming in, but there were a few things that concerned me - I can't actually remember now though to be honest. Obviously this savings pot can't be too risky either, as the money is essentially a safety net at this point in time.
Just catching up with this thread and have thought which no doubt you already have covered but just in case - you sound like you have your own company? In my case I live in Canada and have my own company. My accountant gave me advice to save much of my future (retirement) money by leaving it inside the company and investing there. Draw downs are currently to pay living expenses but as in future retirement years I'll be needing and drawing lower income then now it makes sense to leave it in the company to pay lower (future) tax Hope this made sense as am typing on my iPhone without my glasses
Anyone who uses the Revolut app - which gives you inter-bank rates on currency exchanges will know it's a great deal already. They've announced a special deal today that if you load the app/card with £500, they will credit you with £50 which you can withdraw after 3 months.
I started using it in September. Loaded it with £500 then and it's a great way of getting/managing money while away.
Bit late for me to recommend Tullow Oil & Glencore shares though
Anyone who uses the Revolut app - which gives you inter-bank rates on currency exchanges will know it's a great deal already. They've announced a special deal today that if you load the app/card with £500, they will credit you with £50 which you can withdraw after 3 months.
I started using it in September. Loaded it with £500 then and it's a great way of getting/managing money while away.
Bit late for me to recommend Tullow Oil & Glencore shares though
Thanks for posting this @TelMc32 I was going to research something along these lines and your post gave me a good google direction to head in
I researched Revolut and a few others and have ended up going with TransferWise. I woud have gone with Revout but I have an old iPhone and the operating system is no longer supported or upgraded so I'm not able to download many apps these days, unfortunately Revolut is one such.
Still, compared to the usual bank transfer method (I transfer cash between Canada & the UK from time to time) TransferWise is a good alternative. At the moment they charge 1.2% of the transfer amount but they are expecting to lower that in the not too distant future as they grow their business. Transfers in and out of bank accounts are locally done meaning there are no SWIFT or other charges at either end. 1.2% is the bottom line.
Canada is very strict on financial matters such as these and it will take me a week or more to send my documentation and get it approved. Once I've done my first (test) transaction I'll post how it went and what I was charged etc.
Revolut transactions are free so they beat the competition although I did pick up that their interbank rates weren't quite as good as TransferWise and on that basis I believe the difference between them and TransferWise to be a wee bit less than 1.2%.
There's a company called MONI set to come with the same offering as Revolut but at the moment they're only in Finland. I'll be keeping an eye on them though.
The other companies I looked at were Centtrip and Freemarketfx.
Freemarketfx charge 0.2% but want a minimum transaction of £5,000, which quickly ruled me out.........much as I love the protest fund They also mention "other charges" in their Ts&Cs but I didn't try to unearth what these might be.
Centtrip won't let me open a personal account as my primary residence is in Canada, although they would allow me to open an account for my Canadian company and as the young lady put it "get round it that way".
I'd be more than glad to stand corrected on any of the above if anyone's research has thrown up anything different to mine and also to hear alternative thoughts, opinions and the names of other companies I might research.
Just to say I set up an account with TransferWise and have sent my first test transfer from Canada to the UK. All-in-all it took me a couple of days to set up the account..........make sure the name you use for your "home" bank account matches the name you use for your TransferWise account.......I had to get a bit of phone support and change my profile name to match. My first transfer took 4 days to go from Canada into the UK account, I was charged 1.2% which was deducted from the amount being transferred, and the exchange rate I was given was 1 CAD = 0.5984 GBP, the same as the "Google" rate. All worked seamlessly, I was sent an email when I initiated the transaction and when the money landed in the UK, their phone support was very good and so much cheaper than the 4-odd% charged by PayPal & the major banks.
As for the equity markets, they are not where I expected them to be when looking at them in July. Think that would be @Covered End view too.
So far unperturbed by anything we thought would spook them, including Italian bank bailout.
Views?
The stock markets generally have a good run in December, but even so I'm very surprised that the FTSE 100 & FTSE All Share are at all time highs. The poor sterling to dollar level is one of the main reasons.
Where the markets head in the short term I don't know, but I would guess lower.
As for the equity markets, they are not where I expected them to be when looking at them in July. Think that would be @Covered End view too.
So far unperturbed by anything we thought would spook them, including Italian bank bailout.
Views?
The stock markets generally have a good run in December, but even so I'm very surprised that the FTSE 100 & FTSE All Share are at all time highs. The poor sterling to dollar level is one of the main reasons.
Where the markets head in the short term I don't know, but I would guess lower.
I kind of understand why FTSE100 is doing well (sterling) and I understand the US markets think Trump is going to inflate the economy. I am more puzzled by the major European markets which are also close to historic highs.
Just to say I set up an account with TransferWise and have sent my first test transfer from Canada to the UK. All-in-all it took me a couple of days to set up the account..........make sure the name you use for your "home" bank account matches the name you use for your TransferWise account.......I had to get a bit of phone support and change my profile name to match. My first transfer took 4 days to go from Canada into the UK account, I was charged 1.2% which was deducted from the amount being transferred, and the exchange rate I was given was 1 CAD = 0.5984 GBP, the same as the "Google" rate. All worked seamlessly, I was sent an email when I initiated the transaction and when the money landed in the UK, their phone support was very good and so much cheaper than the 4-odd% charged by PayPal & the major banks.
May I ask what sort of amount you are transferring?
Just to say I set up an account with TransferWise and have sent my first test transfer from Canada to the UK. All-in-all it took me a couple of days to set up the account..........make sure the name you use for your "home" bank account matches the name you use for your TransferWise account.......I had to get a bit of phone support and change my profile name to match. My first transfer took 4 days to go from Canada into the UK account, I was charged 1.2% which was deducted from the amount being transferred, and the exchange rate I was given was 1 CAD = 0.5984 GBP, the same as the "Google" rate. All worked seamlessly, I was sent an email when I initiated the transaction and when the money landed in the UK, their phone support was very good and so much cheaper than the 4-odd% charged by PayPal & the major banks.
May I ask what sort of amount you are transferring?
I did this one for an odd amount around 700 quid to help a young family member with uni expenses.
If you have a question about specific amount(s) I will try to help with an answer if I can.
The problem with stock markets is that they don't act rationally, they are an asset whose price is influenced by supply and demand more than fundamentals.
QE has had a major impact on asset prices. QE and low interest rates has led to the mis-pricing of risk, i.e the cost of buying capital is cheap and capital is being used for projects which are only viable because capital is cheap and being employed in inefficient and non productive areas. Banks are only lending capital to those who are not taking risk, like cash rich corporations massaging their balance sheet for no productive return.
The economists cannot explain why QE has not led to higher interest rates and why low interest rates has not given rise to global economic growth, that's what the text book says should happen. Global growth, had it happened, would have increased demand for capital and its price would have gone up (interest rates rise) back to equilibrium. Some economists are saying we are heading for an inevitable crash that is being artificially deferred by QE.
The bottom line is that assets, mainly housing and stock prices, are overvalued because money has been printed and has been used mainly to restore bank balance sheets and provide private debt which is used to buy assets and driving up the price of those assets, viz housing and stock markets. The money which was printed should produce inflation which reduces the value of assets and it should have found its way to business to invest and improve productivity. Neither has happened. Instead risk capital is scarce for small businesses to obtain , banks do not want to take any risk, but happy to increase the debt available on the cheap to the wealthy credit worthy and cash rich corporations who are able to buy more assets and increase their wealth and drive up prices with no positive impact on productivity. QE arguably has been the cause of the rising inequality gap.
Unless all the accepted laws of equilibrium between inflation and interests rates are binned, without any alternative theory to explain the phenomena, the printing of money will end at some stage, stock markets and housing prices must fall, interest rates must rise.
Global debt is now 225% of global GDP up from around 100% in 2002, something has to give, where is this credit being supplied?.
“I have always depended on the kindness of strangers.” - Final words of Blanche DuBois as she is led off to the lunatic asylum in A Streetcar Named Desire.
It would have been easier to wean the indebted out of debt when interests were low, when interests rates rise the impact will be more severe.
Something will be needed to get governments to change tack to increase interest rates and bite the bullet. But unless it is co-ordinated globally there would be chaos in the money markets and currency markets as speculators arbitrage between them.
The Eurozone countries are in an unenviable position, they have no control over their interests rates and will suffer in different measure from whatever rate set by the ECB, effectively Germany. Will it mean the collapse of the Euro, as individual nations regard freeing up control of interest rates and inflation a better prospect than economic collapse in support of a European ideal.
The day of judgement is nigh!!!! But we can blame it on Brexit (oops).
The premium bonds thing. I have a couple of grand I am not sure what to do with (ISA or LISA potentially)...would it be worth getting premium bonds? Am I likely to get much back with such a small amount? If so, can I do it via a regular high street bank? Thanks!
Comments
Obviously not knowing how much you have invested its hard to comment but better than nothing
In my case I live in Canada and have my own company. My accountant gave me advice to save much of my future (retirement) money by leaving it inside the company and investing there. Draw downs are currently to pay living expenses but as in future retirement years I'll be needing and drawing lower income then now it makes sense to leave it in the company to pay lower (future) tax
Hope this made sense as am typing on my iPhone without my glasses
Probably not as good as a tax free investment vehicle if one is available but it all depends on where you live and where you work.
I started using it in September. Loaded it with £500 then and it's a great way of getting/managing money while away.
Bit late for me to recommend Tullow Oil & Glencore shares though
I researched Revolut and a few others and have ended up going with TransferWise. I woud have gone with Revout but I have an old iPhone and the operating system is no longer supported or upgraded so I'm not able to download many apps these days, unfortunately Revolut is one such.
Still, compared to the usual bank transfer method (I transfer cash between Canada & the UK from time to time) TransferWise is a good alternative. At the moment they charge 1.2% of the transfer amount but they are expecting to lower that in the not too distant future as they grow their business. Transfers in and out of bank accounts are locally done meaning there are no SWIFT or other charges at either end. 1.2% is the bottom line.
Canada is very strict on financial matters such as these and it will take me a week or more to send my documentation and get it approved. Once I've done my first (test) transaction I'll post how it went and what I was charged etc.
Revolut transactions are free so they beat the competition although I did pick up that their interbank rates weren't quite as good as TransferWise and on that basis I believe the difference between them and TransferWise to be a wee bit less than 1.2%.
There's a company called MONI set to come with the same offering as Revolut but at the moment they're only in Finland. I'll be keeping an eye on them though.
The other companies I looked at were Centtrip and Freemarketfx.
Freemarketfx charge 0.2% but want a minimum transaction of £5,000, which quickly ruled me out.........much as I love the protest fund
Centtrip won't let me open a personal account as my primary residence is in Canada, although they would allow me to open an account for my Canadian company and as the young lady put it "get round it that way".
I'd be more than glad to stand corrected on any of the above if anyone's research has thrown up anything different to mine and also to hear alternative thoughts, opinions and the names of other companies I might research.
My first transfer took 4 days to go from Canada into the UK account, I was charged 1.2% which was deducted from the amount being transferred, and the exchange rate I was given was 1 CAD = 0.5984 GBP, the same as the "Google" rate.
All worked seamlessly, I was sent an email when I initiated the transaction and when the money landed in the UK, their phone support was very good and so much cheaper than the 4-odd% charged by PayPal & the major banks.
As for the equity markets, they are not where I expected them to be when looking at them in July. Think that would be @Covered End view too.
So far unperturbed by anything we thought would spook them, including Italian bank bailout.
Views?
Where the markets head in the short term I don't know, but I would guess lower.
Couple of things to check out, if you're not already using them.
https://meetcleo.com/ - An intelligent assistant for your money.
https://www.moneyboxapp.com/ - A simple way to save and invest
Just thought I would share, finding them both good so far.
Happy days.
If you have a question about specific amount(s) I will try to help with an answer if I can.
Funny bugger is ERNIE, ever since I asked him to notify me online about any winnings, instead of by snail mail, he's stopped writing to me.
The problem with stock markets is that they don't act rationally, they are an asset whose price is influenced by supply and demand more than fundamentals.
QE has had a major impact on asset prices. QE and low interest rates has led to the mis-pricing of risk, i.e the cost of buying capital is cheap and capital is being used for projects which are only viable because capital is cheap and being employed in inefficient and non productive areas. Banks are only lending capital to those who are not taking risk, like cash rich corporations massaging their balance sheet for no productive return.
The economists cannot explain why QE has not led to higher interest rates and why low interest rates has not given rise to global economic growth, that's what the text book says should happen. Global growth, had it happened, would have increased demand for capital and its price would have gone up (interest rates rise) back to equilibrium. Some economists are saying we are heading for an inevitable crash that is being artificially deferred by QE.
The bottom line is that assets, mainly housing and stock prices, are overvalued because money has been printed and has been used mainly to restore bank balance sheets and provide private debt which is used to buy assets and driving up the price of those assets, viz housing and stock markets. The money which was printed should produce inflation which reduces the value of assets and it should have found its way to business to invest and improve productivity. Neither has happened. Instead risk capital is scarce for small businesses to obtain , banks do not want to take any risk, but happy to increase the debt available on the cheap to the wealthy credit worthy and cash rich corporations who are able to buy more assets and increase their wealth and drive up prices with no positive impact on productivity. QE arguably has been the cause of the rising inequality gap.
Unless all the accepted laws of equilibrium between inflation and interests rates are binned, without any alternative theory to explain the phenomena, the printing of money will end at some stage, stock markets and housing prices must fall, interest rates must rise.
Global debt is now 225% of global GDP up from around 100% in 2002, something has to give, where is this credit being supplied?.
“I have always depended on the kindness of strangers.”
- Final words of Blanche DuBois as she is led off to the lunatic asylum in A Streetcar Named Desire.
It would have been easier to wean the indebted out of debt when interests were low, when interests rates rise the impact will be more severe.
Something will be needed to get governments to change tack to increase interest rates and bite the bullet. But unless it is co-ordinated globally there would be chaos in the money markets and currency markets as speculators arbitrage between them.
The Eurozone countries are in an unenviable position, they have no control over their interests rates and will suffer in different measure from whatever rate set by the ECB, effectively Germany. Will it mean the collapse of the Euro, as individual nations regard freeing up control of interest rates and inflation a better prospect than economic collapse in support of a European ideal.
The day of judgement is nigh!!!! But we can blame it on Brexit (oops).
https://www.nsandi.com/?mckv=sQVslz919_dc|pcrid|120425967001|kword|national%20savings|match|e|plid