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Savings and Investments thread
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I see Gordon Brown is up to his old tricks again.......trying to find money down the back of the sofa to pay for all Labour's spending plans.
First it was taxing dividends in pension funds.
Then it was selling off a 1/3rd of our Gold Reserves when Gold was at a low point.
Now its making the Bank of England not pay interest to high street banks on the reserves they have to hold to comply with tighter funding levels since 2009.
God loves a try-er.0 -
Whilst the bars not exactly high on the chancellor front in the last 30 years, never quite understood why he was thought of as being so good.golfaddick said:I see Gordon Brown is up to his old tricks again.......trying to find money down the back of the sofa to pay for all Labour's spending plans.
First it was taxing dividends in pension funds.
Then it was selling off a 1/3rd of our Gold Reserves when Gold was at a low point.
Now its making the Bank of England not pay interest to high street banks on the reserves they have to hold to comply with tighter funding levels since 2009.
God loves a try-er.
On a brighter note, my main SIPP continues to break all records, so far for March I'm up double my gross monthly salary. In total up just over 26% since June 2022 when I transferred my main SIPP to Vanguard. Luvly jubbly.0 -
Rob7Lee said:
Whilst the bars not exactly high on the chancellor front in the last 30 years, never quite understood why he was thought of as being so good.golfaddick said:I see Gordon Brown is up to his old tricks again.......trying to find money down the back of the sofa to pay for all Labour's spending plans.
First it was taxing dividends in pension funds.
Then it was selling off a 1/3rd of our Gold Reserves when Gold was at a low point.
Now its making the Bank of England not pay interest to high street banks on the reserves they have to hold to comply with tighter funding levels since 2009.
God loves a try-er.
On a brighter note, my main SIPP continues to break all records, so far for March I'm up double my gross monthly salary. In total up just over 26% since June 2022 when I transferred my main SIPP to Vanguard. Luvly jubbly.
Not sure what effect the latest economic news may have on that growth.
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There’s potential risks to what Gordon Brown was suggesting last night, but it isn’t a new idea with the ECB and Swiss National Bank doing the same thing. I’m not sure what the argument is for paying base rate to the banks on the funds held though. Surely potential to look at whether this rate could/should be lower, perhaps base less 2% 🤷🏻♂️
Coincidentally, because they then highlighted it on Peston, I had actually checked my tax breakdown yesterday and looked at where our taxes (including NI) are spent. National debt is really crippling everything else given that it has risen from around 3% to over 10% in the last 4 years.Andy Haldane spoke a lot of sense and hopefully the politicians listen and reconsider their fiscal rules (certainly both main parties) to try and drive some growth in our economy**and push the FTSE to at least 8,100 by the end of June 😉4 -
I'm slowly de-risking, I cashed out about 15% into cash a couple of weeks back, and rebalanced quite a bit more as was very heavy on S&P500 although TBF that alone is up about 40% since June 22 despite taking profit/rebalancing.bobmunro said:Rob7Lee said:
Whilst the bars not exactly high on the chancellor front in the last 30 years, never quite understood why he was thought of as being so good.golfaddick said:I see Gordon Brown is up to his old tricks again.......trying to find money down the back of the sofa to pay for all Labour's spending plans.
First it was taxing dividends in pension funds.
Then it was selling off a 1/3rd of our Gold Reserves when Gold was at a low point.
Now its making the Bank of England not pay interest to high street banks on the reserves they have to hold to comply with tighter funding levels since 2009.
God loves a try-er.
On a brighter note, my main SIPP continues to break all records, so far for March I'm up double my gross monthly salary. In total up just over 26% since June 2022 when I transferred my main SIPP to Vanguard. Luvly jubbly.
Not sure what effect the latest economic news may have on that growth.
Not ideal holding some in cash, although does pay a small amount of interest (2.6% I think), but don't want to hold it as such for too long..... but where to put it!
My other SIPP with Fidelity, I kept £28k in there from June 22 and use that to 'play' with to see if I can beat the markets/funds. As of yesterday that was £66k so doing well there, maybe I should be a fund manager
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After that I have my current works pension with Aegon, I just let that ride and it's in 3 different funds, has a fair amount going in per month between me and company and I often (like this month) sacrifice some of my annual bonus due to the tax efficiencies and the company is pretty generous as it tops up any bonus sacrifice by 10%, so a no brainer really. Been in that since Oct 2020 when I joined, doing OK, but not as well as my SIPPS for growth, but it's the tax efficiency.
Just hoping the next government doesn't bring back the LTA!! Would be nice for the £ limit on the £25% to be removed but that's just me being greedy/wishful thinking.......... 1st world problems.0 -
Fooking hell, I thought I was doing ok but some of the bods on here must seriously minted, thowing thousands around on this investment or that and supporting plucky old Charlton to boot 😋3
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Age and compound interest, I'm 52 nearly, and like I tell the 'youngsters' at work - when I changed jobs at about 33 my pension pot was about £50k.red10 said:Fooking hell, I thought I was doing ok but some of the bods on here must seriously minted, thowing thousands around on this investment or that and supporting plucky old Charlton to boot 😋1 -
I always said mid 50's, but having changed jobs in 2020 and took a bit of a step back in responsibilities hours etc (although that seems to be creeping back upwards!) I'm enjoying work more than I have in probably 15-20 years. So no plans just yet, but I'll review at 55 and will likely do a more reduced hours at least.jamescafc said:Early retirement soon @Rob7Lee?I’m currently obsessed with the whole FIRE planning and spend a fair amount of time reading up on the various strategies people are using, but you are right, regular contributions plus compound interest is a game changer
FIRE is fine, just don't take it too far.
My very simple financial advice has always been, if you can (as at the lower earnings end or at certain times in your life it's not always possible) live your life as if your salary is 80% of what it really is.
So that means living to that, to include savings and pensions, everything. The extra 20% is your extra investments/savings. I've been doing that broadly since my early to mid 30's and is a large reason I am where I am.
Conversely I have worked with people earning 3/4/5/10x what I do so some well into the millions who are literally cash and investment poor. All they do is spend to their limit and a bit more. £250k cars, £100k on holidays a year, mostly stuff that devalues.
Imagine you earned £2m a year and couldn't live as if you earned £1.6m! With that extra £200k net invested after 10 years and growth at about 8% you'd have approaching £3m.
Some people will always live to or beyond their means. I've literally know people earning £80k who have more investments and wealth than people earning £1m.
Basically just be sensible, save what you can, watch what you spend, and let compound do it's job.10 -
£100 for me this month0
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First month!!!
Aaaaand... Nothing for me... £125 (2 x £50, 1 x £25) for the wife!
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£50 for me, nowt for Mrs R7L (on full holding) and £175 for daughter, she seems to be the lucky one these days..... father in law to follow...
EDIT - father in law £75.0 -
£100 for me, £150 for Mrs M.
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£125 for me.0
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£0 for me and £0 for Margaret. That’s a shite start to the new financial year and an all time low! Results on here so far suggest a poor month all round for Lifers. Is that simply a coincidence?0
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£2500
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£150
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£0 for me….shocked! (full holding...currently running a 1% return on the year!).0
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Nothing for me this month0
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Picked up a £500 win this month (after bugger all in Feb and March). Mrs Chaz got £150 and jnr £50.0
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My youngest has recently got a job with the Civil service and has the opportunity to transfer his previous workplace pension pot (currently with Scottish Widows) into the Civil Service Alpha scheme.
I've done some reading but can't decide if it's a good thing to do or not. I guess it's not really a straight yes or no argument but wonder if anyone has any thoughts or experience with this?
Cheers0 -
£3000
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Get in there💪💪1
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Well done @cazo. That's precisely £5050 more than me!0
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Nothing for me or my Mum, £200 for the missus.0
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Depends on what the Civil Service scheme are offering. Are they offering years of service in exchange for his pot (DB) or is it just going into an AVC type pot (DC). I'm not really up to date with all the CS schemes but sometimes it might also be a question of flexibility. His current SW pension could he used later on for early retirement rather than transferring it to the CS and then being stuck to their scheme rules. Also depends on how much we are talking about. Less than £30k then probably best to transfer it in the CS scheme.fat man on a moped said:My youngest has recently got a job with the Civil service and has the opportunity to transfer his previous workplace pension pot (currently with Scottish Widows) into the Civil Service Alpha scheme.
I've done some reading but can't decide if it's a good thing to do or not. I guess it's not really a straight yes or no argument but wonder if anyone has any thoughts or experience with this?
Cheers1 -
I think it also depends on what he is thinking in terms of career plans. If he is only thinking of staying in Civil Service for a short period then I doubt if it's worthwhile. If it's a lifetime choice then probably. Several things to consider.1
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£100 for me and £175 for wife on full holding.
Nice one cazo though.0 -
👍Addickinedi said:£100 for me and £175 for wife on full holding.
Nice one cazo though.0
