Finances and Future plans

[Crinklyfox]

21 hours ago, Wrighty22 said:

I've still got last years bonus just sitting in my bank account earning very little interest. I'd love to get into buying shares or setting a business up but I have no idea where to start. 

If you have time to run your own company while still working then an accountant should be able to help you with the basics of getting your company registered.

 

I looked into share dealing a few years ago and concluded that I was at a disadvantage to the professionals who do it full time and can react very swiftly to changes in the market so gave it a miss, so can't help there I'm afraid.

[BigFoxForYou]

Check out the new Tesco current accounts. They're offering 3% on £3k guaranteed until 2019, you can open two if you don't already have an account with them, so up to £6k. No account fee, no direct debits required. Pretty much the best account on the market right now after Santander slashed their rates on the 123 and more than doubled the account fee.

[RobHawk]

On 2/10/2017 at 14:42, martyn said:

Yeah, i made decent money way back when . But sign up offers are derisory these days compared to then and hard to see where the profits continue once the Sign up Bonuses have disappeared. Bet 365 4/1 horse offer and Tennis/Horse arbing on Spreadbetting sites were an absolute goldmine, but they are so fast to limit you these days if they see you engaging in these patterns.

 

Maybe when Cheltenham rolls around the bonuses will increase again and return to the glory days of Ladbrokes bet £100 for £200 free, Paddy and Coral offering £250 in freebets etc.

 

Multi-accounting is a very very grey area, and not something I'd be looking to do, or recommending that anybody here do if they wanted to start matched betting.

The golden days are certainly gone, but money can still be made - it just requires more risk and more effort. As an example i'm due to be amount £500 up from 10 Accas over the weekend. This would have been double this amount had Chelsea won. This was a good week but as others have said, the small profits keep adding up if you keep at it! 

[Bellend Sebastian]

On 2/12/2017 at 11:52, Rob1742 said:

If you have a fair job, these are what has worked for me.

 

1. Always pay off debt (including mortgage) before saving money, as it's always more costly to borrow.

 

2. Along with the above, keep a small slush fund for emergencies.

 

3. Over pay your mortgage every month to bring that debt down considerably. 

 

4. Put as much in your pension as possible as this is tax free. 

 

5. If you have money, but property and rent it out. This is not as easy as it looks, you need to learn.

 

6. When you look at property, learn off others, don't take advice from estate agents as they want to sell you something.

 

7. Financial advisors sell products, do not fall into the trap of thinking these are people you need. It is not a positive having a financial advisor, I have met loads and they are just salesmen who use a posh title to earn commission off you. Avoid wherever possible. 

 

 

I'm fine with points 1, 2 and 3, and would also endorse point 4 although I'm not quite sure what you mean by pensions being tax free.

 

I've no argument with 5 apart from I'm always a bit bemused when people do this but nothing else.  Property is an asset like any other and sometimes it does well and sometimes it doesn't, and isn't great from a capital gains tax point of view either.  It can also be bloody hard work, and if you're borrowing to finance it, the risk of interest rates increasing (we've gotten far too used to them being low)  shouldn't be ignored and borrowers that are higher rate tax payers need to be aware of the changes to mortgage tax relief.

 

Point 7 is a bit out of date - there's been no commission on investment products for the best part of five years now.  Yes, advisers will want paying, much like your accountant, solicitor or whatever.  It's not a positive having a shite financial adviser, but unless you have a good knowledge of tax, pension and investment matters and the frequently hideously complicated rules around these (and I'm thinking pensions in particular) a good financial adviser is a must

[Babylon]

On 11/02/2017 at 15:58, Watson said:

Anybody on here used funding circle? Thinking of investing a bit in there as the banks do nothing.

Got a few grand in Zopa. Im guessing they are similar things, lending your money to others.

 

Get a decent rate but not fscs protected, so I'm won't be putting a huge amount in there.

 

.….......

 

I just follow the rules of spreading it about. Main priority was paying off the mortgage and we're now mortgage for a few years since I was 35. Took 5 years to the day to achieve.

 

The rest is split between cash savings (best interest accounts I can find). 

 

Stocks and shares isas with mostly funds rather than individual shares. But if I like a business I will buy some shares in it early eg. Bought just eat shares as I liked the service and doubled my money already and more.

 

Pension put what you can spare in, but starting early is key. My work put nothing in, so it's pretty crap what I have and will never earn me a fortune as I focused on the mortgage mostly. But it'll be ok and I'll have other investments to tick over.

 

Over all plan is to retire at 50/55 presuming I'm still around.

 

You need the right balance though, just saving and not enjoying life could end up pointless if you croak it.

[somebum]

nice in theory but you could also in theory get killed by a bus or deadly disease. What im saying is you dont want to end up the richest man in Grill Rose

[Rob1742]

13 hours ago, Bellend Sebastian said:

I'm fine with points 1, 2 and 3, and would also endorse point 4 although I'm not quite sure what you mean by pensions being tax free.

 

I've no argument with 5 apart from I'm always a bit bemused when people do this but nothing else.  Property is an asset like any other and sometimes it does well and sometimes it doesn't, and isn't great from a capital gains tax point of view either.  It can also be bloody hard work, and if you're borrowing to finance it, the risk of interest rates increasing (we've gotten far too used to them being low)  shouldn't be ignored and borrowers that are higher rate tax payers need to be aware of the changes to mortgage tax relief.

 

Point 7 is a bit out of date - there's been no commission on investment products for the best part of five years now.  Yes, advisers will want paying, much like your accountant, solicitor or whatever.  It's not a positive having a shite financial adviser, but unless you have a good knowledge of tax, pension and investment matters and the frequently hideously complicated rules around these (and I'm thinking pensions in particular) a good financial adviser is a must

Financial Advisors take a payment up front for the advise. Usually these days about £1500.

Then if you invest in something, they take about 2% a year on your investment.

So basically the investment has to make 2% for you to stand still.

i don't mind this to a degree, but if it doesn't grow, they still get their 2% so basically they will always be okay.

Their advice is always the same, which is, keep the investment for the long term. Which basically means they carry on getting their 2% and they don't have to do anything.

 

I know the structure of how they work has changed over recent years, but they still get percentages, but now it's open and it's off your investment and clear to see, but they still get a percentage for just sending out a letter every year telling you how well your investment has done. 

 

If you are in property and can afford to do it, estate agents only take a fee if they do a job. They earn their crust when they rent a property out, they take percentages, but if they do not rent it out they get nowt. 

 

Capital gains tax tax is relevant to housing and investments. So that applies to both. 

 

[Babylon]

11 hours ago, somebum said:

nice in theory but you could also in theory get killed by a bus or deadly disease. What im saying is you dont want to end up the richest man in Grill Rose

You can still lead a good life and also save for the future. It doesn't need to be a sacrifice of one for the other.

[RobHawk]

3 hours ago, Babylon said:

You can still lead a good life and also save for the future. It doesn't need to be a sacrifice of one for the other.

Yep, somebum's comment is stupid IMO (no offence).

 

If you are good with your money you can have more money to enjoy yourself whilst also being more financially secure! Its a win win! 

[Bellend Sebastian]

4 hours ago, Rob1742 said:

Financial Advisors take a payment up front for the advise. Usually these days about £1500.

Then if you invest in something, they take about 2% a year on your investment.

So basically the investment has to make 2% for you to stand still.

i don't mind this to a degree, but if it doesn't grow, they still get their 2% so basically they will always be okay.

Their advice is always the same, which is, keep the investment for the long term. Which basically means they carry on getting their 2% and they don't have to do anything.

 

I know the structure of how they work has changed over recent years, but they still get percentages, but now it's open and it's off your investment and clear to see, but they still get a percentage for just sending out a letter every year telling you how well your investment has done. 

 

If you are in property and can afford to do it, estate agents only take a fee if they do a job. They earn their crust when they rent a property out, they take percentages, but if they do not rent it out they get nowt. 

 

Capital gains tax tax is relevant to housing and investments. So that applies to both. 

 

I can see where your numbers are coming from but I think you're a bit wide of the mark on some of the points, old boy, if you don't mind me saying.

 

Whilst there will be some advisers who will be reluctant to take on a client that they won't earn a certain amount from, it shouldn't be assumed that seeing a financial adviser will cost £1500 - it will depend on the nature and complexity of the work undertaken.  Unless you've been unfortunate enough to appoint a total cowboy, you're not going to get charged £1500 to set up an ISA or a simple pension.

 

Total annual charges on an investment or pension contract where there is an adviser involved could be around the 2% mark, but only part of these will be the remuneration to the adviser.  There will be the charges of the those actually managing the money - rarely the adviser these days - and the provider of the vehicle in which the assets sit.  The advisers rarely get more than 1% and these days it's generally less.  In any event, these are based on the on-going value of the investment, rather than the amount invested, which to my mind is very fair as it's very much in the interests of the adviser to make sure it does well, as if it doesn't, his earnings fall with its value.

 

CGT applies at a higher rate to property than other investments, and of course, not to pensions and ISAs.  While we're here, you get tax relief on pension contributions at your highest marginal rate, 25% of the fund back tax free on retirement, and your pension pot is not part of your estate for IHT purposes and can be paid out to your loved ones free of income tax as well if you cark it before age 75

 

 

 

 

[Countryfox]

If you are not borrowing to do it property is a good investment ....    if you can buy cheap and do it up before you rent out even better.     Everyone bangs on about pensions cus of all the tax benefits but I took a gamble and emptied mine and invested in some potentially high gain/high risk stocks and shares ...     been really really good for me but you can easily trip up doing this. 

[Guest]

I wouldn't say Gambling is the way forward to making a healthy income. 

 

A few tips from me:

 

- Look into stock and share ISA, you can have a little gamble and not lose it all if you invest in funds

- Make a plan and stick to it. If it's a savings account/ISA etc.. If you need to keep dipping into it you: a) have to easy access to it or b) are saving beyond your means

- diversify, don't put your eggs all in once basket. 

- getting rich quick works but only for 0.000000000000000000000000000000000000000000000000000000000000% of people so don't try that

- always have that buffer, sometimes you'll lose money, sometimes things don't work out. Make sure there is a buffer for emergencies

 

 

[Guest]

On 2/11/2017 at 17:51, Wrighty22 said:

I've still got last years bonus just sitting in my bank account earning very little interest. I'd love to get into buying shares or setting a business up but I have no idea where to start. 

I started that last year, loads of reading is a start, then just doing it is the best way to learn. I use TD Direct Investing and have opened a Stocks and Shares ISA and invest in funds. Happy to answer any questions in PM, but I wouldn't say i'm an expert

[Babylon]

1 hour ago, Shaneb said:

I started that last year, loads of reading is a start, then just doing it is the best way to learn. I use TD Direct Investing and have opened a Stocks and Shares ISA and invest in funds. Happy to answer any questions in PM, but I wouldn't say i'm an expert

What do they charge Shane? I've got a Halifax sharebuilder isa and it's just £2 per transaction to buy shares / funds on certain dates each month, which was good last time I checked (that was a while back).

[Great Boos Up]

2 hours ago, Countryfox said:

If you are not borrowing to do it property is a good investment ....    if you can buy cheap and do it up before you rent out even better.     Everyone bangs on about pensions cus of all the tax benefits but I took a gamble and emptied mine and invested in some potentially high gain/high risk stocks and shares ...     been really really good for me but you can easily trip up doing this. 

Agree, I started a pension on my very first week of work over 30 years with a very nice man called Mr R. Maxwell.

Then 15 years ago started a second and they went bust too.

If I'd been better with money I would have bought and rented a house and lived elsewhere before I had so many commitments.

[Guest]

16 hours ago, Babylon said:

What do they charge Shane? I've got a Halifax sharebuilder isa and it's just £2 per transaction to buy shares / funds on certain dates each month, which was good last time I checked (that was a while back).

 It's a difficult one. There is a £30 annual fee for an ISA, however if you setup a regular payment into that ISA or over 5,100 invested then its free, although there is a 0.3% annual platform fee.

 

There is then trading fee's of £12.95 per trade. again you can pay 1.50 a month and that fee gets removed.

 

https://www.tddirectinvesting.co.uk/magnoliaPublic/dam/jcr:07134119-e055-4721-b4be-27ff436f014d/Rates and Charges UK A4_11413.pdf is useful. it takes a while to understand it mind 

[Rob1742]

19 hours ago, Bellend Sebastian said:

I can see where your numbers are coming from but I think you're a bit wide of the mark on some of the points, old boy, if you don't mind me saying.

 

Whilst there will be some advisers who will be reluctant to take on a client that they won't earn a certain amount from, it shouldn't be assumed that seeing a financial adviser will cost £1500 - it will depend on the nature and complexity of the work undertaken.  Unless you've been unfortunate enough to appoint a total cowboy, you're not going to get charged £1500 to set up an ISA or a simple pension.

 

Total annual charges on an investment or pension contract where there is an adviser involved could be around the 2% mark, but only part of these will be the remuneration to the adviser.  There will be the charges of the those actually managing the money - rarely the adviser these days - and the provider of the vehicle in which the assets sit.  The advisers rarely get more than 1% and these days it's generally less.  In any event, these are based on the on-going value of the investment, rather than the amount invested, which to my mind is very fair as it's very much in the interests of the adviser to make sure it does well, as if it doesn't, his earnings fall with its value.

 

CGT applies at a higher rate to property than other investments, and of course, not to pensions and ISAs.  While we're here, you get tax relief on pension contributions at your highest marginal rate, 25% of the fund back tax free on retirement, and your pension pot is not part of your estate for IHT purposes and can be paid out to your loved ones free of income tax as well if you cark it before age 75

 

 

 

 

ISA charges may not be £1500, I don't know, but I have been charged that, or proposals have been put to me at those costs for investments they have put to me (not isas)

 

So first year £1500, plus 2%, then second year 2%, whoever gets the money, the first two percent disappears whatever the result in the investment. 

 

Yet the same story always comes out, leave it as it is ( as I still get my commission) and it will come good in the end. 

 

I don't mind if it's a win / win, but I have looked at stuff I have done and they have made more money than me, yet it's my money. 

 

If they didn't take fees if it didn't perform then fine, but you get the same old "leave it where it is" story as they continue to take 2% costs.

 

Like I say, with houses, estate agents only get their money when they rent the house out, so it's in their interest to do some work. But if a £100,000 pot was to decline by 5%, financial advisors still get their fees and the loss to them in actual cash terms is negliable compared to the investor.

 

I suppose I do have more negative feelings towards them than most, as when they get you in their office they try and sell you other stuff you don't need, or try and prize your private medical insurance from you as they make a killing on that (or they did anyway).

 

So they ain't for me I am afraid. I'll stick to houses. 

 

 

[Mayofox]

If you wouldn't be averse to wheeling and dealing, go to Pontypridd Auctions, at Glyncoth, Pontypridd.  Long established, they're agents for the Insolvency Service, HM Revenue & Customs, and Liquidators. Viewing Tuesdays, sale on Wed.

Best way to start is to attend a sale, just watch, there can be some incredible bargains to be had.

How do I know about this?  Have done this a little in the past, not at all now I'm living over in Ireland (few bargains over here, they all know the value of items!)

But as a teenager in Leicester, I bought/sold via the Merc.    Knowing nothing about the workings of fridges bought one for £12. The seller wanted more, I said I'd only £12 on me, she wanted to get rid, accepted £12. Took it home, just washed it and put it up for sale for £30. Buyer came to the house, said "does it work?" .  Panic!  I was so thick I hadn't even tested. Plugged it in, it hummed, I got my £30.    Small scale, but we are talking forty years ago!

Finally, I've gone through the share dealing years.  I found that you have to pay attention every day, and they can go in the opposite direction to what you expect.   After 5 years or so I came out ahead, but find I sleep easier now putting regular savings into investment plans, letting the experts make me richer (hopefully).         Good luck, anyway.

 

 

[RobHawk]

On 2/7/2017 at 23:20, RobHawk said:

Yeah Cheltenham is a biggie!

 

On 2/8/2017 at 08:11, LCFC FOX said:

Thanks for suggesting PM. Just read through the main page and I'm very interested. One thing I wasn't sure on is it just betting they use to make profit? It's current £97 a year for the next week and then goes back up to £147.

 

The one thing I'm a little scared about is paying the £97 and being totally confused on what to do/go  £97 is a lot to waste!

 

On 2/8/2017 at 23:14, pSinatra said:

 

Do you need to have a good understanding of betting?  I have a few bets here & there but there's alot of stuff I don't understand in the slightest.  I wouldn't mind having a go at matched betting, but feel it may be a bit too complicated for me.

 

Also, is it something you can do for a decent amount of time?  I mean, once you've signed up to all these betting sites & taken the offers, do you eventually run out?

 

On 2/10/2017 at 10:19, Marmite said:

Is Profit Maximiser as good as it's made out to be? Also I already have an account with most of the betting sites so would this affect me as I would not get the sign up offers. 

I would be willing to invest in £97 but no point if I won't benefit from it 

I don't know if any of you have or still plan to sign up to Profit Maximiser, but if you do - i've just found out today that i can get a referal bonus if you use this link: http://profitmaximiser.co.uk/r/82

 

Ignore if you aren't interested but it all helps if you're still planning on it!

 

[pSinatra]

2 hours ago, RobHawk said:

 

 

 

I don't know if any of you have or still plan to sign up to Profit Maximiser, but if you do - i've just found out today that i can get a referal bonus if you use this link: http://profitmaximiser.co.uk/r/82

 

Ignore if you aren't interested but it all helps if you're still planning on it!

 

 

I've joined OddsMonkey for a month (to start with) at £15.  I've been at it for about 2 weeks & signed up to about 9 bookies so far, pumped about £400 into it & I'm up nearly £200.

 

I've taken a little break from it, only because I was getting lost with money coming & going all over the place.  I'm in the process of setting up a separate bank account, which should make things a lot easier.

 

I'm reading as much as I can, but finding it a little confusing if I'm honest.  Not so much the start up offers, they're usually quite straight forward.  Still got a few biggies to go like Bet365.  I've made a couple of mistakes so far, but that seems to be something that most people do & it's something I can learn from.  Not that I've lost money, just that I've missed out on making money.  I'm hoping that once I actually start doing the more complicated offers, they will become a bit clearer.

 

I'm reading stuff about when I change over from start up offers.  It's a minefield & the one thing I certainly can't work out is all the casino offers & wagering requirements.

 

I might have a look at Profit Maximiser when I've organised myself better & get going again.  If I do, I'll give you a shout.

[RobHawk]

2 minutes ago, pSinatra said:

 

I've joined OddsMonkey for a month (to start with) at £15.  I've been at it for about 2 weeks & signed up to about 9 bookies so far, pumped about £400 into it & I'm up nearly £200.

 

I've taken a little break from it, only because I was getting lost with money coming & going all over the place.  I'm in the process of setting up a separate bank account, which should make things a lot easier.

 

I'm reading as much as I can, but finding it a little confusing if I'm honest.  Not so much the start up offers, they're usually quite straight forward.  Still got a few biggies to go like Bet365.  I've made a couple of mistakes so far, but that seems to be something that most people do & it's something I can learn from.  Not that I've lost money, just that I've missed out on making money.  I'm hoping that once I actually start doing the more complicated offers, they will become a bit clearer.

 

I'm reading stuff about when I change over from start up offers.  It's a minefield & the one thing I certainly can't work out is all the casino offers & wagering requirements.

 

I might have a look at Profit Maximiser when I've organised myself better & get going again.  If I do, I'll give you a shout.

Good effort on the prfit so far! A seperate bank account is a definate must in my opinion and will make it alot easier to keep track. There are loads of casino offers, both for new accounts and on a daily basis and makes up about 75% of my profit so well worth a look if you want to get into it. If you have any questions i'm always happy to help, so just get in touch.

[Nugent]

10 minutes ago, RobHawk said:

Good effort on the prfit so far! A seperate bank account is a definate must in my opinion and will make it alot easier to keep track. There are loads of casino offers, both for new accounts and on a daily basis and makes up about 75% of my profit so well worth a look if you want to get into it. If you have any questions i'm always happy to help, so just get in touch.

 

I've been keen to do this for a while but have never gotten round to it. My only issue is that I have accounts with 99% of bookies, does this make it pointless?

[RobHawk]

10 minutes ago, Nugent said:

 

I've been keen to do this for a while but have never gotten round to it. My only issue is that I have accounts with 99% of bookies, does this make it pointless?

Not at all - The first stage of matched betting is getting the bonuses from opening accounts - but beyond that there are promotions every day and other types of account (casino/Bingo) that you may benefit from. Once you get your teeth into all of that theres also other software specifically for making money from EW selections or ACCAs that i would certainly recommend. I haven't opened an account in months and am averaging about £1k a month profit at the moment. 

[Nugent]

7 minutes ago, RobHawk said:

Not at all - The first stage of matched betting is getting the bonuses from opening accounts - but beyond that there are promotions every day and other types of account (casino/Bingo) that you may benefit from. Once you get your teeth into all of that theres also other software specifically for making money from EW selections or ACCAs that i would certainly recommend. I haven't opened an account in months and am averaging about £1k a month profit at the moment. 

 

Nice thanks mate, sounds decent will have to have a proper look, how much time a day on average do you spend doing it would you say?

[RobHawk]

2 hours ago, Nugent said:

 

Nice thanks mate, sounds decent will have to have a proper look, how much time a day on average do you spend doing it would you say?

i spend 2-3 hours a day at a guess during the week - less at the weekends as i concentrate n accas then so probably 1-2 hours at the weekend