What to do with the money...

[Diggy]

Of course the other thing you could do is something I'm looking into at the moment , if you have kids that is , is start a pension going for them.
For me it's grand kids


The beauty is , unlike the former CTFs and junior ISAs they can't get there hands on the money until they retire - (currently 55 is earliest )

You'll be giving them a great start if they are young , which they can take over the payments of when they start to work.



Diggy

 

[Ajax123]

And now you went and spoilt it by suggesting giving it to the kids....and as a pension at that... ;p

 

[Diggy]

Sounds like the mortgage is going ok ( repayment I take it? ) , don't pay it completely off though, for as long as it's going it means you have an easy-ish way to raise some money without have to re-mortgage , assuming no neg Eq of course :0)


Forgot to say as well , you could make a lump sum payment into your pension

Good luck with it all.

Diggy

 

[Diggy]

You can't take it with you dude.

Diggy

 

[Ajax123]

No negative equity fortunately.

Oi... Leave it out with pensions stuff....

 

[Diggy]

Longer you leave it the worse it gets.

Rule of thumb , you should be paying in halve your age as a % ie: if you're 30 = 15% of income , 40 = 20% of income etc etc.

another rough calc for you , 15% IR's double your money every 5 yrs , 7% every 10 yrs and the average inflation rate halves the value of your cash every 15 yrs.

Food for thought

Diggy

 

[hotrod]

Longer you leave it the worse it gets.

Rule of thumb , you should be paying in halve your age as a % ie: if you're 30 = 15% of income , 40 = 20% of income etc etc.

another rough calc for you , 15% IR's double your money every 5 yrs , 7% every 10 yrs and the average inflation rate halves the value of your cash every 15 yrs.

Food for thought

Diggy

Nice one diggy someone else talking sense lol!

 

[Ajax123]

Just for info. I have been paying into various pensions since I was 22years old. Two are very good final salary schemes into which i paid 15 and 25 percent of my salary respectively and the other four are to consolidated into one scheme based part on money purchase and part on share equity which will change as I approach retirement to reduce risk to the capital.

i have no pension worries. Despite this I still believe pensions are a legalised rip off and a huge gamble.

now can we stop talking about pensions. I am not putting my endowment return into a pension scheme

 

[Diggy]

Sounds like you're all set AJ , so I'd spend it all on wine women and fast cars.



Diggy :0)

 

[Ajax123]

Sounds like you're all set AJ , so I'd spend it all on wine women and fast cars.



Diggy :0)

and now we are talking sense mind you the wife might object the the women part... Oh bu**er, and the wine and the fast cars bit.... Oh well back to square one.... What to do with the money?? Lol

 

[hotrod]

Whatever you do it's a nice dilemma to have !

 

[Ajax123]

Indeed yes..

 

[widler]

Nice one diggy someone else talking sense lol!

Funny that, i was at a wedding do last night , old mate of mine, like you a adviser, asked him about pensions,said he wouldn't touch em with a bargepole, much better ways to invest money.
But didnt go into it, to busy dad dancing with the ladies

 

[Colour Republic]

What on earth are bitcoins??

The worlds fastest growing currency! yet also the most volatile!

It stated a few years back and you could buy one bit coin for 20 or so pence. At the begining of this year, 1 bitcoin was valued at around £10 but in April hit a high of over £100!!!! That's a tenfold increase in less than 3 months. It's dropped down to currently around £70 for 1 bit coin. So if you have a lot of bottle you can make big money.


So if you had invested £10,000 in 2009 when they were 20p each, your current holding would be £3.5m

£10,000 invested at the start of this year would now be worth £70,000


Just google bitcoin

 

[Diggy]

I am no advisor!!! I'm just a tiler lol.

As for pensions and barge poles , thats why I run my own pension , a SIPP ie: I buy my shares so I'm in control not sum over paid fund manager.

Diggy