What to do with the money...

[John Benton]

Might look into house builders shares like barrats or Taylor wimpey or kier..... Still think premium bonds though. It really won't be a life changing sum so not enough to buy houses with. It's interesting to see what folks would spend their money on though. As for pensions.... Ian in because it is compulsory... If it wasn't I wouldn't. Reason being they ain't worth a jot to any one but the pensions companies. To get an income of £10k a year I would need a fund of £150k. that assumes that I can afford to live on £10k a year and I would last for 15years beyond retirement.... I'd rather put the £150k under the mattress and enjoy it for 5years and leave the rest to the kids....pensions for me are the biggest flipping scam going.

Exactly!!

 

[widler]

Might look into house builders shares like barrats or Taylor wimpey or kier..... Still think premium bonds though. It really won't be a life changing sum so not enough to buy houses with. It's interesting to see what folks would spend their money on though. As for pensions... Biggest scam going... I only pay in because it is compulsory... If it wasn't I wouldn't. Reason being they ain't worth a jot to any one but the pensions companies. To get an income of £10k a year I would need a fund of £150k. that assumes that I can afford to live on £10k a year and I would last for 15years beyond retirement.... I'd rather put the £150k under the mattress and enjoy it for 5years beyond retiring and leave the rest to the kids....pensions for me are the biggest flipping scam going.

Yup to bloody right

 

[Colour Republic]

Stick it all in to bitcoins mate. You could treble your money in a month or lose the whole lot. Worth a punt!

 

[hotrod]

Commission when they could earn it was crap for pensions for the advisers years ago when there was some scandalous advice for people to transfer some very good pensions yeah those criticisms were justified but nowadays they are the most tax efficient investment available and are far more flexible, I have been a financial adviser for quite some time and could tell you numerous accounts of people who told me they would make there own plans for retirement and then were back seeing me scratching their heads as to how their life savings were gonna last them particularly with current interest rates. But each to their own I guess, personally I've thoroughly enjoyed the taxman having to give me 40% on my contributions as opposed to the other way round, will I make it to 65 to enjoy the money? Don't care really if I don't the wife or kids will get it (yes that's right) same as if it were in a bank account paying me nothing. Does make me laugh a little though guys after the numerous threads I've read about tilers tiling builders building etc to find out you all know the best financial planning strategies hehe
whatever you choose good luck it's not easy to make money work for you at the mo and there is a very good argument to just spend it as you're likely to get more for it today than you will in 5 years and you'd be helping us all out by keeping the economy afloat!

 

[widler]

Well after thousand upon thousand of horror story's about people being robbed with private pensions it still makes me laugh how financial advisers can still say try and sell them to us fick tradesmen, but hey ho each to there own

 

[hotrod]

Well after thousand upon thousand of horror story's about people being robbed with private pensions it still makes me laugh how financial advisers can still say try and sell them to us fick tradesmen, but hey ho each to there own

Haha Im not trying to sell nothing mate (I don't sell pensions either) i get paid for my advice not for arranging any products. you are right there have been thousands of horror stories and like I said some horrific advice in the past because of which the pension industry and rules were radically overhauled and protection for those contribution guaranteed (well up to a million but not many of us gonna chuck that much in) , the biggest mistake was they didn't change the name so people still associate with the old product. Like we both said each to their own I'm not trying to sell anything to anyone I'm on here to learn about tiling! But in fairness if you tell a customer they should use a certain adhesive and they ignore it should they be surprised when it goes wrong? I was just trying to provide the original post with a few alternatives to consider and no matter what anyone says I am very glad that I have managed to secure my retirement by utilising every allowance that is open (but not always advertised to the general public) to me.
for the record I've never considered any tradesman as fick else I wouldn't want to be one so maybe your own insecurity there?

 

[hotrod]

Last comment (I promise) there is a programme on telly called rogue traders with no end of horror stories of every trade gone wrong, should that mean the general public never trust another plumber, spark, tiler etc as they must all be the same?

 

[Ajax123]

Commission when they could earn it was crap for pensions for the advisers years ago when there was some scandalous advice for people to transfer some very good pensions yeah those criticisms were justified but nowadays they are the most tax efficient investment available and are far more flexible, I have been a financial adviser for quite some time and could tell you numerous accounts of people who told me they would make there own plans for retirement and then were back seeing me scratching their heads as to how their life savings were gonna last them particularly with current interest rates. But each to their own I guess, personally I've thoroughly enjoyed the taxman having to give me 40% on my contributions as opposed to the other way round, will I make it to 65 to enjoy the money? Don't care really if I don't the wife or kids will get it (yes that's right) same as if it were in a bank account paying me nothing. Does make me laugh a little though guys after the numerous threads I've read about tilers tiling builders building etc to find out you all know the best financial planning strategies hehe
whatever you choose good luck it's not easy to make money work for you at the mo and there is a very good argument to just spend it as you're likely to get more for it today than you will in 5 years and you'd be helping us all out by keeping the economy afloat!

Am I being told off for my opinion on pensions...please bare in mind that you actually have no idea what my pension arrangements are. Just because I don't trust them does not mean I don't use them... And as for the tax man giving me 40% ... What about the 50% he takes off of what I make when I draw it... Very few people actually take out what they put into a pension pot.... In order to do so you would need to live a long time. I do have 2 final salary schemes in place which are worth while but for the amount I can afford to save into a pension that is money purchase or some such basis i might as well spend it now and rely on the state later....

 

[enduro]

Set up a Tilers training school & watch your profits grow. :lol:

 

[John Benton]

I think we all are Alan :lol:

 

[Ajax123]

I think we all are Alan :lol:

I edited... I hate getting told off...

 

[Ajax123]

Set up a Tilers training school & watch your profits grow. :lol:

The ten gallon hat school of tiling run by those two famous tiling experts "Dot" and "Dab"

 

[hotrod]

Am I being told off for my opinion on pensions...

No no not at all sorry if it came across that way, there are many ways with many pros and cons and none can be right for everyone (which is what led to mis selling in the past I.e very inexperienced or greedy advisers selling the same bit of advice to everyone) I was just trying to give my opinion on the newer versions of private pensions which are very very different to those others are referring to.

To be fair in my first reply I did actually say if you don't want to pay someone for advice ( and I completely understand why) then check out the range of national savings at the post office as there are far better products than premium bonds.

Its your money mate so you should do what the hell you want with it

Apologies if came across condescending was not my intention.

Ill stick to the tiling threads from now on lol !

 

[Ajax123]

No no not at all sorry if it came across that way, there are many ways with many pros and cons and none can be right for everyone (which is what led to mis selling in the past I.e very inexperienced or greedy advisers selling the same bit of advice to everyone) I was just trying to give my opinion on the newer versions of private pensions which are very very different to those others are referring to.

To be fair in my first reply I did actually say if you don't want to pay someone for advice ( and I completely understand why) then check out the range of national savings at the post office as there are far better products than premium bonds.

Its your money mate so you should do what the hell you want with it

Apologies if came across condescending was not my intention.

Ill stick to the tiling threads from now on lol !

So you did... No offence taken mate, don't worry, I sell anhydrite screeds for a living so I have to be really thick skinned ... I have checked that and given the amount I will have available to invest once the cost of my cruise is taken out of it the best option is still probably premium bonds and hope. I can't be bothered tying up money for £150 quid a year interest.... I shall let you all know if I win

 

[Ajax123]

Stick it all in to bitcoins mate. You could treble your money in a month or lose the whole lot. Worth a punt!

What on earth are bitcoins??