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[Finance] How much savings do you have ?



Weststander

Well-known member
NSC Licker Extraordinaire
Aug 25, 2011
63,156
Withdean area
It will make a change from Tory donors like Sir Peter Green raiding pension funds I guess?

Raiding pension funds was outlawed after lifelong Labour supporter and party donor Robert Maxwell stole the Mirror Group's pensioners fund.

Agree with you about Philip Green, but his was a different and legal type of 'theft'. Over 15 years he didn't correctly fund the BHS scheme in the opinion of most people, instead drawing substantial dividends.

Conclusion - money corrupts, whatever supposed political leanings, which is borne out by all the Labour/Tory/LibDem MP's and Lords who criminally stole parliamentary 'expenses'.
 

DavidinSouthampton

Well-known member
NSC Licker Extraordinaire
Jan 3, 2012
16,521
It will make a change from Tory donors like Sir Peter Green raiding pension funds I guess?

Is that Peter Green, the legendary original Fleetwood Mac guitarist and purveyor of such gems as the Green Manalishi and Oh Well.
 




Diablo

Well-known member
NSC Licker Extraordinaire
Sep 22, 2014
4,172
lewes
Six figures in savings . A similar amount in shares. A buy-to-let property (not mortgage free).

£100k + in savings which are paying tiny interest no doubt and similar in shares(which have probably been hammered last few months). Why have mortgage on your buy to let ?
 


Cian

Well-known member
Jul 16, 2003
14,262
Dublin, Ireland
House is still eating everything - bought a just barely habitable (intact roof, water/sewage and electricity) probate sale a few years ago and I'm getting towards the end of the heavy expenditure. Windows, insulation, water tanks, heating replacement done and a new front door paid for not installed yet; rewiring is last of those. So depending on whether I've just paid for something or just about to it'll be anywhere from close to 0 to a few grand

However I've no short term loans, no HP contracts, no credit card balance and the mortgage is at about 27% LTV now. Pension pot has a reasonable amount for a 31 year old but really not enough. About a grand in premium bond equivalents and a few grand in Irish Continental Group (Irish Ferries) shares. When the house stops costing thousands every few months I intend to throw the equivalent in to savings and investments 50/50
 

Brian Fantana

Well-known member
Oct 8, 2006
7,171
In the field
£100k + in savings which are paying tiny interest no doubt and similar in shares(which have probably been hammered last few months). Why have mortgage on your buy to let ?

A couple of reasons:

1: I’m tied in for 3 more years on my mortgage, which has some fairly high early repayment charges.

2: A fair chunk of the savings have been earmarked for school fees, which will be needed fairly shortly.
 
Had a £100 per month monthly savings scheme which could be used to buy some shares few years ago from work - needed to save for 5 years though. Made the worst investment decision of my life after three years and cashed in (my 3600 made like £200 interest). Bloke next to me at work did the same thing but completed the scheme. By the time he came to buy his shares his £6000 (for full 5 yrs) plus £1000 bonus for completing the scheme enabled him to buy the shares at the original price when the scheme started (about £11 each) and then sold them immediately at the market value which was like £80 each at the time - so he netted like 55k :( so for the sake of saving another 2 years it cost me 52k in lost earnings :(

Ergo if your firm offers a profit sharing scheme - INVEST! NB most proper schemes are backed by banks or building societies so at worse you would het your money back if the firm goes bust..
 
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timbha

Well-known member
Jul 5, 2003
9,807
Sussex
Had a £100 per month monthly savings scheme which could be used to buy some shares few years ago from work - needed to save for 5 years though. Made the worst investment decision of my life after three years and cashed in (my 3600 made like £200 interest). Bloke next to me at work did the same thing but completed the scheme. By the time he came to buy his shares his £6000 (for full 5 yrs) plus £1000 bonus for completing the scheme enabled him to buy the shares at the original price when the scheme started (about £11 each) and then sold them immediately at the market value which was like £80 each at the time - so he netted like 55k :( so for the sake of saving another 2 years it cost me 52k in lost earnings :(

Ergo if your firm offers a profit sharing scheme - INVEST! NB most proper schemes are backed by banks or building societies so at worse you would het your money back if the firm goes bust..

Why did you cash in when there was a guaranteed £1000 if you carried on for another 2 years?
 

Beach Hut

Brighton Bhuna Boy
Jul 5, 2003
71,891
Living In a Box
Don't care about savings or pensions as I live for the day as we could die anytime....why save for the unknown????

Good point and don't forget to maliciously kick a person when unconscious
 


timbha

Well-known member
Jul 5, 2003
9,807
Sussex
Don't care about savings or pensions as I live for the day as we could die anytime....why save for the unknown????

So the state doesn’t have to keep you if you live beyond when you can work perhaps??
 

Weststander

Well-known member
NSC Licker Extraordinaire
Aug 25, 2011
63,156
Withdean area
Had a £100 per month monthly savings scheme which could be used to buy some shares few years ago from work - needed to save for 5 years though. Made the worst investment decision of my life after three years and cashed in (my 3600 made like £200 interest). Bloke next to me at work did the same thing but completed the scheme. By the time he came to buy his shares his £6000 (for full 5 yrs) plus £1000 bonus for completing the scheme enabled him to buy the shares at the original price when the scheme started (about £11 each) and then sold them immediately at the market value which was like £80 each at the time - so he netted like 55k :( so for the sake of saving another 2 years it cost me 52k in lost earnings :(

Ergo if your firm offers a profit sharing scheme - INVEST! NB most proper schemes are backed by banks or building societies so at worse you would het your money back if the firm goes bust..

Good advice. The same goes for short termists who opt out of employers pension schemes. Madness when you’re net of tax small contributions are generally part of a far larger investment for your future and low-cost these days.
 

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