How to Start a Pension in the Face of Economic Armaggedon
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Never had you pegged for a royalist?"I spent years thinking Yorke was legit Downs-ish disabled and could only achieve lucidity through song" - Mr B -
and that's why you're barred from LondonStocks"I spent years thinking Yorke was legit Downs-ish disabled and could only achieve lucidity through song" - Mr B
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b0r1s wrote:Ok yeah, ISA is created. So looks ok, I've added that fund SG recommended and will just see how it goes, will wait for this shit period to end, read more about investing and then start to dabble I think
Try not to dabble too much. Forgetting about it for 30 yrs would be my advice. It's tempting to learn stuff and do stuff but see Warren Buffett vid in OP. Leave it alone (except to top it up). There will be better tracker funds you could've invested in that would've made you more money in hindsight - there always is, but only in hindsight. Buy and leave alone except to top up, at least for the first 7 yrs. In 7 yrs have another look if you really want but plz don't overcomplicate things. You'll generally make more money by forgetting then you will by being active. Again, and I can't stress this enough, trying to time the markets is impossible. If you want to be a bit more active have a cash pile to invest when things go tits up, but periodic investment on a regular basis is not a worse thing either."Plus he wore shorts like a total cunt" - Bob -
And to really push this point - don't try and be smart. Don't try and second guess the markets - you will fail and experienced investors will take your cash and make that theirs. The general idea is to never, ever sell - it won't end well unless you just get lucky, but you'll need to be lucky quite a bit over the years. Keep that US tracker and do fuck all. It's a good tracker."Plus he wore shorts like a total cunt" - Bob
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Gonna take a punt on this and SG's advice. Spoke to wife. Got the all clear to give it a go.
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i'm still toying with too, but will try to do it. don't have a grand to risk on cavendish, so would have to go iweb like Dante. In that regard @Dante, does it all seem to be going through officially and legitimately etc., or any concerns to not use them?"Like i said, context is missing."
http://ssgg.uk -
I was all ready to pop a grand in through Cavendish but they don’t accept credit cards, which means I won’t be able to do it until payday. I guess there’s a security reason for that and I’ll find the same barrier anywhere. -
How much worse is cash advance rate on your card? If it’s not that much worse, see if you can transfer funds into your bank account and then use that money. Pay off credit card when you get paid?I am a FREE. I am not MAN. A NUMBER. -
The cash advance rate’s pretty bad, tbh. I’m possibly better off going for an agreed overdraft for the the two weeks, even at the horrendous new rates.
Or just waiting two weeks before investing. I can’t see the US stock market recovering in a fortnight! -
Yeah there's no rush, and don't start with bad practices! This is meant to be money you can afford to not withdraw for 30 yrs."Plus he wore shorts like a total cunt" - Bob
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Just awkward timing for me. I’ve plenty of disposable income, but I just remortgaged and also bought a new clutch for one of the cars. I could spare £500 right now, but not the grand needed to go via Cavendish.
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When looking at platforms, they often have a charge per trade. but if looking at index/tracker funds, i thought the point was it's automatically trading based on the fund type - does that mean it won't have trade charges, and they're just if using manual/managed funds?"Like i said, context is missing."
http://ssgg.uk -
No, if you buy and sell a lot of funds you will be charged a fair bit on some platforms. Some are free for the first year and some are free for the first five bought funds, or whatever. Some are free all the time. This only applies when you buy and sell a fund which you will not be doing, much. Topping up is not charged. I've never paid a trading fee for my ISA. I pay a small fee for the platform and the fund but not trading."Plus he wore shorts like a total cunt" - Bob
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Although I paid a small fortune to trade some Nintendo shares once, but I don't advise buying individual companies. It was a huge risk that I regretted almost immediately. Worked out in the end but it was a silly gamble."Plus he wore shorts like a total cunt" - Bob
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A quick note on ethics. I glanced over it before but I'll address it now.
Is this moral? No.
I hope that settles matters but feel free to ask if you have specific concerns."Plus he wore shorts like a total cunt" - Bob -
It’s possible to choose an ‘ethical’ fund for your investment. One that avoids things like oil companies or people profiting from conflict. You’ll make less money though.
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poprock wrote:It’s possible to choose an ‘ethical’ fund for your investment. One that avoids things like oil companies or people profiting from conflict. You’ll make less money though.
And they're less ethical than you think. They too will have pension schemes and part-investments in other companies. It's a big tangled mess tbh."Plus he wore shorts like a total cunt" - Bob -
One of the things that makes me flinch a bit is times like these when companies are getting bailouts from taxpayers. American taxpayers in our case but still. There's going to be some casualties and the US Government well tend to bail the bigger companies and let the small ones die. This means they (and we) will do quite well out of this when the dust settles. The bigger companies will be even bigger than before."Plus he wore shorts like a total cunt" - Bob
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… and the young startups with a chance of one day challenging them will be bankrupt.
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I know. Think of all the poor buggers that've just started up around the world. It could be a cafe in Manchester or a web hosting company in Delhi. Absolute carnage."Plus he wore shorts like a total cunt" - Bob
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It’s not just small firms either. Anyone going through change – that change is on hold. One client of mine for example; five large companies merging to become one massive company. Millions upon millions invested in this plan. Thousands of people’s jobs and futures. Relaunch, rebrand and rollout was due for April/May. Cancelled today. All off.
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Sorry for the derailing. Best to keep this thread on topic.
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Well it's really about stuff like that too. Although you can easily just buy the Index fund and top it up without knowing anything, it's good to know something, especially the real costs in all of this. We are currently taking advantage of other investors that are selling like mad because they're not dealing in time periods of decades like we are. Some traders (and pension schemes) will do terribly out of this and many companies will go under. People will suffer and it's important to know what's going on and why it's cheap."Plus he wore shorts like a total cunt" - Bob
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And the thought of someone making a huge wad without realising at least a part of that wad came from scumbags would annoy me quite a bit. It's the same for all pensions, even state ones. Like I say it's one huge tangled mass of connections but it's important to realise the bad stuff. Many fund managers give a lot away - you'd be surprised considering they're a bunch of greedy bastards. It's guilt."Plus he wore shorts like a total cunt" - Bob
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Just spotted something in Fidelity. It doesn’t automatically reinvest your dividends from the fund, so you’ll need to make this change in your account summary if you are following SG's advice, which I think we all are. -
The fund should do that for you - it's an accumulation fund!"Plus he wore shorts like a total cunt" - Bob
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