I'm just a poor konzultant. I don't think I spend enough to justify such cards :-)
But then of course I only have to pay £1 for a top quality beer, you lot pay £5.
Some decent Czech beers in our local Polish and Bulgar stores. Kozel dark and Budvar Original at £1.79 a bottle......hmmmmm
Good prices, although not keen on Czech dark beer myself, but my prices referred to draught. Pilsner Urquell 500ml bottles cost me between 50-60p a go.
My SIPP was previously funded from contributions from my UK company which latterly mainly existed to keep making such contributions. I had to close it down because it wasn't economic to keep it going. I can still make personal contributions to the SIPP of £3600 a year, but in my case as a tax non-resident, such a contribution isn't tax deductible. I do pay income tax, but the wrong type apparently (rental income). Has to be employment income.
Anyway, my question is if I cannot make the SIPP contribution tax deductible is there any point in putting money there, rather than investing it directly in funds or whatever (I would probably be choosing the same funds)? I can't think of any advantage, but maybe I have missed something?
My SIPP was previously funded from contributions from my UK company which latterly mainly existed to keep making such contributions. I had to close it down because it wasn't economic to keep it going. I can still make personal contributions to the SIPP of £3600 a year, but in my case as a tax non-resident, such a contribution isn't tax deductible. I do pay income tax, but the wrong type apparently (rental income). Has to be employment income.
Anyway, my question is if I cannot make the SIPP contribution tax deductible is there any point in putting money there, rather than investing it directly in funds or whatever (I would probably be choosing the same funds)? I can't think of any advantage, but maybe I have missed something?
Not my specialist area (I don't have one!) but the £3,600 thing is just the annual limit for tax relief isn't it? I thought you could contribute the equivalent of your actual annual income up to a max of £40k. Or is that for UK residents only? But if you're no longer getting tax relief, what does the SIPP buy you anyway? I assume you are non-resident for tax purposes, so can't have an ISA?
My SIPP was previously funded from contributions from my UK company which latterly mainly existed to keep making such contributions. I had to close it down because it wasn't economic to keep it going. I can still make personal contributions to the SIPP of £3600 a year, but in my case as a tax non-resident, such a contribution isn't tax deductible. I do pay income tax, but the wrong type apparently (rental income). Has to be employment income.
Anyway, my question is if I cannot make the SIPP contribution tax deductible is there any point in putting money there, rather than investing it directly in funds or whatever (I would probably be choosing the same funds)? I can't think of any advantage, but maybe I have missed something?
Not my specialist area (I don't have one!) but the £3,600 thing is just the annual limit for tax relief isn't it? I thought you could contribute the equivalent of your actual annual income up to a max of £40k. Or is that for UK residents only? But if you're no longer getting tax relief, what does the SIPP buy you anyway? I assume you are non-resident for tax purposes, so can't have an ISA?
Yes, you have already identified the issue pretty much. The residency was the main issue, but I was still Ok to get tax relief while my company paid me a salary. That was taxed of course, but I could pay matching contributions in to the SIPP which was tax deductible. Nope, cannot hold an ISA either. So indeed what does contributing to the SIPP buy me? Cannot see anything.
My SIPP was previously funded from contributions from my UK company which latterly mainly existed to keep making such contributions. I had to close it down because it wasn't economic to keep it going. I can still make personal contributions to the SIPP of £3600 a year, but in my case as a tax non-resident, such a contribution isn't tax deductible. I do pay income tax, but the wrong type apparently (rental income). Has to be employment income.
Anyway, my question is if I cannot make the SIPP contribution tax deductible is there any point in putting money there, rather than investing it directly in funds or whatever (I would probably be choosing the same funds)? I can't think of any advantage, but maybe I have missed something?
Not my specialist area (I don't have one!) but the £3,600 thing is just the annual limit for tax relief isn't it? I thought you could contribute the equivalent of your actual annual income up to a max of £40k. Or is that for UK residents only? But if you're no longer getting tax relief, what does the SIPP buy you anyway? I assume you are non-resident for tax purposes, so can't have an ISA?
You get full tax relief at your highest rate for the full £40k per annum - however from April this year a tapering came in that reduces the amount of contributions attracting tax relief for earners above £150k - losing £1,000 off the tax relief total for every £2,000 earnings above the £150k threshold down to a cap of £10k contributions attracting relief (so above income of £210k caps the tax relief allowance to £10k). In that case it is not worth investing a penny in pensions above the £10k, and in Prague's case the answer is 'not worth it'. The only benefit in investing in a personal pension is the tax relief.
Like most things in life , there are good & bad ones (S!PP's) , Most SIpp's are probably not worth having unless you yourself want to buy shares directly , hold property or works of art ( the name gives it away - Self invested personal pension)
Most personal pensions nowdays have annual charges starting ar 1% and many will reduce this charge the more that is invested in the plan - so much so you can get the annual charge to around 0.5%.for a fund in excess of £100k Some even start at around 0.25/0.3%. but these will have extra charges depending on which funds you invested in - trackers starting at 0.2% to "named" fund of funds in excess of1% extra,
I've made no attempt to research it and the cynic in me says there must be a catch or more than one!
However superficially if you can set aside £50K for 5 years the returns are decent.
Bit pushed for time today so cannot dig deeper myself just now but would be interested to see what the catch (es) is / are if anyone does have time to look.
Investment through Basset & Gold Plc involves lending to individuals or companies and therefore your capital is at risk and interest payments are not guaranteed if the borrower defaults. It is important to remember that historic loan default rates are not necessarily indicative of future default rates. Investing in Basset & Gold Plc is not covered by the Financial Services Compensation Scheme.
Has anyone on here had / got a Sipp , and are you convinced that they are a good or bad thing?
Yes, believe it or not, I have a Sipp. In my case, I don't think I had any choice. It's basically like investing directly, but you get tax relief on contributions (well I no longer do, but that's because I'm non resident).
so, in line with one of the most important things I've learnt since this thread opened, it's all about charges. You choose the platform (the website through which you can buy and sell funds) and then you choose the funds themselves (and not just funds). Or an IFA can advise you, negotiate his/her fees separately. Martyn Lewis has stuff on all this of course. But if you decide to do your own thing, these witty Scottish guys can help you choose the platform.
Oh, and pay close attention to everything @Dippenhall writes about pensions. But not about Brexit :-)
@PragueAddick so what do the Czech's do for investments and savings, or do they all try and invest in UK markets?
Just seems to me that rather than accept the returns you are earning, you are chasing for and extra 1% or 2%.
Why bother, just fecking enjoy what you've got. Why get stressed out and worry so much over a grand or two? And if it's any more than that, then just be happy with what you've got?
It's not as if you are trying to buy a football club after all.
Dear @Addickted . I am touched that you have made this comment twice now. I have set aside the churlish thought that you have been on the Budvar and forgot you already wrote this once. As I understand it you are genuinely concerned for my mental health. You believe I am obsessed with hoarding money.
I didn't really want to talk about it in public, but in fact I have been clinically diagnosed with a condition which in fact has the opposite symptoms. Wasting money in a patently absurd way. This came to a head when it was discovered that I had held a season ticket at The Valley for 13 years while living in another country. The initial treatment was one known as The Pardew. Unfortunately it did not work. When my psychologist discovered that I had been to Oldham to watch a game, he had enough, and set out on a global search for a cure. Eventually he came up with the Duchatelet Treatment. I am pleased to say that this is working well, although he is concerned about some rather aggressive side effects.
So don't worry, dear Addickted. I won't be spending my money roaring around in a gas guzzling, polluting vintage car that was bloody unreliable when it was new, but rest assured that I am indeed spending it. It's just that the beer is so bloody cheap here, and my slinky French hybrid car really doesn't drink.
Now, have you got your pension sorted, can we help you?
@PragueAddick so what do the Czech's do for investments and savings, or do they all try and invest in UK markets?
Just seems to me that rather than accept the returns you are earning, you are chasing for and extra 1% or 2%.
Why bother, just fecking enjoy what you've got. Why get stressed out and worry so much over a grand or two? And if it's any more than that, then just be happy with what you've got?
It's not as if you are trying to buy a football club after all.
Here's an example (thanks to Motley Fool - the article is a year old, I don't know what the current prices are) of why getting your money to work harder is worth bothering with. In short, it's not just a couple of extra grand but a couple of extra hundred grand. Apologies for the US$ example but it was the best explanation I could find.
Realty Income Corporation (NYSE:O). We'll look at two scenarios that could have happened if you had invested $10,000 in the company 20 years ago, which would have bought about 930 shares.
First, let's see what would happen if you simply decided to take your dividends in cash. Since Realty Income has such a fantastic dividend history, your 930 shares would have produced $31,762 in dividend income. And, your shares would have appreciated in value to $86,940, for a total investment gain of $118,702. Not too bad, right?
Well, it sounds great until you consider what would have happened if you decided to reinvest your dividends instead. Over the past 20 years, with dividends reinvested through a DRIP, your original $10,000 investment would have grown to about $376,000 – more than three times the investment gain of the first scenario. Even better, your shares (since you accumulated more along the way) would now be producing more than $13,000 in annual income.
By way of comparison $10k cash 20 years ago would be equivalent to around $16k today.
I have a Suffolk Life SIPP. Funds are invested for me, on an agreed range of investments according to my risk apputite, which I am cautious to moderate, by Investec. As I have a lot invested I am happy to make enough per year to cover the charges as I am satisfied the actual amount invested can see me comfortably through my old age, until I am about 75 anyway, and even retiring at 55 I can draw sufficient to keep us in the lifestyle to which we are accustomed. My main bit of advice would be to choose who invests the funds for you carefully, unless you are doing it yourself, and be careful of the fees involved.
Btw, won another £50 on the premium bonds this month. So far this year we are running at about a 2.3% return.
I have a Suffolk Life SIPP. Funds are invested for me, on an agreed range of investments according to my risk apputite, which I am cautious to moderate, by Investec. As I have a lot invested I am happy to make enough per year to cover the charges as I am satisfied the actual amount invested can see me comfortably through my old age, until I am about 75 anyway, and even retiring at 55 I can draw sufficient to keep us in the lifestyle to which we are accustomed. My main bit of advice would be to choose who invests the funds for you carefully, unless you are doing it yourself, and be careful of the fees involved.
Btw, won another £50 on the premium bonds this month. So far this year we are running at about a 2.3% return.
Well mate, to my own great surprise your advocacy of Premium Bonds was the first thing I acted on as a result of this thread. First draw of my newly enlarged cache in October. I am expecting big things:-) Well not really but if it shows me 2.3% over the year, I will consider it to be excellent advice from you.
@PragueAddick so what do the Czech's do for investments and savings, or do they all try and invest in UK markets?
Just seems to me that rather than accept the returns you are earning, you are chasing for and extra 1% or 2%.
Why bother, just fecking enjoy what you've got. Why get stressed out and worry so much over a grand or two? And if it's any more than that, then just be happy with what you've got?
It's not as if you are trying to buy a football club after all.
Here's an example (thanks to Motley Fool - the article is a year old, I don't know what the current prices are) of why getting your money to work harder is worth bothering with. In short, it's not just a couple of extra grand but a couple of extra hundred grand. Apologies for the US$ example but it was the best explanation I could find.
Realty Income Corporation (NYSE:O). We'll look at two scenarios that could have happened if you had invested $10,000 in the company 20 years ago, which would have bought about 930 shares.
First, let's see what would happen if you simply decided to take your dividends in cash. Since Realty Income has such a fantastic dividend history, your 930 shares would have produced $31,762 in dividend income. And, your shares would have appreciated in value to $86,940, for a total investment gain of $118,702. Not too bad, right?
Well, it sounds great until you consider what would have happened if you decided to reinvest your dividends instead. Over the past 20 years, with dividends reinvested through a DRIP, your original $10,000 investment would have grown to about $376,000 – more than three times the investment gain of the first scenario. Even better, your shares (since you accumulated more along the way) would now be producing more than $13,000 in annual income.
By way of comparison $10k cash 20 years ago would be equivalent to around $16k today.
Nice thought, but,
1) How many Companies have performed as well as RIC in those 20 years? Very few I bet.
2) How many Companies have gone down the pan in those 20 years and done all your investment? Many more I suspect.
3) How many people 20 years ago had a spare 10k laying around? Pretty sure I didn't have any spare cash then with a young family and what I did have went towards paying off my mortgage.
4) What guarantees can you give towards any Company performing that well in the next 20 years?
5) Not sure if either Prague or I actually have another 20 years.
6) You are ignoring my point about enjoying what you have rather than gambling on the success or otherwise of other people.
@PragueAddick so what do the Czech's do for investments and savings, or do they all try and invest in UK markets?
Just seems to me that rather than accept the returns you are earning, you are chasing for and extra 1% or 2%.
Why bother, just fecking enjoy what you've got. Why get stressed out and worry so much over a grand or two? And if it's any more than that, then just be happy with what you've got?
It's not as if you are trying to buy a football club after all.
Nice thought, but,
1) How many Companies have performed as well as RIC in those 20 years? Very few I bet.
2) How many Companies have gone down the pan in those 20 years and done all your investment? Many more I suspect.
3) How many people 20 years ago had a spare 10k laying around? Pretty sure I didn't have any spare cash then with a young family and what I did have went towards paying off my mortgage.
4) What guarantees can you give towards any Company performing that well in the next 20 years?
5) Not sure if either Prague or I actually have another 20 years.
6) You are ignoring my point about enjoying what you have rather than gambling on the success or otherwise of other people.
1) I don't know. But there will be plenty. ARM Holdings, Melrose Industries and Reckitt Benckiser immediately spring to mind. 2) I don't know. I've lost money, sometimes a total wipe out. But eggs and baskets. I'm still well up overall. 3) I don't know. Divide everything by ten. The answer is still telling. 4) None. Eggs and baskets. 5) Pretty sure I don't either! 6) I did ignore it, you're right. I did so deliberately. We are all different. (It's just as well, really). To me, personally, the whole concept of a young family and enjoyment are incompatible and an anathema. To you, obviously not. I decided to get my enjoyment by not having kids (see your quote about gambling on the success or otherwise of other people) and using the money for other things. Some of which involved making sure I didn't have to worry about having sufficient funds for the worst that old age can throw at you. I have now done that (I hope) and would never do anything but urge others to do the same. In the meantime, I've also enjoyed myself very much indeed. Enjoyment and financial prudence are not necessarily mutually exclusive, I'd have thought. Some would see it as being sad but I happen to do an annual budget, just to keep track on monthly incomings and outgoings. I find it quite useful and strangely comforting in a way. (Although I do allow myself the odd bit of virement every now and again)!
Really interesting thread so far, I expressed my interest in it being opened - and I've been reading along so far. I've held off posting as I'm coming from a completely different angle!
Essentially I'm at the opposite end of the spectrum to many of you, and not looking towards retirement as per se, but simply equipping myself for a safety net in the future.
I have a recurring health condition that can put me out of action at times, although touch-wood: I've been stable for quite some time now. In March I decided to "go it alone" though, and have been setting up my own company whilst taking on the odd contract job here-and-there. (I should clarify: I'm fortunate enough to have an excellent network with regards to people I can trust should I get ill whilst under professional obligations.)
The overheads of what I do (software development, some infrastructure and infosec stuff too) are minimal - co-working space for a change of scenery, a few servers, some software subscriptions, insurance, rented landline telephone number and an o2 contract. Not exactly breaking the bank; so whilst the overheads have been low I've been able to live quite nicely without having to do 160hour months.
Now I'm beginning to run into my limitations: doing 40 hour weeks for client work, when it's around, leaves no time for (a) networking, (b) writing, (c) admin (I have invoices I should've put through weeks ago.) and (d) having a work/life balance to be frank. In 2017 I want to slowly expand this, and thus increase my overheads. So this means my income is going to fluctuate a bit.
With all this in mind, I need a mechanism of saving money which will not only provide a safety net should my health decline (or work dries up.), but could also be put towards purchasing my first property in a couple of years. Any suggestions?
I've looked up the new ISAs that are coming in, but there were a few things that concerned me - I can't actually remember now though to be honest. Obviously this savings pot can't be too risky either, as the money is essentially a safety net at this point in time.
Right, someone please tell me why the following isn't a complete load of bollocks.
My niece is starting Uni. As with her brother I am helping with the financing of the horrendous costs. So i thought I the best way would be to open an ISA for her which I, my sister, and my Mum, can pay into, and I would manage the investments. I chose Charles Stanley, and of course it was clear that she must open it in her own name, and they said of course at her discretion she can give me the login details. But when I tried to pay in a first instalment of money, I found I could not. A very fierce statement said that no money can be received from any account no belonging to the holder. When I asked them why not, they said....
Money laundering regulations....
What the actual? Am i seriously to believe there is a danger that a corrupt Central Asian politician is going to try and launder his ill gotten billions by opening a million ISA's???? An ISA is one of the most closely monitored accounts by HMRC - they claim - because of the tax limits.
Comments
But then of course I only have to pay £1 for a top quality beer, you lot pay £5.
My SIPP was previously funded from contributions from my UK company which latterly mainly existed to keep making such contributions. I had to close it down because it wasn't economic to keep it going. I can still make personal contributions to the SIPP of £3600 a year, but in my case as a tax non-resident, such a contribution isn't tax deductible. I do pay income tax, but the wrong type apparently (rental income). Has to be employment income.
Anyway, my question is if I cannot make the SIPP contribution tax deductible is there any point in putting money there, rather than investing it directly in funds or whatever (I would probably be choosing the same funds)? I can't think of any advantage, but maybe I have missed something?
Yes, you have already identified the issue pretty much. The residency was the main issue, but I was still Ok to get tax relief while my company paid me a salary. That was taxed of course, but I could pay matching contributions in to the SIPP which was tax deductible. Nope, cannot hold an ISA either. So indeed what does contributing to the SIPP buy me? Cannot see anything.
Most personal pensions nowdays have annual charges starting ar 1% and many will reduce this charge the more that is invested in the plan - so much so you can get the annual charge to around 0.5%.for a fund in excess of £100k Some even start at around 0.25/0.3%. but these will have extra charges depending on which funds you invested in - trackers starting at 0.2% to "named" fund of funds in excess of1% extra,
Easy - who says you need advice. >)
https://www.bassetgold.co.uk/LP/lp-desktop-28/?utm_source=google&utm_medium=banner&utm_content=google banner&utm_campaign=In-market Audiences&utm_source=adwords&utm_medium=ppc&utm_term=paidkeywords&utm_campaign=basset-adwords&gclid=CLyuk4n_7c4CFUsYGwodiYYMzw
I've made no attempt to research it and the cynic in me says there must be a catch or more than one!
However superficially if you can set aside £50K for 5 years the returns are decent.
Bit pushed for time today so cannot dig deeper myself just now but would be interested to see what the catch (es) is / are if anyone does have time to look.
Investment through Basset & Gold Plc involves lending to individuals or companies and therefore your capital is at risk and interest payments are not guaranteed if the borrower defaults. It is important to remember that historic loan default rates are not necessarily indicative of future default rates. Investing in Basset & Gold Plc is not covered by the Financial Services Compensation Scheme.
BASSET & GOLD PLC business sector includes artists' model, astrologer, blood pressure machine operation (coin operated), boarding of pet animals, body piercing studios, bootblack, cats' home, clairvoyant, cloakroom (not railway, etc.), computer dating agency, dating services, dogs' home, educational agency, emigration agency (not of foreign government, etc.), escort agency, fortune telling (not fairground), genealogical organisation services, genealogist, graphologist, grooming of pet animals, guide (other than tourist), historical research, horse clipping, jobbing waiter, kennels (not racing), key cutting services (while you wait), knifegrinder (travelling), licensed porter, marriage bureau, master of ceremonies, naturalisation agent, outside porter, palmist, pavement artist, pet sitting services, photographic machines (coin-operated), plastic coating services of identity cards, etc. (while you wait), poodle clipping, porters, salvation army emigration department, shoe shiners, spiritualists' activities, tattooist, toastmaster, town crier, training of pet animals, valet car parkers, weighing machine operation (coin operated).
so, in line with one of the most important things I've learnt since this thread opened, it's all about charges. You choose the platform (the website through which you can buy and sell funds) and then you choose the funds themselves (and not just funds). Or an IFA can advise you, negotiate his/her fees separately. Martyn Lewis has stuff on all this of course. But if you decide to do your own thing, these witty Scottish guys can help you choose the platform.
Oh, and pay close attention to everything @Dippenhall writes about pensions. But not about Brexit :-)
Just seems to me that rather than accept the returns you are earning, you are chasing for and extra 1% or 2%.
Why bother, just fecking enjoy what you've got. Why get stressed out and worry so much over a grand or two? And if it's any more than that, then just be happy with what you've got?
It's not as if you are trying to buy a football club after all.
I didn't really want to talk about it in public, but in fact I have been clinically diagnosed with a condition which in fact has the opposite symptoms. Wasting money in a patently absurd way. This came to a head when it was discovered that I had held a season ticket at The Valley for 13 years while living in another country. The initial treatment was one known as The Pardew. Unfortunately it did not work. When my psychologist discovered that I had been to Oldham to watch a game, he had enough, and set out on a global search for a cure. Eventually he came up with the Duchatelet Treatment. I am pleased to say that this is working well, although he is concerned about some rather aggressive side effects.
So don't worry, dear Addickted. I won't be spending my money roaring around in a gas guzzling, polluting vintage car that was bloody unreliable when it was new, but rest assured that I am indeed spending it. It's just that the beer is so bloody cheap here, and my slinky French hybrid car really doesn't drink.
Now, have you got your pension sorted, can we help you?
Give us a tenner.
Realty Income Corporation (NYSE:O). We'll look at two scenarios that could have happened if you had invested $10,000 in the company 20 years ago, which would have bought about 930 shares.
First, let's see what would happen if you simply decided to take your dividends in cash. Since Realty Income has such a fantastic dividend history, your 930 shares would have produced $31,762 in dividend income. And, your shares would have appreciated in value to $86,940, for a total investment gain of $118,702. Not too bad, right?
Well, it sounds great until you consider what would have happened if you decided to reinvest your dividends instead. Over the past 20 years, with dividends reinvested through a DRIP, your original $10,000 investment would have grown to about $376,000 – more than three times the investment gain of the first scenario. Even better, your shares (since you accumulated more along the way) would now be producing more than $13,000 in annual income.
By way of comparison $10k cash 20 years ago would be equivalent to around $16k today.
Btw, won another £50 on the premium bonds this month. So far this year we are running at about a 2.3% return.
1) How many Companies have performed as well as RIC in those 20 years? Very few I bet.
2) How many Companies have gone down the pan in those 20 years and done all your investment? Many more I suspect.
3) How many people 20 years ago had a spare 10k laying around? Pretty sure I didn't have any spare cash then with a young family and what I did have went towards paying off my mortgage.
4) What guarantees can you give towards any Company performing that well in the next 20 years?
5) Not sure if either Prague or I actually have another 20 years.
6) You are ignoring my point about enjoying what you have rather than gambling on the success or otherwise of other people.
2) I don't know. I've lost money, sometimes a total wipe out. But eggs and baskets. I'm still well up overall.
3) I don't know. Divide everything by ten. The answer is still telling.
4) None. Eggs and baskets.
5) Pretty sure I don't either!
6) I did ignore it, you're right. I did so deliberately. We are all different. (It's just as well, really). To me, personally, the whole concept of a young family and enjoyment are incompatible and an anathema. To you, obviously not. I decided to get my enjoyment by not having kids (see your quote about gambling on the success or otherwise of other people) and using the money for other things. Some of which involved making sure I didn't have to worry about having sufficient funds for the worst that old age can throw at you. I have now done that (I hope) and would never do anything but urge others to do the same. In the meantime, I've also enjoyed myself very much indeed. Enjoyment and financial prudence are not necessarily mutually exclusive, I'd have thought. Some would see it as being sad but I happen to do an annual budget, just to keep track on monthly incomings and outgoings. I find it quite useful and strangely comforting in a way. (Although I do allow myself the odd bit of virement every now and again)!
Essentially I'm at the opposite end of the spectrum to many of you, and not looking towards retirement as per se, but simply equipping myself for a safety net in the future.
I have a recurring health condition that can put me out of action at times, although touch-wood: I've been stable for quite some time now. In March I decided to "go it alone" though, and have been setting up my own company whilst taking on the odd contract job here-and-there. (I should clarify: I'm fortunate enough to have an excellent network with regards to people I can trust should I get ill whilst under professional obligations.)
The overheads of what I do (software development, some infrastructure and infosec stuff too) are minimal - co-working space for a change of scenery, a few servers, some software subscriptions, insurance, rented landline telephone number and an o2 contract. Not exactly breaking the bank; so whilst the overheads have been low I've been able to live quite nicely without having to do 160hour months.
Now I'm beginning to run into my limitations: doing 40 hour weeks for client work, when it's around, leaves no time for (a) networking, (b) writing, (c) admin (I have invoices I should've put through weeks ago.) and (d) having a work/life balance to be frank. In 2017 I want to slowly expand this, and thus increase my overheads. So this means my income is going to fluctuate a bit.
With all this in mind, I need a mechanism of saving money which will not only provide a safety net should my health decline (or work dries up.), but could also be put towards purchasing my first property in a couple of years. Any suggestions?
I've looked up the new ISAs that are coming in, but there were a few things that concerned me - I can't actually remember now though to be honest. Obviously this savings pot can't be too risky either, as the money is essentially a safety net at this point in time.
http://www.moneysupermarket.com/savings/help-to-buy-isa/
My niece is starting Uni. As with her brother I am helping with the financing of the horrendous costs. So i thought I the best way would be to open an ISA for her which I, my sister, and my Mum, can pay into, and I would manage the investments. I chose Charles Stanley, and of course it was clear that she must open it in her own name, and they said of course at her discretion she can give me the login details. But when I tried to pay in a first instalment of money, I found I could not. A very fierce statement said that no money can be received from any account no belonging to the holder. When I asked them why not, they said....
Money laundering regulations....
What the actual? Am i seriously to believe there is a danger that a corrupt Central Asian politician is going to try and launder his ill gotten billions by opening a million ISA's???? An ISA is one of the most closely monitored accounts by HMRC - they claim - because of the tax limits.
Someone please explain the serious threat here.