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Savings and Investments thread
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Zynex up $1.50 (9%) near enough to $17.97 bid. Long may it continue as it might fund our transfers in time4
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What's that make TS worth today? $300m?0
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he should've mined bitcoin rather than setting up a silly little medical supplies companyIdleHans said:Zynex up $1.50 (9%) near enough to $17.97 bid. Long may it continue as it might fund our transfers in time
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If you need a 40 min video to explain something then its too complicated. Attention span of most people is less than 10 mins. If I can't explain a product in less than 5 mins then clients don't invest. Been doing this job 30 years come May & seen most way of "selling" an idea.No.1 in South London said:1 -
you asked for a detailed prospectus this morning. I guess you were just sealioning.golfaddick said:
If you need a 40 min video to explain something then its too complicated. Attention span of most people is less than 10 mins. If I can't explain a product in less than 5 mins then clients don't invest. Been doing this job 30 years come May & seen most way of "selling" an idea.No.1 in South London said:0 -
I meant in writing. Something approved by the regulators.kentaddick said:
you asked for a detailed prospectus this morning. I guess you were just sealioning.golfaddick said:
If you need a 40 min video to explain something then its too complicated. Attention span of most people is less than 10 mins. If I can't explain a product in less than 5 mins then clients don't invest. Been doing this job 30 years come May & seen most way of "selling" an idea.No.1 in South London said:1 -
Not me. The FT article I posted is on the previous page, doesn't make any such reference.kentaddick said:
i think one person (might have been you) posted an article from the FT that claimed more bitcoins can be created like fiat currency can - which goes to show you the extremely shallow understanding the author has on the subject. Didn't read past that, utter tosh.PragueAddick said:
Sorry, that’s a misrepresentation of what I posted and when.I answered Kent’s one sentence reply on the crypto thread, saying it didnt seem to help address my questions and waited something like a week to see if someone else would have a go. Nothing. So i posted on here about it. Funny how I can ask on CL about anything from Blue Badges to Internet line speed, and so can anyone else, and lots of people reply helpfully , but crypto, nah. Not if you don’t show you Believe first.cafcpolo said:
The thing is Prague...You are asking questions which have all been answered in the past, while at the same time saying it's a cult, not really an investment, etc etc. Which let's be honest is because you don't understand it. You've said there is no point in you flogging a dead horse. That is exactly how I feel as well...I'm not going to spend my time trying to educate someone who is asking questions on one thread and shitting on the same thing in another.PragueAddick said:
I don't agree. Crypto is being touted as an investment. @kentaddick is the only one of the crypto people ready to come on here and at least make a stab at defending it as an investment. I rather wish some of the others on that thread who are also on here sometimes, would give him a hand.golfaddick said:Crypto chat should go onto the crypto thread imo. Any chat about politics gets shut down & told to go on the House of Commoners ones so no reason why this can't do so too.
Where have my questions been answered.? On the thread? In a serious medium? Well certainly not the FT, to name one highly sceptical finance oriented outlet. In the book my nephew gave me? How many people “shitting” on crypto have bothered to read a book advocating it?
People on here have explained why they have invested in gold, and in art. I think possibly also wine. Their explanations were perfectly understandable, even if not necessarily convincing to all readers as investments, because not all investments suit everyone. I’m afraid your post just reinforces my impression that something isnt quite pukka about crypto, but if thats what you do with your money, good luck, , and I’m sorry that I disturbed you with such impertinent and thick questions.0 -
So its basically saying that because some one did keep a good record of their keys bitcoin is bad? lolPragueAddick said:
Not me. The FT article I posted is on the previous page, doesn't make any such reference.kentaddick said:
i think one person (might have been you) posted an article from the FT that claimed more bitcoins can be created like fiat currency can - which goes to show you the extremely shallow understanding the author has on the subject. Didn't read past that, utter tosh.PragueAddick said:
Sorry, that’s a misrepresentation of what I posted and when.I answered Kent’s one sentence reply on the crypto thread, saying it didnt seem to help address my questions and waited something like a week to see if someone else would have a go. Nothing. So i posted on here about it. Funny how I can ask on CL about anything from Blue Badges to Internet line speed, and so can anyone else, and lots of people reply helpfully , but crypto, nah. Not if you don’t show you Believe first.cafcpolo said:
The thing is Prague...You are asking questions which have all been answered in the past, while at the same time saying it's a cult, not really an investment, etc etc. Which let's be honest is because you don't understand it. You've said there is no point in you flogging a dead horse. That is exactly how I feel as well...I'm not going to spend my time trying to educate someone who is asking questions on one thread and shitting on the same thing in another.PragueAddick said:
I don't agree. Crypto is being touted as an investment. @kentaddick is the only one of the crypto people ready to come on here and at least make a stab at defending it as an investment. I rather wish some of the others on that thread who are also on here sometimes, would give him a hand.golfaddick said:Crypto chat should go onto the crypto thread imo. Any chat about politics gets shut down & told to go on the House of Commoners ones so no reason why this can't do so too.
Where have my questions been answered.? On the thread? In a serious medium? Well certainly not the FT, to name one highly sceptical finance oriented outlet. In the book my nephew gave me? How many people “shitting” on crypto have bothered to read a book advocating it?
People on here have explained why they have invested in gold, and in art. I think possibly also wine. Their explanations were perfectly understandable, even if not necessarily convincing to all readers as investments, because not all investments suit everyone. I’m afraid your post just reinforces my impression that something isnt quite pukka about crypto, but if thats what you do with your money, good luck, , and I’m sorry that I disturbed you with such impertinent and thick questions.0 -
In writing, approved by regulators? I assume stock markets had all of that in their infancy too?golfaddick said:
I meant in writing. Something approved by the regulators.kentaddick said:
you asked for a detailed prospectus this morning. I guess you were just sealioning.golfaddick said:
If you need a 40 min video to explain something then its too complicated. Attention span of most people is less than 10 mins. If I can't explain a product in less than 5 mins then clients don't invest. Been doing this job 30 years come May & seen most way of "selling" an idea.No.1 in South London said:0 - Sponsored links:
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So back to investments, copper price per tonne up today 1/2 a %, oil prices up today despite global concerns over demand, and FTSE & AIM mining stocks only going one way currently 📈 Ftse all share down, AIM up. Have a pleasant night chaps............coya’s1
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That's fine, your investment advice (I would guess) would be to only invest in plain vanilla products and/or funds where trying to maximise returns on your investment is not important and your clients are all risk averse?golfaddick said:
If you need a 40 min video to explain something then its too complicated. Attention span of most people is less than 10 mins. If I can't explain a product in less than 5 mins then clients don't invest. Been doing this job 30 years come May & seen most way of "selling" an idea.No.1 in South London said:
No one is suggesting that cryptocurrencies are suitable for a Financial Advisers portfolio of products or for your ordinary Joe investor looking to safely invest his money for a guaranteed return.
Investors looking for premium returns should be advised on all of the exotic and derivative type products available to them if that client had an appetite for risk and the potential for superior returns. It's all relevant to what markets you want to invest in and cryptocurrencies along with derivative and exotic products are not for the feint hearted.
The reason I posted that video was because Prague asked for crypto to be explained and I thought that would help.
There are plenty of investment products out there that need a little more than 5 minutes to explain, that could equally make (or lose) far more than your typical Financial Advisor would ever be interested in....... cryptocurrencies are no different in that regard, but that is no excuse to just write them off as investment products because you do not understand the underlying risk or reward.0 -
SPAC-Tastic, as I said, it’s the only other investment that has returned at Crypto levels
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Just for history, and been in at IPO on each
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This might be of interest to the Crypto traders;
https://forums.moneysavingexpert.com/discussion/6230426/our-records-indicate-you-may-have-foreign-income-or-gains-to-declare-and-recent-crypto-sale#latest
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I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?0
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Sadly, probably not.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?1 -
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.3 -
The fact that the whole 'deal' was done without anyone except the son involved, and knowing how he is, I would be very surprised if he hasn't benefited. I also expect that he will deal with her estate after her death and say that there's nothing left as she had equity release. He's already loaded (as well as being on a big wage himself his wife has a lot of money) whereas my friend struggles.golfaddick said:
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.
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Probably more than a Parker pen.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?0 - Sponsored links:
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My BIL parents took one out, many years ago. He’s an only child and didn’t know about it. His dad died about 10 years ago and since then his mum has sold the house and gone to live near to him in sheltered housing. There was a massive pay back compared to what they had taken from the scheme, so much so that she was limited to what choice of flat she could afford.golfaddick said:
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.0 -
I would just steer well clear of equity release, full stop. Will definitely be yet another mis-selling scam of the future and we'll all end up paying for it, as usual.guinnessaddick said:
My BIL parents took one out, many years ago. He’s an only child and didn’t know about it. His dad died about 10 years ago and since then his mum has sold the house and gone to live near to him in sheltered housing. There was a massive pay back compared to what they had taken from the scheme, so much so that she was limited to what choice of flat she could afford.golfaddick said:
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.
If you can't get unsecured credit and need the money, sell the house and downsize.
There's not enough competition in that market, as you can see from the rates that they charge which are outrageous for an asset-backed loan. And I don't think anyone who actually signs those terms can understand the impact of rolling up the interest.
As for the brother's incentive, I suspect it is either that he has taken some of that cash (80k buys a lot of bathroom) or he's said - I don't need the money, mum, so don't worry about leaving anything to me; which isn't in everyone's interests.
The lender will have the charge over the house, not the brother.4 -
What's everyone's view on the 'tech bubble'?
There is definitely a lot of hot, leveraged money in US tech and biotech small caps, which could evaporate very quickly. There was a mental 60x increase in the price of a stock that had 'Signal' in its' name over two days but turned out to have nothing to do with the not-for-profit messenger app. All sorts of people following volume momentum strategies. And now I'm getting spammed by people in their twenties offering to sell me trading courses because they've consistently made money since - wait for it - 2017.
No doubt a sell off will side-swipe the established players. But they are under-performing, relatively (Amazon, Apple, Paypal, etc). And medium term they have huge secular tailwinds. Short of regulatory interference or a war with China, I just see them continue to post 20% CAGR over the next five years.
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Equity Release can be a good idea for some people. Not many I grant you, but for some.WishIdStayedinthePub said:
I would just steer well clear of equity release, full stop. Will definitely be yet another mis-selling scam of the future and we'll all end up paying for it, as usual.guinnessaddick said:
My BIL parents took one out, many years ago. He’s an only child and didn’t know about it. His dad died about 10 years ago and since then his mum has sold the house and gone to live near to him in sheltered housing. There was a massive pay back compared to what they had taken from the scheme, so much so that she was limited to what choice of flat she could afford.golfaddick said:
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.
If you can't get unsecured credit and need the money, sell the house and downsize.
There's not enough competition in that market, as you can see from the rates that they charge which are outrageous for an asset-backed loan. And I don't think anyone who actually signs those terms can understand the impact of rolling up the interest.
As for the brother's incentive, I suspect it is either that he has taken some of that cash (80k buys a lot of bathroom) or he's said - I don't need the money, mum, so don't worry about leaving anything to me; which isn't in everyone's interests.
The lender will have the charge over the house, not the brother.
I have a client who has no dependants or living relatives. Only child, never married, parents long since died. He inherited their Estate about 15 years ago & bought himself a flat as he lived with them & wanted to move to the coast. No job for years & didn't claim unemployment benefit. Lived on his inheritance (with a bit of help from me) & has just now turned 65 & claimed his State Pension. Now has regular income but his capital has all but run out. Flat worth c£200k & that is now 99% of his assets. His Will is made out to 3 charities. Last year I recommended ER to release £30k of capital. Debt will roughly double over the next 15 years, so even by the time he is 80 their is still plenty left for his chosen charities or to pay towards care if needs be.
As I said - it's a good way for some to release cash built up in their homes. But it's not for the many.1 -
Knowing what her brother is like he will have arranged it himself (works in finance) and got them to sign what they think is an equity release.WishIdStayedinthePub said:
I would just steer well clear of equity release, full stop. Will definitely be yet another mis-selling scam of the future and we'll all end up paying for it, as usual.guinnessaddick said:
My BIL parents took one out, many years ago. He’s an only child and didn’t know about it. His dad died about 10 years ago and since then his mum has sold the house and gone to live near to him in sheltered housing. There was a massive pay back compared to what they had taken from the scheme, so much so that she was limited to what choice of flat she could afford.golfaddick said:
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.
If you can't get unsecured credit and need the money, sell the house and downsize.
There's not enough competition in that market, as you can see from the rates that they charge which are outrageous for an asset-backed loan. And I don't think anyone who actually signs those terms can understand the impact of rolling up the interest.
As for the brother's incentive, I suspect it is either that he has taken some of that cash (80k buys a lot of bathroom) or he's said - I don't need the money, mum, so don't worry about leaving anything to me; which isn't in everyone's interests.
The lender will have the charge over the house, not the brother.
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So, would literally sell his own mother then ... nice.Arsenetatters said:
Knowing what her brother is like he will have arranged it himself (works in finance) and got them to sign what they think is an equity release.WishIdStayedinthePub said:
I would just steer well clear of equity release, full stop. Will definitely be yet another mis-selling scam of the future and we'll all end up paying for it, as usual.guinnessaddick said:
My BIL parents took one out, many years ago. He’s an only child and didn’t know about it. His dad died about 10 years ago and since then his mum has sold the house and gone to live near to him in sheltered housing. There was a massive pay back compared to what they had taken from the scheme, so much so that she was limited to what choice of flat she could afford.golfaddick said:
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.
If you can't get unsecured credit and need the money, sell the house and downsize.
There's not enough competition in that market, as you can see from the rates that they charge which are outrageous for an asset-backed loan. And I don't think anyone who actually signs those terms can understand the impact of rolling up the interest.
As for the brother's incentive, I suspect it is either that he has taken some of that cash (80k buys a lot of bathroom) or he's said - I don't need the money, mum, so don't worry about leaving anything to me; which isn't in everyone's interests.
The lender will have the charge over the house, not the brother.1 -
Definitely. Pre-covid he used to get them to go up from London to Manchester on the train to visit him. No offer of train fare. When they got there he'd take them out food shopping, fill the trolley and let them pay for it. If he and his wife wanted to go out they'd get them to come up all that way to look after the grandkids. Ask for expensive presents for the kids etc etc. His Mum and her partner have very little money. He is a complete tosser IMHO.WishIdStayedinthePub said:
So, would literally sell his own mother then ... nice.Arsenetatters said:
Knowing what her brother is like he will have arranged it himself (works in finance) and got them to sign what they think is an equity release.WishIdStayedinthePub said:
I would just steer well clear of equity release, full stop. Will definitely be yet another mis-selling scam of the future and we'll all end up paying for it, as usual.guinnessaddick said:
My BIL parents took one out, many years ago. He’s an only child and didn’t know about it. His dad died about 10 years ago and since then his mum has sold the house and gone to live near to him in sheltered housing. There was a massive pay back compared to what they had taken from the scheme, so much so that she was limited to what choice of flat she could afford.golfaddick said:
She doesn't need to have signed her house over to him, just a straight forward equity release mortgage would net her £80k in that scenario. She could well have been offered more (maximum likely to be around 35% at that age) but perhaps all concerned felt that £80k was ample.Arsenetatters said:I have a good friend whose Mum and partner live in a mortgage free house worth £400,000 ish. My friend’s brother works in finance and has kept on about them getting equity release. Anyway, suddenly my friend’s mum (in her 80s) has said how lovely it is that she’s got equity release and can get a new bathroom. No one else in the family consulted - but it is her house. She says, and is delighted, that she’s got £80,000 to spend. The brother has ‘arranged’ this.My friend and her sister are surprised at how little money she’s got. I’m not, her brother has always been a scheming wanker and has probably got his Mum and partner to sign something giving him the house. Am I being cynical?
HOWEVER
it is strongly recommended that an equity release mortgage is discussed with dependants & beneficiaries of the Estate before signing anything. Also, at age 80, she would be deemed to be financially "vulnerable" and should have had someone with her at any discussion and or meeting.
Tour friend should ask to look at the paperwork to see who signed what & what safeguards were put in place. As it happens I am regulated to deal with Equity Release but have only been involved in 2 or 3 over the past 20 years as I find that once I talk through the pros & cons with the WHOLE family they soon realise it's not for them.
If you can't get unsecured credit and need the money, sell the house and downsize.
There's not enough competition in that market, as you can see from the rates that they charge which are outrageous for an asset-backed loan. And I don't think anyone who actually signs those terms can understand the impact of rolling up the interest.
As for the brother's incentive, I suspect it is either that he has taken some of that cash (80k buys a lot of bathroom) or he's said - I don't need the money, mum, so don't worry about leaving anything to me; which isn't in everyone's interests.
The lender will have the charge over the house, not the brother.
2 -
I read a very convincing article which pretty much came to the conclusion you did, but I can't remember where. But likely the FTWishIdStayedinthePub said:What's everyone's view on the 'tech bubble'?
There is definitely a lot of hot, leveraged money in US tech and biotech small caps, which could evaporate very quickly. There was a mental 60x increase in the price of a stock that had 'Signal' in its' name over two days but turned out to have nothing to do with the not-for-profit messenger app. All sorts of people following volume momentum strategies. And now I'm getting spammed by people in their twenties offering to sell me trading courses because they've consistently made money since - wait for it - 2017.
No doubt a sell off will side-swipe the established players. But they are under-performing, relatively (Amazon, Apple, Paypal, etc). And medium term they have huge secular tailwinds. Short of regulatory interference or a war with China, I just see them continue to post 20% CAGR over the next five years.
I think the chances of a war with China diminished the moment a bloke whose name I forgot stepped on board AirForce One this afternoon. Regulatory interference is trickier. As a citizen I think it's badly needed re Facebook and Google, and for different reasons Amazon, but to be effective would require at least agreement between Europe and the US, and I don't see that being reached quickly. Personally I will hold, at least this year.
The problem with tech for broad-brush punters like me (i.e. in funds, rather than directly in shares) is that I probably have more of those FAANGS than I realise, because as well as the two tech funds I hold, their shares will be tucked away in broader based funds, including trackers/passives, but getting to the facts on that is a bit of a slog.0 -
https://www.hl.co.uk/shares/shares-search-results/a/argo-blockchain-plc-ord
The "historical performance" actually scares me, more than anything else.0 -
Certainly had you bought a couple of years ago you'd be doing very well. But that's a huge spike in recent times, up over a thousand percent in 3 months, down 20% in a week, it's all about when you bought and then when you got out!1
https://www.youtube.com/watch?v=EDyQEUZ0PlY
