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  • FIRST POST
    • Cotta
    • By Cotta 15th Jun 17, 10:37 AM
    • 2,364Posts
    • 959Thanks
    Cotta
    What Financial Lessons are you Learning in 2017?
    • #1
    • 15th Jun 17, 10:37 AM
    What Financial Lessons are you Learning in 2017? 15th Jun 17 at 10:37 AM
    Hi All,

    Probably more specific to your own situations but what have you learnt thus far this year?

    Two key points for me are:

    1. Carry out regular saving each month, treat it as an expense and don't touch the account it's in.

    2. Build your pension - it's never too soon.

    As always I'm interested in others findings.
    Last edited by Cotta; 15-06-2017 at 10:49 AM.
Page 2
    • JustinP
    • By JustinP 17th Jun 17, 7:20 AM
    • 3 Posts
    • 1 Thanks
    JustinP
    When trading, practice is a must. You want to train and test your strategy before starting out with real money.
    • economic
    • By economic 17th Jun 17, 10:00 AM
    • 1,584 Posts
    • 738 Thanks
    economic
    that there are always lessons to be learnt everyday. you will never stop learning.
    • Glen Clark
    • By Glen Clark 17th Jun 17, 9:59 PM
    • 3,741 Posts
    • 2,731 Thanks
    Glen Clark
    If you are going to Scarborough, go to the toilet before you get there or it will cost you 40p
    For society to function well, people generally need to feel that they have a fair chance of success through their ability and efforts. The more entrenched hereditary elites we have, the less likely people are to feel that way
    • aldershot
    • By aldershot 18th Jun 17, 10:04 PM
    • 140 Posts
    • 131 Thanks
    aldershot
    ...that the next government will be Labour/SNP and spending/borrowing/inflation/interest rates will rise. Sterling will fall.
    • badger09
    • By badger09 19th Jun 17, 1:11 PM
    • 5,095 Posts
    • 4,288 Thanks
    badger09
    If you are going to Scarborough, go to the toilet before you get there or it will cost you 40p
    Originally posted by Glen Clark
    Could have gone here

    http://www.discoveryorkshirecoast.com/Scarborough-McDonalds-Scarborough/details/?dms=3&venue=3630780

    other 'free' toilets are available
    • AlanP
    • By AlanP 19th Jun 17, 2:27 PM
    • 813 Posts
    • 561 Thanks
    AlanP
    If you are going to Scarborough, go to the toilet before you get there or it will cost you 40p
    Originally posted by Glen Clark
    Only 20p in Bridlington last week, just a quick nip down the coast
    • badger09
    • By badger09 19th Jun 17, 2:46 PM
    • 5,095 Posts
    • 4,288 Thanks
    badger09
    Only 20p in Bridlington last week, just a quick nip down the coast
    Originally posted by AlanP
    A quick nip

    That's a 17 mile trip. Cost would be more than the 20p saved, and I doubt OP could walk it in time
    • Glen Clark
    • By Glen Clark 20th Jun 17, 8:26 AM
    • 3,741 Posts
    • 2,731 Thanks
    Glen Clark
    Originally posted by badger09
    Now you have ruined my day
    For society to function well, people generally need to feel that they have a fair chance of success through their ability and efforts. The more entrenched hereditary elites we have, the less likely people are to feel that way
    • bigadaj
    • By bigadaj 20th Jun 17, 6:45 PM
    • 9,365 Posts
    • 5,983 Thanks
    bigadaj
    Now you have ruined my day
    Originally posted by Glen Clark
    And you've got how many thousand posts on this site?
    • luke623
    • By luke623 20th Jun 17, 9:57 PM
    • 43 Posts
    • 29 Thanks
    luke623
    1. Do not pay things monthly if possible. Monthly payments bring me down.
    2. Continue to save money into LISA.
    • Ray Singh-Blue
    • By Ray Singh-Blue 21st Jun 17, 12:05 PM
    • 317 Posts
    • 414 Thanks
    Ray Singh-Blue
    Simplicity is beautiful and effective. Given a simple option and a complicated option, choose simple.
    • chiny
    • By chiny 21st Jun 17, 2:10 PM
    • 72 Posts
    • 21 Thanks
    chiny
    Simple is beautiful... probably; effective... can be. Usually it is worth spending the brain power to analyse what is on offer. That is why we are all here on MSE

    I'm a fan of Occam's Razor which has stood the test of time against serious brain oomph. It is easily adapted (if indeed it needs adapting) to MSEry.
    • Flobberchops
    • By Flobberchops 21st Jun 17, 7:20 PM
    • 524 Posts
    • 359 Thanks
    Flobberchops
    1) Should have bought more company stock options when they were rock bottom. What comes down, must go up.
    2) I'm a big believer in the idea that a task will expand to fill the time assigned to it. The same is true of budgeting - if you have money you'll spend it, if you don't have money you'll live without it and quite possibly not even miss it. I have two types of savings - my regular savers which are taken out by standing order the day after payday; and my ad-hoc investments which are whatever is left spare at the end of the month. Guess which pot is growing better!
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • Eco Miser
    • By Eco Miser 22nd Jun 17, 9:45 AM
    • 2,896 Posts
    • 2,683 Thanks
    Eco Miser
    1) Should have bought more company stock options when they were rock bottom. What comes down, must go up.
    Originally posted by Flobberchops
    Tell that to the shareholders of Northern Rock or Bradford & Bingley, or many other failed companies.
    1)
    2) I'm a big believer in the idea that a task will expand to fill the time assigned to it. The same is true of budgeting - if you have money you'll spend it, if you don't have money you'll live without it and quite possibly not even miss it. I have two types of savings - my regular savers which are taken out by standing order the day after payday; and my ad-hoc investments which are whatever is left spare at the end of the month. Guess which pot is growing better!
    Originally posted by Flobberchops
    The regular savers? But is that because you're saving so much in them, there's nothing left by the end of the month?

    Personally, my spending has never depended on how much cash was available to me, except on those rare occasions when I'd just made a big purchase or investment and the cash was really minimal until the next inflow.
    Eco Miser
    Saving money for well over half a century
    • Cotta
    • By Cotta 22nd Jun 17, 10:35 AM
    • 2,364 Posts
    • 959 Thanks
    Cotta
    1. Do not pay things monthly if possible. Monthly payments bring me down.
    2. Continue to save money into LISA.
    Originally posted by luke623


    Is a LISA only of use to someone who wants to get onto the property ladder for the first time?
    • Malthusian
    • By Malthusian 22nd Jun 17, 10:57 AM
    • 2,433 Posts
    • 3,393 Thanks
    Malthusian
    Is a LISA only of use to someone who wants to get onto the property ladder for the first time?
    Originally posted by Cotta
    They are also of use if you plan on living beyond 60 - but only if you are already maximising your pension contributions and the benefits of employer contributions and tax relief and need somewhere to put another £4k of retirement savings.
    • Cotta
    • By Cotta 22nd Jun 17, 12:09 PM
    • 2,364 Posts
    • 959 Thanks
    Cotta
    They are also of use if you plan on living beyond 60 - but only if you are already maximising your pension contributions and the benefits of employer contributions and tax relief and need somewhere to put another £4k of retirement savings.
    Originally posted by Malthusian


    What are the returns on 4k per year saved in these? They cannot be accessed until 60?
    • badger09
    • By badger09 22nd Jun 17, 4:11 PM
    • 5,095 Posts
    • 4,288 Thanks
    badger09
    What are the returns on 4k per year saved in these? They cannot be accessed until 60?
    Originally posted by Cotta
    Well, that will depend on the underlying investment (s)

    But the government's 25% bonus is .... a bonus
    • EdGasketTheSecond
    • By EdGasketTheSecond 22nd Jun 17, 4:12 PM
    • 162 Posts
    • 80 Thanks
    EdGasketTheSecond
    Buy low, sell high.
    • Dird
    • By Dird 22nd Jun 17, 4:49 PM
    • 2,589 Posts
    • 1,535 Thanks
    Dird
    YOLO. Stop being a stingy !!!!

    Department budgets are so strange (good for me as there's a sudden rush to spend, spend, spend allowing me to go on 3+ training courses)
    Mortgage (Nov 15): £79,950 | Cashback sites: £835 | Current accounts: 15
    Mortgage (May 17): £75,264 | £30k in 2016: £30,300 (101%) | £25k in 2017: £9,931 (39.7%)
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