Where now for safety?

baileysbattlebus

National Savings & Investments - you don't get mega high interest rates but your money - all of it is safe - treasury backed (do they any money left?)

Snooze

lostinrates wrote: »

The thing with the field option is that many, many farmers and estates sell the rights to metal detect on their land. This would seriously concern me.

I'll be honest with you, I never even thought about metal detectors!! :eek:

The places that I used were pretty inaccessible anyway or just simply in the middle of nowhere like some remote area of the N Yorks moors buried under some heather, for example, neither of which would be places people would ever go to.

I still think the chances of me losing my money out there are far less than having it in a savings/bank account! And no I don't care about the interest I'm "losing" as it was never my money to begin with so who cares for a couple of hundred quid each year? Not me.

Rob

Snooze

baileysbattlebus wrote: »

National Savings & Investments - you don't get mega high interest rates but your money - all of it is safe - treasury backed (do they any money left?)

Really? And you know this how, exactly? Have you tested it? I fear not. I fear that you have read the T&Cs and read the part where it says "if we go tits up you'll get all your money back" and that's it . I would be interested to see how exactly "they" pay you your money back when they've gone bankrupt and - the rate things are going - when the country goes bankrupt too.

Yep, good luck with that one.

Rob

moanymoany

neverdespairgirl wrote: »

"bit lame" has it over "lose the lot" at the moment, I agree (-:

The mass of the proceeds from our house sale are in NS&I. It feels very secure.

WTF?_2

Realy wrote: »

Madness if gold starts crashing, you have to dig it up (providing it is still there and not been ploughed up etc) then find a dealer who will then want to test it then pay you below market rate for it!
Also less volume = easier to steal
I would rather try and run off with £20K gold than £20K in £1 coins.

Just put it a couple of feet under the Rhubarb in the back garden.

Shouldn't take too long to dig it out in an emergency, put it in a plastic net bag like you get oranges in when you bury it..

Oh, and don't tell anyone you have gold, or mention Rhubarb. Damn :wall:

moanymoany

I just posted a reply which has vanished!!!!!!!!

Today I doscovered that Pepys busied his most valued stuff as the fire of london approached. It was wine and a large parmesan cheese!

Otherwise the NS&I are a safe place to put money. ISA's are splendid and easy to do.

WTF?_2

Snooze wrote: »

Really? And you know this how, exactly? Have you tested it? I fear not. I fear that you have read the T&Cs and read the part where it says "if we go tits up you'll get all your money back" and that's it . I would be interested to see how exactly "they" pay you your money back when they've gone bankrupt and - the rate things are going - when the country goes bankrupt too.

Yep, good luck with that one.

Rob

NS&I are the country - so the entire country would have to be bankrupt.

The real danger now is of a sterling crisis in my opinion. It has already slipped badly over the last year against most major currencies but we could see a sudden large devaluation as people lose confidence in it.

lostinrates

Snooze wrote: »

And no I don't care about the interest I'm "losing" as it was never my money to begin with so who cares for a couple of hundred quid each year? Not me.

Rob

no, no, no!!! I have been making more than a couple of hundred a month, not a year, on interest up until recently, and its about retaining spending power, not getting money you didn't have, during a period of inflation anyway! Theoretically £100 pounds I put in the bank, say at the begining of this year, would buy less today in a supermarket than when I put it in. Theoretically if my interest rate matched tghe inflation I am subject too my spending power remains exactly the same but the number is higher...doesn't mean I've earned more, simply that its kept the same! Thats my main concern with holding cash rather than a 'thing' of value. (although I realise things have other problems,) There might be a very serious logical flaw in my theory....but I'm sure someone will point it out clearly if so!:o

Snooze

lostinrates wrote: »

no, no, no!!! I have been making more than a couple of hundred a month, not a year, on interest up until recently, and its about retaining spending power, not getting money you didn't have, during a period of inflation anyway! Theoretically £100 pounds I put in the bank, say at the begining of this year, would buy less today in a supermarket than when I put it in. Theoretically if my interest rate matched tghe inflation I am subject too my spending power remains exactly the same but the number is higher...doesn't mean I've earned more, simply that its kept the same! Thats my main concern with holding cash rather than a 'thing' of value. (although I realise things have other problems,) There might be a very serious logical flaw in my theory....but I'm sure someone will point it out clearly if so!:o

Well it must be nice to have six figures spare....

I know you're in your early 20s iirc, are you single per chance?

Frankly, when you're sitting on that kind of cash an extra couple of hundred a month is pocket change.

Rob

lostinrates

Snooze wrote: »

Well it must be nice to have six figures spare....

I know you're in your early 20s iirc, are you single per chance?

Frankly, when you're sitting on that kind of cash an extra couple of hundred a month is pocket change.

Rob

its not pocket change!

I'm late twenties......and very married, sorry Snooze!

but not viewing a hundred as pocket change is how I've built up money despite having a long period off work and working for much of the time, for lower than minimum wage in any one job..infact I have not earned over minimum wage since 2004. before I was ill I started up my own buisness, and while the money I had invested in that (I worked as a kid too, started business while at uni) was tied up I worked a night job and an early morning job, plus doing some odd work for one off payments. Tax has always been fully paid, not avoided..only recently did things move into mainly my name as DH went into higher tax band to pay a lower but legal overall bill. I have a serious work ethic ..not that you'd know it these days, lol.

ETA: I alo have a very simple approach to money. You must earn more than you spend! If you earn nothing one week, well you so spend nothing...tough if you are hungry! And because we have money in three currencies I manage to save a little eah month ...now this is tricky and hard to explain, someone who 'does'math would explain this better....in my multi currency thing all currencies equal 1. When you earn you earn 1 in the lowest currency (even if its in fact the highest) and what you spend must be 1 in the highest currency, thus at the end of the month if you are earning in the highest and spending in the lowest you have some pennies for the jar. (in actual fact you tend to earn and spend in one currncy a you generally earn and spend in one geographical location, so you have the stigiest conversion in mind when buying. This was a later method of saving, when we were in Europe more than UK, and we largely don't need to do this anymore.