Living off my savings and sharedealing

Rollinghome

bobbyj wrote: »

rollinghome what's bugged you ?

I don't work in the financial sector. Gosh how pompous and up themselves some people are! Seems your nose has been placed out of joint and sorry for asking questions re tax just thought as it was a forum i was allowed to ask. I'd be more than grateful if you left my thread thanks, as already requested, run along please.
ps I know the basic income tax allowance, the question was can i use this allowance with savings interest? Question not directed at Lord pompous, thanks!

Of course you’re allowed to ask and if you don’t understand even the very basics of tax then it’s probably a good idea. I’m not a big fan of financial advisers but in your case as you say you “ended up” with £250K in a single volatile oil stock after “playing the average down game” I’d suggest that would be a good idea.

He’d explain tax basics to you and how it affects investment, about why large amounts in premium bonds aren’t great for basic rate tax payers (consider lotto instead), why taking income from an ISA as you suggested is unlikely to be a bright idea, and especially why ending up with half your assets in a single stock isn’t too smart. (In return you can give him your tips for commodities and penny shares.)

Sorry if it sounded like mickey-taking but for someone with the vast experience you claim there are surprising gaps in your knowledge and people won’t be as helpful if they think you’re blowing them tosh.

ed123_2

.....if you're in your early 30's this assumes you have been working for approx. 10 years (after Uni etc) so your accumulated savings at a rate of approx. £50k per year (£500k total) not in the financial sector.........this must be some job........my advice......go back to the job!!!

lardeedeedar

Hi tried to post my thread & it won't let me

In short I am the same age as you, but not the same position...however I am desperate to learn how to make money (not off ebay etc but either by a better job - not public sector non profit making!! or ideally stocks and shares.) I have 1hr per week day to dedicate to my mission and £100 per month to invest...and no understanding of much else. Does anyone have any advice where to start to enable me to be living off investments at some point in the future!

Thanks & sorry if I am not posting in the right place...struggling to set a thread up...its been a long day!

Charterhouse

The story sound fishy to me, sorry. Since ISAs were only introduced in 1999, you'd have had to get a compound return of over 7% (through a giant stock market crash) to get 6 figures in ISAs today. How annoyed you got when questioned on it was another dead giveaway.

Just for clarity, I just turned 30, and I have 52k in ISAs having got a pretty decent return and even having invested some money in them at university out of student loans, so I'm not saying it's completely impossible but it would have taken almost perfect investing to do.

bobbyj_2

ed123 wrote: »

.....if you're in your early 30's this assumes you have been working for approx. 10 years (after Uni etc) so your accumulated savings at a rate of approx. £50k per year (£500k total) not in the financial sector.........this must be some job........my advice......go back to the job!!!

worked since 17, made money investing on the main hence why happy to take the redundancy as know i can make more trading/investing.

bobbyj_2

charterhouse why doubt me? Why do i have to lie? I'll give you a little insight on a 'dream trade' i did last year in my ISA, 455000 YELL at 13.1p and they went to around 60p I recall, unfortunately i bailed at around the 40p mark. I'm not sure why you want to doubt me but hey ho that's upto you. Let's see how EMG bounces now. ;-)

ps Ever heard of ETF's? Can use them to go short on many indexes/commodities and ISAble.

bobbyj_2

BeardedMan wrote: »

I am currently heavily invested in defensive stocks as I also believe the markets will be very volatile this year with cyclical stocks taking the worst of any downturn. My portfolio also has a a couple of speculative gold and oil punts as well for capital growth.

My research mainly focuses around a weekly magazine that I subscribe to and bulliton boards but I am keen to investigate further and more enhanced tools. So I was wondering what investment strategy and tools you use ?

BTW do you have any dependants. Just asking because the level of regular income you need will depend on how many mouths you have to feed. £500k is a sizable pot, but I personally would be a tad uncomfortable relying soley on investments for income.

Forget weekly magazines for tips etc. I'm not sure what your goals are but if you're a tiny bit serious then obviously you need level 2 and a cheap broker, I get level 2 free and pay £6.50 per trade and trade mainly in ISA. I have some software for live data (top moving shares etc). Mainly trade commodities.

Have a 2 month old baby, OH off work at mo on mat leave but she has her own accountancy firm. Mortage paid, happy with 4 holidays a year.

Jonbvn

bobbyj wrote: »

charterhouse why doubt me? I'm not sure why you want to doubt me but hey ho that's upto you.

I tend to agree with charterhouse. Given your impressive trading ability, why would you want to post on here anyway? This board is not really aimed at investing. There are lots of other forums which surely offer more with someone with your obvious "impressive investment record." Furthermore, given your apparent lack of knowledge in some areas, it seems quite reasonable that several posters have questioned your veracity.

In simple terms, your OP sounds like a p*ssing contest.:p

bobbyj_2

thread was created more on best ways to generate income outside of shares isa rather than question how i've made so much out of shares so prob best to end it. Has been a few decent replies and i'll prob pm them people but seems to be one or two doubting thomases here! Hasta luego.

Charterhouse

Yep, exactly. Part of the reason I'm sceptical is that I'm heading the same way myself and this just doesn't add up at all. The numbers aren't right. 500k isn't enough to retire on in your 30s, unless you think you can make 12-15%+ year in year out. What about a bigger house, kids, school fees? And if you do think you can make 12-15% year in year out this isn't the board to discuss how. MSE investing is about relatively low risk, diversification, tax-efficiency and compound interest, not about "doubling down" on single stock investments.

I want to retire asap, but realistically it isn't going to happen till around 45. I reckon to take me from 45 to 55 (pension pot available) I need the house completely paid off, and at least £1.5mio in investments. The time from now (30) to 45 needs to also be enough to generate a £1.25mio pension pot. You just aren't anywhere near those numbers.

[e] If you want serious help, I have a spreadsheet that does a lot of this stuff for me, but as I said above, your numbers don't add up. If they did, I'd be retired myself.