stupid beliefs about finance

Masomnia

StevieJ wrote: »

Or holding precious metals

Same thing though... aren't they?

Joe_Bloggs

The cheque is in the post. Expecting a bank to call you back about a complaint is also wishful thinking.
J_B.

PasturesNew

Big lie: "You should get a pension".

I think it was EdInvestor that told me: "If you're not a higher rate tax payer and your employer's not paying in, it's generally not worth it."

bigadaj

PasturesNew wrote: »

Big lie: "You should get a pension".

I think it was EdInvestor that told me: "If you're not a higher rate tax payer and your employer's not paying in, it's generally not worth it."

Still worth it for many people, as they cant then touch it for years and spend on their wedding or a bit of leg stretching.

grey_gym_sock

well, it's better to have accessible investments and the ability to make sensible decisions about what expenditure is worthwhile.

putting money out of one's own reach is very much a second best option, because then one can't spend it on things that would be worthwhile.

dunstonh

putting money out of one's own reach is very much a second best option, because then one can't spend it on things that would be worthwhile.

However, there are plenty out there who would spend the money if they had it accessible and need to be prevented from accessing it early.

chris1

kidmugsy wrote: »

But what many people probably need above all is warnings against stupid but common beliefs. I invite MSE fans to identify some of these.

That you can find an IFA with the qualifications you need by going to unbiased.co.uk...

Bernard_Coleslaw

It costs lenders 0.50% to raise funds. Anything they charge borrowers over this is pure profit.

dunstonh

MarkTed wrote: »

Definitely true. Of course, where would all your pension go? Unless you want it to go with a family member or a relative, most likely they only give a portion of it - seems so - but most of your annuity will be - to them.

The cross subsidy is what gives annuity rates a higher level than interest rates. However, if you want a death guarantee you buy one. Or you don't buy an annuity but use a different option.

atush

grey_gym_sock wrote: »

well, it's better to have accessible investments and the ability to make sensible decisions about what expenditure is worthwhile.

putting money out of one's own reach is very much a second best option, because then one can't spend it on things that would be worthwhile.

Accessible investments are just that- accessible to all-to be spent willy nilly by you, and to be seized if you fall into debt, and to be taken into acct should you need to go on benefits.