stupid beliefs about finance

kidmugsy

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.

Nope, it's a stupid belief. Most of the annuity you forgo by dying goes to the other customers who haven't died prematurely. If you can't understand that then you are incapable of understanding what annuities achieve and how they achieve it.

Thoughtless acceptance of stupid pub talk is not a wise way to manage your money.

grey_gym_sock

atush wrote: »

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.

no, they're accessible to me. ppl don't "fall" into debt, they choose to take on debt (sometimes wisely, sometimes foolishly). as long as i have accessible savings, i will not "need" to go on benefits, and am very fortunate to be able to rely on my resources rather than benefits.

there's an argument that ppl who are incapable of saving need to be saved from themselves. but it doesn't apply to everybody.

also, it would be silly to contribute to a pension so that one doesn't lose benefits, because the pension that one eventually receives may result in a pound-for-pound reduction of benefits.

black_taxi_2

( the greece election matters)

there economy cant pay back day to day wages never mind debt/whoever is elected doesnt change this

JimmyTheWig

atush wrote: »

Well, given I disagree with 2 here already (ie rent paid generally is Dead money, and yes bulk buying can save you money) then I don't know what the point of the list is?

Rent paid is no more dead money than mortgage interest paid is.

spadoosh didn't say that bulk buying never saved you money, just that it doesn't always. And that's true.
Sometimes the bigger pack is more expensive than the equivalent in smaller packs.
Sometimes (e.g. cans of coke) you use more if you buy in bulk so costs you more.
But yes, obviously there are other times when buying in bulk is a great money saver.

Rafter

i) Free banking
Of course all those branches, staff, computer systems, cash machines must be paid for by government or a charity on my behalf.

ii) Interest free credit
Nope - you are just paying more for the sofa/car/electrical device than you would if you had paid up front.

iii) Fractional reserve banking is a bad thing
Banks should keep all our deposits in a big safe and not lend it out to borrowers. The interest will just magically appear out of nowhere.

R

Masomnia

Rafter wrote: »

i) Free banking
Of course all those branches, staff, computer systems, cash machines must be paid for by government or a charity on my behalf.

ii) Interest free credit
Nope - you are just paying more for the sofa/car/electrical device than you would if you had paid up front.

iii) Fractional reserve banking is a bad thing
Banks should keep all our deposits in a big safe and not lend it out to borrowers. The interest will just magically appear out of nowhere.

R

I think they're all good things, but there you go

GeorgeHowell

I expect these have all appeared on this forum in one guise or another :-

Shares will always outperform everything else in the longer term

If shares go down in value it doesn't really matter as long as you are receiving good dividends

Everyone should take risks with their capital

Being a contrarian will always enable you to beat the market

A diversified portfolio will always see you alright

Independent financial advisors always have your best interests at heart

Buy-to-let is a good deal

It's best to be in gold (or silver etc)

If it sounds too good to be true -- go for it

It is possible to beat inflation substantially without a big dose of good luck

Going for quality goods means you are just paying for the brand name

snowcat53

'There is no such thing as free banking'

peddled by those trying to soften us up so banks can charge everyone more

atush

grey_gym_sock wrote: »

no, they're accessible to me. ppl don't "fall" into debt, they choose to take on debt (sometimes wisely, sometimes foolishly). as long as i have accessible savings, i will not "need" to go on benefits, and am very fortunate to be able to rely on my resources rather than benefits.

there's an argument that ppl who are incapable of saving need to be saved from themselves. but it doesn't apply to everybody.

also, it would be silly to contribute to a pension so that one doesn't lose benefits, because the pension that one eventually receives may result in a pound-for-pound reduction of benefits.

Legislation must by definiton not be made for YOU but for the masses. Who given the chance would p*ss it away and do manage to fall into debt/disaster.

I never said it should be used while thinking of benefits, but we do get sob stories here every week with those who saved in ISAs over pensions screaming that they don't get benefits after being made redundant as they have ISAs. So it does happen to some, so should be pointed out in general.

atush

Shares will always outperform everything else in the longer term

Certainly has over the last 100 years or so.