Put your money in a hole in the ground

UsernameAlreadyExists

dzug1 wrote: »

And what good did it do its owners??

And what harm did it do? They clearly didn't need it at the time and so it remained perfectly safe.

Who's to say that the people that discovered it weren't directly in the inheritance line of the people that buried it? Hmmmm ... I wonder how many people invest in shovels in their old age and buy metal detectors for their kids. :rotfl:

evenasus

[QUOTE=Hominu;60042035Serious savers never have more than 50K in cash (preferably half that), its invested in property, gold, and other investments. Keeping large sums of money in any bank account is daft.[/QUOTE]

Not true.

I have far more than that in various saving accounts/ISAs etc.
I'm very risk averse.

typistretired

Shares etc are okay when you are working age and able to earn back any losses but when your savings supplement your outgoings you can't take any risks. I have seen my shares reduce, my mortgage endownment pay less than was forecast so I am one of those people who prefer to keep savings in cash form. I bet some of those people in Cyprus who have had their savings scalped had money put aside for a bill and now will have a shortfall.

Sceptic001

srcandas wrote: »

I can imagine scammers will see this as a real opportunity. Invest in a hole in the ground. Best place for your wealth. Guaranteed treasure trove return. And sadly there would be takers

I have just been cold-called by a firm called "We will dig a hole for you dot com".

Their rates for digging a hole sound too good to be true and for a small extra fee they will even put me in touch with another firm called "One born every minute" who will put my valuables in the hole and refill it. I am very tempted, but my only concern is that they are not FSA-registered. Should I proceed?

jimjames

Sceptic001 wrote: »

I have just been cold-called by a firm called "We will dig a hole for you dot com".

Their rates for digging a hole sound too good to be true and for a small extra fee they will even put me in touch with another firm called "One born every minute" who will put my valuables in the hole and refill it. I am very tempted, but my only concern is that they are not FSA-registered. Should I proceed?

Sounds like a great proposal. Santa left me some gold coins that I'd be more than happy to sell you at a discount to put in your hole.

Jegersmart

trolling attempt: 2.5/10

imho

J

jimjames

typistretired wrote: »

Shares etc are okay when you are working age and able to earn back any loses but when your savings supplement your outgoings you can't take any risks. I have seen my shares reduce, my mortgage endownment pay less than was forecast so I am one of those people who prefer to keep savings in cash form. I bet some of those people in Cyprus who have had their savings scalped had money put aside for a bill and now will have a shortfall.

Which shares have reduced? If you had a balanced portfolio you should be sitting on close to a record investment pot at the moment.

If your main priority is an increased income then it seems to me that having a proportion in shares and bonds would be worthwhile. When there is the potential for people to have 30+ years of retirement having an income that maintains its purchasing power long term would seem to be essential.

thenudeone

Jimhassel wrote: »

High quality corporate, municipal, or government bonds are the traditional place to invest money when you need stability of value.

Yes, obviously any government authority is a secure place for your money :rotfl:
32 states now officially bankrupt

itch_for_a_glitch

I'm of a mind to buy some physical assets, property is (IMHO) still high, I have unit trusts and shares, and my pension is sorted, I have no mortgage.
I've never bought silver or gold before, so I have no idea what to buy or where.

Hominu

evenasus wrote: »

I have far more than that in various saving accounts/ISAs etc.
I'm very risk averse.

So I am, but if you think of it, the last property I bought cost me £100,000. It brings in £4800 per year. Thats 4.8% return per year and unlikely to devalue, if anything, I expect the price to increase over the next 20 years.

Of course, its not instant cash and I would have to sell it should I want that cash, but at least the government can't say they want 10% of it!

Compare this with a fixed rate savings account which you also can't touch without fees (best rate now is about 3%), I think its far more sensible approach to saving for later life.