Only freedom will do

hiddenshadow

Yeah, it's a bit chicken-and-egg-ish unfortunately.

PositiveBalance

hiddenshadow wrote: »

Yeah, it's a bit chicken-and-egg-ish unfortunately.

I've got that one cracked, though (pun intended): DNA changes required to make a new species would have to take place during the gestation period meaning that the egg came first as the animal that laid the egg that hatched the first chick(en) wasn't a chicken, evolutionary speaking.

Just need to sort the finances out now! :cool:

hiddenshadow

After genetics the finances should be a doddle.

edinburgher

Pick the smallest meaningful amount that you can spare and then grow it. Any less than 5% is probably just !!!!ing about. Failing to have an emergency fund is preparing to have an emergency, take my word for it. Mrs E has had a £2k dental emergency this year, we're still paying for it...

choccielover

Ed

Considering rate setter for the toddlers savings. Is there a referral thingy and have you got any advice?

Chocs

edinburgher

choccielover wrote: »

Ed

Considering rate setter for the toddlers savings. Is there a referral thingy and have you got any advice?

Chocs

Hi there - wall of text alert!

RateSetter or similar could work as a vehicle for planning for their future, but do remember that this is an investment (i.e. there is a risk of total loss of capital). I will point out that RateSetter have a provision fund and are proud of the fact that no customer has ever lost money as the result of a default, but we have been in relatively benign economic times of late.

It could be a good home for *some* of their savings, but I would go for a blend of P2P (to keep the rate up), best rate cash savings and S&S ISA. We use a 4% JISA for DD (no longer available at that rate to new customers) and one of the Vanguard LifeStrategy funds held in my ISA (in case she grows into a total spendthrift!)

I'm not sure what amounts you are looking at, but RateSetter offer a £100 bonus (paid into your account after a year) when you invest £1,000 or more. If you have £1,000 available for each of the toddlers, your best bet would probably be to use my referral link (you'll get £40 out of my £50): http://link.ratesetter.com/2LukImt. This would provide a minimum return of 14% + whatever rate you lend the money at for year 1. At this point, refer a partner/grandparent/family member and have them invest £1,000 for the other toddler, they'll get the £100 and the first account will get the full £50 referral bonus. So account 2 gets minimum return of 15%+ whatever you lend the money at for year 1. Balance the referral monies between the 2 accounts and you're looking at 14.5%+ for 1 year.

The current lending rate for 1 year is 3.5%, which is pretty middling. My 'advice' if you were to go ahead and invest would be to take the 3.5% and get 18% over the course of a year, giving you an extra £180 or so for each of the toddlers, or if you want something longer term, set your rate to 6.0-6.2% on the 5 year market and wait for your money to go out (it will, but will probably take a few days). This would see you getting 20.5%-20.7% for year 1 and 6.0-6.2% for subsequent years (do note, you need to reinvest any interest for the longer duration loans to keep your interest at the 6.0-6.2% rate, if your capital reduces you will earn less interest overall.

'Advice' indicates that this is not in any way regulated financial advice and that I am at best an enthusiastic amateur

edinburgher

• £55.93 paid off 0% CC (card 2/4 now under £400)
• 99p from P2P interest
• Forget if I said already, but we've now passed 1,000kWh generated by our solar panels, should be getting a cheque for £1xx in a fortnight or so :j
• Picked up TV unit to be wall mounted from Ike@ - oh how I hate that place! :rotfl:
• Stripped wallpaper until 22:30 last night, slow progress

Tonight should see me remove more wallpaper and continue box Tetris in DD's room. I think we are going for pistachio? green walls in our living room with a white not feature wall and the woodwork will be getting painted white. It's a nice combo, looks relatively modern, but the combo of soft green/white gives it that sort of 'vintage seaside' feel that has been all the rage of late. Mrs E chose colours, but I am in favour.

smallholdingsister

Any news on asbestos testing?

choccielover

smallholdingsister wrote: »

Any news on asbestos testing?

I think Ed said a bit above it had come back ok

Thanks Ed, appreciate your (non expert ) non financial advice :beer:

More thinking to do I think, I have to do something, it's sat in an old ISA with poor (non existent) interest currently :eek:

I never looked at JISA or other children's accounts due to my inherently untrusting nature (spendthrifty 18 yr old potential... :cool:)

It's just the 1 toddler, it's all I can afford not cheap little things are they :rotfl:

PositiveBalance

edinburgher wrote: »

Pick the smallest meaningful amount that you can spare and then grow it. Any less than 5% is probably just !!!!ing about. Failing to have an emergency fund is preparing to have an emergency, take my word for it. Mrs E has had a £2k dental emergency this year, we're still paying for it...

Thanks.

I already know this. I think I was having a flap yesterday as all my savings have disappeared but looking at where it has all gone it makes total sense. It hasn't been wasted or anything, just gone toward unexpected debt repayment and bills. I'll just start again when I get paid at the end of the month.

Major panic over. I'll just go back to having small panics on a regular basis. :rotfl: