Only freedom will do

gallygirl

edinburgher wrote: »

I look at SIPPs and think 'brill, I could buy £140 units at c. £115 and sell them for £119 after tax', but then I remember how long it is likely to be before I can cash out...

In the short term, ISAs appear to be the only game as I'm not smart enough to earn a higher tax rate salary :rotfl:

Ah well, one of the advantages of being old. I see them as a short-term savings plan .

AlexLK wrote: »

INTP.


From Wikipedia: "Their weaknesses include poor organization, insensitivity to social niceties, and a tendency to get lost in abstractions."


"They also tend to be impatient with the bureaucracy, rigid hierarchies, and the politics prevalent in many professions."


"INTP type was one of the four most common among musicians"


Basically confirmation the "real world" doesn't suit me.

So you're a Hermoine then Alex :rotfl:. INTP: Lord help Alex be less independent, but let him do it his way .

Hurdler

Been away a while and just subscribed so I can catch up with your news

AlexLK

I'm rather suspicious of the personality type tests. The one I did this morning (how's that for procrastination ...), consisted of 72 "Yes or No" questions. Therefore, decisions were clearly made by way of generalisation or instinct with no option to explain your reasoning or to be able to say your reaction to the hypothetical scenario depended upon the situation presented. My result in some ways provided a surprisingly accurate insight but not everything was correct, I imagine this is the same for most people. Apologies for citing Wikipedia. Furthermore, whilst I'm sure those interested in psychology will tell me otherwise, I do not believe that personality is a static entity, more something that is in a constant state of flux related to one's stage and situation in life.


Anyhow, onto the topic of investments which is where the independence of thought really perhaps does make an appearance. I do not believe the best way to make your money work for itself is through the usual channel of investments. Since starting to clear my debts, I have also become quite interested in seeing how much money I can make from buying and selling things I am interested in. As Gallygirl will be no doubt delighted to elaborate upon, I have quite an interest in collecting things. Initially, this was nothing but a complete drain so far as finances were concerned but it gave me knowledge about things that change hands for quite a sum of money in some cases and more money put away in assets than I actually realised.


Over last year I managed to reinvest a five figure sum back into my business through the profits I made buying and selling things I am interested in. I do not count some initial selling I did to clear debts. Admittedly, there were a couple of absolute bargains I made a lot of money from but generally I am seeing around a 30-40% profit each new investment; much better than money being sat in a bank. The hardest part is getting rid of things you've bought that you like.


The other thing I started doing was music teaching. An hour of my time is worth £30 and when I teach is time when previously I would be earning no money from my main business. Currently I teach, on average, around 8 hours per week. Again this money gets reinvested in the business.


Lastly, if it's a retirement fund you are interested in, buying properties to rent out is a good one. Your initial investment is a deposit for a BTL mortgage, let your tenants pay the mortgage off over many years and eventually you'll have both an income and an asset. Yes, it's not the type of investment that requires no effort unless you are willing to make very little money. My parents have 12 properties that are rarely empty, not much trouble and are profitable.


ISAs etc. are all well and good but little effort very rarely results in big rewards.

misscousinitt

Happy New Year Ed

Good to read your plans and ideas for this year.

MCI

edinburgher

Alex, completely agree with you that different things work well for different people and that there's a lot of money to be made from working with/selling what you love. That said, isn't the tax return a faff?

ISAs etc. are all well and good but little effort very rarely results in big rewards.

This statement, however, is one that I disagree with pretty strongly. Investing in an ISA is not 'little effort'. As with all savings and investments, every £ put aside is a £ that you have to avoid spending elsewhere. It requires discipline, creativity and self sacrifice. Equity investing also provides funds to growing businesses, helps the economy and allows individuals to make sustainable provision for their futures.

I'd rather stick pins in my eyes than start in BTL, won't comment further than that

greent

gallygirl wrote: »

Seeing as how we're back on Myers Briggs........

http://www.bouldertherapist.com/html/humor/MentalHealthHumor/prayermyersbriggs.html

ENFP: God,help me to keep my mind on one th-Look a bird-ing at a time.

Guilty as charged :rotfl:.

Absolutely love this!!:rotfl:


INTJ: Lord keep me open to others' ideas, WRONG though they may be.

patanne

I wouldn't let the need for a tax return put you off any buying & selling or anything similar. There are so many reasons for needing to do one. You may need to do one because of your income levels & child benefit, I have to do one because for the moment my only income is state pension but it is above my personal allowance. They really aren't difficult if you keep your paperwork in order.

HelenDaveKids

ESTJ: God, help me to not try to RUN everything. But, if You need some help, just ask.

Eekk... these are good..scary but good..

gallygirl

HelenDaveKids wrote: »

ESTJ: God, help me to not try to RUN everything. But, if You need some help, just ask.

Eekk... these are good..scary but good..

:rotfl::T:rotfl::T:rotfl:brilliant, aren't they .

in_need_of_direction

I've finally done Myers Briggs to find out I'm Ginny weasley. Given I was one of only two non redheads in a family of seven, not sure how I feel about that!