Renovations and Repayments.

AlexLK

A_Frayed_Knot wrote: »

:j Alex - Loved reading your post tonight. These early(ish) nights are working :j

Still not feeling great, to be honest. Going to be busy working until 8pm today, also.

A_Frayed_Knot wrote: »

Not sure if I'm doing the right thing here, BUT

Saw this ....... and thought of you ..........

http://ebay.co.uk/rpp/ebay-car-challenge

That'd be great if I had a project.

A_Frayed_Knot

Never mind, You've always got your Challenge 1 which could be "classed" as a project

maman

AlexLK wrote: »

Odd to think during my school days we were taught that we would be the next group of leaders, influential in many varied fields. No one ever thought to tell us that some would remain completely powerless.

Perhaps you went to the wrong school or the wrong university?;)

AlexLK

A_Frayed_Knot wrote: »

Never mind, You've always got your Challenge 1 which could be "classed" as a project

Yes, think I'm going to need to extend that into April. At the moment I'm stupidly busy with working.

maman wrote: »

Perhaps you went to the wrong school or the wrong university?;)

Very funny, maman.

... I must do something right in somebody's eyes as today I was asked by a senior member of staff in the voluntary school if I'd like to apply to be their next Headmaster. :rotfl: Don't laugh but I would be rather tempted had I the experience / qualifications as I think it's school with some fantastic staff and pupils but rather lacking in direction and communication between senior leadership and classroom teachers. Don't know what's happened to me in the last few years as whilst I was always interested in learning things for the sake of doing so, I've become fascinated by the education system, it's funding, how people learn and the challenge of teaching. Not something I ever did care about before, really.

Actually rather annoyed it's something I can do nothing about.

AlexLK

Finally something that is relevant to MSE being posted on here... :eek: I've been looking at the link for the "Lifetime ISA". It appears anyone under 40 can pay £4,000 per year into one and receive a free £1,000 per year until the age of 50. Is this really the case and can a married couple each open one, pay a spare £4,000 each into the account and receive £2,000 free?

I know it cannot be withdrawn until 60 years of age but the free money seems worth it if the money is just spare cash. Realistically what's the catch and why are the government doing this? My other point of confusion is whether or not you have to be renting to get this as it also mentions something about the money can be taken out as a deposit for your first house?

A_Frayed_Knot

AlexLK wrote: »

Yes, think I'm going to need to extend that into April. At the moment I'm stupidly busy with working.
... I must do something right in somebody's eyes as today I was asked by a senior member of staff in the voluntary school if I'd like to apply to be their next Headmaster. :rotfl: Don't laugh but I would be rather tempted had I the experience / qualifications as I think it's school with some fantastic staff and pupils but rather lacking in direction and communication between senior leadership and classroom teachers. Don't know what's happened to me in the last few years as whilst I was always interested in learning things for the sake of doing so, I've become fascinated by the education system, it's funding, how people learn and the challenge of teaching. Not something I ever did care about before, really.

Actually rather annoyed it's something I can do nothing about.

and can I ask, why not ?

AlexLK wrote: »

Finally something that is relevant to MSE being posted on here... :eek: ..... open one, pay a spare £4,000 each into the account and receive £2,000 free?

I think Firegirl has a thread about this very subject - asking for thoughts and opinions, seek it out.


:rotfl: Oh, you do make me laugh. I know some/most have £4,000 each to spare :shocked::rotfl: but speaking for myself I would never have that kind of money - spare or otherwise, whilst trying to clear my mortgage

hiddenshadow

AlexLK wrote: »

I know it cannot be withdrawn until 60 years of age but the free money seems worth it if the money is just spare cash. Realistically what's the catch and why are the government doing this? My other point of confusion is whether or not you have to be renting to get this as it also mentions something about the money can be taken out as a deposit for your first house?

The catch is that it's not necessarily as advantageous as contributing directly to a pension. Pension contributions are pre-tax and topped up by HMRC, LISA contributions are post-tax and topped up by HMRC. (Also depending on how the stock market's doing, pension's immediate top-up could be worth more than HMRC's delayed-by-1-year top-up.) See item 10 here: http://www.moneysavingexpert.com/savings/lifetime-ISAs

Osborne wants to collect the tax now rather than in X years when you're 55 and start using your pension funds, hence this new scheme.

Re: renting, the funds can be used to buy your first house or when you're 60, as further incentive to get people to save (esp. post-tax, see: above re desire for tax money now).

DH and I will probably fund LISAs, but we're also doing pension contributions first as employer contribution is even more free money. We'll just swap out our plans to contribute to a regular S&S ISA for long-term savings with a LISA to get the 25% top-up from HMRC.

AlexLK

A_Frayed_Knot wrote: »

and can I ask, why not ?

A lack of qualifications and experience in the field as well as a fear of not being able to cope.

A_Frayed_Knot wrote: »

I think Firegirl has a thread about this very subject - asking for thoughts and opinions, seek it out.

:rotfl: Oh, you do make me laugh. I know some/most have £4,000 each to spare :shocked::rotfl: but speaking for myself I would never have that kind of money - spare or otherwise, whilst trying to clear my mortgage

Sorry if my comments appeared insensitive.

My parents have recently told me I need to start making some more long term investments.

hiddenshadow wrote: »

The catch is that it's not necessarily as advantageous as contributing directly to a pension. Pension contributions are pre-tax and topped up by HMRC, LISA contributions are post-tax and topped up by HMRC. (Also depending on how the stock market's doing, pension's immediate top-up could be worth more than HMRC's delayed-by-1-year top-up.) See item 10 here: http://www.moneysavingexpert.com/savings/lifetime-ISAs

Osborne wants to collect the tax now rather than in X years when you're 55 and start using your pension funds, hence this new scheme.

Re: renting, the funds can be used to buy your first house or when you're 60, as further incentive to get people to save (esp. post-tax, see: above re desire for tax money now).

DH and I will probably fund LISAs, but we're also doing pension contributions first as employer contribution is even more free money. We'll just swap out our plans to contribute to a regular S&S ISA for long-term savings with a LISA to get the 25% top-up from HMRC.

Thanks.

Mrs K contributes to a pension for the tax benefits (she currently chooses to pay in all her earnings that would be taxed at 40%). I don't have a pension and do not plan to have one in the traditional sense as I will always have an income from property.

A_Frayed_Knot

AlexLK wrote: »

A lack of qualifications and experience in the field as well as a fear of not being able to cope.

Sorry if my comments appeared insensitive.

Well the person that asked you if you would be interested, must think you are up to the job and has faith in you, otherwise would not have asked you in the first place

Comments were not insensitive :cool: just thinking if you have £8,000 spare every month, to do this :eek:, then I would expect to see some o/p's being mentioned here

hiddenshadow

A_Frayed_Knot wrote: »

thinking if you have £8,000 spare every month, to do this :eek:, then I would expect to see some o/p's being mentioned here

Not that I disagree, but it's only £667/mo (£8,000/year), so a bit less shocking.