Learning to invest

Malthusian

I looked into Rich Dad Poor Dad and there is a rather fascinating dissection by real estate author John T. Reed here. Well, I found it interesting. I have a morbid fascination with fantasists.

You should almost certainly skim it as it does go into excruciating detail. The first part also has lots of rebuttal and counter-rebuttal that has been tacked on over the years. Part 2 is where it starts getting interesting, about the Rich Dad Poor Dad author's supposed military exploits, wisdom and dubious financial/tax advice.

Ciwan

Reaper wrote: »

Avoid the Rich Dad Poor Dad seminars which are little more than scams designed to part you with your cash. There have been TV documentaries about them.

Thanks, I deduced that much when I did a quick Google search on their courses

Archi_Bald

Ciwan wrote: »

Thanks Archi, I didn't think the government would tax my cash if I had placed it in an account and left it to accumulate interest. Shows how much I don't know!

there is no tax on your savings. Only the interest your money earns gets taxed. As of April 6th, a new savings interest allowance will become available.

Ciwan wrote: »

I have a Savings account with Barclays, I don't think it is an ISA, I'll have a look tonight when I get home to find out how good that savings account is.

I can tell you now that it will be utter rubbish as all normal savings accounts, and the Barclays ones in particular, are utter rubbish.

There's a post somewhere on this forum with the best interest rates you can get. None is at Barclays.

Eco_Miser

Best interest rates thread is here.

enthusiasticsaver's matured fixed term cash isa was a saving account in a tax-wrapper which guaranteed a certain rate of interest for a fixed term (probably 5 years). That term was up in 2015 and enthusiasticsaver transferred it to their S&S ISA.
FRISAs were excellent for those of us who got a guaranteed high rate just before ISA rates generally dropped, but that's history, and no-one's going to take a guaranteed low rate when higher rates are expected in future.

Ciwan

What does S&S stand for? And FRISAs?

Eco_Miser

Stocks & Shares
Fixed Rate Individual Savings Account ( what enthusiaticsaver had) - those accounts had both Rate and Term fixed but Frisa is a pronounceable acronym

slowpoke_rodriguez

Ciwan wrote: »

Thanks Colsten. I've gone ahead and purchased Smarter Investing by Tim Hale. I'll give that a good read. And I'll also read the DIY Investor UK blog.

By a cash fund, you mean I ought to have enough savings that I could live on (without a job) for 6 to 12 months?

Yes, and you should, by juggling bank accounts, be able to getr a fairly healthy 4% ish on these savings. There's plenty of threads on this.