Interest rates up

[EddieM]

Euro invested in at 1.38
Dollar invested in at 1.48
ISK invested in at 211
NOK invested in at 13.05

Gold invested in at $800/ounce (at above dollar rate)
Silver invested in at $12/ounce (sold at $35/ounce)

That's why I don't give a monkeys about the financial impact on ignorant quitters!

At current rates those investments look sound. Shame you didnt buy ISK in 2008 you'd have made a killing, but unfortunately for all of us, we are all brilliant investors in hindsight. Should have had a £1k bet on Leicester city FC to win the premiership in August 2015.. would have trousered you a cool £5m.

 

[ellal]

Shame you didnt buy ISK in 2008 you'd have made a killing, but unfortunately for all of us, we are all brilliant investors in hindsight.

The ISK one is an investment for personal reasons...
(it also made a property purchase much cheaper)

But that higher headline rate in the aftermath of the crash wasn't actually available to anyone other than the major currency 'crooks'!

So let's just say that all our regular trips to an expensive country are financially eased somewhat!

As to the other investments, I have a feeling that come next year they may well be enough to retire on!
Or I could be wrong of course, but that's why you should always hedge your bets - something that the majority in this country don't have the luxury to do!

PS. As a fair weather leicester fan I would never have bet on that.
(I did win a bit on the Iceland vs England game though)

 

[EddieM]

PS. As a fair weather leicester fan I would never have bet on that.
(I did win a bit on the Iceland vs England game though)

And that is of course fair play... Whilst i don't think you could call me a an England fan(actical) I dearly love my my country, deep faults that it has, but in fairness to my fellow countrymen, we all laughed when we lost to iceland, especially as they deserved the win.

 

[motorbiking]

I refer you to my earlier link...

https://www.independent.co.uk/news/...ns-inflation-income-expenditure-a8279016.html

So again the question is "care to tell us how 'those with debts' can afford to invest?"

Because unlike the politically corrupt, most people don't have a convenient 'money tree'!

I think its pretty obvious that my advice is those with debts should pay them off before they invest. If a person is finding it hard to pay off their debts then some tips that worked for me, that might work for others are as follows:

1. Spend less than you earn - plenty of people buy crap they don't need and can't afford.
2. Don't have money saved in a bank account that you could use to pay credit card debts, mortgages etc. Pay something off, even if you later borrow it back.
3. Never finance a depreciating asset, buy a cheaper/older one or do without until you've saved up. e.g. bangernomics.
4. If you must have debts - consolidate them, you'll get a much better interest rate.
5. There are always ways you can earn money, hobbies, skills etc..

I could have just said study hard at school and don't expect others to subsidise you. But your question may have been genuine.

 

[ellal]

I think its pretty obvious that my advice is those with debts should pay them off before they invest. If a person is finding it hard to pay off their debts then some tips that worked for me, that might work for others are as follows:

1. Spend less than you earn - plenty of people buy crap they don't need and can't afford.
2. Don't have money saved in a bank account that you could use to pay credit card debts, mortgages etc. Pay something off, even if you later borrow it back.
3. Never finance a depreciating asset, buy a cheaper/older one or do without until you've saved up. e.g. bangernomics.
4. If you must have debts - consolidate them, you'll get a much better interest rate.
5. There are always ways you can earn money, hobbies, skills etc..

I could have just said study hard at school and don't expect others to subsidise you. But your question may have been genuine.

Oh it was a genuine question...

But what you don't seem to understand is that all of your tips (worthy as they are) are simply not available to the majority of people in this country, who have to live from day to day and have to make choices such as 'eat or heat'...

There is a perpetual cycle of poverty/deprivation/low educational standards/low wages coupled with high living expenses in the UK...

Unless you understand that then you can't understand the debt cycle and complete inability to save.

The myth of people lying back raking in benefits to spend on high end TV's and new cars is just that, a myth - conveniently fed by the right wing press to their respective audiences!

 

[Notch7]

Oh it was a genuine question...

But what you don't seem to understand is that all of your tips (worthy as they are) are simply not available to the majority of people in this country, who have to live from day to day and have to make choices such as 'eat or heat'...

There is a perpetual cycle of poverty/deprivation/low educational standards/low wages coupled with high living expenses in the UK...

Unless you understand that then you can't understand the debt cycle and complete inability to save.

The myth of people lying back raking in benefits to spend on high end TV's and new cars is just that, a myth - conveniently fed by the right wing press to their respective audiences!

Another anti-UK rant

 

[motorbiking]

Which is probably why companies like amigo loans exist. Education

Oh it was a genuine question...

But what you don't seem to understand is that all of your tips (worthy as they are) are simply not available to the majority of people in this country, who have to live from day to day and have to make choices such as 'eat or heat'...

Which isn't true : https://assets.publishing.service.g...-below-average-income-1994-1995-2014-2015.pdf

and

https://assets.publishing.service.g...-below-average-income-1994-1995-2016-2017.pdf

 

[ellal]

Another anti-UK rant

Wow...

Yet another non contribution from notchy!

Buy hey, if you don't like the facts then you know what to do

 

[ellal]

Which is probably why companies like amigo loans exist.

Ah yes, companies such as 'amigo loans' charging 49.9% interest (and often much more) when the BofE rate is 0.75%...

How are people supposed to get out of debt at those rates?

Education

Is clearly what you need!

 

[sodthisforfun]

Is clearly what you need!

Why do you feel the need to write the above?

 

[ellal]

Why do you feel the need to write the above?

To 'educate' those who wish to throw out such an ignorant reference in the first place!

 

[EFLImpudence]

Motorbiking's advice is sound.

What is clear is that it obviously does not apply to people who can neither invest nor pay off debts.


Similarly, good advice might be given to buy a certain make of car.
It is futile ranting that some people do not have any money and cannot do it.

 

[ellal]

What is clear is that it obviously does not apply to people who can neither invest nor pay off debts.

Hence the logic of the real world situation!

https://www.theguardian.com/busines...record-low-as-household-incomes-drop-says-ons

"Household income falling at fastest rate since 1976 as UK savings rates crash

Economic growth following the Brexit vote has come to an abrupt halt as consumers raid piggy banks to battle rising inflation and stalled wages....

The consumer-driven momentum that has kept the British economy afloat since the Brexit vote is declining rapidly, with new data showing households in the grip of the most protracted squeeze on living standards since the economic crisis of the mid-1970s.

Against a backdrop of rising prices and stagnant wage growth, incomes adjusted for inflation have now fallen for three successive quarters, the first time this has occurred since the International Monetary Fund had to bail Britain out in 1976."

 

[Yafo]

Hence the logic of the real world situation!

https://www.theguardian.com/busines...record-low-as-household-incomes-drop-says-ons

"Household income falling at fastest rate since 1976 as UK savings rates crash

Economic growth following the Brexit vote has come to an abrupt halt as consumers raid piggy banks to battle rising inflation and stalled wages....

The consumer-driven momentum that has kept the British economy afloat since the Brexit vote is declining rapidly, with new data showing households in the grip of the most protracted squeeze on living standards since the economic crisis of the mid-1970s.

Against a backdrop of rising prices and stagnant wage growth, incomes adjusted for inflation have now fallen for three successive quarters, the first time this has occurred since the International Monetary Fund had to bail Britain out in 1976."

What often gets forgotten when those with a little money tell those without any money how to live.

Is that these are often the people who are customers of small business' and therefore affects the current and future financial prospects of us all.

I love how the slightly well off feel the need to keep supporting the financing of the wealthy, often making themselves worse off.

Why race to the bottom? Is it an overall mindset, it appears to be the same with brexit.

Or to put it another way. If responsible parents are both working full time and struggle, or cannot keep their head above water, isn't there a fundemental issue?

 

[sodthisforfun]

To 'educate' those who wish to throw out such an ignorant reference in the first place!

First of all, what makes you think that it's your place to educate?
Secondly, do you think insulting the 'pupil' is going to get your point over any better?