Year end. ISAs
- Thread starter Justin Passing
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Yes it has to be in for a year.
You can keep paying in to a pension (SIPP) up to age 75. I don't think it matters about other pensions etc.
It takes a few weeks iirc, for the tax part to be credited to the account. It's not much but it's free.
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Lazy is someone with loads of time on their hands but chooses to doss instead. My few hours of free time is squandered on sleeping.
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My advice to youngsters would be slap whatever you can into a S&S ISA over a few years. Then, even if you never add to it again, in 30 years time you'll hopefully be quite pleased at what's accrued, obviously relative to what you invested in the first place.
…and posting on here don’t forget.
Rain delays or lunchbreaks.…and posting on here don’t forget.
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Good advice but it does need a little more. There have been times when the market is tumbling.
There ARE things like this, which can be a safe haven for a while. Switching between this and "sensible stocks" occasionally, would work:
5% a year ain't bad.
Global Technology (EQQQ) is likely to be a good sector longish term. Since 2020 it went up by 86% , then down 18% over a year, then up 50%.
It wouldn't have been too onerous to notice the previous couple of months movement, which would have avoided most of the downward part. Monthly bars:
You'd have got about 22% per annum, or 2.25x in the 4 years.
Not very much less if you'd ridden the drop.
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Of course, of course.
Tbh I'm referring to those who, rightly or wrongly, just want to do the bare minimum to try and accrue money for the future and accept investments will go up and down.
I have developed webbed feet and gills.Of course, of course.
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I'd also say out a similar amount into a pension if your employer doesn't offer one.
I'd put money into a Cash ISA to build up a usable sum for a year or two. Having a Cash ISA will allow you to transfer more cash into a S&S ISA - means less cost to buy in.
Certainly anyone thinking their (financial) future needs to take advice and think about it. I have just found out I made a mistake with first foray into the world of savings - I have thought for meny years I had bought into a S&S ISA package, just planning to take some money out of it to find it's a b****y insurance bond and therefore taxable if I take a large lump of cash - that's taxing already taxed money. The(so called) advisor, who I remember was so desperate to put the money into a pension wasn't happy that I refused that - think this was his way of 'getting his own back '.
Another advisor sorted out my S&S ISA which has just about doubled in value in the last 12 years.
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the "year end" thing is not very important to most people.
If you had thousands of pounds under the bed, and you forgot to invest it by 5th April, you can invest it on 6th April. The benefits are the same.
It would only matter if you had, say £40,000 to invest. Then you could have put £20,000 in on 5th April, using your tax year 2023/4 tax allowance, and £20,000 on 6th April using your 2024/5 tax allowance.
Most people don't have that problem.
It is more sensible to tuck away a wedge every month or so, if you have it available.
I'd also beware of people who tell you "International Galoshes went up 150% last year, so it's a good investment."
That was last year. No reason it will do the the same this year. Like Tesla, or Gold, or Somalia Hi Tech Index, or India. Countries, indices and funds tend to revert to the mean over time. So last years star performer is unlikely to look so good in a few years time.
There can be good reasons to invest in a region that is politically stable and has a large, well-regulated market
And to avoid one run by a dictator supported by a bunch of kleptocrats. Or one that has a demographic timebomb and is running out of people of working age. China and Russia qualify as both.
Holding your wealth in cash is a guaranteed way to lose. It will fall behind inflation and will shrink in real value.
If your employer has a pension scheme and is willing to contribute to your account, join it. Otherwise you are throwing away free money.
If you had thousands of pounds under the bed, and you forgot to invest it by 5th April, you can invest it on 6th April. The benefits are the same.
It would only matter if you had, say £40,000 to invest. Then you could have put £20,000 in on 5th April, using your tax year 2023/4 tax allowance, and £20,000 on 6th April using your 2024/5 tax allowance.
Most people don't have that problem.
It is more sensible to tuck away a wedge every month or so, if you have it available.
I'd also beware of people who tell you "International Galoshes went up 150% last year, so it's a good investment."
That was last year. No reason it will do the the same this year. Like Tesla, or Gold, or Somalia Hi Tech Index, or India. Countries, indices and funds tend to revert to the mean over time. So last years star performer is unlikely to look so good in a few years time.
There can be good reasons to invest in a region that is politically stable and has a large, well-regulated market
And to avoid one run by a dictator supported by a bunch of kleptocrats. Or one that has a demographic timebomb and is running out of people of working age. China and Russia qualify as both.
Holding your wealth in cash is a guaranteed way to lose. It will fall behind inflation and will shrink in real value.
If your employer has a pension scheme and is willing to contribute to your account, join it. Otherwise you are throwing away free money.
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But that's your idea of waste; to those people the bling cars, Botox and fillers, Minecraft dollars etc are vital everyday things they "need". They're living their best lives, spending everything they can't take with them and perhaps ignorantly blissful to boot
Are you saying, for all your skills and experience, you make less than 20k profit?
Wasn't expecting that..
I'm talking about breaking even as a family rather than a business and the amount we have spare to put away. Buying cars, vans, and paying for a large family skiing holiday, causes a dent or a pause in the savings capabilities. I have done fair bits work on the house too. But then again, I've always done these things and had more disposable cash in the past.
I've never seen materials so high in cost. Putting prices up is not a good move just at present.
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I can no longer drive due to eyesight issues.
I do my best to get about by public transport, but sometimes I need to go by taxi, especially to medical appointments.
I don't consider it stupid crap or a waste of money.