Making the most of your savings

[bluestreak56]

Looking for ideas as to what others are doing..

I already have:

A property for renting out
Stocks & Shares ISA
Regular savings account 6% before tax
Shares in Sky
State Pension & Individual Pension

How else do people make the most of their savings? I was looking into Wellesley but not sure about the P2P aspect..

Anything else people recommend?

 

[Dewi]

At my age, I'm spending them! My biggest fear is dying rich

 

[buzyg]

Buy more property, you can never have too much. Assuming you have kids to leave it to, if you die young, it's win win, well apart from the tax man will nick a great chunk, when you go.

 

[AndyJ]

if you die young, it's win win,

Well there's a small downside....

 

[Machine monkey]

At my age, I'm spending them! My biggest fear is dying rich

Can i interest you in buying a part share in a car project i have planed? I plan to twin turbo my car i need £1500 from you and you can have the car for 4 weekends a year if i dont kill and write it off first.

 

[buzyg]

if you die young, it's win win,

Well there's a small downside....

I can't really see one, you've got to go some time, so ensuring the kids/grand kids are ok has always been high on the agenda. The fact that in order to do that you need to make money for your self, is a happy by product. So win win

 

[Angie4m]

Property with no mortgage, shares in a range of companies, a personal pension held since I was 18, a RAP (retirement account plan) held since I was 20, luxury watches, fine jewellery minimum 18k gold and diamonds ranging from .33cts to 1.5cts. Luxury handbags specifically sought after exclusive leathers from high end French fashion houses. Stocks & shares ISA, several savings accounts and an ever growing collection of single cask whiskies, as well as an investment in a distillery. Oh and some original artworks.

And that's just what I have not including my other half. Decided in the last few years to get my finger out and get myself into a finically sound position with he intent that I 'might' have kids but at this moment in time I'm quite happy.

Oh and a long way off retirement!

 

[john-e89]

Buy more property, you can never have too much. Assuming you have kids to leave it to, if you die young, it's win win, well apart from the tax man will nick a great chunk, when you go.

Exactly this, bricks and mortar all the way. Got 2 rentals now and looking for another as we speak, wifey and I cashing in our personnel pensions early as well which you can do if you put it into property. Aiming to have a minimum of 10 rentals by pension age then pass them on to the little 'un.

 

[mr wilks]

Buy more property, you can never have too much. Assuming you have kids to leave it to, if you die young, it's win win, well apart from the tax man will nick a great chunk, when you go.

Exactly this, bricks and mortar all the way. Got 2 rentals now and looking for another as we speak, wifey and I cashing in our personnel pensions early as well which you can do if you put it into property. Aiming to have a minimum of 10 rentals by pension age then pass them on to the little 'un.

Nice work & ethic John
Guess we all head for the things we know most about & after 30 yrs self employed in the building game bricks + mortar have always worked for me ( particularly french ones )
Would like to think this year will see another addition but who knows ?

 

[ranski]

renting out property - just don't tell the tax man as he will roger two ways on tax and capital investment when you come to sell it

 

[john-e89]

Buy more property, you can never have too much. Assuming you have kids to leave it to, if you die young, it's win win, well apart from the tax man will nick a great chunk, when you go.

Exactly this, bricks and mortar all the way. Got 2 rentals now and looking for another as we speak, wifey and I cashing in our personnel pensions early as well which you can do if you put it into property. Aiming to have a minimum of 10 rentals by pension age then pass them on to the little 'un.

Nice work & ethic John
Guess we all head for the things we know most about & after 30 yrs self employed in the building game bricks + mortar have always worked for me ( particularly french ones )
Would like to think this year will see another addition but who knows ?

Self employed builder as well Mr Wilks. Yep the wife and I are both self employed so no company pensions so we need to get some property under our belts. Like the French idea, you do right mate, we'll have a chin wag on a meet.

 

[JaEdBa]

Regular savings account 6% before tax

where did you find that rate?

 

[Stratts]

cashing in our personnel pensions early as well which you can do if you put it into property

Only if you're over 55

 

[BRC]

Regular savings account 6% before tax

where did you find that rate?

Yeah I'd like to know that too. Care to share?

 

[Nictrix]

It really is a shame that the world we live in makes people want more and more money as they feel they need to have it.

 

[ranski]

It really is a shame that the world we live in makes people want more and more money as they feel they need to have it.

what do you think pays for the hookers and the drug$??

 

[pvr]

Those are nice to have, first have to pay for council tax, oil and so on.

 

[john-e89]

cashing in our personnel pensions early as well which you can do if you put it into property

Only if you're over 55

No you can cash it in early for property Stratts, only found out the other week but you can do it, i'll dig the info out and pm you if you're interested.

 

[Angie4m]

cashing in our personnel pensions early as well which you can do if you put it into property

Only if you're over 55

No you can cash it in early for property Stratts, only found out the other week but you can do it, i'll dig the info out and pm you if you're interested.

Yip! That's been around a while. My uncle took some funds from his Pension at 40 and built industrial units which he rents to businesses.

Not knowing what's around the corner I just like to feel I've got something to fall back on and if everything goes to plan then I can retire and enjoy my 'twilight' years. I'm possibly in the minority of 30 year olds who are planning for their retirement now with more than just a pension.

 

[john-e89]

It really is a shame that the world we live in makes people want more and more money as they feel they need to have it.

what do you think pays for the hookers and the drug$??

No I agree with you Nictrix, it's all new cars, telly, bigger house etc, personally i'm just safeguarding our retirement as we won't get a company pension and the worlds getting harder and harder to live in so if I can help my lad out as well then that's what it's for. We work very hard as I've no doubt most people on here do and so a little bit of play on the way softens the work a bit. Tbh I want to sell up and go and buy a boat in the sun and take tourists out for day cruises and live in a shed by the sea but swmbo won't hear of it and we have elderly relatives to look after so it's a no go, but i'd quite happily live the simple life.