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>> No. 3840 Anonymous
19th September 2013
Thursday 10:03 pm
3840 Pensions
The OFT have come out and said that many old (i.e. set up before 2001) pension schemes have high charges and offer savers poor value for money. They've also suggested a cap for auto-enrolment schemes, but it's going to be an almost meaningless gesture as you'd be very hard pressed to find a provider offering auto-enrolment terms with annual management charges greater than 1% anyway.


The pension scheme I'm in at work (contribution: 5% employer, 5% employee gross) has management charges of 0.6%, which I'm alright with as it's less than I'd get if I was investing in collectives through an ISA.

However, I've put the charges and contribution details into Invidion's pension calculator for an idea of what I'd get when I'm 65, 40 years from now, and if my salary increases in line with National Average Earnings and I took the 25% tax-free lump sum I'd be looking at a pension in today's terms of 27.5% of my current salary. If I wanted a pension that would be about two-thirds of what I'm earning now then I'll need to contribute, assuming the employer contribution stays at 5%, 15% gross (12% net) of my salary every year for the next four decades. This does depend on what annuity rates will be like then and I'd also be getting the State Pension, as long as they haven't upped the age you receive it to 80 by then.

If it wasn't for the tax relief and my employer matching my contributions then I doubt I'd bother and I'd look into other ways to support myself while I'm in retirement. What about you lads? What are your thoughts on pensions? In my opinion to have any form of decent retirement income you're at the mercy of your employer offering a good pension scheme.
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>> No. 8186 Anonymous
10th January 2021
Sunday 3:50 pm
8186 spacer
Halifax have cut the interest rate on my help to buy ISA twice in the past year, I'm fairly sure. I find myself wondering what the point was if they can just arbitrarily decide "actually no, fuck you, you're getting a percent and that's it." I mean, I'm sort of committed to that account now given I've already got about four grand in it.

Is there a better alternative? I planned to max it out for the free three grand but what's to stop them just sending me a letter in another six months saying that's not even part of the deal any more?
>> No. 8187 Anonymous
10th January 2021
Sunday 3:54 pm
8187 spacer

At the moment it seems like putting money in an ETF has good yield/risk ratio, but it also seems like we are in a tech bubble the likes of which we haven't seen in 20 years and it feels like it could pop any minute.

I recommend just burying your savings in your garden.
>> No. 8188 Anonymous
10th January 2021
Sunday 4:47 pm
8188 spacer
You could always pop it in a LISA? I don't really know the difference between HTBISAs and LISAs.
>> No. 8189 Anonymous
10th January 2021
Sunday 5:06 pm
8189 spacer
Same, they're cutting it on everyones.
The fact that the rules of HTBISAs limit how much you can pay in have made it easy for banks to offer high interest in the days when no one had much money in then cut it back as the accounts have matured.
They're closed completely to new customers now anyway as they got replaced by LISAs.

LISAs are good enough, as long as you're going to use them for retirement or buying a house. If you take money out for any other reason, from this financial year onwards you'll actually lose a few percent of what you put in to begin with.
LISAs are probably the best place to put your money for retirement, but only if you've got money left over to save after you've maxed out whatever employer contribution you've been able to get from a workplace pension.
But of course the government is also completely free to change the rules on LISAs at any point in the next 40 years or so if they feel like they've been too generous.
>> No. 8575 Anonymous
6th March 2021
Saturday 10:25 am
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>The amount the government has to spend on state pensions will fall by £1.5bn by 2022, partly because of over-65s dying of Covid, forecasts suggest. The government will also receive an extra £0.9bn from inheritance tax, partly due to Covid-related deaths.

>The majority of coronavirus deaths have been among people aged over 65, many of whom will have been receiving the state pension. The OBR estimates spending on the state pension will fall by £600m in 2020-21 and £900m in 2021-22 compared with forecasts made before the pandemic.


>> No. 8551 Anonymous
28th February 2021
Sunday 1:51 pm
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>Six million accidental savers 'created by Covid crisis'

>More than six million people have become "accidental savers" during the pandemic by keeping jobs while facing fewer outgoings, a report has said. While many people have faced greater debts, redundancy, or reduced income during furlough, others have seen their financial position improve. Lower travel costs and fewer holidays or meals out have contributed, financial consultancy LCP found. Longer-term home working could extend the benefits, it suggested.

>Millions of people have seen their finances hit hard by Covid, particularly those already on lower incomes. Pressures of bigger energy and food bills, as well as other costs owing to children remaining at home, and a 20% cut in income while on furlough, have contributed to the squeeze. More than nine million people had to borrow more than they usually would by December, owing to the coronavirus crisis, figures from the Office for National Statistics (ONS) showed.

>However, the LCP report suggests that another six million people have seen their bank balances benefit from fewer outgoings during the restrictions on movement. Many of them could have saved thousands of pounds. Employees who have been able to work from home - often not those in the youngest age groups - have seen commuting and travel costs fall. Those aged over 55 had been most likely to save as a result of holidays being cancelled or not booked, and older people were also most likely to have cut back on eating out, the report said. While some of these issues might only be temporary, the likelihood of a long-term change in the mix of office and home working could see people continue to save on travel costs.

>The report suggested the money saved could be put to good use by cutting existing debts, putting money aside in a rainy day fund for unforeseen emergency bills, or put into longer-term savings pots such as pensions. However, interest rates for savers are low in the current economic climate. Heidi Allan, co-author of the LCP report, said: "Employers will have a key part to play in ensuring that workers take advantage of this opportunity and do not simply allow these increased balances to sit in current accounts and gradually drift away."

>Former pensions minister Steve Webb, a partner at LCP and another author of the report, said: "There are few silver linings from the current crisis, but the emergence of a large group of accidental savers could be one of them. "A concerted effort is needed to use this unexpected opportunity to create more of a savings culture, especially among those who may permanently benefit from reduced outgoings as a result of a switch to greater home working."

How are you handling all the extra money at the end of the month, did you get into investing like everyone else? Have you started using some of the money for other things? Do you have any big plans for your savings?

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>> No. 8569 Anonymous
1st March 2021
Monday 6:34 pm
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Only three?
>> No. 8570 Anonymous
2nd March 2021
Tuesday 7:27 am
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>Six million accidental savers 'created by Covid crisis
Oy vey, but at what cost? Everyone of those savers is a banker in debt, that money is soaked in the blood of innocent hedge fund managers.
>> No. 8571 Anonymous
2nd March 2021
Tuesday 8:28 am
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How is it?
>> No. 8572 Anonymous
2nd March 2021
Tuesday 8:30 am
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Did you not go to bed or get up nice and early to be thick on the internet?
>> No. 8573 Anonymous
2nd March 2021
Tuesday 10:18 am
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Go to bed lad.

>> No. 8117 Anonymous
6th January 2021
Wednesday 8:22 am
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Several lads here seem to have a grasp of investments and so on. Do any of you have a regular income outside "earner income"? What kind of category does it fall into, and how did you come into it?

I had a nice image, but brian isn't playing ball today. It's a list of different (very broad) types of income:
1 Earner income : work a job
2 Profit income : buy and sell
3 Interest income: lending money
4 Dividend income: owning stock
5 Rental income: renting out property
6 Capital gains : assets increase in value
7 Royalties: others use your work
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>> No. 8549 Anonymous
27th February 2021
Saturday 10:59 pm
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If Robinhood were unable to facilitate trades because it was economically unviable for them to do so, they would have said that. Instead they press released some bullshit about protecting their users.
>> No. 8550 Anonymous
27th February 2021
Saturday 11:47 pm
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They didn't, huh?
>> No. 8560 Anonymous
1st March 2021
Monday 11:19 am
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>By all means bet on a crypto ... with some semblance of utility.
I've made a little cheat-sheet of all the ones that don't seem to exist purely for the sake of existing.
I've included my general impressions of the community as seen on reddit as about ten days ago I told someone to watch ADA, purely on the basis of their community appearing to mostly be sensible people. Not really understanding the tech, the behaviour and attitudes of the people who do seem like the next best indicator.
>> No. 8563 Anonymous
1st March 2021
Monday 3:39 pm
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FYI, XRP is dead.
>> No. 8574 Anonymous
2nd March 2021
Tuesday 2:54 pm
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That would explain why I got the impression I did.

>> No. 8485 Anonymous
17th February 2021
Wednesday 11:16 pm
8485 Silver Bullet Housing Policy
Policy Exchange say they've cracked it:

>Many parts of Britain suffer from an acute housing shortage, manifested in enormous gaps between prices and construction costs. Previous schemes aiming to resolve this issue have often failed, because the homeowners who make up two thirds of the British public have generally seen development as placing large burdens on them without any corresponding benefits. We need a scheme that creates more good homes and better places in a way that shares the benefits with existing residents and communities, so they may become enthusiastic advocates of building rather than vigorous opponents. We propose that residents of a street should be able to agree by a high majority on new strict rules for designs to make better use of their plots. A street of suburban bungalows, for example, could agree on the right to create Georgian-style terraces. In many cases, an adopted ‘street plan’ would greatly increase the value of residents’ homes, giving them strong reasons to agree on it.

>These proposals will foster gentle intensification within about half a mile of existing transport and town centres, creating better and greener places with more customers to support struggling local high streets. More people will be able to live in neighbourhoods that pass the ‘pint of milk test’, living in walking distance of somewhere they can buy a pint of milk, along with other essential social infrastructure. Older residents can agree to permit the creation of generously-sized and stair-free new homes that will meet their needs in retirement for decades to come, with supported living options as they age. Our modelling suggests that, even with extensive constraints and extremely conservative assumptions about build cost and aversion to change, this policy could create a further 110,000 homes each year for the next 15 years above current estimates, all with the consent of the existing residents, and none requiring a single inch of greenfield or greenbelt land. On streets that agree to allow typical forms of gentle intensification, the average participating homeowner would make £900,000, while the local authority would get an average of £79,000 for every new property delivered. The boom would mean an extra £34bn spent on construction each year, and it may generate as much as 0.5pp extra annual GDP growth.

>Our proposals include limits on the development rights that streets can allow themselves, designed to minimise impact on neighbouring streets: light plane rules, rules stopping ‘garden grabbing’, rules on height, and rules restricting how much onstreet parking new residents could use. Redevelopment of listed and pre-1918 properties would be prohibited, as would development in National Parks and Areas of Outstanding Natural Beauty. Each scheme will need to ensure that residents who wish to return are rehoused in a high-quality home for the interim period of the construction on the original plot; the large economic potential should make it easy to fund such provision. We suggest reforms to ensure generous provision of social infrastructure, including schools, buses and GP surgeries, so that the needs of any new residents are met without placing pressure on existing communities. We propose Capital Gains Tax (CGT) be levied on the value uplift resulting from a street vote, and its revenues hypothecated to local authorities, as well as Stamp Duty Land Tax (SDLT) being partly redirected, temporarily, also to local authorities.

>Modelling indicates that these measures would generate huge revenues for both local authorities and the Treasury, providing plentiful resources to improve services for the whole community. Revenues would also be hypothecated to the street for regreening and public space improvements. A net-zero whole life carbon condition would be imposed on all redevelopment of homes through street votes. Since existing housing stock is often poorly insulated and normally heated through gas, redeveloping into net-zero homes would constitute a huge improvement in environmental standards. Denser settlement patterns would support a shift away from car dependency. As future governments phase out gas boilers, street votes could provide the funds for existing homeowners to pay the costs of insulating and re-plumbing their homes to adapt them for heat pumps. ?>Unlocking community support for development could arrest the steep fall in homeownership among younger generations. It could yield beautiful and popular streets in the best traditions of British urbanism. It could relieve pressure on greenbelts for a generation to come. And it could generate an economic boom built on outdoor jobs that would reinvigorate the economy after Covid-19, just as the 1930s housing boom pulled Britain out of the Great Depression.


How will it all go wrong?
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>> No. 8530 Anonymous
19th February 2021
Friday 6:02 pm
8530 spacer

It's a representative sample - the age, ethnicity, educational background, employment status and geographic distribution of the survey participants match the national averages as closely as possible.

The ONS collect some fairly comprehensive data on wealth.

>> No. 8531 Anonymous
19th February 2021
Friday 6:07 pm
8531 spacer

Fucking hell. If as a median salary income earner I am in the top 10% of households, the UK must be a damn sight bleaker and more Dickensian than I previously thought.
>> No. 8532 Anonymous
19th February 2021
Friday 6:53 pm
8532 spacer
>If as a median salary income earner I am in the top 10% of households

>> No. 8533 Anonymous
19th February 2021
Friday 7:59 pm
8533 spacer

>>8524 said:
>A household income of £59k puts you in the top 10% of households by income.

So me in a houseshare on a median salary with a couple other middle class people puts me in the top 10% of households by income? That doesn't sound right to me.

I'm a bit of a thicko tho innit?
>> No. 8534 Anonymous
19th February 2021
Friday 9:45 pm
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seems credible to me. 3 reasonable earners should put you well ahead of most households, why would you think otherwise?

>> No. 8483 Anonymous
17th February 2021
Wednesday 7:09 pm
8483 Student Loans Company
Let's say, hypothetically, I'm currently living and working outside the UK.

Let's also say, hypothetically, the Student Loans Company have been on my arse about letting them now where I am.

>You need to update your details even if you’re not currently in employment or you’re earning below the repayment threshold.

>You accepted the terms and conditions of your loan and agreed to keep us up to date with your employment and contact details. If you don’t update your details now, we may send your account to a third party to carry out checks on our behalf to verify your details.

The phrasing makes it sound like they'll charge a flat rate if they discover I'm abroad regardless. Is there any reason I should or shouldn't let them know?
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>> No. 8484 Anonymous
17th February 2021
Wednesday 7:57 pm
8484 spacer

I was abroad for years and never told them where I was and figured I had basically disappeared, but the moment I got a legit job in a Commonwealth country they found me again.

Recently there have been changes in repayment policy, like, if you earn less than 2000gbp p/m you don't have to make repayments (which is quite a bit higher than what it was).
>> No. 8488 Anonymous
18th February 2021
Thursday 12:12 am
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I, for one, don't even have a student loan.

>> No. 7541 Anonymous
4th June 2019
Tuesday 7:03 am
7541 spacer
One of the UK's most high profile stock-pickers has suspended trading in his largest fund as rising numbers of investors ask for their money back. Neil Woodford said after "an increased level of redemptions", investors would not be allowed to "redeem, purchase or transfer shares" in the fund.

Investors have withdrawn about £560m from the fund over the past four weeks. However, it was a request from Kent County Council to withdraw £250m that led to the suspension.

At its peak, the Woodford Equity Income fund managed £10.2bn worth of assets, such as local authority pension funds. However, it now manages £3.7bn, according to the financial services and research firm Morningstar. Mr Woodford's firm, Woodford Investment Management, is also the biggest investor in Kier Group, the construction and services group which on Monday warned on profits, sending its shares crashing 41%.


"But he hasn't got anything on!" the whole town cried out at last. The Emperor shivered, for he suspected they were right. But he thought, "This procession has got to go on." So he walked more proudly than ever, as his noblemen held high the train that wasn't there at all.
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>> No. 8479 Anonymous
14th February 2021
Sunday 5:08 pm
8479 spacer
Taking punts on biotech is one of the main reasons why his last fund failed.
>> No. 8480 Anonymous
15th February 2021
Monday 10:17 am
8480 spacer
>I've always felt that biotech is a mugs game at the best of times. It's all too common for some new work to show a magical result and then for things go quiet until the company unravels, which is a quick process in that brutal world.

Phillip Mirowski has a pretty good take on this, and describes many biotech startups as essentially ponzi schemes:

>> No. 8481 Anonymous
15th February 2021
Monday 8:11 pm
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Ponzi scheme implies knowing wrongdoing on the part of the company. As a sciencelad what I would say is that the majority of experiments fail, science is a Darwinian process meaning that its competitive and the massive amounts of failures which occur are necessary to achieve the success that we have (you can't build the penthouse of an apartment complex without first laying foundations and building every floor up until the top one).

In practice this means that some companies may behave in a manner similar to a ponzi scheme for investors who invest blindly without understanding the underlying tech, or knowing what the inner workings of the company look like.

But yeah, it's a punt. $BNGO

Sometimes you have unexplainable successes like Elon Musk with Tesla (this isn't biotech per say but a lot of speculators are looking at this company considering the future potential of Neuralink), other times you have actual fraudulent enterprises like Elizabeth Holmes and Theranos.

The documentary about Theranos is infuriating, because they basically had point of service diagnostics available to consumers from Walgreens which would have revolutionized public health in America and been a sustainable business for them for as long as it would take to develop the machine they were building (but competitors would potentially have been able to replicate their business model), but because they lied to investors they sunk the whole enterprise and set back the mission of consumer diagnostics about a decade. Don't be greedy.

I haven't watched your video because it's an hour long and I am currently rewatching the Curtis stuff, but thanks for sharing. This is the kind of content I subscribe to this subreddit for.
>> No. 8482 Anonymous
16th February 2021
Tuesday 4:05 pm
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I think the distinction that Mirowski is making, though, is that the risky stages of the experimentation is often done on public money, then there's a group of private speculators hyping up technologies as they show promise then bolting on the (overwhelming majority) that don't pan out.
>> No. 8559 Anonymous
1st March 2021
Monday 9:53 am
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FCA first alerted to concerns over Neil Woodford’s business in 2015

The Financial Conduct Authority was warned about problems within Neil Woodford’s investment business less than a year after it opened in 2014 but did not intervene for almost another two years, according to several people briefed on the process.

...concerns over its investment strategy were raised within the first year of its operation, when two of the company’s founding partners — chief operating officer Nick Hamilton and chief legal and compliance officer Gray Smith — resigned after falling out with Woodford and chief executive Craig Newman. Given their senior roles in such a high-profile business, Smith and Gray were asked to discuss the reasons for their departures in exit interviews with the FCA in January 2015. The FCA did not act on the information they presented, according to those familiar with the regulator’s dealings with the company.

The four founders had clashed openly over the company’s compliance culture and the level of due diligence carried out on Woodford’s investments in private companies, according to former WIM staff members. Hamilton and Smith were especially concerned with the amounts being committed to unlisted companies.


>> No. 8441 Anonymous
9th February 2021
Tuesday 5:19 pm
8441 Online-only banks
I'm considering switching my main current account to one of the online-only banks like Starling, First Direct, or even something like Revolut.

Are there any drawbacks to having no branch that I might have overlooked, even as someone not visiting often (or at all)?

A side question: is there a way to evaluate internet banks in ethical terms, like where their investments are and so on?
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>> No. 8467 Anonymous
11th February 2021
Thursday 3:03 am
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Well, quite. But as the average age of a pilot is about 50, we might soon see a shortage of them regardless.
>> No. 8468 Anonymous
11th February 2021
Thursday 3:26 am
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I think that the airline industry is facing real problems in the medium- to long-term. We'll see a big surge of pent-up demand for leisure travel when restrictions start to be lifted, but I think there will be a sustained reduction in business travel now that people have got used to Zoom and WFH. Some people will be itching to get back to their jetsetting lifestyle, but corporate finance departments have seen that a huge amount of their travel budget doesn't really add anything to the bottom line.
>> No. 8469 Anonymous
11th February 2021
Thursday 4:18 am
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The majority of UK (and Irish) airlines, and travel agents, and particularly those companies that are both combined, are already, to be blunt, completely fucked. Most of these companies operate on an expand-every-summer plan, meaning they've already spent all your holiday money on planes, staff, and handling contracts long before you've ever gone on holiday. This works great, unless something happens that stops literally everyone going on holiday, and everyone wants their money back.

Companies like TUI are using recently booked holiday deposits to try to refund customers who couldn't fly a year ago, and it's all going to collapse on them like a house of cards. They don't own planes, they only lease them - so as soon as they look like they're fucked, they'll be forced to bankrupt and their only hope of clawing back income will disappear. This happened to Flybe the very second a corona quarantine was even considered. This will also likely impact the huge companies that lease these aircraft, because any surviving airline will not be thinking about expansion for years. Same goes for ground handling companies, who were already struggling. Very few airlines do their own baggage handling, towing etc, because the equipment and staffing involved is very expensive. You can board, service and fly a plane with about 5 ground staff, but it takes about 10 or 15 to handle bags, refuel, operate steps, tow the plane off stand, etc.

The big holiday airlines are burning through customer money, government bailouts, aircraft parking fees, continuous maintenance (you can't just leave a plane mothballed for months without stacking up very expensive liabilities, and they need to fly every few weeks to remain certified)

There is exactly ONE airline in the UK that has been recognised by the CAA as being competent and prompt with refunds. Literally just one - Jet2. They also happen to own all of their planes, and their holiday business and airline business are technically separate, though both operated under one PLC; even if all holidays are cancelled for the next five years they still own 90 odd planes. They haven't touched a penny of the government money the other airlines have eaten up, and since they're one of the only airlines that does their own ground handling, they do not need to worry about someone like Swissport collapsing and leaving them grounded.
However, they're not a cheap airline. Their tagline used to be 'friendly low fares' but they're pretty much at flag carrier prices now. I think the customer service they'd displayed over the last year will still drive a lot of people to them, because it looks like you can trust your money with them no matter what happens, but there's a huge chunk of punters that can't and won't pay £400 for a flight to the canaries and back when Ryanair does it for £15.
Jet2 are probably an airline you've never heard of unless you're northern, but I expect them to be making big plays as soon as they can, because they're in such a massively good position compared to anyone else. The industry rumour at the start of the pandemic was they could operate for an entire year with zero flights and still be net positive in cash, which is a bit mental for any company, but 1000x so for an airline.

BA will also be fine, because their domestic flights will not ever lose momentum, and they don't really lease aircraft, with the exception of having to wet lease to replace their dodgy 787s a while back, but that's priced in to a BA ticket.

I don't think we'll see any of the big tourist airlines disappear completely within the next few years, as they have investors with deep pockets who will keep them afloat, but ticket prices will be up and flight frequency and certainly expansion will hit the floor. TUI has their fingers in cruiseliners too, and a strong Dreamliner fleet that basically print money, but they're still the shakiest in my opinion. Easyjet have very strong slots and serve the majority of northern irish tourism travel and short domestic, so they'll take a hit but I can't see them bankrupting. If they own planes (I don't know and can't be arsed to look) they will sell or lease a portion of them, or else just pare down the fleet. Ryanair fly too many internal spanish flights to be in real trouble, but pre pandemic their plan was to move their bases to smaller, cheaper airports to cut even more costs, so I can imagine doing that more quickly and more dramatically than they were. A Ryanair pilot also pointed out to be that they could double the price of every single ticket and still more than likely be the cheapest possible flight to any given destination, so there's that too.
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>> No. 8470 Anonymous
11th February 2021
Thursday 4:23 am
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I completely forgot to address your point about business travel - I think you're right, I can't see how anyone can justify business travel again after this. I'm firmly on the tourism side of the industry though, so can't offer perfect insight into this, but I will say that a lot of the business flights I've dealt with are either lucrative charters or otherwise key personnel who need to be in a specific place to do a specific thing - I wouldn't be surprised if the "meet in person to talk business" type of ticket was only a small slice of the pie in the first place. I will try and get solid numbers.
>> No. 8471 Anonymous
11th February 2021
Thursday 12:43 pm
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> I completely forgot to address your point about business travel - I think you're right, I can't see how anyone can justify business travel again after this.

I work in what is probably one of the few industries that absolutely cannot do away with business travel completely so I'm probably biased the other way. I know for a fact that the company I work for has a lot of clients with massive contracts just waiting until we can get people travelling again.

I do agree that the majority of business travel is just people just going on a jolly while using a sales pitch or update meeting as an excuse for an expensive lunch and taking the missus to a nice hotel if you can wing it. I definitely feel that with any luck a lot of that kind of thing will finally be moved online.

>> No. 7464 Anonymous
24th February 2019
Sunday 3:15 am
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I've come to seek some very serious financial advice. I'm in my mid thirties but I've never borrowed a penny from an official institution. I'm not quite a pikey but I'm not that far removed if I'm being honest. I've grown up in a culture of working for cash and buying things for cash. Debt is a dirty word in my family and I've always lived within my means.

I've been quite frugal over the years and have managed to put together about 90k in savings. My employment history is sketchy at best and although I've been working since I left school, there are some serious gaps in the official records when it comes to my income.

For the past six months I've been self employed with about 80k a year coming in. All declared and above board.

I've always assumed that I couldn't get a mortgage and I'm still doubtful but I thought it might be worth asking some strangers whether I'm right.

My current overheads are pretty low and at a push I can save a good few grand a month after tax and rent etc. That means I could potentially have a lot more in the bank in the near future.

I desperately want to own a house and I know I could buy something tiny in a shit place with the money I have but I've recently been wondering what I could get if a bank would lend me a big chunk. I don't want anything fancy but it would be nice to have some space in a nice area.

As I said I know nothing about debt so my main questions are do I have any chance of getting a mortgage with only 6 months of official financial stability (and no credit history), and if so, how much would they lend me with 90ish as a deposit?

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>> No. 7972 Anonymous
3rd September 2020
Thursday 12:53 am
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I started thinking that I could cheat the system by paying any credit card purchases off right away. Then, of course, I found out that if you pay it off too often in a given month you equally look sloppy with money. A more cynical man might think this is all an elaborate scam to get people into debt - thereby making the balance sheets look better than they are while creating social control.

I've spent my whole life ignoring pretences and thumbing my nose at authority but now look at me. And I'm only just starting to learn how mortgages do horrible things to people. The banks will probably have me in a dress by the end of the month. Then when I finally do own a home I'll become a petty neighbourhood tyrant in a myopic quest to protect my 'investment' over all else.
>> No. 7973 Anonymous
3rd September 2020
Thursday 1:53 am
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>The banks will probably have me in a dress by the end of the month.

Can't say I've ever heard or thought of that, but will definitely suggest it at work tomorrow.
>> No. 7974 Anonymous
3rd September 2020
Thursday 2:23 am
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As mentioned upthread, you can get a free credit rating and personalised advice on how to improve it at the link below.

>> No. 8422 Anonymous
5th February 2021
Friday 10:47 am
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On Experian they have a new boost feature:

You give them access to your bank and they say they can boost your score by sharing the payment details. Unless they find it's bad in which case they won't. Anyone else find that a bit creepy, giving big data access to your bank history and then expecting it's scoring to be accepted when it only shows the good?
>> No. 8432 Anonymous
8th February 2021
Monday 1:45 am
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>> No. 8350 Anonymous
30th January 2021
Saturday 8:07 pm
8350 Ethical Money
Any of you lads with Triodos Bank? How is it?

I've been thinking about how to not indirectly invest in killing the planet (or cartels), so thinking about switching away from HSBC. From looking it around, it seems that Triodos is the only explicitly 'ethical' bank in the UK; Nationwide and Co-op are just 'not-unethical'. It has a £3 monthly fee, though.

I've also switched my pension fund to UK renewable infrastructure funds, though at present there's so little money in it's not a huge deal.
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>> No. 8366 Anonymous
31st January 2021
Sunday 6:59 pm
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Have you considered COOP bank?
>> No. 8377 Anonymous
1st February 2021
Monday 10:43 am
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Yes, from what I gather though,
> Nationwide and Co-op are just 'not-unethical'

I'm not averse to either of them - it's a massive improvement over HSBC for each.
>> No. 8379 Anonymous
1st February 2021
Monday 11:10 am
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The biggest drawback I've found with Tdos is that the debit cards fall apart after a year or two. Not in a catastrophic way, you can just see the plastic layers slowly coming apart.

The customer service is excellent, no long queues or endless robot voice loops: right away they put you through to a knowledgeable human being with useful decision-making powers. That alone would make them worthwhile, to me.
>> No. 8406 Anonymous
4th February 2021
Thursday 11:26 am
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If I have a credit card with HSBC and switch to Triodos, I assume the credit card becomes void?
>> No. 8407 Anonymous
4th February 2021
Thursday 12:42 pm
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I saw they said the card is made out of corn, but that's not a huge issue really as I tend to pay for everything on my amex and pay that off at the end of the month, so the debit doesn't get much action.

>> No. 7610 Anonymous
10th July 2019
Wednesday 11:29 am
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My last paternal grandparent died relatively recently. My parents have been advised to set up a Deed of Variation, which is apparently re-writing my grandmother's Will so that their share of the inheritance doesn't go directly to them. The plan is for the funds to go into a trust and they will loan the money from the trust via a Promissory Note, with this liability repaid to the trust when they both die.

At least this is how I understand it. This is meant to allow them to have their cake and eat it; they get their hands on the inheritance but the debt to the trust will in turn reduce the value of their own estate when inheritance tax is calculated. They're well within the inheritance tax thresholds so it's not going to make any real difference unless the legislation is changed considerably, but it was also pitched to them that if an inheritance is placed in trust rather than eventually passed directly to me that it would be shielded if I ever ended up bankrupt or divorced.

This is one of those things that sounds too good to be true. If it isn't then why doesn't everyone do this?
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>> No. 8211 Anonymous
15th January 2021
Friday 5:39 pm
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Someone already has paid tax on it. Now the government wants a second bite.
>> No. 8212 Anonymous
15th January 2021
Friday 6:18 pm
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By that logic the only form of tax should be sales tax, or income tax, or corporation tax, take your pick. Every pound has tax extracted from it multiple times as it changes hands, and we need that money to set fire to, in offering the gods who oversee the fertility of the Magic Money Tree at the Bank of England.
>> No. 8213 Anonymous
15th January 2021
Friday 6:22 pm
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>>8211 This is the most specious argument, and I don't understand why it gets any traction. Is it some yank thing?

You're about to get a load of money. Pay tax on it.
>> No. 8219 Anonymous
15th January 2021
Friday 11:17 pm
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And trees don't grow on roads. Vegetable rights and peace!
>> No. 8220 Anonymous
15th January 2021
Friday 11:36 pm
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They'll grow through roads if you let them.

>> No. 7978 Anonymous
6th October 2020
Tuesday 7:50 pm
7978 Crypto Currencies
Any interest in a general crypto currency thread? The old Bitcoin one dates back to 2013 and things have moved on a bit since then. I got interested in them earlier in the year and have invested a few grand now, have just been picking up some coins here and there when the prices dip. I'd previously dabbled in funds and shares but was looking for something a bit less dull and with a higher risk/reward ratio.

There are some interesting projects using blockchain technologies that sound like they have potential, I think the Bank of England and the EU are working on their own crypto-currencies and China has one nearly ready to launch. It will be interesting to see where things go over the next few years, one hot topic lately has been decentralised finance (de-fi) where all sorts of financial products can be offered using blockchain tech removing banks etc. from the process entirely. This seems like one of the major benefits to me, carrrying out transactions peer-to-peer without involving any third parties although all exchanges these days require you to provide ID so it's not exactly untraceable, and there is no-one that can help if you lose your private keys or get your coins stolen.
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>> No. 8202 Anonymous
14th January 2021
Thursday 6:02 pm
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Am I the only one who thinks he's a bit naive to think that his HDD is in any way serviceable any more? First off it ends up in a drawer because he spilled a drink on his laptop, then he chucks it out, presumably it goes in the big chompy-crushy bin lorry with all the other waste. Whatever arrived at the landfill site has now been sat there for seven or eight years suffering wind, rain, and other shite being thrown thrown on top of it.

I've had hard drives completely stop working from a 12" drop onto a tiled floor, I have no idea how he thinks his is going to be in any way recoverable after the near decade of torturous abuse it's received.
>> No. 8203 Anonymous
14th January 2021
Thursday 6:17 pm
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>I've had hard drives completely stop working

I think if you had a BTC wallet with 7.5k coins on it, you'd have tried a couple more data recovery techniques than you did at the time. I'm not saying his HDD is definitely preserved, but it's not inconceivable that a wallet would survive on even a shattered platter.
>> No. 8205 Anonymous
14th January 2021
Thursday 8:51 pm
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> but it's not inconceivable that a wallet would survive on even a shattered platter.

It's not, but it's within the realms of the very unlikely. Assuming that the superblock/MFT is almost definitely corrupted and given that wallet.dat is just a btree type Berkeley DB file, the only way to search for the data you want (the keys) is if you remember the blockchain address you had the coins in and to brute-force search for that pattern as the key in a KV pair - across the entire disk (or whatever parts are readable). In other you'd better hope that the file was small enough to be stored in sequential sectors or you're going to be SOL and you'd better hope against hope that the disk wasn't protected via Bitlocker or LUKS as if even one byte is corrupted you'll be unable to read all the other logically sequential bytes thanks to the wonders of Cipher Block Chaining.
>> No. 8206 Anonymous
14th January 2021
Thursday 8:57 pm
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This is why I defragment all of my storage media multiple times per day.
>> No. 8207 Anonymous
15th January 2021
Friday 1:18 am
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Forgot your IYKWIM.

>> No. 7993 Anonymous
9th October 2020
Friday 1:17 pm
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I've made the classic mistake of telling people I invest my money. Just my retired parents but I've been asked if I can help start them on doing something with their retirement savings (not their workplace pensions) which I've found out today is "not doing anything" (!)

Of course, I'm going to need to get them talking to a financial adviser but I should make sure I'm clued up myself. Since their retirement they've noticeably slowed down and will probably need me to explain things, make sure they're not getting doing anything stupid and help them manage more and more as time goes on. Any idea on where to start with specifically investing in retirement? It's going to be quite different to how I manage my money now (1. buy high 2. scream) but looking over a few guides from investor platforms I'm unsure on advice around bonds as they're not exactly the stellar investments they once were and putting a big chunk in an annuity scares me.

Just think, soon they might even have a free parker pen DEM CROSSWORDS WNT KNW WOT HIT 'EM
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>> No. 8019 Anonymous
29th October 2020
Thursday 6:38 am
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I just stuff all of my money into Bitcoin, Ethereum, and gold. I own a little bit of land, and I'm still paying of some property. Perhaps I'll but more land in a decade. Fuck getting rich in the short term, preserving wealth in the long term is the safest way to go considering all of the shit that has happened recently. I don't trust central banks with how much money they've just miraculously printed into the economy. The only thing keeping stocks up right now are pension funds I reckon. It's a zombie economy, and It's going to collapse. Pack rice. And tea.
>> No. 8020 Anonymous
29th October 2020
Thursday 7:54 am
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>The only thing keeping stocks up right now are pension funds I reckon. It's a zombie economy, and It's going to collapse.

People have been saying this just about every time investing has been brought up over the past 10 years on here.
>> No. 8021 Anonymous
29th October 2020
Thursday 8:46 am
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Every investment forum in the past 100 years has people like him. You can afford that worldview if you already have property and gold.
>> No. 8166 Anonymous
8th January 2021
Friday 6:13 pm
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So what's the deal with TSLA?
>> No. 8167 Anonymous
8th January 2021
Friday 6:15 pm
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Also ETFs (like Global x and ARK) look like they have pretty good yield and spread risk across a portfolio of emerging tech companies.

They tend to be organized around a theme (electric cars, robotics, next gen internet, medicine etc)

>> No. 8022 Anonymous
28th November 2020
Saturday 5:26 pm
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In strictly income related terms, what is 'doing alright' in 2020? What is middle class?

There are rules of thumb that were established a long-time ago, earning your age being something of a minimum standard while earning 40-60k meant you owned an Aldi. You will probably notice that these rules originate from the 00's though and while calculators do exist they seem to apply national averages which seems odd as a large bottom doesn't mean you eat lots of camembert.
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>> No. 8068 Anonymous
31st December 2020
Thursday 6:27 am
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It's a different risk/reward tradeoff, that's all. Training as a mechanic will provide you with a reliable income that you can raise a family on. Getting a degree might give you a start in a great career, but it might also end up being an albatross; that's especially true if you don't have the wealth and family connections that are all too often essential in getting your first break. Middle-class kids can afford to aimlessly shamble through their 20s until they figure it out, but working-class kids don't have that kind of safety net and need to hit the ground running.

It's also worth pointing out the hidden pitfall in student funding - maintenance loans. Even if you're entitled to the full loan, it's nowhere near enough to live on in most cities. That's no real problem if your family can afford to send you a few quid if you can't find a part-time job, but it causes a lot of working-class kids to drop out in their first year because they just can't make ends meet.
>> No. 8069 Anonymous
31st December 2020
Thursday 10:18 am
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The people I know from school who are doing best tend to be the ones who trained to be electricians and plumbers and the like rather than those who went to university. We left school in 2004.

I suppose it's about getting some decent career advice early on in your life. There are people who didn't go to university and learned a lucrative trade and those that have a menial minimum wage job, just like some people who went to university and have carved out successful careers and others who didn't have a clue what they were doing and are still working in call centres. What really matters is having a career plan and direction towards being successful.
>> No. 8070 Anonymous
31st December 2020
Thursday 1:32 pm
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Actually all careers in trades require a ridiculous amount of time to break into earning proper money and most don't because of the significant informal barriers for independent plumbers, carpenters etc.

Mechanic is especially bad because you're working in a freezing cold garage paying off debts to big-toolbox with a sketchy employer. My brother did it for 10 years and was miserable while his mate went to uni to study engineering so he could get a cushy job working for Mercedes.

This is the opposite experience for me because I left school before the Great Recession. Maybe I just didn't grow up in as big a shithole as I remember but a fair few went on to be solicitors and the like.

Although I'll agree that if you have shit-for-brains and don't pull your finger out then you're going to have a hard time. I suspect daddy's money is being a bit overstated here as you can dodge call centre bullshit by securing internships or just being aware that places like the government are always hiring. Obviously university should also be about learning and doing what you want to do because ultimately I'd hazard most don't end up in their career path and struggle in something shite because they feel they have to. Who knows how much talent has been wasted this way.
>> No. 8071 Anonymous
1st January 2021
Friday 1:24 am
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>a fair few went on to be solicitors and the like

Between an oversupply of graduates and cuts to legal aid, a lot of solicitors are really struggling financially. Top graduates can still find entry-level jobs paying £100k+ in a top London firm, but at the other end of the spectrum you've got people doing Legal Aid work earning less than minimum wage.
>> No. 8072 Anonymous
1st January 2021
Friday 8:59 am
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I've also read recently (>>29347) that background matters a lot. Students from poorer backgrounds who go to the same universities and earn the same grades (e.g. earning a first at Cambridge) still earn considerably less than their more well off peers.

>> No. 7939 Anonymous
11th July 2020
Saturday 9:52 pm
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The cut in stamp duty has opened the door for me to be able to buy a flat in near the city for myself -so long as I borrow 2k from my parents and use help to buy. I looked at what that really means which is that I can afford a small flat in Kingston by the sewage works with 2 hours commuting everyday.

Lads, is it still worth it? Yeah, my money isn't magically disappearing every month but my quality of life would be worse and, at 30, I will likely look to move in a few years with some bird. Still, there's a money factor involved so I've been fretting all week. Should I keep looking into this or just forget about it?
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>> No. 7941 Anonymous
12th July 2020
Sunday 8:03 am
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It's always a good time to buy your own place if you can get the funds together and deal with the 6 months+ heartache it all tends to take. If your parents are able to help you, then take that help; most of us don't get it and you and they are lucky to be able to do it.

Commuting is rapidly going out of fashion. Depends on what job you're in, of course, but I think the homeworking/flexible hours thing is here to stay.
>> No. 7976 Anonymous
19th September 2020
Saturday 2:44 pm
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I broadly agree, but there is a big difference between a free hold, a lease hold and owning a flat. The former has no "hidden" fees, the middle has ground rent which tends to be fairly nominal while the latter has service charges which can easily reach several thousand pounds a year. So on top of your mortgage your effectively still paying rent. Make sure to have a chat with other owners in the building if you buy a flat to find out how onerous the lease holders are. And (fat chance in The City) if several of you are long term owners, see if you can acquire the lease nad form a co-op.
>> No. 7977 Anonymous
19th September 2020
Saturday 4:27 pm
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>Cut in stamp duty

ike all these sorts of actions this will just lead to increased house prices. It is good only for speculators, builders and boomers. I fucking hate it.

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