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55847 Posts in 6180 Topics by 556 Members - Latest Member: wallynicholson666 July 25, 2017, 06:30:35 PM
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Author Topic: The good morning, good night thread  (Read 525127 times)
Russell
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« Reply #4830 on: July 06, 2017, 02:07:53 AM »

Ed, I think I've lost my mojo for a full time office job, and with the weather we've been having even a part time job feels like it might be a chore!

Anyway, a friend who runs a consultancy offered some ad hoc work last night and I think that might do me. My Financial Adviser has a plan for the pensions I have.  It just about gives me the income I need, plus the flexibility I need, and the attention that investments will need through brexit, but comes with an annual 2.5% (of the investment pot) fee. I've no idea if that fee is good, ok, or bad, so I'm currently waiting on a similar proposal from Fidelity (who hold one of my workplace pensions).

It's all a bit complicated.
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Ed
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Don't look behind you!!!!!


« Reply #4831 on: July 16, 2017, 03:33:53 AM »

Ed, I think I've lost my mojo for a full time office job, and with the weather we've been having even a part time job feels like it might be a chore!

Anyway, a friend who runs a consultancy offered some ad hoc work last night and I think that might do me. My Financial Adviser has a plan for the pensions I have.  It just about gives me the income I need, plus the flexibility I need, and the attention that investments will need through brexit, but comes with an annual 2.5% (of the investment pot) fee. I've no idea if that fee is good, ok, or bad, so I'm currently waiting on a similar proposal from Fidelity (who hold one of my workplace pensions).

It's all a bit complicated.

Personally, I've heard so many horror stories about pensions being worthless at retirement that I don't trust the high street names. My uncle watched his pension pot grow by a meagre one or two percent for years and, frustrated by this, he asked his accountant what the hell was going on. What it boils down to is you give your money to 'Jones the Pension', or whoever else, and they invest it in funds. If the funds make money, so does your pension, but the problem is Jones pay their fund manager and take a profit for themselves, and by the time you get your share it's diminished quite a bit. What makes this doubly sickening is that the fund Jones buys into with your money already has its own fund manager, making the Jones fund manager pointless. The fund manager at the coal face buys and sells shares for the fund, spreading the risk and using his expert knowledge to choose which ones to keep and which to drop. Since then, my uncle chose to invest his pension into directly into the funds. The company he uses is Hargreaves Landsdown, and that's where I have invested mine now. He keep a close eye on his and makes strategic buys and sells. He manages to get growth anywhere between 8% and 12% per year.

I don't like financial advisors either. The commissions they take can be massive. You have to watch them. I invested a lump sum in a pension years ago as a one off. Then the net year the pensions company wrote to me asking where that year's payment was. It turned out the financial advisor had signed me up for an ongoing committment and taken a massive commission for his trouble. I managed to get it frozen, but he had taken a quarter of the money I put in as commission. I've never been to one since.

Good luck with the new part time job -- sounds good.

Jerry -- hang in there. I'm a firm believer that it'll come good one day and be better for the wait  afro
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Planning is an unnatural process - it is much more fun to do something.  The nicest thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry and depression. [Sir John Harvey-Jones]
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