Disposable income

ahar · 18 Jun 2018 at 08:50

mattyg said:
BTC. I've been doing it since 2010 and now i'm a billionaire

Ok not a true story.......Rather a damn I wish I had....

Go and read crinkleshoes' thread in the motors section to see what winning at bitcoin has got him !

Fusion · 18 Jun 2018 at 08:55

ahar said:
Go and read crinkleshoes' thread in the motors section to see what winning at bitcoin has got him !

History books are written by the victors.

Admiral Huddy · 18 Jun 2018 at 09:00

Do you actually need ISA's anymore.. You're allowed up to a certain amount tax free savings by default anyway?

inflames · 18 Jun 2018 at 09:10

malachi said:
Yep, anyone born in the early 80's and after run the risk of this. Retirement will be a privilege not a right.

vincent1989 said:
This is the exact problem my generation are sleepwalking in to in the UK, There's a good chance retirement will be a thing of the past in 50 years time.

My generation are screwed if more people don't wake up to this problem.

Back to the OP, do you have some kind of emergency fund in place, we have 3 months worth of house hold expenses put to one side, its very nice knowing that if something was to happen we have that in place. If you already have something like this maybe over pay a debt or mortgage ,maybe invest?

Freakbro · 18 Jun 2018 at 09:19

Admiral Huddy said:
Do you actually need ISA's anymore.. You're allowed up to a certain amount tax free savings by default anyway?

Up to £1000 interest is tax free as a basic rate tax payer and £500 as a higher.

ISA's aren't as useful as they once were, but they still have a place, especially for longer term tax free saving.

Also, they now have the ability to be more flexible as you can withdraw and repay in within the same year and keep the allowance

Delvis · 18 Jun 2018 at 09:47

Not enough

Rroff · 18 Jun 2018 at 13:01

Freakbro said:
ISA's aren't as useful as they once were, but they still have a place, especially for longer term tax free saving.

Sucks as I was making a reasonable amount on my ISA - not lucrative but it was worthwhile - now its pitiful and short of like really long term lock-in there isn't really any better rate than what I'm on.

iamtheoneneo · 18 Jun 2018 at 15:02

lnoton said:
Every penny you can into a pension.
If youre a higher rate tax payer you get all that tax back.

I prefer to do that than overpay the mortgage..although I do put a bit more in still.

and then you die before ever getting to use it.
I really dont agree with this mindset, sure save but every penny?
No way - enjoy life.

mid_gen · 18 Jun 2018 at 18:11

Thanks to the unspeakable horrors of living under socialism, there is no scenario in which I would have to even think about dipping into my own money within 12 months of being out of work, through redundancy or ill health.

I stick most of my extra money in ETFs, or equities. Been a good time to buy the last 6 months.

Randomface74 · 18 Jun 2018 at 18:17

Admiral Huddy said:
Do you actually need ISA's anymore.. You're allowed up to a certain amount tax free savings by default anyway?

If you have small amounts of savings, no it doesn't really matter.
But remember interest rates are very low now, and the ISA is tax-free forever, so in the future when interest rates are higher, it'll be silly not to have used the ISA.
If you max out your ISA allowance, you'd be stuck if you didn't forward plan.