Personal Pension
Discussion
Told you there was one coming!
I've never worked for a life company, or worked in any kind of product sales like you.
Little point in reading any of your diatribes. Your lectures have commonality in their format.
Along the lines of; seen it all (before you, longer than you and the way I do it is best), done it all (spotted all the pitfalls in about 5 seconds, but you are all plebs who could learn a thing or two from me), invented and patented the T-shirt (having paid less than market value for it).
Yawn!
I've never worked for a life company, or worked in any kind of product sales like you.
Little point in reading any of your diatribes. Your lectures have commonality in their format.
Along the lines of; seen it all (before you, longer than you and the way I do it is best), done it all (spotted all the pitfalls in about 5 seconds, but you are all plebs who could learn a thing or two from me), invented and patented the T-shirt (having paid less than market value for it).
Yawn!
TFP said:
Told you there was one coming!
I've never worked for a life company, or worked in any kind of product sales like you.
Little point in reading any of your diatribes. Your lectures have commonality in their format.
Along the lines of; seen it all (before you, longer than you and the way I do it is best), done it all (spotted all the pitfalls in about 5 seconds, but you are all plebs who could learn a thing or two from me), invented and patented the T-shirt (having paid less than market value for it).
Yawn!
Connect yourself to reality mate. I know a great deal about a very small number of things; a small amount about a much larger number of things; and virtually nothing at all about everything else. And that makes me just about the same as the rest of the planet. The rest's what you want to read into it. I've never worked for a life company, or worked in any kind of product sales like you.
Little point in reading any of your diatribes. Your lectures have commonality in their format.
Along the lines of; seen it all (before you, longer than you and the way I do it is best), done it all (spotted all the pitfalls in about 5 seconds, but you are all plebs who could learn a thing or two from me), invented and patented the T-shirt (having paid less than market value for it).
Yawn!
Now off you go back to sleep.
groak said:
Welshbeef said:
Thanks I'm fully aware of HMOs and as I said I've been in the game a very long time I know the game very well thank you.
Care to share how many years and how many properties you have been doing I'd wager it's less than me and I'm half your age. If its higher then stop crying over spilt milk ie your poor performing pension fund you've negated it by property.
You've been stung by not moving your pension to a better performing fund bad luck however that responsibility sits only with yourself - anyone can pass the buck on oh I was missold oh it's not done what it said it would um if your savy you'd know
Anyway this is all off topic lets move back to topic or we can start a new thread.
Y'know I used to watch people like you being skinned like rabbits back in the heyday. But I was never really tempted to Care to share how many years and how many properties you have been doing I'd wager it's less than me and I'm half your age. If its higher then stop crying over spilt milk ie your poor performing pension fund you've negated it by property.
You've been stung by not moving your pension to a better performing fund bad luck however that responsibility sits only with yourself - anyone can pass the buck on oh I was missold oh it's not done what it said it would um if your savy you'd know
Anyway this is all off topic lets move back to topic or we can start a new thread.
join in.
Anyway, I was wondering, and you're probably just the guy to ask.....
....as you know, once you're self-managing 50 units it gets difficult to do much else. Plus, of course, 50 bring in enough nett to live on, so you've now got a job. And when 50 becomes 100 (in my case 125) you really CAN'T handle it all solo, so you start an agency. And at 200, given the volume of tradeswork you're shipping, it's really not feasible (or economically viable) to continue to outsource the work so you've now got a tradesteam to run. Then, before you know it, your portfolio's crossed 500 and you're maintaining, repairing,renovating, reconstructing and maybe even building not only for yourself, but also for the mates, other landlords who've joined your agency, and even the general public. Of course, by then you realise the letting agency's a useful earner, but its REAL value is in the deals it brings to your door. Suddenly you're an 'estate agent' too!! And before very long between the 1000 or so properties you all own, including the keepers and the flipping stock, plus the other 1000 or so you're managing, the tradesbills are just UNREAL, aren't they? The letting boss is pressuring to get stock prepped for letting! The sales boss is pressuring to get stock prepped for market! The viewers want the voids between tenancies 'tuned up'.!! Trades mayhem, isn't it!!! Men! Plant and Machinery! Admin! Storage facilities!
Well goodness knows how YOU manage all this PLUS a dayjob...but what I was wanting to know is ...what do you do about the MASSIVE MASSIVE cashflow hiatus between the work (materials and labour) getting paid for and the money returning back from paid invoices? DO NOT say 'it should all be paid for upfront in advance', or anything else unrealistic. Tell me how YOU'RE carrying it? Overdraft? From cash resources? Because I'm really swithering with this one, especially when the volume of work (esp. for the gp) is increasing so rapidly.....
groak said:
Connect yourself to reality mate. I know a great deal about a very small number of things; a small amount about a much larger number of things; and virtually nothing at all about everything else. And that makes me just about the same as the rest of the planet. The rest's what you want to read into it.
Now off you go back to sleep.
Wake me up when you say something that isn't vacuously self-serving or failing that, factually correct.Now off you go back to sleep.
Nite nite!
P.s. I think you forgot to tell us about your fruit machine empire (can't be sure as I haven't read most of the above).
You should write a book - it would probably get me to sleep quicker.
Groak you are describing over trading and it can kill even highly profitable companies.
Options are
1. Further lending to fund the working capital
2. Another investor / sell shares to increase your working capital
3 evident lack of planning trying to get too big too quickly or not realising that is a serious scenario.
4. Delay works or you have a number of options to renovate cheap mid range premium crudely as such sometimes you have to choose accordingly.
First and foremost you need to be doing monthly 24 month cash flows and possibly if its as drastic as you say bi weekly or weekly or even daily all to avoid bankruptcy.
You might be much older and have seen it all before though your not too old to learn from others.
Good luck with it I just hope for your sake its not too late as that poor performing pension may be all your left with when the banks instantly call in the debt and force auction sales.
I'd recommend turning off PHeads and focus on what really matters in your precarious situation.
Um as for me sharing what I do and do not have in this business to total random people think again.
Turnover is vanity
Profit is sanity
Cash is reality.
You running a claimed 1000 units that sounds like a lot and I'd assume your looking at what? £80-100million financing arrangements. That needs a team to run a professional set up - invest in an accountant NOW that could save your business or at least clarify exactly where you are then you can make the difficult but necessary calls.
Can you afford the redundancy payments to your staff.... And also as you continue you'll have to offer then a pension compulsory all down to the Govt.
Good luck.
Options are
1. Further lending to fund the working capital
2. Another investor / sell shares to increase your working capital
3 evident lack of planning trying to get too big too quickly or not realising that is a serious scenario.
4. Delay works or you have a number of options to renovate cheap mid range premium crudely as such sometimes you have to choose accordingly.
First and foremost you need to be doing monthly 24 month cash flows and possibly if its as drastic as you say bi weekly or weekly or even daily all to avoid bankruptcy.
You might be much older and have seen it all before though your not too old to learn from others.
Good luck with it I just hope for your sake its not too late as that poor performing pension may be all your left with when the banks instantly call in the debt and force auction sales.
I'd recommend turning off PHeads and focus on what really matters in your precarious situation.
Um as for me sharing what I do and do not have in this business to total random people think again.
Turnover is vanity
Profit is sanity
Cash is reality.
You running a claimed 1000 units that sounds like a lot and I'd assume your looking at what? £80-100million financing arrangements. That needs a team to run a professional set up - invest in an accountant NOW that could save your business or at least clarify exactly where you are then you can make the difficult but necessary calls.
Can you afford the redundancy payments to your staff.... And also as you continue you'll have to offer then a pension compulsory all down to the Govt.
Good luck.
Just thought I'd chip in with my usual recommendation to by silver bullion and do not further invest in a pension, (it will never pay out 20+ years from now). A few weeks ago I got roasted on another thread by some writing here. At the time it was $27.6, tonight $34.1 That's 23% in a few weeks, did anyone listen?
Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
longone said:
Just thought I'd chip in with my usual recommendation to by silver bullion and do not further invest in a pension, (it will never pay out 20+ years from now).
What rubbish!longone said:
A few weeks ago I got roasted on another thread by some writing here. At the time it was $27.6, tonight $34.1 That's 23% in a few weeks, did anyone listen?
Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Stupid advice.Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Between March 2012 and July 2012, the Silver price fell by 29%....
The current price is still 30% from where it was in April last year.
Edited by sidicks on Tuesday 9th October 12:24
sidicks said:
longone said:
Just thought I'd chip in with my usual recommendation to by silver bullion and do not further invest in a pension, (it will never pay out 20+ years from now).
What rubbish!
Between March 2012 and July 2012, the Silver price fell by 29%....
Is there a correllation between Longone's opinions that its time to buy Silver because its risen in value, and shorting opportunities...? What rubbish!
longone said:
A few weeks ago I got roasted on another thread by some writing here. At the time it was $27.6, tonight $34.1 That's 23% in a few weeks, did anyone listen?
Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Stupid advice.Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Between March 2012 and July 2012, the Silver price fell by 29%....
longone said:
Just thought I'd chip in with my usual recommendation to by silver bullion and do not further invest in a pension, (it will never pay out 20+ years from now). A few weeks ago I got roasted on another thread by some writing here. At the time it was $27.6, tonight $34.1 That's 23% in a few weeks, did anyone listen?
Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Yeah - forget tax free wrappers and buy your gold and silver where it can be nailed for capital gains tax. Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
It is perfectly possible to own say SLV or GLD in your SIPP or ISA.
I know, because I do.
Or any number of gold/silver miners such as NEM or AEM.
Or any number of gold/silver ETFs such as SIL or GDX.
Yet again you have a fundamental misunderstanding about exactly what a "wrapper" is - as shown by the suggestion that a pension won't pay out in 20+ years.
IT DEPENDS ON WHAT YOU PUT IN THE PENSION.
sidicks said:
longone said:
Just thought I'd chip in with my usual recommendation to by silver bullion and do not further invest in a pension, (it will never pay out 20+ years from now).
What rubbish!longone said:
A few weeks ago I got roasted on another thread by some writing here. At the time it was $27.6, tonight $34.1 That's 23% in a few weeks, did anyone listen?
Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Stupid advice.Learn economic history, buy silver and gold and forget tax free wrappers, it's too late the game is up.
Colin.
Between March 2012 and July 2012, the Silver price fell by 29%....
The current price is still 30% from where it was in April last year.
While I wait, I remember buying a car in 2003 and the salesman telling me his plan to becoming a millionaire. I can't remember the exact details but his plan was based on the "FACT", as he told me, that property historically doubles in price every 7 years.
I bought my first house in 2003 and I still have it, 9 years on though and it is far from being worth double what I paid for it.
I wonder how the salesman got on....
I bought my first house in 2003 and I still have it, 9 years on though and it is far from being worth double what I paid for it.
I wonder how the salesman got on....
Gosh, proper group think. Ok, and in no particular order:
-silver is down 30% from some date in the past. Yes true but I gave my advice a few weeks ago when it was at $27 not at its last peak of $50. Silver was $4/oz in the early 2000s back when gold was $400. You are just picking periods to support your view.
- I've explained elsewhere why ETFs are a foolish thing into put in a pension unless you are prepared to monitor closely. They will blow up one day. Read the prospectus. For piece of mind the physical metal is cheap to own and certain.
-minors are a good bet if you know what you are picking, most will fail. The metal for an average investor is a safer bet.
The tax issue is more of an opinion, granted. In the present, the temptation for the wrapper is an understandable trap and I too once valued it. So, for clarity as I've said before; I believe by the time any middle aged person is looking to actually get their hands on their pension, the coming performance of financial products compared to PMs held in physical form will be appalling.
Let's monitor the situation as the months tick by. I'm not going anywhere and will be happy to acknowledge being the fool you think I am should I be wrong.
I first gave my advice to buy physical silver back in July 2012 and I am dead right so far. It makes little differnce to me, I put everything into PMs many years ago. I'm just telling what I think and why.
By this time next year I suggest silver will have traded at $100+
Colin.
-silver is down 30% from some date in the past. Yes true but I gave my advice a few weeks ago when it was at $27 not at its last peak of $50. Silver was $4/oz in the early 2000s back when gold was $400. You are just picking periods to support your view.
- I've explained elsewhere why ETFs are a foolish thing into put in a pension unless you are prepared to monitor closely. They will blow up one day. Read the prospectus. For piece of mind the physical metal is cheap to own and certain.
-minors are a good bet if you know what you are picking, most will fail. The metal for an average investor is a safer bet.
The tax issue is more of an opinion, granted. In the present, the temptation for the wrapper is an understandable trap and I too once valued it. So, for clarity as I've said before; I believe by the time any middle aged person is looking to actually get their hands on their pension, the coming performance of financial products compared to PMs held in physical form will be appalling.
Let's monitor the situation as the months tick by. I'm not going anywhere and will be happy to acknowledge being the fool you think I am should I be wrong.
I first gave my advice to buy physical silver back in July 2012 and I am dead right so far. It makes little differnce to me, I put everything into PMs many years ago. I'm just telling what I think and why.
By this time next year I suggest silver will have traded at $100+
Colin.
fandango_c said:
Could you explain the "learn economic history" bit above for me please?
Ta.
I assume you are serious and want to read. Try these, more if you want:Ta.
Economics in One Lesson, Hazlitt 0517548232
Wake Up, Mellon/Chalabi 101841126918
The Real Crash, Schiff 9781250004475
Popular Financial Delusions, Smitley 9781614271307
A Pocket Book of Gold, Sinclair/Carlin 139780984471201
Currency Wars, Rickards 9781591844495
Debunking Economics, Keen 9781848139930
Valuing Banks in Uncertain Times, Schoon 9781907444043
The Silver Bomb, MacDonald/Whitestone 139781475185270
How the West was Lost, Moyo 9781846142352
When Money Dies, Fergusson 9781906964443
Democracy and the Fall of the West, Smith/Miers 9781845402150
The Postcatastrophe Economy, Janszen 9781591842637
The Penniless Billionaires, Shapiro 0812909232
The Smitley and Shapiro books are hard to find at sensible prices but classics.
Colin.
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