The TPU UK Clubhouse

[AusWolf]

There are other ways for you to save effectively, different ISAs or pension plans, I suggest you talk to an Ethical Financial Advisor and they'll get you a full array of options.

The problem with advisors is that they tend to recommend products that they themselves believe in. Everyone's case is different. I much more prefer doing my own research and choosing what I think is best.

I'm sure many of them would recommend investing, or private pensions, for example, but I don't like the risk. I also don't like having no access to my money if I need it (for an emergency).

Advisors told my parents to jump on a foreign currency loan when they renovated their house. They ended up having to sell it and buy a flat on another loan in the 2008 crisis just to pay off the interest on the first one.

I only wish I'd learned about LISAs a lot sooner. I could be halfway through having my retirement fund ready by now.

 

[kurosagi01]

All this talk of finance just reminds me of Caleb Hammer doing financial audit for "viewers" on youtube, basic gist for a lot of the US he give advice for is..clear debt then have 6 months to 1 year safety funds or something on top of any other savings.
Which I feel like can be applicable for UK lot too.

 

[lexluthermiester]

clear debt then have 6 months to 1 year safety funds or something on top of any other savings

The problem with that is most people don't have that ability. Clearing out ones debt and living in the black is a task that took me nearly a decade at one point. Savings is something else entirely. Both of those points are MUCH easier said than done. There is a symmetry of that state between the US and the collective UK.

 

[FoulOnWhite]

Omg the immigrants are even invading the UK clubhouse


This IS a joke btw

 

[kurosagi01]

The problem with that is most people don't have that ability. Clearing out ones debt and living in the black is a task that took me nearly a decade at one point. Savings is something else entirely. Both of those points are MUCH easier said than done. There is a symmetry of that state between the US and the collective UK.

I'm not saying it would be easy, this is why everywhere in the world has this issue.
However it can be minimised and avoidable for a lot of younger generation if they have been taught the right stuff that doesn't require a qualification.
Very basic understanding on budgeting and then a bit of patience will get them somewhere, seeing all these coverage on "gen-z" do not want to work or whatever or struggling to save.
Of course its case by case scenario but if we are looking outside major cities then its possible depending on the type of career you have.

If you live in major cities and you have career in software engineering for example you would be thriving a lot more than say somebody like me who managed to get a full-time remote job post covid/lockdown and still am in the same job. That is of course if you are living at home with your parents then save as much as you can and budget however you want.
People should be able to enjoy stuff still.

 

[Eva01Master]

The problem with advisors is that they tend to recommend products that they themselves believe in. Everyone's case is different. I much more prefer doing my own research and choosing what I think is best.

I'm sure many of them would recommend investing, or private pensions, for example, but I don't like the risk. I also don't like having no access to my money if I need it (for an emergency).

Advisors told my parents to jump on a foreign currency loan when they renovated their house. They ended up having to sell it and buy a flat on another loan in the 2008 crisis just to pay off the interest on the first one.

I only wish I'd learned about LISAs a lot sooner. I could be halfway through having my retirement fund ready by now.

Wow, I'm appalled at the situation that advice put your parents in, sounds bloody awful; I might be biased as my partner is an EFA and I see firsthand how much research, work, and commitment she puts towards her clients to make sure they've got the full spectrum of options catered to their needs. I also respect your position of doing your own research and choosing for yourself.

@FoulOnWhite: We are immigrants that like TPU, how awful can we be? XD

 

[AusWolf]

Wow, I'm appalled at the situation that advice put your parents in, sounds bloody awful; I might be biased as my partner is an EFA and I see firsthand how much research, work, and commitment she puts towards her clients to make sure they've got the full spectrum of options catered to their needs. I also respect your position of doing your own research and choosing for yourself.

If she does her job with utmost commitment to her clients, then she has my utmost respect.

Unfortunately, not all advisors are like that. And since I'm not a finance guru, I'd better not risk it. I tend to chew on my decisions for a long time before fully committing anyway (another thing advisors don't like).

 

[kurosagi01]

In other news, i've got my partner back into WWE again along with me since its now available on Netflix.
After watching Royal Rumble and seeing this cameo from TNA...I believe in Joe Hendry.
Big up this Scotsman for creating the ultimate meme theme song.

 

[Tatty_Two]

That's what I meant by those who "legally can". I don't know why there's such a distinction.

Probably because by the time you are 40 half of the "Lifetime" has already gone for many/most, I think the idea is start early and build slowly.