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Ian101

  • Posts: 7887
Paying myself first
« on: January 21, 2013, 05:04:25 pm »
Got enough to see me thru Jan and poor weather but still not happy using most of my financial cushion so from Feb going to start paying my savings account before owt else as opposed to paying everything else first and saving whats left .... will be sticking £200 a month into premium bonds then in November cash half of them in ... you never know may win the million ................ however them feckers at the national lottery can go and do 1 ... not playing anymore @ £2 a pop ham shankers
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deeege

  • Posts: 4995
Re: Paying myself first
« Reply #1 on: January 21, 2013, 05:27:10 pm »
Hi Ian,

I save into a Cheshire Building society account. The terms of the account are that you MUST pay in atleast £100 per month (max £500) for 12 months to receive interest of 5%. More than 1 missed payment and the interest is not realised.

Far better than premium bonds IMO.
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"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

deeege

  • Posts: 4995
Re: Paying myself first
« Reply #2 on: January 21, 2013, 06:58:53 pm »
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"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

richard jagger

Re: Paying myself first
« Reply #3 on: January 21, 2013, 07:05:56 pm »
TAKE AWAY THE INFLATION RATE AND THERE IS NOT MUCH LEFT.
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deeege

  • Posts: 4995
Re: Paying myself first
« Reply #4 on: January 21, 2013, 07:22:40 pm »
Quote from: Smithie on January 21, 2013, 07:05:56 pm
TAKE AWAY THE INFLATION RATE AND THERE IS NOT MUCH LEFT.

You must get more than 5% on your investments then. Care to share a link?
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"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

dazmond

  • Posts: 23882
Re: Paying myself first
« Reply #5 on: January 21, 2013, 07:32:30 pm »
ruddy hell ian!its hardly a crisis yet surely!! ;D ;D

ive only had friday and today off and the first few days of jan with flu.

if i can get tues-sat in this week and 4 days next week ill complete all my work with no money lost this month!due to it being a 5 week month. ;) :) :)

best wishes


dazmond
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price higher/work harder!

trevor perry

  • Posts: 2454
Re: Paying myself first
« Reply #6 on: January 21, 2013, 07:33:44 pm »
Quote from: deeege on January 21, 2013, 07:22:40 pm
Quote from: Smithie on January 21, 2013, 07:05:56 pm
TAKE AWAY THE INFLATION RATE AND THERE IS NOT MUCH LEFT.

You must get more than 5% on your investments then. Care to share a link?

buy gold coins, go onto the charts at kitco. com and you will see the returns made over the past few years, this last year has not been so good but with all the money printing going on in the past year and the fact that the bond market is in a massive bubble soon to burst then pretty soon gold is on the way up in a big way.
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better to remain silent and be thought a fool than to speak out and remove any doubt

deeege

  • Posts: 4995
Re: Paying myself first
« Reply #7 on: January 21, 2013, 07:36:48 pm »
It's easy pointing out which investments would have been worthwhile with the luxury of hindsight.......not so easy predicting future profitable investments though.
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"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

trevor perry

  • Posts: 2454
Re: Paying myself first
« Reply #8 on: January 21, 2013, 07:55:08 pm »
Quote from: deeege on January 21, 2013, 07:36:48 pm
It's easy pointing out which investments would have been worthwhile with the luxury of hindsight.......not so easy predicting future profitable investments though.

 i agree but look at what the major players are doing, the chineese and russians are buying up gold like its going out of fashion, the german government are asking for the gold back that is stored at the federal reserve in america (some say this gold is no longer there as americans have already sold it on) other countries are also asking for there gold back, also do a search and you will soon realise government bonds that where once classed as a safe place for wealthy put funds are offering next to zero interest and has been shown in grease are no longer safe.
   whilst governments keep printing money all this does is devalue the money already in circulation so for now one of the only ways to hedge against thi devaluation is to buy gold.
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better to remain silent and be thought a fool than to speak out and remove any doubt

deeege

  • Posts: 4995
Re: Paying myself first
« Reply #9 on: January 21, 2013, 08:00:25 pm »
And the safe money in the early 2000's was in property, and we all know what happened there don't we.

I'll stick to my guaranteed 5% for now. :)
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"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

RO-Sheen

  • Posts: 1308
Re: Paying myself first
« Reply #10 on: January 21, 2013, 08:07:30 pm »
I do something similar with bonds but for my tax bill.
Every month I buy 20% of my monthly sales worth of bonds (ie if I do £2000 worth of work I buy £400 worth of bonds) and use that to pay my tax bills in Jan and Jul. OK, I dont earn any interest but there is a tiny chance I could win some money.
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Formerly known as GARGAAX

trevor perry

  • Posts: 2454
Re: Paying myself first
« Reply #11 on: January 21, 2013, 08:08:41 pm »
here are some figures on thhe american economy you might find interesting and europe and britain are in a similar position showing the austerity measures in place just wont work

us tax revenue  $2,170,000,000,000
fed budget $3,820,000,000,000
new debt $1,650,000,000,000
national debt $16,271,000,000,000
recent budget cuts $38,500,000,000

lets now remove 8 zeros and pretend its a housold budget

annual family income $21,700
money the family spent $38,200
new debt on credit card this year $16,500
outstanding balance on the credit card $162,710
total budget cuts so far $385

would you lend money to the family above i know i wouldnt and that is why investors are no longer trusting bonds and fiat currency and instead turning to gold
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better to remain silent and be thought a fool than to speak out and remove any doubt

deeege

  • Posts: 4995
Re: Paying myself first
« Reply #12 on: January 21, 2013, 08:13:45 pm »
Interesting to see that posted in a way which makes sense Trevor.
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"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

Jimmy Jon

  • Posts: 440
Re: Paying myself first
« Reply #13 on: January 21, 2013, 09:14:23 pm »
Quote from: deeege on January 21, 2013, 08:00:25 pm
And the safe money in the early 2000's was in property, and we all know what happened there don't we.

I'll stick to my guaranteed 5% for now. :)

I'm happy collecting my property rental income each month, low monthly mortgage payments. My pension for the future.  :)
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thermoclean

  • Posts: 168
Re: Paying myself first
« Reply #14 on: January 22, 2013, 12:35:22 am »
"Paper money collapse" have u read that book Trevor??
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steve rix

  • Posts: 816
Re: Paying myself first
« Reply #15 on: January 22, 2013, 02:37:40 am »
F++k me!!! Just keep cleaning windows!!
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Ian Rochester

  • Posts: 2588
Re: Paying myself first
« Reply #16 on: January 22, 2013, 05:08:20 am »
The best thing to invest in?.....................your business and yourself  ;)
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trevor perry

  • Posts: 2454
Re: Paying myself first
« Reply #17 on: January 22, 2013, 02:31:06 pm »
Quote from: thermoclean on January 22, 2013, 12:35:22 am
"Paper money collapse" have u read that book Trevor??
no i havent but i have heard about it.
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better to remain silent and be thought a fool than to speak out and remove any doubt

trevor perry

  • Posts: 2454
Re: Paying myself first
« Reply #18 on: January 22, 2013, 02:32:59 pm »
Quote from: steve rix on January 22, 2013, 02:37:40 am
F++k me!!! Just keep cleaning windows!!
i dont mind cleaning windows but you can find someone else to do the first part ;D ;D
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better to remain silent and be thought a fool than to speak out and remove any doubt
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