The Money Thread...

Fed up talking videogames? Why?
User avatar
That's not a growth
Member
Joined in 2008

PostRe: The Money Thread...
by That's not a growth » Wed Jan 27, 2021 6:21 pm

I read that sub Reddit quite a bit and I think their reasoning is to ensure someone is prepared if their car breaks down so they can still get to work, and that kind of thing - rather than that step being the most optimal strategy in the long term if you have no issues.

I think part of it comes down to who's most likely to visit the sub - and those who are barley scraping by and feel overwhelmed and struggling month to month and don't necessarily have good habits yet will be more likely to post asking for advice than those who have things a bit more steady.

User avatar
Tomous
Member
Joined in 2010
AKA: Vampbuster

PostRe: The Money Thread...
by Tomous » Thu Jan 28, 2021 9:21 am

Yeah, I think it's far more prudent to move yourself off living paycheck to paycheck. It might not be the most optimum strategy in the long term but it is better to lower the risk of you getting into a bad spot in the short term.

Image
User avatar
Tomous
Member
Joined in 2010
AKA: Vampbuster

PostRe: The Money Thread...
by Tomous » Thu Jan 28, 2021 9:40 am

Not sure I've asked this before but I'm finally getting my gooseberry fool together-what's the best way of investing in index funds?

I want to use the £20k ISA allowance and put it in some index fund where it can sit for the long-term and tick along nicely.

What are the best online portals to do this through? Obviously looking for as low a fee as possible. Nutmeg is one I've been looking at.

Image
User avatar
That's not a growth
Member
Joined in 2008

PostRe: The Money Thread...
by That's not a growth » Thu Jan 28, 2021 9:44 am

I keep hearing about vanguard, primarily due to their low fees, on ukpf.

User avatar
Tomous
Member
Joined in 2010
AKA: Vampbuster

PostRe: The Money Thread...
by Tomous » Thu Jan 28, 2021 9:48 am

Yeah, was just looking into vanguard

Image
pjbetman
Member
Joined in 2017

PostRe: The Money Thread...
by pjbetman » Thu Jan 28, 2021 9:53 am

Tomous wrote:Not sure I've asked this before but I'm finally getting my gooseberry fool together-what's the best way of investing in index funds?

I want to use the £20k ISA allowance and put it in some index fund where it can sit for the long-term and tick along nicely.

What are the best online portals to do this through? Obviously looking for as low a fee as possible. Nutmeg is one I've been looking at.



Look into Blockfi. 8.6% on balances.

Use this ccode for $10 each:-

https://blockfi.com/?ref=958e20e9

User avatar
Super Dragon 64
Member
Joined in 2008

PostRe: The Money Thread...
by Super Dragon 64 » Thu Jan 28, 2021 10:10 am

Grumpy David wrote:If the payment into the pension is showing in the deductions column then you need to contact HMRC as HR relied is not automatically applied to it.

Would I need to contact HMRC for a self-assessment or is there another way to claim pension relief for HRT?

Image
User avatar
Grumpy David
Member
Joined in 2008
AKA: Cubeamania

PostRe: The Money Thread...
by Grumpy David » Thu Jan 28, 2021 10:20 am

Super Dragon 64 wrote:
Grumpy David wrote:If the payment into the pension is showing in the deductions column then you need to contact HMRC as HR relief is not automatically applied to it.

Would I need to contact HMRC for a self-assessment or is there another way to claim pension relief for HRT?


Are you a Ltd Company Director or Sole Trader / some other self employed situation?

If you're a regular employee AND don't earn over £100,000 then you do not need to do a self assessment to claim HR Tax Relief.

Instead you just use the HMRC Webchat service and let them know your pension contributions and they'll adjust the tax code to balance it out so you pay less tax going forwards.

That's only necessary if the Pension payment in the payslip shows on the Deductions section rather than Gross Payments section.

User avatar
Captain Kinopio
Member
Joined in 2008
AKA: Herbi
Location: The Observatory

PostRe: The Money Thread...
by Captain Kinopio » Thu Jan 28, 2021 10:32 am

Question about this Reddit thing, since I'm seeing people gleefully gloating online about Internet memes trumping Wall Street hedge funds. I only know superficially what's happening, but while people are laughing at costing hedge funds a lot of money, are these funds not made up of 100s of thousands of ordinary people's savings and pensions?

It's all well and good creating a joke of a failing company's stock to make a few people a quick buck and give Wall Street a punch on the nose. But are they just not hurting ordinary people?

Or is that not the type of hedge fund this is or am I misinterpreting things.

User avatar
That's not a growth
Member
Joined in 2008

PostRe: The Money Thread...
by That's not a growth » Thu Jan 28, 2021 11:04 am

At the most basic level, the reason anyone would be losing money would be because they bet that Gamestop would be less valuable; i.e. they would be making money from other people's misfortune.

So either way someone would be hurt, and I guess some people see it as "I'd rather a speculative gambler loses their money".

Whether those who are losing money are gambling with people's pension / 'ordinary peoples' money is unknown to me.

User avatar
Qikz
#420BlazeIt ♥
Joined in 2011

PostRe: The Money Thread...
by Qikz » Thu Jan 28, 2021 11:08 am

Captain Kinopio wrote:Question about this Reddit thing, since I'm seeing people gleefully gloating online about Internet memes trumping Wall Street hedge funds. I only know superficially what's happening, but while people are laughing at costing hedge funds a lot of money, are these funds not made up of 100s of thousands of ordinary people's savings and pensions?

It's all well and good creating a joke of a failing company's stock to make a few people a quick buck and give Wall Street a punch on the nose. But are they just not hurting ordinary people?

Or is that not the type of hedge fund this is or am I misinterpreting things.


The hedge funds are run and contain the money of the ultra rich. It's not made up of normal peoples money for the most part as far as I'm aware.

Image
The Watching Artist wrote:I feel so inept next to Qikz...
User avatar
Grumpy David
Member
Joined in 2008
AKA: Cubeamania

PostRe: The Money Thread...
by Grumpy David » Thu Jan 28, 2021 11:37 am

Captain Kinopio wrote:Question about this Reddit thing, since I'm seeing people gleefully gloating online about Internet memes trumping Wall Street hedge funds. I only know superficially what's happening, but while people are laughing at costing hedge funds a lot of money, are these funds not made up of 100s of thousands of ordinary people's savings and pensions?

It's all well and good creating a joke of a failing company's stock to make a few people a quick buck and give Wall Street a punch on the nose. But are they just not hurting ordinary people?

Or is that not the type of hedge fund this is or am I misinterpreting things.


Most ordinary people will have the default employer provided pension which is likely to be globally diversified and contain a mixture of equities and bonds (which tend to offset each other e.g. People want bonds when the stock market tanks as a safe haven).

These tend to be with normal pension companies, L&G, Aviva, Nest etc and there's no chance a Meme stock like Gamestop makes up anything other than the tiniest fraction of a percentage (and likely isn't even a part of the portfolio as often only large cap stocks feature in the default pension fund everyone is enrolled into).

Gamestop has a tiny market size in comparison to the total US Stock Market, let alone the global stock market.

Shorting a company is how you can discover fraudulent companies like Enron and Wirecard so it does have a role of sorts in financial markets but the issue with Gamestop is they shorted 149% of the shares so they get absolutely strawberry floated if people buy up all the available shares and reduce liquidity by holding. They are forced to either close their position and take losses or buy what few shares are being sold but in doing so they create a reverse free fall situation with the shares sky rocketing upwards.

User avatar
Tomous
Member
Joined in 2010
AKA: Vampbuster

PostRe: The Money Thread...
by Tomous » Thu Jan 28, 2021 11:42 am



:toot: :wub:

Image
User avatar
Mafro
Moderator
Joined in 2008
AKA: DAT MAF
Contact:

PostRe: The Money Thread...
by Mafro » Thu Jan 28, 2021 11:48 am

Tomous wrote:

:toot: :wub:

That puts most wrestling promos to shame :lol:

HSH28 wrote:Assmung you ever get one that is.

Blog | Twitter
pjbetman
Member
Joined in 2017

PostRe: The Money Thread...
by pjbetman » Thu Jan 28, 2021 12:29 pm

Grumpy David wrote:
Captain Kinopio wrote:Question about this Reddit thing, since I'm seeing people gleefully gloating online about Internet memes trumping Wall Street hedge funds. I only know superficially what's happening, but while people are laughing at costing hedge funds a lot of money, are these funds not made up of 100s of thousands of ordinary people's savings and pensions?

It's all well and good creating a joke of a failing company's stock to make a few people a quick buck and give Wall Street a punch on the nose. But are they just not hurting ordinary people?

Or is that not the type of hedge fund this is or am I misinterpreting things.


Most ordinary people will have the default employer provided pension which is likely to be globally diversified and contain a mixture of equities and bonds (which tend to offset each other e.g. People want bonds when the stock market tanks as a safe haven).

These tend to be with normal pension companies, L&G, Aviva, Nest etc and there's no chance a Meme stock like Gamestop makes up anything other than the tiniest fraction of a percentage (and likely isn't even a part of the portfolio as often only large cap stocks feature in the default pension fund everyone is enrolled into).

Gamestop has a tiny market size in comparison to the total US Stock Market, let alone the global stock market.

Shorting a company is how you can discover fraudulent companies like Enron and Wirecard so it does have a role of sorts in financial markets but the issue with Gamestop is they shorted 149% of the shares so they get absolutely strawberry floated if people buy up all the available shares and reduce liquidity by holding. They are forced to either close their position and take losses or buy what few shares are being sold but in doing so they create a reverse free fall situation with the shares sky rocketing upwards.


Love it.

Worth still buying a couple of shares?

pjbetman
Member
Joined in 2017

PostRe: The Money Thread...
by pjbetman » Thu Jan 28, 2021 12:32 pm

Tomous wrote:

:toot: :wub:


How strawberry floatin good is that.

User avatar
Oblomov Boblomov
Member
Joined in 2008
AKA: Mind Crime, SSBM_God

PostRe: The Money Thread...
by Oblomov Boblomov » Fri Jan 29, 2021 9:00 am

I've only really just read about this whole GameStop thing but is it just me or does it represent what could possibly be a major turning point in the history of the stock market?!

Or will the rich and powerful people make sure it is stopped?

Image
User avatar
Drumstick
Member ♥
Joined in 2008
AKA: Vampbuster

PostRe: The Money Thread...
by Drumstick » Fri Jan 29, 2021 9:03 am

Where is Igor for my update on how to get rich?

One man should not have this much power in this game. Luckily I'm not an ordinary man.
Image Image
"economically unviable"
-Oblomov Boblomov
User avatar
Oblomov Boblomov
Member
Joined in 2008
AKA: Mind Crime, SSBM_God

PostRe: The Money Thread...
by Oblomov Boblomov » Fri Jan 29, 2021 9:14 am

For FFS :lol: I've just read a bit more and...

Or will the rich and powerful people make sure it is stopped?


...has already happened!

Image
User avatar
Snowcannon
Member
Joined in 2008
Location: New York

PostRe: The Money Thread...
by Snowcannon » Fri Jan 29, 2021 9:29 am

Captain Kinopio wrote:Question about this Reddit thing, since I'm seeing people gleefully gloating online about Internet memes trumping Wall Street hedge funds. I only know superficially what's happening, but while people are laughing at costing hedge funds a lot of money, are these funds not made up of 100s of thousands of ordinary people's savings and pensions?

It's all well and good creating a joke of a failing company's stock to make a few people a quick buck and give Wall Street a punch on the nose. But are they just not hurting ordinary people?

Or is that not the type of hedge fund this is or am I misinterpreting things.


Most hedge funds have minimum investment requirements that far exceed what the average person can afford to invest.


Return to “Stuff”

Who is online

Users browsing this forum: Albear, andretmzt, Blue Eyes, Chocolate-Milk, Christopher, coldspice, Dowbocop, Grumpy David, ITSMILNER, Joer, Memento Mori, Met, Outrunner, Rich and 112 guests