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On 8/11/2022 at 9:31 PM, Bobbie Bobster said:

Very funny.

Best collection of untruths and bad financial advice I think I've ever seen on MF, and that's a high bar!

Really? Everything I have stated is accurate, and actually very good financial advice from someone who has been there and done it.

Have you? 

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On 8/11/2022 at 9:31 PM, Bobbie Bobster said:

Very funny.

Best collection of untruths and bad financial advice I think I've ever seen on MF, and that's a high bar!

Really? Everything I have stated is accurate, and actually very good financial advice from someone who has been there and done it.

Have you? 

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9 minutes ago, Cambon said:

Really? Everything I have stated is accurate, and actually very good financial advice from someone who has been there and done it.

Really ?

Exactly when did Manx Inheritance Tax come into force ?

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1 hour ago, VikingRaider said:

Really ?

Exactly when did Manx Inheritance Tax come into force ?

About 10-15 years ago. When you die, your pension can be passed on to whomever you decide, but it is now taxed at 7.5%, which is effectively inheritance tax. 

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17 hours ago, Bobbie Bobster said:

Try digging upwards, your current strategy isn't working.

My strategy worked perfectly, and allowed me to retire at the age of 53. 

How is your strategy working out for you?  

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I've advised my son, 22 and just starting out in the world of work post-university, to invest about 10% of his income in the stock market, with dividend re-investment.  Based on average returns and long term growth, in 40 years he might have a pension pot that would pay him about 50% of his average salary (based on a 'back of an envelope' actuarial calculation).

Of course, other investments are available rather than the stock-market, and diversification is a good idea, but as a general principle I think about 10% is required.  I wouldn't advise youngsters to rely on a pension in 40-50 years time.

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I am very bullish on crypto as many of you know.. I would recommend putting a small % into bitcoin or eth every month ..

Obviously most of the savings should be in real world assets as crypto is very risky.

So far my 10 year crypto journey has paid off very well . I don't have a work pension but have paid off my mortgage and don't have any debts and have reasonable savings.  My crypto returns more than pay off my monthly  expenses ( I live a simple life anyay. No fancy house or  posh car ) .

So while I  do  some real world work when I want to I've managed to retire around 25 years early 🙃 

Edited by mad_manx
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  • 2 weeks later...
On 8/17/2022 at 11:23 AM, wrighty said:

I've advised my son, 22 and just starting out in the world of work post-university, to invest about 10% of his income in the stock market, with dividend re-investment.  Based on average returns and long term growth, in 40 years he might have a pension pot that would pay him about 50% of his average salary (based on a 'back of an envelope' actuarial calculation).

Of course, other investments are available rather than the stock-market, and diversification is a good idea, but as a general principle I think about 10% is required.  I wouldn't advise youngsters to rely on a pension in 40-50 years time.

Your advice is sound, said from a person whom has worked in finance for 40+ years. My additional advice would be to buy a good few Krugerrands or sovereigns as a back up. When inflation kicks in, they will sky rocket. 

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On 8/17/2022 at 11:23 AM, wrighty said:

I've advised my son, 22 and just starting out in the world of work post-university, to invest about 10% of his income in the stock market, with dividend re-investment.  Based on average returns and long term growth, in 40 years he might have a pension pot that would pay him about 50% of his average salary (based on a 'back of an envelope' actuarial calculation).

Surely better advice is a guaranteed 50% plus monster lump sum doing fuck-all in the CS/PS...?

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18 hours ago, Cambon said:

My additional advice would be to buy a good few Krugerrands or sovereigns as a back up. When inflation kicks in, they will sky rocket. 

I've been looking at getting some Krugerrands recently actuallyfor that very reason. I used to work for a company that gave them out as bonuses!

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Pensions are a type of deferred compensation plan that allows employees to save money for retirement. The employer contributes a certain percentage of income to a retirement fund, and the employee contributes a certain percentage of salary. The employer makes contributions to the plan based on the salary paid to the employee. At the end of the plan, the employee receives a lump sum.

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