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The PIT
15th July 2002, 10:15
Well my savings are still taking a pounding. The good thing is that I didn't listen to my bank who wanted me to buy more ISA's. I bet my pension is also bollocked as well. :(

cjolley
15th July 2002, 10:52
Are you thinking of retiring soon™?
And think what a bargain you are getting with the stuff you buy now.
Chuck

ayoub_ibrahim
15th July 2002, 11:50
hey The PIT, the cash only mini ISAs are still good value & not affected by the downturn in the stockmarket!

The PIT
15th July 2002, 13:11
Well look at it this way Sep 11th lost 400 quid. Note I haven't got a lot in savings (Never recovered from being a student) so I pumped 700 quid in and it went up to 800 quid in the first month. Next statement £400 quid. It recovered back to £600 but since then the market has dropped away steadly.
Of course the bank sent me a letter before the latest dip saying put some more money in. Nope no way.
My mother whos got a little more than me has also lost a lot in her investments. In fact she would have been better leaving in the bank for the last ten years and would have earned more in interest.
As for bargins the market is still predicted to fall further so it ain't quite the time to buy yet. However I couldn't if I wanted too.

az
15th July 2002, 14:00
I think it's never a good idea to put any money you don't have left over in the stock market. And if you do, know who you are investing in, and take time to look at the courses and news every day. As I don't fit éither of these categories, I don't have any money in stocks :)

I think safety is just far too important when it comes to long -time savings )like pension, for example).

AZ

P.S.: I don't know a BIT in business english, so excuse me if I mis-used some terms etc. And please correct me :)

ZokesPro
15th July 2002, 15:27
I bailed out of my ESPP (employee stock purchase plan) before they used my money to buy crap stock!

Wombat
15th July 2002, 15:47
Why bail out of the ESPP? Don't they discount your stock? Even if I immediately sell my ESPP stock, I should make ~15% profit.

az
15th July 2002, 16:21
Wombat, is it allowed for you to sell them immediately? I think with many firms it is so that you can only sell them after a year (which isn't worth anything if your new dotcom doesn't exist anymore by then - which isn't likely to happen to you, I know, or if stock price has really fallen considerably).

AZ

RichL
15th July 2002, 16:23
Fortunately I only put a small part of my savings into a FTSE index tracking ISA, which has gone from 104 to 85 a unit. Most of mine is in a Mini-Cash ISA thats offering a decent rate.

Smart money says invest now when the market is low, small amounts to spread the risk so although you mihgt not get all your stock at the bottom, you're unlikely to get it all when the market is still falling.

Which is what I thought Thursday night, but didnt get around to on Friday morning, luckily, or I'd have lost another 4.5% on that!

Wombat
15th July 2002, 16:56
We only wait a few weeks before we can sell.

az
15th July 2002, 16:57
Excuse me, but what is ISA? Industry Standard Architecture? ;)

AZ

Beezer
15th July 2002, 20:05
Originally posted by az
Wombat, is it allowed for you to sell them immediately? I think with many firms it is so that you can only sell them after a year...
AZ
My company allows you to sell as soon as it transfers into your brokerage. It's bought at 15% discount from the lowest price of either the first day or the last day of each 6 month period. Almost a guarantee that you make at least 15% profit. Of course, if you do sell within a year, the profit is considered as ordinary income and taxed accordingly.

Helevitia
15th July 2002, 20:34
That's exactly how it works for my company to. I get to sell the day it comes out at a 15% gain. As a matter of fact, I sold mine on the first day On July 1st to pay for my new deck :)

Dave

ZokesPro
15th July 2002, 22:32
Originally posted by ZokesPro
I bailed out of my ESPP (employee stock purchase plan) before they used my money to buy crap stock!

i sold it because the money I originally put in, I was that much in the hole! I have some pretty big bills to pay and that money would really bail me out FAST!! And fast is a good thing right now!

RichL
16th July 2002, 01:48
I.S.A. = Individual Savings Account.
Its a savings scheme that allows you to invest upto £7000 a year and pay no savings tax on that account.

There are several types, the 'Maxi' ISA has cash (£3000), stocks&shares (£3000) and insurance (£1000) components, and its possible to invest only in the 'Mini' ISAs of cash or stocks&shares. I dont think anyone does a Mini insurances ISA.

Some of the specialised stocks&shares ISAs were reporting figures of 20% growth per year during the technology boom.

Drizzt
16th July 2002, 02:09
I must be crazy or the like.
I've decided (a few years ago) that I don't want a pension.

First, I don't want to stop working when I'll be old. I've born with a keyboard, and with a keyboard I want to die.
Second, I think that it's not worth spend a life working and then have to rely on a pension; it seems most a failure to me. My target is to earn enough money to mantain myself since I will die.

ayoub_ibrahim
16th July 2002, 02:19
Originally posted by Drizzt
I've decided (a few years ago) that I don't want a pension.
planning to die young then Drizzt?? :confused:

RichL
16th July 2002, 03:49
Still dropping!
Down another 87 points by lunchtime.

The PIT
16th July 2002, 04:21
The time isn't right to buy yet the market expected to keep falling for some time.
If you decided you don't want a pension get ready for a begging bowl unless you've got a lot of savings stashed away making nice money.
In this country the Government would like to scrap the state pension but can't yet as theres a lot of poeple that don't earn enougth to pay into a independant pension. If the Tories got back in they may just go ahead and scrap it.

Technoid
16th July 2002, 04:34
I'm with Drizzt!
They'l have to kill me before I retire!
I have atleast 10 relatives who has "retired" and died a half year later (hm... or had :D )

The PIT
16th July 2002, 04:55
If I were to win loads of dosh I'd retire tomorrow then perhaps not cos the University would suck up to me hoping for a donation. :D