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Double Plus Good

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About Double Plus Good

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  1. I personally stopped paying a pension about 5 years ago. It was becoming more and more obvious that they are just a con. For 5 years I have been making aternative investments (and being a believer in HPC not in BTL!). Unfortunately my investments have not been great so I still have a problem if I want to ever retire. I will not though put another penny in a pension. So as with everything else it is all so f***ed up I do not know what to do. This is though a disaster waiting to happen over the next 20 years. I will have to keep working and paying taxes until I drop to pay someone elses gold plated pension. Vote Tory, Liberal or Labour and this mess will not get fixed as in effect now they are all Socialists (i.e. forever increasing spending until it implodes). We will at some point in the near future (about 15-20 years) be so f***ed that this is when I do not want to predict what will happen but it will not be great. Until then the only viable investment will be BTL (but only because there are no alternatives). Still not going to do it though as this will eventually become a soft target when things start to get even more interesting over the next couple of decades. I have made one significant purchase over the last 5 years and that is a very small and cheap property in rural France. Not saying this is a great investment (it is not!) but could give me an option to retire earlier and rent out my current house and live off the income. Will be living in much reduced circumstances but decided this is better than stacking shelves etc. It's a plan of sorts and in my head is better than no plan at all (but am not confident it would work but will be a money pit / holiday home for now!). Were they not talking the other day about having to do voluntary work for your pension? Obviously that will mean mandatory work for your pension in future!
  2. Just to add to my previous post you can invest in precious metals, art, jewellery, antiques, classic cars, fine wines etc. When you sell these items they are sold tax free. Other options include car boot sales, ebay seller, renting rooms for cash etc. If you are handy you can make and sell things (made to measure curtains, wedding cakes for example - the other half has done it before). If you can afford to buy the biggest house you can afford for the extra rooms. Before you retire sell the big house, down size, make additional purchases which are not means tested (see above). They will not be able to get a penny out of you. Why join the system when you can boycott it? Not a penny of tax paid and all your tax contributions back in benefits. Other option. Pay into your money purchase scheme and pay for some financial genius to "manage" it and hope for good stock market returns (flat for the last ten years), pay your income tax on this retirement income (VAT up and tax to go up to pay for PS pensions) not forgetting that the governement can raise taxes and allowances on a whim and never be able to claim any benefits because you made the mistake of saving in a wholly declared and taxable manner for your old age. I personally am livid that a special and very large number of people can sponge off me before I retire and after I retire so they can live a better life than me.I for one will not pay. Full stop. And yes I am bloody angry!
  3. It really is very simple. I am not in the Public Sector hence I will not have adequate provision for my own retirement. Because of this I have stopped paying money into any money purchase schemes and have put all my money into property and other assets which are not taken into account (currently) when you are means tested. This means you will not only be paying for the Public Sector pensions but my benefits also when I retire as I am gaming the system as anyone should. Now the "race to the bottom" is all well and good but if I try to charge my employer more for my services to pay for a pension anything like adequate one of two things will happen: 1) They will replace me with someone cheaper or 2) they will off shore my job somehere cheaper. So my advice is stop paying into money purchase schemes and make it quite clear that you want your cut of the governemnt pie also. This will lead to the whole system falling apart and being reset. In my opinion the only benefits the governement should pay is retirement benefits. How hard can it be to engineer a system where the young unemployed (record numbers ffs) enter the workplace and the people at the top retire to make space for them. In my opinion it is the only system that can work. Given everyone is now employed under this new system they can make their own pension provisions (Public or Private Sector) to top up the government improved pension benefits. If they are feckless and do not, tough. The only fair and affordable system. Until then I intend to not participate and instead have very generous benifits and zero concience. Anyway Public Sector pensions ultimately will never be paid under the current system. They will run out of other people money eventually (i.e. when I retire I will have a private income which they will not be able to tax).
  4. Tried to leave a comment but it never got through the moderators For posterity I will post here instead: Fascinated with the comments on this site. I am a homeowner who bought in 2006. I fully expect my house is now worth considerably less. Great news as I can now up size when I sell as it is now so much more affordable. Obviously I made sure I had a lot of equity in the house when I bought because it was obvious even back then that the market would implode at some point. This does assume of course that I keep my job..... We had the biggest credit binge boom in history and the cheap money has stopped. As a country and individuals we gorged on cheap loans, remortgaged huge amounts of money to spend on luxury holidays and fancy cars and lots and lots of cheap tat, stopped manufacturing anything anyone wants to buy (at the price we were asking to sustain unrealistic salaries and house prices), threw huge amounts of money on areas where people had no hope of ever finding genuine private sector wealth creating employment (or created hundreds of thousands of non wealth creating jobs in the public sector with wealth sapping future proof gold plated pensions which have no chance of ever being funded by the rapidly decreasing private sector) and generally lived massively beyond our means with no plan to ever pay it back except for believing that GDP will always grow and house prices will only ever go up. In short to compete with the rest of the globalised world there are only two outcomes: 1) Their living standards will have to be raised to ours (this is of course impossible as there are not enough resources in the world for everyone to consume as much tat as we do) or 2) Our standard of living will have to reduce (with all the untold misery that will accompany this especially for anyone wishing to ever retire) to enable us to become competitive again, to create real jobs and for people to be able to buy basics (including the hope of their own home at a sensible multiplier of income). This process has of course already begun with the devaluation of sterling. Unfortunately this has not yet worked hence print more money until it does. I am afraid the cry that someone in Government must do something will go unheard as at this point it is just not possible (or we keep printing money until it becomes worthless). I take no joy in delivering this news but any hope of getting peak price for your house is unlikely and if anything the market will be worse next year (unemployment is on the up and our sovereign downgrade is baked into the cake). Of course there will be people who do sell and the best of luck to them. It is just that the buyer numbers (genuine who have sold, got money in the bank or are FTBs) are considerably fewer. As has been pointed out most viewers seem to be unable to sell their own property. Good luck everyone (and please look beyond the main stream media for the genuine state of the world economy - every other week we are assured that are leaders have the solution and guess what? They never do. This week we are finally and definitely bailing out all the European Banks and that is the crisis solved. We shall wait and see. Personally I do not believe they will and have planned my future accordingly).
  5. Every time the price goes up the margins are squeezed. I do think it unrealistic it will go the $5000 with the market manipulation that is happening. I am not selling at the moment but am definitely not buying. The fundamentals are not there for me like they were in 2008. The thing I am not sure about is the current cancellation of QE, the lack of Eurobonds and the fact that if gold does skyrocket civilisation as we know it would probably end. I have stated the upside for me would be £1500, Beyond that point who could afford to buy anyway? Certainly not me.
  6. This thread is just becoming interesting to myself. I think it is useful to talk about a bubble and where we are in the cycle. I wholeheartedly bought PMs back in 2008 and have continued buying smaller amounts up until this point. I am sure we are in bubble territory but am not sure where. I have very clear exit points where I will sell. I do not think we will see $5000 gold any time soon as the market manipulation wil kill off this scenario. It looks like QE3 is cancelled for now and am sure this will have an impact. Eurobonds at this point have also been dismissed. Not sure what the market psychology will be based on these scenarios. RK it looks like you got your way and we may be discussing a bubble but other people may think we have just entered it rather than being at the end of it. Could you let this discussion run as at the moment it seems people have lost interest. Obviously I am still interested in any reports or research you have with a more bearish bias. Balance in this debate is very helpful to me.
  7. Hi, Apart from it is going to the moon or it will crash to $200 what will be the effect of no QE3 being announced? I am a small time investor and am not sure myself. I am inclined to think that Gold will still decline and have set a limit of £900 before bailing out (thanks RK but we are all consenting adults here and have lost money through Share ISAs and Financial Consultants and would rather lose my money myself and can then blame no one else!). As an aside has anyone else set a target price at which they will bail out or maybe more importantly when they will sell? Thanks
  8. Was starting to worry until I realised it is still over £1,000! Will bail out at £900 with a nice paper ( ) profit if I have to. Must say thanks to all the "gold bugs" whose advice I followed in 2008 Condolescences to those who didn't listen and buy back in 08 but I must admit it has been a very exciting 3 years so far riding the Gold Bull! Now, how the hell do I get rid of these things in a rush..... (Disclaimer: Obviously please disregard this comment when it is has calmed down next week or possibly reached £2,000).
  9. Thanks for the reply. I will be honest in that I do have a small number of shiney things (from taking certain views from this site a couple of years ago) but am not a gold bug. I also have cash. I have followed a number of debates on here and have come to the conclusion that apart from cash everything else is looking risky right now. Will probably hold onto the inert metals for a little longer but there will be a time to get into cash maybe fairly soon. Just hoping they don't get any foolish ideas about taxing me anymore on my cash! This site has managed to keep me relatively sane but I guess I will never truly beat the system.
  10. Even though the interest rate is below inflation and there may be additional tax to pay just for having these savings? Would you not consider the stock market in this situation or would you plan to be to hold onto cash and hope for deflation? Do you see deflation coming or do you not trust the stock market either? I have cash but would not leave it in the bank if our government was planning ou punative taxation on savings.
  11. This seems to be turning into a Gold "Bad" / Cash "Good" kind of debate...... The original point was that the Italian Government is thinking of taxing cash savings. I may be of limited intellect but this would seem to imply that holding cash (in Italy anway) would seem to be a bad idea right now. Apart from certain shiney things where else would you out your cash in this situation? I honestly don't have an answer but would be interested in other peoples views. Especially if they could be Tax Exempt!
  12. Just one question. Who will lend us all this money to buy these houses? I do not think British Banks have enough deposits to lend at the current prices (proven by the lack of lending). The only way British Banks can lend money in large enough amounts to sustain prices where they are is to: a) Get the money from abroad Get the money from the Government The Government funding of mortgages through the part / fully nationalised Banks is an attempt to kick start the market with the hope that with this recovery the banks can then get the money from abroad to continue the propping up of house prices. If this approach is successfull then maybe these will be the "green shoots". Luckily, because I can do the maths, I predict this can only cause a bigger crash later. What with the debt the Government will take on re-inflating the bubble and then the additional personal borrowing people will take on to buy a still very expensive house. Add this to our already sizable debts and lack of true wealth creation in this country we will shift the problem to a later date. Our GDP growth for the last 10 years has only been achieved through reckless borrowing. Take that borrowing away and our growth collapses, as has happened. I own a house but for the future prosperity of this country and any chance I have of retiring in the future we need to stop treating houses as investments but as our homes and to start making money from producing and selling stuff people want. I haven't made / lost a penny on my house as I do not intend to sell. I do not intend to re-mortgage to buy imported "tat". I just hope I can keep my job. This house price obsession is causing problems in the long term. Until we can get to a balanced and sustainable economy my pension will never be worth enough for me to retire as we will continue to have major "booms" followed by very nasty busts which will require the Government to take on ever larger debt (and for me to pay ever larger taxes).
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