Wednesday, September 20, 2006

MoneySavingExpert questions brainwashing by property porn shows

A Nation Hypnotised By TV Property Porn? Property isn’t as safe as houses

Martin Lewis AKA Money Saving Expert questions the role of "property porn shows" in ramping up property prices and also focuses on the dangers which lie ahead for those who have over-extended themselves. Martin for those who don't know him came to prominance by helping to save householders money i.e through paying less for goods and services as opposed to saving money as in where best to save. Martin, IMHO has done an excellent job in helping the financially illiterate and hoodwinked British public become aware of how unless they take some responsibility for their financial decisions will most likely pay too much.

Posted by denzil @ 05:49 PM (803 views)
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9 thoughts on “MoneySavingExpert questions brainwashing by property porn shows

  • The Capitalist says:

    Eminentlty sensible advice from young Lewis. My estate agent boss in the thriving Thames Valley said today the market is contracting and it’s effing awful making any money – oh well 9 years feast, 9 years famine. As a holder of cash (having sold my house 18 months ago) my biggest worry is inflation (which we know is nearer 10%) so how do I stop this erosion to my wealth? Any ideas?

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  • tyrellcorporation says:

    I’m in the same boat Cap. At least with IRs rising my return on the lump sum is improving (or at least staying still). It is a worry though because inflation is whittling it down month by month…

    Any ideas too?

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  • The Capitalist says:

    Hi Mr T

    Subscribe to MoneyWeek – it’s editors are Bill Bonner and Merryn Somerset-Web (she also writes in Sunday Times money section) I have been reading their comments for over two years and they have an uncanny knack to predict where we are going and what to do with your money. Merryn recommended a European fund which has returned me 20% in 12 months (it excludes UK companies). And buy gold!! ETFs are a simple and very liquid way to get exposure.

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  • Buy a house, they seem to be going up by about the rate of inflation?

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  • My advice was, in addition to buying gold (which has been falling), to buy a foreign currency. I preferred the Indian rupee, but could only buy Baht. Doh !

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  • Dohousescrashinthewoods says:

    I’d go with an Abbey account – apparently 7%. Though I haven’t read the small print, it seems ok. Other than that, check out Fool.co.uk. Personally, I would put a chunk in a low-charge index tracker (or ETF) as index returns are generally above savings rates and a maybe a chunk in bonds as they are safer, despite lower returns. You could even punt a small amount on some shares.

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  • Green belt Farmland?

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  • The Capitalist:

    MoneyWeek is a good read and sometimes useful. It recommends investing in gold to inflation proof your savings. See:

    http://www.moneyweek.com/file/90/gold-silver-etc.html

    I need to add that gold has fallen by 20% recently. Some say this means it is a good time to buy; other believe it has peaked and is on its way down lower. Have a read of MoneyWeek’s articles and see what you think.

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  • Even familiar and readily exchangable currencies flutuate fairly widely these days. In recent months, for instance, the pound has climbed from 1.43 to 1.49 against the euro. Assuming that you want your cash nominally available when buying property becomes realistic, you can open several no-penalty, no-administration fee savings accounts, keeping the sterling one at high interest, and simply play the differences amongst the pound, dollar and euro. It’s possible to make a fair killing if you pay attention and move at the right moments. And it’s not at all time-consuming nor complex to do if you keep all accounts with the same institution. Avoid off-shore if you have a large lump because they are currently targeted for tax.

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