With rates for savers so low, what are my options?
#31
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my tenants pay 2.5k a month to rent that property
and have been for the last 5 years -- continuously (not one month empty - do the math)
because, as a landlord I don't **** about getting 10 quotes -- whilst the tenants go with out hot water
I have used these plumbers before, and they do a professional job
as I said -- london tax, I am sure if the property was in the ar4e end of nowhere I could get some cowboy nomark to do it for a packet of 20 Lambert and Butler
but I am afraid I am operating on a different level, sorry
Last edited by hodgy0_2; 25 September 2012 at 07:47 PM.
#32
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You may have a little more trouble than you expected dismissing my opinion as ignorant.
#33
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#34
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I don't think so
It is a high price but it all balances out, the guy owns a pad in a prime London postcode. His rental property is very probably worth more than your primary residence.
#35
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It's probably worth more than my entire portfolio .........
What has that to do with getting shafted by a plumber? ..... hell, the pump can be bought for a fraction - that has NOWT to do with any fictional London uplift!
What has that to do with getting shafted by a plumber? ..... hell, the pump can be bought for a fraction - that has NOWT to do with any fictional London uplift!
Last edited by pslewis; 25 September 2012 at 10:02 PM.
#36
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they have no hot water - and I take my responsibilities as a landlord seriously, so I have to get it sorted pronto
could I hunt around and get it cheaper – undoubtedly
would it be worth it, to me no - for all manner of reasons, off course i could “front” it like some Mitchell character out of Eastenders and continually field irate calls from my tenants all weekend.
and in a way that is the point, and go back to an earlier post, renting out property isn’t easy money especially if your margins are small – but get the financials right and it not a bad gig
oh and I can offset the bill against tax anyway
tbh if it had happened in my home I would have done it myself -- only plumbing after all
Last edited by hodgy0_2; 25 September 2012 at 10:16 PM.
#37
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You could have done it YOURSELF ..... yet got shafted by a Plumber??????
This gets worse and worse ......
I'll let you into a secret - my tennants would see the same quick repair, but, I would take the extra 5 minutes to telephone another 2 Plumbers to save myself £300.
That's why the intelligent wealthy remain wealthy.
This gets worse and worse ......
I'll let you into a secret - my tennants would see the same quick repair, but, I would take the extra 5 minutes to telephone another 2 Plumbers to save myself £300.
That's why the intelligent wealthy remain wealthy.
#39
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the point is Ding, they pay me a rent, quite a good one
they have no hot water - and I take my responsibilities as a landlord seriously, so I have to get it sorted pronto
could I hunt around and get it cheaper – undoubtedly
would it be worth it, to me no - for all manner of reasons, off course i could “front” it like some Mitchell character out of Eastenders and continually field irate calls from my tenants all weekend.
and in a way that is the point, and go back to an earlier post, renting out property isn’t easy money especially if your margins are small – but get the financials right and it not a bad gig
oh and I can offset the bill against tax anyway
tbh if it had happened in my home I would have done it myself -- only plumbing after all
they have no hot water - and I take my responsibilities as a landlord seriously, so I have to get it sorted pronto
could I hunt around and get it cheaper – undoubtedly
would it be worth it, to me no - for all manner of reasons, off course i could “front” it like some Mitchell character out of Eastenders and continually field irate calls from my tenants all weekend.
and in a way that is the point, and go back to an earlier post, renting out property isn’t easy money especially if your margins are small – but get the financials right and it not a bad gig
oh and I can offset the bill against tax anyway
tbh if it had happened in my home I would have done it myself -- only plumbing after all
I agree with you entirely. That's why I said it balances out.
#40
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You could have done it YOURSELF ..... yet got shafted by a Plumber??????
This gets worse and worse ......
I'll let you into a secret - my tennants would see the same quick repair, but, I would take the extra 5 minutes to telephone another 2 Plumbers to save myself £300.
That's why the intelligent wealthy remain wealthy.
This gets worse and worse ......
I'll let you into a secret - my tennants would see the same quick repair, but, I would take the extra 5 minutes to telephone another 2 Plumbers to save myself £300.
That's why the intelligent wealthy remain wealthy.
You can't even spell the word mate
#41
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#42
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OH, I understand waste alright ....... remember I was dragged up in the back streets of Middlesbrough!!
Every £ earns its keep with me, I was born with a plastic spoon in my mouth - not, like some, a silver one!
I understand completely that £1 wasted is £1 wasted - there's no justification for it.
Every £ earns its keep with me, I was born with a plastic spoon in my mouth - not, like some, a silver one!
I understand completely that £1 wasted is £1 wasted - there's no justification for it.
#43
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Thing you'll never understand though, Lewis, is that some people have sufficient funds to get jobs done quickly and effectively with people they know and trust, for a fair rate. They don't have time to nickel and dime every job, they have better ways to use their time, to not be sapped of energy by getting quotes from people they don't know. Despite your protestations, you have never been in such a financial situation and therefore cannot appreciate why some people act in a way that looks profligate to you. They are just higher achievers. End of chat.
#44
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I would refer you to http://www.ipsos-mori.com/researchpublications/researcharchive/2818/Doctors-are-most-trusted-profession-politicians-least-trusted.aspx which shows that doctors are three times more likely to be trusted than bankers. On this basis, I would then question why you think mistrust of the financial services industry is ignorant? I would perhaps also point out that the industry I work in has not required recent legislative overhaul to remove perverse incentives.
You may have a little more trouble than you expected dismissing my opinion as ignorant.
You may have a little more trouble than you expected dismissing my opinion as ignorant.
You mention bankers (what the hell is a "banker" other than some useless tabloid monicker to anyone in finance) but I work in the IFA sector - to compare the two shows ignorance for a start - the mess the banks make of the people we see is stunning.
Perverse incentives - again you are not ignorant? come off it. Banning of fund bulk buying - so its OK to get a discount on buying 10000 widgets at 10% discount but buy units in fund cheaper because of bulk buying is ripping off the client? eh? And if you refer to commission banning well again, if you knew what you were talking about, commission itself isn't actually a bad thing - you have shop workers on commission and no one says anything. The issue is from transparency of charges and level of charges and has been turned into an expensive mess of ill-thought out changes that will push low earners into the hands of idiot banks that can still hide their charges and claim to be free.
You want to be rude about my industry and don't like being called ignorant? I thought doctors were supposed to be clever people.
#45
Scooby Regular
Edd, I'm not going to pick holes in your post or shout out of the car window. I'm sure you're a decent chap and you provide your clients with a service they are happy with.
I also have products via an IFA (though I appreciate you are something different) that I'm bloody glad of ( critical illness/income protection) as that kind of cover can no longer be bought.
Perhaps I'm a control freak but I just can't give my money to somebody else to invest unless they are happy to share the risk with me. Not if I can lose but they can only win.
John's comment about parasites I'm sure was not directed at you personally. My own IFA who I first met over 20 years ago is a thoroughly decent guy. However, and this is the point, there are many many financial 'products' out there that because of charges and poor management will never really benefit the individual. They seem to only exist to make money for the industry
Never meant to get into a slanging match with you mate, so chill out
I also have products via an IFA (though I appreciate you are something different) that I'm bloody glad of ( critical illness/income protection) as that kind of cover can no longer be bought.
Perhaps I'm a control freak but I just can't give my money to somebody else to invest unless they are happy to share the risk with me. Not if I can lose but they can only win.
John's comment about parasites I'm sure was not directed at you personally. My own IFA who I first met over 20 years ago is a thoroughly decent guy. However, and this is the point, there are many many financial 'products' out there that because of charges and poor management will never really benefit the individual. They seem to only exist to make money for the industry
Never meant to get into a slanging match with you mate, so chill out
It just irks me that the all in industry get tarred with the same brush. There are "bad eggs" but doesn't every industry have them - even the most trusted ones?
In a way, a decent IFA does share the risk with the client to a point - if we are paid on a % of the fund under management and the fund doesn't perform we earn less. Although I appreciate its different when its not our money. All we can do is take a mutually acceptable fee for the advice provided. We are moving towards a flat fee irrespective of the money the client brings to the table and fees as and when the client wants to see us. We do take a small charge on the fund purely to cover the business risk - if we get £10K wrong and its our fault then we can pay. If we get £100K wrong then we've got to use the insurance and so the business risk needs to be covered. Accountants and solicitors all vary their charges depending on the amount of work and the amount of money the client has - they do, I know they do. So why can't we?
Also, you don't need an accountant and you don't need a solicitor but people use them automatically - why not "need" a good IFA? A good IFA doesn't sell anything - we don't have any salesmen. You pay for the advice.
EDIT - oh, and PS. I can't remember the exact details but we did have a client that took the gamble on an investment and used money from a credit card to do it. It paid off but only done it once.
Last edited by EddScott; 26 September 2012 at 12:11 PM.
#46
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It just irks me that the all in industry get tarred with the same brush. There are "bad eggs" but doesn't every industry have them - even the most trusted ones?
For example I have a very low opinion of the NHS and medical industry due to a huge long list of things that occured personally to my friends and family that are mostly attributed to varying levels of incompetance, ignorance and apathy, combined with closing of ranks and stonewalling when they get found out that they are in the wrong.
But that doesn't not mean I will say everyone in that sector is like that. Some of the good guys are banging their heads against brick walls beacuse of their colleagues and clean up their mess, and I'm highly supportive and appreciative of that. Much like I've dealt with bank managers that are polar opposites that go above and beyond to sort out the problems left behind by others. However I'm yet to meet a car dealer I like, or find a plumber I can trust (bar one thats now retired), but there has to be some good ones somewhere.
Having said all that...I trust my GP as far as I could throw my IFA (and vica versa) Its my money and health, so its vitally important regardless of who I entrust it with.
Last edited by ALi-B; 26 September 2012 at 11:58 AM.
#47
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So your opinion can't possibly be ignorant because your industry is more trustworthy than mine? Are you serious?
You mention bankers (what the hell is a "banker" other than some useless tabloid monicker to anyone in finance) but I work in the IFA sector - to compare the two shows ignorance for a start - the mess the banks make of the people we see is stunning.
I am indeed referring to commission as a perverse incentive. Salespeople, whether IFAs or shopworkers are not "unbiased" (I'm amazed no one has legally challenged that particular claim from IFAs) if they are on commission as the needs of the customer and the salesperson are misaligned despite all the personal illustrations you print off to show why it is the best product for the client to put a veneer of respectability on it. Doctors are alleged to be in the pockets of the pharmaceutical industry, but in the UK we have never (at least in modern times) received kickbacks for prescribing certain products.
The issue is from transparency of charges and level of charges and has been turned into an expensive mess of ill-thought out changes that will push low earners into the hands of idiot banks that can still hide their charges and claim to be free.
For anyone with half a brain, when you simplify financial products to take out the structures that support the industry, they aren't complicated at all.
In a way, a decent IFA does share the risk with the client to a point - if we are paid on a % of the fund under management and the fund doesn't perform we earn less. Although I appreciate its different when its not our money.
Also, you don't need an accountant and you don't need a solicitor but people use them automatically - why not "need" a good IFA? A good IFA doesn't sell anything - we don't have any salesmen. You pay for the advice.
The only times I have come across where I need an IFA is to execute something that isn't available directly, or some issues related to moving funds from an occupational pension scheme where it was again not actually possible without an IFA. I would never use one if I didn't have to as they have never told me anything I couldn't work out for myself and want a healthy fee to do so. I suspect more will feel the same when IFA fees are more transparent/immediate/obvious, and that seems to be the real fear from the underperformers in your industry right now?
#48
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Your attitude towards the industry borders on the pathological. I can only assume you've been burned in the past so created this wall around you and your opinion in order to protect yourself.
Good luck with that
Good luck with that
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Your assumption is incorrect, no luck is needed, sound judgement is.
Please specify what pathology you think I have and cite your qualifications to do so
Please specify what pathology you think I have and cite your qualifications to do so
Last edited by john banks; 26 September 2012 at 10:44 PM.
#50
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Financial relationships are built on trust, commission is fine for execution only services, however advisory commission is where the interests of the client and the advisor become misaligned. Performance incentives are much better in rectifying this disharmony between client and advisor interests, but again not perfect as arguably the advisor is incentivised to take higher risk to achieve higher returns and therefore earn themselves the most money.
Unfortunately a precursor to earning a return is to exposure yourself to risk. Therefore only ever invest what you can afford to lose. Do not get greedy. Do your due diligence on anyone wanting to assist you in financial matters. If you don't like surprises make sure you manage those relationships and never take your eye off the ball!
Unfortunately a precursor to earning a return is to exposure yourself to risk. Therefore only ever invest what you can afford to lose. Do not get greedy. Do your due diligence on anyone wanting to assist you in financial matters. If you don't like surprises make sure you manage those relationships and never take your eye off the ball!
#51
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Thing you'll never understand though, Lewis, is that some people have sufficient funds to get jobs done quickly and effectively with people they know and trust, for a fair rate. They don't have time to nickel and dime every job, they have better ways to use their time, to not be sapped of energy by getting quotes from people they don't know. Despite your protestations, you have never been in such a financial situation and therefore cannot appreciate why some people act in a way that looks profligate to you. They are just higher achievers. End of chat.
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