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Financial Planning

  • 28-02-2009 8:40pm
    #1
    thebang
    Closed Accounts Posts: 60 ✭✭


    Its fair to say that most people have had their problems with the housing market recently and the value of pensions has also been hit. I have some elderly relatives who have severe worries because much of their net worth has been wiped out in the form of bank shares. I imagine its pretty crap for a lot of old folk.
    My question to the forum is how should this change decisions about financial planning in the future? How do most people with say 20k plus invest conservatively in future? Are these ETF all they are cracked up to be for instance?
    Who is the most trustworthy for advice? Or can you do this on your own?


Comments

  • #2
    silverharp
    Registered Users, Registered Users 2 Posts: 18,854 ✭✭✭✭silverharp


    no easy answer, nobody, but older people in particular should not have been in a position to loose a large % of their net worth in bank shares in the first place.
    looking forward it wont be easy , the idea on going long some index and staying long is over and anyone that advises it just wants your commissions.

    As you mentioned a sum of 20K plus I'd say for the next decade assuming you dont have any debt have at least a years expenses in cash or near cash before you even consider investments

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



  • #3
    blackiebest
    Registered Users, Registered Users 2 Posts: 650 ✭✭✭blackiebest


    Honestly, they should buy gold coins and bury them in their garden, a sound investment in these times and peace of mind knowing they are not at the mercy of the banking system


  • #4
    thebang
    Closed Accounts Posts: 60 ✭✭thebang


    I just find the question very difficult to answer. At one point in my life I did believe in that old bricks and mortar crap, but started disbelieving it when any idiot could make money on it
    [IMG}%7BC35C49D6-4478-46A3-BD5D-6C91F7029156%7DImg100.jpg(I am not saying I predicted any of this)


  • #5
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


  • #6
    thebang
    Closed Accounts Posts: 60 ✭✭thebang


    In response to all these invesment gurus telling people to put their money into gold, Id just like to say-who can trust these people? It just seems like one big swing trade rather than a safe haven at the moment.
    I read this by Luke Johnson in the FT.
    http://www.ft.com/cms/s/0/4937d7b8-028f-11de-b58b-000077b07658.html

    A response in the letters section
    http://www.ft.com/cms/s/0/d2f6f896-06ca-11de-ab0f-000077b07658.html

    Its just I am getting sick of all this talk about gold (especially if its Peter Schiff, and yes I know he was right about the housing market and yes I also know that it a lot of gold is actually used for commercial/industrial puposes). If anyone is presently making money from it, fair play. It just seems like another bubble to me.


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