Investments outside of farming

J DEERE

Do many of ye have investments/financial interests outside of farming? Or have ye anything planned for retirement? Asking as I've always put anything I've made back into the farm but maybe it's time to diversify and not have all the eggs in the one basket

Miname

I've a couple of projects going but nowadays everything I put money into I have to be physically able to see . Pension schemes and investments all went fairly tits up for me anyways so nowadays I work primarily with what I know well.

AP2014

Miname wrote: »

I've a couple of projects going but nowadays everything I put money into I have to be physically able to see . Pension schemes and investments all went fairly tits up for me anyways so nowadays I work primarily with what I know well.

Property, ya can see it and sure what can go wrong only way is up.

smokey-fitz

AP2014 wrote: »

Property, ya can see it and sure what can go wrong only way is up.

Thats what people said in 2005. Went well for them..

_Brian

My only advice on this is start a modest pension when your young.. Modest amounts invested for 40+ years will ride out tough recessions and return a weekly payment when you retire..

AP2014

smokey-fitz wrote: »

Thats what people said in 2005. Went well for them..

I know, one or two lads at work did it. Back in business and raring to go again now though :rolleyes:

Miname

AP2014 wrote: »

Property, ya can see it and sure what can go wrong only way is up.

Bought one but that's not it. I wouldn't be over excited about property, 12% clear isn't attainable in rental around me and that for one leaves me out. I won't base on the hope of inflation either that's usually only dreaming.

Miname

_Brian wrote: »

My only advice on this is start a modest pension when your young.. Modest amounts invested for 40+ years will ride out tough recessions and return a weekly payment when you retire..

Most pension schemes are pure muck. I drink with a few bankers every once in a while and they admitted your as well off if you can just put the money aside throughout your lifetime.

jimini0

A biscuit tin hidden in old stone wall adding 20euro a week.

Just make sure you have it written on your will where it is just in case you drop before you get to use it.

Timmaay

_Brian wrote: »

My only advice on this is start a modest pension when your young.. Modest amounts invested for 40+ years will ride out tough recessions and return a weekly payment when you retire..

smokey-fitz wrote: »

Thats what people said in 2005. Went well for them..

I know too many people with pensions that went tits up around that time also... But agreed on the principle of put in a plan of action as young as you can. I've a normal pension out already, but its as much for tax reasons also. Once your disciplined and shrewd enough to save steady during your whole working life, bank equity opportunities and just generally keep growing your wealth this is good enough, it doesn't necessary have to be in the pure form of a pension, and as Miname says the dangers with a pension are that it's often totally outside of your control.

Farmer Pudsey

I dabble a little bit in shares, have been at it for over 10 years but only really started to invest in last 5-6 years. Do not gamble on anything else but the odd friesian. I am doing up an old house on the farm that I may rent when it is finished. The farm in reality was my first major investment in an area outside of work.

Pensions are a minefield did a weekly one when first started working when there was tax relief in pension investment savings. However after about 12 years looked at it and returm was no better than if you had the money in the post office at the time and that was exiting at a good time.

Many ways of doing a pension not all involve pensions as we understand them. Know a lad that has a good job at present. He is in his early 50's at present he is putting away serious money in a low return secure pension investment. With the high rate of tax it is virtually 50% self financing after first year. The way it works Example he has invested 10K year one. At start of year two he has claimed back tax over 4K adds near 6K and has invested again 10K in year two. He started in his late 40's and he has calculated that by 65 he will have a fund of near 250K. He says he would have found it hard up until then to invest with commitments to mortgage etc and saving for kids education. This lad has his head well scrwed on and is good to twist and turn money. He thinks to build the fund will cost him in the region of 110K.

_Brian

Farmer Pudsey wrote: »

I dabble a little bit in shares, have been at it for over 10 years but only really started to invest in last 5-6 years. Do not gamble on anything else but the odd friesian. I am doing up an old house on the farm that I may rent when it is finished. The farm in reality was my first major investment in an area outside of work.

Pensions are a minefield did a weekly one when first started working when there was tax relief in pension investment savings. However after about 12 years looked at it and returm was no better than if you had the money in the post office at the time and that was exiting at a good time.

Many ways of doing a pension not all involve pensions as we understand them. Know a lad that has a good job at present. He is in his early 50's at present he is putting away serious money in a low return secure pension investment. With the high rate of tax it is virtually 50% self financing after first year. The way it works Example he has invested 10K year one. At start of year two he has claimed back tax over 4K adds near 6K and has invested again 10K in year two. He started in his late 40's and he has calculated that by 65 he will have a fund of near 250K. He says he would have found it hard up until then to invest with commitments to mortgage etc and saving for kids education. This lad has his head well scrwed on and is good to twist and turn money. He thinks to build the fund will cost him in the region of 110K.

Indeed, if you get the right pension it can work well, I was lucky in that for 13 years my employer essentially put on 2x what I did.

milkprofit

_Brian wrote: »

My only advice on this is start a modest pension when your young.. Modest amounts invested for 40+ years will ride out tough recessions and return a weekly payment when you retire..

Agree pensions started in 80!s -90! are hatching nicely but only if u availed of full tax relief
have some shares worth 000000
others have covered losses and are worth tidy some
could say this was down to great skill




or luck take ur pick

Count Mondego

Farmer Pudsey wrote: »

This lad has his head well scrwed on and is good to twist and turn money. He thinks to build the fund will cost him in the region of 110K.

I'd say you could be talking about yourself here Puds! Buy a nice villa in Spain when you cash in.

Siamsa Sessions

Not exactly outside of farming, but have you looked at planting some forestry on your land?

Birdnuts

An add popped up on my screen recently for German property bonds giving a guaranteed return of 8% per annum. Certainly tempting given the rubbish returns being offered by Irish banks and government bonds on any savings.

keep going

Birdnuts wrote: »

An add popped up on my screen recently for German property bonds giving a guaranteed return of 8% per annum. Certainly tempting given the rubbish returns being offered by Irish banks and government bonds on any savings.

8%is very much at top end ofgerman property yields not alot of property s doing that

ford 5600

_Brian wrote: »

My only advice on this is start a modest pension when your young.. Modest amounts invested for 40+ years will ride out tough recessions and return a weekly payment when you retire..

I was in the company of a very bitter 67 year old man a couple of days ago. He told me he had started paying into a private pension when he was 28 years of age, expecting to be comfortable now, 40 odd years later. He now has a pot of €70000 , up from nearly nothing a few years ago. They won't let him take any thing out till he is 75!! I won't repeat what he called the smart boys who sold him the pension years ago, and who he thinks are probably spending 6 months of the year in Portugal, playing golf. Far from what he himself can afford to do. He reckons he would have at least twice as much if he stuck it in the biscuit tin.

tomieen jones

Birdnuts wrote: »

An add popped up on my screen recently for German property bonds giving a guaranteed return of 8% per annum. Certainly tempting given the rubbish returns being offered by Irish banks and government bonds on any savings.

Sorry but this sounds waaaay too like a nigerian scam ! The pop up not the 8%

frazzledhome

Siamsa Sessions wrote: »

Not exactly outside of farming, but have you looked at planting some forestry on your land?

The quickest way you could possibly de value land. I would need to be "real" forestry land

Count Mondego

ford 5600 wrote: »

He now has a pot of €70000 , up from nearly nothing a few years ago. They won't let him take any thing out till he is 75!!.

Another caveat in most pension schemes is that he won't get the 70k as a lump sum. He'll be allowed to get a few hundred a month which won't be worth a fu&k to him.

blue5000

Bit of forestry here, on cutaway bog. Was paying into a pension for about 15 yrs but I reckon they are a pyramid scheme, what I pay in goes to pay today's pensions with the hope that some other mug will pay mine down the road. Having said that I left the 'pot' there and it grew something fantastic last 12 months. Amazing what can happen when they need more mugs to start paying in. They can be useful as pudsey says in high tax bracket, or if you are set up as a company and you are the chief executive.

Like others on here I prefer tangible assets, have always been dabbling in antiques/collectible stuff concentrating now on small stuff that will be easy to stick up on ebay and post somewhere in 30 years if needs be. I buy what I like though, not strictly for commercial gain. So it's more of a hobby than an investment strategy.

Oh, and cattle are a good investment long term, since we got tb made me realize that it's not hard to have a lot of money invested in cattle that will appreciate. I'm also old enough to remember that BSE or foot and mouth can depreciate that asset fairly fast.

An uncle of mine gave me some good advice 'Invest in your own business'.

_Brian

ford 5600 wrote: »

I was in the company of a very bitter 67 year old man a couple of days ago. He told me he had started paying into a private pension when he was 28 years of age, expecting to be comfortable now, 40 odd years later. He now has a pot of €70000 , up from nearly nothing a few years ago. They won't let him take any thing out till he is 75!! I won't repeat what he called the smart boys who sold him the pension years ago, and who he thinks are probably spending 6 months of the year in Portugal, playing golf. Far from what he himself can afford to do. He reckons he would have at least twice as much if he stuck it in the biscuit tin.

Surely his pension scheme had a draw down age, how are they justifying not paying out on the pension ??

Timmaay

My folks have got stung with some sorta combination pension life insurance policy, which pays out on one of their deaths. At the start it was ok, the premium was static and the amount on payout kept increased. However recently as they are both aging, the bloody premium has rocketed, and the lump sum has almost halved, nothing really they can do about it. They have to decide now to either press on with it, and they will savage something if either die in the next few years!, or else cancel it and put the amount they would have paid for the premium into savings. I guess it's a case of read the fine print when your taking out these policies, but they are still sore they got sold a pup!

blue5000

Birdnuts wrote: »

An add popped up on my screen recently for German property bonds giving a guaranteed return of 8% per annum. Certainly tempting given the rubbish returns being offered by Irish banks and government bonds on any savings.

Mine is for UK film co, 20% return too. Big brother is some cart smunt.

Timmaay

blue5000 wrote: »

Mine is for UK film co, 20% return too. Big brother is some cart smunt.

More info please!!

Username John

Just on pensions - I wonder is there a case where some people took out a pension, and thought that was it? Is it something you should manage, and be moving from maybe risky to less risky investments as you get older?

I have a 'half a pension' - well, I actually have two - but both wont give me too much income come retirement age...

So what do lads on here plan to do for retirement?

Connemara Farmer

Mentioned him before but look up an American guy named Dave Ramsey. Has a radio show in the US, 10m listeners. Specialises in first getting people to do a budget, get out of their debt, then build wealth with the purpose of their own retirement firstly and also doing good with it. Little bit of religion mixed in but tbh I like what he has to say. He does give investment advice, more strategy than hey this particular stock is great. Worth listening to.

audi12

Connemara Farmer wrote: »

Mentioned him before but look up an American guy named Dave Ramsey. Has a radio show in the US, 10m listeners. Specialises in first getting people to do a budget, get out of their debt, then build wealth with the purpose of their own retirement firstly and also doing good with it. Little bit of religion mixed in but tbh I like what he has to say. He does give investment advice, more strategy than hey this particular stock is great. Worth listening to.

Robert Kiosaki Rich Dad Poor Dad read it

Count Mondego

Reggie's very quite here. Don't ye boys retire on full pension at 40? :-)

blue5000

Timmaay wrote: »

More info please!!

The cart smunt or film investment?

Connemara Farmer

audi12 wrote: »

Robert Kiosaki Rich Dad Poor Dad read it

Wouldn't touch him with a barge pole :eek:

joejobrien

frazzledhome wrote: »

The quickest way you could possibly de value land. I would need to be "real" forestry land

Yes Frazz, you may be right but theres some land and nothing elsewould survive only forersty.
You mightnt have that kinda land.

Seriously Forestry is only option on some land where you never make a bob on it otherwise:eek:

Timmaay

blue5000 wrote: »

The cart smunt or film investment?

Films ha.

locky76

1- Manage it yourself
2- Forestry, don't plant your own land as it is only worth €3,500 per acre max the day you plant it BUT there is plenty of value to be had buying a few acres which are already planted
3- Put a few quid aside (say €1k) every year to pick up shares, spread the risk nice and wide and you'll increment annually by 7 to 8%, compound this over twenty or thirty years and your €1k per annum comes to a nice lump sum
4- AVCs, great way for PAYE people to extract tax free income from the system
5- Rental property- good time at present to pick up somewhere, returns are quite good, big tax liability alright but you have a 'free' house for managing it's rental for 20 years
6- Farm investment BUT strictly on a commercial basis, no point putting every spare Bob into a farm as they will gobble money, treat it on a case by case commercial basis...
Just my tuppence worth anyways...

milkprofit

Connemara Farmer wrote: »

Wouldn't touch him with a barge pole :eek:

Touching not required read with open mind. $$$$

Connemara Farmer

milkprofit wrote: »

Touching not required read with open mind. $$$$

Read them, been to the seminar, no thanks!

Dickie10

i bought Bank of Ireland shares for 14 cent a few years back

_Brian

locky76 wrote: »

1- Manage it yourself
2- Forestry, don't plant your own land as it is only worth €3,500 per acre max the day you plant it BUT there is plenty of value to be had buying a few acres which are already planted
3- Put a few quid aside (say €1k) every year to pick up shares, spread the risk nice and wide and you'll increment annually by 7 to 8%, compound this over twenty or thirty years and your €1k per annum comes to a nice lump sum
4- AVCs, great way for PAYE people to extract tax free income from the system
5- Rental property- good time at present to pick up somewhere, returns are quite good, big tax liability alright but you have a 'free' house for managing it's rental for 20 years
6- Farm investment BUT strictly on a commercial basis, no point putting every spare Bob into a farm as they will gobble money, treat it on a case by case commercial basis...
Just my tuppence worth anyways...

Renting is all dependent on the tenants, our long term tenants are leaving soon and its a worry looking for another long term tenant who will look after the place well.. think we have somebody lined up but until I have deposit in my hand its not a done deal.

Rental income is taxed mad here, and the IW debacle has put allot back onto landlords.

locky76

_Brian wrote: »

Renting is all dependent on the tenants, our long term tenants are leaving soon and its a worry looking for another long term tenant who will look after the place well.. think we have somebody lined up but until I have deposit in my hand its not a done deal.

Rental income is taxed mad here, and the IW debacle has put allot back onto landlords.

Yeah renting is not for the faint hearted but sure neither is suckling :-)
I thnk even though it is taxed prohibitively it is still a nice long term investment...

djmc

I once heard a saying if you can't hold it you don't own it.
Land cattle property will always be yours once you look after them
Shares pensions and investments are in someone else's hands and you could say like gambling be it with better odds in your favor.
They all have the danger of going fits up but I would invest in something l think I know about first and be wary of what I don't no matter what kind of speculated return is being offered.

tanko

The best investment I've seen farmers make is to marry a teacher. It's like winning the lotto.

Count Mondego

tanko wrote: »

The best investment I've seen farmers make is to marry a teacher. It's like winning the lotto.

Thought that was a nurse!

audi12

tanko wrote: »

The best investment I've seen farmers make is to marry a teacher. It's like winning the lotto.

What is so great about being a teacher besides the usual holidays

Connemara Farmer

djmc wrote: »

Shares

I think shares can be quite safe once you do three things, research well, realise you're in it for the long term and it's not the Lotto, spread your money across multiple industries/sectors.

Particularly the middle one.

handlemaster

Buy a property in Dublin. Rent to the council on 10/20 years . Sit back.

joejobrien

handlemaster wrote: »

Buy a property in Dublin. Rent to the council on 10/20 years . Sit back.

Dreaming