View Poll Results: Do you overpay your mortgage?
Yes! Pay everything I can off it 96 24.37%
I overpay a small bit. 102 25.89%
No. I'd rather the money in my pocket. 117 29.70%
Don't have a mortgage. 79 20.05%
Voters: 394. You may not vote on this poll

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04-05-2021, 12:41   #211
KKV
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Quote:
Originally Posted by JustAThought View Post
It boils my blood

Fantastic post, and a very honest overview of the sad reality of trying to make something of yourself in Ireland.
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04-05-2021, 12:52   #212
Blackjack
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Originally Posted by Wanderer78 View Post
in order to simplify the process of credit creation, the term 'double entry....' is used,
by whom?.
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04-05-2021, 13:16   #213
A Lamb Named Miltiades!
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We need a version of Godwin's Law to describe the way, as an online discussion grows (no matter what subject) someone will arrive with a statement about the disgrace of fiat money creation.

Another one for people giving advice on specific investment strategies (not talking about pointing about the obvious – invest in a pension — but "here's how I got rich from investing, while living in my mother's box room").

I just think if we wanted to know this, we would watch the awful youtube vids.
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04-05-2021, 13:21   #214
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Originally Posted by Wanderer78 View Post
in order to simplify the process of credit creation, the term 'double entry....' is used, im sure the process is more complicated than this, but......
I go to Harvey Norman and buy a laptop and some printer paper for €909. I credit bank €909, debit stationary €10 and debit computer equipment €899. I am now part of a global conspiracy to create money from thin air
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04-05-2021, 14:07   #215
silliussoddius
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Originally Posted by Zinchenko231 View Post
It's astonishing that Lehmann Brothers went bankrupt with their ability to create money from thin air.
They had testicles everywhere.
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04-05-2021, 14:39   #216
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Originally Posted by silliussoddius View Post
They had testicles everywhere.

They created testicles from thin air
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04-05-2021, 14:45   #217
McGaggs
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Originally Posted by Zinchenko231 View Post
It's astonishing that Lehmann Brothers went bankrupt with their ability to create money from thin air.
They didn't play ball with a request from lizard people/the Rothschilds/Bill Gates/Big Pharma.
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04-05-2021, 14:48   #218
silliussoddius
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They created testicles from thin air
Too much double entry
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04-05-2021, 14:49   #219
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Too much double entry

I got nothin
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04-05-2021, 15:03   #220
Amirani
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Too much double entry
I think they were doubling entering their double entries, and making derivatives out of them.
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04-05-2021, 15:04   #221
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I think they were doubling entering their double entries, and making derivatives out of them.
so they securitised double entry squared?

nice

AAA rated too i assume
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04-05-2021, 15:08   #222
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There's no point overpaying your mortgage if your rate is 3% or less.
It's free money.
Having said that if I had it (which I dont)I wouldn't put it into a pension as returns not guaranteed.
Do up your house with the money- this adds value and let's you enjoy it!
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04-05-2021, 22:46   #223
KKV
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Quote:
Originally Posted by Holiday21 View Post
There's no point overpaying your mortgage if your rate is 3% or less.
It's free money.



Rough maths here. Using this calculator, a loan of 200k at 3% is costing you €16.44 in interest daily.


Obviously that amount reduces with the reducing balance, but it's still very expensive.
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04-05-2021, 23:34   #224
Leg End Reject
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Originally Posted by KKV View Post
Rough maths here. Using this calculator, a loan of 200k at 3% is costing you €16.44 in interest daily.


Obviously that amount reduces with the reducing balance, but it's still very expensive.
Exactly, you can't claim it's free money when you have to pay it back with interest.
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04-05-2021, 23:38   #225
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Originally Posted by Louis Friend View Post
This is nonsensical.

Repaying mortgage debt at a rate of 3% is like getting a GUARANTEED return of 6-7% on a personally-held investment account.

Tax arises at rates of 33%, 41%, and 52-55%.

Plus it costs money to invest in terms of management fees and transaction charges.

And returns aren’t guaranteed; there is the potential to lose money.

So behind Door A is a guaranteed return of 6-7%, and behind Door B is a potential return or loss; I know which one I’d choose and advise people to choose.

My own approach is simple:

1) Build a cash reserve equal to 6 months’ expenditure
2) Maximise my pension contributions
3) Maximise my mortgage overpayments
4) Invest personal cash
It's more than that if you factor in potential and likely rate rises against the non-overpaid mortgage
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