How long is a long time to be on the bench?

[Rabotnik]

I have an unemployed bloke living next-door sponging off his parents. He stands in their back garden at 7:00 a.m. clapping like a lunatic each day - inc. weekends - trying to scare birds off his vegetable plot. So no chance of a sleep-in for me.

You sure he's not just a fellow contractor on the bench too?

[ChimpMaster]

Not a bad warchest I guess 10 months but to be honest I'm happier when its over 12 months of money.

True what you say that you cant take it with you etc and its not good to get too hung up over saving the money. After all, whats the point earning it if you can't spend it? But there does need to be a balance.

For me, its all about earning enough and getting a big enough warchest to ensure I can afford to go for a few months on the bench without having to think I've got to take a contract miles away and live away mon-fri (which aint really something I'm keen on).

Or as I've said, earning and investing it, which does take much longer but eventually you can be in a position where your investment 'warchest' can pretty much last you indefinitely.

[Ketchup]

Or as I've said, earning and investing it, which does take much longer but eventually you can be in a position where your investment 'warchest' can pretty much last you indefinitely.

But the problem is finding where to invest it. I have most of mine in prem-bonds at the moment, but almost at the 30k limit. I know the return isn't great but as it is NSI i guess it is safe, and the gambler in me likes the chance of winning.

Hard to find a place to invest it at a decent return that still allows you to get at the money if needed. I have a longer term warchest in here:

ROC Invest |  +44 (0)207 101 2600

not a bad yield, but when i invested it was a minimun investment term of a year, not i think it is 2

[Weegee]

But the problem is finding where to invest it. I have most of mine in prem-bonds at the moment, but almost at the 30k limit. I know the return isn't great but as it is NSI i guess it is safe, and the gambler in me likes the chance of winning.

Hard to find a place to invest it at a decent return that still allows you to get at the money if needed. I have a longer term warchest in here:

ROC Invest | *+44 (0)207 101 2600

not a bad yield, but when i invested it was a minimun investment term of a year, not i think it is 2

Hiya

Can I ask what the biggest prize that you have won on the Premium Bonds? Ive often thought of investing in them....they are like long term lottery tickets!

[Ketchup]

Hiya

Can I ask what the biggest prize that you have won on the Premium Bonds? Ive often thought of investing in them....they are like long term lottery tickets!

I have never won a big prize, i have won quite a few small ones, one month i won a total of £250. Not an enourmous amount but it is still money coming in.

[ChimpMaster]

I have never won a big prize, i have won quite a few small ones, one month i won a total of £250. Not an enourmous amount but it is still money coming in.

The wife and I had 30k each in premium bonds, for a few years, and I found that they became pointless when interest rates fell. Even when rates were high before the credit crunch, we would get a reasonable return of around 5% a year (tax free) but it wasn't blinding. The biggest prize we ever won was a single £500 - nothing to write home about after all those years.

The best thing we did was to sell the bonds and move the money into National Savings RPI tracker, which pays a decent rate of interest tax free.

Anyway, these 'investments' aren't what will make you money. You need to leverage long term assets, like property, which will not make you much money in the first 10 years or so but will then throw off surplus income afterwards - and that's what I meant about these things taking a long time.

[Ketchup]

The wife and I had 30k each in premium bonds, for a few years, and I found that they became pointless when interest rates fell. Even when rates were high before the credit crunch, we would get a reasonable return of around 5% a year (tax free) but it wasn't blinding. The biggest prize we ever won was a single £500 - nothing to write home about after all those years.

The best thing we did was to sell the bonds and move the money into National Savings RPI tracker, which pays a decent rate of interest tax free.

Anyway, these 'investments' aren't what will make you money. You need to leverage long term assets, like property, which will not make you much money in the first 10 years or so but will then throw off surplus income afterwards - and that's what I meant about these things taking a long time.

I dont see the longer term investments as part of my wachest, as you have said yourself there is very little income in the first 10 years, and I prefer to keep my warchest somewhere it is more accessible.

I invest 20% of my net income into longer term investments, (half in physical half in monetary) 30% into the warchest and keep my living expenses so i can live on the other 50% of my income. It stops me living an excessive lifestyle

[jmo21]

I invest 20% of my net income into longer term investments, (half in physical half in monetary)

for example?

[Ketchup]

for example?

If you want to know exact details....

I pay myself on the 22nd of every month, then transfer money everything except what i need into premium bonds. 20k is enough for a 12 month warchest for me so once i hit 30k in PBs, i take 10k out and invest it. For monetary assets, i use interactive investor and one of their portfolios ( Some pretty good ones on there, depending on the level of risk), then some shares in relatively low risk companies (mainly telecomms).

Then i have money in the ROC selfstorage product, a BTL (my old flat, remortgaged on BTL mortgate and used case as deposit on my current place) and own a few dodrums of land in northern cyprus which i am currently building a villa on.

That is about it, should be snough there to make headway into stealing my identity

[jmo21]

If you want to know exact details....

I pay myself on the 22nd of every month, then transfer money everything except what i need into premium bonds. 20k is enough for a 12 month warchest for me so once i hit 30k in PBs, i take 10k out and invest it. For monetary assets, i use interactive investor and one of their portfolios ( Some pretty good ones on there, depending on the level of risk), then some shares in relatively low risk companies (mainly telecomms).

Then i have money in the ROC selfstorage product, a BTL (my old flat, remortgaged on BTL mortgate and used case as deposit on my current place) and own a few dodrums of land in northern cyprus which i am currently building a villa on.

That is about it, should be snough there to make headway into stealing my identity

I'm always interested in new ideas which is why I asked.