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Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 1:21 pm
by Mikey
In other news... ugh. Predicted high today of 94 degrees (34.4 C,) and tomorrow of 98 (36.7 C.) And we're still two weeks away from summer...
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 1:29 pm
by Reliant121
Mikey wrote:OK, I'm really going to have to invest in that English-to-English translator, or get a pet Babel fish. By "current" account I take it you mean a "checking" account, from which you can draw more easily, write checks ("cheques" to you,) direct pay, etc. I don't know what an ISA is, but at 2.5% - 5% yield I guess it's something like our "many market" accounts - higher limit, lower-amenity checking accounts which pay more than a typical one. CD stands for "certificate of deposit," and it means basically that you deposit money for a fixed term - 3 months, 6 months, one year, or whatever the terms of the particular certificate - and leave it alone for that term. Early withdrawal incurs a considerable penalty, but the yield is greater than regular depository accounts.
Mortgage funds don't involve getting a mortgage. In the states, there are a couple of agencies which take investments in order to raise capital for federal first-time home buyer assistance, special first-time buyer mortgages, etc. You can think of it almost like bonding to raise money for a government venture. Buying into such a fund also works almost like a bond with a zero-coupon rate, but instead of income the yield of a mortgage fund investment is all growth.
Current account would be something like checking. A savings account would be where you place your money with a higher rate of interest, but I is more difficult to extract money from (I think cash withdrawal only).
An ISA is just like a normal savings account but it is tax free (The UK government deducts tax from savings accounts). You have a government granded limit of around £5,300 you can put into an ISA each year without paying tax. Good interest paid.
Then you have various types of savings accounts. Some are E-savings, where you can only access online; some are regular savings, where you get instant access but lower rates of interest, some are fixed rate where you have to have the money in for a set term. They are all "savings accounts".
As for mortgage funds, there are none that I know of. You must save for the deposit and make a mortgage normally. (our market is NOT set up for first time buyers)
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 3:12 pm
by Mikey
Reliant121 wrote:As for mortgage funds, there are none that I know of. You must save for the deposit and make a mortgage normally. (our market is NOT set up for first time buyers)
Yeah, I'm not making myself clear. Investing in one of these funds has absolutely, positively FA to do with
obtaining a mortgage. The funds are there to help with the mortgage issues I described; but investing in one is just investing in one. My dad once invested in Washington State Power bonds, which were issued to raise money for (you guessed it) power infrastructure projects in Washington State - but he was in no way affiliated with those projects, didn't reap any personal benefit from those projects, or had any personal interest or stake in those projects.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 5:00 pm
by Reliant121
I think there is something similar but I know nothing about them. Even then, I'd have to be 18 since under 18's can't really invest in anything but certain variations of their own bank accounts.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 5:21 pm
by Mikey
Reliant121 wrote:I think there is something similar but I know nothing about them. Even then, I'd have to be 18 since under 18's can't really invest in anything but certain variations of their own bank accounts.
Even if your folks sign with you?
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 5:49 pm
by Reliant121
Yup. As a 16 year old, I am independent of my parents (financially) but also too young to get investments.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 6:07 pm
by Mikey
Reliant121 wrote:Yup. As a 16 year old, I am independent of my parents (financially) but also too young to get investments.
So... you're legally financially independent... but you're not allowed to do anything financially? That's got government thinking all over it.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 6:27 pm
by Reliant121
Well, I can have a current account with accompanying credit card and there are a very few savings accounts that are openable when you're 16. But most of them don't allow you to transfer funds outside of that bank until you are 18. For example, I am currently with "Natwest" for my current account. Nationwide, my old bank account (for a child savings account which is virtually untouchable) offer a standard savings account at 16. But I can only transfer to other nationwide accounts, of which I have none. And none of the family have any either.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 7:32 pm
by Mikey
Wow. To an outside observer, it really seems like they want you to be fiscally emancipated, but don't want you to have any of the tools necessary to do so.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 7:44 pm
by Mark
I'm thinking of cashing out my 401K due to a personal financial emergency. Anyone know how much I'll lose doing that?
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 7:56 pm
by Mikey
Mark wrote:I'm thinking of cashing out my 401K due to a personal financial emergency. Anyone know how much I'll lose doing that?
Depends what you do. If you can prove hardship, you can borrow from it at no penalty (I think there will be interest, but pretty low, and not an actual penalty.) If you just cash it out before retirement age, you will have to pay a penalty of 10% (IIRC) PLUS pay the post-growth taxes on all the money you put in there, which you didn't pay taxes on when it was income because it went into the 401(k).
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 8:16 pm
by Captain Picard's Hair
Mikey wrote:In other news... ugh. Predicted high today of 94 degrees (34.4 C,) and tomorrow of 98 (36.7 C.) And we're still two weeks away from summer...
Forecast, meet reality: it's 95F (35.0C). A bit warmer and I can cook dinner on the pavement outside (only slight hyperbole)
I think I'm staying in my nice air-conditioned home today
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 8:37 pm
by Teaos
Well I got a promotion to assistanmt manager which means I will be full retail director in about 6 months. IN charge of all the shops on ship and the staff. Finally something even remotely challenging.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 8:54 pm
by Mikey
Captain Picard's Hair wrote:Mikey wrote:In other news... ugh. Predicted high today of 94 degrees (34.4 C,) and tomorrow of 98 (36.7 C.) And we're still two weeks away from summer...
Forecast, meet reality: it's 95F (35.0C). A bit warmer and I can cook dinner on the pavement outside (only slight hyperbole)
I think I'm staying in my nice air-conditioned home today
Too right. My dog just melted.
Re: What's the latest in people's lives?
Posted: Wed Jun 08, 2011 8:54 pm
by Mikey
Teaos wrote:Well I got a promotion to assistanmt manager which means I will be full retail director in about 6 months. IN charge of all the shops on ship and the staff. Finally something even remotely challenging.
Will you still get to make any jewelry?