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    Raoul,Hitch and V for V answer your financial questions.

    Uncertain times are upon us and it seems "Th' whole worl's in a terrible state o' chassis".Raoul,Hitch and V For Vendetta are 3 of the site's leading financial gurus and have very kindly offered their time.

    They'll be answering questions as a panel so it should be interesting to read their possibly contrasting views and outlooks.Post your questions here and I'll compile the responses by PM from the lads.
    Official Head Marshall of Waterford Gay Pride Festival 2015

    #2
    I'll kick off with a few
    • Is Keytrade still a good option?
    • How would you advise me to spread my savings risk against the possibility of the Euro going belly up? I'm looking at putting x% in Sterling,x% in Keytrade,x% in somewhere like Rabobank.
    • Should I scale back my pension contributions in light of the increased taxes and levies on them?
    Official Head Marshall of Waterford Gay Pride Festival 2015

    Comment


      #3
      First of all, what is each of your background in terms of the sector?
      Relevant experience?

      Credit cards. Yay or nay?
      I'll always remeber the head of barclays sayign he wouldn't gie his daughters CC as hey are a bad way to manage money. I found he funny he was blasted for saying the obvious. He clearly has no need for one.
      I know some people use CCs to good effect to manage payments, and then paying off within the interest free time period, thus insuring that they have more cash in the account for a longer period. And there are some small benefits to be earned.
      But these are obviously the minority.
      When I was younger, I told my parents that I never wanted a credit card. I said the concept was ridiculous. If I don't have the money I won't buy until I do. They said it wasn't that simple and sometime you need one. A little older, I can see how they are needed by some at times.
      I'm still not convinced that everyone should have one. Is there any point in my refusal to have one. (My visa debit handles all my CC type payments)

      Comment


        #4
        I have a not inconsiderable amount of money. What should I do with it to keep it safe?

        Comment


          #5
          WTF is Hitchhiker doing in this thread?

          Comment


            #6
            Considering our economic woes if you 3 gusy were in charge of all our finances tommorow and had free reign what would you do.?

            Why is the government so afraid to tackle waste and overpaid people in the public sector
            have friends there who take days off to play playstation etc they would enver be able to hold a job where they would have to be productive.

            With these budgets as an uneconomic mind why not get or bring in severe cuts now
            to me its like having gangrine in ones shin and just removing the toes when the leg needs to be chopped from the knee down.

            Will we continue to lose big multinationals to eastern europe and cheaper labour markets like Dell did and seeing as they seem to be our only shining light in a dim economy whats going to happen when this occurs.

            On a scale on 1 -10 how tilted do yee get when policticans say shit like the worst is over we have turned the corner soft landing with property.

            Thanks in advance

            Comment


              #7
              ah shit I was meant to do a poster....

              Eh 3 amigos, statler, waldorf, Dr. Bunsen Honeydew
              sitting on a pile of money in Nazi uniforms.

              Use your imagination
              People say I should be more humble I hope they understand, they don't listen when you mumble
              Get a shiny metal Revolut card! And a free tenner!
              https://revolut.com/referral/jamesb8!G10D21

              Comment


                #8
                Originally posted by DeadParrot View Post
                Eh 3 amigos, statler, waldorf, Dr. Bunsen Honeydew
                sitting on a pile of money in Nazi uniforms.
                banned
                "We are not Europeans. Those people on the continent are freaks."

                Comment


                  #9
                  Is it worthwhile keeping a cash reserve at home? I currently have euro, dollar and sterling in the house. Is this the equivalent of stocking up on water and tinned goods for the apocalypse?

                  Norway. How can i get money into a Norwegian bank?

                  Comment


                    #10
                    I remember Raoul and possibly others suggesting buying paintings as a viable investment opportunity. Do any of you have any experience in this area & could you go into some detail as to where to buy from and potential risk of this sort of investment?

                    Comment


                      #11
                      I have an Evergreen Investment policy with BOI. I stopped investing about 2 years ago but still haven't cashed it in. Its probably not worth as much as what I put into it but isn't a whole pile off either. It was slowly increasing in value over six months but took another dive lately.

                      Would you cash it in or sit on it for a number of years? Its not huge money but it would be considerable enough for me.

                      Comment


                        #12
                        iam probably faced with unemployment in the new year.
                        should i try to get another job, or should i knock up the wife anther 3-4 times and add that lot to the 3 kids i allready have and get ye poor old working saps to pay for my mortgage, holidays, food, childerns schooling, etc, etc,?



                        "Remember the time he ate my goldfish? And you lied and said I never had goldfish. Then why did I have the bowl, Bart? Why did I have the bowl?"

                        Comment


                          #13
                          Originally posted by Angry-Ball View Post
                          iam probably faced with unemployment in the new year.
                          should i try to get another job, or should i knock up the wife anther 3-4 times and add that lot to the 3 kids i allready have and get ye poor old working saps to pay for my mortgage, holidays, food, childerns schooling, etc, etc,?
                          welcome to the club

                          btw if anyone is expecting instant answers, I think Icky will only get around to sorting out his PMs this evening.
                          "We are not Europeans. Those people on the continent are freaks."

                          Comment


                            #14
                            Originally posted by Raoul Duke III View Post
                            welcome to the club

                            btw if anyone is expecting instant answers, I think Icky will only get around to sorting out his PMs this evening.
                            Yep,was hoping to post all three answers to each question simultaneously aswell.If only the other two were as fast you
                            Official Head Marshall of Waterford Gay Pride Festival 2015

                            Comment


                              #15
                              Originally posted by Icarus152 View Post
                              Yep,was hoping to post all three answers to each question simultaneously aswell.If only the other two were as fast you
                              meh, they'll probably put some 'thought' into their answers and make me look like a chump

                              There's an interesting article in today's Irish Times about German Bunds. I wouldn't advise anyone to buy Bunds in this manner (that's what brokers are for after all) but it is interesting from the perspective of extreme risk aversion.
                              "We are not Europeans. Those people on the continent are freaks."

                              Comment


                                #16
                                What is the likely fallout for us with the UK not signing up to the new treaty for us?
                                Is their non inclusion a big deal or on the whole are we still getting what we need?

                                Why wont the ECB print more euro's for quant easing as the crisis is now effecting most of Europe in a real way now?

                                With so few projects now going ahead how has supply and demand not reduced the cost of building large capital projects that we can afford to build stuff again? Is it a poor tender process, a lack of reality on behalf of the contractors who still maintain the same boom margins or just that the government dont really want to sanction big builds at the moment in case it looks like we are flashing the cash we dont have?

                                Thanks

                                Richie

                                Comment


                                  #17
                                  Originally posted by RichieM View Post
                                  What is the likely fallout for us with the UK not signing up to the new treaty for us?
                                  Is their non inclusion a big deal or on the whole are we still getting what we need?

                                  Why wont the ECB print more euro's for quant easing as the crisis is now effecting most of Europe in a real way now?

                                  With so few projects now going ahead how has supply and demand not reduced the cost of building large capital projects that we can afford to build stuff again? Is it a poor tender process, a lack of reality on behalf of the contractors who still maintain the same boom margins or just that the government dont really want to sanction big builds at the moment in case it looks like we are flashing the cash we dont have?

                                  Thanks

                                  Richie
                                  Trust me there's no Contractors working off decent margins anymore.
                                  To win or even be down to final 3 bidders few Contractors are covering there true costs.

                                  With the goverment contracts it is even more difficult as there is less scope for value Engineering/proposing alternatives.
                                  In short clients are getting MAX value at present.

                                  Comment


                                    #18
                                    Originally posted by NoRiverRequired View Post
                                    Trust me there's no Contractors working off decent margins anymore.
                                    To win or even be down to final 3 bidders few Contractors are covering there true costs.

                                    With the goverment contracts it is even more difficult as there is less scope for value Engineering/proposing alternatives.
                                    In short clients are getting MAX value at present.
                                    Fair enough I had kinda thought that might be the way.

                                    Comment


                                      #19
                                      Originally posted by SICKPUPPY View Post
                                      Considering our economic woes if you 3 gusy were in charge of all our finances tommorow and had free reign what would you do.?

                                      .
                                      .
                                      .
                                      .

                                      I'm going to take my time answering this one Mick. Juicy.

                                      I have my other answers winging over to Icky as we speak....
                                      ‘IF YOU had not committed great sins, God would not have sent a punishment like me upon you.” Genghis Khan

                                      Comment


                                        #20
                                        Do you think that emigration of many of the country's brightest is an unfortunate but necessary evil?

                                        How long do you imagine it will take before we are to regain some form of competitiveness in attracting foreign investment? What sort of a re-adjustment of "average wage" will be necessary before we can start ticking through?

                                        Do you reckon an Irish economy sans Euro-Rule could self correct less harmfully than with Brussels in charge?

                                        What would you name the new Irish Currency?

                                        list these evils in order of evil, a) Overt Capitalism, b)Overt Socialism, c) Bureaucracy, d) Nepotism, e) Laziness
                                        quantify your top and bottom picks if possible please.

                                        Thanks

                                        Comment


                                          #21
                                          cheers for doing this

                                          we've spent most of our savings extending the house but have a lump maturing in May and are planing on reinvesting most of it again for about 5 years. could you give us a high risk and a safe option for it.
                                          We also have a collage fund going for our kids, Its going about 4 years with another 6 left its @ about 75% of the starting capital. It is spread out between Irish, English and european Commercial property what are the chances of this breaking even by the end of the term?

                                          thanks
                                          48

                                          Comment


                                            #22
                                            Originally posted by Loopz View Post
                                            cheers for doing this

                                            we've spent most of our savings extending the house but have a lump maturing in May and are planing on reinvesting most of it again for about 5 years. could you give us a high risk and a safe option for it.
                                            We also have a collage fund going for our kids, Its going about 4 years with another 6 left its @ about 75% of the starting capital. It is spread out between Irish, English and european Commercial property what are the chances of this breaking even by the end of the term?

                                            thanks
                                            childerns allowance?



                                            "Remember the time he ate my goldfish? And you lied and said I never had goldfish. Then why did I have the bowl, Bart? Why did I have the bowl?"

                                            Comment


                                              #23
                                              Originally posted by Angry-Ball View Post
                                              childerns allowance?
                                              lol no thats the gargle fund
                                              48

                                              Comment


                                                #24
                                                Brief thoughts on the pros and cons of opening a Swiss bank account and keeping the majority of ones savings in CHF rather than €, $, any other currency?
                                                "c'est en faisant n'importe quoi qu'on devient n'importe qui"

                                                Comment


                                                  #25
                                                  Is it better to be on the dole these days?

                                                  Will SLV be up or down in 12 months?

                                                  Comment


                                                    #26
                                                    Cheers for doing this lads, should be an interesting read.

                                                    I've just been wondering about where I should keep my savings, at the moment there all in one place, AIB savings acc. Now I'm not happy keeping em all in there, with the chance of Ireland leaving the euro or the euro going tits up completely.

                                                    What would your suggestions be? I don't really have any interest in making interest! Just want it to be safe, Do safety deposit boxs still exist, and would I be able to keep money in them without having to declare how much or whatever, so I couldn't be forced to change it to a new irish currency should that happen?

                                                    Another plan is just put a lot onto gambling sites, get it into Dollars basically, assume then when I'm cashing out they would have to give me the current rate...

                                                    Any insight would be appreciated from you wise financialististorists!

                                                    Comment


                                                      #27
                                                      1. a) What are the chances that the current crisis will eventually be resolved by a total write off of all State debt of all countries in the World?
                                                      b) If A above were to happen, do you think this would be a good outcome for Ireland, and generally?

                                                      2. [No offence meant here] How did the financial gurus get it so bloody wrong on so many counts over the last number of years?
                                                      [[ Specifically thinking of things like non-related advisors putting money into subprime bonds without understanding what they were;
                                                      like pension funds and other professional money managers failing to sell out their clients shares in Irish Banks until the banks were actually effectively bankrupt;
                                                      etc etc]]

                                                      3.If, as seems likely/possible, a combination of Euro problems and non-soft landing from China together with America's failure to get its State in order leads to global armagedeon, is there really any truely safe place for money?

                                                      Comment


                                                        #28
                                                        Why can't countries write off their debt to one another? E.g. from here Franke owe UK 227bn and UK owe France 210bn. http://www.bbc.co.uk/news/business-15748696

                                                        Comment


                                                          #29
                                                          Originally posted by Gimmeabreak
                                                          should I change course and set fair for a career in politics?

                                                          My diplomatic manner would surely stand to me?
                                                          Minister for Restaurant Reviewing imo
                                                          "We are not Europeans. Those people on the continent are freaks."

                                                          Comment


                                                            #30
                                                            Like about half of the lads I was thinking of opening a non euro account, more from a fear that the euro will go under than the particular Irish Bank.

                                                            Most of my money is currently in Euro Northern Rock Ireland, which had been UK guaranteed. Now the bastards have been sold to IL&P.

                                                            What are the facilities for me to open an account in Sterling with a UK bank?
                                                            Will that account be subject to a UK guarantee / ECB guarantee?
                                                            What are the down sides to doing this? Having to pay a commission when I lodge the amount in euros first and any time I have to withdraw? Or do I need to also factor in the prospect that the value of Sterling v. Euro will fluctuate depending on what happens to the Euro? If the Euro collapses will sterling's value go up? If loads of punters like me start buying Sterling to open accounts will its value go up / down? If the Euro is 'saved' and the markets are happy it will be saved will the value of Sterling v Euro then go down, so that I might end up losing 20% of the value of the money? Would a different currency be a better buy than sterling?

                                                            Thanks for doing this and sorry for all the questions. Given that there's a lot of interest in this area maybe you might be better off doing a general pros and cons of buying foreign currency rather than just answering them all.

                                                            Comment


                                                              #31
                                                              I'll stick up a few replies to keep things moving,hopefully Hitch will join us later...

                                                              Originally posted by Icarus152 View Post
                                                              I'll kick off with a few
                                                              • Is Keytrade still a good option?
                                                              • How would you advise me to spread my savings risk against the possibility of the Euro going belly up? I'm looking at putting x% in Sterling,x% in Keytrade,x% in somewhere like Rabobank.
                                                              • Should I scale back my pension contributions in light of the increased taxes and levies on them?
                                                              Is Keytrade still a good option?

                                                              Raoul Duke III

                                                              Keytrade, at the time when the run on Irish banks was at its height, was a convenient option. You didn't have to fly anywhere, speak a foreign language or any messing about. You just needed a computer. Which made it somewhat unique.

                                                              So at the time, it was a handy option (especially as most of the German banks seem to actively make it hard for non-residents to open accounts there) to get your money into a relatively stable Eurozone country in a bank that is a subsidiary of one of the French giants. Unfortunately that French giant turns out to be stuffed full of peripheral debt. Doh!
                                                              And Belgian spreads have rocketed in the last few months....
                                                              Keytrade wouldn't ever fail on its own business case; the only way it could ever fail is if it was dragged down by the parent - and the French government would never let that happen. Look at Dexia.

                                                              So I wouldn't worry too much about Keytrade as an entity. I'd rather look at overall Euro risk.

                                                              V for Vendetta

                                                              At this stage it's not so much about bank stability but currency stability and owning assets. IF I had significant assets I'd be spreading my assets into various different currencies and buying blue chip global equities. I wouldn't touch bonds or euro property and I'd only have short term euro cash probably in an irish bank.

                                                              Hitch

                                                              I think you are probably safer in an Irish bank, unless you have substantial savings that you want to spread around. Irish banks are now well-capitalised and can withstand predicted mortgage writedowns. I like the idea of Rabobank though as the Netherlands (unlike France and Belgium) is a fundamentally well-run and safe economy. It would be a useful place to hold backup money.


                                                              How would you advise me to spread my savings risk against the possibility of the Euro going belly up? I'm looking at putting x% in Sterling,x% in Keytrade,x% in somewhere like Rabobank.

                                                              Raoul Duke III

                                                              Putting x% in Rabo and x% in Keytrade is not a hedge against the Euro imploding. Certainly not an effective one. If you really think the euro is going to implode, don't put your money in Euro assets. No-one knows what the exact outcomes would be but it would entail massive loss of wealth.

                                                              Don't put it in Sterling if you think the euro might implode either. They are more tied-in than the Little Englanders like to think. Cameron's 'victory' last week was phyrric indeed.
                                                              Gold, US dollars, Yen, NOK, CHF in decreasing order of preference.

                                                              Although I think the likelihood of outright implosion is less than 15%. A more likely scenario is hard\soft Euro areas in which case it's much more important to have your dough in 'hard' countries such as the Netherlands or Germany. I don't include France in this, or Belgium.


                                                              V for Vendetta

                                                              This depends on the size of your nest egg and what your financial plans are.

                                                              20% sterling
                                                              20% dollahs
                                                              10% canadian/australian
                                                              50% blue chip high dividend paying equities imo.

                                                              Hitch

                                                              I wouldn’t go near the UK tbh. The UK is in a worse condition than even France and long-term is facing serious problems because of an over-reliance on the financial sector and an under-educated workforce. You also have the transaction costs and the risk of sterling falling – which they might consider to boost exports.

                                                              It also depends on what is going to happen to the Punt Nua if it arrives. We would expect that the new Punt to initially fall, but some recent research suggests it might actually rise: http://www.belfasttelegraph.co.uk/bu...-16090288.html

                                                              I don’t in the slightest believe those predictions of a rise in value of the Punt Nua vs euro – but it does suggest we aren’t facing a Greek-style wipeout of living standards. So how much risk are we actually facing then? If you have an amount up to maybe €10k, presumably the convenience of having it in an Irish bank would outweigh the benefits of spreading it around.

                                                              Should I scale back my pension contributions in light of the increased taxes and levies on them?

                                                              Raoul Duke III

                                                              V is the expert on this. Personally I wouldn't scale back until they cut the rate of relief.

                                                              V

                                                              I've ceased all pension contributions myself but it depends on your age profile and tax status on the way in and the way out. The recent levy wouldn't be the key influencer for me but a lot of other legislative uncertainty and the disappearance of prsi relief would be. High rates of saving taxes outside of pension vehicles would offset the impact of the levy in my mind.

                                                              Hitch

                                                              Are you crazy? These are temporary economic blips even if they are lasting for a few years. A pension is a 40-year financial plan. The cost of foregoing pension contributions now is a significant reduction in your living standards after you retire. We’re probably all looking at having about 20 years of retirement (rough guess) and we won’t have much ability to earn much money then. We still get a tax break from pension savings, and usually an employer contribution. It would easily be the worst financial decision you could make to reduce pension contributions.
                                                              Last edited by Icarus152; 14-12-11, 21:02. Reason: added HH answers
                                                              Official Head Marshall of Waterford Gay Pride Festival 2015

                                                              Comment


                                                                #32
                                                                Originally posted by Mellor View Post
                                                                First of all, what is each of your background in terms of the sector?
                                                                Relevant experience?

                                                                Credit cards. Yay or nay?
                                                                I'll always remeber the head of barclays sayign he wouldn't gie his daughters CC as hey are a bad way to manage money. I found he funny he was blasted for saying the obvious. He clearly has no need for one.
                                                                I know some people use CCs to good effect to manage payments, and then paying off within the interest free time period, thus insuring that they have more cash in the account for a longer period. And there are some small benefits to be earned.
                                                                But these are obviously the minority.
                                                                When I was younger, I told my parents that I never wanted a credit card. I said the concept was ridiculous. If I don't have the money I won't buy until I do. They said it wasn't that simple and sometime you need one. A little older, I can see how they are needed by some at times.
                                                                I'm still not convinced that everyone should have one. Is there any point in my refusal to have one. (My visa debit handles all my CC type payments)

                                                                First of all, what is each of your background in terms of the sector?
                                                                Relevant experience?



                                                                Raoul


                                                                I've worked in ivestment banking for the last 15 years (since I left college, now you know how old I am ). I'm leaving my current job at the end of March.
                                                                Relevant experience?
                                                                Covered above, I think. I've always worked in a middle office role but a highly unusual one that I won't bore you with now. Somehow I need to leverage this into an impressive-sounding CV!

                                                                V

                                                                Pensions and Investment consultant for over 10 years. Currently a sales guy at an investment management firm but that may change very soon.

                                                                Credit cards. Yay or nay?


                                                                Raoul

                                                                Yay - as long as you have the discipline to pay them off each month. I've had one (note the singular) since I started work and have never paid a penny in interest. The €40 government levy still makes me angry though. Fuckers.

                                                                They're just incredibly handy for travel, online shopping, gambooling etc etc. I always load mine into credit before going on holiday and withdraw cash locally - no fees and a far better FX rate.

                                                                Then again, I know plenty of people with 5 or 6 cards, all maxed out, who treat them as a form of overdraft and are getting killed on interest charges.

                                                                So it's completely down to your individual nature. Don't treat them as magic money and you'll be fine.

                                                                V

                                                                I always pay my credit card fully every month. There are a much better way of buying goods then a debit card. I have financial discipline I can't answer from the persepctive of those that don't. I'm not Eddie Hobbs or some self help guru.

                                                                I'll always remeber the head of barclays sayign he wouldn't gie his daughters CC as hey are a bad way to manage money. I found he funny he was blasted for saying the obvious. He clearly has no need for one.

                                                                Nobody wants the unvarnished truth anymore.

                                                                I know some people use CCs to good effect to manage payments, and then paying off within the interest free time period, thus insuring that they have more cash in the account for a longer period. And there are some small benefits to be earned.
                                                                But these are obviously the minority.
                                                                When I was younger, I told my parents that I never wanted a credit card. I said the concept was ridiculous. If I don't have the money I won't buy until I do. They said it wasn't that simple and sometime you need one. A little older, I can see how they are needed by some at times.
                                                                I'm still not convinced that everyone should have one. Is there any point in my refusal to have one. (My visa debit handles all my CC type payments)

                                                                Fraud risk is better with a credit card and the bank is more on the line versus a debit card imo. That's my reason for having a credit card.

                                                                Hitch

                                                                If you have a debit card, then clearly ‘nay’, unless you have a track record of financial discipline. Was at a presentation recently on credit card usage and personality – essentially it was saying that if you have a gambler’s mentality then credit cards are particularly bad for you as you don’t adequately discount the future cost of money spent now (or something similar to that).
                                                                Last edited by Icarus152; 14-12-11, 21:07.
                                                                Official Head Marshall of Waterford Gay Pride Festival 2015

                                                                Comment


                                                                  #33
                                                                  Originally posted by 5starpool View Post
                                                                  I have a not inconsiderable amount of money. What should I do with it to keep it safe?
                                                                  Raoul

                                                                  I'm assuming from the question that 'safety' is a greater priority than 'return'.

                                                                  Spread it around:

                                                                  Personally I'd buy blue-chip eurozone equities on the inevitable dips. Stuff like Siemens, Carrefour, BASF, Danone, Philips, Deutsche Telkom etc. Or just buy ETFs.

                                                                  Some cash, German or Dutch based if you can.

                                                                  Some bunds.

                                                                  I don't buy into the goldbug argument at all.

                                                                  Long-term, the best thing you can probably do is pay off your debts (if you have any).

                                                                  V

                                                                  It depends Dom. What are your financial goals??

                                                                  You have a mortgage does it have a good tracker?

                                                                  See my answer above for something on the general case but in your case I think a more considered approach would be best which took cognisance of the specific risks you face.

                                                                  Things like the reassigning of loans, prospects for future employment and where you plan to be in 3-4 years time would all come into play.

                                                                  Hitch

                                                                  Depends on what you mean by safe. If you want to ‘still exist in the future’ then putting some amount in a Rabobank term deposit account would be handy enough.

                                                                  However, if your interpretation of safe is that your money still has the same spending power in the future as it has now then you really shouldn’t be just saving it at derisory interest rates in a bank. You should be taking some calculated risks with it imo. A good Vanguard index mutual fund with their low transaction charges perhaps for some of the money. At your age you should be taking some risks with the money rather than letting it rot away in a bank unless you have a definite plan for it in the next five years.
                                                                  Last edited by Icarus152; 14-12-11, 21:08.
                                                                  Official Head Marshall of Waterford Gay Pride Festival 2015

                                                                  Comment


                                                                    #34
                                                                    first time subscribing to a thread. interesting reading for after work tomorrow!

                                                                    Comment


                                                                      #35
                                                                      V and I agree way too much.

                                                                      Where's the mad fella?
                                                                      "We are not Europeans. Those people on the continent are freaks."

                                                                      Comment


                                                                        #36
                                                                        Originally posted by Raoul Duke III View Post
                                                                        V and I agree way too much.

                                                                        Where's the mad fella?
                                                                        Last seen drunkenly attempting to creep into his house.
                                                                        Official Head Marshall of Waterford Gay Pride Festival 2015

                                                                        Comment


                                                                          #37
                                                                          Originally posted by Icarus152 View Post
                                                                          Credit cards. Yay or nay?

                                                                          Raoul

                                                                          They're just incredibly handy for travel, online shopping, gambooling etc etc. I always load mine into credit before going on holiday and withdraw cash locally - no fees and a far better FX rate.


                                                                          V

                                                                          Fraud risk is better with a credit card and the bank is more on the line versus a debit card imo. That's my reason for having a credit card.
                                                                          Thanks guys.
                                                                          Interesting point regarding fraud. I've always assume that Visa debit gave you the same protection that Visa CC did.
                                                                          I know there weren't too common in Ireland (Laser lol!) but they seem to be standard every else. I've got 4 bank accounts in 3 countries, 3 of them give me visa debit.
                                                                          I'll let you know know holidays fees and fx-rate is like in a week.

                                                                          Comment


                                                                            #38
                                                                            Originally posted by Raoul Duke III View Post
                                                                            V and I agree way too much.

                                                                            Where's the mad fella?
                                                                            I did consider not participating for that very reason. It's quite interesting how similar our answers are actually. Group think anyone??? If anyone had contrary views and wanted to start posting alternative answers it might be interesting.....
                                                                            ‘IF YOU had not committed great sins, God would not have sent a punishment like me upon you.” Genghis Khan

                                                                            Comment


                                                                              #39
                                                                              Originally posted by V for Vendetta View Post
                                                                              I did consider not participating for that very reason. It's quite interesting how similar our answers are actually. Group think anyone??? If anyone had contrary views and wanted to start posting alternative answers it might be interesting.....
                                                                              Great minds my friend....

                                                                              Great Minds
                                                                              "We are not Europeans. Those people on the continent are freaks."

                                                                              Comment


                                                                                #40
                                                                                Any advice on indicators for good spread bets/shorts?
                                                                                Low fee Euro/UK money transfer, 1st transfer free through my referral
                                                                                https://transferwise.com/u/bfa0e

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                                                                                  #41
                                                                                  Originally posted by Icarus152 View Post

                                                                                  RDIII

                                                                                  Gold, US dollars, Yen, NOK, CHF in decreasing order of preference.

                                                                                  Originally posted by Icarus152 View Post
                                                                                  Raoul

                                                                                  I don't buy into the goldbug argument at all.




                                                                                  To invest in gold or not to invest in gold?

                                                                                  At what price would you advise someone sell?

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                                                                                    #42
                                                                                    will it all be grand?
                                                                                    Is that how you crash a wedding? yes it is, Bionic Barry, yes it is.

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                                                                                      #43
                                                                                      Originally posted by Zod View Post
                                                                                      will it all be grand?
                                                                                      i think it will all work out just fine in the end. bit like that pain i had in kmy stomach last week, turned out to be just gas.



                                                                                      "Remember the time he ate my goldfish? And you lied and said I never had goldfish. Then why did I have the bowl, Bart? Why did I have the bowl?"

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                                                                                        #44
                                                                                        Originally posted by CheckRaise View Post
                                                                                        To invest in gold or not to invest in gold?

                                                                                        At what price would you advise someone sell?
                                                                                        woops, I think I put the order of preference the wrong way around on that first one - sorry.

                                                                                        it depends why you're holding gold I suppose. Id speculative, sell now and take the profits. If a hedge, hold and see what happens.
                                                                                        "We are not Europeans. Those people on the continent are freaks."

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                                                                                          #45
                                                                                          Hitch has resurfaced and will be rejoining us tonight (ish).
                                                                                          Official Head Marshall of Waterford Gay Pride Festival 2015

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                                                                                            #46
                                                                                            ...
                                                                                            "We're not f*cking Burundi" - Big Phil

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                                                                                              #47
                                                                                              Originally posted by Zod View Post
                                                                                              will it all be grand?
                                                                                              shure, it could be worse
                                                                                              "We are not Europeans. Those people on the continent are freaks."

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                                                                                                #48
                                                                                                Originally posted by Raoul Duke III View Post
                                                                                                shure, it could be worse
                                                                                                grand so.
                                                                                                Is that how you crash a wedding? yes it is, Bionic Barry, yes it is.

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                                                                                                  #49
                                                                                                  How would you price up the Yes/No vote in an Irish referendum on an EU treaty change if it happened in the next 3 months? (Assume the text of the change is broadly in line with what is currently being discussed at the moment).

                                                                                                  Is there any purchase or act you look back on and say 'wow, that was Celtic Tiger madness I got caught up in back then' ?

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                                                                                                    #50
                                                                                                    I'll post some replies tonight when I get home.
                                                                                                    Official Head Marshall of Waterford Gay Pride Festival 2015

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                                                                                                      #51
                                                                                                      Originally posted by Mellor View Post
                                                                                                      Thanks guys.
                                                                                                      Interesting point regarding fraud. I've always assume that Visa debit gave you the same protection that Visa CC did.
                                                                                                      I know there weren't too common in Ireland (Laser lol!) but they seem to be standard every else. I've got 4 bank accounts in 3 countries, 3 of them give me visa debit.
                                                                                                      I'll let you know know holidays fees and fx-rate is like in a week.
                                                                                                      Just saw this now. As you know, I've travelled to S.A. a lot for work. In one year (in which I think I made 6 trips), my c.c. (Visa) got hacked 5 times and things like Paris-Lagos flights (first class, naturally ) mysteriously appeared on my statement.
                                                                                                      Each time, the AIB fraud department erased the transaction without question and issued me a new card (personally I would have been asking plenty of questions by the time it happened three times ). The total fraudulent amounts were well over 15k.

                                                                                                      My Laser card got done for a small amount a few months ago; still waiting on a resolution and doesn't look like I'll get one - they're basically saying 'tough shit'.

                                                                                                      So, just from personal experience, V's point stands. If you travel a lot or shop online a lot, c.c. is the way to go.

                                                                                                      imo
                                                                                                      "We are not Europeans. Those people on the continent are freaks."

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                                                                                                        #52
                                                                                                        How much of an impact will the interest relief mentioned in the budget have on house prices in 2012 (dead cat bounce?).

                                                                                                        What should Ireland's game plan be. Hopefully get referendum, vote no, gives us some leverage?

                                                                                                        According to the moneygame we are the most likely country to default - do you agree?

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                                                                                                          #53
                                                                                                          I know I asked a few earlier but I have another for you guys.

                                                                                                          How close are we to being credible enough to go back to global markets? Are we doing enough to become credible within the length of time in our bailout package or is it looking like we will need more?

                                                                                                          How far are we from not being considered a contagious and crappy country? Relative to Greece, Spain, Portugal and Italy I think we look like the best of a bad bunch but is that just media spin and wishfulll thinking or a pointless distinction?

                                                                                                          If the euro was to split into good euro and bad euro have we done enough to move into the good euro camp? If not where do you think we would need to be or would it ever happen?

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                                                                                                            #54
                                                                                                            At what point does redundancy become worthwhile? Look like we have more redundancies coming down the pipe for next year. My guessing is that it will be 6 weeks per year of service. What factors should be taken into account when considering accepting redundancy? I dont think this will effect me considering i just got a promotion i've been chasing for three years, but it's still valuable information.

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                                                                                                              #55
                                                                                                              ...
                                                                                                              "We're not f*cking Burundi" - Big Phil

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                                                                                                                #56
                                                                                                                Originally posted by TomD View Post
                                                                                                                Is it worthwhile keeping a cash reserve at home? I currently have euro, dollar and sterling in the house. Is this the equivalent of stocking up on water and tinned goods for the apocalypse?

                                                                                                                Norway. How can i get money into a Norwegian bank?
                                                                                                                Is it worthwhile keeping a cash reserve at home? I currently have euro, dollar and sterling in the house. Is this the equivalent of stocking up on water and tinned goods for the apocalypse?


                                                                                                                Raoul

                                                                                                                handy for the pokering anyway

                                                                                                                tbh, you'd be better off with the tins of beans and the shotgun

                                                                                                                V

                                                                                                                Not a bad plan in my mind. Interest rates in sterling and dollars are pretty low so you aren't losing much in the short run. As long as you have a fireproof safe and nobody is aware of its location I guess.....

                                                                                                                Hitch

                                                                                                                Re money at home. You are really envisaging an apocalypse scenario there. Was half-thinking that it wouldn’t be any harm to have maybe €100 worth of tinned goods though. If we suddenly switched over to a new currency, it’s entirely possible there would be daily withdrawal limits on bank accounts and its entirely possible the banking systems would fail. What harm would there be to have a few long-lasting goods just in case and its not like its wasted money.


                                                                                                                Norway. How can i get money into a Norwegian bank?

                                                                                                                Raoul

                                                                                                                Fly to Norway, open non-res account. Good excuse for a holiday.
                                                                                                                The procedures would be very similar to opening an account elsewhere in the EU and everyone speaks English.

                                                                                                                V

                                                                                                                I don't know,sorry.

                                                                                                                Hitch

                                                                                                                No idea about Norway, but this thread suggests it is difficult but possible: http://www.askaboutmoney.com/showthread.php?p=1182839
                                                                                                                Official Head Marshall of Waterford Gay Pride Festival 2015

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                                                                                                                  #57
                                                                                                                  Originally posted by FeetMagic View Post
                                                                                                                  I remember Raoul and possibly others suggesting buying paintings as a viable investment opportunity. Do any of you have any experience in this area & could you go into some detail as to where to buy from and potential risk of this sort of investment?
                                                                                                                  Raoul

                                                                                                                  We bought one in 2004 that has doubled in value but that was pure fluke. We only bought it because we liked it and don't intend to sell. You'd really want expert advice.

                                                                                                                  FWIW, it's probably a good time to buy Irish art as there are so many forced sales taking place right now.

                                                                                                                  V

                                                                                                                  I know nothing about art. Lots of risks but owning assets which will still be required in the future is a good diversifier of risk at present. Whether a particular painting is a good way of doing that would depend on your eye and the size of the investment relative to your overall portfolio I would have thought. Personally I'd stay away as I'm not a fan of veyr much art and don't understand much of the appeal.

                                                                                                                  Hitch

                                                                                                                  What paintings though? Irish paintings would probably collapse at an even faster rate than the Irish economy so that’s not much protection. Don’t have numbers, but art price falls are suggested in this article: http://www.irishtimes.com/newspaper/...308168071.html

                                                                                                                  You also have the problem of predicting long-term fashions and fads.

                                                                                                                  I do like the idea of alternative investments though. Particularly like the idea of farmland. The fundamentals in favour of food production are phenomenal long-term because of rising population and rising dietary intake amongst e.g. Chinese and Indians. If farm land can be purchased on dips then its got to be one of the safest long-term alternative investments.
                                                                                                                  Official Head Marshall of Waterford Gay Pride Festival 2015

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                                                                                                                    #58
                                                                                                                    Originally posted by careca View Post
                                                                                                                    I have an Evergreen Investment policy with BOI. I stopped investing about 2 years ago but still haven't cashed it in. Its probably not worth as much as what I put into it but isn't a whole pile off either. It was slowly increasing in value over six months but took another dive lately.

                                                                                                                    Would you cash it in or sit on it for a number of years? Its not huge money but it would be considerable enough for me.
                                                                                                                    Raoul

                                                                                                                    I'd probably cash it in myself knowing BIAM's rep.

                                                                                                                    Depends what you want it for of course. If it's as a long-term investment, cashing it because of short-term worries doesn't make sense.

                                                                                                                    V

                                                                                                                    If you don't expect to need the money for the next 5 years I'd let it ride Neil.

                                                                                                                    Hitch

                                                                                                                    Definitely cash it in. It’s a managed fund which underperforms (as nearly all managed funds do) and the fees are too high. You are essentially just supporting the extravagant lifestyles of overpaid fund managers by keeping your money in this fund.
                                                                                                                    Official Head Marshall of Waterford Gay Pride Festival 2015

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                                                                                                                      #59
                                                                                                                      Originally posted by Icarus152 View Post
                                                                                                                      Raoul

                                                                                                                      I'm assuming from the question that 'safety' is a greater priority than 'return'.

                                                                                                                      Spread it around:

                                                                                                                      Personally I'd buy blue-chip eurozone equities on the inevitable dips. Stuff like Siemens, Carrefour, BASF, Danone, Philips, Deutsche Telkom etc. Or just buy ETFs.

                                                                                                                      Some cash, German or Dutch based if you can.

                                                                                                                      Some bunds.

                                                                                                                      I don't buy into the goldbug argument at all.

                                                                                                                      Long-term, the best thing you can probably do is pay off your debts (if you have any).

                                                                                                                      V

                                                                                                                      It depends Dom. What are your financial goals??

                                                                                                                      You have a mortgage does it have a good tracker?

                                                                                                                      See my answer above for something on the general case but in your case I think a more considered approach would be best which took cognisance of the specific risks you face.

                                                                                                                      Things like the reassigning of loans, prospects for future employment and where you plan to be in 3-4 years time would all come into play.
                                                                                                                      Thanks lads. I have never bought shares and don't have a broker type to instruct to buy good blue chip type stock. The tracker I have is 1.15% above ECB. At the moment if I paid every penny I have into my half of the outstanding mortgage, it would pay off about 70% of that. I'm obviously not going to do that though. In 2011, capital has been reduced by about 15k. I have no other loans, or plans to have other loans.

                                                                                                                      If there were no financial yips around I'd probably be investing it in 3-5 year return schemes. Not the most ambitious plan, but steady. I don't know enough to invest myself, and I am usually pretty risk averse (hence I almost never play poker drunk).

                                                                                                                      If there was an easy option like open a couple of different currency accounts in an Irish bank for around 80% of my capital, then I might well do that, but then I get nervous about exchange rates.

                                                                                                                      I'd like to be a nit, but no easy way to do that it seems

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                                                                                                                        #60
                                                                                                                        All this editing has worn me out,off for a sammich,more answers later.
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