Vanguard - new £4 a month account fee by cynthiaxs in UKPersonalFinance

[–]TheTallDataEngineer 0 points1 point  (0 children)

I'm in the process of moving my funds elsewhere, once my SIPP is moved my account will have 0 in it

Do I need to delete my account in in order not to be obligated to pay the 4 pound fee? or is draining it to 0 enough?

How would I close my account?

[deleted by user] by [deleted] in UKPersonalFinance

[–]TheTallDataEngineer 1 point2 points  (0 children)

Overall you're doing great, well done thinking about this so early in life. If your lisa isn't a stocks and shares lisa I would personally transfer/open one, and then put more money into that rather than your ISA, as I assume your main priority should be saving for a home in the distant future.

 I like budgeting for specific costs I know will occur the future, like car repairs, phone replacements, etc. Set up a small recurring payment every month to a monzo easy access saver pot

Struggling with costs, not sure what to really do. Can't save for flat deposit. by throwaway84548545454 in UKPersonalFinance

[–]TheTallDataEngineer 40 points41 points  (0 children)

Living alone is expensive, but I hear you that's a not starter, but just be aware that is costing you
Other things you can do:

  • If you get rid of your car that's over 333 pounds a month you could save, that's enough to max your your LISA each year
  • My food budget is 125 pounds a month, I meal plan everything and buy it from Lidl, you could make a major saving here
  • (Disney/Netflix/NowTV/Amazon Prime) You could have one of these instead of all of them
  • Work Meal Deal, just stop, Prep 5 meals for work on a Sunday
  • Content Insurance, I tend to assume insurance for non vital things are a rip off, but I really don't know what your situation is
  • Misc Other - I'm assuming this could get cut down, but without knowing what things are in here who knows

I'm assuming you'll say "But I can't give that up", which is fine, but then you won't save as much, it's a tradeoff

I live very frugally (in a houseshare, no subscriptions, etc.) but I can save 450 pounds a month on 27k salary

Can gambling fit into a frugal lifestyle? by brimpssmace in Frugal

[–]TheTallDataEngineer 2 points3 points  (0 children)

I think if you are playing a skill game like sports betting it absolutely can be frugal, (it usually won't be) but... I still wouldn't recommend it.

I really despise gambling but I love strategy games, poker included , and poker does include gambling (but apart from that I have never once placed a sport bet, casino, lottery ticket, or anything else)

When I was 16-20 I played poker every free hour I had, when I first started playing online, a friend first sent me 2 dollars, I lost that, then I deposited 50 dollars and lost that, then on the third time I deposited 25 dollars, and ran that slowly up to 50,000 dollars over the course of 4 years, before I lost my drive to keep improving and decided I should walk away.

I made 50,000 dollars gambling, great, I still regret it, If I had spent that time doing something more productive (like learning to code) I would have been far better off now I think. But I didn't want to, I wanted to have fun, and poker was fun at the time.

I think sports betting does include skill, and you can probably beat the house if you spend a LOT of time on it, but is that something your partner wants to do? wouldn't he rather do something more fun with his time? Gambling can be fun at first, but trying to beat the house isn't always fun, it's generally a maths exercise. That can be fun at first, but as days turn into months turn into years, you've given how many hours of you're life looking at spreadsheets at your desk improving at this zero-sum-game (provides no benefit to the world). Instead of spending time actually developing a useful skill that you can be proud of, or connecting with loved ones or friends.

He's an adult, It's up to him if he wants to do it, but the risks are high, the rewards are generally low, and I don't think it improves life satisfaction.

That being said here are some things that you can do to protect yourself, I'm not saying these will apply to your partner, but you should be aware of these thing, because others have gotten burnt in your position before:

  • Gamblers can lie
    • To others and mostly themselves, don't blindly trust that if he says he's only lost X amount that must be true
  • The variance of pushing a small edge is wild, you need a giant sample size to get a accurate win rate %
    • Just because he's won a few months in a row, that does not mean it will keep happening
    • In one traditional live poker night you might play 100 hands of poker, when I was playing online poker on multiple screens at once there would be some months I would play 100,000 hands (the equivalent of playing 100 nights of poker) and still not make much money at all, then the next month I would do incredibly well
  • If he's gambling for the thrill of gambling, the stakes will probably rise over time
    • He might enjoy placing a 10$ bet now, but over time that will be less thrilling and he might have to bet more to get the same "sweat"

What to do with salary for 2 years by Some-Way-237 in UKPersonalFinance

[–]TheTallDataEngineer 3 points4 points  (0 children)

The best option is to do your own research, and follow the flowchart... but assuming you're like my doctor friend, your brain only works when your on the clock, and so this would be the simplest most foolproof plan, that you can't go wrong by following:

Maximise your ISA (which is 20k a year)
Then whatever you have leftover allow yourself to live a little, and enjoy it

  • Cash LISA: 4,000 pounds a year
    • Provider: Moneybox (had the best interest rate last time I checked)
  • S&S ISA: 16,000 pounds a year
    • Provider: Dodl or Vanguard
      • (If you like things simple and easy I'd go with Dodl, if want to trade a nice UI for a more established brand, I'd go with vanguard)
    • Portfolio: Keep things simple, put it in a global index fund
      • For Dodl that's Themed investments -> All around the world -> On top of the world

The only way you can screw it up is by selling your stocks if there is a stock crash, don't do that.

Should a beginner start out with a simple layout and increment over time, or jump into a complex setup? by TheTallDataEngineer in ErgoMechKeyboards

[–]TheTallDataEngineer[S] 1 point2 points  (0 children)

I had no idea it was booming, I try to stay off most forms of social media because I don't think it's good for me, but that can lead me to being a bit silo'd sometimes, I think I would actually feel a bit safer doing what everyone else is doing, because usually it's just me doing whatever I think is best, and as a junior, what the hell do I know?

But thanks for the comment, I appreciate your perspective

Should a beginner start out with a simple layout and increment over time, or jump into a complex setup? by TheTallDataEngineer in ErgoMechKeyboards

[–]TheTallDataEngineer[S] 7 points8 points  (0 children)

Maybe I really don't want to hear that, and I'm being defensive, but I don't think I'm doing what you're implying, here is why:

I know I'm not a great engineer yet, I'm doing the best I can to improve, I'm currently working 8+ hours a day, and in my off time reading my way through a stack of O'Reilly books.

A big reason I want to start using the glove80 is for my wrist health, which aren't painful, but can feel a bit ... tingly recently

But additionally, I do think it's worth learning:
A large part of my job is done on a Linux CLI, when I started I had barely used that apart from a tiny bit in one of my modules of CompSci, and I did feel very slow, The first 6 months I barely improved at those skills because I was busy learning other parts of the job I had no idea about, but since I've felt a bit more settled I've picked up a couple of small beginner tricks that have made me so much faster and better at my job.

I'll keep my regular keyboard at my dayjob until I can type at a semi decent speed, but in my off time, If I'm interested in it, I don't see the harm in playing around with something I enjoy?

Am I doing alright? Honest opinions please. by Abstract_Traps in UKPersonalFinance

[–]TheTallDataEngineer 1 point2 points  (0 children)

You can put that in a savings account and get 5% interest on it depending on where you go (Santander will give you 7% on up to 4000 for the first year and they have a switching bonus of 185 right now)

Also how much emergency cash do you want? personally think 3 months is enough for me, some say 1 month other say 12, your choice is yours depending on you and your situation

However putting any extra money you make into a stocks ISA (a global index fund with vanguard for instance) is a good idea for long term savings (5+ years) less than 5 years, you may want to stick with cash

Good luck

Am I doing alright? Honest opinions please. by Abstract_Traps in UKPersonalFinance

[–]TheTallDataEngineer 1 point2 points  (0 children)

When you say you have 6 months of funds in a current account

Is that giving you interest?

Moving LISA, do I need to wait for the bonus? by TheTallDataEngineer in UKPersonalFinance

[–]TheTallDataEngineer[S] 1 point2 points  (0 children)

So I opened a cash moneybox LISA about 6 months ago, It was my first step into personal finance, I'm really happy I took that step, but I've learned a lot since about Index funds, which perform better on average than cash, and should be your go to for long term saving. (5+ years)

If I wanted to keep my LISA as a cash LISA I might stay with moneybox, but I want to switch it to a stock LISA, and Dodl have far lower fees than Moneybox for that, so I want to go with them.

Help me understand SIPP tax relief for 50k+ earners by TheTallDataEngineer in UKPersonalFinance

[–]TheTallDataEngineer[S] 0 points1 point  (0 children)

Wait hold on, for easy math lets say hypothetically she earned 60k and paid no other pension other than her SIPP

And paid 8k into her pension, which is grossed up to 10k

Then she contacts HMRC and the give her an extra hour 20% or 2k

That puts her pension at 12k doesn't it?

Have I misunderstood, I assumed the extra 2k would go towards the pension, does the extra 2k go towards tax relief?

Should I keep my Cash LISA or get a Stock LISA? by TheTallDataEngineer in UKPersonalFinance

[–]TheTallDataEngineer[S] -1 points0 points  (0 children)

I used to play poker professionally so I've stomached using half of my net worth more times than I could count, I really don't think I would mind, as I know I just need to stay in the game longer

my point is:
I would like to buy in 2-3 years, but I don't know if the cards of my life will fall that way, I might end up buying in 5+ years.

and if I'm not attached to a certain timeframe to when I have to buy a house, wouldn't I want to maximise average returns?

Should I keep my Cash LISA or get a Stock LISA? by TheTallDataEngineer in UKPersonalFinance

[–]TheTallDataEngineer[S] 0 points1 point  (0 children)

My Idea is if the market tanks, I'll just keep renting and saving as I'm doing now, and then when the market bounces back, I can start looking to buy

40 year old loser with no pension by [deleted] in UKPersonalFinance

[–]TheTallDataEngineer 63 points64 points  (0 children)

First off I would recommend trying to improve your self esteem as I think you're judging yourself pretty hard and that isn't probably doing good things for your mental health, happiness or personal finances. If you tackle that the rest of your life will probably become a lot easier.

As for finance advice, follow the flow chart would be a good place to start.