What to do with disposable income

Discussion in 'Time Out' started by downhill racer, Aug 5, 2019.

  1. downhill racer

    downhill racer UKBF Contributor Free Member

    38 5
    I've got a good bit of disposable income every month. I try to save but every so often take the money out for a stupid holiday or some other frivolity (don't ask), leaving myself with virtually no savings again.

    I would like to build up some sort of retirement fund with this money but saving it seems not to be in my DNA. I thought about rental property but the thought of it frankly scares me. Is there any other form of investment I could look at. I love classic cars so I thought about getting an e type or vw split screen etc.. getting it restored and hopefully it appreciates in value.

    Has anyone else invested in cars or anything else as opposed to property or increasing their pension payments?
     
    Posted: Aug 5, 2019 By: downhill racer Member since: Feb 20, 2018
    #1
  2. Darren_Ssc

    Darren_Ssc UKBF Regular Free Member

    467 97
    Not very exciting but open an isa account with vanguard, invest in S&P500, add funds each month, repeat...
     
    Posted: Aug 5, 2019 By: Darren_Ssc Member since: Mar 1, 2019
    #2
  3. mattk

    mattk UKBF Newcomer Free Member

    1,801 727
    Are you an employee, self-employed or a director of a limited company? My advice would be to look at a pension/SIPP depending on your circumstances as the first place to save. Not only is it tax efficient, it will also stop you dipping into the pot for frivolous spending.
     
    Posted: Aug 5, 2019 By: mattk Member since: Dec 5, 2005
    #3
  4. AllUpHere

    AllUpHere UKBF Ace Free Member

    3,103 1,123
    Along similar lines really, sort yourself out with a decent pension if you want to be really boring.
    My brother's employer has been adding about 60 grand a year to his pension every year since his mid 30's. You should see the size of the predicted pension he's going to get. It's a lot of money.
     
    Posted: Aug 5, 2019 By: AllUpHere Member since: Jun 30, 2014
    #4
  5. Paul Norman

    Paul Norman UKBF Ace Free Member

    2,565 774
    I think people here have got it covered. Get a retirement fund going.

    I used to put half my spare into a fund that was locked in so I could not get to it. The other half I allowed myself to have fun with - cars and yachts, mostly.

    I am a little older now. I am glad for both halves. Great memories and still enough to live on!
     
    Posted: Aug 5, 2019 By: Paul Norman Member since: Apr 8, 2010
    #5
  6. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    4,166 1,308
    Yeh but !

    The question was asked in Time out !
    So it is cannot be taken too seriously

    I would look at buying an old knackered racing yacht and taking it around the world
    Hope this helps
     
    Posted: Aug 5, 2019 By: JEREMY HAWKE Member since: Mar 4, 2008
    #6
  7. downhill racer

    downhill racer UKBF Contributor Free Member

    38 5
    Thanks for all the replies, i sort of knew before asking the question putting it into a pension is the best way to go,

    Sort of did that as well, there is a saying that that boat owners have, the happiest 2 days for a boat owner are the day they buy the boat and the day they sell it. They were for me!!

    "Now where's that pension fund application form" he says whilst dreaming of a jag e type!!
     
    Posted: Aug 5, 2019 By: downhill racer Member since: Feb 20, 2018
    #7
  8. AllUpHere

    AllUpHere UKBF Ace Free Member

    3,103 1,123
    E types are over rated, imo. They were amazing in their day, but are a bit past it now.

    Realistically, in this day and age, you need to be talking millions rather than thousands in a pension pot if you want to enjoy your retirement.
     
    Posted: Aug 5, 2019 By: AllUpHere Member since: Jun 30, 2014
    #8
  9. downhill racer

    downhill racer UKBF Contributor Free Member

    38 5
    Agree about the e-types, prices topped out a while ago. I'm looking at the modern classics at the minute, honda/mazda, old beemers and VWs, might be worth a punt but money can be lost on them very easily, if looking at them for investment purposes. Also been looking into VW bay windows or split screens, prices generally seem to be on the up with them.

    That's what worries me, pumping 10's of thousands of pounds in with only a small pension at the end.
     
    Posted: Aug 5, 2019 By: downhill racer Member since: Feb 20, 2018
    #9
  10. AllUpHere

    AllUpHere UKBF Ace Free Member

    3,103 1,123
    There's money in modern classics. I think i'm a few years too late to the party though. If I kept a few of the vehicles I had when i first started to drive they'd be worth money now. I always bought really tidy examples, and looked after them. Stuff like A 205 GTI, a 309 GTI, Renault 19 16v would all be worth a few quid now. There aren't that many left, as most of them got crashed, or abused by people who couldn't afford to maintain them.

    The problem with retirement, is you can be retired for a really long time these days. If you retire at 60, and live to 90, that's a lot of years living to pay for.
     
    Posted: Aug 5, 2019 By: AllUpHere Member since: Jun 30, 2014
    #10
  11. downhill racer

    downhill racer UKBF Contributor Free Member

    38 5
    205 GTI's are fetching silly money now as is the the old fiesta xr2. Some of it comes down to luck as well. Not in the same league but i had a tidy VW Scirocco GTX, and sold it for £350 several years ago, it's worth about 10 times what i sold it for now but when you got to sell a car you got to sell it, same with a 2 door saab 900 i had. I think to purchase a car for investment purposes you would have to buy something a bit more exotic, porsche, aston etc... to get the long term return on it but still a punt.
     
    Posted: Aug 5, 2019 By: downhill racer Member since: Feb 20, 2018
    #11
  12. AllUpHere

    AllUpHere UKBF Ace Free Member

    3,103 1,123
    Now you are just trying to convince yourself you should blow your spare cash on a car, rather than a pension, and I won't be part of it. :D

    PS, I saw someone advertising a Vauxhall Calibra for silly money not so long ago. That's just a Cavalier with a slightly better looking body on it. The worlds gone crazy.
     
    Posted: Aug 5, 2019 By: AllUpHere Member since: Jun 30, 2014
    #12
  13. WeddingsInWales

    WeddingsInWales UKBF Contributor Full Member

    66 24
    If you are enjoying2 holidays and travelling, then buying an old camper and driving around touring sounds a good idea. I bought a second hand 4 yr old Pegasus 6 berth caravan for £9,500 (2011 year) and enjoyed over 100 days a year touring around UK, France and Switzerland in it with the family, before family settled down more for schooling purposes. We even lived in the caravan for one year when re-locating from Wales, as we originally thought of buying but did not want to rush a decision (we ended up renting as I was appalled by the Stamp Duty, plus could not sell existing property). A caravan unlike a boat, can be spacious, parked for 3 weeks at a time at one caravan site, you can book a pitch with electric and water for £10 - £15/ night on a CL site in the middle of beautiful countryside, with only 4 other caravans allowed, and mostly no other caravans will be there at all on the more remote CL sites. You get back to nature and enjoy living in your own home, wherever you want to move it to, and for not much greater cost (aside from fuel) than if you stayed at home. Only buy a caravan if you want to go touring in one. After three or four years, if you buy second hand, you will be able to sell it for not much less than what you paid for it.
     
    Posted: Aug 5, 2019 By: WeddingsInWales Member since: Dec 13, 2018
    #13
  14. Root 66 Woodshop

    Root 66 Woodshop UKBF Big Shot Free Member

    4,946 1,332
    Ford Model T's are awesome to be fair... :D

    I dunno why, but I knew you were a Peugeot chap!! ;)

    And you called my taste in cars awful...

    How dare you... How bloody dare you!... :D

    @downhill racer I could sell you one of these if you want... Only £8500
    [​IMG]


    all Hand crafted :)

    5.7 V8 stingray engine... Comes complete with the private reg too :)
     
    Posted: Aug 6, 2019 By: Root 66 Woodshop Member since: Nov 22, 2011
    #14
  15. AllUpHere

    AllUpHere UKBF Ace Free Member

    3,103 1,123
    I was a Peugeot chap when I was 17 / 18. I wouldn't touch a French car these days.
    What you need to do is find someone called Victor Ian Brown to but that car.
     
    Posted: Aug 6, 2019 By: AllUpHere Member since: Jun 30, 2014
    #15
  16. Root 66 Woodshop

    Root 66 Woodshop UKBF Big Shot Free Member

    4,946 1,332
    VIB 434 = Viper in Blue

    The orginal car's registration was VIP434

    Took the car down to Stonelea a couple of years back, parked it next to the original one... even the guy who owned the original was stunned... when it didn't unlock on his fob... :D
     
    Posted: Aug 6, 2019 By: Root 66 Woodshop Member since: Nov 22, 2011
    #16
  17. paulears

    paulears UKBF Big Shot Full Member

    4,018 992
    However - the three 'wonderful' pension schemes I put my money into performed really poorly, and my pension pot was very compromised. Given the chance again, I think I'd have invested in property. It's a big gamble. Even worse, the pension companies cannot now even give advice. Frankly, I'd rather get advice from Aviva than somebody who went on a short course and is paid by commission from MY money. My financial advisor's firm shut up shop, and the guy is now a self-employed photographer. They spend your money, on your behalf, charge you for it, and then wash their hands as their advice was the best at the time - and that's really the best investment advice?
     
    Posted: Aug 6, 2019 By: paulears Member since: Jan 7, 2015
    #17
  18. Opinion87

    Opinion87 UKBF Regular Free Member

    288 61
    I guess some of it depends on how old you are. I think I'm in a similar position at 32 and I have absolutely no idea.
     
    Posted: Aug 7, 2019 By: Opinion87 Member since: Jul 1, 2015
    #18
  19. atmosbob

    atmosbob UKBF Ace Free Member

    3,915 881
    I knew an Italian who, on the launch of the E-type, went out and bought five XK 140s. Said they would last the rest of his life.
     
    Posted: Aug 8, 2019 By: atmosbob Member since: Oct 26, 2009
    #19
  20. FrankSee

    FrankSee UKBF Newcomer Free Member

    13 0
    Hit up the old stock market if ones feeling particularly dangerous, a few bob to be made on the right picks
     
    Posted: Sep 13, 2019 By: FrankSee Member since: Sep 13, 2019
    #20