tallpaul said:There is a free software package to assist budgeting but I haven't gotten around to trying it yet.
I picked it up in Hodges Figgis on Dawson St. on Monday. They had plenty of them then.Joe1234 said:Tried to buy Eddie Hobbs in Easons, O'Connell Street, Dublin on Sunday, but according to their computer system it did not exist!!!
ClubMan said:Once the basics are taken care of and one's finances are under control, the longer term financial plans for the near, medium and long term future can be put in place.
Brendan's book advises direct investment in equities but elsewhere he's saying that unit-linked funds might be best.
Brendan said:Today, I think that the ETF is the best.
ClubMan said:If you mean the ISEQ ETF (whatever it's called) I thought that the jury was still out on that .....
Moneybags said:Can't we accept stockbrokers' assurances that our money is safe if we keep our investments in Crest Personal Members' Accounts rather than nominee accounts?
Stockbrokers' commission means there's an entry cost for ETFs that you don't have with good unit-linked fund. But for the long-term investor, this should be outweighed by ETF's lower annual charges (in doing the maths, you'd also have to factor in the annual costs of maintaining a Crest account for the ETF).
Does anybody think I'm being overly cautious by drip feeding rather than investing a lump sum in one go? My SSIA is invested in the Euro Stoxx 50 index and it's doing well even though the index has at best moved sideways since I began investing. This reinforces my belief in the value of drip feeding.
Moneybags said:I don't think Morrogh clients who got stung had Crest accounts - they had nominee accounts where their shares were held in Morrogh's name rather than their own names.
AFAIK, Crest personal memeber accounts are relatively new in Ireland and wouldn't have been around when Morrogh was still trading. The same applies to MMI Stockbrokers, which collapsed before Morrogh.
From experience, pound-cost averaging isn't just a strategy for the short-term investor. The Euro Stoxx was at 3900 in September 2001 when I started my SSIA. Today it's at 3200. If I'd invested a lump sum in 2001 I'd still be under water. Because the SSIA drip feeds my money, I'm in the black.
I appreciate that four years isn't "long term" but it's getting there. I've no idea when, if ever, the Euro Stoxx will hit 3900 again but I wouldn't hold my breath. That's why I believe pound cost averaging is the way to go, even for the guy who's in for the long haul.
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