The Question : If you had just one 'tip' for the general public on savings/investments/pensions for 2009, what would it be?
The Answers :
"Make the most of your pension entitlements. There's no guarantee they'll remain so generous - especially as the national finances are so stretched. Pension tax breaks are the best "cushion" against volatile investment conditions." Niall Brady - Money Editor The Sunday-Times
"Educate yourself on personal finance issues, so that when it comes to buying a product you have a better understanding of what constitutes good value for money. I would recommend ItsYourMoney.ie and AskAboutMoney.com as good free starting points. If you want to buy a book on the subject, you can't go far wrong with 'Loot' by Eddie Hobbs." Gerard Sheehy
"Property prices have fallen by at least 25% from their 2006/2007 high (based on transactions, not Asking Price!). This brings us back to around 2003 levels. The market is starved of capital. First-time buyers do not have the deposit necessary to secure the limited funding available, so they are continuing to rent. Rental levels in the better provincial towns are being maintained. If you have access to cash, then I see prices for good quality homes in central areas as being cheap. Interest rates are falling, while rental returns are now 4.5-5% in many areas of Clonmel, where a 3-bed semi, bought for €200k incl. legal and stamp, provides annual rental of €9,000 (€750 per month easily achievable)." Pat Quirke - PF Quirke & Co. Ltd.
"If people actually want to have a small punt next year I would personally suggest €5k in each of the following shares: McDonalds, Nestle, France Telecom and Eon. I would avoid financial shares and stick with food, telecoms and energy. These views are personal and anyone investing in shares needs to get the appropriate advice. Shares can go up as well a plummet!!!!!" - Eanna McCloskey - Managing Director Wealth Options Ltd.
"Be a hard saver." Charlie Weston - Personal Finance Editor Irish Independent
"Don’t let your long-term financial plans be altered by short-term events. If you signed up for a medium-risk pension fund three years ago and were comfortable with the fund’s profile and composition, don’t switch to cash just because it has gone down in 2008. You run the risk of missing the recovery, whenever that might be." Liam D. Ferguson - Ferguson & Associates
"First of all, markets are often strong in January not least because of pension flows in the US - do not mistake this for "the turn" you may have been waiting for. Secondly,be willing to look beyond the obvious when you think the worst has passed - corporate bonds could be a better recovery play than equities." Paul McCarville - Partner Clarus Investment Solutions
These are the personal opinions of the respondents. Do not confuse these 'Tips' with Advice.
Monday, December 15, 2008
Thursday, December 11, 2008
Jiangxi Orphanage Assistance
Those of you that are familiar with the 'Execution Only' Services that I offer through www.prsa.ie , www.investandsave.ie and www.bond.ie will be aware that there is a 'Donation Feature' available on the sites which allows consumers to make a voluntary donation that goes towards helping the abandoned children in some of the Orphanages in Jiangxi Province, China; if they consider the service being offered through the websites, is good value for money.
Currently, any funds raised,through the websites and by other methods, are paying for a good quality milk formula for infants at Fengcheng Orphanage. Previous funds have been used to buy air conditioners/heaters, an incubator, and rehab equipment for kids with cerebral palsy.
For those of you reading about this for the first time, the following is brief description of how it works. My fundraising efforts are not a 'registered charity'. I thought about it at the outset but I made the decision not to register as it would have eaten into some of the funds raised. I just wanted to find the most cost effective and secure way of getting the money to the orphanages. I set up a specific account with Permanent TSB (Clonmel) in the name of 'Fengcheng Social Welfare Institute Fund' and all money raised (by Cheque and PayPal) is lodged to this account.
Permanent TSB charge me for the transfers but then refund these charges. The money is paid to Amity Foundation in Nanjing and they look after the administration. I receive receipts from them and they insist on receipts from the orphanages. They also do random orphanage visits to make sure that the money is being used for the intended purpose. Amity deduct 7% for administration, but I believe this is fair and reasonable.
The current worldwide economic downturn has led to a decrease in the amounts being donated. When you combine this with the unfavourable (Yuan) exchange rate available at present, this has made it difficult to fund some of the ongoing projects at the orphanages. You can get a good overview of these projects on this website www.altrusa.ws .
If you are interested in helping with a donation, however small, you can do so (via Paypal) through any of my .ie websites listed above. If you would like to donate by another payment method or if you need clarification on any of the above, just let me know.
Currently, any funds raised,through the websites and by other methods, are paying for a good quality milk formula for infants at Fengcheng Orphanage. Previous funds have been used to buy air conditioners/heaters, an incubator, and rehab equipment for kids with cerebral palsy.
For those of you reading about this for the first time, the following is brief description of how it works. My fundraising efforts are not a 'registered charity'. I thought about it at the outset but I made the decision not to register as it would have eaten into some of the funds raised. I just wanted to find the most cost effective and secure way of getting the money to the orphanages. I set up a specific account with Permanent TSB (Clonmel) in the name of 'Fengcheng Social Welfare Institute Fund' and all money raised (by Cheque and PayPal) is lodged to this account.
Permanent TSB charge me for the transfers but then refund these charges. The money is paid to Amity Foundation in Nanjing and they look after the administration. I receive receipts from them and they insist on receipts from the orphanages. They also do random orphanage visits to make sure that the money is being used for the intended purpose. Amity deduct 7% for administration, but I believe this is fair and reasonable.
The current worldwide economic downturn has led to a decrease in the amounts being donated. When you combine this with the unfavourable (Yuan) exchange rate available at present, this has made it difficult to fund some of the ongoing projects at the orphanages. You can get a good overview of these projects on this website www.altrusa.ws .
If you are interested in helping with a donation, however small, you can do so (via Paypal) through any of my .ie websites listed above. If you would like to donate by another payment method or if you need clarification on any of the above, just let me know.
Tuesday, December 9, 2008
Blogger Interview - Brendan Johnston
What is the best business/investment decision you ever made? Concentrating on pensions business.
What kind of car do you drive? Saab 95.
What is the worst financial advice that you ever received? That individuals can make better returns that professional managers
Do you own property abroad? If a holiday home in Antrim counts.
How does the economic slowdown effect you? It affects our business partners in that total market sales volumes are down. Our sales volumes are solid and we are increasing market share.
Do you contribute to a pension plan? Yes
What's your favourite film of all time? Moulin Rouge
Have you ever won money? Not that I can remember
Do you own your own home? Yes
Do you invest directly in the stock market, through funds or both? Yes
What is your preferred method/system of saving (Deposits, Funds,Shares, Property)? Managed funds
What financial product/s do you consider to be bad value for money? Products where the source of profit is unclear
Do you trust your bank? Yes
Brendan Johnston is Pensions Director at Eagle Star Life (Zurich Ireland)
What kind of car do you drive? Saab 95.
What is the worst financial advice that you ever received? That individuals can make better returns that professional managers
Do you own property abroad? If a holiday home in Antrim counts.
How does the economic slowdown effect you? It affects our business partners in that total market sales volumes are down. Our sales volumes are solid and we are increasing market share.
Do you contribute to a pension plan? Yes
What's your favourite film of all time? Moulin Rouge
Have you ever won money? Not that I can remember
Do you own your own home? Yes
Do you invest directly in the stock market, through funds or both? Yes
What is your preferred method/system of saving (Deposits, Funds,Shares, Property)? Managed funds
What financial product/s do you consider to be bad value for money? Products where the source of profit is unclear
Do you trust your bank? Yes
Brendan Johnston is Pensions Director at Eagle Star Life (Zurich Ireland)
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