Thank you for this. Nice and concise reminder. Most of these mistakes, quite rightly, relate to human behaviour and psychology. The question is how di you counteract these behaviours... some ideas... 1. Automatic pound cost averaging. 2. Sufficient cash buffer (MMF's etc) to not be in a position you feel you need to sell if the market tanks (also giving dry powder), 3. Stop logging in all the time into your account and checking your returns - you know who you are :-) In all, the market should be seen as a game in my view. Avoid catastrophic failure in the short term and then have the discipline to wait... and wait.. without tinkering.
I do find it interesting that those who make their money by charging a percentage of funds under management advocate staying in the market regardless, and those who make their money by charging for transactions advocate a more active approach. Funny that !
Hello Dianne, Thanks for the informative video. I always watch you videos. My investment mistake: is it a mistake. I have been with the same pension provider for years from my company..I never changed to a SIPP like a colleague recommended. However I wionder if it was a mistake to go with a SIPP??? Is the protection from a Stakeholder pension fund better than a SIPP.
Stakeholder pensions or Personal Pensions from an insurer may have 100% FSCS protection, without limits. Such plans need to be considered a long-term term contract of insurance (will state this or similar wording in terms). SIPPs don't have this unlimited protection. A regulated platform can provide £85k of FSCS protection. Those using ETFs or ITs will have no FSCS protection of the actual investments themselves. Those using UK domiciled OEICs or unit trusts get £85k per fund house protection separate from the protection relating to the SIPP provider themselves. Ultimately Stakeholders are an old product now, generally quite expensive given modern charges, often lack of options when it comes to withdrawing as well as having their limited fund options. I still have one, but also others (including a SIPP).
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Thank you for this. Nice and concise reminder. Most of these mistakes, quite rightly, relate to human behaviour and psychology. The question is how di you counteract these behaviours... some ideas... 1. Automatic pound cost averaging. 2. Sufficient cash buffer (MMF's etc) to not be in a position you feel you need to sell if the market tanks (also giving dry powder), 3. Stop logging in all the time into your account and checking your returns - you know who you are :-)
In all, the market should be seen as a game in my view. Avoid catastrophic failure in the short term and then have the discipline to wait... and wait.. without tinkering.
I do find it interesting that those who make their money by charging a percentage of funds under management advocate staying in the market regardless, and those who make their money by charging for transactions advocate a more active approach. Funny that !
Excellent, concise and impartial information. Thanks very much for all your hard work. As an avid investor, it's great to compare notes
Hello Dianne, Thanks for the informative video. I always watch you videos. My investment mistake: is it a mistake. I have been with the same pension provider for years from my company..I never changed to a SIPP like a colleague recommended. However I wionder if it was a mistake to go with a SIPP??? Is the protection from a Stakeholder pension fund better than a SIPP.
Stakeholder pensions or Personal Pensions from an insurer may have 100% FSCS protection, without limits. Such plans need to be considered a long-term term contract of insurance (will state this or similar wording in terms).
SIPPs don't have this unlimited protection. A regulated platform can provide £85k of FSCS protection. Those using ETFs or ITs will have no FSCS protection of the actual investments themselves. Those using UK domiciled OEICs or unit trusts get £85k per fund house protection separate from the protection relating to the SIPP provider themselves.
Ultimately Stakeholders are an old product now, generally quite expensive given modern charges, often lack of options when it comes to withdrawing as well as having their limited fund options. I still have one, but also others (including a SIPP).
@@adrianl5899 Thanks for answering my question.
🇬🇧😊