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Post by holmesy999 on Mar 30, 2016 21:09:24 GMT
With the end of the month approaching, I am wondering what people generally do with their interest.
Do you take it out via a request to withdraw into your bank account (and spend it / store it elsewhere)?
or do you reinvest it into what is available at the moment (and unleash the power of compound interest)?
(I am only a small fry so with have minimal interest to play with, but can't work out if I should take it and run or let it ride and reinvest)
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tomtom
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Post by tomtom on Mar 30, 2016 21:30:35 GMT
With the end of the month approaching, I am wondering what people generally do with their interest. Do you take it out via a request to withdraw into your bank account (and spend it / store it elsewhere)? or do you reinvest it into what is available at the moment (and unleash the power of compound interest)? (I am only a small fry so with have minimal interest to play with, but can't work out if I should take it and run or let it ride and reinvest) Let it ride and reinvest unless you need it for some other good reason, next month you will have a little more interest and as you have said " unleash and experience the power of compound interest".
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nush
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Post by nush on Mar 30, 2016 21:43:32 GMT
depends if i have something better/different in the pipeline for it, if not then reinvest, mine is not a lot either but maybe one day it will be.
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Post by GSV3MIaC on Mar 30, 2016 22:18:56 GMT
'It depends' .. Right now I am happy to reinvest, but long term there will be something else to invest in. Nothing has been a good investment forever.
OK, so long term we are all dead. Never mind. 8>.
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ablender
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Post by ablender on Mar 30, 2016 22:20:08 GMT
And here I am, was thinking of living for ever.  |
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j
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Penguins are very misunderstood!
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Post by j on Mar 30, 2016 22:41:14 GMT
Wanted to vote 'Meh' just for the shear jollity of you adding it there Alas, I let my head rule & voted maturely - reinvest |
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stokeloans
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Post by stokeloans on Mar 31, 2016 15:32:54 GMT
I've only been on SS for a few weeks and this will be my first month of any real interest.I intend to re-invest it until I reach my self imposed lending limit....which isn't all that far away |
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nush
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Post by nush on Mar 31, 2016 17:24:59 GMT
I've only been on SS for a few weeks and this will be my first month of any real interest.I intend to re-invest it until I reach my self imposed lending limit....which isn't all that far away i had one of those once, now what happened to it.
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stokeloans
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Post by stokeloans on Mar 31, 2016 18:54:54 GMT
I've only been on SS for a few weeks and this will be my first month of any real interest.I intend to re-invest it until I reach my self imposed lending limit....which isn't all that far away i had one of those once, now what happened to it. You must have more money than me 
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 19:23:53 GMT
As Albert Einstein said... (i think) The most powerful force in the universe? Compound Interest. Actually this "IS" what he said. “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.” i like that quote. |
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jfm
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Post by jfm on Mar 31, 2016 20:52:02 GMT
Does it make any difference to the decision on what to do with the spare cash, from where it originally appeared (bank account, savings account, p2p account)? Assuming no transfer cost.
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 21:02:31 GMT
Does it make any difference to the decision on what to do with the spare cash, from where it originally appeared (bank account, savings account, p2p account)? Assuming no transfer cost. Jfm. I suppose that depends on what your planning to do with the cash. If you want to spend it, then withdraw and spend, If you want it to work for you in the med/long term then re-invest is essential, no point withdrawing to a bank account that pays 0.1%, you might as well re-invest for 12%.
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Post by holmesy999 on Mar 31, 2016 21:08:49 GMT
I was wondering if it's all guns blazing on the 1st of the month with people buying up with their interest in weird numbered amounts (I'm sure mine is going to be £*.73 which will be an odd purchase price)
or the alternative savingstream get inundated for requests to withdraw to external accounts of small amounts of £1-10 pounds
I think I'll buy into something with my micro interest payment for the sheer giddy thrill of buying a random investment
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 21:27:04 GMT
I was wondering if it's all guns blazing on the 1st of the month with people buying up with their interest in weird numbered amounts (I'm sure mine is going to be £*.73 which will be an odd purchase price) or the alternative savingstream get inundated for requests to withdraw to external accounts of small amounts of £1-10 pounds I think I'll buy into something with my micro interest payment for the sheer giddy thrill of buying a random investment hi holmsey999 i posted on this very subject in "whats on the SM" earlier today, general consensus seems to be that the interest is already spoken for with purchases from new loans ie PF ie pbl090 or the SM
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nick
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Post by nick on Mar 31, 2016 23:29:38 GMT
If you haven't already done so, take the money out and max out your isa...........I suspect that has accounted for some of the reduction in funding on many of the p2p platforms over the past couple of weeks
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