r1_pete
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| posted on 14/4/11 at 07:11 AM |
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quote:
Originally posted by austin man
wealth in most insrances is perception, ask how many credit cars, how much do they have on credit etc etc. all of a sudden yo begin to realise that
they are walking a tightrope and treading a fine line between having it all and having nothing, Myself I have a reasonably good salary, refuse to move
from the house I bought in 1987 have a mortgage of £250 own my 10 year old Golf GTI turbo have no loans credit card is zero never been overdrawn even
when I worked for £1.50 per hour.
I may not have it all but what I do Have is mine and I enjoy it oh and I can sleep easily at night and manage a holiday or 2 ayear now the kids have
grown up
I'm with you Austin Man, only difference is I paid the mortgage off 5 years ago, the feeling of security and the thought 'no one can taka
this off me' is what I aimed for for the previous 20 years.
I've an ex colleague who took redundo to go property developing, he's now on paper a propery millionaire, has an 18 month old BMW and a
people carrier, how much does he owe in total - £1.1M, and back working, so on the face of it a successful well to do family, in reality £100K's
worth of negative equity, and his payment plan is interest only!!
I do know a lot of people with large houses/mortgages on interest only repayment, banking on their houses having increased sufficiently in value by
retirement to sell and downsize with no motrtgage, I also know a lot of clenched sphincters!!
[Edited on 14/4/11 by r1_pete]
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fesycresy
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| posted on 14/4/11 at 07:48 AM |
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And wait until the interest rates climb to a modest 6%, and they will. Either substantially increase wages (funny one!) or up the interest rates, or
inflation will cripple. Is fuel going to get cheaper? food (possibly), energy bills? nope.
I know a few 'paper' millionaires, all trying to convince themselves that property will rocket. House prices in the valleys are dropping,
saw a couple last week go for £19 and £20k.
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The sooner you fall behind, the more time you'll have to catch up.
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macc man
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| posted on 14/4/11 at 08:28 AM |
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I have always been of the opinion that wealth does not bring happiness. More the ability to be miserable in comfort.
Most of the nicest people I know do not have a great deal of wealth but they are happy with their lot in life. After all once you
have paid for the essentials food, home,utilities the rest is just stuff.
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coozer
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| posted on 14/4/11 at 08:38 AM |
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Perception indeed, when people ask me what I do, I reply with "not a lot". They ask if I'm on the dole, the answer is
"nope" So they eye me up with suspicion thinking I have a secret stash, lottery win or something...
Made redundant nearly 2 years ago there's still no sign of anything permanent up here.
The key I reckon is debt management. Its always been my goal not to be saddled with more than I could afford so atm I am debt free, work on average 3
days a week for an agency. The wife works part time and we manage OK.
BUT, theres no holidays and new cars are out of the question. My 3 or 4 projects are on hold while I don't have a regular income. Still manage
to run the MNR and the Shogun though and as long as I can keep that up I'm very happy
1972 V8 Jago
1980 Z750
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jabbahutt
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| posted on 14/4/11 at 09:14 AM |
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Well after all essential bills I have about £20 a week to spend on what I like. My daily drive is a 24 year old Nova Merit. No loans or credit cards
but most of wife's income goes on childcare. Would I like more money, sure it would be nice but I'm happy with a happy, healthy wife and
kiddy. There's always someone better off than you, but then again there's always someone much worse off as well.
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Triton
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| posted on 14/4/11 at 10:09 AM |
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quote:
Originally posted by blakep82
let me just see what i have in my pocket...
some fluff, 17p, an old button, and a passport size picture i ripped out a magazine.
thats about the size of my wealth 
Snap but sooner that than be up to my eyeballs in debt...
My Daughter has taken over production of the damn fine Triton race seats and her contact email is emmatrs@live.co.uk.
www.tritonraceseats.com
www.hairyhedgehog.com
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Richard Quinn
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| posted on 14/4/11 at 11:45 AM |
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quote:
Originally posted by jabbahutt
Well after all essential bills I have about £20 a week to spend on what I like. My daily drive is a 24 year old Nova Merit. No loans or credit cards
but most of wife's income goes on childcare. Would I like more money, sure it would be nice but I'm happy with a happy, healthy wife and
kiddy. There's always someone better off than you, but then again there's always someone much worse off as well.
QED! - But people will see the nice kit car etc and assume that you have more than £20 a week spare. You must be doing ok, must have hp etc in the
same way that others on here are making assumptions.
People have different priorities. Financially I am ok at the moment. I have a nice car (provided by the company) and my kit. My wife has an 11 plate
car, my daughter (18 years old) has a 57 plate mini and I live in an extended 4 bedroom semi. My missus goes on holiday with her mates. I don't
go away as I really begrudge paying ~ £800 for a week of sunshine and a mediochre but non-stop buffet. I don't smoke and I only drink
occasionally. I don't spend a lot on clothes (as those that know me will testify!). My only real extravagance as far as I'm concerned is
that I bought a Tag watch in 2009. I'm sure people make assumptions about me too.
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onenastyviper
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| posted on 14/4/11 at 12:59 PM |
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We have this conversation at home the other week, it seems that perception is a lot more powerful than reality.
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jabbahutt
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| posted on 14/4/11 at 01:32 PM |
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Trust me people who see me can't imagine I have any more than £20 a week as where some people like clothes for me they just stop me being
arrested for indecency. I'll wear stuff till it falls to bits and as for the ssumption of seeing the kit, that £20 is for everything including
fuel, tax and insurance for the toy so I can't see me getting as much use out of it as I'd like as £20 doesn't get much fuel these
days.
Hey ho hopefully someoone clever will come up with an electric conversion which is cheap to install and run(can but dream)
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nick205
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| posted on 14/4/11 at 08:38 PM |
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quote:
Originally posted by jabbahutt
where some people like clothes for me they just stop me being arrested for indecency
PMSL that about sums up my attitude to clothes as well!
Drives SWMBO made having holes in T-shirts and no toes in me socks
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sonic
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| posted on 14/4/11 at 08:58 PM |
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A good discussion going on the subject now.
Today i was having this conversation with a guy i used to work with, he said its because people don't care how much dept they have now.
Where myself and a few others may not be able to sleep at night if we had maxed out credit cards, large morgages,car finance etc the modern generation
don't care.
A 24 year old lad he knows earns £350 a week take home, he drives a 57 plate 320d M sport bmw, a 2004 CBR600 bike and has just bought a fancy £400
camera to take to the Isle of man TT which he is going to so he can take pictures of bikes.
He lives with his girlfriend who doesnt work and they rent a house in a nice village.
Now maths isnt my best subject but i cannot make that work at all with bills etc etc
Thanks
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Richard Quinn
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| posted on 14/4/11 at 09:10 PM |
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quote:
Originally posted by sonic
A good discussion going on the subject now.
Today i was having this conversation with a guy i used to work with, he said its because people don't care how much dept they have now.
Where myself and a few others may not be able to sleep at night if we had maxed out credit cards, large morgages,car finance etc the modern generation
don't care.
A 24 year old lad he knows earns £350 a week take home, he drives a 57 plate 320d M sport bmw, a 2004 CBR600 bike and has just bought a fancy £400
camera to take to the Isle of man TT which he is going to so he can take pictures of bikes.
He lives with his girlfriend who doesnt work and they rent a house in a nice village.
Now maths isnt my best subject but i cannot make that work at all with bills etc etc
Thanks
But there you go. Do you know he earns £350/week or is it one of those "he's only a such and such so he can't be on more than
£350/week" assumptions? Has an elderly relly popped off leaving him a few quid? Was the beemer a prezzie from his wealthy parents? Was the
camera really £400? etc etc
If they aren't friends or relatives then don't worry about it.
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jabbahutt
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| posted on 15/4/11 at 08:52 AM |
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There is a plus side to living on the bones of my bum financially. 5 houses in our street have had cars stolen, one from my next door neighbours (Evo
8) and similar high spec cars. They must take one look at the car outside my house and think I'm squatting as it doesn't paint a picture
of fiscal success.
So there you go, sometimes driving a 20 plus year old car with badly faded paint does have it's advantages.
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swanny
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| posted on 15/4/11 at 10:04 AM |
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fascinating discussion and something we've thought about for a while.
Firstly, some different industries have very different pay scales. the sectors we work/have worked in are fairly stingy (theatre and University) so
for a theatre say 30k would make you director level. but moneys not everything.
i used to work for a company and there are guys i used to work with who's salaries shot from 25k to 50k as directors in 5 years or so as the
company expanded. (still on 100 employees though so not big) one guy was director of very little earning that kind of salary! So i can see how
he'd be buying 6 grand hot tubs etc.
owners of businesses may also be encouraged to take money out of the business to avoid tax on profits, especially family businesses . see Wayne
Rooney not paying tax stories in press. so that might explain some of the Porsche Cayennes at schools gates.
here at a Uni, in administation 50k salary would have you responsible for tens of millions of pounds worth of income and 200 plus staff, and would be
a very senior, very rare post.
Secondly, i do see some freinds constanrtly posting on facebook about iphones/ ipads brand new cars they've just bought etc and think blimey
where does all that cash come from.
but...childcare makes a big difference.
one set of friends for example both have decent stable jobs, teacher and civil servant. both well into high £30k
two kids, but have no childcare costs as parents do all of it between them.
thats a lot of money flying into that house, and they still get help from govenrment (grrr)
they would have also done well by the increase in property prices. so i can see how they have lots of dispoasble income, and buy everything from john
lewis etc, when we are buying ours at ASDA and Home Bargains!
childcare would cost us 12 grand a year per child. so wife would need to earn 15-16 to break even with one, 30k with two. which isnt going to happen
yet. she'd need to be on 40-50k to make an equivalent contribution to the household of below the avaerage wage.
through a combo of inheritance and house prices we have no mortgage and are trying to make my salary go as far as we can while kids are at childcare
age.
agreed with previous threads any increase in interest rates could be catastrophic for some people.
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JoelP
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| posted on 15/4/11 at 05:21 PM |
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grandparent childcare makes a hugh difference to us, as the wifes parents have our lad 4 days a week. Without that we'd be 15k worse off as the
missus couldnt work.
I do often feel that im working like a slave for nothing, long hard days and seemingly no escape from debt. I cant remember the last time i treated
myself to anything, not even a nice car. The kit went 3 years ago...
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sonic
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| posted on 15/4/11 at 10:16 PM |
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So do we assume from all the above, people are in dept, maxed out on credit cards etc etc.
If so and interest rates do go up which we all agree they will then there will be alot of reposesed cars and houses going very cheap soon.
Kids are expensive and all my money goes on them and so it should, I get more pleasure taking and watching my son play football and my daughter horse
riding than anything else.
It just appears that many people seem to make money turn into 2-3 times it value with what they drive, houses etc.
Going by what we think there is going to be alot of bankcrupt people in this country before long.
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Andybarbet
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| posted on 15/4/11 at 11:19 PM |
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I must admit, me & the wife often comment on the fact that on our daily commute in our 11 year old SAAB, we are generally the oldest car we see on
our 8 mile journey.
We dont have holidays abroad, we have to watch the pennies every month but we do put aside monthly for: birthdays, xmas, roadtax, MOT etc
Our house is a little run down & so is some of our furniture but its always clean, the stuff we have is ours & although we have a little bit
of debt, we are happy with what we have got, we would rather that than have plasma TV's & posh new cars & crippling amounts of debt.
We are lucky that we have 2 healthy kids, they dont ask for much, we treat them when we can & they always enjoy their holidays, be it camping in
the tent or going away in our 20 year old caravan etc
Most of my mates seem to be better of than us, we dont go to the pub or even have takeaways but we live to our means. We both work full time, we dont
live close enough to our parents to get free childcare but we get by & have quite a good laugh together, the last week of the month is always
difficult but we always manage to get there financially.
I even have friends who dont work & seem to have a much nicer house, tv etc but hey ho, we are happy & maybe they will never be no matter how
nice their things seem to be.
My kit has taken many years to accumulate the parts but i owe nobody for what i have got & if it takes me many more years to finish, i will end up
with a kitcar that i owe no money on & will get so much more enjoyment knowing that
The grass i definately not always greener from where im standing, my wife is my soul mate & our kids keep us smiling, who needs posh hols etc if
you cant afford it !
Give a man a fish & it will feed him for a day, give him a fishing rod & you've saved a fish.
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Doctor Derek Doctors
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| posted on 15/4/11 at 11:38 PM |
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Me? At the moment?.... bleeping loads!
Just more than doubled my pay packet by changing jobs, 1st New Car, 2nd Finish Race Car, 3rd Pay off Credit Card 4th... Land!
People say that money can't make you happy but I've had a grin from ear to ear for 2 months now.
But then again I was unemplyed for a year during the 2009 so up and downs really.
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NOTE:This user is registered as a LocostBuilders trader and may offer commercial services to other users
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coyoteboy
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| posted on 15/4/11 at 11:47 PM |
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I live on an estate that is 70% council tennants, 30% private. Approx 70% of the drives have newer nicer cars than me, massive TVs and several kids.
There's two people in my household with good, reasonably paid full time jobs, both of whome love cars. Go figure.
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Mr Whippy
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| posted on 15/4/11 at 11:53 PM |
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So long as everything is payed for I am more interested in a job I really enjoy than getting heaps of money. I'm well content tbh even with a 21
year old boring car and second hand furniture. For me I like to get bargains and think how much I have saved every time. I find folk with huge incomes
tend to also have huge outgoing to match or be up to their eye's in debt as it's just want want want with them...
Fame is when your old car is plastered all over the internet
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nick205
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| posted on 24/5/11 at 02:03 PM |
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quote:
Originally posted by coyoteboy
I live on an estate that is 70% council tennants, 30% private. Approx 70% of the drives have newer nicer cars than me, massive TVs and several kids.
There's two people in my household with good, reasonably paid full time jobs, both of whome love cars. Go figure.
I've noticed this effect as well. What worries me long term is the fact that those who reach old age not having bought a house and saved for
retirement will get funded by the state whereas those that have will have it taken off them to pay for the car they'll inevitably need! Makes
you wonder if it's worth the effort TBH.
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40inches
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| posted on 24/5/11 at 02:21 PM |
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Not enough to pay for IVA,insurance,registration and road tax after just over 10years building, be autumn before I can afford it.
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big_wasa
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| posted on 24/5/11 at 03:39 PM |
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^^ Yep 7 years building mine. I will have to save for mine over winter. Still I enjoy making it more.
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r1_pete
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| posted on 24/5/11 at 03:52 PM |
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quote:
Originally posted by nick205
quote:
Originally posted by coyoteboy
I live on an estate that is 70% council tennants, 30% private. Approx 70% of the drives have newer nicer cars than me, massive TVs and several kids.
There's two people in my household with good, reasonably paid full time jobs, both of whome love cars. Go figure.
I've noticed this effect as well. What worries me long term is the fact that those who reach old age not having bought a house and saved for
retirement will get funded by the state whereas those that have will have it taken off them to pay for the car they'll inevitably need! Makes
you wonder if it's worth the effort TBH.
Agree, I'm 15 years off retiring, have a modest house, 5 year old Mitsi and an 8 year old Lexus (wifey's) plus the R1 and the E, all paid
for, no mortgage, no loans, credit card etc. debts, a 6 figure salary, but, last year the final salary pension was canned. I have savings, and I am
saving like crazy to have a chance of a decent retirement, it wories me, do the state funded folk worry as much, I'm guessing not, but I cant
see there being a state pension for me.
I think many people with the massive house and mortgage to suit were banking on the increase in house value at retirement enabling them to sell up,
buy mortgage free and have some left over.
I'm surprised how many people are on interest only mortgages, doesn't make sense to me now prices are effectively static.
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Ninehigh
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| posted on 24/5/11 at 07:06 PM |
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Saving for retirement? By the way things are going that will be the point where I can barely look after myself so my retirement plans there are drink
a truckload of whisky/beer/ouzo and smoke a fatload of green, and thus burn out faster than I would dribbling in a home
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