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How much money have people got these days
sonic - 13/4/11 at 08:13 PM

As title really

I was having a bite to eat with a mate of mine today in York watching the world go buy when we started talking about how do people afford things.

He was saying and i can agree where he and i live people are all driving car circa 4 years old or less, in most cases new and a mixture of 4x4s and high end cars.
They all live in semi or detached houses and holiday at least once a year, the female of the house spends most of her time chatting outside the school gates with no sign of stress or hassle and the hubby turns up at least once a week at 3.30 to collect the kids in no real urgency.

This isnt isolated cases more the majority,

Do we assume they are in dept with everything, is it inherrited money or are they all earning 50k+ per year?

If they are earning 50k+ pa what jobs do they do as most of them are not dressed in suits or smartly dressed.

I would be interested to hear other peoples take on this as i am not a skint person but i would struggle to justify there lifestyles.

scootz - 13/4/11 at 08:19 PM

See that recession thing that was in the newspapers and on the telly...

tomgregory2000 - 13/4/11 at 08:19 PM

Benefits

hobzy - 13/4/11 at 08:23 PM

Think it partly depends down here on how mad people went with upgrading to the next size house when the going was good. We moved out of the city but didn't go barmy house size/price wise, so don't have a huge mortgage and we are on SVR so actually doing fine at the mo. (Both middle managers in education and 2 kids), I've got mates though who earn far more than me but are skint each month because they moved to a huge house they don't need and are paying out more than half their wages each month in mortgage, paying off car finance etc.

In the city? Benefits probably.

[Edited on 13/4/11 by hobzy]

sonic - 13/4/11 at 08:27 PM

Ok So if we assume a 4x4 / BMW / Audi new is going to cost circa £500 per month over 5 years add £500 per month for a morgage or rent and then through in the everyday gas/electric etc etc £150 per month + £400 a month food and everything else petrol,Tax, insurance etc £300 per month plus thats £1850 which is a salary of about £32K plus take home and thats not accounting for holidays etc

David Jenkins - 13/4/11 at 08:32 PM

Maybe the people with money are more visible?

blakep82 - 13/4/11 at 08:33 PM

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

rf900rush - 13/4/11 at 08:42 PM

If we had not bailed out the banks, some of these would not have so much.

I think any one with 50K+ savings was at risk of losing alot.

So us poor B****d's are paying for their 4x4's

Ninehigh - 13/4/11 at 08:43 PM

I'm rich! I have a fiver!

I think some of these are company cars, or contract hire which means they don't own them. Also I'm guessing that some of them are sinking into debt because they can't cut back on their lifestyle

blakep82 - 13/4/11 at 08:45 PM

quote:
Originally posted by rf900rush
If we had not bailed out the banks, some of these would not have so much.

I think any one with 50K+ savings was at risk of losing alot.

So us poor B****d's are paying for their 4x4's


no, if the banks hadn't been bailed out, the WHOLE COUNTRY would be well and truely f**ked, like completely. with no banking industry, there's virtually no economy, so its not that we had to spend a bit to keep them going and so rich people could llive ok. with no banks, most of us woudn't have a pot to p!ss in, never mind 'can't go out to the pub this weekend'

[Edited on 13/4/11 by blakep82]

sonic - 13/4/11 at 08:52 PM

OK so maybe some are company cars, alot of companies i know of are scaleing back there company cars and going for cheaper lease deals etc plus if these big 4x4s and Bmw etc are company cars then they will be getting taxed to hell with the bennefit in kind on there salary so reducing there monthly income for morgages etc

Moorron - 13/4/11 at 08:55 PM

I know what you mean, but judging the lives of people on what you and your mates see might not hold the truth.

Many people in my street have very nice cars, not like the 10+ year old cars me and the missus owns and we DID get jelous of it until we started to actually find out the truth. Over 70% in my street dont own the cars they drive, well atleast what i call 'owning' (ie paid for if it and not oweing anyone anything type of owning). Most are rented or on finance you know the type you pay over the odds for the car, pay little for 2 years and then get billed with the remaining 60% when most people work out they dont have the money to do this and then have 2 options.

sell the car and pay the debt off, so no car left after 2 years

or

go back to the same stealer and get a silly trade in price for the next rippoff deal on the newer model.

This cycle then repeats and they wonder how they spent all that money on nothing. Problem for them is when they realise this and its too late and the only way out is to do without a car or win some money. Abit like the bank problem we have had, they should be allowed to go bust but it will be worse for everyone so we prop it up to happen next year instead but only worse. Instead of tackling the problem we just push it away and make it worse doing so.

Alot of people have used the growth in the housing market to buy new stuff with, again this is whats now becoming a problem as they are working out some wont be able to pay it back even when loosing their homes.

oh and benefits lol

martinq357 - 13/4/11 at 09:07 PM

My opinion is that a lot of it is perceived wealth & keeping up appearences.

Some of those with the new cars, big houses etc. are living well beyond there means, free childcare from parents (+ handouts), massive credit card bills & it wouldn't take a whole lot for it all to come crashing down around there ears.

I don't consider myself hard up by any means, don't have a large mortgage, don't have expensive holidays, but how some people maintain there lifestyles is beyond me!!

steve m - 13/4/11 at 09:10 PM

I am lucky, !!

My parents are millionares, and in ther 70's

and i had a result on last weeks lottery













i picked up my £10 yesterday and bought some beer !

spaximus - 13/4/11 at 09:14 PM

There are still a lot of people who are doing okay. All you hear on the news is the bad stuff but my company has taken on 30 more staff this year. In the parts industry Euro car parts and Andrew page are all expanding like crazy, M&S had a good year Tesco profits up, it isn't all doom and gloom. Yes for sure many have overstreched themselves and a many industries are on a downturn but there is still alot of money being spent in the UK everyday.

Until we start celebrating what is going well and how were are tackling the crippling debt we have been lumbered with by Labour, we will talk ourselves deeper into doom and gloom.

hobzy - 13/4/11 at 09:21 PM

Doom and gloom sells newspapers

They keep telling us its worse than the last one, but I remember my parents house halving in value and both my dad and stepdad (oil platform draughtsmen) being out of work for 3 years, interest rates at 14%. Like someone said above, there's no mention of the good things happening - didn't unemployment go down this month I thought I heard?

daniel mason - 13/4/11 at 09:31 PM

its a good point sonic. people around my area are the same. and houses are expensive. they are driving range rovers, new audis,bmw's etc .£30k plus cars with normal jobs,kids,house etc and i driv around in a 2003 vauxhall vectra and have a better job and income than most of these people! i honestly dont know how they afford to live as these people seem to spend a lot of time in the pubs and eating out also. it boggles the mind

[Edited on 13/4/11 by daniel mason]

Richard Quinn - 13/4/11 at 09:49 PM

quote:
Originally posted by daniel mason
its a good point sonic. people around my area are the same. and houses are expensive. they ar driving range rovers, new audis,bmw's etc .£30k plus cars with normal jobs,kids,house etc and i driv around in a 2003 vauxhall vectra and have a better job and income than most of these people! i honestly dont know how they aford to live as these people see, to spend a lot of time in the pubs and eating out also. it boggles the mind


It's all about perception. What is a "normal job"? I am a company director of a small company and I get a reasonable salary, company car etc. My missus works part time and has a new car (but a reasonable Hyundai). We also eat out every now and again (local sizzler pub does 2 for 1's that workout cheaper than a trip to Asda) but I know a few shift operators at the local refinery who make more money than I do. I'm sure that there are people on here also with "normal jobs" who are comfortable and have £15k+ tied up in a toy car

meany - 13/4/11 at 10:02 PM

As has been said...looks can be decieving.

people think im loaded because of what i drive, i bought it new 5 yrs ago when i was working, its paid for. It cost more than my house did of which i have only just over 12mnths left on the mortgage.
I dont work anymore, ill health took care of that, im not on any benefit anymore.
i dont drink or smoke.. i dont do much to be honest....lol. but im solvent.

austin man - 13/4/11 at 10:06 PM

wealth in most insurances is perception, ask how many credit cards, how much do they have on credit etc etc. all of a sudden you 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 a year now the kids have grown up

[Edited on 14/4/11 by austin man]

nick205 - 13/4/11 at 10:10 PM

Excellent thread Sonic - I have been wondering the very same myself for a long time.

I see LOTS of people tooling round in brand new Bimmers, Audis, Mercs etc. Living in 4/5/6 bed detached houses, expensive clothes/shoes, Ocado shop delivered weekly and then some besides. By my reckoning (in my area) we're talking close to 6 figure incomes.

Some (not many) will be inheritence based, some (not many) will be very high earners, some (how many?) will be highly debted....what about the rest...?

That said, I've also noticed a few people falling hard of late!

I consider myself massively fortunate to have solvent semi-retired parents who help with childcare (5 yr old and 3 yr old twins) and both me and SWMBO in reasonably well paid jobs. BUT with additional childcare, mortgage, household, car and all the other expenses there's pi55 all left at the end of the month and we simply do not go out.

Then on the other hand I watched Lenny Henry and others living in a slum (feel bad for not remembering where) for a week. There might be much wrong with out lives, but there's an awful lot more that's right!

Mr Whippy - 13/4/11 at 10:35 PM

I and missy are trying to sort out a mess that a relative has caused by getting themselves into £35k worth of debt and get this he still hasn't told his wife! (not to mention the fact that how the feck doesn’t she even know?!?!) Honestly the idiocy of some people just beggars belief sometimes

Bare - 13/4/11 at 10:49 PM

Public purse employees?? Here in Canada the new rich seem to be virtually anybody with a public purse paycheck.
Muni employees are often paid Double the usual rates. Even at the professional levels.
Seriously galling when one considers that actual work is often 'extra'.
Similar in the UK Dunno?

Colleagues returned from a 5 year stint in Glasgow,
He an Architect and she a teacher. Their combined salaries there were.. less.. than what the woman earns doing the same job here.

Do believe that the 'recession' IS real; as relying from traveller's tales alone.. the UK is seemingly in visibly reduced circumstanc, even from recent times.
Not a lot of indications that it will improve, anytime soon either.

[Edited on 13/4/11 by Bare]

Simon - 13/4/11 at 10:54 PM

Sorry, if I could afford £500/month on a car (that's £8500 before tax!!), I think my mortgage would be substantially more than £500, more like £2k. Which then takes you into higher rate tax bracket, meaning to fund a big car and bigger mortgage and you need to earn over twice you expenditure if you allow for cost of living items like food, fuel anf other consumables.

So more like £100k.

However, if you can afford £40 to go and see a donkey play football and dont mind them earning £200k/week and paying less tax than you, then you ain't got a prob!

ATB

Simon

omega 24 v6 - 13/4/11 at 11:13 PM

The whole country is a farce including the benefits scheme.
Just today i find out that 300 yards up the street from me there was a house for sale.

It wouldn't make the required value ( to subsidise the new house)so was going to be rented out at £650 PCM

The DSS have leased it and put in 3 Undesireable drugies/benefits scroungers, call them what you will, because there is a severe lack of council owned properties due to the huge sell ofs of bygone days followed by years of non investment in properties.

So here's the rub
I have worked hard and contributed to society for 30 plus years. Bought my own house in a reasonably quiet pleasurable part of town. bought and paid for all my own cars/toys kids/etc and am proud of it.

BUT
Here are 3 people living in my area who have not and never probably will contribute anything worthwhile to society.
Theyre in a nice quiet area of town AND I/WE THE TAXPAYER are PAYING FOR IT.

Did I really need to work so hard to get where I am now?????????


Fecking furious is an understatement.

Rant probably not over for a long time.

r1_pete - 14/4/11 at 07:11 AM

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]

fesycresy - 14/4/11 at 07:48 AM

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.

macc man - 14/4/11 at 08:28 AM

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.

coozer - 14/4/11 at 08:38 AM

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

jabbahutt - 14/4/11 at 09:14 AM

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.

Triton - 14/4/11 at 10:09 AM

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...

Richard Quinn - 14/4/11 at 11:45 AM

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.

onenastyviper - 14/4/11 at 12:59 PM

We have this conversation at home the other week, it seems that perception is a lot more powerful than reality.

jabbahutt - 14/4/11 at 01:32 PM

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)

nick205 - 14/4/11 at 08:38 PM

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

sonic - 14/4/11 at 08:58 PM

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

Richard Quinn - 14/4/11 at 09:10 PM

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.

jabbahutt - 15/4/11 at 08:52 AM

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.

swanny - 15/4/11 at 10:04 AM

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.

JoelP - 15/4/11 at 05:21 PM

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...

sonic - 15/4/11 at 10:16 PM

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.

Andybarbet - 15/4/11 at 11:19 PM

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 !

Doctor Derek Doctors - 15/4/11 at 11:38 PM

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.

coyoteboy - 15/4/11 at 11:47 PM

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.

Mr Whippy - 15/4/11 at 11:53 PM

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...

nick205 - 24/5/11 at 02:03 PM

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.

40inches - 24/5/11 at 02:21 PM

Not enough to pay for IVA,insurance,registration and road tax after just over 10years building, be autumn before I can afford it.

big_wasa - 24/5/11 at 03:39 PM

^^ Yep 7 years building mine. I will have to save for mine over winter. Still I enjoy making it more.

r1_pete - 24/5/11 at 03:52 PM

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.

Ninehigh - 24/5/11 at 07:06 PM

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

ashg - 24/5/11 at 08:16 PM

i haven't got any money i spent it all on toy cars and cool gadgets. drive around in a 90k 2005 vauxhall in the week with a bashed up passenger door that i cant be bothered to fix as it will only get bashed again. live in a corner plot two bed semi with a large garden nothing special but there is inly me and the other half so we actually have one bedroom to many.

if i wanted to i could sell the kitcars and all the tools and have a bran new audi like all the other brain dead boring office slaves on the m25 every morning.

my little bro earns less than me but drives round in a brand new audi a4 and has a 4 bed house for just him and his other half who is expecting. the car is paid for by the company but he gets shafted on the company car tax and his mortgage isn't exactly cheap.