Thats as bad asAs in the old joke
"Pack your bags, love. I've won the pools!"
"Oooh, where are we going?"
"I don't care where you go, just pack your bags and fuck off!"
I feel your pain - I'm 36 this year and am doing the same thing...if you asked me to do so ten years ago I would have not been able to eat for a month or two. I guess I worry that I, and to a greater extent, my wife and kids are losing the value of money.Yep. We somehow manage to spend about 10 grand every time we go on a family holiday.
Went to Cornwall a fortnight ago. Stayed with my cousin so didn’t even have to pay for digs.
Somehow managed to come away 2 grand lighter.
That’s 1000 miles worth of diesel (with a ******* airbrake of a roofbox fitted), days out with the kids to tourist attractions, meals out, dogs in kennels, a seemingly endless supply of ice cream and a day in Lego Land on the way home.
Yup, known a few have problems with that- thinking family and friends are going to be visiting all the time- despite being five hours away from civilisation, thinking of a place as it was in their relative youth- when they didn’t really notice that seaside villages were uphill in every direction, not appreciating that clotted cream fudge isn’t a proper staple food- but it’s all that’s available in the village shop (although food delivery services are a godsend). Perhaps saddest of all, thinking of enjoying retirement together and one or other pops their clogs early doors, leaving the surviving partner in a place where they don’t know anyone, their family is hundreds of miles away and everything around them serves only to remind them of their shattered dreams.On a lesser scale the "retire and move to coast" thing used to catch many out.
People tend to look at the money to spend rather than invest in something which will give them a continual income. The old money has it right; invest in property and rent it out......The Duke of Westminster’s lot have been at it for centuries.My old man won the lottery in 1998. He had to share with eight others but got still got £1,234,612. He split it with his parents, bought a holiday home in Spain and gave up his job as a compressor engineer.
Five years later, most of the money had gone and he went back to full time work.
I can't quote the reference but £17m has been banded about to live the millionaire lifestyle.This thread does raise an interesting question.
How much money do you need to sack off work completely and live comfortably for the rest of your life?
In this day and age I reckon it’ll be quite a bit.
Even a million quid in rental properties is less than 50 grand a year actual income. Basically a slightly above average U.K. salary. Of course this doesn’t take into account repairs, time between tenants etc.
So assume 50k is what you need to live off and have some luxuries and nice holidays etc. That’s about the sort of cash I reckon most people would need to not have to worry about money. Probably double that in London.
Then add a nice house, so that’s probably 500 grand for something that most would consider to be “nice.” 4 - 5 bedrooms in a decent area with a double garage, big garden and a conservatory.
Again I’m talking average UK here. Obviously you can get a castle in rural Scotland for that sort of money, but it won’t even get you a one bed flat in the nicer bits of London.
So what do we reckon all in?
How much cash would you need to set yourself up for life and never work again?
You have just described brother in laws parents.Yup, known a few have problems with that- thinking family and friends are going to be visiting all the time- despite being five hours away from civilisation, thinking of a place as it was in their relative youth- when they didn’t really notice that seaside villages were uphill in every direction, not appreciating that clotted cream fudge isn’t a proper staple food- but it’s all that’s available in the village shop (although food delivery services are a godsend). Perhaps saddest of all, thinking of enjoying retirement together and one or other pops their clogs early doors, leaving the surviving partner in a place where they don’t know anyone, their family is hundreds of miles away and everything around them serves only to remind them of their shattered dreams.
Depends what you classify as a millionaire lifestyle.I can't quote the reference but £17m has been banded about to live the millionaire lifestyle.
Oi! It's not Gibberish in Scotland. It's Rambling Gibberish. They aren't the same at all. Bloody southern pooftas confusing our Celtic languages.Is the £200k it? Or do you have also have a house, car and stuff? Is it just you or dependents too?
Just for your information. Talking to a bloke from Littlewoods who was about to present an old dear with a cheque for £1m, he said that they advise anyone under 40 winning a similar amount that it’s not enough to enable them to give up work. This was nearly 25 years ago!
My advice would be to go to as nice a place as possible where you can buy a house for £200k then get a little job to cover the rest of your expenses.
If you can speak French, go to France, if you can speak Spanish go to Spain, if you can speak gibberish go to Wales or Scotland.
This is it. Buying stuff is easy feels good till the money disappears.People tend to look at the money to spend rather than invest in something which will give them a continual income. The old money has it right; invest in property and rent it out......The Duke of Westminster’s lot have been at it for centuries.
Previously mentioned the two Sikh lads on my plumbing course. Their grandad came over on the banana boat from India, as soon as he had earns enough working in some craphole factory he put a deposit on a house and started renting out beds to other Sikh immigrants. He gradually built the business so that now the two I know were looking after a portfolio of over 70 converted houses in Coventry. That was 9 years ago, they are on the university approved list renting out exclusively to students. The way they were going they probably have nearer 90 to a hundred properties now. They owe no one anything and use the rental income to buy a couple or three properties cash every year. They also have a taxi medallion and run a black cab as well as being qualified plumbers with gas tickets, the elder of the two has a degree in psychology and is also quite vocal in local politics.
Unless they are driving the cab they look like they have just walked off a building site. I’ll let you lot work out what around a hundred 5 bedroom houses in Coventry are worth. You always need to invest though, I hear the story’s about the black football and basketball players here in the US. There is an official statistic knocking around somewhere that show these black athletes worth tens of millions of dollars and within 4 or 5 years of retiring they are bankrupt.
Keep working and buy a couple of properties paid for by the 10k. You get the assets and rental income tops up your salary so you could perhaps look at yet another property. Once they're all sorted you have a decent portfolio, bit of income to top up your pension and a few assets you can flog if you get the urge to do something stupid to impress your new 23 year old girlfriend.There is a relatively new lottery game out.
The top prize is ten grand a month for thirty years.
I think that would see me out. The prize equates too just £3.6 mil.
I would be a relative pauper in my neck of the woods, so that if i wanted to buy my own gaff would have to relocate.
This is it. Buying stuff is easy feels good till the money disappears.
Buy stuff that makes you money........this doesn’t mean as a feckless **** you should “start a business” as that’s an even quicker way to spunk the money.
I work with guys who as soon as they get into the decent day rates they are getting a new car and their wife wants a bigger house, extension new kitchen, new bathroom, more tropical holidays
Their aspirations grow and are always just out of range of their current budget.
They spend their time in fear of no contracts.
Human beings have been utterly hooked into consumption, sold the next best greatest ever etc. Happiness lies in buys
Bill Hicks and George Carlin had this covered
My parents taught me a similar mantra, if you can't afford it, save for it and buy it when you can.Spot on with keeping up with the Jones's.
My wife is amazing when it comes to money, very level headed and focused on not wasting money (yes, she is Scottish).
I work in IT and seen the friends fall for the new job/big day rate mistake of buying a flash car brand new or mortgage themselves to the hilt. It is all very well and good, but they end up down sizing as soon as the job ends and they can't get a new contract. It's nuts.
As a family we operate on the 50% rule, as in household expenditure needs to be covered if we only have 50% income (one of us being out of work). Everything should be paid for in cash. If we can't afford it out right we save up until we can.
It takes a lot of stress out of life.
I think modern media has a lot to blame for young debt, kids living an Instagram millionaire lifestyle to be seen as hip and trendy.