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Getting a mortgage with Betfair as only income
Getting a mortgage with Betfair as only income
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Investor
Always continue to diversify you asset base. Just good common sense. |
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Diversification makes sense if you're already rich.
If you have £10k for example, it makes more sense to put it all into your single best idea, and working your butt off to make it work (a small business for example). Why would you want to spread it out and put money in your 23rd best idea? |
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"There is a wholesome force in nature designed to humiliate those who predict markets." [;)]
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Extreme example Investor ?.
Agree you need to focus at the start, but it's never, ever good to have all your eggs in one basket. |
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Put all your eggs in one basket - watch that basket.
Bill Gates - Microsoft Warren Buffett - Berkshire Hathaway Bill Gates was already very very rich when he started to diversify his holdings. Warren Buffett still hasn't done so, and never will, although you could say that Berkshire itself is very well diversified. |
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The Investor
In my own case, I am currently reinvesting 75% of what I earn, as I aim to be wealthy long before I'm of retirement age! Just curious as to what drives you to be so money orientated? What does money mean to you? Would you give up Betfair if you had enough money now, or continue for the love of it and the challenge? What would you do if for some yet unknown reason the technological revolution of the last 20 years crashed, and online activity ceased to exist? No internet, no online bookies. Do you have a back up plan? I think money is a funny thing, it means different things to different people and can be the root of jealousy and ugly greed. I'm happy to make a living but if I can make more than that I will. A strange case is my father, he's a self made millionaire now age 65 and still works fulltime, has no luxuries in life and drives a 1990(H) 800cc Honda van worth about 300 quid! It's a funny old world. |
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Money doesn't buy you happiness, but it sure can rent you some.
Seriously though, it's hard to do without serious money if you are ever fortunate enough to get a hold of some. But if you never have it, it's surely not the end of the world. It's certainly not a measure of personal success, as they claim it is. |
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2 most important things money can't buy. Time and health.
Now to crack that really would be the holy grail. Or would it ? |
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Trevh,
If I could make for example £500k a year doing something else that I found interesting, betting would only be a hobby. I do very much enjoy the activity though. However if someone would pay me £500k a year to sit in an empty room for 12 hours a day without any form of entertainment, I would say no. I wouldn't trade my time for any amount of money. I'm 28 now, and if I had the opportunity to trade 5 years of my life for £5 billion, I would say no. What drives me? I guess it's instinctive, I find it difficult to put into words. It just fits my personality and skills. I like numbers, and I'm very interested in things like capital allocation, process optimisation and efficiency. I believe it's important to have balance, and have fun leisure activities, time for family & friends, holidays etc. as well as making sure things are going well in other areas of life; maintaining a positive mindset and healthy living. I read a book called 'the millionaire next door' maybe you're aware of it? It actually shows that your father is anything but a 'strange case'. The pattern you describe is very typical of a millionaire. They get rich because they work very hard and don't waste money, and in some instances this pattern persists even when it is no longer required. One couple that was interviewed had a net worth in excess of $10Million, and the wife still clipped coupons for 10cents off groceries. That's the kind of cost cutting that got them where they are, but has now become more or less a waste of time, yet the habit sticks. I don't have a back up plan for such an extreme set of circumstances. I think there are other possible (though unlikely) disaster scenarios too: the pound collapsing or hyperinflation. If I lost everything, I would take some time out and start again. If it is going to happen, I would rather it happen now than when I'm 50. |
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Investor
At 28 all I was doing was drinking and chasing tail, and getting a ridiculous amt. of money from a high paying job I hated. How did it all end. First quite ugly and then beautiful. I certainly didn't plan anything to the apparent nth degree as you seem to be doing. Just remember, without a large amount of lady luck on your side, everything can disappear and never come back. Scary but true. But you seem to be progressing quite nicely, and have things in good balance, and good on you. But I would suggest you are the exception, certainly not the rule. |
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Im seeing someone on Monday about a mortgage but I think my parents might have to guarantee it against their house. Which is not ideal but not the end of the world (or alternatively I could declare my income to the tax man [:D]).
Regarding the above, making money on here doesnt equal a perfect life and you do sometimes think maybe you'd be better off back in a 9-5, but imo the reality of that would soon set in! And ive seen some people make a lot of money on here and then its a headf--k when they cant maintain those levels (ie their edge goes). Is it true no edge lasts in gambling... because im sure some exchange shop players or people with fast feeds etc thought it would last forever. |
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Betfair as your income..lol.
How do you explain some weeks you not only dont get paid,but give back last weeks as well. |
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Trevh , i don't think that many millionaires actually live like ' millionaires'.
The only ones i've had contact with over the years are older guys ,couldn't care less what anyone thought of them , ran businesses and drove clapped out bangers and had lunch in the greasy spoon , they're just happier like that i guess. |
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FAFH - You mentioned earlier that money can't buy health and time. I'd have to disagree with you on the first one for the following reasons.
What about the ability to "go Private" and get a much quicker and better level of care instead of having to use the NHS? What about someone who needs pioneering surgery that is only available in the US that costs X thousands of pounds? What about people who use personal trainers to keep fit knowing that they woulnd't do anything if that had to do it themselves? What about people who decide they can afford gym membership? What about people who are still driving around in their rubbish car because they can't afford to buy a decent one with much better safety features? (not the millionaires though who like their bangers.) What about the people who eat cheaper inferior food because they can't afford to buy organic food? What about the research companies trying to find cures for diseases. How are they able to do this without money? What about the people who live in some of the smoggiest, polluted places because they can't afford to move anywhere half-decent? What about the people who have arthritis and can't afford to move to warmer climates? And then we can move on to all the people in third world/developing countries who are dying of things like cholera, malaria, starvation etc etc. Would money be able to help any of these people or maybe improve their health? Is it just some strange coincidence that the really poor countries seem to have the lowest life expectancy, whilst the more affluent countries seem to have the highest? Are you sure, really really sure that money CAN'T buy health? As for time, no problem with that one unless you can ask me this question again two weeks earlier. |
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money can buy health ,but lifestyle is more important .
Organic food is cheap these days and a walk in the woods is free . |
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Lifestyle is more important than health.?
yeah sure. |
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Going to Asda.get new heart...
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"Lifestyle is more important than health.?"
That's not what he said, he said lifestyle is a more important factor than money in health, and he's correct. Annoys me that people say you need decent money to eat healthily, it's not true. You don't need a gym to do cardio or press ups, etc. You can be unlucky and be hit by one of fates stray bullets but mostly it's personal choice. |
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UA
You're being too literal in your interpretation of what I said and meant. I'm sure you know what I meant. |
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Ah yes i had a feeling that it would be me being wrong about how i'd interpreted something rather than you admitting that your statement was incorrect. It's so important to be right isn't it? It doesn't matter what cliche we say about the best way live life the most important thing is always think that you are right and never admit that you might be wrong or a previous thought or belief is incorrect. Rewriting history is always a good one when there is no written word to fall back on as well.
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No UA .
All you said was quite correct. What I was referring to was that all the money in the world won't stop you from dying if you have a truly terminal disease. You might be able to delay it, or ease your pain and suffering, but you caan't buy your way out of it. Of course there are exceptions, but I'm talking generally. |
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There are only 2 certain things in life...death and taxes.
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Move to Stoke. You'll get a mansion for 100k.
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Investor : One couple that was interviewed had a net worth in excess of $10Million, and the wife still clipped coupons for 10cents off groceries. That's the kind of cost cutting that got them where they are, but has now become more or less a waste of time, yet the habit sticks.
Haha that made me laugh, my mum does that! |
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Is your mum worth 10 mill ?
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I quote Mark Twain "A banker is a fellow who lends you his umbrella when the sun is shining but wants it back the moment it rains ".
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Stoke ?
I was born in Burton. Maybe I'll return to my roots. |
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Burton the town or Burton the mens clothing store?
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I think the former, but my awareness of my surroundings was not fully developed at the time.
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Can someone explain where there is a risk to the bank with this scenario.
if he doesnt keep up the repayments they repossess the house and sell it to cover the loan, chuck in fees and any interest in the meantime. if i was a bank manager id lend to a crack addicted tramp with a £100k deposit. is it simply you need to tick the boxes, if you cant tick the boxes the computer says no. personally i strolled into the bank with a gross income of under £5k a year for a £100k mortgage and tbh it never occured to me they would say no. why would they with a good deposit. |
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Thats what i said in a earlier post Ron they have 100k of your money for starters
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I think that probably the banks have to make sure that they comply with the FSA and it's the FSA that probably deem that you can't lend money to someone who can't show the ability to repay the loan. But you do have to complete the bank's questionnaire which will ask you for details of salary etc as part of their "Know your customer" requirements again something that I think the FSA would enforce. If you have a large deposit then the bank will just accept your application based on what you fill in and not require anything further so theoretically apart from the fact that it is completely illegal there is nothing to stop you just making something up to make sure you fit the eligibility requirements (certainly something I would not recommend).
That's to my best of my understanding, although i'm sure there's plenty of other stuff i'm not aware of. |
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High st banks might have issues but there are places that specifically organise mortgages for people with less predictable income, like the self employed and people who do contractual work that has no job security. I'd suggest them if you're having an issue.
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THERES NOT ONE PERSON WHO HAS SAID DO WAH DIDDY YOUR DEAD RIGHT ,AND YOU KNOW WHAT YOUR TALKING ABOUT,
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FAFH, I quote Bob Hope: A bank is a place that will lend you money if you can prove you don't need it
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Banking crisis largely caused by lending too readily - people complain
Banks don't lend and do checks - people complain They can't win  |
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Mgt
You gotta get rid of that gun. I tell you. It's doin you no good at all mate. |
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THERES NOT ONE PERSON WHO HAS SAID DO WAH DIDDY YOUR DEAD RIGHT ,AND YOU KNOW WHAT YOUR TALKING ABOUT,
because you post almost nothing but crap and nobody takes you seriously. |
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*edit, please remove "almost" from previous post. thanks.
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WELL RODNEY I KNEW IT WOULDNT BE YOU YOU SAID,YES YOUR DEAD RIGHT DO WAH DIDDY,BUT I THOUGHT THEIR MIGHT HAVE BEEN A FEW WHO SAID YOUVE HIT THE NAIL ON THE HEAD THERE DO WAH DIDDY ARE YOU A CARPENTER BY TRADE
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