Tradefair & Financials
Welcome to Live View – Take the tour to learn more
Start Tour
There is currently 1 person viewing this thread.
11 Dec 09
17:35
Joined:
Date Joined:
25 Dec 05
one on bbc this morning when discussing what people do with there savings said to start with should have 3 to 6 months wages set aside for emergencies,for most at what ever level you are its almost impossible,a household with 500 a week going in will be barely managing yet with his theory shud have 12 000 on the hip,while a household with a grand a week going in shud have 24 ooo on the hip,must be a very small amount of the population who could adhere to these guidelines,ps fat frank would need 3.6 million on the hip
Show More
well I meet people on a daily basis who say they have no money then spend 5-20k cash with out much thought, plenty of people with a lot of money out there. More people have lots tucked away than don't.
a household bringing in a 1000 a week is not alot these days ,but % wise you,ll be able to count on one hand the number of people who have easy access to 24 000 quid
Nova Sicko 12 Dec 17:59
well I meet people on a daily basis who say they have no money then spend 5-20k cash with out much thought, plenty of people with a lot of money out there. More people have lots tucked away than don't.
-------------
who and on what??
well I meet people on a daily basis who say they have no money then spend 5-20k cash with out much thought, plenty of people with a lot of money out there. More people have lots tucked away than don't.
-------------
who and on what??
More people have lots tucked away than don't.
you reckon ?
you reckon ?
bankers,mp,s,drug dealers,loan sharks,some proff sports people, what about the other 95% of the population
the people with the most ready cash of them all seem to be those living on ex council houses
It is amazing what we hear and hard to know the reality.
Following an accident at work, I plummetted down to the bottom of the pile. This was mainly because I was crocked and I'd operated on a self-employed basis. Ended up with next-to-FA, though I do have a four-bed, detached house that's bought outright ( took 25 years!).
Anyway, the point of my writing is not to tell a boring sob story but to show a bit of irony: fed up with existing on a meagre cashed- in- early private pension and, eventually, a small amount of "sick pay", I decided to set up as a small-time odd-jobber.
It was far from successful, especially as the "Recession" means there is plenty of black-economy competition. The first year was poor and not a full 12 months, as I launched in September.
All the advisors, powers-that-be, etc told me that I'd pay no tax.
Yesterday, I got a demand from the HMRC.
WTF! I've made a resounding loss; my income is way below the minimum wage, and now it looks like I'm going to be worse off, because i worked!
Incredible, imo, especially as every authority I approached before the launch assured me I'd be better off.
So, when I hear these experts and politicians chatting about things, I just have to laugh.
Btw, the legal profession made a nice £30 grand out of my case, though I got nothing.
Now I depend on gambling to grind an income.
Don't laugh - it could happen to you!
Following an accident at work, I plummetted down to the bottom of the pile. This was mainly because I was crocked and I'd operated on a self-employed basis. Ended up with next-to-FA, though I do have a four-bed, detached house that's bought outright ( took 25 years!).
Anyway, the point of my writing is not to tell a boring sob story but to show a bit of irony: fed up with existing on a meagre cashed- in- early private pension and, eventually, a small amount of "sick pay", I decided to set up as a small-time odd-jobber.
It was far from successful, especially as the "Recession" means there is plenty of black-economy competition. The first year was poor and not a full 12 months, as I launched in September.
All the advisors, powers-that-be, etc told me that I'd pay no tax.
Yesterday, I got a demand from the HMRC.
WTF! I've made a resounding loss; my income is way below the minimum wage, and now it looks like I'm going to be worse off, because i worked!
Incredible, imo, especially as every authority I approached before the launch assured me I'd be better off.
So, when I hear these experts and politicians chatting about things, I just have to laugh.
Btw, the legal profession made a nice £30 grand out of my case, though I got nothing.
Now I depend on gambling to grind an income.
Don't laugh - it could happen to you!
of course you shud have 3months at least worth of savings. if you dont save when income comes in, you can be in for some tough times when things change. some of the stories of the posters above just highlight the issue! theproblem in this country is that people always spend more than they take home, from the government to the individual households.
Correct in theory, Johnny.
Savings quickly go, when there's no income , in my experience.
The three biggest burdens for me were mortgage, council tax and fuel bills. I can remember walking past a garage forecourt after completing one contract, and thinking in a smug sort of way that I could walk in a buy any one of the big jeeps on display for cash.
Two and a half years later - when i was able to walk again - I was passing the same vicinity and noticed the smell of cooking coming from one of those bacon butty caravans in a layby. I was horrified by the realisation that I couldn't afford to buy one! This hurt me as much as anything.
Fortuneately, I was brought up in hard, tough times, so I've managed to get through. 90% of folk wouldn't have made it, imo. I don't recommend it; poverty is a **, in my experience.
Not to worry, so long as there's a betting market, things aren't too bad, imo.
Savings quickly go, when there's no income , in my experience.
The three biggest burdens for me were mortgage, council tax and fuel bills. I can remember walking past a garage forecourt after completing one contract, and thinking in a smug sort of way that I could walk in a buy any one of the big jeeps on display for cash.
Two and a half years later - when i was able to walk again - I was passing the same vicinity and noticed the smell of cooking coming from one of those bacon butty caravans in a layby. I was horrified by the realisation that I couldn't afford to buy one! This hurt me as much as anything.
Fortuneately, I was brought up in hard, tough times, so I've managed to get through. 90% of folk wouldn't have made it, imo. I don't recommend it; poverty is a **, in my experience.
Not to worry, so long as there's a betting market, things aren't too bad, imo.
johnnie no ones arguing you arnt rightbut how do you achieve it,the average mortgage in this country must be at least 500 quid a month,so for someone earning 2000 a month thats a quarter gone,so how do you propose these people while running a household,car etc manage to have between 6000 and 12000 on the hip,its just not possible
Keep on buying those dvd's that will appear on telly some time in the future,keep on buying those newspapers with all the news you can get on telly 24/7,and those mags choc full of advertising.Then ask yourself why you havent got any money?.
Your parents never had this level of disposable income,so why do people fall for all the so called "Must Have" crap,that they are told that if they dont have these things they are in some way "incomplete" as people, and in some way underpriviged?.
Your parents never had this level of disposable income,so why do people fall for all the so called "Must Have" crap,that they are told that if they dont have these things they are in some way "incomplete" as people, and in some way underpriviged?.
1st time poster,
Pipedreamer has a very good point. I would say most people can't allocate their money efficiently. The problem isn't lack of money. Someone that has no savings and says it's impossible to save between £6,000 and £12,000, would probably not be able to save £12,000 if they were given the money. Suddenly there would be 'necessary expenditures' and the money would disappear.
Most people are simply programmed to spend what they earn. If you make saving a habit, it's really not that difficult. Start by saving just 1% of your income. Just make it a habit to save, and do this consistently without spending the money. Even if it's a tiny amount, over time it will accrue, and more importantly, you will learn and develop the habit.
A friend of mine makes more than 100K a year, more than £5k net per month. At the end of the month he doesn't have any money! He's single with only a small mortgage. He may earn a lot, but he probably won't become rich.
The earlier you start, the easier it is. If you make money while your living with your parents, you can save a lot. Of course it will be more difficult if you have a family to support, a mortgage etc. but certainly not impossible. If you really can't save anything, you're already living beyond your means and you'll probably end up in debt or broke unless you take action.
Another point to remember is that people with a mortgage are effectively being forced to save. Regardless of the ups and downs of the property market, if you have a repayment mortgage and you can make the repayments, you will build wealth (save) over time.
Because most people don't focus on building wealth beyond that, their biggest asset is their home. If they weren't forced to pay off the mortgage, most of these people would not even have that. And of course some even remortgage after or while paying it off.
Pipedreamer has a very good point. I would say most people can't allocate their money efficiently. The problem isn't lack of money. Someone that has no savings and says it's impossible to save between £6,000 and £12,000, would probably not be able to save £12,000 if they were given the money. Suddenly there would be 'necessary expenditures' and the money would disappear.
Most people are simply programmed to spend what they earn. If you make saving a habit, it's really not that difficult. Start by saving just 1% of your income. Just make it a habit to save, and do this consistently without spending the money. Even if it's a tiny amount, over time it will accrue, and more importantly, you will learn and develop the habit.
A friend of mine makes more than 100K a year, more than £5k net per month. At the end of the month he doesn't have any money! He's single with only a small mortgage. He may earn a lot, but he probably won't become rich.
The earlier you start, the easier it is. If you make money while your living with your parents, you can save a lot. Of course it will be more difficult if you have a family to support, a mortgage etc. but certainly not impossible. If you really can't save anything, you're already living beyond your means and you'll probably end up in debt or broke unless you take action.
Another point to remember is that people with a mortgage are effectively being forced to save. Regardless of the ups and downs of the property market, if you have a repayment mortgage and you can make the repayments, you will build wealth (save) over time.
Because most people don't focus on building wealth beyond that, their biggest asset is their home. If they weren't forced to pay off the mortgage, most of these people would not even have that. And of course some even remortgage after or while paying it off.
Sean Rua
You are a top man sir!! If only everyone was willing to work as hard.
Attitudes are changing. Many of my customers are changiong their spending habits, paying off debt and mortgages. They are choosing to buy cheaper cars than before and cutting their cloth accordingly.
J Walker is right about emergency fund but lets face it . It does not have to be in cash Shares can be sold quickly. In my experience people either have a lot of spare cash or they have very little. I find it appears very difficult to make teh jump without inheritance or windfall of some kind.
Re cost of mortgage? Sure it is expensive but one day it will be repaid. Renting?? Paying same amount as teh mortgage with no hope of ever owing your own property? Not good..
If you rent and save you will only be shafted if things do go wrong. Once you get teh deposit together, buy a home, pay off the mortgage and enjoy the fact that you have no rent or mortgage t pay for teh rest of your life. This is when your life can really change for teh better!!
You are a top man sir!! If only everyone was willing to work as hard.
Attitudes are changing. Many of my customers are changiong their spending habits, paying off debt and mortgages. They are choosing to buy cheaper cars than before and cutting their cloth accordingly.
J Walker is right about emergency fund but lets face it . It does not have to be in cash Shares can be sold quickly. In my experience people either have a lot of spare cash or they have very little. I find it appears very difficult to make teh jump without inheritance or windfall of some kind.
Re cost of mortgage? Sure it is expensive but one day it will be repaid. Renting?? Paying same amount as teh mortgage with no hope of ever owing your own property? Not good..
If you rent and save you will only be shafted if things do go wrong. Once you get teh deposit together, buy a home, pay off the mortgage and enjoy the fact that you have no rent or mortgage t pay for teh rest of your life. This is when your life can really change for teh better!!
In answer to the post? These Finance Gurus are a joke , and in some cases have no idea what they are talking about!
You will find a few on this forum!!
You will find a few on this forum!!
Thanks, chisel, but I'm far from being a top man, in truth.
Scrap-heap material to be frank.
I pay no mortgage or rent, but I am essentially a broken-down non-producer. Odd-jobbing, with income tax/ni stoppages at 20% on anything over about £4K, is a depressing bummer. I do it only for "the feel-good factor", really.
Sadly, my main income hinges almost entirely on betting nowadays. Not easy, imo, and nothing to be proud about, but, I do enjoy it, when I get the desired results.
My only advice to anyone is make the best of the good times while you can, because a man never knows how long they'll last.
Pipedreamer's points were good, too. The less dependent a man is on toys and baubels, the better his chance of survival will be when the trappings evaporate, imo.
Scrap-heap material to be frank.
I pay no mortgage or rent, but I am essentially a broken-down non-producer. Odd-jobbing, with income tax/ni stoppages at 20% on anything over about £4K, is a depressing bummer. I do it only for "the feel-good factor", really.
Sadly, my main income hinges almost entirely on betting nowadays. Not easy, imo, and nothing to be proud about, but, I do enjoy it, when I get the desired results.
My only advice to anyone is make the best of the good times while you can, because a man never knows how long they'll last.
Pipedreamer's points were good, too. The less dependent a man is on toys and baubels, the better his chance of survival will be when the trappings evaporate, imo.
Post Your Reply
Please login to post a reply.
Wonder
Instance ID: 13539