Are you rich?

[gotoPzero]

lizardbrain said:

okgo said:

Even a 1 minute skim if average life expectancy stats will tell you which is the more sensible thing to plan for. Death at 60 or 85… many more will make the latter, especially if they’re 35 today as I assume he is.

I haven’t even given a seconds thought to those relatives of mine that died early. They are them. I am me. In a living sense. Exceptions apply with things that get passed down but you PROBABLY won’t die at 60, which is a young age to go for anyone. Let alone someone who’s in their 30’s today.

Death not so relevant as health IMO. I have relatives who lost their health at 70 and may as well be broke for all the quality of life their riches bring them.

Average 'health' span is 65, and that's the age I'm planning for.

Exactly. I retired very young in my 40s. I plan to live a very active retirement into my 60s. After that every day where I will be able to get up and have good health is going to be a blessing. My wife already has health issues. So in 20 years I expect that will be a situation in itself.

I have seen plenty of family slowly start to deteriorate from 65. Not a lot of people will admit. I have family in their early 70s who still rush round like they are 30, gardening, grand kids etc. But most of them have something wrong. Hips, heart, eyes, arthritis.

They might act all "fit as a fiddle me" but when you see them take 4 days to recover from a gentle walk with the grand kids you know they are not quite as spritely as they make out.

Each to their own though. I am sure a 98 year old marathon runner will enter the chat any moment now...

[The Gauge]

gotoPzero said:

I have seen plenty of family slowly start to deteriorate from 65. Not a lot of people will admit. I have family in their early 70s who still rush round like they are 30, gardening, grand kids etc. But most of them have something wrong. Hips, heart, eyes, arthritis.

They might act all "fit as a fiddle me" but when you see them take 4 days to recover from a gentle walk with the grand kids you know they are not quite as spritely as they make out.

I'm of the belief that if you get seriously ill before the age of 50 then you are extremely unfortunate and unlucky, but after 50 it's pot luck. I've noticed a change since I hit 50 (I'm 52) and now have deteriorating eyesight, high blood pressure, arthritis in my right knee and a recent fall means I now have absolutely no feeling on the front of my left knee. All of that in a fairly short period of time.

I retire in 3yrs time, by which time my mortgage will be paid off and I'll get a nice lump sum from my pension. I'd love to experience having a really nice car but it would also need to tow my caravan which rules out sports cars, so I'm researching getting a 2nd hand Porsche Cayenne, but I wouldn't get one now as that would mean taking on debt which I refuse to do.

[Skeptisk]

okgo said:

Skeptisk said:

But on the other hand you don’t know what life will be like in 30, 40 or 50 years and whether. Society could go to pot and it might not be worth living. Or inflation could ruin tour plans. An Argentinian friend was telling me about his father. Retired 10 years ago with a super pension…but what he gets every week is now worth about 20% of what it was in real money. He has gone from well off to scrapping by.

All of that is vanishingly unlikely to happen in one of the world’s largest economies. Argentina entire exonomy is probably about the same as Surrey.

You have no idea what will happen over the next 30 to 50 years. Neither do I and neither does anyone else.

I suspect that the end of the 19th century, most people in the U.K. would not have forecast two world wars and the loss of the empire within the next half century.

[craigjm]

Skeptisk said:

okgo said:

Skeptisk said:

But on the other hand you don’t know what life will be like in 30, 40 or 50 years and whether. Society could go to pot and it might not be worth living. Or inflation could ruin tour plans. An Argentinian friend was telling me about his father. Retired 10 years ago with a super pension…but what he gets every week is now worth about 20% of what it was in real money. He has gone from well off to scrapping by.

All of that is vanishingly unlikely to happen in one of the world’s largest economies. Argentina entire exonomy is probably about the same as Surrey.

You have no idea what will happen over the next 30 to 50 years. Neither do I and neither does anyone else.

I suspect that the end of the 19th century, most people in the U.K. would not have forecast two world wars and the loss of the empire within the next half century.

Exactly and all this talk of life expectancy is assuming the only way you can die is a health or age related reason.

[Jimjimhim]

bad company said:

The Gauge said:

bad company said:

ThingsBehindTheSun said:

My partners father is 75, owns two fully paid for properties and has (at a complete guess) around £1 million in shares and pension.

He drives around in a 12 year old battered Honda and has no interest in buying a new car. He doesn't really go on holiday, doesn't buy anything expensive, but if he needs to spend money on something (recently his fridge freezer and dishwasher dies in the same week) he will buy it. He lives well on a day to day basis, but doesn't spend anything other than money on living.

We have (half) jokingly suggested he give my partner some of her inheritance early as he doesn't really need it and it would make a massive difference to our lives right now. On the one hand I can understand that it is his money and why should he, but on the other hand he must realise that my partner is going to get it eventually and it means much more right now than in 10/15/20 years time.

We live in a crazy world where the elderly are hording money they don't need and the young are signing themselves up to massive mortgages and debt because they have no other option.

Only (half) jokingly???

Why don’t you just murder the old b****r then you can have his money now?

Posts like that really boil my p**s. It’s HIS money to do with as he wishes.

I disagree. I plan to downsize my house and release funds to give my son well before I get to my 70's, both to ensure he gets it and to see him benefit from it. That would give me great pleasure, rather than him getting it after I'm dead.

Fine but that’s YOUR choice what you do with your money rather than someone else’s sense of entitlement. I don’t think that’s disagreeing at all.

Edited by bad company on Friday 7th June 16:19

I was about to say the same when I read his post, it's his money to do with as he pleases. You shouldn't go asking or expecting people to give you money IMO

[akirk]

Monkeylegend said:

akirk said:

I know a number of people in that position - not on the list and who work hard to make sure they never appear on such a list, but equally who know their comparative wealth... I am hardly going to break their confidence by sharing their details in public!

I agree, I wouldn't fancy being kneecapped either.

more those with paired side by sides than sawn-offs.

I did once though turn up to a shoot to have on one side of me an ex-SAS sniper ( then doing security for a middle-east family) and on the other side a member of a Chinese Triad - they both shot far better than I did...

[NRG1976]

If you can’t afford a car outright you shouldn’t get it on finance.

…rolls grenade into the room and walks away

[J4CKO]

Saw Jimmy Carr talking about similar and saying how we take things like having a shower for granted and consider ourselves poor if we don’t have certain items.

I don’t feel that wealthy living in Cheshire as you see some incredible wealth but I do ok, can’t complain really.

[lauda]

Jimjimhim said:

bad company said:

The Gauge said:

bad company said:

ThingsBehindTheSun said:

My partners father is 75, owns two fully paid for properties and has (at a complete guess) around £1 million in shares and pension.

He drives around in a 12 year old battered Honda and has no interest in buying a new car. He doesn't really go on holiday, doesn't buy anything expensive, but if he needs to spend money on something (recently his fridge freezer and dishwasher dies in the same week) he will buy it. He lives well on a day to day basis, but doesn't spend anything other than money on living.

We have (half) jokingly suggested he give my partner some of her inheritance early as he doesn't really need it and it would make a massive difference to our lives right now. On the one hand I can understand that it is his money and why should he, but on the other hand he must realise that my partner is going to get it eventually and it means much more right now than in 10/15/20 years time.

We live in a crazy world where the elderly are hording money they don't need and the young are signing themselves up to massive mortgages and debt because they have no other option.

Only (half) jokingly???

Why don’t you just murder the old b****r then you can have his money now?

Posts like that really boil my p**s. It’s HIS money to do with as he wishes.

I disagree. I plan to downsize my house and release funds to give my son well before I get to my 70's, both to ensure he gets it and to see him benefit from it. That would give me great pleasure, rather than him getting it after I'm dead.

Fine but that’s YOUR choice what you do with your money rather than someone else’s sense of entitlement. I don’t think that’s disagreeing at all.

Edited by bad company on Friday 7th June 16:19

I was about to say the same when I read his post, it's his money to do with as he pleases. You shouldn't go asking or expecting people to give you money IMO

I tend to agree. But it’s funny how lots of people’s views in this area seem to perform a full 180 when it comes to the issue of inheritance tax though.

When they’re alive, it’s that person’s money to do with as they please. When it comes to paying a slug of inheritance tax on it once they’re gone, it suddenly rightfully belongs to someone else in its entirety.

[Skeptisk]

J4CKO said:

Saw Jimmy Carr talking about similar and saying how we take things like having a shower for granted and consider ourselves poor if we don’t have certain items.

I don’t feel that wealthy living in Cheshire as you see some incredible wealth but I do ok, can’t complain really.

I’ve spent a bit of time in India living with my wife’s relatives and also been there on business (staying in hotels). It was very eye opening. Most of the people I stayed with were rich by Indian standards (anyone in the middle class is rich), yet they were very poor by U.K. standards with small houses, poor facilities and of course rolling cut off of electricity and water. However compared to the masses living on the street or in shanty towns, possessing not much more than the clothes in their backs, they were rich.

I really liked the strong family bonds. Even though I was white (and at that point not even married to my wife) they couldn’t have treated me better. I think my flight back was around 1 am and the whole family I was staying with in Delhi plus several other relatives in the area came to the airport to see me off. What they lacked in money they made up for in interpersonal relationships

[paralla]

I thought I was doing alright until I read my next door neighbour sold his company for £67.5M. There’s no chance of ever lording it over the neighbours.

[Monkeylegend]

akirk said:

Monkeylegend said:

akirk said:

I know a number of people in that position - not on the list and who work hard to make sure they never appear on such a list, but equally who know their comparative wealth... I am hardly going to break their confidence by sharing their details in public!

I agree, I wouldn't fancy being kneecapped either.

more those with paired side by sides than sawn-offs.

I did once though turn up to a shoot to have on one side of me an ex-SAS sniper ( then doing security for a middle-east family) and on the other side a member of a Chinese Triad - they both shot far better than I did...

They shot and you st

[NRS]

lauda said:

I tend to agree. But it’s funny how lots of people’s views in this area seem to perform a full 180 when it comes to the issue of inheritance tax though.

When they’re alive, it’s that person’s money to do with as they please. When it comes to paying a slug of inheritance tax on it once they’re gone, it suddenly rightfully belongs to someone else in its entirety.

Absolutely, it’s the kid’s money and they worked extremely hard for it!

[spikeyhead]

I was rich, but less so now.

I had wonderful friends, but too many of them have died far too young. That has made my life far poorer, even though I have plenty of money.

[okgo]

craigjm said:

Exactly and all this talk of life expectancy is assuming the only way you can die is a health or age related reason.

I’ll plan for the likely outcome. You guys can plan for the unlikely one.

[bloomen]

Didn't expect Iceland to be number one.

I assume somewhere there's a cost of living/ net worth ratio to apply that would be rather more informative.

As for me, I'm vastly richer than I ever expected to be.

For the best part of a decade I rarely had more than £100 in my bank account so trained myself out of being a breadhead.

I can easily leave a few hundred quid on my Amazon balance for an entire year not wanting a single thing on there.

[Countdown]

Skeptisk said:

I really liked the strong family bonds. Even though I was white (and at that point not even married to my wife) they couldn’t have treated me better. I think my flight back was around 1 am and the whole family I was staying with in Delhi plus several other relatives in the area came to the airport to see me off. What they lacked in money they made up for in interpersonal relationships

O/T but my theory is that famiiy bonds tend to be strongest in those cultures where State-provided social welfare is either poor or non-existent. if you know that the State isn't going to step in and provide you with money, housing, healthcare you need to create your own support network.

[Wacky Racer]

If you have £100m in the bank but are confined to wheelchair for the rest of your life, you are poor compared to a man on £40k a year in good health that really enjoys his job.

[Biker's Nemesis]

[The Gauge]

It's easy to be jealous of folk who appear to have better lives than ourselves, you see that nice house with a Range Rover on the drive and wish that was you. Maybe they do have money and live a great life, or maybe they are in debt and struggling, maybe their business is starting to fail, and maybe behind that front door they live a difficult life dealing with their own pains, losses or poor health, or not being able to have children etc. Maybe some of them would happily swap their lives with us poorer folk who actually have all the things their money can't buy?

Or not?

Edited by The Gauge on Saturday 8th June 12:00