Broke, are the majority of us broke?

[woo]

With people losing jobs due to covid lockdown’s and its knock on effect it got me wondering if we as a society where credit is really the main currency of everything, are we broke?

If you lose your job how many months away are you from not being able to pay your financial obligations, e.g mortgage/bills?
How many months can you support yourself/family after losing your source of income if you cant source another job?
I ask are we a nation of broke people as most of our purchases are bought on credit, usually if you use credit its because you don’t have the money there and then to pay for said items.
Once upon a time if you didn’t have the money you went without and you could only afford what you could afford.

Most home purchase are bought on credit aka mortgage so in reality who really owns your home, same with most vehicles.

When I look at my own finances I have the money to meet my financial obligations with money left over but based on the above id class myself as broke.

What you lot think?
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Elen sila lummen omentielvo!

[MarJay]

Tell me something new.

I have made it a personal challenge to avoid all credit except for mortgages and so far I'm doing OK, but unlike most of the forum, and a large proportion of the population I'm lucky enough to have what you might term an 'above average' salary. It's not lots, but I do OK. I know I'm in a minority, and I know that I'm lucky.

As I said, tell me what else is new?

I think a more interesting subject would be concerning the proportion of people on furlough who are actually better off than having to work due to travel costs or whatever? I don't think it's a big proportion, but there are people in that situation nevertheless.
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British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.

[stinkwheel]

I've never been so busy.

I am generally of the oppinion that if I can't afford it, I don't get it.

I have also been careful not to overstretch myself so bought a house at a price point where the mortgage is comfortably affordable. I delayed buying so I could go in with a big deposit and access prime lending rates. I could probably "afford" double what I have, maybe a bit more but I'd be sat in a flash house with no life other than servicing the mortgage.

I could go 12 months comfortably. Maybe 2 years with a seriously tightened belt. Also at any given point I made sure I'm at least 6 months ahead with my mortgage payments and my provider allows me to just call up and stop them if I need to.

In fairness, I don't spend a lot of money. I thought I'd spent a fortune when my long term bullet project came out at around £6k over the two years it took me to build it. I have mates who'll flip bikes for more than that every 2-3 years.
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“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.

[Nobby the Bastard]

The only credit I have is the mortgage and 2 mobiles. The mobiles are about 60 quid a month ane I have 30 grand in the bank.

In 10 years I get 30 grand lump sum based on todays prices from a pension.

Not.bothered. the 2 thirty grands can clear my mortgage.
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trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Sprint ST 1050

[Nobby the Bastard]

And life insurance will clear the mortgage if I die immediately.
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trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Sprint ST 1050

[Riejufixing]

[Riejufixing]

[MarJay]

[Ste]

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme#when-furlough

"During hours which you record your employee as being on furlough, you cannot ask them to do any work for you that:
- makes money for your organisation or any organisation linked or associated with your organisation
- provides services for your organisation or any organisation linked or associated with your organisation

Your employee can:
- take part in training
- volunteer for another employer or organisation
- work for another employer (if contractually allowed)"

[chickenstrip]

The majority of me is broke.
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Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
THERE'S MILLIONS OF CHICKENSTRIPS OUT THERE!

[MarJay]

[hellkat]

Yeah, nah.
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Not nearly as interesting in real life.

[Skudd]

Well I know who is top of the kidnap/rob/kill list.
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Famous last words of Humpty Dumpty. " Stop pushing me "
Petty Anarchists look at "1984".............. The Visionary looks at "Animal Farm".

[chickenstrip]

[Skudd]

[chickenstrip]

[Fat Angry Scotsman]

At age 24 I had sheriff officers arresting my earnings because I couldn’t pay council taxes because I was in a cycle of high interest revolving credit.

I will be 34 at the end of this year and I have no debts other than a mortgage, between my salary/bonuses/dividends I am extremely close to breaking six figures per year, my car and motorcycle are both owned outright, I have a share and crypto portfolio (out with the shares I have in my company) that’s worth about 35,000 - £45,000 if I liquidated it and I am a Director and minority shareholder in my company.

When I am 45 I fully expect to have paid off my mortgage and have an even larger investment portfolio, maybe even a buy-to-let mortgage but maybe not since it’s becoming harder and harder to be a landlord.

10 years ago I was in financial peril, now I am financially comfortable and in 10 years time I hope to be even more stable and comfortable. I’m not going to say I’m lucky because frankly I’m not. I worked hard and I earned it. I turned it around and I’m happy I did. This life is a short one and I aim to leave it happy.
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PRESENT: 2018 BMW S1000XR SE Sport.
PAST: 2009 Kawasaki ER-6F. 2021 Zontes ZT-125U.

[Lone-Wolf]

Wotcha.

I suppose I'm lucky in as much as I don't have any debts or commitments. House was bought and paid for years ago.

The compensation from my accident will take care of me for the rest of my life . . . . on the downside, the accident injury prevents me from enjoying the money I got because of the accident.

Ah well - such is life.
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Cheers.
^..^
L.W. - www.moonshiners.org.uk

[ThunderGuts]

Mortgage is our biggest one (as it is for most) but we overpay when we can to erode the amount remaining. Got a lease car this time around as my old one was in dire need of work costing massive money and as much as I liked the car, it didn't make financial sense to retain. But we have been sensible on both counts; we both have reasonable salaries but have a modest house and car. I know plenty of others who have stretched themselves to the limit, especially on mortgages in recent years - when interest rates eventually creep up that's going to hurt. It seems a lot of people don't get how significant a few percent is in mortgage terms.

We had our first kid last year though and it's amazing how much that recalibrates your view of things though. It's also amazing how much flipping money they consume.
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TG.

[Polarbear]

[pepperami]

Downsized the house means I’m mortgage free.
What little income I do have goes a lot further
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I am the sum total of my own existence, what went before makes me who I am now!

[Skudd]

[MarJay]

[Nobby the Bastard]

[Skudd]

When I was 38 yrs old I had a very good income, on my way to retirement at 55yrs and get a hobby job. Was going to be totally debt free with hobby job paying for nice stuff. I had a bike and car fully paid for too. At 39yrs I was made redundant, divorced by 41yrs, lost the house with zero to show for it. A few years later was a tad unwell for a year and had to use all my savings to get by.

I'm totally debt free, own my bikes and car, but now live from pay packet to pay packet, but I'm comfortable. I will inherit a few bob in a few years, but that will be my pension.

On the plus side I doubt I will live past pension age if I ever get there. I probably have 10-12 years left in me so will be working until the end. So I just live for today and don't worry about the day after tomorrow.
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Famous last words of Humpty Dumpty. " Stop pushing me "
Petty Anarchists look at "1984".............. The Visionary looks at "Animal Farm".