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Broke, are the majority of us broke?

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wr6133
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PostPosted: 12:19 - 12 Feb 2021    Post subject: Reply with quote

If we both lost our jobs tomorrow we could go about 2 years, with tighter belts and selling toys or assets.

That said most of the time I'd consider myself "broke", as we try to push any spare income towards making early retirement a realistic prospect.

My only debt is my mortgage, we aim to have that ended in 2 years time. I honestly (and maybe snobbishly) view people with expensive toys on PCP/HP as retards.
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chickenstrip
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PostPosted: 14:02 - 12 Feb 2021    Post subject: Reply with quote

Nobby the Bastard wrote:
chickenstrip wrote:


In the interests of socialism and wealth redistribution, you can send some of that to me.


I do that by paying tax.


Typical bloody socialist. They all talk the talk... Laughing
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Fat Angry Scotsman
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PostPosted: 14:29 - 12 Feb 2021    Post subject: Reply with quote

Skudd wrote:
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.


Damn bro, no offence but I hope I don't become you.

Sounds like you've had a rough time from losing a job years ago. All the best to you and yours in future mate.
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Polarbear
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PostPosted: 15:23 - 12 Feb 2021    Post subject: Reply with quote

The one big thing I would beg anyone to do is buy and pay for their house. If I had to I could live on about £500 a month paying council tax, gas, electric and food and the roof over our heads because I own it is secure.

Don't remortgage your house. Don't take payment holidays if you can avoid it. Just pay the bloody thing off and see what a difference it makes. I don't care for it gaining value. If I move the next place will cost whatever so I'll not really gain but no rent, no mortgage is one hell of a way towards no worries.

Or else sell everything, spend your money on hookers and cocaine and then get looked after by the state. Rolling Eyes
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chickenstrip
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PostPosted: 15:39 - 12 Feb 2021    Post subject: Reply with quote

Polarbear wrote:
The one big thing I would beg anyone to do is buy and pay for their house. If I had to I could live on about £500 a month paying council tax, gas, electric and food and the roof over our heads because I own it is secure.


You pray that nothing essential breaks down or wears out. Sometimes you discover what you thought was essential, isn't. An oven, for e.g.
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chickenstrip
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PostPosted: 15:40 - 12 Feb 2021    Post subject: Reply with quote

Polarbear wrote:

Or else sell everything, spend your money on hookers and cocaine and then get looked after by the state. Rolling Eyes


It is very tempting! Laughing
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The Shaggy D.A.
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PostPosted: 15:48 - 12 Feb 2021    Post subject: Reply with quote

chickenstrip wrote:
Polarbear wrote:
The one big thing I would beg anyone to do is buy and pay for their house. If I had to I could live on about £500 a month paying council tax, gas, electric and food and the roof over our heads because I own it is secure.


You pray that nothing essential breaks down or wears out. Sometimes you discover what you thought was essential, isn't. An oven, for e.g.


Don't need an oven for Pot Noodles Smile

I'm in the fortunate position where I only have to pay for utilities now. Have enough in the bank to buy a second house, fill it full of students, become a slum landlord and quit the day job.
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stinkwheel
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PostPosted: 15:53 - 12 Feb 2021    Post subject: Reply with quote

To to sum up the answer to the OPs question. No? Because there seems to be a bit of a generation X demographic on here with a particularly negative attitude to credit.

Presumably borne out of watching how fucked over everyone got in the 80's with double digit interest rates.
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Nobby the Bastard
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PostPosted: 16:03 - 12 Feb 2021    Post subject: Reply with quote

The other side of buying is that my 4 bed semi costs £500 a month on my mortgage. I really dread to think what it would cost in the rental market.
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stinkwheel
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PostPosted: 16:30 - 12 Feb 2021    Post subject: Reply with quote

Nobby the Bastard wrote:
The other side of buying is that my 4 bed semi costs £500 a month on my mortgage. I really dread to think what it would cost in the rental market.


Yes, my statement just arrived. My 4 bed end terrace with built in garage and large shed and offroad parking for 2 cars is £313/month. I'm paying £700/month.

[/FLEX]
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Ayrton
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PostPosted: 16:39 - 12 Feb 2021    Post subject: Reply with quote

I'm lucky enough to be working in an industry that isn't in any trouble since everyone can work from home. I make sure I keep enough in the bank to keep me going for a good few months if things get bad too.

Only debt I have is my mortgage which is quite cheap and a couple hundred left on a sofa I bought when I moved in (which I wish I just bought outright). I'm probably going to try and pay the mortgage off over the next 10 years.

I think people are far too eager to buy things on credit instead of saving up or just getting something within their budget. Most people think nothing of buying a car on finance or taking out a mobile on contract because practically everyone does it.
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Tracey Suntan-King
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PostPosted: 17:23 - 12 Feb 2021    Post subject: Reply with quote

stinkwheel wrote:
To to sum up the answer to the OPs question. No? Because there seems to be a bit of a generation X demographic on here with a particularly negative attitude to credit.

Presumably borne out of watching how fucked over everyone got in the 80's with double digit interest rates.


Are you saying we're old, sonny?
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Polarbear
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PostPosted: 17:31 - 12 Feb 2021    Post subject: Reply with quote

Oh, an if everything went to total ratshit I'd go live permanently on the boat. No council tax, bugger all on energy (a few hundred a year on diesel and gas)

Biggest outgoing Thinking Ah yes, Rum Wasted Laughing
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MarJay
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PostPosted: 17:49 - 12 Feb 2021    Post subject: Reply with quote

stinkwheel wrote:
To to sum up the answer to the OPs question. No? Because there seems to be a bit of a generation X demographic on here with a particularly negative attitude to credit.

Presumably borne out of watching how fucked over everyone got in the 80's with double digit interest rates.


The people I know who got into the worst debt are all the same age as me... Born 1980.
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Nobby the Bastard
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PostPosted: 18:14 - 12 Feb 2021    Post subject: Reply with quote

stinkwheel wrote:
Nobby the Bastard wrote:
The other side of buying is that my 4 bed semi costs £500 a month on my mortgage. I really dread to think what it would cost in the rental market.


Yes, my statement just arrived. My 4 bed end terrace with built in garage and large shed and offroad parking for 2 cars is £313/month. I'm paying £700/month.

[/FLEX]


Overpaid £20k in the last year. Avoided the penalty for overpaying more than 10% by not immediately getting a new deal and paying the remainder in the gap.

Still paying for it until I'm 67 though. My fault for making babies when I was 45.

I would point out mine costs more because I don't have 5 foot of snow outside at the moment.
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stinkwheel
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PostPosted: 19:57 - 12 Feb 2021    Post subject: Reply with quote

Nobby the Bastard wrote:


Overpaid £20k in the last year. Avoided the penalty for overpaying more than 10% by not immediately getting a new deal and paying the remainder in the gap.

Still paying for it until I'm 67 though. My fault for making babies when I was 45.

I would point out mine costs more because I don't have 5 foot of snow outside at the moment.


No snow here. Nor has there been. Bright sunshine, clear sky black roads. Pic taken this afternoon.

https://lh3.googleusercontent.com/pw/ACtC-3e-qUiiUnE8Bw_jh1qGV2vqCiyew33TJu0OwsjiUpiWQH13KGMaeVva0y1-y0O_qCfV8vkaCcd3WyxWOp3UuGAZ_iyhB5b0l8vZbQz5ltT8pVHZs0rYRi8j8e3xcIrkVASuXW-dq09eJFvovrqKGeQJ=w484-h860-no
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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.
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Johnnythefox
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PostPosted: 21:42 - 12 Feb 2021    Post subject: Reply with quote

I'm not very rich but I did retire 8 years ago when I was 52 and my mortgage is paid off, I have no debts and 50 grand in the bank plus a MOD pension so all in all ok.
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Blah blah
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PostPosted: 22:07 - 12 Feb 2021    Post subject: Reply with quote

My mortgage was paid off 10+ years ago, all 8 of our vehicles are paid for and I've enough cash in the bank to live for about a year without having to sell anything.

This was done by earning as much as I could when I could and not spending it on moving house every year, or the latest phone, leased Audi or other random stuff.

However I did work fooking hard for 20 years with some awful people to get to this position. I'm still working but with some nicer people and the job's a lot less stressful however it pays about half of what I was on in my last job...
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panrider_uk
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PostPosted: 03:11 - 13 Feb 2021    Post subject: Reply with quote

Polarbear wrote:
Oh, an if everything went to total ratshit I'd go live permanently on the boat. No council tax, bugger all on energy (a few hundred a year on diesel and gas)

Biggest outgoing Thinking Ah yes, Wifey:wasted: Laughing


I've corrected that for you.

Personally, after a couple of divorces (expensive - don't recommend) I've paid off the mortgage and only buy stuff cash or 0% interest credit
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Hetzer
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PostPosted: 10:38 - 13 Feb 2021    Post subject: Reply with quote

Nope. Laughing
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Ste
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PostPosted: 12:08 - 13 Feb 2021    Post subject: Reply with quote

I'm not broke but I'm not rich anymore. Sad
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thx1138
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PostPosted: 12:34 - 13 Feb 2021    Post subject: Reply with quote

Probably could survive for one year if all income stopped today and no more was sourced.
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arry
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PostPosted: 13:19 - 13 Feb 2021    Post subject: Reply with quote

I'm lucky enough these days to be in the top 1% of population on household income. I've been earning well for at least ~7 years and should probably have done more with the wealth, but have been enjoying life whilst I'm still young enough to do so; probably a good balance between being fiscally responsible and living life well.

Have a 4 bedroom house with big garage - still have a mortgage but it's relatively small and an offset which I have nearly the balance in, so I'm not getting pumped for interest (even at the 2% rate).

Have a rental property that we've had for ~3 years and is nearly paid off now - it will be by the time the mortgage fixed term comes up in about 18 months time.

No credit card debt, no loans. The offset account is our savings and I could dip in there for nearly £100k if the need arose, so I think we'd do ~3-4 years before anything particularly serious happened.

~£45k ish even in a fire sale of toy type assets.

~£250k in my pension already. Wife's one is pretty decent too.


Think we'll be alright.
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scoobydaz
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PostPosted: 20:08 - 14 Feb 2021    Post subject: Reply with quote

This is something I talk to my kids about a lot, at 55 I am liquidating my buy to let houses to pay off the mortgage on my house, my wife probably wont ever work again due to mental health issues and I find that I have to be around a lot more now than I used too.

That aside I'm trying to teach my kids that credit, whilst you can get it and buy the shiny shiny stuff with it is a killer.

Some people we know have two-three mortgages on the one house so that they can increase it in size from a three bed house to a large three bed house, plus put a nice £40k car on the drive and go skiing 2-3 times a year plus the big summer holiday to Greece or Corfu or wherever - then there's the 65inch tv, latest iphones, pads and Macs that they all weald. The clothes and Rolex all add to the illusion of wealth also.

The problem, that I try to get through, is that yes its nice to have this stuff but not if its sole purpose is to impress others. Once you buy something is suddenly looses A LOT of its value, more so when being used against any debts owed, a £1500 tv suddenly becomes worth £150-200 when being totted up to cover a debt outstanding.

If things go wrong for these people and they lose their jobs then they cannot service the finance and the vultures close in very quickly with very sharp claws and NO regards for the heartbreak and suicides they cause.

I'll never be rich, unless my numbers come up, but we get buy with nothing other than the mortgage which we can manage and a little bit of credit card debt which can be closed off at any time.

With my work I can carry on until I'm into my 70's and still earn well enough, but hopefully the kids will be able to help out then......
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