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How Wealthy Are You?


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#1 mab01uk

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Posted 01 July 2019 - 11:54 AM

"The UK is in the middle of a decades-long wealth boom. Total wealth now stands at a record £12.8 trillion, or almost £13 million million.

But where you live, and when you were born plays a big part in how much of that wealth you are likely to own.

In the 1960s and 1970s, the UK's collective wealth - the value of our property, pensions and savings - was about three times as big as the UK economy's national output, or GDP. But since the 1980s, as wealth has boomed, it has surged to close to seven times the size of annual GDP. This growth continued even through the 2008 financial crisis."

More here:-

https://www.bbc.co.uk/news/uk-48759591

 



#2 RedRuby

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Posted 01 July 2019 - 12:59 PM

I would not say I am wealthy, I undoubtably have a bit more than some and a bit less than others. On the other hand I could consider myself rich from the fact that I own a mini, the money pit that the delightful little thing is.

#3 Cooperman

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Posted 01 July 2019 - 01:22 PM

That certainly is very interesting.

I am an OAP and have been since 2007. Perhaps I have been lucky, but during my working life the harder I worked the luckier I seemed to get.

I was always reluctant to buy into pension schemes, but my wife and I had no options and we have a small but steady private pension. We both never opted out of the ERPS & SERPS Gov't Pension Schemes, so our state pensions are better than the average. 

However, we did purchase property when we were in our 50's and early 60', so we get a rental income. That may sound attractive, but repairs and maintenance have to come out of the income. I always think we did the right thing though.

I don't consider myself as 'wealthy', although we are comfortable. We are both able to enjoy our retirement and to pursue our hobbies and sports. My wife is a very keen bowls player, at County level, and I fly gliders/teach gliding and play with my Minis. The Minis actually cost me very little as I tend to keep them a few years and then when I sell one it always at least breaks-even. I would never sell my 1964 'S'. I do occasionally do engine builds for friends for which I charge an hourly rate, although I don't offer that service generally.

My road car is a 12-year-old BMW 7-Series and I have an old Land-Rover for towing trailers and moving stuff around.

My personal feeling is that I am one of the 'lucky generation' born during or just after WW2. Those of that generation who had aspirations and were prepared to work hard to achieve them generally did well. There are always those who are not willing to really work and take risks and they are the ones who tend to say "It's all right for you". Both my wife and I have had to put our home up as security for business loans and once we were in a situation when our home was really at risk, but we came through it eventually without it becoming a disaster.

My son decided not to go to Uni, but to take an automotive engineering apprenticeship. He is now a design consultant in F1 engineering and is steadily building up his personal wealth with his wife who has her own small one-person business as well.

When I look at my parents who had a much harder life I do realise how much better life is these days for virtually everyone. And as for my grand-parents, they had a really tough life.



#4 ukcooper

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Posted 01 July 2019 - 01:39 PM

if ya keep a propa mini ya minted ??????????? well you where before you had one or two lmao 



#5 Ade-Cooper

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Posted 01 July 2019 - 01:51 PM

Broke as f*** - mainly due to the mini or two  :bah:  but on a serious note if I tried in my younger years maybe a different outcome, but would I have all the story's to tell my kids when they will want to listen lol 



#6 Magneto

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Posted 01 July 2019 - 02:09 PM

I'm in a similar situation to Cooperman, although I don't know what an OAP is, I assume he's retired as am I and of similar age. I'm in the US though....

 

I also do the occasional engine/transmission build for a friend, but it's not really a source of income. My wife and I worked hard and lived within our means to be able to retire and live comfortably - by that I do not mean we can spend money will-nilly and travel around the world, rather our bills are paid each month, as is our home and we have a "cushion" should we need it. By that metric we are "well off", especially compared to those who are living strictly off their social security savings and renting an apartment.

 

We did grow up in a time when it seemed anyone who paid attention and worked could get ahead, even with two children put thru university at my expense we were able to save. However, I don't know that I agree that things are as  good or better now...... some things have improved, others are a real factor - such as the cost of education here in the US now - it has spiraled completely out of control, same with health care and taxes. 

 

I think it will be tougher for our grandchildren to be in the same position as we are, but thankfully their parents (and to a lesser degree their grandparents) are able to provide them with at least the education and upbringing to give them a good launch. The rest is up to them.....

 

I find that if I need a little extra cash there are plenty of part time jobs around that will let me work a day or two a week and put some spending cash in my pocket. I still do that as it provides a means of being out in the world and meeting people as well as letting me fiddle with my 3 Minis and not have to tap into the savings. I figure if I'm too old and decrepit to play with my cars and do the occasional Mini meet, I'll sell them and just stay home - I hope that's off a ways yet.....

 

However, wealth as measured in the article - via real property - is a myth, isn't it? I mean, much like the stock market - it could go *poof* at any moment. And while land itself could be a viable measurement - as they don't make any more of it - the value of homes and the things inside them is all a ponzi scheme - as long as people think it's valuable - it will be. But wars, natural disasters and other things beyond the average person's control can quickly turn that to dust. 

 

Real wealth to me is measured in the family and friends I have and the life I continue to live. By that measure, I'm doing fine.....



#7 MiddletoM

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Posted 01 July 2019 - 02:10 PM

I have no kids and no girlfriend....so yea, i have plenty of disposable cash....and time. :)



#8 kit352

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Posted 01 July 2019 - 02:43 PM

I'm in a similar situation to Cooperman, although I don't know what an OAP is, I assume he's retired as am I and of similar age. I'm in the US though....

 

I also do the occasional engine/transmission build for a friend, but it's not really a source of income. My wife and I worked hard and lived within our means to be able to retire and live comfortably - by that I do not mean we can spend money will-nilly and travel around the world, rather our bills are paid each month, as is our home and we have a "cushion" should we need it. By that metric we are "well off", especially compared to those who are living strictly off their social security savings and renting an apartment.

 

We did grow up in a time when it seemed anyone who paid attention and worked could get ahead, even with two children put thru university at my expense we were able to save. However, I don't know that I agree that things are as  good or better now...... some things have improved, others are a real factor - such as the cost of education here in the US now - it has spiraled completely out of control, same with health care and taxes. 

 

I think it will be tougher for our grandchildren to be in the same position as we are, but thankfully their parents (and to a lesser degree their grandparents) are able to provide them with at least the education and upbringing to give them a good launch. The rest is up to them.....

 

I find that if I need a little extra cash there are plenty of part time jobs around that will let me work a day or two a week and put some spending cash in my pocket. I still do that as it provides a means of being out in the world and meeting people as well as letting me fiddle with my 3 Minis and not have to tap into the savings. I figure if I'm too old and decrepit to play with my cars and do the occasional Mini meet, I'll sell them and just stay home - I hope that's off a ways yet.....

 

However, wealth as measured in the article - via real property - is a myth, isn't it? I mean, much like the stock market - it could go *poof* at any moment. And while land itself could be a viable measurement - as they don't make any more of it - the value of homes and the things inside them is all a ponzi scheme - as long as people think it's valuable - it will be. But wars, natural disasters and other things beyond the average person's control can quickly turn that to dust. 

 

Real wealth to me is measured in the family and friends I have and the life I continue to live. By that measure, I'm doing fine.....

  OAP- Old Age Pensioner for us yanks.  You are correct assuming it means retired.



#9 Cooperman

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Posted 01 July 2019 - 10:50 PM

Before anyone criticises, I am now 78 and have been fortunate that I have never really been out-of-work, have always had interesting and well-paid jobs and have a great family.

 

Although my father and mother were very working class they always encouraged me and I realise what a struggle it must have been when I went to a Grammar school and needed 'stuff'. I like to think I was able to help then after they retired with small pensions and little savings.

 

It was easier to achieve that to which you aspired in the 60's & 70'. I had always wanted to work for myself and I achieved that. My 2nd wife (known as 'my current wife') also had her own business and was a company director when we first met over 40 years ago.  However, interest rates were very high in the 70's under the then-labour Gov't and basic income tax was 35%. Thus not everything was as easy as some might suggest. The trades unions had a lot of power and in my business I had to have union approval in order to do business with many of my clients, which was a bit difficult.

 

Maybe 'my generation' did not carry the same levels of personal debt. If we wanted something we saved for it. Now it just goes onto a credit card. When I bought my first Mini I had to have 30% deposit and got hire-purchase over 2 years. I remember receiving one of the first Barclaycards through the post in 1967 (I think) without my asking for it. I didn't really know what it was to be used for!

 

There is much talk about property prices, but 50 years ago you needed 25% deposit to get a mortgage and interest rates were in the region of 8%. We just did without things like foreign holidays, or any holidays really, and saved up, I was rallying back then, but it didn't cost me much and I did sometimes actually get paid for co-driving. I also fixed peoples cars in my spare time as well as working as an aerospace design engineer as a 'proper' job (on the Concorde I am proud to say).

 

So if we 'oldies' seem 'wealthy'. it is just that we structured our lives and didn't get into debt. We invested bit by bit and the rest is as it is. Now many of us OAP's have a comfortable life without too many money worries, but I think we have earned it.



#10 kit352

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Posted 02 July 2019 - 07:38 AM

I fit into the wealthy bracket of that article and i am in my mid 40's.  I am also tragically cheap.  I bought my first new pair of shoes last month in nearly a decade for under a 100 and i sat in that store for nearly an hour debating it.  A lot of my stuff clothes and stuff i buy second hand simply because i see the value in older stuff.  I but a new tv when the old one explodes on the wall, i buy new furniture when the old ones injury someone and my cars are old bashers for the most part.

 

I will say as an american living in the UK i find it much harder to hold onto my money than it is in the states.  The UK is a very throw away society i find compared to america. It makes it difficult to save wealth.  Everywhere i go and just about everything i do someone takes a little from me.  Even having a TV costs me.

 

My job is identical to the one in america.  Even the view is the same.  Pay is the same and benefits are roughly the same.  I tell my co-workers here all the time that if you were doing what you are doing now in the states your life would be substantially better. Not a little better but substantially better. I figured out when i took the job here that i would be losing roughly 20% of my pay due to the costs of just existing here.  To me it was worth it for the short term but not long term which i am approaching now.  When i go back to the states later in the year i will be doing the same exact thing and have a lot more purchasing power.  

 

I think compared to the rest of the world that anyone living in the Uk has a disadvantage to start with when it comes to having wealth.  You may not see it if it is something you are used to but as an outsider who has lived all over the world it is obvious.  

 

By the way, my indication of wealth isnt what that article says. My view of wealth is having enough money right now to be able to survive the rest of your life without worrying about money if you quit your job. This means staying at the same level you are in regards to cars, housing, insurance, food etc.  While there are a lot of variables you need to include i estimated having 1 million in the bank is enough to survive in america and it was closer to 1.5million if i stayed living in the uk.  On the other hand when i did the same calculations to live in Bulgaria my number was around 500k and i think that was actually higher than it should be.  sadly i cant live there due to immigration laws but i did try to.  



#11 riktanius

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Posted 02 July 2019 - 07:39 AM

Not in the UK, but an expat from the US living in Italy. 

 

I am not wealthy, but I get by just fine. My earnings cover the bills, my wife, and our new baby. 

 

There is a little left over to spend on mini stuff or computer parts, but for the most part, im not loaded at all. 



#12 Ethel

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Posted 02 July 2019 - 07:48 AM

Interesting that just 10% of it is actual readies. 

36% of it shouldn't count as you'll never see it if you want to keep a roof over your head.

42%, in pensions, could be even more precarious. It's just a claim on a share of profits from future productivity. Productivity that doubtless, in a large part, won't be the UK's.

 

You could argue we've been living a big fat 300% lie for the last 50 years.



#13 mini13

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Posted 02 July 2019 - 02:16 PM

mmmmmm,

 

well, i shop exclusivly in the reduced section, and the mini hasnt been on the road since 2013...



#14 Curley

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Posted 02 July 2019 - 06:27 PM

As an Englishman I was tought that to talk about money was valguer. I fell guilty to abmit I worked my balls off, started my own business, sold it, invested gains and retired at 29. Got bored, started another business at 31 & now pick and choose what projects I want to get involved with. In America one would be praised for such achievement but not in the UK.

#15 hazpalmer14

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Posted 02 July 2019 - 08:04 PM

Not well off, but not on the breadline either. I don't own my own house, although this year me and the Mrs and clearing our credit card debt and then will begin saving.

I have a cheap banger that does the job. Most of our money goes on the kids to be honest. We each get our own pocket to spend how we choose, although we have cut it down again this year.

I try and budget our money so I know what is going where. We don't tend to have many luxuries such as holidays abroad or a flash car. We rent a 2 bed house even though we could afford bigger and same with the car, we could get something on a finance option etc we just don't choose to. Our goal is pay off our debt and save for a house. Work hard towards promotions and work, at the moment my wage won't go down so it can only go up.

Always think do I need that or do I just want it.




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