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Posts posted by blackhole

  1. I think everyone is covered up to £35,000. Well, its the choice of either a few people losing some money,and no moral harard, which will lead to better self regulation in the future. The way to self regulation is letting banks fail. On the other hand lets bail everyone out and make everyone take the losses for all the banks, like has happened. Inflation is going through the roof, the debt still exists...those savers put the money in that bank. If they were keeping up to date and taking care of their money, they would have known B+B have been in trouble. There is no law saying they had to keep their money in that bank...no law. Free choice. You are responsible for your own money. So life savings going down the sh**tter is unnecessary. If these people really cared about their money, then they would be better informed...why should tax payers, and the man on the street have to be a victim of the socialising of debts for the few...

    Yup thats correct, FSA to £35k per bank. You'd be silly not to spread your money should you have more.

  2. Exactly, especially if you are young. I'm 20 years old and could spend the next 10 years saving all my expendable income yet I will have wasted the best 10 years of my life. Also there is a huge casm between saving all your money and saving none of it.

    I have to pick on this. This kind of mentality is a sure fire way of becoming depressed as soon as you get to 30 for some people! What the hell, it doesnt even make sense logically! Think about it, if life was so awful after your best years, why bother working a career, travelling for life experience, trying out all sorts of things that'll shape you into a decent person for when your older?

    I agree, its worth living whilst young and stashing some away instead of wasting it on things/fluids you dont really need, but for the love of kittens the "best years is x to y range" is just not true. Life is what you make of what you have available.

  3. You hit the nail on the head there - In the UK and USA corporate practice is to fukk over the workers and then give the high end a big pay rise. Its not just the private sector either. Look at the NHS and local govt - wages for average workers barely keeping pace with inflation whilst 'strategic commissioning directors' salaries are going to the moon.

    The multiples of Directors earnings to the average workers earnings in German & Japanese firms is nowhere near what it is in the UK and USA.

    No wonder many workers are disinfranchised - if your getting treated so badly, why bother doing a really quality job?

  4. I agree with you - the process of saving doesn't give me instant joy either. It is a joy deferred.

    However, when you have what you want and you no longer need to pay the debt - you will have a lot of joy then - it will be called financial freedom. One where you will be able to wake each morning for the rest of your days knowing that you are beholden to noone to exist.

    I salute you sir.

    Spot on.

  5. While we are prolific savers, we dont do so with joy or glee.

    We save to able to afford a home some day, to maybe sponsor our child through their first decade or two of life. To have something left for old age and for rainy days...

    I would love nothing more than to spend every penny I earn and not give a damn about the consequences.

    Being responsible with what we have keeps us sane, however!

  6. Britons just don't get it. Manufacturing creates wealth, not selling debt to each other.

    Manufacturing manufacturing manufacturing manufacturing manufacturing :angry:

    We are a major victim of our own desire to import things on the cheap all the time... do it enough, and its only a matter of time before we're held ransom by China and co.

    Oh wait... isnt that about now, with China having a good $1 trillion US dollars in the bank, nevermind £ !

  7. If everyone was like me the system would have collapsed years ago

    Same here. My parents werent wealthy, but they did alright and were frugal enough to the point we could have yearly holidays and such by not wasting money chasing the Jones's. I learned a lot from just watching them, but the most important lesson I learned was that you dont need to consume lots of ***** to smile.

  8. Yep, you're right - we're surrounded by advertising.

    IMO, its increasingly targeted at and for young people.

    Its the older generation that generally have the money, but they don't respond to the IPOD "me me" generation advertising.

    I guess if marketteers don't get to the oldies directly, they can always get the spending from the demands of their kids. :blink:

    Maybe the question is not specifically "Can YOU handle wealth".

    Maybe its more "Can you handle the families demands of wealth?"

    Young people are naturally easier to market to. Without turning into a psychology essay, most of them dont know how to enjoy themselves without doing the 'natural order' of things or consuming something, as more often than not, they have no real sense of self, but most importantly dont really value how they spend money.

    Olders arent as vulnerable (on the whole), its far harder to sell something you dont need to them. Well, other than overpriced houses :D

    A good wise friend who's only a few years away from retirement said to me lately "if I had the decision to do it again, I'd pay off my mortgage far quicker than the 25 years I took". Why be trapped by debt most your life? Never made sense to me.

  9. If people have large amounts of (illusory) wealth in the form of positive equity, they feel rich -- they spend more money than they can really afford, sometimes even the (illusory) equity itself in the form of MEWed cash, which of course is just more debt.

    Illusionary safety net. Again, bad financial planning on their part. Dont count your chickens before they hatch! That includes assuming bonus payments.

  10. I don't think this affects everyone though. Some do truly love saving and I actually hate clutter and crap in the house, though my wife doesn't quite agree.

    I take pleasure from holding shares, gold, sticking cash in my pension and having a six digit bank balance (STR fund mind you).

    I personally take pride in never paying full price for stuff, scouring forums for good deals etc for things I do need.

    I also take pleasure in having some funds stashed away here and there for a rainy day myself. Lets face it, not having any is just bad financial planning!

    I guess what I'm saying is, most people are groomed to consume and feed the system.

  11. I'm not convinced it is age related. Most people it seems -- of whatever age -- get more joy out of spending money than accumulating it.

    I imagine it's one of the reasons (maybe even a primary one) why we get into messes like this.

    Its primarily how the capitalist economy works, fundementally. Person works in job for 40hrs a week, and when said person isnt working, they're expected to consume with their wages all sorts of stuff they dont truely need in order to justify one's sacrafice in work. Marketing students are taught psychology these days, so they'll go out of their way with mad marketing campaigns to make you feel like you 'need' item x. When the simple truth is, as humans, we dont need that much to keep us happy and going...

    Ofcourse when said society isnt working they cant consume, so your right, its one of the primary reasons we keep getting boom and busts - those at the top increase wealth faster during booms, than those at the bottom.

  12. I'm not too suprised, given there's been quite a few properties showing drops lately (using property bee etc). What I am suprised about is the fact that a -2.5% showed up in just one month alone.

    I guess a small section of the sellers are starting to finally realise that selling now rather than later would be the best plan, whilst the others clutch to their current prices in hope they wont have to deal with negative equity.

    About bloody time!

  13. :unsure:

    A bit vitriolic, what's your problem pal? I was simply making the point that the house is in a respectable location, not Chelmsley Wood i.e. within what is called 'Marston Green Village'. Bournville isn't a village anymore, but it doesn't stop the local trust being called 'Bournville Village Trust', it simply refers to a specific geographical location.

    Like I said, I live locally. The position of my house is such that I never hear a plane, I suspect that house is similar. MG is a nice place to live, good school, half decent local shops and excellent transport links. The kind of place where a VI would claim that 3 bed semis shouldn't be falling in price.

    You can even check the flight paths from BHX here : http://www.bhx.co.uk/page.aspx?type=T0NaZj...id=Pbnl9MR9u08=

    Just select one of the PDFs on the right hand side. I too agree there's no real issue I've come across so far.

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