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durhamborn

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About durhamborn

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    HPC Guru

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    Durham

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  1. Thankyou thats good news,and yes im very happy with how things are working out,more to come yet.
  2. Very similar to me.Im mortgage free and my total monthly spending on all household bills,food and car is £480.I tend to spend £80 a month on top of that on anything i want, though that tends to mount up as i tend to get anything i want from Gumtree or Facebook marketplace for almost free.I went back to work in October (i had semi retired at 40) simply as i was offered a really good salary for the area £38k and i can save 100% of it apart from the NI,SIPP down to tax allowance level, (i have passive income higher than my monthly spend from ISA/investments). Iv spent £8k on cars/vans in 20 years,i have a car and van (buying,fixing,keeping on road).Though i might buy a one again soon.Mine is 13 years old now and i like to buy a diesel about 4 years old for £5k (i can repair most jobs myself on diesels).£0 on holidays.I hate them.My hobbies make me money or are free when you have the kit (metal detecting,fishing,nature,walking,astronomy etc). My food is almost always 75% off yellow sticker,foraged,from allotments etc.High quality and about £30 a week for two all in. I could pretty much buy anything i wanted,but have no desire to.Frugal makes me happy and i find it keeps me sharp in mind and body.
  3. "i smoke cause im hoping for an early death,and i need to cling to something".The Smiths
  4. durhamborn

    Work Less, Earn More: Is A Four-Day Week The Solution?

    Thats right.HTB isnt designed to help people have a home,its to help people have lots of debt so they work and do as they are told for multi decades.MEWing was also designed so people would work until 65ish.Its also why the pension age is pushed back.The government know very few understand finance and will not build up enough to retire early.The media spin out how you need enough to last until your 90 years old,when in fact you only need enough to get you from whatever date your at and 65 (or 68).The state pension and a small amount on top is enough for most people.My partners hours were put up from 28 to 36 a week,but she will get those and more back because she saves the extra into a SIPP and will retire at 55 and get those house back.
  5. The early 80s were worse than the Great Depression in the north.Unemployment went over 50% in a lot of towns as factory after factory closed.
  6. durhamborn

    Budget 2018 announced

    £630 increase in UC for everyone who works.
  7. I think thats very true and is my experience.Iv lived on that for a few years through choice.I see it as £800 minimum income for everything including enough some spending money.£1000,nice extras added on, and £1200 a month,very nice life indeed.
  8. Thats great you have used the time to get ready.My outgoings are £330 a month to run a 3 bed semi + £100 food and £80 car.Iv just taken a job and i get 6 months living expenses for each month i last there (£3k net a month).Iv got my small business on tick over mode (fixed costs £20 a week,profit about £100 a week at mo).Once i get laid off or leave il be seeing out the deflationary bust in my front room and garden mostly.I love recessions,and this bust will open the door to fantastic investments for the next cycle.
  9. durhamborn

    UK earnings growth accelerates

    I have just bought a cross trainer on Gumtree from a middle class lady.£350 really good model,,perfect condition,£50.I buy almost everything on there or Facebook marketplace.Its one of the reasons i have a cheap van,to pick stuff up.The knack is check on a morning and fire off a text to each seller offering just over half what they want and can collect today,someone always bites.
  10. Nope 100% right.The band is now pulled so tight it will revert back to mean and past.Cost of money drives house prices in an economy where population/demand is growing and the US long bond decides where everyones rates are over the longer term.Rates will be way over 5% by 2025,probably over 7% and maybe even 10%.I doubt house prices will be this high again inflation adjusted in my lifetime.Buying a southern house this year or over the last couple will prove a terrible investment.Life changing bad for people without the means to cut the debt quickly.
  11. Falling interest rates since 1982 as we had a dis-inflation.Thats just ended.House prices will now revert to mean and well past on the downside.In the west the US long bond controls most outcomes,the rest is noise.
  12. durhamborn

    My own experience at 24.

    Thats right,and before Labour got in last time wages used to go up RPI+1% most years in most decent sized employers.Labour put tax credits up RPI+3% or more every year and wages went up CPI or less.Thats why instead of workers getting slowly better off than none workers it became quite silly to work.Saying that in many parts of the north east houses are lower inflation adjusted than in 1990.
  13. Nothing to do with Maggie,all to do with Paul Volcker.1982 was roughly the start of a long dis-inflation that saw rates on a multi decade downward march.That meant anyone buying an asset that goes up with falling rates could hardly fail.We are at the end of that cycle now,soon rates will be on an upward march and assets that gain from low rates will suffer the rubber band snapping back.The young buying now will be the biggest victims.
  14. durhamborn

    My own experience at 24.

    Or put it in a SIPP until there is enough to take £12k a year tax free + 25% tax free cash from 55 until 68.Iv made sure my SIPP investments will stay at around £170k and with some income in dividends between ages 55 and 68 i should get the lot out tax free.After 68 i only want £60 a week on top of the state pension so no tax.I have that coming in a final salary pension so everything else is in an ISA.SIPPs are great for people who have no other taxable income from 55 as you can take just under £15k a year from them tax free.
  15. It is and the counter party to it is going to suffer badly.A lot of BTL have the family home though as well.They dont understand that their home is also part of the credit chain and the banks will help themselves.A lot of people who own one or two BTL will find themselves pumping lots of their own money into keeping things afloat,that is if they still have an income.
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