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Notting Hell

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Everything posted by Notting Hell

  1. I have seen this too. It is completely astonishing that people have moved so quickly, expecting WFH to be permanent. A real error of judgement. Seemingly rational/logical people. The timescale of a permanent shift to WFH is ten years, not one. Reassess in ten years time, and only then might I consider moving out of the city...
  2. The reasons to actually leave your home are decreasing very quickly (and therefore need a car) WFH (if this option is available to you) Supermarket deliveries effective zero cost Virtually everything else can be obtained online and delivered to you Remote medical care emerging where possible Parcels can be collected from house (no need to take returns to Post Office etc.) Depends on your lifestyle of course (work commitment, socialising, children, medical need etc.). Any other examples where traditionally you would have to leave home to get something
  3. Where do you think the opportunities are? My strategy is to minimise housing cost to free funds for elsewhere.
  4. Very interesting post thank you. Particularly the 2nd Rightmove link. Aug 2002 £185,000 Jan 2021 £920,000 5x the price in just 20 years This growth curve is just not available for millennials.
  5. I agree that if you considered beginning FIRE say 20-30 years ago due to HPI your efforts probably would have been null and void. You would have been better taking the leveraged bet on a bigger property, rather than minimising housing expenses. But what if you were starting out today? The prospect has changed significantly. There are two options: 1. minimise housing cost (room share-->flat share-->studio-->1 bed flat-->...) 2. take out a jumbo mortgage and hope prices keep rising It's not obvious to me which is the best strategy. What do you think?
  6. Just to clarify you mean to be successful you have to put more in (spend more to earn more)? Do you mean socially or financially. Could you elaborate a bit I would like to know more about your philosophy. I agree that a hybrid approach as you suggest is better. Some do take it to an extreme. It is interesting that you think that. Why do you think the more expensive house is better? An old banger or a Bugatti gets you from A to B. I suppose my point is more nuanced, obviously a 1M is better. But the question remains, should you exchange your labour for the 1M house or just buy a
  7. I think part of it is to do with the fact that at the point of taking on the debt burden, you are not aware that in future your desire to work may have changed. You could get a job you like, spend spend spend, but then in ten years time realise you actually hate it and have no way of exiting your obligations. Minimal spending, especially early on, gives you an option. Furthermore, it is not incompatible to minimally spend and have a job you enjoy, and have a good quality of life. Minimal spending doesn't necessarily mean living like a monk. There is a movement known as FIRE (financial ind
  8. There is a lot of truth in your post. It has always made me wonder why people borrow the absolute maximum they can to buy the biggest house possible, and then finance a car, and then create two more wage slaves etc. What's the point? Why feed the system? Spend the absolute minimum possible on life expenses, and get out of the system as soon as you can. Be in a position to not work if you don't want to.
  9. Thank you for the information. Why do you suspect that the cash sale was allegedly turned down then? A sale is a sale.
  10. How do you get the broker price/where from? How do you get the manufacturer discounts/know what they are? Where do you get this information from? Thank you.
  11. I completely agree, but who is going to step up and form a party that represents the interests of millennials? Who is competent enough to do so? Who, paradoxically, has enough established wealth to pursue a political career and therefore not suffer from the problems millennials face to the same extent and therefore are representing a class of people that they themselves are not in? If that person doesn't exist who is going to take the risk? The perpetual complaint that "the young don't vote" is a non-issue: they have no one to vote for! No one represents their interests!
  12. Apologies, I quoted your quote rather than the original post. The point, however, remains as you say.
  13. Your success is solely down to Bitcoin luck. Society deemed your graft at university and work doing a HARD subject as worthless. A broken social contract.
  14. 1. Determine cost of resettlement fees if you take out finance 2. Negotiate resettlement fees as a discount on the cash price of the car +£100 (you are doing the dealer a favour) 3. Get the car you want
  15. OK fair enough, perhaps I have misjudged the objective slightly here. Roll of the dice careers definitely. Lots of careers in the 1st estate fall into this category as well really. I am now in my 40s but I knew lots of peers who went in for corporate law/banking/finance etc. but burnt out and became disillusioned after only a few years. The 1st estate careers generally require you to 'hack it'/not hate the industry. I don't think it's a case of 'once you're in you're in'. Corporate law, Big4, MPs, academic careers, (traditional) trading, IB, are some I would highlight. Everyone thinks
  16. Fair enough, but a sale is a sale... why wait for only a potential finance+trade in? There must be substantially more profit for finance+trade even with a wait than compared with cash only today.
  17. What about profit on the cash sale? Unless they will get more profit by waiting for a finance+trade in than accepting a cash sale?
  18. I don't understand why a trade-in is of benefit to them if you were never going to take out finance anyway? Trading in a car would not mean that you would therefore buy a car on finance? Am I missing something here? They can of course potentially sell the trade-in on finance, but that leaves them in a neutral position and have presumably still made at least something selling you the car for cash. More likely it's due to the dealer's internal financial arrangements. The car they sell to you is likely financed by the dealer themselves, and if you don't trade-in a car, their access to credit
  19. Not sure whether this thread is some sort of wind up or not... I generally agree with your model but as it lacks evidence it is aphoristic at best. 1. >300K 'The Firmament of the Genuinely Rich': The truly wealthy do not rely on income from labour. Wealth and income from labour are two separate things entirely. 300K is a house in Fulham and 2 children at public school and university paid for with major scrimping and saving. It's not genuinely rich. 2. I don't agree with the Poor/Poverty banding. Anything above about 20K (or whatever the median income for relative poverty is)
  20. What is the source for the cyclical price/earnings projection? Looks like a 2004 prediction? You can't predict the future... when will these 'statisticians' realise this... I am always astounded that economic policy is set on what is essentially guess work by the ONS.
  21. Would be interested to know if there is any data also.
  22. People cannot do maths. Move to a smaller house. Solicitors fees, moving costs, renovation costs. etc. Would have been better just staying put. It's often a cost neutral exercise. You pay in hassle.
  23. You can find out the income multiplier times by searching for BANK_NAME mortgage intermediaries Often there is a PDF document that outlines the information. This is presumably what you pay a mortgage broker to do. The information is out there and easily accessible if you know what to search for.
  24. You have to really push for correct figures. It's impossible to determine the true cost of a flat from a simple Rightmove advertisement. It's a bit of a joke really. This information should be mandatory. The thing that annoys me most are advertisements 'Leasehold' and it doesn't say how long is remaining. Could be 1 week. Total waste of everyone's time.
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