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Soul Reaver

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Posts posted by Soul Reaver

  1. Aha. IT Contractors then, apologies for suggesting you were bankers. I'm still amazed that you're so scared of losing everything. You're saying the bottom has fallen out of the market due to Indian workers and all your old mates have been laid off but you're currently working for about £100 an hour? think about it.

    Bankers! God forbid :)

    No I'm not saying the bottom has fallen out. I'm saying we live in uncertain times both job/career wise and large purchase wise and it's a difficult decision. Buy here, move to Dubai.

    My guy feeling is this. Interest rates will rise within 2 to 3 years and it will be gradual and inexorable. All the over leveraged (probably 50% of Uk mortgage holders today) will gradually be screwed right out their front doors just like in the 90s. Interest rates are merciless once they start. The politicians will ring their hands but nothing will be done.

    Anyway we decided last night that we are going to continue building our pot and investing in small business and move to Dubai next year and start a business there. I honestly only see this country getting worse and worse over the next 20 years as I approach retirement

    More people

    Worse services

    Worse roads

    More crime

    Can I mention the weather?

    Can I add in here that my gut feelings over the past 6 years have been known to be quite wrong LOL

  2. I know exactly where your coming from, when you get to the top of the income range you become (if youve got any sense) very aware that its easy-come-easy-go. I also fully get the angle that when youve worked hard, taken risks, and made all the right choices to get to this position the last thing you want to do with your cash is hand it over to some feckless tw*t whos done nothing but been lucky enough to park his **** in a house at the right time.

    Even if the OP is saving say 10k a month, taking a 250K hit represents 2 years of savings blown away. Who here, no matter what their income level can say they honest wouldn't care if they lost 2 years of their savings ?.

    Thanks. You hit the nail on the head. Yes we do save 10 to 12k a month and it is that that made me realize how MUCH 50 grand is let alone 250! People roll these numbers off their tongue like they mean nothing.

    It also a bit more complex in that my career has mainly been in Europe for 13 years with a spell in the mid east. I used to do a weekly commute with the red eye flight on a Monday morning at 6am. So we have always put off buying because I had an apartment and was only home at weekends. We both contract in IT. Over the years my industry has been steadily taken over by Indians who now sit at all the desks in the Uk (floors full of them) and Europe where my mates used to sit, the rest of the work is sent to India. Switzerland was a classic. When I started there were 4 Indians and when I left (when my job was taken over by one of them) There were 200 of them on one floor! Munich was the same as the whole of 02 was outsourced to Wipro and has not come back, that was over 200 jobs for contractors gone.

    We only survive because we have such strong CV's between us, but we are also only 4 weeks away from notice and then not getting that next contract as there are fewer and fewer. We are investing in other businesses for the day when that last contract comes or the rates get silly low to make it not worth my while putting up with the office ******** anymore.

    PS

    No I don't work in motorsport I just enjoy it but golf is way cheaper LOL

  3. Also that would then mean you'd been wrong twice. Not pleasant.

    Double whammy but yes you're right. I was so **** sure we would have a massive 50% crash and I would step in a buy the dream home for a song. WRONG!

  4. Very nice, but will it be "snapped up" to rent, or just sit there empty?

    Funny that as I have not looked at rentals before but there are TONS of them! Really nice houses too. Makes me wonder where the owners are.

  5. Seems like you're cutting your nose off to spite your face. Forget about the 1%ers. You and your Mrs probably fall into the top 0.1% income wise and you're still living with your sister in Slough! HAHA! I thought I was tight ...

    Isn't the whole point of being rich that you don't need to worry about money? Even if you lose 250K on your dream home you'll still have your dream home - it's just one year's net pay to you both, you'll get over it. If you have a new kid you won't even think about it. Just get on with your stuff, man!

    You know I thought once that when I get to 5k a month ill be so rich all my problems will be over etc etc. It's a fallacy. As you earn more and you learn and understand how HARD it is to make lots of money value becomes more important, security also becomes more important because you don't want to have to go through the dreaded re-set.

    You say "even if you lose 250k on your dream home" as though nothing else would have happened in that scenario! Our jobs would also have gone too.

    Our jobs and lifestyle (I race cars and am part of a team) would go in a downturn like that and then we would be left with no money coming in but a big house to service. If we don't take on large debt like getting the dream 1 mill home and having a 500k mortgage for example then even if that happened we would have other opportunity's and no large stress.

    Were not tight by any means. I spend 2k a month on motorsport minimum every month and last year my yearly costs were over 30 grand but we do everything cash so its affordable. Debt worries me.

  6. Well if people are running their own business I would imagine quite a lot, but that wasn`t the question I asked.

    Wife likes it I have a very different view as my last job was in Bern for 3 years and apart from the Swiss being rather boring the standard of living is excellent. Being 45 mins from the Eiger makes life very pleasant you know.

  7. To be fair to the OP it's all relative. You don't know how long the status quo will continue, and with the sort of place you'd buy on that kind of income, a 20% drop in nominal house prices after you've bought equals a ball crushing nominal loss.

    That said, I do tend to agree that if the money is comparatively easy come, it's worth just getting on with life and enjoying it.

    We do VERY much enjoy life but partly because of this site it sticks in my craw to pay a sniveling "home owner" (laughable term) 200 grand over what he paid for a place just because he is a sniveling "home owner" and he put some strategically placed sticks in the living room.

    If we bought our dream home at say 800k to 1 mill and then took a 25% hit that's quite a lot of money even for us. At 400k it's not so bad but still quite a lot.

    My main issue is that I really did believe in the crash, a big one! And what did we get? We got a damp squibb didn't we! Be just my luck that I held out this long and then buy and then it all kicks off LOL.

  8. I know we get all sorts on here waiting desperately for affordable homes, but if I was netting 20k a month I would have bought years ago and not worry about bloody house prices.

    ha ha good answer. Made me smile.

    Bit more info.

    We both work in and around London. I used to work in Switzerland but have since come back. We live with her sister in Slough and don't want to buy anywhere near London as we both see houses there as poor value and overpriced. If we buy anywhere else in the country (we look between Northampton and Peterborough down to Luton in a triangle) it becomes a weekend home as we work in London and we still live with her sister in the week. We both loathe long commutes.

    I favor just f-ing off myself as let's face it the standard of living in this country is very low compared to other places I can think of, have lived in.

  9. Wifey god bless her is talking more and more about

    A. A baby

    B. A home

    Options on the table are as follows

    1. Buy home here, nothing too extravagant 400k tops

    2. Stay with her sister and wait, a bit (being doing that for quite a few years now I might add)!!

    3. Pack up and move to Dubai. A place we both enjoy a lot. Rent somewhere nice or buy and start a business in the sun.

    We are relatively cash rich netting about 20k a month so we save quite a lot.

    What do you think?

  10. The missus and I are still living with her sister. We have not bought anything since I joined this site. We did go to look at this on the weekend.

    http://www.rightmove.co.uk/property-for-sale/property-40063024.html

    But come on, they paid 280 for it in 09 and now want 425 ROFL. We both like it, it's quaint if a bit pokey. But it's small and it just grinds us both that they expect a 50% increase since they bought it just because they have tarted it up a bit.

    We both concluded on principal we could not buy it off them for more than 325k and drove off to have tea and cake our favorite Saturday afternoon pastime which I might add did not cost us 425k.

    I fear that this is all we will see for the foreseeable in the UK. Still not all bad. we are both IT contractors and both in 6 month rolling projects so netting a lot each month between us. We have a nice life and houses are not everything are they!

  11. If that's how you think then it doesn't matter when you buy, although you may just feel a little sad if you've paid half a mil, plus interest, for a house that's worth half that.

    Each to his own, though. I'll continue to rent my home until I see value for money in the housing market.

    Yeah you're right and I am aware that's the risk but I think it would take quite a few years for a 550k house to fall to 250k.

    I'm not sure I would even welcome it because the economy would be trashed as would peoples lives not to mention my own. I can't see it at the moment.

  12. Unless the UK govt can rack up another trillion pounds of debt + interest in the next five years prices will fall. The only thing that will slow that fall is current price inflation. Either way, the UK is utterly fornicated.

    This I do agree with BUT it still leaves me in need of a home. My take on that now is we buy our dream home that we want to live in and love for the next 30 years and pay it off before interest rates rise and then it don't matter what it's worth or what we paid for it.

  13. I've not posted one of these threads but I genuinely do think there has been a sea change. And it's good news.

    Whilst the BoE 0.5% rate is going nowhere anytime soon real rates have been going up steadily this year (5 yr gilts have more than doubled) and IMO that steady rise will keep going, sometimes slowing or retrenching but climbing with relentless inevitability. And that rate determines that of new mortgages.

    Several influential politicians and bankers have said they won't allow a housing bubble again; so forget speculative gains by over-stretching yourself to buy that house you can't really afford on an IO mortgage which means nobody chasing the market up.

    House prices are rarely static, they're either rising or falling. So if they're not going to rise then down they go.

    I have been on the cusp of buying this year for practical reasons, but having had a long hard look I am holding on until 2015 as I think I will be kicking myself if I buy now when the tide has already begun to turn.

    3.06, Richard Griffiths as Uncle Monty.

    I guess it all depends on what and where. The missus and I are looking at 5 to 550k in Bedfordshire ish between M1 and A1 up to Northampton. I think most of those houses will not fall no matter what because the owners are typically well established. They will just say "its worth this and I'm not moving till we get X" We can like you keep waiting but I have been doing that now for several YEARS. Waiting on this prediction and that prediction.

    The whole sorry mess has not followed a traditional correction so all bets and predictions are off as far as I am concerned.

  14. You in IT, too, South Lorne?

    Soul Reaver - just read your post again - just unbelievable lol, I can't help but chuckling to myself. You've really landed it good. Good point about learning how to blag and it getting you places - just acting the part seems to get people ahead!

    I've got to ask you one thing, though... you got bored of everything else you did, but you've stayed in IT. Don't tell me it's not because of the money, please.. from what TMT indicates, the job can be awful in itself, and from your earlier post, you aren't the type to stick to one job more than 5 years or so...?

    Any good books/websites detailing the typical work done by you IT guys? Mainly in my job I design circuits, but I did do a lot of C-programming before that. Just interested...

    Assuming one can't blag their way in so easily nowadays... what would be the normal route?

    That is what will hold you back right there! Anytime is the right time to do anything if you deem it to be so. If you sit each day thinking it's not the right time then you're just another ship without a rudder and there are lots of those. Look around you. They drift through life and never head anywhere and because they never head anywhere they never get anywhere either!

    I am one of those rare folks that does not mind admitting that money does indeed make me happy, in that it enables me to do things I love to do that I would not be able to do without said money! I have found that the people that say money does not make you happy have usually never had any.

    I get bored eating cream cakes :)

    Good testing books

    Edward Kit: Software testing the real world

    I have shifted my focus now and use mine and the GF's IT earnings to fund my internet based ideas. Mainly in the area of tools, I see what tools I like and then copy them and improve them using my IT knowledge, I outsource the dev work using Guru mainly and do my own testing of the end product. I also write courses and sell them as niche products via direct mail and google adwords etc. Just about to finish a new 400 pager. I do this because I DO want to get out of contracting and I DO like sharing my knowledge and earning money from it.

    Stompernet is a good place to be if you want to suceed on the net. My best advice would be as follows

    Read everyday without fail for at least 1 hour

    Apply what you learn

    Never listen to negative criticismn if it is going to hold you back, you only have so many minutes on this planet

    Don't cast your pearls amongst swine

    Keep firing arrows and sooner or later you will hit a target

  15. I guess that's true enough but I don't really know about 'IT' contracting. I'm more on the permie R&D side. I just don't see what Nokia were doing in Dubai, at least phone-wise. I suppose it might have been the network hardware side - as in setting up and testing a 3G network for Dubai?

    Nokia dont just make phones they have a HUGE chunk of business in CORE and VAS equipment (Physical servers). They had won a contract to setup a new telco in Dubai called DU. They had tried for 3 months to find CORE and VAS testers to no avail and so decided to take good testers instead and we could learn the equipment and then test it. As I had billing experience I was given all the boxes that produce CDR'S as my responsability.

    When we turned up the first switch was empty apart from the UPS battery and the generators outside, when we left Du had a fully operational telco :) It was a challenge and it helped I am a jack of all trades because I had to learn how to install and test physical hardware as opposed to the OSS BSS stuff I normally test. Whilst we were there they merged with Siemens to create NSN.

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