We're all rich....

[TheCountOfNowhere]

How one in 79 Britons is now a MILLIONAIRE: Surging house prices increase number by 142,500 in just seven years

http://www.dailymail.co.uk/news/article-4852306/House-price-rise-make-1-79-Brits-21-millionaire.html

 

0 effort, just owning a pretty useless house can make you rich.  

[Exiled Canadian]

10 minutes ago, TheCountOfNowhere said:

How one in 79 Britons is now a MILLIONAIRE: Surging house prices increase number by 142,500 in just seven years

http://www.dailymail.co.uk/news/article-4852306/House-price-rise-make-1-79-Brits-21-millionaire.html

 

0 effort, just owning a pretty useless house can make you rich.  

I always thought a millionaire was someone who had £1m of net assets (ie. excluding debt) not including their main residence.........

[Barnsey]

Woohoo! And yet they've got a s****y 97' corsa parked on their drive in Harrow, time to buy that dream villa in Marbella!

I take it they count leveraged BTL "millionaires" in those figures?

[TheCountOfNowhere]

3 minutes ago, Exiled Canadian said:

I always thought a millionaire was someone who had £1m of net assets (ie. excluding debt) not including their main residence.........

There will be 100's of 1000's of people who bought into the pyramid in the 1970's who are now millionaires, without having to work for it.

In order to buy in the 1970's you'd have to have been well off anyway.

Biggest CON in history

[stuckmojo]

Some perspective:

Very few of those who bought houses for pennies in the 60's are indeed millionaires IF:

- the mortgage is paid off

- are retired 

- are prepared to sell their house NOW and move somewhere a lot cheaper. I mean, Thailand or Myanmar.

The majority

- will have little or no equity 

- work for a living 

- can't go anywhere and if they sell at bubble prices they will face more bubble prices.

So it's a totally meaningless headline, aimed at making people feel good and getting duped into thinking "me house is worth a million quid, I can live like a millionaire on borrowed money".

And that's why we're ******ed. 

 

[Lord D'arcy Pew]

I'd like to see a national day when we all had to wear a T Shirt with our true wealth written on it. Black for solvent, Red for insolvent.

A homeless tramp with a quid in his pocket may turn out to be over £500,001 richer than many  BTL investors.

Unfortunately we  live in society with a shallow view of true worth, it's so frustrating.  It's like tying to scuba dive into a damp sponge.

Edited September 5, 2017 by Lord D'arcy Pew

[TheCountOfNowhere]

2 minutes ago, wotsthat said:

Seriously

Are we witnessing the biggest mass confidence trick the UK has ever seen?

Because someone has planted a big price tag on nearly home in the UK and now so many people have totally let go of the financial inhibitions because of it it has allowed the clever top  1% to become the only truley rich, ingenious

PYRAMID SCAM.

 

Anyone wonder why we have mass immigration ?

 

 

Imagine another 362M immigrants in the UK to keep the scam going.

 

That's why I'm off.

[nome]

A look at the comments section is quite telling though... almost all deriding this joke of an article.

[TheCountOfNowhere]

3 minutes ago, nome said:

A look at the comments section is quite telling though... almost all deriding this joke of an article.

Comments on all pro-HPI style articles have been scathing for several months.

I doubt it's people from here which would indicate a general feeling of negativity towards the pyramid scam

[locky82]

It's not a pyramid scheme. I have bought recently but I am not obligated to get others to buy.

Houses are expensive but it's more our money has been turned to shit. A millionaire in the 70's and today are worlds apart in turns of purchasing power 

[stuckmojo]

1 minute ago, locky82 said:

It's not a pyramid scheme. I have bought recently but I am not obligated to get others to buy.

Houses are expensive but it's more our money has been turned to shit. A millionaire in the 70's and today are worlds apart in turns of purchasing power 

It depends on location. 

 

[TheCountOfNowhere]

7 minutes ago, wotsthat said:

Where are you off to count?

I  was always under the impression you was waiting for the certain crash.

Cannot say that I blame you though, it is either leaving or kicking back, and I am not sure how to kick back anymore.

In France this week.  We have offered on a very nice house, just waiting to find out if they're going to drop their pants.

I said for many a long year that we'd be off and had no desire to buy/live in the UK.

We've been based in Northants which has served us well but with a down turn in the air it's time to go.  

Children grew up fast so i'd rather what them grow than watch the UK die.

 

 

 

Edited September 5, 2017 by TheCountOfNowhere

[thewig]

34 minutes ago, wotsthat said:

Seriously

Are we witnessing the biggest mass confidence trick the UK has ever seen?

Because someone has planted a big price tag on nearly home in the UK and now so many people have totally let go of the financial inhibitions because of it it has allowed the clever top  1% to become the only truley rich, ingenious

no way, theres layers and layers and levels on top of this one, waking up to this whole DEBTmoney con trick is a good gateway to the "truth journey" though

 

just imo of course

 

 

 

[thewig]

33 minutes ago, Lord D'arcy Pew said:

I'd like to see a national day when we all had to wear a T Shirt with our true wealth written on it. Black for solvent, Red for insolvent.

A homeless tramp with a quid in his pocket may turn out to be over £500,001 richer than many  BTL investors.

Unfortunately we  live in society with a shallow view of true worth, it's so frustrating.  It's like tying to scuba dive into a damp sponge.

yep yep and all yep

the real winners at this particular game are the ones who stop playing it, real talk

[nome]

The best way I can think of 'kicking back' is that I only intend to spend about 40% of my available cash on a house.

 

  Ok it won't exactly buy my 'dream home' but it will still buy a nice enough house in an ok area, and besides even if I was prepared to spend my entire available budget it still wouldn't buy me my 'dream home' 

 

At least then I can retire at about 48 years old, use the rest of my money to live on, no longer be a net tax contributor and generally leave the rat race behind for the lunatic debt junkies and mortgage slaves to keep on trying to out-compete one another whilst having to work until they drop.

[Gribble]

All millionaires, just like in Weimar Germany.

Either £ will continue crashing so there is some semblance of normality in house prices or there will be a HPC.  Therefore in which case selling your £ assets is the best hedge

 

[durhamborn]

56 minutes ago, Lord D'arcy Pew said:

I'd like to see a national day when we all had to wear a T Shirt with our true wealth written on it. Black for solvent, Red for insolvent.

A homeless tramp with a quid in his pocket may turn out to be over £500,001 richer than many  BTL investors.

Unfortunately we  live in society with a shallow view of true worth, it's so frustrating.  It's like tying to scuba dive into a damp sponge.

Its very true.When i was made redundant at Glaxosmithkline i was happy.Redundancy lump paid into bank for nothing but a signature.The crying of other people i found odd.I said to my mate there,an old guy,why are they bothered?.They have been here 30 years and are about to get a nice pay off,they can retire,theyl be loaded having been on these wages that long.He laughed and said its the opposite.They have all got loads of debt thinking they had these wages forever.Theyd of been better off never working here.So they were actually leveraged to keeping the best paid job in the area instead of making hay while the sun shone.It was then i figured out most people are greedy and want everything now,and are thick as pig sh+t where money is concerned.

[thewig]

5 minutes ago, wotsthat said:

Now I am depressed 

 

As the days go by I start to realise that maybe you are right, maybe the forces are too great, who really wants to see a  property crash, does HPC.com want to see a property crash?

depressed? or liberated. the truth will set you free etc.

 

we're all trapped inside the game complaining about the game, but not realising we don't HAVE to play the game

 

 

[spyguy]

16 minutes ago, durhamborn said:

Its very true.When i was made redundant at Glaxosmithkline i was happy.Redundancy lump paid into bank for nothing but a signature.The crying of other people i found odd.I said to my mate there,an old guy,why are they bothered?.They have been here 30 years and are about to get a nice pay off,they can retire,theyl be loaded having been on these wages that long.He laughed and said its the opposite.They have all got loads of debt thinking they had these wages forever.Theyd of been better off never working here.So they were actually leveraged to keeping the best paid job in the area instead of making hay while the sun shone.It was then i figured out most people are greedy and want everything now,and are thick as pig sh+t where money is concerned.

I dont think the word s greedy.

Maybe easily accustomed to an income which is not guaranteed.

Fine, but other than a sensible mortgage (no more than 4 LTE), dont take on any more debt.

The NE is terrible for spending the next 20 years money before youve got it.

[Fromage Frais]

1 hour ago, Lord D'arcy Pew said:

I'd like to see a national day when we all had to wear a T Shirt with our true wealth written on it. Black for solvent, Red for insolvent.

A homeless tramp with a quid in his pocket may turn out to be over £500,001 richer than many  BTL investors.

Unfortunately we  live in society with a shallow view of true worth, it's so frustrating.  It's like tying to scuba dive into a damp sponge.

Reminds me of a conversation my wife had with her friend who she is jealous off.

they have a 600,000 house and a massive mortgage.  

we are (not a sob story) stuck in a flat as that's 200k now no mortgage  and a house is 450 + here and being self employed no way am I going to run up debt for 250k when I have safety ATM.  

turns out that they only have about 100k equity so technically we are at 0 debt and they are -450 with a slowing market in this zone.

I tried to explain this but the wife just glazed over debt is wealth you see.

you can just see when the crash truely comes people seeing huge loans as the millstone they truely are.

 

[crashmonitor]

2 hours ago, Barnsey said:

Woohoo! And yet they've got a s****y 97' corsa parked on their drive in Harrow, time to buy that dream villa in Marbella!

I take it they count leveraged BTL "millionaires" in those figures?

Of course, any boomer that has a clapped out Corsa on their drive is likely to be loaded, indeed many are widows with no car at all. The neighbours with their new jaguar are probably in shit loads of trouble with debt.

Indeed all the millionaires I know tend to be older people who have got their  through decades of under consuming their income and a favourable time for Equity investment.

Edited September 5, 2017 by crashmonitor

[DrMartinSanchez]

2 hours ago, Lord D'arcy Pew said:

I'd like to see a national day when we all had to wear a T Shirt with our true wealth written on it. Black for solvent, Red for insolvent.

A homeless tramp with a quid in his pocket may turn out to be over £500,001 richer than many  BTL investors.

Unfortunately we  live in society with a shallow view of true worth, it's so frustrating.  It's like tying to scuba dive into a damp sponge.

[iamnumerate]

Inflation does not really make you rich, as I would hope would be obvious to everyone.

[crashmonitor]

13 minutes ago, DrMartinSanchez said:

Could be a bit embarrassing on the local bus. Pensioner A, £400,000 in ISAs and £500,000 house (bus pass), Pensioner B £200,000 in the building society, £900,000 house (bus pass) Unemployed Fare Payer C (£600 Wonga loan).

Edited September 5, 2017 by crashmonitor

[The Spaniard]

7 minutes ago, iamnumerate said:

Inflation does not really make you rich, as I would hope would be obvious to everyone.

People wrongly tend to think of measuring wealth or purchasing power in terms of money numbers similarly to how they think of measuring length, volume, weight, time etc.. in the appropriate units.

But money units are a time dependent and changeable calibration of value.

It is like using an expandable/shrinkable ruler to measure your height.

Those who issue the rulers have the power, pun intended.