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Given how fantastically wrong the OP and others have been over decades, I am worried now that a crash might actually happen if he is saying it won't. Didn't he start a thread a month or so ago saying that the summer was the peak and having another go at calling the start of the crash? Guess he can come back in the new year and start another killer bunny thread of how he's been in the wilderness but the time is right now to come back, it's on everyone, yawn...

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From what little I've seen of billionaires, they have a life of holidays, but call half of them work. 

Any need for expertise is delegated. 

No doubt it has downsides, but it's a rare individual indeed who would look at that and say "no thanks".  

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We viewed a pretty impressive place this morning. 350k but needed at least 100k spent on it. Could be worth 450-500k if not for the impending doom. 

In truth it turned out to be out of our price range as every bit of this place was completely knackered. The home report only gave 1 element of it a 3 for “immediate repairs required”. What a con. 

A younger couple than us exited it as we entered... and then we were treated by another equally younger couple coming up the drive as we left. Where do they get the money?! 

Hopefully it’ll get repossessed next year when the sh*t hits the fan and we will take over the project 😎
 

 

Edited by Pmax2020
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From what little I've seen of billionaires, they have a life of holidays, but call half of them work. 

Any need for expertise is delegated. 

No doubt it has downsides, but it's a rare individual indeed who would look at that and say "no thanks".  

Don’t get me wrong, I’d take the lifestyle of a billionaire over mine.

But I work part time, so I’ve got the free time. I earn great money compared to most of the population. I want for nothing. And if I was a billionaire, there’s a good chance I’d have spent my day in exactly the same way as I spent it today. I’d have got up late, had some fun with my girlfriend, taken a shower, watched a few YouTube videos about subjects I’m interested in, went for a bike ride, traded some stocks for a laugh, chatted with my family and eaten a pizza. Oh and chatted crap on here.

maybe I’d have been lying in the finest Egyptian cotton, had a massager in the shower, watched those videos on a 90” oled, ridden on a s-works, traded millions rather than thousands and had my very own pizza oven instead, but the thrills were basically the same. 
 

*edit - I know I mentioned earlier in the thread I’d made mistakes reading rather than investing, but back then it was day trading, which is much more dangerous then a medium term punt. 

Edited by Frugal Git
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you cash out when you die in the other two. so who cares who pays.  we all know everything is made up for the benefit of the 0.01% the current system is there to create a myth of stability nothing else anyone who believes anything else is a moron.  

i know you can buy whatever, but hardly worth it now unless investing bucket loads to make any kind of return. 

so i shove in 5k it double triples quadruples whatever its not going to change nowt. 

 

But a true tea leaf trader like yourself knows exactly when to buy and when to sell. So you'd quickly 100x your 5k. 

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What *really* does a billionaire have that I don’t (apart from a billion 😂)? What *really* can they do that I can’t? 

when you break it down, not much.

I've heard it says that happiness increases with income, up to about £50,000 pa.  After that happiness basically plateaus: you're broadly as happy on £50k pa as £10m pa.

And when you see how much of their lives very rich people spend trying to protect their wealth from thieves and taxes I can see why....like all those tax exiles who essentially feel that they have to live away from their families and friends just to avoid paying tax.

Or to put it another way: it makes a massive difference being able to afford a ham sandwich compared to being hungry.  But as you move up the scale from an Aldi ham sandwich, to a Sainsbury's ham sandwich, to an M&S ham sandwich, to a ham sandwich in the Savoy Hotel restaurant, to a ham sandwich made by your personal chef on your own Carribean Island...the fact remains that you either have a ham sandwich and are happy, or are hungry and not happy.

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I've heard it says that happiness increases with income, up to about £50,000 pa.  After that happiness basically plateaus: you're broadly as happy on £50k pa as £10m pa.

And when you see how much of their lives very rich people spend trying to protect their wealth from thieves and taxes I can see why....like all those tax exiles who essentially feel that they have to live away from their families and friends just to avoid paying tax.

Or to put it another way: it makes a massive difference being able to afford a ham sandwich compared to being hungry.  But as you move up the scale from an Aldi ham sandwich, to a Sainsbury's ham sandwich, to an M&S ham sandwich, to a ham sandwich in the Savoy Hotel restaurant, to a ham sandwich made by your personal chef on your own Carribean Island...the fact remains that you either have a ham sandwich and are happy, or are hungry and not happy.

Very true, made me think of the story of the Mexican fisherman.;)

"An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.  Inside the small boat were several large yellowfin tuna.  The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos.  I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part.  When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire.  Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

Edited by winkie
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The CV19 crisis has brought everything to a head.

We can all see clearly what the establishment are about.

Everyone screams house prices to fall 15%, bankers/government lower IRs, steal £900Bn and push them up 10%.

People losing their jobs, they keep them in houses they could never afford long term.

Prices falling, lower rates more QE. I fully expect them to pay idiots to borrow to buy their houses off them soon enough.

Helicopter money for the masses so they can pay the bankers.

Savings rates 0.

Mass totalitarian control.

Mass propaganda.

if people haven't understood what is going on then let me spell it out.

The government and bankers will not stop down this path regardless of what destruction it brings to the people, the currency and the country.

IIRC Boris Johnson said in a mansion house speech ( or similar) that he knew house prices were insane but they couldn't let them  fall.  This was several years ago now, maybe 4.

So I am giving in, that's it for me, We are renting for the rest of out life, it is cheaper than buying, no hassle if you get a good land lord, flexible, can invest sensibly for the establishments new world/green deal and make a plan for the future.

Buying a house is a road to misery now that much is clear.  massive debt, massive control, little future.

If you're not on the pyramid then forget it, even if you are chances are you can't afford to move up the pyramid unless your moving from a rich area to a poorer one.

Chin Up :)

The more people that give up on the idea of "getting on the housing ladder", the quicker this crash can be over with.

It will only be when the fools turn around and can't find a greater fool to sell to, that they'll get a chance to stare into their mortgage abyss for the first time.  An overwhelming realisation will then sink in - this is the thing that wasn't supposed to happen, but it is - why isn't anyone coming in to my aid?  Why did I have to be so stupid?

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A taxpayer subsidised industry thats detrimental to the health of the planet, so womp womp. And in one of my patented useless Peanutbutter anecdotes, I used to know the University Challenge voiceover guy, he trained as a pilot and then went straight to VO as it paid more. 

 

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It would be ironic if after waiting for so long everyone bought at the peak of the peak of the peak.  

One of the signs of a peak is that everyone is optimistic.

At the height of the last house price boom banks were lending to people who really could not weather the slightest downturn.

During the dotcom boom everyone was buying "tech" and "internet" shares and people who said it was overvalued were ignored.

I have read that in previous crashes, such as 1929 much the same happened.

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Very true, made me think of the story of the Mexican fisherman.;)

"An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.  Inside the small boat were several large yellowfin tuna.  The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos.  I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part.  When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire.  Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

That jogs a memory from about 30years ago!.

 

The difference is TIME. 

A billionaire can pick and choose how to spend their time, whereas most need to provide first before leisure.

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I've heard it says that happiness increases with income, up to about £50,000 pa.  After that happiness basically plateaus: you're broadly as happy on £50k pa as £10m pa.

This is a really interesting topic. I was recently reading some posts by someone looking to achieve financial independence but with a high standard of living. I am pursuing early financial independence myself but was aiming for the earliest possible date that I no longer have to be in the mainstream corporate rat race. I'm re-evaluating my priorities at the moment and the topic of "how much is enough" is an interesting one. Will post more soon.

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The difference is TIME. 

A billionaire can pick and choose how to spend their time, whereas most need to provide first before leisure.

Well that depends....once he has his billions, yes.

But in many cases the billionaires have worked goodness knows how many hours a week for goodness knows how many years to build up their billions in the first place.  So they've really just done "provide before leisure" too, just over their whole lifetime rather than on a daily basis.

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I've heard it says that happiness increases with income, up to about £50,000 pa.  After that happiness basically plateaus: you're broadly as happy on £50k pa as £10m pa.

And when you see how much of their lives very rich people spend trying to protect their wealth from thieves and taxes I can see why....like all those tax exiles who essentially feel that they have to live away from their families and friends just to avoid paying tax.

Or to put it another way: it makes a massive difference being able to afford a ham sandwich compared to being hungry.  But as you move up the scale from an Aldi ham sandwich, to a Sainsbury's ham sandwich, to an M&S ham sandwich, to a ham sandwich in the Savoy Hotel restaurant, to a ham sandwich made by your personal chef on your own Carribean Island...the fact remains that you either have a ham sandwich and are happy, or are hungry and not happy.

I would say that's true being  when we started  business we took £500 out each a month cars and bits like meals through the business as the business grew we took more much more consistently for the last twenty years but I am no happier now than the first few years - a little more secure perhaps but that's not joy as such

Got friends who earned appreciably more - my wife and seem happier and actually each have a nice watch (locked away because i really do love an iwatch)  , can fly where we want (when allowed), drive any car I want and rattling around in a three bed detached house we downsized to.

Th Russian saying comes to mind - you can only eat one meal, wear one suit and sleep in one bed at a time.

The problem is house prices have distorted the ability to live ok in that first stage and risk getting a business going

 

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I would say that's true being  when we started  business we took £500 out each a month cars and bits like meals through the business as the business grew we took more much more consistently for the last twenty years but I am no happier now than the first few years - a little more secure perhaps but that's not joy as such

Got friends who earned appreciably more - my wife and seem happier and actually each have a nice watch (locked away because i really do love an iwatch)  , can fly where we want (when allowed), drive any car I want and rattling around in a three bed detached house we downsized to.

Th Russian saying comes to mind - you can only eat one meal, wear one suit and sleep in one bed at a time.

The problem is house prices have distorted the ability to live ok in that first stage and risk getting a business going

 

There's a lot of satisfaction and sense of achievement progressing to the point you are now, which added to your happiness. Once one hits his goals, no matter how conservative, challenges tend to stop dont you think?.

As an extension to your Russian saying - but you can slot more than one woman at a time.

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This is a really interesting topic. I was recently reading some posts by someone looking to achieve financial independence but with a high standard of living. I am pursuing early financial independence myself but was aiming for the earliest possible date that I no longer have to be in the mainstream corporate rat race. I'm re-evaluating my priorities at the moment and the topic of "how much is enough" is an interesting one. Will post more soon.

The high standard of living will kill them. It'll probably get prohibitively expensive and then they'll feel like they are losing something.

I'm enjoying a low standard of living after retiring early. It's much less stressful. The secret is all about planning and preparation.

 

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  • 441 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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