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Careful What You Wish For . . .


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There's a lot of doom and gloom out there at the mo, and people are cheering, because their predictions are starting to come true.

i believe we're at the beginning of a very bad downturn and am wondering how many are really prepared?

there are some on here who have str and are sitting on a tidy sum waiting for the crash. If this turns out to be a full blown recession, how many are going to have their deposits intact when the time is right? Especially if there is a real prospect of job losses and things start to get really tough.

if i lost my job, i think i have about six months before i have to start eating into the house money.

what's the scenario for others on here?

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Most on this board have simply witnessed an unsustainable trend, done some research and rationally concluded things will end badly. The basic motivation is to protect ones interests by getting the facts straight and understanding risk. Observing and analyzing is logical - whereas lemming-like blind faith in an economic outcome is stupid.

I'm not happy about the outcome, but I'm very well prepared.

And if some want to indulge themselves in a bit of schadenfreude? Keep in mind that mass stupidity got us into this mess.

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If I lost my job I'd have to start eating into my savings in about a month. How do you manage 6??

I got 2 years stashed away!!!!

You got a month at current prices...if prices rise you're dead.

You've been on the site for nearly a year, Dubai - didnt you learn anything, like 'save'?

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I got 2 years stashed away!!!!

You got a month at current prices...if prices rise you're dead.

You've been on the site for nearly a year, Dubai - didnt you learn anything, like 'save'?

Hang on. I think I've missed the point :huh:

You said "i think i have about six months before i have to start eating into the house money."

To me that's savings... ?

I have savings... it's my "house money". If I lost my job, I'd get a months notice (salary) then I'm stuffed and would have to start on the savings.

Am I making sense? 4 cans of Du Moulin Lager (big ones, too) may have destroyed my capacity for rational thought (temporarily, of course!)

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Guest Bart of Darkness
if i lost my job, i think i have about six months before i have to start eating into the house money.

what's the scenario for others on here?

4 years (with a few economies).

Most on this board have simply witnessed an unsustainable trend, done some research and rationally concluded things will end badly. The basic motivation is to protect ones interests by getting the facts straight and understanding risk. Observing and analyzing is logical - whereas lemming-like blind faith in an economic outcome is stupid.

I'm not happy about the outcome, but I'm very well prepared.

And if some want to indulge themselves in a bit of schadenfreude? Keep in mind that mass stupidity got us into this mess.

Excellent reply to this "be careful what you wish for" thread and the dozens that have preceded it.

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4 years (with a few economies).

Excellent reply to this "be careful what you wish for" thread and the dozens that have preceded it.

Those who have the propensity and foresight to save are invariable, but not exclusively, risk adverse and therefore it is not they feel motivated by schadenfreude to watch the herd falter but obtain a sense of reassurance and recognition for the prudence they have endured.

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To calculate the amount of time my reserves would last I would formularise it as follows:-

Expenditure (minimum to live) for six months (in my case £2500 per month) = £15,000

Expenditure (minimum to live) per month less income from working at the minimum wage (in my case £2500 per month - 150 hours at £6.00 per hour - less what her in doors can earn at minimum wage say 80 hours @ £6.00 per hour) = £2,500 - £1380 = £1,120 per month shortfall

On that basis we have £100,000 in ready cash and therefore we have about eight to nine years before that runs out and is inline with the long term cycle of the economy. We have no mortgage and could survive with a very modest car. We are both in our early forties and our children have flown the nest. We have a five bedroom detached house near Sevenoaks so the council tax would be our biggest outgoing at £2700 per annum

I would work at the minimum wage if necessary to keep my house but if I lost my job I would only consider this after six months. If we did not work then we are done after just three years.

I have ignored tax and ignored interest on the savings and the redundancy payment I might get and replaced this with the goverments redundancy figure-

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To calculate the amount of time my reserves would last I would formularise it as follows:-

Expenditure (minimum to live) for six months (in my case £2500 per month) = £15,000

£2500 a month? Do you rent a wing in Tregenna Castle or something? Oh, you've bought. Hang on, you've no mortgage?? Do you have a rare disease that means you can only eat ground up diamonds or something? I reckon I could get my costs below £1,000 a month and still live in this place if I really tried hard. Eating corned beef and baked beans for every meal for example.

Probably have enough to live for a few years like that. If I didn't top myself first of course.

If I downsized and moved to a 1 bed flat up the coast a bit I might be able to get it below £700 a month. That'd be low enough for almost five years of dossing!

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what's the scenario for others on here?

sit back in my HA flat. get extra locks. go unemployed probably. fish. go on holidays to cornwall. safeguard my 'investments' and live being shit poor for 5 years. then pop out of a hole when the job market picks up with a medium deposit to offer only the most desperate of surviving sellers.

Edited by right_freds_dead
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There's a lot of doom and gloom out there at the mo, and people are cheering, because their predictions are starting to come true.

i believe we're at the beginning of a very bad downturn and am wondering how many are really prepared?

there are some on here who have str and are sitting on a tidy sum waiting for the crash. If this turns out to be a full blown recession, how many are going to have their deposits intact when the time is right? Especially if there is a real prospect of job losses and things start to get really tough.

if i lost my job, i think i have about six months before i have to start eating into the house money.

what's the scenario for others on here?

Even when times are hard, there is no reason you should have no incomings and need to dip into your savings. If you lose your job and there is a big f**k off recession happening. Adjust your horizons and get looking for something that you may have deemed only suitable for an Eastern European to do previously.

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Guest grumpy-old-man
There's a lot of doom and gloom out there at the mo, and people are cheering, because their predictions are starting to come true.

i believe we're at the beginning of a very bad downturn and am wondering how many are really prepared?

there are some on here who have str and are sitting on a tidy sum waiting for the crash. If this turns out to be a full blown recession, how many are going to have their deposits intact when the time is right? Especially if there is a real prospect of job losses and things start to get really tough.

if i lost my job, i think i have about six months before i have to start eating into the house money.

what's the scenario for others on here?

yes, we are prepared.

I started taking this all very seriously in early 2007 & have positioned my family as best I can.

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Guest mattsta1964
yes, we are prepared.

I started taking this all very seriously in early 2007 & have positioned my family as best I can.

I've got 2 years mortgage payments in savings + I've overpaid the mortgage by a full year so if needs be I can take a year payment holiday though that is a last resort. I have no credit cards or outstanding loans apart from the mortgage.

I've trimmed down my direct debits to the essentials, utilities and mortgage. I stopped gym membership and the TV is going so no more BBC/Murdoch BS will exist in my home. Fekk the license fee. I'm writing to tell them I no longer own a TV.

The car is locked away in the garage and declared SORN. I haven't run a car in the UK since end september 2007. I cycle 100 miles a week to work and back.

The space undr my sink is packed with tinned food!

Talk about siege mentality! LOL LOL!!!!!

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Guest mattsta1964
yes, we are prepared.

I started taking this all very seriously in early 2007 & have positioned my family as best I can.

I've got 2 years mortgage payments in savings + I've overpaid the mortgage by a full year so if needs be I can take a year payment holiday though that is a last resort. I have no credit cards or outstanding loans apart from the mortgage.

I've trimmed down my direct debits to the essentials, utilities and mortgage. I stopped gym membership and the TV is going so no more BBC/Murdoch BS will exist in my home. Fekk the license fee. I'm writing to tell them I no longer own a TV.

The car is locked away in the garage and declared SORN. I haven't run a car in the UK since end september 2007. I cycle 100 miles a week to work and back.

The space undr my sink is packed with tinned food!

Talk about siege mentality! LOL LOL!!!!!

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I'm on a 2.5 year fixed contract. At the end of that period I will be able to last 5 years with no income. Not worried here.

Would have to make some cutbacks, such as leave the lovely house we are renting and move into a smaller one, but I will be in a better position than most IT contractors as I would be able to take a cut in pay. There are quite a few people in my game who have BTL portfolios, big mortgages, pointlessly expensive cars and addicted to the latest phones etc. These guys would be wiped out by 3 days off sick, never mind a rate cut or 6 weeks without work.

Last week I was trying to get access to some important logs, and the guy who was supposed to be arranging that was fiddling with his new iphone all the way through the conversation.

What I haven't done is stocked up on beans, spam and drinking water. Plenty O'Booze though. :)

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There are quite a few people in my game who have BTL portfolios, big mortgages, pointlessly expensive cars and addicted to the latest phones etc. These guys would be wiped out by 3 days off sick, never mind a rate cut or 6 weeks without work.

Indeed, it's pretty normal for a lot of these guys to live right at the edge of their means.

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There's a lot of doom and gloom out there at the mo, and people are cheering, because their predictions are starting to come true.

i believe we're at the beginning of a very bad downturn and am wondering how many are really prepared?

there are some on here who have str and are sitting on a tidy sum waiting for the crash. If this turns out to be a full blown recession, how many are going to have their deposits intact when the time is right? Especially if there is a real prospect of job losses and things start to get really tough.

if i lost my job, i think i have about six months before i have to start eating into the house money.

what's the scenario for others on here?

Ralph you hit the nail right on the head. There are some absolute tools on this board gleefully jumping round at the thought of a massive depression. Those of us with little mouths to feed are a little more worried.

The best outcome all round would have been a nice long period of stagnation but a recession on the scale of the one that is on its way is not a pleasant thought. In my own opinion no one will be safe.

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...and the TV is going so no more BBC/Murdoch BS will exist in my home. Fekk the license fee. I'm writing to tell them I no longer own a TV.

Another benefit of not having a TV is that the TV licensing authority will now supply you with free fuel for the stove. You will recieve about 2 letters a week from now on notifying you that their records show that there is no licence at this property, what would you do if the TV license man visited your area?, do you know that it is an offence to own a TV without a licence and so on. Your postman will be worn out and beg you to get a TV. :lol:

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There's a nice comment in the Independent's "Have Your Say": -

This is what happens when Great Britain's Government treachery and betrayal is finally exposed, when we see just how badly Blair and his tinpot fascists sold us into the hands of a foreign power, this is what happens when the politicians put bribes before their job and country...

When Reagan's Asst Secretary to the Treasury says to me two years ago that it was coming, we told people, no one listened, when he said the same thing to me last year, late 2007, early 2008 was the expected date when the US economy would no longer be sustainable, when people were warning Bush that the whole US economy could not take any more multi billion dollar defence spending sprees, could not take any more hiking of the oil prices and loss of confidence in the US system...

In the last week, Bloomberg and Merril Lynch both came out of the closet and said it was happening and STILL no one did anything...

And now British people YOU are going to suffer... why? Because Tony Blair invited America into our land and allowed them to buy our very infrastructure at a vastly cut price, he allowed America to take over our finanically healthy instituitions and in doing so, America's plunge is going to damage our country badly.

America owns our military infrastructure, from DML in Plymouth to Carlyle Group owning every damned base, depot, barracks and laboratory, when it is seen that they cannot sustain themselves, China may end up owning not only America but this country as well.

We have been betrayed by Blair and New Labour and we are going to pay the price of that betrayal with massive job losses, liquidation, home repossession, this is NOT like 1991, this is going to be WORSE than the Great Wall Street crash because British media at the governments behest have been covering this up just as much as the government have been covering up the very fact that we own virtually nothing now, Blair gets a nice fat payout every year whilst the average Briton is probably going to go against the wall.

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There's a lot of doom and gloom out there at the mo, and people are cheering, because their predictions are starting to come true.

i believe we're at the beginning of a very bad downturn and am wondering how many are really prepared?

there are some on here who have str and are sitting on a tidy sum waiting for the crash. If this turns out to be a full blown recession, how many are going to have their deposits intact when the time is right? Especially if there is a real prospect of job losses and things start to get really tough.

if i lost my job, i think i have about six months before i have to start eating into the house money.

what's the scenario for others on here?

I have enough savings to live on for about 2-3 years and my current spending speed, i would probably sell my car/SORN it

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