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xux42

What About The Rest Of Us?

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In the doom and gloom threads the same old advice is doled out - buy a (fairly) remote, easily secured smallholding outright, stock up on pasta, seeds, soya, have a small chest of sovereigns and £20k in fivers.

Well I've got news for you STR or Mega Equity well off older people - some of us have decent equity, modest savings which we need to leave invested, still need an income, have kids yet to start university and foresee recession not armageddon.

(I imagine) there are a lot of people on HPC who would be really grateful for tips on navigating a tight labour market, sporadic shortages, higher energy prices, softer house prices, a lower pound etc. NOT the EOTW.

What are sensible people who are not leveraged up but are too young to cash in and drop out supposed to do???

Am I alone in feeling like this? :unsure:

Edited by xux42

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In the doom and gloom threads the same old advice is doled out - buy a (fairly) remote, easily secured smallholding outright, stock up on pasta, seeds, soya, have a small chest of sovereigns and £20k in fivers.

Well I've got news for you STR or Mega Equity well off older people - some of us have decent equity, modest savings which we need to leave invested, still need an income, have kids yet to start university and foresee recession not armageddon.

(I imagine) there are a lot of people on HPC who would be really grateful for tips on navigating a tight labour market, sporadic shortages, higher energy prices, softer house prices, a lower pound etc. NOT the EOTW.

What are sensible people who are not leveraged up but are too young to cash in and drop out supposed to do???

Am I alone in feeling like this? :unsure:

my plan is to ride it out, bought a house, fixed my interest (as i expect 1970s inflation, and marginal falls hidden my a falling pound and rising wages). I'm renting out a room to increase my savings speed/cushion just in case we don't have work and i need to emigrate/live off my savings. Of course its a gamble but if we get deflation were all shafted anyway, so i'm gambling on the option i feel is more likely/the one i can do something with.

Edited by moosetea

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Guest DissipatedYouthIsValuable
In the doom and gloom threads the same old advice is doled out - buy a (fairly) remote, easily secured smallholding outright, stock up on pasta, seeds, soya, have a small chest of sovereigns and £20k in fivers.

Well I've got news for you STR or Mega Equity well off older people - some of us have decent equity, modest savings which we need to leave invested, still need an income, have kids yet to start university and foresee recession not armageddon.

(I imagine) there are a lot of people on HPC who would be really grateful for tips on navigating a tight labour market, sporadic shortages, higher energy prices, softer house prices, a lower pound etc. NOT the EOTW.

What are sensible people who are not leveraged up but are too young to cash in and drop out supposed to do???

Am I alone in feeling like this? :unsure:

Mug old smug looking people who have recently moved to the country.

I wouldn't recommend making a stew from them, they're probably full of prescription drugs.

Edited by DissipatedYouthIsValuable

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In the doom and gloom threads the same old advice is doled out - buy a (fairly) remote, easily secured smallholding outright, stock up on pasta, seeds, soya, have a small chest of sovereigns and £20k in fivers.

Well I've got news for you STR or Mega Equity well off older people - some of us have decent equity, modest savings which we need to leave invested, still need an income, have kids yet to start university and foresee recession not armageddon.

(I imagine) there are a lot of people on HPC who would be really grateful for tips on navigating a tight labour market, sporadic shortages, higher energy prices, softer house prices, a lower pound etc. NOT the EOTW.

What are sensible people who are not leveraged up but are too young to cash in and drop out supposed to do???

Am I alone in feeling like this? :unsure:

your not alone feeling like this, but you also cant duck.

you will have to sit tight as best you can. cut your costs as best you can.

this is why i was not a fan of massive HPI, because it always ends with such a disaster, it can bring down people like yourself who did nothing wrong, but buy a house for themselves and worked to support their family. now you have to ride one hell of a storm with the rest of us.

i dont know what to say.

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your not alone feeling like this, but you also cant duck.

you will have to sit tight as best you can. cut your costs as best you can.

this is why i was not a fan of massive HPI, because it always ends with such a disaster, it can bring down people like yourself who did nothing wrong, but buy a house for themselves and worked to support their family. now you have to ride one hell of a storm with the rest of us.

i dont know what to say.

Gotta agree - reduce spending, save as much as you can, pay debt off as soon as you can (whilst ensuring you have savings in place to tied you over for at least 6 months should you lose your job), keep your head down at work and try to keep your job or find a more secure one if it's looking iffy, and just wait and ride it out. Although I have a ton of equity, I don't want to STR as I just don't trust this government not to inflate away the value of my cash (and also don't want to disrupt my family and all the risks of renting from potentially bankrupt landlords - although if I was alrady renting I certainly wouldn't be buying). So stick with it and make sacrifices and you might find you come out the other end better off than most.

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In the doom and gloom threads the same old advice is doled out - buy a (fairly) remote, easily secured smallholding outright, stock up on pasta, seeds, soya, have a small chest of sovereigns and £20k in fivers.

Well I've got news for you STR or Mega Equity well off older people - some of us have decent equity, modest savings which we need to leave invested, still need an income, have kids yet to start university and foresee recession not armageddon.

(I imagine) there are a lot of people on HPC who would be really grateful for tips on navigating a tight labour market, sporadic shortages, higher energy prices, softer house prices, a lower pound etc. NOT the EOTW.

What are sensible people who are not leveraged up but are too young to cash in and drop out supposed to do???

Am I alone in feeling like this? :unsure:

You're in the majority. Hence why most opinions on here need to be diluted (but not ignored) if you are using them to plan future activities.

I sold all my exposure to stock markets in Sept last year - so far a good move. I am now targetting select companies and will buy defensive shares once I have done my various responsible checks.

We overpay our mortgage by the maximum, and as suggested earlier have a decent cash cushion to enable us to ride out any short term problem. I think a minimum of 25% equity is advisable, preferably 40% plus in order to get the better deals when the inevitable remortgage time occurs.

The chances of unemployment in a recession is considerably higher whatever your career. It is crucial that you can cope financially with 1 years unemployment in order that you are not forced to take just any job quickly to survive. I was made redundant twice in the nineties both times I took 6 months to get a decent job paying similar to the previous position.

I've also turned part of our garden into a small orchard and a vegetable patch. May well get a few chickens too although there seems to be lots of houses / small holdings already advertising free range eggs round here. Allotments are fully subscribed (and a bit too much like hard work).

We haven't yet started economising financially although we have discussed whether we really need the gardener. I guess he'd be the first saving (£180 per month), then the cleaner (£450 per month).

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not me - I bought my house in 1995 and wont be selling till the kids leave primary school in 2016

I see my house as a home not as a cash generator :D

You sicko!!!!! :lol:

Good on Ya!!

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In the doom and gloom threads the same old advice is doled out - buy a (fairly) remote, easily secured smallholding outright, stock up on pasta, seeds, soya, have a small chest of sovereigns and £20k in fivers.

Well I've got news for you STR or Mega Equity well off older people - some of us have decent equity, modest savings which we need to leave invested, still need an income, have kids yet to start university and foresee recession not armageddon.

(I imagine) there are a lot of people on HPC who would be really grateful for tips on navigating a tight labour market, sporadic shortages, higher energy prices, softer house prices, a lower pound etc. NOT the EOTW.

What are sensible people who are not leveraged up but are too young to cash in and drop out supposed to do???

Am I alone in feeling like this? :unsure:

I wouldn't worry too much.

We are heading for choppy waters - and no-one can say with any certainty what will happen.

The idea of stocking up on food is way OTT in my view....but even so, keep following the news and sites such as this. Whatever happens, you'll be way ahead of the curve (in comparison to the masses), and ahead of the game to call things as they happen.

In my view, if you aren't overly leveraged on your house (and don't have significant other debt) you'll be OK. Keep your savings as cash in UK Banks, and be prepared to move / withdraw as and when events dictate. Don't invest more than 35k in anyone bank.

Be prepared to keep your money under the matress if need be, and keep saving extra just in case. In Japan back in the early 90's, people had such little faith in banks, most people kept their money in personal safes at homes.

Regarding your job, without wanting to sound like a a Daily Mail article, there are things you can do to recession proof your current role. Be prepared to re-train if need be, (into an area where you'll always get a job: nursing, police, debt advice, debt collecting!)

If I had the inclination: I would be tempted to set up a debt collecting firm. They stand to make a killing :-)

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You're in the majority. Hence why most opinions on here need to be diluted (but not ignored) if you are using them to plan future activities.

I sold all my exposure to stock markets in Sept last year - so far a good move. I am now targetting select companies and will buy defensive shares once I have done my various responsible checks.

We overpay our mortgage by the maximum, and as suggested earlier have a decent cash cushion to enable us to ride out any short term problem. I think a minimum of 25% equity is advisable, preferably 40% plus in order to get the better deals when the inevitable remortgage time occurs.

The chances of unemployment in a recession is considerably higher whatever your career. It is crucial that you can cope financially with 1 years unemployment in order that you are not forced to take just any job quickly to survive. I was made redundant twice in the nineties both times I took 6 months to get a decent job paying similar to the previous position.

I've also turned part of our garden into a small orchard and a vegetable patch. May well get a few chickens too although there seems to be lots of houses / small holdings already advertising free range eggs round here. Allotments are fully subscribed (and a bit too much like hard work).

We haven't yet started economising financially although we have discussed whether we really need the gardener. I guess he'd be the first saving (£180 per month), then the cleaner (£450 per month).

Yeah, my wife couldn't figure why I was digging the garden over and said I spend too much time on HPC. She is beginning to agree I might have a point now but for many the realisation will come too late. Having survived the odd crash before I have positioned myself nicely for this one and shall consider it entertainment, ...... popcorn , beer, .. a relaxing chair.

Sure there will be losers, but there will also be winners and I intend to be in the winners enclosure. :P

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Well I've got news for you STR or Mega Equity well off older people - some of us have decent equity, modest savings which we need to leave invested, still need an income, have kids yet to start university and foresee recession not armageddon.

(I imagine) there are a lot of people on HPC who would be really grateful for tips on navigating a tight labour market, sporadic shortages, higher energy prices, softer house prices, a lower pound etc. NOT the EOTW.

Am I alone in feeling like this? :unsure:

Be flexible in what you are willing to do work-wise and where you are willing to do it.

Make your own decisions, and dont take advice from ANYONE, including people on this site, at face value.

Treat every spending decision as an exercise in how little you can pay to get something. But before you do, remind yourself repeatedly that every spend directly delays the day when you will be financially free (e.g to buy a house). Treat every saving decision similarly (but opposite, clearly), researching thoroughly before you do anything.

Do not be suckered from pursuing your goal by fashion, group think or peer pressure.

Save money like your life depends on it. Sell the car, if you still have one. Buy a bike.

Be patient, and your time will come. Then you can look back with a real sense of achievement.

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Am I alone in feeling like this? :unsure:

not at all. we have a little house which we like and equity in it. why move? it's possible that we could STR (well, not now, back in 07 perhaps :)) but the upheaval would be madness. and we'd only be doing it for base commercial gain, and we like the house!

but - learning from my colleagues on hpc - i do not plan to use my savings as deposit on a newbuild BTL in Reading. That's to say, one can learn and be Ok placed without an STR fund expertly spread around commodities and canadian $!

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Agree with melchett... My way in not spending is to look at it, and decide if it is worth twice its value... Because thats the extra you will have to pay in not putting that money towards a mortgage. certainly works in convincing the missus she doesnt need to renew the Marie Claire Subscription.

;)

I would reccomend anyone trying to live on the ABSOLUTELY BARE MINIMUM, if just for a month. you only learn through mistakes, and you really do find the true value. For example, which brand of washing up liquid (persil. more expensive, lasts bloody ages) . Which products in poundland are worth it (all your washing/cleaning/bathroom stuff. Leading brands at a fraction at the price). Are there any cheap local stores? (Example in point, I walk to my nearest farm, and can get 1 dozen duck eggs and a dozen hen eggs for £3.50) now, this might not sound cheap, but they last ages, taste great and I am not lining the pockets of tescos. I dont fall for any of this organic crap, or fall for jamies stop buying mass produced chicken cr*p either. Jamie, Its a F*cking chicken. If it costs £1.50 and tastes the same, great. But my finely fefined pallate cannot tell the difference. I use the bones and scraps to make a kick ass chicken curry soup. LEarn to cook. Its so much cheaper than ready meal shoite. Dont eat out. Buy the missus a bunch of daffs from time to time, get a nice quality bottle of plonk, and have a candlelit dinner ready for her when she comes home from work. She will appreciate it far far more than you flashing the plastic ;)

As for where to invest, again, you only learn through making mistakes (I Lost 1500 quid on the stock market foolishly buying a stock I shold have known was going to fall) . It was painful, but, F*ck me, Ill do my research properly next time.

the biggest thing I have learned? Every, and I mean, EVERY penny counts, so make them count. Shop round. Dont tip. Look for value in everything, me and the wife enjoy one holiday a year, but thats all changing this year, and the wife knows it. Save save save. You will struggle to start with, its really painful having to go back on what feels completely unnatural, turning your back on all this commercial want gumpf, but, once you break the addiction, your life can become so much more enriched. Learn to differentiate between WANT and NEED. Ask the question EVERY time you reach into your pocket, or buy some tat on ebay. Live like you are in a recession NOW, not when it hits because by god, you wont be the one that struggles when it hits. :P:P hope that all helps!

PS will add, just because we have a joint income over 65K doesnt mean we have to live like king and queen. Asda, tescos and primark for the maority of our stuff, with some genuine North Face so we can enjoy the great outdoors without getting wet. I get a bit of stick from mates driving sports cars and out on the lash every weekend, I dont let it bother me. My wife doesnt particularly like shopping in poundland "in case anyone sees us in there", I am sure many others think like that now but will have to change their minds once recession hits.

Edited by mbga9pgf

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As for where to invest, again, you only learn through making mistakes (I Lost 1500 quid on the stock market foolishly buying a stock I shold have known was going to fall) . It was painful, but, F*ck me, Ill do my research properly next time.

PS will add, just because we have a joint income over 65K doesnt mean we have to live like king and queen. Asda, tescos and primark for the maority of our stuff, with some genuine North Face so we can enjoy the great outdoors without getting wet. I get a bit of stick from mates driving sports cars and out on the lash every weekend, I dont let it bother me. My wife doesnt particularly like shopping in poundland "in case anyone sees us in there", I am sure many others think like that now but will have to change their minds once recession hits.

You are validating my lifestyle..... Food from Bogoffs and bargain bins at Somerfield (with a similar income level).... I'm happy to spend money where it is worth spending (like your North Face gear), but so rarely do I find it is worth spending.

And, like you, I also had financial Road to Damascas/mistake moments:

First was living in a Victorian slum with no heating, no mod cons (such as hot water) and original windows as a sabbatical year student during the winter of 86/87 (you will recall, that was a f*cking cold winter) and deciding I would never be that poor again. Second was watching the directors of British Biotech turn a thousand squids of my hard-earned money into part of their ill-deserved remuneration, and deciding I would never be so fleeced again.

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Agree with melchett... My way in not spending is to look at it, and decide if it is worth twice its value... Because thats the extra you will have to pay in not putting that money towards a mortgage. certainly works in convincing the missus she doesnt need to renew the Marie Claire Subscription.

;)

I would reccomend anyone trying to live on the ABSOLUTELY BARE MINIMUM, if just for a month. you only learn through mistakes, and you really do find the true value. For example, which brand of washing up liquid (persil. more expensive, lasts bloody ages) . Which products in poundland are worth it (all your washing/cleaning/bathroom stuff. Leading brands at a fraction at the price). Are there any cheap local stores? (Example in point, I walk to my nearest farm, and can get 1 dozen duck eggs and a dozen hen eggs for £3.50) now, this might not sound cheap, but they last ages, taste great and I am not lining the pockets of tescos. I dont fall for any of this organic crap, or fall for jamies stop buying mass produced chicken cr*p either. Jamie, Its a F*cking chicken. If it costs £1.50 and tastes the same, great. But my finely fefined pallate cannot tell the difference. I use the bones and scraps to make a kick ass chicken curry soup. LEarn to cook. Its so much cheaper than ready meal shoite. Dont eat out. Buy the missus a bunch of daffs from time to time, get a nice quality bottle of plonk, and have a candlelit dinner ready for her when she comes home from work. She will appreciate it far far more than you flashing the plastic ;)

As for where to invest, again, you only learn through making mistakes (I Lost 1500 quid on the stock market foolishly buying a stock I shold have known was going to fall) . It was painful, but, F*ck me, Ill do my research properly next time.

the biggest thing I have learned? Every, and I mean, EVERY penny counts, so make them count. Shop round. Dont tip. Look for value in everything, me and the wife enjoy one holiday a year, but thats all changing this year, and the wife knows it. Save save save. You will struggle to start with, its really painful having to go back on what feels completely unnatural, turning your back on all this commercial want gumpf, but, once you break the addiction, your life can become so much more enriched. Learn to differentiate between WANT and NEED. Ask the question EVERY time you reach into your pocket, or buy some tat on ebay. Live like you are in a recession NOW, not when it hits because by god, you wont be the one that struggles when it hits. :P:P hope that all helps!

PS will add, just because we have a joint income over 65K doesnt mean we have to live like king and queen. Asda, tescos and primark for the maority of our stuff, with some genuine North Face so we can enjoy the great outdoors without getting wet. I get a bit of stick from mates driving sports cars and out on the lash every weekend, I dont let it bother me. My wife doesnt particularly like shopping in poundland "in case anyone sees us in there", I am sure many others think like that now but will have to change their minds once recession hits.

I am a guy and I am feeling sorry for your wife!!!

All work and no play makes life dull, No holiday surely you can stretch to a 500 quid trip to Europe ?

I would suggest that if you dont treat your wife to something to look forward to in life, you might find yourself spending your savings on legal fees of 150quid an hour.

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Get the Vaseline out and touch your toes. Just like the rest of us.

Your kids aren't going to Uni, they're going to War. With the UK Government.

:lol::lol::lol: Quality!

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I am a guy and I am feeling sorry for your wife!!!

All work and no play makes life dull, No holiday surely you can stretch to a 500 quid trip to Europe ?

I would suggest that if you dont treat your wife to something to look forward to in life, you might find yourself spending your savings on legal fees of 150quid an hour.

We are off overseas tomorrow. It wont be cheap, but we are going because even though we save around 60-70% of our take-home, we also need a break from work once in a while (once a year, I cant get prolonged time off work without this sort of lead time. But we have talked, and have come to an agreement that if things turn sour in the next 12 months for the UK, it will be Camping trips to south wales and possibly france for the next couple of years. (done that before, by far the best hols we have ever had including New York and Maldives, although the wife would argue that one!)

Our outlook on cash is this, we are saving for our childrens future, not ours, just as our parents did. My (and her) work allows my wife quite an active but cheap social life, so I am not too concerned with her walking out just yet! (I better keep an eye out though, she has over 30K of our savings in purely her name! Fortunately, she is not one of those got to have it all types, who I would have got rid of about a month into us dating!

In addition to what I wrote, Diversification is key. I hold a position which many in my line of work think is cast iron, a real skill that your ability in the role is key. Unfortunately, my job also relies on oil remaining cheaper than bottled water to survive. As a result, I am training myself, in my spare time programming, with a view to completing microsoft certification at my own pace. I am currently producing applications (for free) which I will be able to build a portfolio of work up with, it also keeps my employer happy. I want to also complete other professional qualifications, including project management (PRINCE2), within the next 12 months. I have learnt a LOT about economics, good business models, how people and organisations work over the past 2 years, mainly through life experience, the internet (helps pick stocks) Its all professional development.

If you are resting on your laurels, I suggest you need to get your head back in the books. The bigger your CV, the wider your abilities, the harder you are willing to work, go that extra mile, will ultimately make you employable to ANY company if you get made redundant. A mate from uni is in middle management. His firm, no duff, have a set number of positions they dont advertise for, yet are funded. They will generate these positions, not if the firm requires it, but purely to get hold of 1st class employees. Their SOLE purpose is to pick up that absolute gem of a character that walks through the door and is going places, yet, perhaps, doesnt quite know it. If I ever get made redundant or choose to move on, I want one of those jobs.

Edited by mbga9pgf

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Learn to differentiate between WANT and NEED.

Absolutely the essential piece of money management advice that should be drummed into everyone before they are old enough to borrow money.

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  • 296 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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