Jump to content
House Price Crash Forum

Krusty


Recommended Posts

0
HOLA441

LINK

Much to my bank manager’s horror I do not have a pension. I just have my property. Property is the thing that you have the greatest degree of control over. You find the property, you can do it up, you can choose the area, you can sell it quickly or you can have it to pay the rent. With shares, it is down to someone else.

:blink:

Link to comment
Share on other sites

  • Replies 58
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

1
HOLA442
2
HOLA443
3
HOLA444
4
HOLA445
5
HOLA446
6
HOLA447
Guest anorthosite

Everytime she opens her mouth I think "Congratualtions girl, I now finally advocate violence against women".

Well, not all women.

Just one.

Link to comment
Share on other sites

7
HOLA448
8
HOLA449
9
HOLA4410

It doesn't matter. She doesn't need property or a pension. Instead, she can:

- rely on the income of her other half

- find another wealthy/ier other half if this one ditches her or fails to perform financially

- call on the old boy network and contacts of her family to get/keep her a well-paid job

- get a ghostwriter to write her life story in a book and do the whole "money for opening fetes" round

People like her will always know people that can get them working and keep them working.

Link to comment
Share on other sites

10
HOLA4411
11
HOLA4412

Houses also have to be rented to someone else. So if we all have a house or two for a pension, who is going to rent and buy them? I can't believe this brainless dim wit is a special advisor to the Tories on housing. Oh hang on a minute... yes I can.

Link to comment
Share on other sites

12
HOLA4413
13
HOLA4414

Don’t know if anyone else has picked this up. The article seems to suggest (to me anyway) that she bought her first house for £72.5k in 1992 at the age of 21, but from what I can work out she only seemed to make £9.5k a year working for a magazine!

Maybe she is used to 7x multipliers, hence the reason she doesn’t think there are any problems with other people doing the same!

Although I suspect that the parents would have given her a big deposit. No mention of one though.

Link to comment
Share on other sites

14
HOLA4415
It doesn't matter. She doesn't need property or a pension. Instead, she can:

- rely on the income of her other half

- find another wealthy/ier other half if this one ditches her or fails to perform financially

- call on the old boy network and contacts of her family to get/keep her a well-paid job

- get a ghostwriter to write her life story in a book and do the whole "money for opening fetes" round

People like her will always know people that can get them working and keep them working.

if you have a pension where is your money invested ?christ we have the biggest pension funds in the uk paying good money into a bank that is all but bust (B+B) throwing good money after bad. a monkey could get a better return than most pension fund managers. you would be very lucky just to peg inflation never mind the mystical 7% returns they talk about on signing up. if you dont believe me look at the default funds run by the largest pension companies. and they take 1% per annum of the declining pot of money.

the only reasons pensions exist is a tax scam where you pay out of your before tax income and you get a lump sum tax free on retirement along with an annuity. if you start contributing at 30 and retire at 60 and 'want' to die at 90 then you need to contribute 50% of your income( to live the same as in 30 years if inflation didnt exist. this is the best you can hope for. 30 years work, 30 years of no work. the 50% contributed is saved for the 50% that is given back. and this is the BEST you can hope for .as life expectancy increases annuity rates go down and will continue to go down. property bought today at good yields thats rentable with no oversupply is the best hedge against inflation. of course you dont want to be paying 50% too much for it with 20000 lettable flats going up next door that will screw your yields.

Link to comment
Share on other sites

15
HOLA4416
16
HOLA4417
the only reasons pensions exist is a tax scam where you pay out of your before tax income and you get a lump sum tax free on retirement along with an annuity. if you start contributing at 30 and retire at 60 and 'want' to die at 90 then you need to contribute 50% of your income( to live the same as in 30 years if inflation didnt exist. this is the best you can hope for. 30 years work, 30 years of no work. the 50% contributed is saved for the 50% that is given back. and this is the BEST you can hope for .as life expectancy increases annuity rates go down and will continue to go down. property bought today at good yields thats rentable with no oversupply is the best hedge against inflation. of course you dont want to be paying 50% too much for it with 20000 lettable flats going up next door that will screw your yields.

You are right but like Krustie you haven't thought it through and it doesn't scale. Houses can only be a pension for a small minitory. The rest will err, have to have shares or a pension. If everyone owned a house or two for a pension then there would be no left to let or sell to to (assuming there is enough land in the UK to build all these "pensions"). For every housed used as a pension scheme, requires a tenant to pay for someones pension. So what its the tenant going to use as a pension?

Link to comment
Share on other sites

17
HOLA4418
Guest Skint Academic

Hey, I don't have a house or a pension or shares ... or even a job for that matter.

I do eventually intend to get something though. I'll go with whatever is the best choice for the time.

At the moment that doesn't include property.

Link to comment
Share on other sites

18
HOLA4419
I bought in 1992, in Battersea, south-west London, and I paid £72,500. For the first three years I was in negative equity.

I thought she said property only ever goes up in value - what's more she bought 3 years into a property slump and still lost money!

However, I think most people will have benefited from the property boom of the past 10 years. I think prices will bounce back in two years.
.

So lets see, she bought 3 years into a slump last time and ended up in negative equity. Now she still thinks buying 3 years into a slump is the right time to buy this time! :lol:

I had a bit of help from my parents and on pay day it was pizza and lipstick

Clearly a diet of pizza and lipstick hasn't done a lot for her figure!

Edited by Sinking Feeling
Link to comment
Share on other sites

19
HOLA4420
20
HOLA4421
You are right but like Krustie you haven't thought it through and it doesn't scale. Houses can only be a pension for a small minitory. The rest will err, have to have shares or a pension. If everyone owned a house or two for a pension then there would be no left to let or sell to to (assuming there is enough land in the UK to build all these "pensions"). For every housed used as a pension scheme, requires a tenant to pay for someones pension. So what its the tenant going to use as a pension?

you are very clever, you are right it does not scale. however this isnt a level field we are all on is it? my criteria is a lack of oversupply/future oversupply or paying so little for the property that the rent covers the interest and the inflation is free. of course if a million retnal propertys are due to go up next to you or infrastructure improves like cheap fast trains youd be advised to sell and buy elsewere. at the moment yields arent favourable in the uk but they will be. the only question is local oversupply. lets face it there is no shortage of houses, when prices go up people hoarde houses and dont sell, price rises are justification for more price rises and then the fall comes but they go back up again as long as there isnt oversupply as the devil is inflation the silent monster that eats paper money slowly depreciating it.

moral is the pension industry are crooks, good property bought correctly and managed is much better but not everyone has the knowledge and anyway someone has to buy the other financial assets, bonds, shares, cash deposits, commerical property funds, currencies but then thats the way the world is. the other assets managed cautiously/prudently can give very good returns. just ask warren buffett .quite alot of the economy is false but the money(wealth) goes back around(hopefully)...

ps alot of rentals are needed for all the people on unemployment/disability benefits in this country. the government pays quite well i believe. i know guys who were buying houses in hull around the council estates in bulk from the government that were disposing of them for some reason for 5-8000 and renting them for 200 -300 a month to the unemployed. they were buying them in blocks of 50-100. these are the best tenents although they can trash the place the rents are gauranteed and paid direct.

Edited by propertydeveloper
Link to comment
Share on other sites

21
HOLA4422

As Kirstie says "You buy a house..you sell it quickly..."

About 1 million people (and growing) finding there's a bit of a problem with that at the moment...

KA is about as far removed from reality as Dr Who was last night.

Link to comment
Share on other sites

22
HOLA4423
23
HOLA4424
24
HOLA4425

If KA's first job was earning 9.5K in the days of mortgages at 3.5 salary max, and within a couple of years of lowly paid work she can buy a flat (in 1992) at £72,500, doesn't that slightly suggest a gifted thumping great deposit from well-heeled Mum and Dad? It seems they also 'helped out' once she was 'on the ladder'.

Nice for those who can get it. Pass the silver spoon...

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information