The Virtual Pub
Come Inside... => Saloon Bar => Topic started by: Uncle Mort on December 04, 2008, 11:54:08 AM
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From Robert Peston's article this morning:
Part of the reason we're in such an economic mess is that, over the past few years, we (that's individuals and businesses, in this case) borrowed considerably more than we saved.
Sorry, but that we doesn't include me, thank you very much. I have a mortgage which I can service very easily because I didn't borrow more than I could afford, I saved, both in in bank and with a pension fund, never taken out a loan and also paid my credit card off monthly.
Even the Company I work for has never had an overdraft.
IT'S NOT MY FUCKING FAULT!
So why is my pension worth less? my savings earning less? my projected salary next year lower?
cussing: cussing: cussing:
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Seconded Uncle...
We don't owe a penny... we don't even live there yet my pension (which Gorgon has now decided I can't take 'till I'm 55) has lost thousands...
Bunch of complete bastards! cussing:
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Too bloody right, Unc. Include me in that evil:
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Same here (except for the mortgage bit as we rent).
I blame Nick. Banghead
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Which is the eternal question. I still don't understand why we are bailing out people who have over extended with their mortgages. If Mr Wench and I had known it would happen we would have done the same rather than being prudent.
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Precisely Wenchy!
The banks are fucking pissing themselves and have obviously dragged up every bit of bad debt they've ever taken on to include it in 'the crunch'... bastards!
Why give the banks billions? What have they done with it? Fuck all that's what! cussing:
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This time last year I was putting in place the first steps to becoming an expat. After a bit of family haggling I conceded that an island in the Dutch Antilles was a bit far for a quick visit so reverted to looking again in France.
Then, after Christmas I began to see the first signs of things looking suspect... work contracts were less secure... pensions had already taken a hammering... investments were looking volatile... and by the summer evil:
All plans on hold cussing:
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I'm 55, have had a bit of ill health this year so I've been thinking more and more about retiring from City life, pay off the mortgage and maybe doing a few things just to supplement my income.
It was always going to be a bit tight as you need a very hefty pension pot to do that. Now that pot is smaller and any 'drawdown' plan would, because of the lower interest rates, be less viable.
Somehow I feel like I've been robbed.
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I'm 55, have had a bit of ill health this year so I've been thinking more and more about retiring from City life, pay off the mortgage and maybe doing a few things just to supplement my income.
It was always going to be a bit tight as you need a very hefty pension pot to do that. Now that pot is smaller and any 'drawdown' plan would, because of the lower interest rates, be less viable.
Somehow I feel like I've been robbed.
Sadly I believe you have been... we've all been robbed... noooo:
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Like many I'm in debt, in my case I borrowed money to invest in courses to help advance my career which at the time seemed like a good idea. While money is a lot tighter at the moment I will make sure that any monthly payments I have will go out before I spend money on anything else. If I can't afford it I'll either not buy it or put money aside to get it when I can.
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Nulabour ~ like old Labour ~ was/is all about the redistribution of wealth.
I pondered long and hard about Nulabour's "Third Way" and I think I have finally worked it out.
They still redistribute wealth but unlike their forefathers they do not try to take from the rich and give to the poor.
Nor do they behave the way they claim the Tories behave by taking from the poor and giving to the rich.
The "Third Way" is to take from everyone and give it to the rich.
Those banks haven't lost any real money and many in Banking have become rich beyond the dreams of avarice. The minnows who man city trading rooms have made a killing in bonuses but good luck to them, their time at that level is very short but the real rich have simply got richer and richer. The CE Os of various organisations have likewise profited enormously. The top managers in the NHS have pocketed vast sums and the "cronies" in the quangos etc have seen their bank balances grow and grow. MPs have made sure that their pension pots remain well ahead of the game.
Vast sums of our money have been squandered on daft schemes or given to Europe and Africa ~ with no benefit to us at all.
We, the ordinary people, have been well and truly shafted.
I now consider myself lucky to have been "retired" when I was. It has been a frustrating experience (still is at times) but it did mean that I had to trim the cloth all round. Credit cards dumped, debts paid off where possible and "negotiated away" where not (It's a fvck of a drop from £45kpa to £17Kpa). Houses were sold and different property purchased in a cheaper area to get more for the money (You think I like living in Wales??? ~ OK it has some good points but it also has the Welsh)
Now we have had our moans ~ what to do?
No one can expect to have a career anymore. Most sensible younger people are planning (expecting perhaps) to have at least 7 different careers over their working lifetime. For us older ones it is time to think "Multi Income Streams" ~ preferably in cash businesses. Having three or even four jobs is not hard. My niece in Switzerland has done this for years. Four jobs to which you give 12 hours a week is still only a 48 hour week. Lose one job and you have dropped only 25% of your income. Have only one job and lose that, you have lost 100% of your income.
Think about it. My method works (or at least it does for me)
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I have to admit I'm thingking about the multi income stream idea at the moment. My hours are being changed so I am doing a 4 day week (still the same amount of hours thougjh) so I figure I can get a part time job over 2 days that will give 12 hours on top of that as a seperate income and is a complete departure from what I do normally.
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cloud9: A convert ~ welcome my child. May your endeavours prosper.
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Now we have had our moans ~ what to do?
No one can expect to have a career anymore. Most sensible younger people are planning (expecting perhaps) to have at least 7 different careers over their working lifetime. For us older ones it is time to think "Multi Income Streams" ~ preferably in cash businesses. Having three or even four jobs is not hard. My niece in Switzerland has done this for years. Four jobs to which you give 12 hours a week is still only a 48 hour week. Lose one job and you have dropped only 25% of your income. Have only one job and lose that, you have lost 100% of your income.
Think about it. My method works (or at least it does for me)
You're not wrong there. For the last few years I've had three; two contract based, one cash based - still bloody challenging but I think the only way to go.
(https://www.virtual-pub.com/SMF/proxy.php?request=http%3A%2F%2Fwww.postimage.org%2FPq2z4CMA.jpg&hash=7144d00a3a67921580e3e8c9ccc3070f1da65451) (http://www.postimage.org/image.php?v=Pq2z4CMA)
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Frankly it is the only way to fight back ~ and cash businesses mean less tax to be paid ~ OK that is illegal but what they are doing to us is nothing short of criminal anyway.
Being "retired" I only charge "expenses" whistle:
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Oh well, to take our minds off it... ISIHAC is on R7 at 19:30 tonight. I shall pour a glass of something alcoholic and chuckle.
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To buy an extinguisher? eeek:
He will be thrilled eveilgrin:
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To buy an extinguisher? eeek:
He will be thrilled eveilgrin:
WTF are you talking about Nick?
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The usual brand of shite.
(I split the thread and I don't think he realised.) redface:
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You are getting a bit fond of that lever lately evil:
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Love the levers!
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Love the levers!
I prefer twiddling the little twisty things myself these days but each to their own. ;D
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::) You do suprise me. ::)
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You young'uns are not alone...
http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article5288722.ece
But here's the thing: I've spent ten years saving for a deposit on a flat. Every year I've earned more than the year before. But every year the flat spun further out of my reach, as Labour presided over one of the most destructive asset bubbles in history. Being more prudent than it now transpires anyone in the Government has ever been, I didn't falsify my earnings to get a mortgage that I couldn't service on an overpriced, peanut-sized property I couldn't afford. I just kept paying the rent, hoping that the inevitable crash would hurry up.