Readjusting our finances

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basil6345789
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Readjusting our finances

Post by basil6345789 » Sun Oct 02, 2022 5:31 pm

Was talking to an old, retired financier and she remarked that so many people today have no experiences of anything other than cheap money and endless credit. Add to that the throw away and must have it now mentality and so many have no financial awareness or discipline.
Present conditions aren't going to improve quickly, so are we about to enter an age of change?
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taio
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Re: Readjusting our finances

Post by taio » Sun Oct 02, 2022 5:47 pm

I think we are going to see some big changes. As you say there has been far too much availability of credit. It never ceases to amaze me how people buy things on credit rather than saving to purchase. Also people having to get mortgages that are six or more times their household gross income. I can see a lot of home repossessions in the next few years. I really feel for young people in particular, for example with housing and motoring costs. The problem is that expectations of living standards have never been higher. I would always encourage young people to save hard for their future via a pension fund and/or stocks and shares ISA
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Re: Readjusting our finances

Post by ClaretAndJew » Sun Oct 02, 2022 5:55 pm

What is "cheap money" just out of interest.

The endless credit, I understand to an extent. The unfortunate thing is, these types of purchases are pushed on us, advertised en-masse and are almost made the only alternative if you want X Y Z.

The apartment I rent, a 1 bed, is going up from 625 to 700 by April next year. On top of council tax that'll be just over 800 per month on two bills. I'll manage, but crikey, it's cutting it fine for a lot of people.

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 5:57 pm

I'm fortunate in that I have no debt whatsoever. No loans, mortgage, credit cards, nothing. My first bit of advice to anybody who is currently in college or uni - be self-employed and work for yourself. There's nothing I can think of worse than having to work for somebody else.

Not sure this generation thinks much about next week though, let alone next year and debt.
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Re: Readjusting our finances

Post by Burnley Ace » Sun Oct 02, 2022 6:02 pm

Did all mortgage advisors explain to their clients that these were artificially low interest rates and at some point during their 25 year mortgage interest rates would go up?
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Re: Readjusting our finances

Post by CrosspoolClarets » Sun Oct 02, 2022 6:13 pm

Got various old tat in the house and just put it all on sale online for about £500. Includes old mobile phones, tv stands, powerline hubs, car hub caps etc. That’ll make a nice dent in the energy costs.

It’s good to have a self sufficient mentality, not easy for all, but often there is value tucked away in the backs of drawers, throwing stuff away is not a healthy mindset in my view.

Hopefully everyone will be ok but it will be good to have a reset and a more traditional approach to saving and spending.

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Re: Readjusting our finances

Post by taio » Sun Oct 02, 2022 6:16 pm

Burnley Ace wrote:
Sun Oct 02, 2022 6:02 pm
Did all mortgage advisors explain to their clients that these were artificially low interest rates and at some point during their 25 year mortgage interest rates would go up?
Through the mortgage application process lenders are required to illustrate what will happen to a person's mortgage payments should interest rates rise outside any fixed rate term.

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Re: Readjusting our finances

Post by Boss Hogg » Sun Oct 02, 2022 6:25 pm

Burnley Ace wrote:
Sun Oct 02, 2022 6:02 pm
Did all mortgage advisors explain to their clients that these were artificially low interest rates and at some point during their 25 year mortgage interest rates would go up?
They should have as they are supposed to be stress tested against much higher rates. Most illustrations will demonstrate this. Ignore at your peril. I know plenty of people who if they lose their job ( or one partner does) are screwed financially and will be forced sellers. That’s before you factor in higher rates. The days of cheap money and living beyond your means are over ( for a while anyway).

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Re: Readjusting our finances

Post by sixtiesclaret » Sun Oct 02, 2022 6:31 pm

OK I'm an old fart in my seventies but when we bought our first house in the 1970s mortgage rates were over 10 percent well above todays rates but we managed!!

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 6:32 pm

sixtiesclaret wrote:
Sun Oct 02, 2022 6:31 pm
OK I'm an old fart in my seventies but when we bought our first house in the 1970s mortgage rates were over 10 percent well above todays rates but we managed!!
Not bad at 50p a house :D

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Re: Readjusting our finances

Post by ClaretAndJew » Sun Oct 02, 2022 6:32 pm

sixtiesclaret wrote:
Sun Oct 02, 2022 6:31 pm
OK I'm an old fart in my seventies but when we bought our first house in the 1970s mortgage rates were over 10 percent well above todays rates but we managed!!
Your wage and the value of the house would have been more comprable to today's wage v house price.

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Re: Readjusting our finances

Post by Burnley1989 » Sun Oct 02, 2022 6:35 pm

I love these threads 😂 gives folk a chance to have a real dig at the younger generation

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 6:37 pm

Burnley1989 wrote:
Sun Oct 02, 2022 6:35 pm
I love these threads 😂 gives folk a chance to have a real dig at the younger generation
They're a **** generation, let's be honest :D

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Re: Readjusting our finances

Post by ClaretAndJew » Sun Oct 02, 2022 6:38 pm

Burnley1989 wrote:
Sun Oct 02, 2022 6:35 pm
I love these threads 😂 gives folk a chance to have a real dig at the younger generation
Those of us born in the 80's are at fault mate. We're just so damn lazy and have no respect.

If you work hard and have loads of respect, you can get a house that requires a small deposit and is worth only 3 times your annual salary.
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Re: Readjusting our finances

Post by taio » Sun Oct 02, 2022 6:41 pm

sixtiesclaret wrote:
Sun Oct 02, 2022 6:31 pm
OK I'm an old fart in my seventies but when we bought our first house in the 1970s mortgage rates were over 10 percent well above todays rates but we managed!!
Average house price then was £9k or £63k at current prices when adjusting for inflation. Today's average house price is £292k.

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Re: Readjusting our finances

Post by Burnley1989 » Sun Oct 02, 2022 6:44 pm

ClaretAndJew wrote:
Sun Oct 02, 2022 6:38 pm
Those of us born in the 80's are at fault mate. We're just so damn lazy and have no respect.

If you work hard and have loads of respect, you can get a house that requires a small deposit and is worth only 3 times your annual salary.
It’s a shame they didn’t share their knowledge with us when they had children eh

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Re: Readjusting our finances

Post by taio » Sun Oct 02, 2022 6:44 pm

Burnley1989 wrote:
Sun Oct 02, 2022 6:35 pm
I love these threads 😂 gives folk a chance to have a real dig at the younger generation
I haven’t seen anyone do that so far thankfully. It's tough for the younger generation and is about to get much tougher sadly.

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Re: Readjusting our finances

Post by RVclaret » Sun Oct 02, 2022 6:45 pm

If you go on the cryptocurrency thread, all you need to do is put your savings into XRP XRM ZOC and BTC and you’ll be more than fine.

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Re: Readjusting our finances

Post by Duffer_ » Sun Oct 02, 2022 6:46 pm

If only most of the Boomers had the principles and convictions of their youth, rather than pulling up the ladder on university education costs, closing the door on defined benefit pensions, and advocating nimbyism whilst counting their property profits.

It would be a lot easier for this generation if my parents' generation weren't so selfish.

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Re: Readjusting our finances

Post by NewClaret » Sun Oct 02, 2022 6:47 pm

taio wrote:
Sun Oct 02, 2022 6:41 pm
Average house price then was £9k or £63k at current prices when adjusting for inflation. Today's average house price is £292k.
House prices are utterly ridiculous. I see some pretty shitty houses that need a lot of work going for £750k to £1m. What the actual….!

If there’s a house price crash it’ll be a very good thing imo.
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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 6:47 pm

Duffer_ wrote:
Sun Oct 02, 2022 6:46 pm
If only most of the Boomers had the principles and convictions of their youth, rather than pulling up the ladder on university education costs, closing the door on defined benefit pensions, and advocating nimbyism whilst counting their property profits.

It would be a lot easier for this generation if my parents' generation weren't so selfish.
You won't catch any with that one.

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Re: Readjusting our finances

Post by jrgbfc » Sun Oct 02, 2022 6:48 pm

CrosspoolClarets wrote:
Sun Oct 02, 2022 6:13 pm
Got various old tat in the house and just put it all on sale online for about £500. Includes old mobile phones, tv stands, powerline hubs, car hub caps etc. That’ll make a nice dent in the energy costs.

It’s good to have a self sufficient mentality, not easy for all, but often there is value tucked away in the backs of drawers, throwing stuff away is not a healthy mindset in my view.

Hopefully everyone will be ok but it will be good to have a reset and a more traditional approach to saving and spending.
Unfortunately lots of people are addicted to buying cheap crap that they don't really need, particularly younger people. And before anyone has a go I'm in my 30s, so I've seen it with my own eyes.

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 6:48 pm

NewClaret wrote:
Sun Oct 02, 2022 6:47 pm
If there’s a house price crash it’ll be a very good thing imo.
With this PM it's going to happen.

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Re: Readjusting our finances

Post by RVclaret » Sun Oct 02, 2022 6:50 pm

The growth of the buy now later companies is mad. You can even order a Domino’s using this method.
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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 6:52 pm

RVclaret wrote:
Sun Oct 02, 2022 6:50 pm
The growth of the buy now later companies is mad. You can even order a Domino’s using this method.
Ordering one right now. Selected 'next century'.
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Re: Readjusting our finances

Post by taio » Sun Oct 02, 2022 6:55 pm

RVclaret wrote:
Sun Oct 02, 2022 6:50 pm
The growth of the buy now later companies is mad. You can even order a Domino’s using this method.
It seems you can even buy a football club using this method :D
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Re: Readjusting our finances

Post by NewClaret » Sun Oct 02, 2022 6:56 pm

jen1066 wrote:
Sun Oct 02, 2022 6:48 pm
With this PM it's going to happen.
To be fair to Truss, I’m not sure you can blame ALL the current woes on her.

Essentially successive PMs have run interest rates at unsustainable levels to compensate for economic mismanagement (and several unavoidable global crisis) for too long, and in doing so allowed house prices to rise to crazy levels.

If there’s a correction, I won’t blame her two weeks in to her premiership.

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Re: Readjusting our finances

Post by ksrclaret » Sun Oct 02, 2022 6:59 pm

Duffer_ wrote:
Sun Oct 02, 2022 6:46 pm
If only most of the Boomers had the principles and convictions of their youth, rather than pulling up the ladder on university education costs, closing the door on defined benefit pensions, and advocating nimbyism whilst counting their property profits.

It would be a lot easier for this generation if my parents' generation weren't so selfish.
It's certainly true that looking in the mirror becomes less appealing the older you get.

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Re: Readjusting our finances

Post by ksrclaret » Sun Oct 02, 2022 7:00 pm

taio wrote:
Sun Oct 02, 2022 6:55 pm
It seems you can even buy a football club using this method :D
:D :D :D :D :D

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 7:00 pm

NewClaret wrote:
Sun Oct 02, 2022 6:56 pm
To be fair to Truss, I’m not sure you can blame ALL the current woes on her.

Essentially successive PMs have run interest rates at unsustainable levels to compensate for economic mismanagement (and several unavoidable global crisis) for too long, and in doing so allowed house prices to rise to crazy levels.

If there’s a correction, I won’t blame her two weeks in to her premiership.
Tax cuts to benefit her friends. I'd blame her for that and she's only just started.

Sure, she's gone in 2 years when she hands the leadership over to Labour, but even so.

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Re: Readjusting our finances

Post by Rileybobs » Sun Oct 02, 2022 7:04 pm

I’d advise anyone struggling to listen to Kirstie Allsop. Cancel Netflix, cut out the weekly flat white from Cafe Nero and you will be on the property ladder within 6-8 weeks.
Last edited by Rileybobs on Sun Oct 02, 2022 7:05 pm, edited 1 time in total.
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Re: Readjusting our finances

Post by NewClaret » Sun Oct 02, 2022 7:05 pm

jen1066 wrote:
Sun Oct 02, 2022 7:00 pm
Tax cuts to benefit her friends. I'd blame her for that and she's only just started.

Sure, she's gone in 2 years when she hands the leadership over to Labour, but even so.
Yes, that was a complete mess. Even Gove says so :shock:

Huge mistake by her and political suicide for the Tories. But as I say, won’t blame her for a house price correction which is massively overdue!

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Re: Readjusting our finances

Post by NewClaret » Sun Oct 02, 2022 7:05 pm

Rileybobs wrote:
Sun Oct 02, 2022 7:04 pm
’d advise anyone struggling to listen to Kirstie Allsop. Cancel Netflix, cut out the weekly flat white from Cafe Nero and you will be on the property ladder within 6-8 weeks.
:lol: :lol: :lol:

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Re: Readjusting our finances

Post by ClaretAndJew » Sun Oct 02, 2022 7:06 pm

Rileybobs wrote:
Sun Oct 02, 2022 7:04 pm
I’d advise anyone struggling to listen to Kirstie Allsop. Cancel Netflix, cut out the weekly flat white from Cafe Nero and you will be on the property ladder within 6-8 weeks.
I've managed to buy a 4 bedroom property by pirating TV shows.

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Re: Readjusting our finances

Post by Lancasterclaret » Sun Oct 02, 2022 7:07 pm

If we are serious about living in (for want of a better word) a nicer world, then we have two choices

1) Hope that technology somehow sorts everything out and that everyone can enjoy the benefits

2) Cut down on what is considered normal expenditure, and has been for decades

3) Do nothing and wonder why everything is getting such a struggle

Every generation will have to make sacrifices, and those that have stuff sacrifice will have to sacrifice more so that more can benefit

And we have to stop voting for the past, we all know the future is going to be tough for all of us, so why keep ignoring that?

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Re: Readjusting our finances

Post by Rileybobs » Sun Oct 02, 2022 7:08 pm

ClaretAndJew wrote:
Sun Oct 02, 2022 7:06 pm
I've managed to buy a 4 bedroom property by pirating TV shows.
Now you can buy one of those flat screen telly things that all the kids - and even prisoners - have today.

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 7:10 pm

Lancasterclaret wrote:
Sun Oct 02, 2022 7:07 pm
If we are serious about living in (for want of a better word) a nicer world, then we have two choices

1) Hope that technology somehow sorts everything out and that everyone can enjoy the benefits

2) Cut down on what is considered normal expenditure, and has been for decades

3) Do nothing and wonder why everything is getting such a struggle

Every generation will have to make sacrifices, and those that have stuff sacrifice will have to sacrifice more so that more can benefit

And we have to stop voting for the past, we all know the future is going to be tough for all of us, so why keep ignoring that?
ok.

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Re: Readjusting our finances

Post by dermotdermot » Sun Oct 02, 2022 7:10 pm

Testing

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Re: Readjusting our finances

Post by ClaretPete001 » Sun Oct 02, 2022 7:11 pm

ksrclaret wrote:
Sun Oct 02, 2022 6:59 pm
It's certainly true that looking in the mirror becomes less appealing the older you get.
Turn the lighting down: look younger, save energy and contribute to the war effort in Ukraine. It's win:win:win...!

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 7:12 pm

Rileybobs wrote:
Sun Oct 02, 2022 7:08 pm
Now you can buy one of those flat screen telly things that all the kids - and even prisoners - have today.
Why buy one? The elderly lady down the road goes to bingo in an hour.

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Re: Readjusting our finances

Post by Duffer_ » Sun Oct 02, 2022 7:17 pm

Duffer_ wrote:
Sun Oct 02, 2022 6:46 pm
If only most of the Boomers had the principles and convictions of their youth, rather than pulling up the ladder on university education costs, closing the door on defined benefit pensions, and advocating nimbyism whilst counting their property profits.

It would be a lot easier for this generation if my parents' generation weren't so selfish.
Sorry, forgot to mention the destruction of the planet.

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Re: Readjusting our finances

Post by Lancasterclaret » Sun Oct 02, 2022 7:17 pm

Can i give myself a huge black mare for saying two choices and then naming three?

Cheers

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Re: Readjusting our finances

Post by Duffer_ » Sun Oct 02, 2022 7:28 pm

Lancasterclaret wrote:
Sun Oct 02, 2022 7:17 pm
Can i give myself a huge black mare for saying two choices and then naming three?

Cheers
You shouldn't have bothered calling yourself on it. The olds will have forgotten that you said two options by the time they get to the third, and the younger generation are largely innumerate.
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Re: Readjusting our finances

Post by fatboy47 » Sun Oct 02, 2022 7:30 pm

Twas ever thus.

One of Mrs Thatchers first plays in 79 was to get rid of all the sensible credit restrictions that existed at that time.

Getting the plebs deep in debt makes them far easier to control...a good first step if you want a major wealth redistribution.
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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 7:32 pm

Duffer_ wrote:
Sun Oct 02, 2022 7:28 pm
The olds will have forgotten that you said two options by the time they get to the third, and the younger generation are largely innumerate.
The majority just ignore him.

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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 7:33 pm

fatboy47 wrote:
Sun Oct 02, 2022 7:30 pm
Twas ever thus.

One of Mrs Thatchers first plays in 79 was to get rid of all the sensible credit restrictions that existed at that time.

Getting the plebs deep in debt makes them far easier to control...a good first step if you want a major wealth redistribution.
The scary thing is, she wants to be referred to like Thatcher. She has an ego and her decisions are partly based on that. Brain power and the correct decision hasn't yet been activated.

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Re: Readjusting our finances

Post by Lancasterclaret » Sun Oct 02, 2022 7:35 pm

jen1066 wrote:
Sun Oct 02, 2022 7:32 pm
The majority just ignore him.
Another old user with a new name?

Wonderful

Hey mods, if you were really interested in sorting out this board, then you'd crack down on the ones who get banned and then change their name

Adding you to the list
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Re: Readjusting our finances

Post by jen1066 » Sun Oct 02, 2022 7:37 pm

Lancasterclaret wrote:
Sun Oct 02, 2022 7:35 pm
Adding you to the list
Good! You're an absolute pain in the backside. I'm free to air my views, and you just think you are more intelligent than you are. Really do my tits in.
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Re: Readjusting our finances

Post by taio » Sun Oct 02, 2022 7:57 pm

To be frank let's keep the thread factual and avoid arguments :D
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Re: Readjusting our finances

Post by Rileybobs » Sun Oct 02, 2022 8:04 pm

Lancasterclaret wrote:
Sun Oct 02, 2022 7:35 pm
Another old user with a new name?

Wonderful

Hey mods, if you were really interested in sorting out this board, then you'd crack down on the ones who get banned and then change their name

Adding you to the list
Factual Frank’s gonna Factual Frank.
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