hazellend
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Post by hazellend on May 15, 2020 10:24:18 GMT
I know it sounds greedy, and inconsequential given COVID all around us. But I love money. Making it, investing it, sometimes spending it. I’m not addicted or selfish. Just love the freedom having money gives you. Am I a bad person? Wishing you all good health youtu.be/3r5byXcQMGgMy 6 year old daughter asked why he loves “Monday” lol
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r00lish67
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Post by r00lish67 on May 15, 2020 10:30:26 GMT
Totes with you Hazel
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Post by ranjeb on May 15, 2020 11:23:37 GMT
Ok good. So would there be a level where it wouldnt make you happy anymore?
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hazellend
Member of DD Central
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Post by hazellend on May 15, 2020 11:26:43 GMT
Ok good. So would there be a level where it wouldnt make you happy anymore? 5 million. But if I ever get there I’ll just continue to let it compound.
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k6
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Post by k6 on May 15, 2020 11:51:50 GMT
Ok good. So would there be a level where it wouldnt make you happy anymore? No reason to limit your self
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one21
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Post by one21 on May 15, 2020 11:55:09 GMT
I suppose attitudes will depend on how privileged an upbringing one had. For me it provides a sense of financial security as I had to learn the hard way. It has always been a case of if I wanted something save up for it don’t borrow (apart from the mortgage that is). As I get older material things become less important and within reason I can afford them if I want them. One of my greatest financial fears just lately though, is if ever our economy spirals down to anywhere near that of Venezuela. The thought of having to take a barrow full of money to buy a loaf of bread at the supermarket fills me with dread! – All that effort building up life savings and financial security gone! I know a little OTT but who knows?...............
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hazellend
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Post by hazellend on May 15, 2020 12:03:31 GMT
I suppose attitudes will depend on how privileged an upbringing one had. For me it provides a sense of financial security as I had to learn the hard way. It has always been a case of if I wanted something save up for it don’t borrow (apart from the mortgage that is). As I get older material things become less important and within reason I can afford them if I want them. One of my greatest financial fears just lately though, is if ever our economy spirals down to anywhere near that of Venezuela. The thought of having to take a barrow full of money to buy a loaf of bread at the supermarket fills me with dread! – All that effort building up life savings and financial security gone! I know a little OTT but who knows?............... Don’t hold too much cash. Global equities, global bonds and if you worry about scenarios like a above (I don’t), a little bit of gold
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09dolphin
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Post by 09dolphin on May 15, 2020 16:53:54 GMT
I have equities. P2P, standard savings accounts like ISAs & gold sovereigns. Whilst the price of gold changes over time it's purchasing power doesn't. The money printed to cope with government debt (as in Germany pre WW2 when I believe wheelbarrows were used to transport money for shopping)) doesn't affect what you can buy if you use gold - plus inflation has little or no effect on it's purchasing power so it's, in my view, a good hedge for those like me who have a slightly nervous disposition. However golds purchasing power doesn't increase over time as equities tend to do so I personally prefer to invest the majority of my money in equities - but I do take a long term view.
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Post by Deleted on May 16, 2020 11:00:24 GMT
Once you have enough of it, it loses its "value". Now I just see the £s as numbers and treat it all as a computer game. What interests me is the charitable work you can do with it.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on May 16, 2020 11:35:22 GMT
Money's true value is a measure of time, effort and reward. Ie,
£1 given by to a child for pocket money.
£1 earnt by a child for pocketmoney.
£1 stolen by a child.
All 3 £1 have very different values. Both to the child and the donator.
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Post by moonraker on May 21, 2020 13:45:05 GMT
Once you have enough of it, it loses its "value". Now I just see the £s as numbers and treat it all as a computer game. What interests me is the charitable work you can do with it. I have stocks & shares with Hargreaves Lansdown and haven't once looked at how they've fared over the past couple of months.Got my quarterly valuation yesterday, as of April 30. I was pleasantly surprised to see my portfolio had lost "only" 13%. Badly down with Brazil, hardly any loss on China.
I've been helping out one friend marooned in Poland, now with this reassurance I can offer to help another who fled to the US the day before Lockdown, leaving everything behind. Time also to look at which charities I can help (though I admit part of the motivation here is the tax relief).
Under the "New Normal" I can't see my having much to spend my money on, the biggish question mark being, possibly, the costs of care and retirement/nursing homes in some years' time. (This assumes that the private sector will have recovered by then.)
Just before Lockdown a dealer offered me a paltry sum for a specialist stamp collection, so I started selling off choice items on eBay and direct to collectors. Already I've got almost double what he offered. We're talking a few hundreds of pounds here, but I'm getting pleasure out of it.
Any apparent complacency may be dented when I start getting VCT valuations. Perhaps I was just a little too swayed by the tax relief but I've always accepted they're high risk.
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Greenwood2
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Post by Greenwood2 on May 21, 2020 19:32:04 GMT
I know it sounds greedy, and inconsequential given COVID all around us. But I love money. Making it, investing it, sometimes spending it. I’m not addicted or selfish. Just love the freedom having money gives you. Am I a bad person? Wishing you all good health youtu.be/3r5byXcQMGgMy 6 year old daughter asked why he loves “Monday” lol I agree I like to have money ( i didn't when I was young and my parents didn't) so it does feel rather good to have enough and maybe plus a bit. But we did work really hard to get there, when other people were going on expensive holidays we were staying home and trying to pay off the mortgage etc. Did we do it right, I'm still not sure the people who spent their money still get looked after, although I guess most of them don't have excess funds.
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Post by Deleted on May 21, 2020 20:07:51 GMT
I've never understood the working hard image. I've seen people who work hard and people who work smart. I see little correlation between pay and work rate. Many CEOs work less hard than their junior staff but earn much more.
The love of money is a bad mental space to be in, the love of what good you can do with it makes more sense.
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one21
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Post by one21 on May 22, 2020 10:00:17 GMT
I've never understood the working hard image. I've seen people who work hard and people who work smart. I see little correlation between pay and work rate. Many CEOs work less hard than their junior staff but earn much more. The love of money is a bad mental space to be in, the love of what good you can do with it makes more sense. That’s life I suppose but I find it most distasteful when C.E.O’s and the highly paid hierarchy are 'rewarded' with mega salaries and those at the bottom are paid barely enough to survive. As we are now beginning to appreciate lowly paid essential workers are worth much more and should be rewarded accordingly. They should not be subject to humiliation and demoralised with some having to rely on charity such as food banks and subsidies from the tax payer. National pay structure in general should be reviewed and fairly apportioned, even if that results in a ‘Brain Drain’ so be it, do we really want such individuals and their 'Brains' as part of our society? I agree “The love of money is a bad mental space to be in, the love of what good you can do with it makes more sense.” Edit: Take the Governer of the Bank of England for example.!
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Post by Deleted on May 22, 2020 10:50:01 GMT
I really don't believe in the whole working hard thing should earn you more or less. I also think that the country needs more people who have not been indoctrinated in this protestant work ethic thing. It makes no sense and probably explains the UK's low productivity. I know too many people who think being busy at work is a good thing. Over 30 years I learnt that doing one or two things perfectly made my companies more than all the hard work combined
I generally am not that interested in pay. Working for myself makes you focus.
Btw I also think some CEO pay is silly.
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