|
|
Post by chielamangus on Jun 14, 2016 9:48:26 GMT
A million pounds is only enough if you also have the house you want to live in. One could easily spend £500-600k on a house and then what has one got left? At 5 per cent long term one might only have an income of £20-25k. Council tax will take 10 per cent of that straight away. Everything in life has to be in proportion, and £1m to provide everything including housing is not enough for me, and I live modestly. As someone said, a million these days is not much at all, tho I appreciate for a student or someone just starting their career it must seem a bit of a dream. But take heart. I was a student for seven years, with a wife and two kids to support, and had about £50 in savings when I started my "career" at the age of 30. Did not get a mortgage til I was 38, and financially life was difficult (tho' at a personal level it was very happy). Enjoy life, work hard, don't be extravagant, and things will work out. Mind you, having a wonderful wife helps!
|
|
adrianc
Member of DD Central
Posts: 10,014 
Likes: 5,143
|
Post by adrianc on Jun 14, 2016 9:57:06 GMT
A million pounds is only enough if you also have the house you want to live in. I'm including house. Or you could get out of the SE. There are some very nice, very spacious, very characterful houses - not projects - in very nice areas of the UK, way below that price. I know, because I'm sat in one right now... National average salary is £26,500 - before housing costs. Depends on your definition of modestly...
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
|
Post by jonno on Jun 14, 2016 10:13:21 GMT
A million pounds is only enough if you also have the house you want to live in. One could easily spend £500-600k on a house and then what has one got left? At 5 per cent long term one might only have an income of £20-25k. Council tax will take 10 per cent of that straight away. Everything in life has to be in proportion, and £1m to provide everything including housing is not enough for me, and I live modestly. As someone said, a million these days is not much at all, tho I appreciate for a student or someone just starting their career it must seem a bit of a dream. But take heart. I was a student for seven years, with a wife and two kids to support, and had about £50 in savings when I started my "career" at the age of 30. Did not get a mortgage til I was 38, and financially life was difficult (tho' at a personal level it was very happy). Enjoy life, work hard, don't be extravagant, and things will work out. Mind you, having a wonderful wife helps! Jeez, you just HAD to spoil it right at the end 
God I hope she doesn't see this 
|
|
andyb
Posts: 69
Likes: 36
|
Post by andyb on Jun 14, 2016 10:18:50 GMT
A million pounds is only enough if you also have the house you want to live in. One could easily spend £500-600k on a house and then what has one got left? At 5 per cent long term one might only have an income of £20-25k. Council tax will take 10 per cent of that straight away. Everything in life has to be in proportion, and £1m to provide everything including housing is not enough for me, and I live modestly. As someone said, a million these days is not much at all, tho I appreciate for a student or someone just starting their career it must seem a bit of a dream. But take heart. I was a student for seven years, with a wife and two kids to support, and had about £50 in savings when I started my "career" at the age of 30. Did not get a mortgage til I was 38, and financially life was difficult (tho' at a personal level it was very happy). Enjoy life, work hard, don't be extravagant, and things will work out. Mind you, having a wonderful wife helps! The house issue is only an issue if you feel the need to live in the south east or some other major cities, look further a field and you will find a lot cheaper houses, I just recently my first home for 125k in a village near hull, semi detached, 4 bedrooms, garage and drive with a back garden, no doubt down south it would be around the 1 million + range. Is my quality of life worse for not being down in the south east? If you had £1m to last a lifetime and spent the majority of it on a house down south and found yourself short and struggling then it's a fail on your part. With the choices and investments I would make I'm pretty sure it would last 2 lifetimes 
|
|
|
|
Post by chielamangus on Jun 14, 2016 10:37:58 GMT
A million pounds is only enough if you also have the house you want to live in. Or you could get out of the SE. There are some very nice, very spacious, very characterful houses - not projects - in very nice areas of the UK, way below that price. I know, because I'm sat in one right now... National average salary is £26,500 - before housing costs. Depends on your definition of modestly... i don't live in the SE (as you know). if one values privacy, the sums I used are the minimum even in Herefordshire where you are And I don't consider an average salary adequate at my age (though for years when young I lived on well below the average salary). "Depends on your definition of modestly... " yes, we all have different standards and I am of a different generation from you. Enough said!
|
|
|
|
Post by chielamangus on Jun 14, 2016 10:42:42 GMT
The house issue is only an issue if you feel the need to live in the south east or some other major cities, look further a field and you will find a lot cheaper houses, I just recently my first home for 125k in a village near hull, semi detached, 4 bedrooms, garage and drive with a back garden, no doubt down south it would be around the 1 million + range. Is my quality of life worse for not being down in the south east? If you had £1m to last a lifetime and spent the majority of it on a house down south and found yourself short and struggling then it's a fail on your part. With the choices and investments I would make I'm pretty sure it would last 2 lifetimes I love the wisdom of the young. They have so much to teach us ancients who obviously don't know our arse from our elbow. OK - no further comment from me on this subject. There are better things to do.
|
|
Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
|
Post by Investboy on Jun 14, 2016 12:13:32 GMT
In Scotland 1M can buy you a castle. I've watched a program yesterday? about couple who bought 50 room Château in France on a lake with land for < 300k...
|
|
|
|
Post by chielamangus on Jun 14, 2016 12:41:54 GMT
France is France, not overpopulated England. I currently live in France, with a house and land only a millionaire could enjoy in southern England. So yes, a million is enough if one lives in France, but not in England. Moral: plan to live in France once you don't need to live in the UK for work purposes. Brexit will make no difference - the Brits make an important economic contribution to the rural areas which the French will not want to lose. The only problem in France is other expats, but they can be avoided.
|
|
|
|
Post by brianac on Jun 14, 2016 13:39:40 GMT
The only problem in France is other expats, but they can be avoided. I wa under the impression that the problem was the French. :-0 Brian
|
|
tx
Member of DD Central
Posts: 300
Likes: 127
|
Post by tx on Jun 15, 2016 23:34:14 GMT
I think SS's 12m shockwave had destroyed my confidence in using SS. The main reason I used it was the return+liquidity, everyone can have their own reason, but for me, such a liquid secondary market was golden. Now, the market is like dead, all the new money are exhausted in one blow. SS could have done this smoothly but now I can see the aggressiveness and the don't-care attitude.
although I have got a fair amount of the 12m new loans, but I am planning a exit strategy now. Cant have my monty tight up in a place like SS any more.
Well done, SS, your aggressive expansion is driving me away.
|
|
adrianc
Member of DD Central
Posts: 10,014
Likes: 5,143
|
Post by adrianc on Jun 16, 2016 7:25:03 GMT
I think SS's 12m shockwave had destroyed my confidence in using SS. The main reason I used it was the return+liquidity, everyone can have their own reason, but for me, such a liquid secondary market was golden. Now, the market is like dead, all the new money are exhausted in one blow. SS could have done this smoothly but now I can see the aggressiveness and the don't-care attitude. although I have got a fair amount of the 12m new loans, but I am planning a exit strategy now. Cant have my monty tight up in a place like SS any more. Well done, SS, your aggressive expansion is driving me away. Seriously? It's happened before, it'll happen again. In a week's time, the SM will be back to being as liquid as yesterday's weather.
|
|
archie
Posts: 1,866
Likes: 1,861
|
Post by archie on Jun 16, 2016 7:32:21 GMT
I think SS's 12m shockwave had destroyed my confidence in using SS. The main reason I used it was the return+liquidity, everyone can have their own reason, but for me, such a liquid secondary market was golden. Now, the market is like dead, all the new money are exhausted in one blow. SS could have done this smoothly but now I can see the aggressiveness and the don't-care attitude. although I have got a fair amount of the 12m new loans, but I am planning a exit strategy now. Cant have my monty tight up in a place like SS any more. Well done, SS, your aggressive expansion is driving me away. Seriously? It's happened before, it'll happen again. In a week's time, the SM will be back to being as liquid as yesterday's weather. It would help if SS were quicker to credit accounts with money transfers.
|
|
adrianc
Member of DD Central
Posts: 10,014
Likes: 5,143
|
Post by adrianc on Jun 16, 2016 7:34:25 GMT
Seriously? It's happened before, it'll happen again. In a week's time, the SM will be back to being as liquid as yesterday's weather. It would help if SS were quicker to credit accounts with money transfers. I transferred some in reasonably late the other evening. It was credited by the following morning. <shrug>
|
|
archie
Posts: 1,866
Likes: 1,861
|
Post by archie on Jun 16, 2016 8:09:51 GMT
It would help if SS were quicker to credit accounts with money transfers. I transferred some in reasonably late the other evening. It was credited by the following morning. <shrug> They only appear to credit once in the morning though. If people could have got funds transferred yesterday it's possible the SM wouldn't have so much for sale. I've bought some and sold some. I might well have bought more if my transfers had been processed.
|
|
adrianc
Member of DD Central
Posts: 10,014
Likes: 5,143
|
Post by adrianc on Jun 16, 2016 8:13:00 GMT
I transferred some in reasonably late the other evening. It was credited by the following morning. <shrug> They only appear to credit once in the morning though. If people could have got funds transferred yesterday it's possible the SM wouldn't have so much for sale. I've bought some and sold some. I might well have bought more if my transfers had been processed. The SM's been building up since Monday, when the dirty dozen were announced.
|
|
