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12-11-2019, 05:08 PM
11

Re: Handling money.

Originally Posted by susan m ->
For most of my life I had very little and came from a family that had very little so I learned to make do and mend . I know how it feels to feel cold I know it feels to eat cheap foods and buy cheap. Once you have come from there you know how to not go back to that situation . As an older retired person I consider myself rich as I get my state pension each week . I can eat well and keep warm . I even run a car . I dont buy unnecessary things and I'm not overly materialistic. I have never been in debt because if I didn't have the money I did without.

My kids earn fantastic money with well.paid jobs have lovely homes and absolutely everything they want or desire, money goes through their fingers and they have credit card debt too . There is no saving for tomorrow or just in case .

I guess I'm just easily pleased .
My dear little Grandma lived a lifetime of poverty .
She said she had never felt so well off as when she received her old age pension .
Which was in 1949
So it’s mustn’t have been going very long .
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16-11-2019, 01:10 PM
12

Re: Handling money.

I've always thought of money (wealth) as having certain defined uses.

Money that is dead money, it has been used to establish a base and so becomes untouchable. Purchasing a never to be disposed of house for example. Never sell your last house or raise a loan against it. Sell it to buy another outright but that's all and even then be very sure. Rent it out and buy a second is best by far. In short capital assets to be retained.

Money to be saved and added to. Some people might call this a nest egg.

Then money to be used to attract more money. Investments and trade for example.

Finally money available to be used - disposable income. Keep that to a minimum that will ensure a lifestyle that is comfortable.

By understanding the differences and focusing on them it's surprising how simple it becomes to do quite well. Then comes securing ones assets and investments to ensure that no erosion because of tax, devaluation and so on takes place.

That takes a bit of creative accounting and flexibility not to mention thinking outside of the box.

On paper we're boracic.

Pottles.

No houses of our own, no cars of our own, no income other than state age related benefit - and the same for my wife, if it weren't for my kids I don't know what we'd do!
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17-11-2019, 01:36 AM
13

Re: Handling money.

Originally Posted by The Artful Todger ->
I've always thought of money (wealth) as having certain defined uses.

Money that is dead money, it has been used to establish a base and so becomes untouchable. Purchasing a never to be disposed of house for example. Never sell your last house or raise a loan against it. Sell it to buy another outright but that's all and even then be very sure. Rent it out and buy a second is best by far. In short capital assets to be retained.
This is true but rent is dead money too. I absolutely agree that your own home is a meaningless asset that only has value to your kids because what ever its value, be it $100 or a $million, its replacement will cost the same.

However now that I am retired owning my own home has meant that I am living the life of Riley because with only rates to pay my living expenses are minimal (food, clothes etc obviously costs the same whether renting or owning)

Over the years I have owned a few investment properties which have provided income (and a settlement for my second wife) but generally 'things' such as a car or expensive toys are a loss producing asset - however the longer you keep them the less the loss.

Originally Posted by The Artful Todger ->
No houses of our own, no cars of our own, no income other than state age related benefit - and the same for my wife, if it weren't for my kids I don't know what we'd do!
Sad situation to be in in my opinion, but, as a friend of mine says when discussing his four marriages and divorces, half of zero is zero so there can be a bright side.
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17-11-2019, 01:40 AM
14

Re: Handling money.

It will be a wonderful time when money is discarded as a curious and historic concept.

Very difficult to imagine, in the same way that we can't possible comprehend a time when electricity isn't (or indeed wasn't) our source of power.
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17-11-2019, 09:32 AM
15

Re: Handling money.

I've been terrible with money in the past and I've, er, paid for it
Very soon everything will be put right and I'll be getting it all sorted out properly. Belatedly.
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17-11-2019, 09:51 AM
16

Re: Handling money.

You can't take it with you, in these strange Fiscal times we have lived through, it might be fitting to exit with a deficit.
 
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