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How rich are you ?

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How rich are you ?

Old 12th Oct 2017, 18:06
  #61 (permalink)  
 
Join Date: Feb 2017
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I recall a distant book that I read as a teen which made some sense to me about wealth. It was a James Clavell novel, but darned I can't recall the title. One of the characters was discussing wealth with an investor, and he said something like; 'the nice thing is to have "FU" money'. And when questioned further he explained that; 'FU money is that minimum by which you can safely tell anyone along the way to just FU and still be in good shape. At that point, everything you do, no matter what you risk, you never touch the FU money. It's your 'in case of whatever' backup plan'.

While most kids may have wished for some genie to come sprinkle them with enough to have FU money, I went out with a plan to get that point as quick as I could, because then I was unencumbered to make decisions which weren't strictly financial.

I risked a lot, at one time I was carrying $880k in debt, and wasn't sure if the next month would be my last or not. But - it all worked out. I still work, every day, and try to contribute to the company, but all of us know that I've banked my FU, and have a certain amount of degrees of freedom(attitude?) that almost no one else has in my group. It's liberating.

Something else I note in many living month-to-month. They have no concept of long term savings or investment. I meet families who have one income, making modest wages, and they never can put anything away. Not surprising of course. But - I also meet couples who both work, and in decent to high income brackets and they also seem to have no savings or investment strategy. It's like when the checks come in, that's a reason it has to be spent. One couple I know just bought a new Merc Benz. Monthly payments with min down. Just their car payments are over $900/mo! And, in 3-4 years, they'll go do it all over again. I am - gobsmacked, but I guess it makes them happy.
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Old 12th Oct 2017, 18:19
  #62 (permalink)  
 
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∆∆∆∆∆∆∆
Noble House.
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Old 12th Oct 2017, 18:57
  #63 (permalink)  
 
Join Date: Aug 2015
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I had a reasonably good job working for a UK aerospace engine company. In my early 50's I had the opportunity to take VS which I greatfully accepted.
Many of my peers were astounded that I accepted as I would loose about 30% of my company pension. Many used complex 'what if' spreadsheets which frightened them into staying on and many years later were still working with no opportunity for VS.
The point they all missed was that I was getting my company pension immediately and have done for the last 13 years till I would have retired. Add that sum to the VS lump sum and it was by far the best decision of my life.
Add to that and the massive benefits of not having all the stresses associated with work and I consider myself rich...
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Old 12th Oct 2017, 19:12
  #64 (permalink)  
 
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Was earning around £50K+huge expenses two years out of University in the 90's, all of it base salary, and I used to think then (foolish youth) that this was pretty much normal... didn't strike me was earning much more than most folk, that is naivety of Village School, boarding School and a good Uni... and not seeing anything outside that bubble.

Now earning more, but given inflation and everything else I'm actually on less...

What embarrasses my wife (and daughter) the most though is my insistence of visiting every charity shop I see... and buying clothes from them. Much of what I wear comes from charity shops... it's the thing I now miss most about the UK, definitely a trait of my youth as my Mum ran a Charity shop in our small Town (Dorking).. and I got all the good stuff first (rather unfairly)
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Old 12th Oct 2017, 19:23
  #65 (permalink)  
 
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Originally Posted by flash8 View Post
What embarrasses my wife (and daughter) the most though is my insistence of visiting every charity shop I see... and buying clothes from them. Much of what I wear comes from charity shops... it's the thing I now miss most about the UK, definitely a trait of my youth as my Mum ran a Charity shop in our small Town (Dorking).. and I got all the good stuff first (rather unfairly)
Aha! Separated at birth! I buy most of my clothes at charity shops! In the US, we have them called GoodWill. There are others, but this is the big banana over here.

My mom also ran a charity shop when I was a kid. Most of our clothes growing up came from there, and really, no one minded a bit until later in high school.

My wife just bought me 4 new polo shirts. Almost $100! for them. I went down to the local GoodWill and found the same thing on the rack for $6 each. Been washed a few times, but - WTH? Oh well...
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Old 12th Oct 2017, 20:44
  #66 (permalink)  
 
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Old 12th Oct 2017, 22:44
  #67 (permalink)  
 
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Got decent health, decent kids, decent wife (ish), my mum still around and we chat weekly minimum, decent friends, decent relatives, decent neighbours and am self employed while not rich means I get more time off than 20 days a year.

Also can come on JB, act like all the rest of the prats on here and know majority will ignore and still reply to an inane post tomorrow or next week or whenever.
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Old 13th Oct 2017, 04:47
  #68 (permalink)  
 
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Because it's a taxable benefit in the UK, private health insurance via your employer costs you money. I told mine I didn't want it any more because it was a gold-plated policy was costing me significant money in tax.
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Old 13th Oct 2017, 04:59
  #69 (permalink)  
 
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checkboard there is a whole world of difference between a child and an 18 year old.
But you knew that didn't you.
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Old 13th Oct 2017, 11:50
  #70 (permalink)  
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Its amazing the mark up on some of these clothes you only have to see the 50% off sales to realise they are still making a profit at that
As for so called designer Labels ?

I read the likes of Prada sunglasses sold for £300 cost £30 through the same Italian manufacturer that makes all the other Brands

Do women who buy handbags realise that one very expensive brand is printed Nylon with a few bits of leather? A bag costing £2000 probably costs them £50 to make
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Old 13th Oct 2017, 12:00
  #71 (permalink)  
 
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Actually, this first sketch is probably more fitting of this thread...



The one illustrated is not it.

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Old 13th Oct 2017, 12:13
  #72 (permalink)  
 
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Originally Posted by llondel View Post
Because it's a taxable benefit in the UK, private health insurance via your employer costs you money. I told mine I didn't want it any more because it was a gold-plated policy was costing me significant money in tax.
In my case I declined it because I'm already covered by my wife's employer's policy so there's no point in paying tax on unnecessary duplicate insurance.
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Old 13th Oct 2017, 13:40
  #73 (permalink)  
 
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“FU Money”.....I operated on that concept too !

My method worked on having my most recent Pay Check cashed....before flying the FU Flag!

American Helicopter Operators made that both easy and necessary!
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Old 14th Oct 2017, 12:48
  #74 (permalink)  
 
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Healthy, happy, and in a wonderful marriage. We consider ourselves very lucky.... a small but honest an loyal circle of friends, a house that will last us for some time. We are not what you would consider rich in worldly possessions. We are far from financially rich. We have a small sum in our bank account, we make our weekly an monthly payments, eat decently an can offer a small amount to charity from time to time - either financial or our time and we have a little left at the end of the week now an then.

But all that is about to change.... Last night we received an email from a Nigerian Prince......
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Old 14th Oct 2017, 12:57
  #75 (permalink)  
 
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The same here. I am hoping to tuck away the fifty million Euros that the European Commission is sending me before 29th March 2018.
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Old 14th Oct 2017, 13:19
  #76 (permalink)  
 
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Originally Posted by Pace View Post
Its amazing the mark up on some of these clothes you only have to see the 50% off sales to realise they are still making a profit at that
As for so called designer Labels ?

I read the likes of Prada sunglasses sold for £300 cost £30 through the same Italian manufacturer that makes all the other Brands

Do women who buy handbags realise that one very expensive brand is printed Nylon with a few bits of leather? A bag costing £2000 probably costs them £50 to make
Very true, but all that advertising in glossy magazines to make people think a £50 handbag is somehow worth £2000 costs a fair chunk, and clearly the number of people who can afford a £2000 handbag is a lot less, so the potential market is much, much, smaller.

And as far as sunglasses are concerned, most come from the same source according to Wikipedia:

Luxottica Group S.p.A. is the world's largest eyewear company. It is based in Milan, Italy.
As a vertically integrated company, Luxottica designs, manufactures, distributes, and retails its eyewear brands, including LensCrafters, Sunglass Hut, Apex by Sunglass Hut, Pearle Vision, Sears Optical, Target Optical, Eyemed vision care plan, and Glasses.com. Its best known brands are Ray-Ban, Persol, and Oakley.
Luxottica also makes sunglasses and prescription frames for designer brands such as Chanel, Prada, Giorgio Armani, Burberry, Versace, Dolce and Gabbana, Miu Miu, DKNY, and Tory Burch.
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Old 14th Oct 2017, 13:52
  #77 (permalink)  
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According to the British Labour Party, if you earn more than £70,000 a year, you're rich and in line for swinging tax rises, known in a jocularly euphemistic way as 'paying a little but more.'
Now this figure is a little bit of an arbitrary one but six months or so ago, Labour touted the philosophy that £80,000 pa was their rich bastard cut off line. The decrease in demarcation line over such a very short period of time should worry some.
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Old 14th Oct 2017, 14:14
  #78 (permalink)  
 
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Now this figure is a little bit of an arbitrary one but six months or so ago, Labour touted the philosophy that £80,000 pa was their rich bastard cut off line. The decrease in demarcation line over such a very short period of time should worry some.
Particularly all those champagne socialists in their overpaid non-jobs. If this is correct, JC is out to cull New Labour from the party by chasing them off to... where?
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Old 14th Oct 2017, 14:30
  #79 (permalink)  
 
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As a vertically integrated company

wtf does that mean?


Getting horizontally integrated sounds like more fun!
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Old 14th Oct 2017, 14:52
  #80 (permalink)  
 
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Originally Posted by Little cloud View Post
wtf does that mean?
Vertically integrrated is like an Oil company owning the Oil Wells, refinery, transportation, Gas station.

Means they can screw you at each and every turn.
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