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  • FIRST POST
    • schoey123
    • By schoey123 30th Sep 17, 12:15 PM
    • 45Posts
    • 8Thanks
    schoey123
    Over 50's, how did you accumulate your wealth?
    • #1
    • 30th Sep 17, 12:15 PM
    Over 50's, how did you accumulate your wealth? 30th Sep 17 at 12:15 PM
    How did you accumulate your wealth? I don't need specifics but more general themes. I'm interested to learn if there are patterns or different circumstances, paths people take.

    Thanks,
Page 4
    • theoldgreychap
    • By theoldgreychap 2nd Oct 17, 7:20 PM
    • 10 Posts
    • 10 Thanks
    theoldgreychap
    Worked hard at (state) school and got good grades - went to a great university and carried on working hard. Good degree opened door to a job and career in management consulting. Long hours, travel to 40+ countries and intense work over 30+ years. Recognised and promoted to pretty senior position in global firm. Very understanding OH - we met at college and she has had her own full-on career too. That has allowed us to enjoy a good lifestyle underpinned by good pensions and savings. 2 great kids. Property - were in neg equity for years before having better fortunes. Overall we've just worked hard all our lives, grabbing opportunities (work amd life) as they came along and making the most of what we had. Avoided debt except mortgage.
    • jerrysimon
    • By jerrysimon 2nd Oct 17, 7:54 PM
    • 250 Posts
    • 183 Thanks
    jerrysimon
    Perhaps you're misinterpreting what JerrySimon means by "building a PC"? Certainly, in my days as an IT manager, fifteen years ago it was generally assumed that a Windows-based PC would have to be "re-built" ie have the Windows operating system reinstalled every twelve months or so in order to maintain its performance.
    Originally posted by pafpcg
    Indeed, re-install OS and applications from scratch. Now as you say lets return to topic.
    • qwert yuiop
    • By qwert yuiop 3rd Oct 17, 3:53 PM
    • 2,030 Posts
    • 1,181 Thanks
    qwert yuiop
    A friend who works in the hospital here told me about one of the nurses. She's in her fifties, and trained as a student nurse back in the 80s when they got paid. She then got a permanent post and rented a room from a friend.
    She's still in that room 30 years later, and has reputedly saved nearly a million pounds off her salary and a few investments.
    I don't really know why.
    • jerrysimon
    • By jerrysimon 3rd Oct 17, 4:05 PM
    • 250 Posts
    • 183 Thanks
    jerrysimon
    Maybe she plans to go out with a bang!
    • wymondham
    • By wymondham 3rd Oct 17, 4:12 PM
    • 4,821 Posts
    • 8,119 Thanks
    wymondham
    Paid off mortgage by 40, then went self employed and was able to properly pay into a pension...
    • qwert yuiop
    • By qwert yuiop 3rd Oct 17, 4:18 PM
    • 2,030 Posts
    • 1,181 Thanks
    qwert yuiop
    Maybe she plans to go out with a bang!
    Originally posted by jerrysimon
    Given recent events, that's probably not an appropriate remark.
    • jennyjj
    • By jennyjj 3rd Oct 17, 4:18 PM
    • 214 Posts
    • 336 Thanks
    jennyjj
    How did you accumulate your wealth? I don't need specifics but more general themes. I'm interested to learn if there are patterns or different circumstances, paths people take.

    Thanks,
    Originally posted by schoey123
    Continuously employed:
    Avoided any interest bearing debt like the plague ( except inevitable mortgage which was whittled down rigorously ) :
    Exploited company sharesave and similar schemes to the max:
    Stoozed a few £k from interest free credit cards:
    Lived WELL within my means: Final few years of employment, made pension AVC's to the max:
    Saved in effective ways, mostly equities.
    Did some trading on ebay as a serious sideline.
    Last edited by jennyjj; 03-10-2017 at 4:30 PM.
    • jerrysimon
    • By jerrysimon 3rd Oct 17, 4:20 PM
    • 250 Posts
    • 183 Thanks
    jerrysimon
    Given recent events, that's probably not an appropriate remark.
    Originally posted by qwert yuiop
    Well I am sure people know what I meant in terms of living it up in the latter parts of her life.
    • melanzana
    • By melanzana 3rd Oct 17, 4:25 PM
    • 2,386 Posts
    • 6,713 Thanks
    melanzana
    Never borrow. Exception is mortgage. Overpay it as fast as possible.

    Get a job with a great pension scheme, mostly paid for by employer.

    Save as much as you can without being a church mouse. Enjoy life.

    Remember your wealth is your good health. No money will make up for wealth with bad health.. sad but so true.

    Better to be healthy than rich. Although as my late Dad used to say, well if you re rich and ill, you can at least be miserable in comfort!
    • Mrs Z
    • By Mrs Z 3rd Oct 17, 9:08 PM
    • 867 Posts
    • 862 Thanks
    Mrs Z
    Here are few pointers that have worked for me (in no particular order):
    1. Know your needs from wants
    2. Never buy anything in credit or take on debt (except mortgage or stoozing)
    3. Spend less than you earn
    4. Don't keep up with the Jones'
    5. No children (conscious choice)
    6. Get on the property ladder as early as you can
    7. Become MSE - keep your money working for you - don't WASTE money
    8. Take some calculated risks (invest some of your savings, change jobs, etc)
    9. Don't lose your focus
    10. Don't forget to enjoy life as well - the golden middleway with everything - (but set a budget!)
    • qwert yuiop
    • By qwert yuiop 4th Oct 17, 5:48 AM
    • 2,030 Posts
    • 1,181 Thanks
    qwert yuiop

    5. No children (conscious choice)
    !)
    Originally posted by Mrs Z
    Voluntary extinction.
    • MSE Andrea
    • By MSE Andrea 4th Oct 17, 11:39 AM
    • 8,629 Posts
    • 20,868 Thanks
    MSE Andrea
    Subscribing to this thread. Great tips
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    • Pollycat
    • By Pollycat 5th Oct 17, 9:13 AM
    • 18,051 Posts
    • 46,018 Thanks
    Pollycat
    Voluntary extinction.
    Originally posted by qwert yuiop
    I'm with Mrs Z, no children here either.

    I'll leave other people to address the issue of 'voluntary extinction'.

    In fact I agree with pretty much everything Mrs Z says below - especially #3.

    I didn't change jobs though, I worked for the same employer for over 30 years (with a very good final salary pension scheme).

    Here are few pointers that have worked for me (in no particular order):
    1. Know your needs from wants
    2. Never buy anything in credit or take on debt (except mortgage or stoozing)
    3. Spend less than you earn
    4. Don't keep up with the Jones'
    5. No children (conscious choice)
    6. Get on the property ladder as early as you can
    7. Become MSE - keep your money working for you - don't WASTE money
    8. Take some calculated risks (invest some of your savings, change jobs, etc)
    9. Don't lose your focus
    10. Don't forget to enjoy life as well - the golden middleway with everything - (but set a budget!)
    Originally posted by Mrs Z
    • woolly_wombat
    • By woolly_wombat 5th Oct 17, 12:32 PM
    • 484 Posts
    • 289 Thanks
    woolly_wombat
    How did you accumulate your wealth? I don't need specifics but more general themes. I'm interested to learn if there are patterns or different circumstances, paths people take.

    Thanks,
    Originally posted by schoey123
    1. Bought a house when prices were low (and interest rates were high).
    2. Got a repayment mortgage and paid it off - paid off extra when interest rates went down.
    3. Always contributed to a pension (Equitable Life didn't do too well but I stuck with it rather than fleeing when there was an MVR of 25% - now looking as if it will turn out better than expected).
    4. Saved up for stuff that we needed and always bought good quality classic styles that won't date and will last.
    5. Always lived within our means and didn't try and keep up with the Jones'.
    6. Tried to avoid putting all our eggs in one basket - held a variety of assets and a variety of pensions.
    • qwert yuiop
    • By qwert yuiop 5th Oct 17, 12:58 PM
    • 2,030 Posts
    • 1,181 Thanks
    qwert yuiop
    I'm with Mrs Z, no children here either.

    I'll leave other people to address the issue of 'voluntary extinction'.

    ).
    Originally posted by Pollycat
    If you've no family responsibilities, why not just live it up? I'm just wondering how your spending priorities differ from parents.
    • Pollycat
    • By Pollycat 5th Oct 17, 1:11 PM
    • 18,051 Posts
    • 46,018 Thanks
    Pollycat
    If you've no family responsibilities, why not just live it up? I'm just wondering how your spending priorities differ from parents.
    Originally posted by qwert yuiop
    Who says I'm not living it up?

    The OP asked for 'over 50s' experiences.
    My understanding of Mrs Z's list was 'how she accumulated her wealth' i.e. past tense, not necessarily how she's living now.

    I've been retired for 14 years and still haven't reached state pension age yet.
    • Jackmydad
    • By Jackmydad 5th Oct 17, 1:27 PM
    • 773 Posts
    • 1,203 Thanks
    Jackmydad
    I'd agree with Mrs Z as well.
    No children here either.

    We have been mortgage free for 30+ years. Have worked continuously, and have avoided debt.
    • Mrs Z
    • By Mrs Z 5th Oct 17, 1:40 PM
    • 867 Posts
    • 862 Thanks
    Mrs Z
    The OP asked for 'over 50s' experiences.
    My understanding of Mrs Z's list was 'how she accumulated her wealth' i.e. past tense, not necessarily how she's living now.
    Correct Pollycat!
    And in case anyone is interested - I'm not 'living it up' because I'm aiming for an early retirement in max 5 years time and then I have a quite a big gap (8yrs) to bridge from savings/investments before the pension kicks in so that needs a substantial warchest. Don't get me wrong, this does not mean 'going without' all the time, but as always, I'm mindful what I spend my money on and if it's not that important to me, I won't buy it for the sake of it.
    • Jackmydad
    • By Jackmydad 5th Oct 17, 5:19 PM
    • 773 Posts
    • 1,203 Thanks
    Jackmydad
    Correct Pollycat!
    And in case anyone is interested - I'm not 'living it up' because I'm aiming for an early retirement in max 5 years time and then I have a quite a big gap (8yrs) to bridge from savings/investments before the pension kicks in so that needs a substantial warchest. Don't get me wrong, this does not mean 'going without' all the time, but as always, I'm mindful what I spend my money on and if it's not that important to me, I won't buy it for the sake of it.
    Originally posted by Mrs Z
    Sounds like a good plan. Life is about living, not working for lots of consumer "stuff" that you don't really need.
    I know several people who have done similar, and they all say they wish they could have done it earlier. None of them "go short" Some have children some don't.
    They have all worked hard one way and another.
    • OldBeanz
    • By OldBeanz 5th Oct 17, 7:45 PM
    • 692 Posts
    • 532 Thanks
    OldBeanz
    I don't understand the mortgage free stuff. Santander have been paying me to lend them back their money for the past 5 years.
    No kids, no thanks - both our greatest musician (arguably) Elton John and sportsman (arguably) Andy Murray, have said in the last few years that it has been the greatest thing that has ever happened to them.
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