Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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 5
    • Jackmydad
    • By Jackmydad 5th Oct 17, 8:15 PM
    • 1,325 Posts
    • 2,889 Thanks
    Jackmydad
    I don't understand the mortgage free stuff. Santander have been paying me to lend them back their money for the past 5 years.
    Originally posted by OldBeanz
    A personal thing in our case. We don't like debt.
    Monthly payments
    I've been self employed for years, and although I've always had the cash to pay my way through any thin times, I prefer not to have the worry of "what if"
    Interest rates were a lot higher when we paid our mortgage off as well.
    Last edited by Jackmydad; 06-10-2017 at 12:53 PM.
    • marlot
    • By marlot 6th Oct 17, 5:43 AM
    • 3,142 Posts
    • 2,281 Thanks
    marlot
    I don't understand the mortgage free stuff...
    Originally posted by OldBeanz
    Having lost around 40% of the value of my first house when I had to relocate - and paying it back for years afterwards, being mortgage free represented freedom.
    • bugslet
    • By bugslet 6th Oct 17, 8:42 AM
    • 5,783 Posts
    • 28,303 Thanks
    bugslet
    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.
    Originally posted by OldBeanz
    My father went bankrupt, I had to buy the family home. I'm not manic about being mortgage free, but I've been overpaying anywhere between 10 - 40% for the last ten years. I could finish the mortgage if I had to or really wanted to and that makes me happy.

    I suspect there are some celebs of equal standing that might say not having kids is the greatest thing, but it would be professional suicide. Saying you don't like kids, doesn't always go down well. Personally I can't stand them, never wanted one for a nanosecond. Each to their own and all that.
    • badmemory
    • By badmemory 6th Oct 17, 10:16 AM
    • 1,071 Posts
    • 1,140 Thanks
    badmemory
    I wonder if mortgage freedom now with rates of under 4% can even bear any relationship to the possibility of mortgage freedom faced by those buying in the 70s with 15/16% interest rates. Of course with rents back then rising astronomically (notice very few mention this) it meant that within 5 years a crippling mortgage, almost double any rent, became thank goodness we made the sacrifice as our mortgage is now less than the rent we would be paying.

    As for children & spouses who want them when you don't really & then abandon them - just don't get me started!

    If you want to accumulate wealth then don't pay rent & don't have children.
    Last edited by badmemory; 06-10-2017 at 10:18 AM.
    • OldBeanz
    • By OldBeanz 6th Oct 17, 10:57 AM
    • 707 Posts
    • 549 Thanks
    OldBeanz
    My father went bankrupt, I had to buy the family home. I'm not manic about being mortgage free, but I've been overpaying anywhere between 10 - 40% for the last ten years. I could finish the mortgage if I had to or really wanted to and that makes me happy.

    I suspect there are some celebs of equal standing that might say not having kids is the greatest thing, but it would be professional suicide. Saying you don't like kids, doesn't always go down well. Personally I can't stand them, never wanted one for a nanosecond. Each to their own and all that.
    Originally posted by bugslet
    There is a whole forum area of Mortgagefree wannabees. It is more psychological than logical. My father landed in the same position as me that he wished he could pass his mortgage rate onto his children (he locked into a 2.5% fixed rate in the fifties and my brother and I could have lived with that in the 70s and 80s). No issue with having the funds to pay a mortgage off just that paying it off is not necessarily the best option.
    As for kids. We are genetically developed to want them so I suspect your suspicions are wrong for a vast majority of the population. To state that their children were their greatest achievements was not something either had to say and Ej appears to have indulged in more "short term joy giving" experiences than most .
    • adonis10
    • By adonis10 6th Oct 17, 11:09 AM
    • 1,484 Posts
    • 195 Thanks
    adonis10
    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.
    Originally posted by OldBeanz
    They're also insanely rich which makes the having kids thing a whole lot easier. Bear in mind that the lives of such celebs bear no or little resemblance to the man in the street with less than a few quid to rub together week on week.
    • bugslet
    • By bugslet 6th Oct 17, 11:11 AM
    • 5,783 Posts
    • 28,303 Thanks
    bugslet
    I know OB, I've popped by the MFWs - I think they get a bit too obsessional at times. I'm aware that family history in my case is a driver - facing being homeless in your late teens is a tad scary!

    The majority of people do want kids, but there is a good tranche of us that don't. I certainly wasn't implying those of us who view the Queen in Chitty Chitty Bang Bang as a role model ( just joking), are in the majority. And if people do find pleasure in thier children, good for them.
    • MallyGirl
    • By MallyGirl 6th Oct 17, 11:12 AM
    • 2,102 Posts
    • 6,975 Thanks
    MallyGirl
    I wonder if mortgage freedom now with rates of under 4% can even bear any relationship to the possibility of mortgage freedom faced by those buying in the 70s with 15/16% interest rates. Of course with rents back then rising astronomically (notice very few mention this) it meant that within 5 years a crippling mortgage, almost double any rent, became thank goodness we made the sacrifice as our mortgage is now less than the rent we would be paying.
    Originally posted by badmemory
    Ah yes - I remember it well. I bought my first flat in 1991 for £44k - 5% deposit and then almost exactly 3 x my £14k salary which was the most you could get as a multiplier (for good reason). My interest only payments at the beginning were about £420 pcm on my £41,800 mortgage. It was hard but rent was higher.
    For this reason I did focus on the mortgage for quite a while, paid it off once then upsized. It is now back to that £40k but I am concentrating now on pension contributions and ISAs with a toe in the water of P2P
    • Chickereeeee
    • By Chickereeeee 6th Oct 17, 12:04 PM
    • 423 Posts
    • 262 Thanks
    Chickereeeee
    Looking back, two (financial) things I wish I had done:

    1) Not paid off mortgage. I hate debt (passed from my parents I think) and paid off my mortgage when I was about 40. I should have moved to a larger house (thought about it, but nothing really better in the area, and did not want to uproot the children) and kept/increased mortgage, or BTL.

    2) Moved to London in early part of my career. More opportunities in my sector, greater increase in property prices for when moving back out. But moving to a smaller home for more money was too big a wrench.

    Not done too badly though, mainly due to being in the technology sector, and willing to take risks with (American, sadly) start-ups.

    C
    • Jackmydad
    • By Jackmydad 6th Oct 17, 1:07 PM
    • 1,325 Posts
    • 2,889 Thanks
    Jackmydad
    Looking back, two (financial) things I wish I had done:

    1) Not paid off mortgage. I hate debt (passed from my parents I think) and paid off my mortgage when I was about 40. I should have moved to a larger house (thought about it, but nothing really better in the area, and did not want to uproot the children) and kept/increased mortgage, or BTL.

    2) Moved to London in early part of my career. More opportunities in my sector, greater increase in property prices for when moving back out. But moving to a smaller home for more money was too big a wrench.

    Not done too badly though, mainly due to being in the technology sector, and willing to take risks with (American, sadly) start-ups.

    C
    Originally posted by Chickereeeee
    I did get a bigger place, but I had the cash to do it by that time. I've always bought "doer uppers" though, and this last time bought very well more or less at the lowest prices in recent -ish times.
    Some time I'll get around to doing this one up properly! :-)
    There was a time when I reckoned I'd made more money in property, than by working.
    Lucky though. In fact very lucky. Right thing at the right time. etc.
    At least part dumb luck and doing what we wanted to do.
    I've always said that the only debt I would have is a mortgage.
    I can see the reasons for having one, but I'd rather not. I'm very risk averse in some ways.
    A matter of choice though.
    As for children, that's purely a matter of choice. We never wanted them ourselves, and have no regrets at all about it.
    • Terron
    • By Terron 6th Oct 17, 4:19 PM
    • 115 Posts
    • 125 Thanks
    Terron
    Ah yes - I remember it well. I bought my first flat in 1991 for £44k - 5% deposit and then almost exactly 3 x my £14k salary which was the most you could get as a multiplier (for good reason).
    Originally posted by MallyGirl
    14k salary - 40k mortgage - that was me in 1989. I paid a bigger deposit - almost 25k and lost it all when I sold for £39.5k in 92. It was an endowment mortgage so when I started getting warnings aboit it not covering the mortgage I started paying down the mortgage.
    • qwert yuiop
    • By qwert yuiop 6th Oct 17, 4:22 PM
    • 2,138 Posts
    • 1,248 Thanks
    qwert yuiop
    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.
    Originally posted by Jackmydad
    I met an old schoolmate the other day. Scored well at school and eventually became a psychiatrist. She's retired at 46 - which possibly suggests she hated her job?
    • qwert yuiop
    • By qwert yuiop 6th Oct 17, 4:25 PM
    • 2,138 Posts
    • 1,248 Thanks
    qwert yuiop
    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.
    Originally posted by OldBeanz
    I saw Elton on tv recently. I don't think he's quite got rid of the baby fat yet.
    • ermine
    • By ermine 6th Oct 17, 4:33 PM
    • 624 Posts
    • 925 Thanks
    ermine
    She's retired at 46 - which possibly suggests she hated her job?
    Originally posted by qwert yuiop
    Perhaps she likes life more? There's more to life than work, y'know...
    • Jackmydad
    • By Jackmydad 6th Oct 17, 5:24 PM
    • 1,325 Posts
    • 2,889 Thanks
    Jackmydad
    Perhaps she likes life more? There's more to life than work, y'know...
    Originally posted by ermine
    I've always said, I went to work the first day, and I thought
    "This isn't too bad"
    Then I realised they wanted me to do it five days a week for 47 weeks of the year, for the next 50 years.

    The point being that having to be there is the biggest PIA with work.
    • qwert yuiop
    • By qwert yuiop 6th Oct 17, 6:33 PM
    • 2,138 Posts
    • 1,248 Thanks
    qwert yuiop
    Perhaps she likes life more? There's more to life than work, y'know...
    Originally posted by ermine
    I'd say life as a psychiatrist could be quite stressful. A lot of tragedy.

    She must have either come into money or be very frugal. She's a long time to wait till pension age.
    Last edited by qwert yuiop; 06-10-2017 at 7:00 PM.
    • qwert yuiop
    • By qwert yuiop 6th Oct 17, 7:29 PM
    • 2,138 Posts
    • 1,248 Thanks
    qwert yuiop
    They're also insanely rich which makes the having kids thing a whole lot easier. Bear in mind that the lives of such celebs bear no or little resemblance to the man in the street with less than a few quid to rub together week on week.
    Originally posted by adonis10
    Cause only the insanely rich can afford to have kids?
    • marlot
    • By marlot 6th Oct 17, 8:57 PM
    • 3,142 Posts
    • 2,281 Thanks
    marlot
    14k salary - 40k mortgage - that was me in 1989. I paid a bigger deposit - almost 25k and lost it all when I sold for £39.5k in 92..
    Originally posted by Terron
    Our first house was also bought in 1989. £60k, on a 100% mortgage when I was earning £12k. Though I was fortunate in getting a payrise to £15k soon after.

    We sold the house in 1995 for under £40k, having spent quite a bit on it.

    That hurt.
    • Mutton Geoff
    • By Mutton Geoff 6th Oct 17, 11:44 PM
    • 999 Posts
    • 1,042 Thanks
    Mutton Geoff
    Save for your future/retirement then spend what's left rather than spending first then saving what's left.
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £4,014

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • adonis10
    • By adonis10 7th Oct 17, 6:21 AM
    • 1,484 Posts
    • 195 Thanks
    adonis10
    Cause only the insanely rich can afford to have kids?
    Originally posted by qwert yuiop
    Did I say that? No, I said that it makes having kids a whole lot easier. You a journalist by any chance?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,844Posts Today

7,967Users online

Martin's Twitter