Financial Fate - Are you in control or being controlled?

moanymoany

If I were in the position of looking for something to learn I would make sure I was heavily well versed in IT. I would make myself able to make that computer sing and dance and for an encore recite Shakespeare in Ancient Greek.

This can be done at home (okay, maybe not so easy but you come over as intelligent) and it is a good basis for work.

If you really think you lack confidence I suggest you go to the library and get out 'self-improvement' books - read two a week for 2 months. Read anything and everything on the subject. I bet you will find it an enlightening experience! What else did you have planned?

As for 'who you know', not sure you're right. If you are good with people you will do just as well. Anyway, it will enable you to build up networks of people and so fulfill the prophesy!

Cannon_Fodder

PaulF1980 wrote: »

"The fickle finger of fate" effects everyone. Anyone can lose their job in the current turmoil. Nowhere to hide, lamentably.

Agreed.

But there are individual choices that can be made;

Like the thread where they have £120K unsecured debt, and £200K secured...now 1 job has been lost, its collapsing around them.

Others will have little/no debt, pay off credit card each month, have 6 months emergency fund, plus other savings, a tiny or no mortgage because they haven't MEW'd or moved for the sake of it... etc etc.


Being in a better position when the fingers of fate are clicked is priceless.

SingleSue

So true and it was what made it less difficult when my marriage split...no huge loans to sort out, no big credit card bills to split, we just had to sort ourselves out.

Now of course, savings have gone but I still have no credit card debt or loans so in that respect, I am possibly better off than others and boy am I glad I kept up with the cat insurance, it looks like my one year old cat has hip dysplasia and it would have cost me oodles!

tomstickland

You just have to ride whatever happens, but can use a bit of perception to help minimise negative results. It's like being in a boat on the sea; you can't control the waves coming your way, but you can sort the boat out to give it the best chance of surviving.

Really2

I have done the opposit to most. Traded up on a house and now sunk all my money in to an offset mortgage.

I now feel more financialy in control than ever.

I am now in control of how fast I pay off my mortgage and my savings work with me to that goal.

Mission at the moment is to build up a really good amount in the offset to fight of rate rises in a couple of years.
At the moment I am "paying" £530 per moth off my mortgage. Hopeing to whipeout near £20K in th first two years of the mortgage (rate drop should see that this is achived).
Currently £6K in offset.

HankMcSpank

I have several £100ks deposited amongst a lot of banks (which I still think is amazing, bearing in mind I'm just a simple northern bloke working in London IT, who's scrimped, saved & got a bit lucky etc).

I've no debts (unlike the masses I didn't go on a barking mad spending spree the 'boom' years).

I rent.

If I lost my job, I could probably weather a storm for a good few years without any other income whatsoever, yet even with this cushion, I don't feel in control of my own financial destiny at the moment ...in fact I've never felt so out of control - ever.

Why?

Because our Govt is *totally* out of control ...I never thought in a million years, they'd throw so much at perpetuating a false boom.

They're trying to force my hand into spending on 'stuff' ...but I won't be forced.

They're trying to hold up asset prices (housing, shares prices) at levels that the markets don't want to sustain ....but I (for one) won't be buying.

I'm now tempted to move most of my net worth into a foreign currency & gold....but I fear that's too big a gamble, therefore - for now - I remain at the whim of the Govt's outlandish economic policy.

Dithering_Dad

HankMcSpank wrote: »

I have several £100ks deposited in the bank (just a simple northern bloke working in IT, who's scrimped, saved & got a bit lucky etc) ...I've no debts. I rent.

If I lost my job, I could probably weather a storm for a good few years without any other income, yet I don't feel in control at the moment ...in fact I've not felt so out of control ...ever.

Why?

Because this Govt is *totally* out of control ...I never thought in a million years, they'd throw so much at perpetuating a false boom.

They're trying to force my hand into not spending...but I won't be forced.

They're trying to hold up asset prices at levels that the markets don't want to sustain....but I (for one) won't be buying.

I'm now tempted to move most of my net worth into a foreign currency & gold....but I fear that's too big a gamble, therefore -for now - I remain at the whim of the Govt's outlandish economic policy.

It's good to see some upbeat examples in the midst of the gloom. Sounds like you've got your head screwed on tight there, Hank. I think though that you might be a bit late to move your money into a foreign currency - the £ dropped again today and one wonders if it's looking like bottoming out. The time to buy was when it was over $2 to the £1. You could end up buying in at the top of the foreign currency.

Platinum is cheap at the mo....

Generali

Dithering_Dad wrote: »

Hank. I think though that you might be a bit late to move your money into a foreign currency - the £ dropped again today and one wonders if it's looking like bottoming out. The time to buy was when it was over $2 to the £1. You could end up buying in at the top of the foreign currency.

Investing with hindsight is so much easier!

My opinion is that the pound has a lot further to fall as the assumptions on public borrowing that the Treasury are working on are very optimistic. I realise that they come out of the economic model that they use but I just don't see it.

Business has been largely starved of credit for the best part of a year. Unemployment must be about to fly upwards and with it the tax take fall and welfare bills rise.

Dithering_Dad

Generali wrote: »

Investing with hindsight is so much easier!

My opinion is that the pound has a lot further to fall as the assumptions on public borrowing that the Treasury are working on are very optimistic. I realise that they come out of the economic model that they use but I just don't see it.

Business has been largely starved of credit for the best part of a year. Unemployment must be about to fly upwards and with it the tax take fall and welfare bills rise.

The £ is trading at 1.484 to the dollar and 1.1746 to the Euro. It'll be interesting to see where these currencies are in 6/12 months time

Pobby

From a money point of view we are OK. Few years to retirement so a recovery in the stock market will be good for me pension wise. My other assets are heavily placed in cash products with about a further 30% invested in equities. Provided I don`t have to call on savings to help out over the next few years, we should be OKish.

We are pretty frugal and although business is quiet we still save 30 to 40% of our much reduced income per month. Like DD, I have saved over £300 a month since coming here on out goings that we really didn`t need.

Add to that, when the smoking ban came in and my fave tipple hit £2.80 a pint, visits to the pub have become far rarer. Lol.

I think that watching cash is a dress rehearsal for retirement. Provided things don`t get a whole lot worse, our various pensions, savings and investments should give us an income of not too much less than we are getting now. We will see.