Miss KJ's, "Actually I will have it all" with brass knobs on, Diary.

MissKJ

Morning everyone.

Todays chapter from the rules of wealth is a bit naff. It is "most people are too lazy to be wealthy". I think there is some truth in this, it says you have to work hard. Well I would also say you have to work "smart" and have some luck. All the rich people I know were lucky enough to have either partners with very well paid jobs or parents who could support them financially whilst they could took risks at being entrepreneurs!

Anyway, I think I work hard enough that I deserve to be wealthy! But perhaps I don't work smart enough? So here is my thought for today.

Most rich people use other peoples money to get rich (look at banks etc).Most property developers who got rich through the recent years of price increases did so by borrowing money. So, should we all be paying off our debts or just re-negotiating with creditors and using excess cash left over for investment/business?

Pause for effect....

This doesn't sit comfortably with me, perhaps I will ask my money mentor for his opinion. But I suspect I will remain with my current goals. I have been a high risk person before, and that is what got me into this mess.

MissKJ

OK so there are some much more interesting chapters further in the book, so I am going to cover more than one today. Next one is "understanding your money beliefs". Apparently some people carry around this burden of believing things like money is the root of all evil and such like. So to be wealthy we have to practice saying "money is OK, wanting money is ok, I am going to be wealthy, I am prepared to put in the work" Hmmmm. Not sure on that one.

hypno06

Just catching up....

Firstly - good luck on the interview!! I am not good at giving advice for these things because I have rarely had to go through the interview process, so I will stick with keeping my fingers crossed and saying "sock it to 'em".

"Keep it under your hat" - yes....completely agree. If I ever tried to explain our money problems, I would be met with "oh yes, I am so skint......I almost had to use my overdraft this month" or "yes I know that feeling, I cannot believe how much I spent in the south of France last week", type thing.......their idea of skint was far removed from my haven't-had-a-wink-of-sleep-for-weeks-dare-not-open-the-post lifestyle of the time.....

Mind you, not telling anyone is really hard. Because people see the children still go and ski, etc, and because they know I am a stockbroker they assume I have a six figure salary and a large porfolio of investments, together with all the trappings......someone even said to me recently "it's all right for you - you are rich" :rotfl:

"Most people are too lazy to be wealthy".....yes, and no.

I am a great believer that if you want something you can get it if you work at it. But, also it is not necessarily a case of working harder, but working smarter - finding out which is the best use of your time to get the most money in.

Also, everyone has different jobs/skills/abilities.....but it doesn't mean they work any less hard. My husband has three jobs - often works 18-20 hours a day, seven days a week. He works incredibly hard, harder than most people I have ever met.

But his total earnings from all of that in the last tax year, came to £25k.....hardly enough to get rich on - not even enough to cover the mortgage and the bills....

Using other people's money is what we all do - buying a house with a mortgage is a form of investment using someone else's cash. It is called "gearing" and it can work really really well......when it goes well of course. If whatever it is you are investing in goes tits-up (technical term, of course), then you have no money coming in but still have to pay your money going out.....cue the sub prime mortgage catastrophe we have seen recently........

Gearing is great if you get it right, it is horrific if you get it wrong.....or get greedy......or blasee about it all!

High risk = POTENTIAL high return, but also potential high loss.....the number of "day traders" I saw in the late 90s who were mortgaging their houses to play the stockmarkets.....:eek: very few of them actually achieved their goals, and most ended up losing.

My final words on this subject (you will be pleased to note!) are that of course it depends on your definition of "wealth"........Right now, I would be very happy to have enough coming in, to pay the mortgage and bills without worry, and to have enough of a shopping budget to allow me to go to Tesco without trying to work out what I can do with pasta AGAIN! To have 6 months salary in the bank to fall back on in case of redundancy or sickness etc would be an incredible relief.

That would leave me "comfortable" right now - able to sleep, not to worry, able to enjoy my time without thinking about whether I have checked online banking today because we are so close to payday and I can't remember if karate have banked the cheque for £8 I gave them last week, and oh !!!!!! I still have to find a birthday present for someone gahhhh type moments we all know and love!!

That would be "wealth" enough for me for now........although I reserve the right to amend my definition over time.....

MissKJ

Gee Hypno, you really did read all my rambling posts. I am writing this diary as my own "therapy", sorting out my thoughts so I can go back and review them, but I do like it when folks take the time to evaluate my thought processes. I am sticking with low risk.

Right off to make home made parsley sauce for the ham in the slow cooker, and then knock up some pea and ham soup with the leftovers for lunch in the week.

TTFN.

EssexHebridean

I'm enjoying reading your diary MissKJ - we share similar analytical tendancies with regard to "If I do this, and this, now, then what will the knock on effect be by then....." if you catch my drift. I think the question of "What, to you, is wealthy" is very subjective too and depends entirely on the individual, once you look at it in anything other than the shallowest of fashions. On the surface, most people would picture "wealthy" as - flash car, big shiny watch, big house.....but that's oversimplificating things isn't it. Like you, I wouldn't want a massive house - we'd be rattling round in it and it would take so much cleaning, life's too short. My current car is a Renault Clio which I LOVE. It's fairly new so I'm fortunate there - in fact it was paying off the loan for the cost of that which got me into the whole MSE thing in the first place really. However, one of my targets is to be in a position to renew that before it hits three years old and takes its next big hit in depreciation, so I guess to me being able to achieve that would be a good demarcation point on "doing OK!". I'd love, eventually, to be able to buy something like a little old Morris Minor or similar for a "fun" car - I guess as and when we could afford that, that would be an indicator of "wealth". Other than that, my demands are fairly low key. I'd like to be able to get my hair done more regularly - problem is, it's "challenging" and the only place I've ever found that can do it well is Toni & Guy, so that comes at a price....yes, if I could go once every 8 weeks for a cut then that's be brilliant. I'd also like to be able to afford to have the permanent straightening done on it......

Piq will laugh if she reads this - one of my wealth indicators for definite would be to be able to afford a horse! :rotfl:

Keep at it MissKJ - you're doing so well, and with all your sums and determination I'm confident you'll get to your target for your Florida trip no problem at all. :T

MissKJ

There is nothing wrong with wanting a horse! My DD does dream about that one, but other than the costs of the animal upkeep, I would have to pay some one to care for it. I think a horse share sounds more appealing.

EssexHebridean

MissKJ wrote: »

There is nothing wrong with wanting a horse! My DD does dream about that one, but other than the costs of the animal upkeep, I would have to pay some one to care for it. I think a horse share sounds more appealing.

I did share one when I was a kid, and overall I would say it worked well. Having said that though, it worked as much as anything because the girl who actually owned the pony concerned had got too big to ride him, plus with exams etcvdidn't have the time to look after him.....sharing when both parties want to ride can be tricky....

Oh, and I forgot to say - a resounding GOOD LUCK with your interview. In October 2000 I went for an interview with one of the top players in my industry. I didn't for a moment think I really stood a chance of the job, but went to the interview anyway and gave it my best shot. On October 22nd this year I will have been there 9 years - and I am one of those truly lucky people who honestly loves what I do. Go in believing you can do the job, and that the company needs you and your skills, and you might surprise yourself.

MissKJ

Thanks EssexHebridean, I am feeling a lot more positive about my prospects now. So much so that if I dont get it I will be soooo disappointed that I am lining up another (better paid but further away) job application for the week after, just in case. I think when you stop liking your job and you feel "burnt out" you have to do something before it becomes really depressing, then you have a sick record as an additional hurdle for other jobs. So I am being positive. I haven't been off sick for more than 5 years, I don't intend to get over stressed now. I was feeling very down about going to work tomorrow, so I took the bull by the horns and spent an hour going through my emails on blackberry (against house rules on a day off) and sorted out what I can cancel/postpone to give me more time for interview prep. I feel better now.

Buffythedebtslayer

Always apply for more then one job at a time, its all good experience.

Sorry to just butt in but I liked reading your diary(the whole DD thing had me in stitches!), so had to say hello and good luck for the interview.

I shall subscribe, you have a fab attitude xxxx

MissKJ

Buffy Butt in any time you please! And No Butt jokes!

Chapter 7 of The rules of wealth - You don't get given the money by a committee who examine whether you deserve it or not. (Not very good English I fear). This is about resenting people who you may feel "don't deserve money".Well this chapter is a bucket of tripe. Doesn't teach me how to be wealthy, just talks a load of puffy, silly, mamby-pamby nonsense. That is just my my expert opinion of course.
Chapter 8 not much better -"see wealth as a friend not the enemy". Who wrote this stuff?? I can see why I got bored first time round!

I can honestly say I don't have any american style hang -ups requiring therapy on the subject of money. Just need more money.