Rightmove December, down as expected.

nearlynew

McTittish is a very silly boy.

Graham_Devon

Really2 wrote: »

TBF your emergency fund should cover your wages for a set period not just your mortgage.

It's OK not worrying about house for 6 months but it's nice to eat and drink also.

TBF, talk about six figure sums in savings even being an emergency fund is absolutely ridiculous.

Harry_Powell

Really2 wrote: »

TBF your emergency fund should cover your wages for a set period not just your mortgage.

It's OK not worrying about house for 6 months but it's nice to eat and drink also.

I know, but I can only go off Hamish's post to Graham, where Hamish goes cap in hand to his bank manager, indicating that his six figure savings are an emergency fund for his mortgage. Perhaps Hamish could only last 10 years if all his costs are included. Still a lengthy period of unemployment! :eek:

Really2

Graham_Devon wrote: »

TBF, talk about six figure sums in savings even being an emergency fund is absolutely ridiculous.

Not if you are Turkish.

DaddyBear

Graham_Devon wrote: »

TBF, talk about six figure sums in savings even being an emergency fund is absolutely ridiculous.

Not if you live in Cockermouth.

Harry_Powell

DaddyBear wrote: »

Not if you live in Cockermouth.

come on lads, let's keep it clean.

There are ladies on these forums!

chucky

HAMISH_MCTAVISH wrote: »

Yes, but that would defeat the objective of having a cash cushion of a years joint income in case of unemployment or illness, wouldn't it?

what interest rate is your mortgage and what savings rate are you getting?

unless your savings interest is greater than your mortgage rate - what is the point of holding such a large amount of cash in the bank?

HAMISH_MCTAVISH wrote: »

HM- But some bloke on the internet told me thats what people do in the real world, they use their emergency fund to pay down a mortgage. Something about Devonian Economic Theory???? Nice bloke, can't you just ask him?

very good hamish, very good:rotfl::rotfl:

Really2

Harry_Powell wrote: »

I know, but I can only go off Hamish's post to Graham, where Hamish goes cap in hand to his bank manager, indicating that his six figure savings are an emergency fund for his mortgage. Perhaps Hamish could only last 10 years if all his costs are included. Still a lengthy period of unemployment! :eek:

I agree in part but also it could depend on what you do I suppose and your family history. You can cover most outcomes with some insurance but if I had the money I personally would keep the cash as a fund not pay for insurances which may never pay out or go bump.

We will never know what he has but it makes no difference to us either way if he is telling the truth or not.

I have been accused of making stuff up on here about my own situation. From my own personal point of view i can honestly say I have better things to do as I don't want to meet any of you. (in the nicest possible way)

HAMISH_MCTAVISH

kabayiri wrote: »

Hamish, without appearing to pick on you, I am curious on one question.

What is the long term prognosis for Aberdeen? Surely there must come a point when the income streams from oil start tailing off.

:rotfl:

"I'm not picking on Hamish..... But....";)


Anyway, outlook is dependant upon timescale.

We'll see another oil driven boom within the next decade for sure, as oil prices rise. Slightly more than half the oil, and all the easy and cheap oil, is gone already, from the 1960's til today.

Beyond that, it really depends on the level of oil prices (to justify extracting smaller amounts from more expensive places) and the level of diversification in the local economy.

Aberdeen has world leading resources in Life Sciences and Renewable Energy, it is already home to companies in those fields, as renewables need similar marine engineering abilities. That will be a boom industry at some point, but when is unknown. Carbon capture and storage is another strong possibility, as the old oil wells are perfect for it.

Most people I know in the oil industry talk of a 20 year plus timeframe before significant and permanent shutting down occurs in Aberdeen. If there is nothing there to replace oil, then Aberdeen will end up looking a lot like Inverness, with house prices about 80% of Aberdeens. Which is not all bad, in fairness.

Either way, it'll be significantly above today's levels.

HAMISH_MCTAVISH

Harry_Powell wrote: »

A 'six figure' emergency fund to cover a £150k mortgage. If we do the sums, lets say a £150k mortgage on interest only would be £6k per year.
And to think most of us make do with 3 to 6 months emergency funds... :rolleyes:

I actually cannot believe someone on MSE is moaning about me being responsible enough have an emergency fund of 12 months joint income.

Seriously folks, this is bizarre.

1) Why would I have less of a fund? What sense would it make?

2) I am paying less in mortgage interest than I get in savings..... But even if I wasn't, I'd still keep a large cash buffer for emergencies. The difference would make it worth it for peace of mind alone.

Hamish would be unemployed for 20 years to require such a vast emergency pot.

Are you anticipating such a long lay off Hamish?

You know what Harry, I almost never do this on MSE, but you are a complete ar5ehole. An utter pr1ck. My father died after a debillitating 7 year illness, requiring 24 hour care for the last few years. All paid for privaetely, I may add, because if it had been NHS he'd never have survived that long. I'd rather ensure my wife has access to a lot of cash, because you never know what will happen.

You can never have too much money in an Emergency fund.

Never.

And on that note I am now bored of your obsessive trolling and personal attacks, so I'm leaving the conversation.