Pensions Planning: The NUMBER

Ganga

Stubod said:

..one persons basic is another persons luxury! I guess it depends on your starting point and expectations. As above we have been tracking our spending for as long as excel has been available. I would say we are in the "comfortable" category and for the last 10 years our average spending has remained fairly constant at £24k with the mortgage paid off.

Also as above, we lost parents a few years ago who had been extremely frugal (to the extreme) all their lives and even managed to save while being on the state pension. They never earned that much, but they had inherited a pot of money from their parents which they never really touched despite us telling them to spend it and enjoy it. (They kept saying they were saving it for a rainy day, and we kept telling them "it's pouring"). Ironically we also feel guilty about spending it so we put it into premium bonds and spend any "winnings".

I can never understand why people horde large sums of money and live frugally, reminds me of Ebenezer Scrooge ! whist i know its a persons choice to spend their money the way they want to but to do without things when you have worked hard all of your life seems such a waste. 

Stubod

I know another guy who likes to brag that he in now technically a "millionaire", never spends his money and has no dependents, (has willed most of it to charity), but seems to want to die with over a million in the bank??...some people are just strange, but each to their own I guess.....

LHW99

Stubod said:

I know another guy who likes to brag that he in now technically a "millionaire", never spends his money and has no dependents, (has willed most of it to charity), but seems to want to die with over a million in the bank??...some people are just strange, but each to their own I guess.....

Some people's ambitions are to climb Everest, some to die a millionnaire - neither are for me, but that's life.

barnstar2077

Often the most frugal people are those that were very poor when they were younger.  The fear of losing everything, and the ingrained non spending mentality is very hard to overcome.  I myself find it quite hard to treat myself to something expensive, as the knowledge that I am "wasting" money can ruin the experience.  I am trying to train my brain that when I retire it will be my job to spend some money for a change! :  )

fred246

I would be a millionaire if my wife died. Never sure about that. Do a married couple have to have £2 million to be millionaires?

sheslookinhot

Stubod said:

I know another guy who likes to brag that he in now technically a "millionaire", never spends his money and has no dependents, (has willed most of it to charity), but seems to want to die with over a million in the bank??...some people are just strange, but each to their own I guess.....

I know that guy. 62, lives “up a close” in a Glasgow tenement, in a poor area. No central heating, no car, no holidays, but he is a millionaire. No amount of talking to him will have him change.

Stubod

I know that guy. 62, lives “up a close” in a Glasgow tenement, in a poor area. No central heating, no car, no holidays, but he is a millionaire. No amount of talking to him will have him change.

...there's obviously more than one then!!...perhaps they should form a club...

fred246

They must have told someone though. So there are lots of 'secret millionaires'. People in the same position who haven't told anyone. 1 in 62 I read of the UK population are millionaires. A lot of them just had reasonably good jobs and bought property in London a few years ago.

geoffers4

Stubod said:

I know another guy who likes to brag that he in now technically a "millionaire", never spends his money and has no dependents, (has willed most of it to charity), but seems to want to die with over a million in the bank??...some people are just strange, but each to their own I guess.....

This guy sounds amazing - he must feel super-proud to be able to help so many good causes after he's gone. Helping people less fortunate than himself. Brilliant.

Scrudgy

Stubod said:

I know that guy. 62, lives “up a close” in a Glasgow tenement, in a poor area. No central heating, no car, no holidays, but he is a millionaire. No amount of talking to him will have him change.

...there's obviously more than one then!!...perhaps they should form a club...

What about the married couple who won £3 million on the lottery years ago. Replaced their Lada with a newer Lada and put the rest in a bank. Stayed in their jobs in a tied cottage on a chicken farm and never spent a penny more than their wages. Said the money brought nothing but beggars and misery. However they still put a £ on the lottery each week.

once a saver, always a saver. Don’t let it control you, don’t be the richest person in the graveyard.