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'Are you a millionaire?' poll discussion.

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  • :o whoops spelled furniture wrong
    September £5 a day challenge £65.41/£125 :)
  • Correspondents are probably right that most of the As and Bs are getting on a bit - which raises the question, incidentally, of how you'd value a pension as opposed to a pension pot - at 20xannual pension?
    Old Grouser
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  • *Louise*
    *Louise* Posts: 9,197 Forumite
    Aged 30, married with 3 kids and have voted 'F'



    We got lucky and bought our first home before the mad house price increases after the millenium.
    Cross Stitch Cafe member No. 3
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  • Cissi
    Cissi Posts: 1,131 Forumite
    sophiesofa wrote: »
    I voted N (ahhhhh) due to having just bought our first flat however I like others didn't think and forgot to factor in my boyfriend!

    Unless you've managed to put yourself in more than £100k negative equity right from the start, surely you're a few categories higher than that? I'm assuming that the value of the property counts as an asset, and then you take off the mortgage and any other debts from the total?

    I'm 39 and voted B, but similar to a previous poster, living in an expensive part of the country it's mostly tied up in our house (which we own outright due to some previous lucky business decisions). We don't have any debts and a healthy income but not much capital since buying the house of our dreams (which will need a substantial amount of work, yikes).
  • Plasticman
    Plasticman Posts: 2,540 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Correspondents are probably right that most of the As and Bs are getting on a bit - which raises the question, incidentally, of how you'd value a pension as opposed to a pension pot - at 20xannual pension?
    Old Grouser


    Cheeky monkey! I'm a B and am only 38! Just lucky that I bought a place to live at a time when property was relatively cheap and now have over £200k in equity in the house. Not that it's any use to me, because you can't get a family home for less than £250k where I live......

    Not sure how to value my pension pot though as it's a final salary company pension and I only know the value at retirement?????
  • cw18
    cw18 Posts: 8,630 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Plasticman wrote: »
    Not sure how to value my pension pot though as it's a final salary company pension and I only know the value at retirement?????
    I'm in the same boat with that one......

    Guess I'm going to have to do a rough calculation ignoring my pensions (have three due to job change and outsourcing!)
    Cheryl
  • Tojo_Ralph
    Tojo_Ralph Posts: 8,373 Forumite
    1,000 Posts Combo Breaker
    I've got a very, very large house too. Some people say it looks like Balmoral. But it's a merchant's house of the 19th century. It's not particularly att!ractive but it does me nicely.

    CurtisKowleHouse_450x300.jpg

    One can only assume that those Mr Anthony Steen refers to either......

    a) Have never seen Balmoral.
    b) Should have gone to Specsavers. ;)

    balmoral_castle_stuart_yeates.jpg

    http://www.reformparliament.co.uk/anthony-steen-jealous-of-very-large-house.html
    The MSE Dictionary
    Loophole - A word used to entice people to read clearly written Terms and Conditions.
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    Terms and Conditions - Otherwise known as a loophole or a rip off.
  • Pellyman
    Pellyman Posts: 53 Forumite
    edited 4 February 2010 at 1:10AM
    At 20 I hoped to become a millionaire. At 30 I would have had to be a 'twomillionaire' to have the same spending power. At 40 I was having to think 'fourmillionare' in spending power terms and at 50 eight million. I did make millionaire at 60 which gave me the equivalent of £62,500 spending at 20 years of age; so I really got to 6.25% of my 'modest' target.

    Trouble is the million hasn't grown much in in the last decade so make that 3½% now, of which many fellow posters have pointed out my wife, who has contributed greatly but not financially (although a great deal more than the two kids ever did!), is entitled to half.

    I don't begrudge her a penny (not so sure about the kids!). I make that about £15½K at 1950 levels, so obviously I'm a total failure and am off to put my head in the oven - just joking, it's been great fun really, limping up a down escalator as it were.

    However, compare the £15½K with my original annual salary of £184, which was considerable reduced during my National Service, and you'll realised I would have had to save every penny I earned then for 85 years to achieve the same result. If I've got my sums wrong don't tell me - I'm feeling better already, because I only worked for 40 years and we spent quite a bit in the process and since

    How? Well apart from the mortgage WE've (that's where my wife comes in) never had a debt. No HP, no buy now pay later, no legacies, no handouts, no credit cards until we were 40 (and then always paid in full) and, therefore, NO WORRIES. Only allowed to borrow 1½ years of my salary only, for the maximum 20 year mortgage and had to save the 10% deposit first and I was working for an Insurance Company - bless them..

    Three depressions later, of course, I've found Martin - every little helps to hang on to what we've got left! Don't 'want', don't borrow and BE HAPPY. It helps if you've got a job, a good wife, no more kids than you can afford and don't listen to too many old fools who've 'been there and done that' and insist on telling you.
  • Redbedhead
    Redbedhead Posts: 1,131 Forumite
    Well I voted for C but could possibly be a B depending on how the pension pot was valued. Easy-ish to do for my defined contribution scheme but not so easy for the defined benefit one.
    MFIT No. 81
  • Very British of me perhaps, but I cringed reading some of the responses to this, it seems so undignified as we're a reserved nation with many of us being brought up to not be too 'showy' with our wealth.

    Perhaps it was also part envy (how the other half live) / part sympathy for those in debt.

    There's a Psychology essay in there somewhere if I was eloquent enough!
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