The Matrix - Re-Evolution!!

starnac

firewalker I see what you mean. can you explain negative wealth for me please? sorry if i'm being thick

tellmeitsfriday

Dorastar wrote: »

Have also dealt firmly with dh's credit card debt - he got a snotty letter in post today - so I have paid off his £1.61 outstanding balance before they come and take goods to the value of!!!

Crazy isn't it!!!

I had a letter like that from TalkTalk once (in my preBT days) - saying they were initiating court proceedings - for 9p!

A bit of me really wanted to let it go to court!

...and today, I got a stroppy letter from Orange... for £0.00!

Firewalker

tellmeitsfriday wrote: »

Out of interest, I don't even earn £25k a year, so it's going to take some doing to stash away that amount

TMIF, you don't earn it yet! Think of ways to earn it! This is why I asked the question that only three people answered.

Many young couples in the US seem to be doing this thing where early on they live on one of their incomes - not well, but this gives them a head start.

Anyway, enough from me.

FW

RubySewSew

I was wondering about negative wealth as well? Help, really inspiring following the posts - its a reminder that I can is much more likely to succeed than I can't!

Firewalker

starnac wrote: »

firewalker I see what you mean. can you explain negative wealth for me please? sorry if i'm being thick

This is what I call 'debt' - technically it is correct because your netwealth (simplistically) is:

NW=possessions + assets - debt

So to increase your net wealth you need to increase the possitive ot reduce the negative.

FW

starnac

Firewalker wrote: »

Many young couples in the US seem to be doing this thing where early on they live on one of their incomes - not well, but this gives them a head start.

FW

DH and I did this when we relocated. We lived on my wages (the smallest of the two) and saved DH's. That way we saved a deposit to buy the house we live in now in 6 months. It would def be an idea to look into doing again even if just short term.

starnac

Firewalker wrote: »

This is what I call 'debt' - technically it is correct because your netwealth (simplistically) (how I like things :rotfl:)is:

NW=possessions + assets - debt

So to increase your net wealth you need to increase the possitive ot reduce the negative.

FW

thanks for explaining that

Firewalker

Simplicity is the emanation of elegance, Starnac. I like as well.

FW

Dorastar

We lived on one wage when dh was unemployed and also when I was off having babies, but tbh it didn't mean we could save up loads, just keep ourselves from going under.

A lot of life is about priorities and what is important and why e.g. even when we were struggling through 18 months of unemployment (and no govt hand outs because dh had previously worked part time so just jsa for 3 months then nowt) we refused to stop supporting our sponsored child in Thailand. Our thrifty habits we developed now mean that we can find money for most household disasters as/when they occur without resorting to credit cards.

I actually think FW and TMIF can both be 'right' - if you save up then you don't have that bit of money around similarly if you pay it off mortgage - either way you can access some £ back if needed just at different terms.

Not sure about raising extra £300 with a very full time+ job already tbh - am usually busy most evenings with work as well and have worked summer hols as a bus driver before icklies came along but would cost more in childcare now and tax amount/issues would be horrendous. Can ebay stuff but then my personal preference is to charity shop things - again that is my priority and one I instill in my own children, and would not suit everyone. Could do tutoring and could deliver stuff in evenings and could make stuff to sell at craft fairs/ car boots if I really had to but there is also the little issue of needing to eat and sleep!!

starnac

Firewalker wrote: »

Simplicity is the emanation of elegance, Starnac. I like as well.

FW

you put things so well

and I am def intrigued by your comment that a person should have a minimum of 5 income streams and the question you asked about raising £300 extra a month. This is something I would def be interested in looking into