Question for the wealthiest 10%... how?

Aegis

Glen_Clark wrote: »

Now you are really struggling aren't you.
Are you seriously trying to tell us the rich are more likely to spend the money into the local economy than the poor :rotfl:

We have people working for £9k a year, with no prospect of owning their own home, but paying taxes towards the care home fees of elderly people so that their relatives can inherit a second property they have not earned.

It's been a while since I dealt with such a case, but care home fees must be paid by the recipient of that care if they have assets over a certain threshold. A second property would need to be disposed of and the proceeds spent on care prior to becoming eligible for local government funding of that person's care.

As such, the rules are already in place to stop an elderly person from handing over a second property to relatives to avoid care home fees (prior planning of this is specifically addressed under deliberate deprivation of assets, which can be reversed by local government after investigation).

Glen_Clark

Aegis wrote: »

It's been a while since I dealt with such a case, but care home fees must be paid by the recipient of that care if they have assets over a certain threshold. A second property would need to be disposed of and the proceeds spent on care prior to becoming eligible for local government funding of that person's care.

As such, the rules are already in place to stop an elderly person from handing over a second property to relatives to avoid care home fees (prior planning of this is specifically addressed under deliberate deprivation of assets, which can be reversed by local government after investigation).

I meant it would be a second property for those inheriting it.
Sorry it wasn't very clear.

Glen_Clark

gadgetmind wrote: »

Wikipedia says, "xxxx is considered to be amongst the most deprived areas in the country. Examples of disadvantage found in the district include low educational attainment, low skill levels, and concerns about crime, anti-social behaviour and lack of facilities."

You sure it was Wikipedia?
Google only shows up one website with that phrase, and it isn't Wikipedia
http://www.absoluteastronomy.com/topics/Belle_Isle,_Leeds

gadgetmind

I copied it directly from the demography section of wikipedia, and that site also seems to have scraped wikipedia's content.

I could tell you about the mining village we moved to a few years later, but that would rapidly descend into full on Four Yorkshiremen!

Aegis

Glen_Clark wrote: »

I meant it would be a second property for those inheriting it.
Sorry it wasn't very clear.

Fair enough, apologies for the misunderstanding.

The primary property is still at risk, though, it just has a little more protection if anyone else is living in it.

Glen_Clark

Aegis wrote: »

Fair enough, apologies for the misunderstanding.

The primary property is still at risk, though, it just has a little more protection if anyone else is living in it.

Otherwise they don't need it when they are living in a care home.

Glen_Clark

gadgetmind wrote: »

I copied it directly from the demography section of wikipedia, and that site also seems to have scraped wikipedia's content.

I could tell you about the mining village we moved to a few years later, but that would rapidly descend into full on Four Yorkshiremen!

Thanks - I was interested in how much web content is missed by Google Advanced Search - even sites as popular as Wikipedia!

I visited all Britain's Coal Mines in the 70's - 80's working for a tunneling machine manufacturer. Astronomical amounts of money were spent under the Labour Government policy of mechanize and modernize. Then in came the Tory Government, full about turn, close it all down so it was all wasted.:(

atypical

gadgetmind wrote: »

I think a lot of people, from all kinds of backgrounds, fail to recognise their full potential. I've seen kids grow up with everything they could want, but who waste every advantage, and I've seen many others who work on their knowledge and skills, seize every advantage, and fly high.

There's always an element of individual responsibility, but it's considerably more difficult to fly high when you don't have the support of educated professional parents with cash to spare, able to give valuable advice and guidance. Reduce inequality and the opportunity to fly high becomes more equal (bit of an obvious statement).

Glen_Clark wrote: »

Thanks - I was interested in how much web content is missed by Google Advanced Search - even sites as popular as Wikipedia!

You can search sites using 'site:wikipedia.org' then your search term.

jamesd

racing_blue wrote: »

The median value for household total wealth (which includes pensions) was £232,000, i.e. half of all households had total
wealth less than this and half of all households had total wealth more than this. Belonging to the wealthiest 10% of households required total wealth greater than £967,000.

Without wishing to ask anyone to be too indiscrete, I'd be very interested to hear advice from people in this higher bracket. On your journey, what did you do right, what didn't you do wrong, and what would you have done differently?

It hasn't been unduly hard to achieve, though I'm not in this group:

1. Live in SE England and benefit from property price rises for higher value properties as well as higher wages.
2. Work for the government or one of the firms with a final salary pension. On the open market today £10,000 a year of inflation-linked income costs around £285,000 to buy (3% inflation joint life annuity with 5 year guarantee and 50% spousal pension).
3. Live to be close to retirement age. Peak wealth is around retirement time, when you have the assets accumulated to live on for the rest of your life.

A modest home in the SE and £20,000 of final salary income would do the job without being seen as particularly excessive by many people.

It's much more interesting to look at wealth at different ages because that reduces the effect of just being closer to retirement. Or perhaps to include the effect of potential future wealth accumulation, which is higher at younger ages.

Answers that may interest you more include investing like a wealthier person (invest rather than use only savings accounts) and spending less than you earn. See the book The Millionaire Next Door. The definition or prodigious accumulator or under-accumulator of wealth may help you to the answers you're seeking, when combined with the lifestyle comments.

gadgetmind

I used to be able to see the pit wheel from my desk at school. Someone reckoned that when it stopped for a few minutes, you knew it was nearly time for lunch but I was never convinced.

A few years later (very early 70s) it stopped for good.

The only upside to this was that coal had to be brought in from elsewhere for the local power station. We used to hang onto the outside of the railway footbridge by our fingertips, drop onto the coal in the trucks as they passed underneath, and get a free ride into the shunting yard.

Before computer games, you had to make your own fun!