When will UK interest rates rise? - Markets Suggest 1% is still 5 years away!

DervProf

Harry_Boyle wrote: »

Why can't they be happy with their own decisions and indifferent to other peoples? Why do they have to become so embittered?

I'm happy with the decisions I have made in life, but I do see a few people who aren't quite so happy about where they are now. I have friends with children who, a few years ago, were doing OK. Today, they have not much, if any money left at the end of the month. These are not people who think about or discuss the economy/property market etc as much as we do. They simply want to go out, earn a wage, and not have to worry about the bills every month. I could be "indifferent" to the decsions they did or didn't make, but they are my friends, and I can understand their growing concerns. These are not people on relatively large salaries. These were not people who took a gamble on interest rates or the property market. These are people who took on modest mortgages 10 - 15 years ago to put a roof over their families heads. We have talked about the current financial situation a few times, and it seems they are noticing an increasing strain on their budgets.

Yes, a large factor in getting to where we are in life is down to our own actions. However, whatever actions we take, there's always other factors which play a part. Some people are more driven to gain wealth than others. Some people can be happy with what they have, and others can never have enough (and are usually less than happy). It seems to me that some of those that are driven to gain wealth can't comprehend those who are happy with their lot, especially if it seems modest compared to their own aims. It seems that they sometimes look down on those with less percieved wealth, like they`ve somehow failed in life. I find that a very unpleasant characterstic in people.

DervProf

Harry_Boyle wrote: »

I'm always appreciative of people who take the time to post their financial planning onto here, it's made me look at, and where appropriate, adapt my own plans accordingly.

That's fine.

I`ve used other forums on this website to gain that valuable information. I think this particular forum "Debate House Prices and the Economy" is more for discussing wider issues, rather than concentrating on our personal financial positions. Yes, they may come into the conversation, but I would have thought that other forums are better places for discussing personal finances.

DervProf

Harry_Boyle wrote: »

Who did you discuss this with? Someone in a position of power who could do something about it, or Japanese tourists who stopped you in the street to ask for directions?

Incidently, the lottery numbers for last week were 07 20 27 39 46 48 49. I told everyone this two years ago but no one believed me.

I discussed it with friends and clients. It seems that talking to people in power would have made no difference to the outcome.

Well done on your Lotto win, btw. What are you going to spend £2,116,856 on ?

DervProf

Talking of the lottery. I am not happy to see that Camelot are planning to double the price of a ticket (in return for a few changes that they think will "improve" the game and sell more tickets). As one of the lucky few who "did ok" on the Lottery a few years ago, I shall cease playing when the increase is implemented. Not only does it make the gamble less attractive than it is currently, the prize I won would be half the amount under the new system.

grizzly1911

DervProf wrote: »

Talking of the lottery. I am not happy to see that Camelot are planning to double the price of a ticket (in return for a few changes that they think will "improve" the game and sell more tickets). As one of the lucky few who "did ok" on the Lottery a few years ago, I shall cease playing when the increase is implemented. Not only does it make the gamble less attractive than it is currently, the prize I won would be half the amount under the new system.

Simply a voluntary tax payment.

Appreciate the odd person gets really lucky but they do in life anyway.

Interesting watching the recent adverts for the "Health Lootery" lots headlines on prizes and worthy causes, would be nice to see total take for the same period , opertor profit and funds held not yet distributed.

Harry_Boyle

DervProf wrote: »

I'm happy with the decisions I have made in life, but I do see a few people who aren't quite so happy about where they are now. I have friends with children who, a few years ago, were doing OK. Today, they have not much, if any money left at the end of the month. These are not people who think about or discuss the economy/property market etc as much as we do. They simply want to go out, earn a wage, and not have to worry about the bills every month. I could be "indifferent" to the decsions they did or didn't make, but they are my friends, and I can understand their growing concerns. These are not people on relatively large salaries. These were not people who took a gamble on interest rates or the property market. These are people who took on modest mortgages 10 - 15 years ago to put a roof over their families heads. We have talked about the current financial situation a few times, and it seems they are noticing an increasing strain on their budgets.

Interesting... And how does berating strangers for disclosing financial plans on an anonymous financial forum help your 'friends' with their financial predicament?

Harry_Boyle

DervProf wrote: »

I discussed it with friends and clients. It seems that talking to people in power would have made no difference to the outcome.

Well done on your Lotto win, btw. What are you going to spend £2,116,856 on ?

Oh no, I didn't win anything. In line with the financial 'seers' on here, I saw it all coming and yet strangely did nothing to take advantage of my foresight.

DervProf

Harry_Boyle wrote: »

Oh no, I didn't win anything. In line with the financial 'seers' on here, I saw it all coming and yet strangely did nothing to take advantage of my foresight.

Shame !

Although I sensed that our banks were playing a little "fast and loose" prior to the credit crunch (and therefore exposing themselves to serious problems), I didn't expect our government/BoE to "patch up" as much as they did. I thought that those that had "profited" from the expansion in consumer credit would find things rather difficult in the event of a financial crisis. Had I, or many of the people I know, known that base rates would be cut to record low levels for a considerable period of time I doubt many of us would or would even have been able to do it. The people I know that do have mortgages are probably just relieved that their repayments have been kept down, or even reduced in the current economic climate.

Mr._Pricklepants

DervProf wrote: »

... but they are my friends, and I can understand their growing concerns. These are not people on relatively large salaries. These were not people who took a gamble on interest rates or the property market. These are people who took on modest mortgages 10 - 15 years ago to put a roof over their families heads. We have talked about the current financial situation a few times, and it seems they are noticing an increasing strain on their budgets.

So they took out modest mortgages 10-15 years ago. Can we assume then they have quite some equity in their home? What kind of mortgage are they on currently? Has any of the remortgaged lately or is planning to do so soon? How does their current mortage cost compare to what they were paying 10-15 years ago?

DervProf

grizzly1911 wrote: »

Simply a voluntary tax payment.

Off topic, but.....

True.

At £1 a pop, although a bad bet, it's still gives millions of people the faintest hope that they may win a large amount of money.

It raises some money for good causes too, and it isn't compulsory to play. Increasing the ticket price to £2, especially at the moment, is not a clever move by Camelot in my opinion. Syndicates will be cancelling, left, right and centre, I can tell you that.