Whats the use in being rich....

ian_duncan_smith

Jim_B wrote: »

Sod the kids; you had to look out for yourself and so can they! At age 18 put a tenner in their hand and show them the door! It's tough love, for their own good. Honest!

As an Asian could I ask one favour. When you do that could you point out to them that this is the difference between the Asian way of thinking and the English way of doing things. When my uncle and aunty were murdered (The Preston Jewellers case) the barristers for the defence tried to insinuate that white people were justified in killing immigrants, as it was hard to understand how immigrants could become so well off without resorting to "shady dealings" within one generation of being here, whilst generations of good, honest working class folk were still living in rented accommodation and barely making ends meet. Maybe explaining the difference between the "English" way and the "immigrant" way (passing wealth down the generations) will help save the life of another Stephen Lawrance, or "Tony" Karim.

The_President_2

ian_duncan_smith wrote: »

As an Asian could I ask one favour. When you do that could you point out to them that this is the difference between the Asian way of thinking and the English way of doing things. When my uncle and aunty were murdered (The Preston Jewellers case) the barristers for the defence tried to insinuate that white people were justified in killing immigrants, as it was hard to understand how immigrants could become so well off without resorting to "shady dealings" within one generation of being here, whilst generations of good, honest working class folk were still living in rented accommodation and barely making ends meet. Maybe explaining the difference between the "English" way and the "immigrant" way (passing wealth down the generations) will help save the life of another Stephen Lawrance, or "Tony" Karim.

HIJACK ALERT!!

A bit off track from the original question, I think.

Why didn't you start a thread of your own?

Soubrette

ian_duncan_smith wrote: »

As an Asian could I ask one favour. When you do that could you point out to them that this is the difference between the Asian way of thinking and the English way of doing things. When my uncle and aunty were murdered (The Preston Jewellers case) the barristers for the defence tried to insinuate that white people were justified in killing immigrants, as it was hard to understand how immigrants could become so well off without resorting to "shady dealings" within one generation of being here, whilst generations of good, honest working class folk were still living in rented accommodation and barely making ends meet. Maybe explaining the difference between the "English" way and the "immigrant" way (passing wealth down the generations) will help save the life of another Stephen Lawrance, or "Tony" Karim.

Perhaps you would be better off starting another thread to discuss this? Perhaps in the MoneySavers Arms in the Discussion part?

I'm sure you have many interesting things to say but unfortunately people who wish to respond probably won't be looking in this forum.

To the OP, personally I would pay my mortgage off with this amount of money

Sou

EdInvestor

hypnose wrote: »

Well, we're not exactly rich, but my partner and I have just taken possession of just over £100,000. We are debt free bar a mortgage of £95,000. We haven't got a clue what to do with the cash! Maybe a new (old) car £5/6k, do up the house, £5-10K and some new shoes for me (£40). I'm thinking of retraining as something for more independence and cash- don't know what- but as far as the rest goes- no idea! Any ideas? We're not too bothered!

I would do as follows:

7k each into a maxi ISA account, start learning how to invest in shares for your long-term future. (Plenty of threads in here giving tips on long term investing).

Another 10k each into a high interest savings account as emergency fund (and then use part of this money to top up maxi ISAs next year, when rate will go up to 7,200.)

10k into car and investment in house.

Total 44k.

The rest into reducing the mortgage.

Then keep overpaying the mortgage (ie don't reduce your current monthly payments). When you've paid it (or most of it) off, divert mortgage payment money into topping up your maxi ISAs every year.

While it's good to be debt free, a home is also an investment. One of the basic investment rules is not to put all your eggs into one basket.

So better IMHO to diversify this windfall to reduce risk and likely increase total long term returns.

amcluesent

>how immigrants could become so well off without resorting to "shady dealings"<

When I see (and hear the drum'n'bass ) four lads go past in Black Man's Wheels (BMW) I know they're dealing.

sandy2_2

How about using some to buy a hloiday home abroad

nrsql

You're obviously not rich or you would be buying more expensive shoes (and coordinated handbags).

Probably wouldn't pay off the mortgage. Are you on a fixed rate? if you fixed a while ago you could probably do better elsewhere.
Max out mini ISA's - drip feed the share ISA.
Pay some off the mortgage - maybe half?
NS&I index linked 3 yr certs.
High interest savings account.
Expensive meal maybe w/end away or holiday to celebrate.
Have fun.

You don't say where the money came from but if it's an inhertance then buy something to remember the person. If it's a gift then do something visible you can show the person. If it's a bonus then get a hangover.

chickencow

amcluesent wrote: »

>how immigrants could become so well off without resorting to "shady dealings"<

When I see (and hear the drum'n'bass ) four lads go past in Black Man's Wheels (BMW) I know they're dealing.

That post has quite worrying undertones. You don't know, you assume - and what does the choice of music have to do with anything?

Liz_the_Whizz

I'd recommend going part-time in whatever your new career is.

Having a bit of money frees you up to not have to work full-time. I worked 4 days/week from 2001 when my son was born, and have not gone back to full-time, in fact at the start of this year I went down to 3 days/week.

What a difference it makes to shift the balance towards home life and your own interests in this way.

I still feel I have a rewarding job, but I also have more time for me and my loved ones.

And I really don't notice the loss of income that much, you do save some costs (eg home to work travel etc) and the feeling of wellbeing when you are away from work more than you are in work is immense.

Highly recommended.

ian_duncan_smith

amcluesent wrote: »

>how immigrants could become so well off without resorting to "shady dealings"<

When I see (and hear the drum'n'bass ) four lads go past in Black Man's Wheels (BMW) I know they're dealing.

So a coloured person cannot afford a car without resorting to crime? When the manufacturing base in Britain that employed most of the Asian workers in the 1960's and 70's collapsed, the workers that were laid off were given handsome redundancy packages. Some decided to go on holiday and enjoy themselves, others decided to set up small businesses that would sustain them and future generations corner shops, restraunts, petrol stations etc. The sacrifice of one generation meant that that the next generation could afford the luxuries that you now envy and attribute to crime.