A salient lesson for those jumping onto financial bandwagons

MFW_ASAP

MFW_ASAP wrote: »

we're chatting about how you're a mug punter.

dryhat wrote: »

Well there's no argument there. Guilty as charged.

Fair enough. Good luck with your money, for as long as it lasts you. Spend, Spend, Spend. :rotfl:

dryhat

MFW_ASAP wrote: »

Fair enough. Good luck with your money, for as long as it lasts you. Spend, Spend, Spend. :rotfl:

Cheers.

Although I'm a saver by nature and have never been one for extravagence.

Although I have done some stupid things with my money in my younger years. But then who hasn't.

MFW_ASAP

dryhat wrote: »

Cheers.

Although I'm a saver by nature and have never been one for extravagence.

Although I have done some stupid things with my money in my younger years. But then who hasn't.

From the tone/content of your posts, especially the one about watching the snooker and earning a fortune, I'd have to say that you are still very much in your younger years.

I frittered away the money I made on the tech boom, so fair play. What I didn't do was make a nuisance of myself on internet bulletin boards, ramping those shares. Nor did I make a show of myself by taunting people about smart phones and cars, especially people who have more money than yourself and get both supplied free from their companies.

Anyway, my work here is done. Let's hope you've learned a lesson and that the bitcoin ramping ends on the Debating board. Adios.

dryhat

MFW_ASAP wrote: »

From the tone/content of your posts, especially the one about watching the snooker and earning a fortune, I'd have to say that you are still very much in your younger years.

I frittered away the money I made on the tech boom, so fair play. What I didn't do was make a nuisance of myself on internet bulletin boards, ramping those shares. Nor did I make a show of myself by taunting people about smart phones and cars, especially people who have more money than yourself and get both supplied free from their companies.

Anyway, my work here is done. Let's hope you've learned a lesson and that the bitcoin ramping ends on the Debating board. Adios.

Well, I'm approaching 51 and retired so I'm not sure whether you'd class that as young or whatever.
And I certainly don't need to learn any lessons offf you.

Any "taunting" I have done is no different from any of the debt-junkies on the house price board celebrating rampant house price inflation.

And also, according to your logic in a previous post, anyone selling a house while prices were rising is an idiot. How does that work?

MFW_ASAP

dryhat wrote: »

Well, I'm approaching 51 and retired so I'm not sure whether you'd class that as young or whatever.
And I certainly don't need to learn any lessons offf you.

Any "taunting" I have done is no different from any of the debt-junkies on the house price board celebrating rampant house price inflation.

Sorry, I don't believe you. Your language is too young to be 51, and you certainly would be talking about 'debt-junkies' and worrying about HPI. I'd say you were in your 20s and probably have a few MSE logons. Indeed, I think I know what your usual MSE logon is.

No matter, it's just a forum. Let's get back to the main question.

dryhat wrote: »

And also, according to your logic in a previous post, anyone selling a house while prices were rising is an idiot. How does that work?

Are they selling the house to buy a car?

dryhat

MFW_ASAP wrote: »

Sorry, I don't believe you. Your language is too young to be 51, and you certainly would be talking about 'debt-junkies' and worrying about HPI. I'd say you were in your 20s and probably have a few MSE logons. Indeed, I think I know what your usual MSE logon is.

No matter, it's just a forum. Let's get back to the main question.

Are they selling the house to buy a car?

I don't know.

But I know didn't sell all my bitcoins.

Imagine if you could sell a tiny part of your house that you didn't want, like a swimming pool, in exchange for a car. That's what I've done with my bitcoins.

When it comes to raisng money from a house there are only two ways to do it, sell it outright or borrow more against its value.
One leaves you without a house, the other leaves you with more debt.

Raising money from my bitcoins has done neither and with continuing price rises will increase the value of those I have left.

Anyway, later dude. I'm off to the pub for a few hours.
(after I've taken a selfie with my new phone)

mayonnaise

dryhat wrote: »

Anyway, later dude. I'm off to the pub for a few hours.
(after I've taken a selfie with my new phone)

http://www.telegraph.co.uk/men/thinking-man/10462465/Why-no-man-should-ever-be-caught-taking-a-selfie.html

With your other half, on a beach, capturing a sumptuous sunset à deux is perfectly fine. But alone, turning the camera on yourself at the bus stop, in a caf!, on the loo or in the pub is self indulgent and embarrassing, and shows that you are more concerned with what your 300 followers will make of your artfully-frothed flat white than you are with actually enjoying it. Selfies are for teenage girls; no guy past the age of 23 should be caught taking one.

51?

MFW_ASAP

dryhat wrote: »

I don't know.

But I know didn't sell all my bitcoins.

Imagine if you could sell a tiny part of your house that you didn't want, like a swimming pool, in exchange for a car. That's what I've done with my bitcoins.

When it comes to raisng money from a house there are only two ways to do it, sell it outright or borrow more against its value.
One leaves you without a house, the other leaves you with more debt.

Raising money from my bitcoins has done neither and with continuing price rises will increase the value of those I have left.

Anyway, later dude. I'm off to the pub for a few hours.
(after I've taken a selfie with my new phone)

Yeah, I didn't think you'd get it.

I think you need to forget about houses as they are not really relevant to the discussion, as you've found (was that the plan??). Let's look at an asset that is more appropriate. Gold is a good one.

Say you bought 10 Gold coins at £10 a coin. The price of Gold then rises and your 10 coins are worth £100 a coin. You then sell 5 coins for £500 (5 x £100) and buy a smartphone. Meanwhile Gold continues to rise and hits £200 a coin. You decide to jump back in and buy 5 more coins for £1000 (5 x £200). You now have 10 Gold Coins which cost you £1050 to get the same number of coins you had originally for £100.

I can't make it any simpler than that, except to say "buy low, sell high", not "buy low, sell high, buy even higher".

A 51 year old retiree wouldn't call me 'dude'. Why are you pretending to be someone/something you're not? Is your real life really that bad? Are you really that sad?

dryhat

MFW_ASAP wrote: »

Yeah, I didn't think you'd get it.

I think you need to forget about houses as they are not really relevant to the discussion, as you've found (was that the plan??). Let's look at an asset that is more appropriate. Gold is a good one.

Say you bought 10 Gold coins at £10 a coin. The price of Gold then rises and your 10 coins are worth £100 a coin. You then sell 5 coins for £500 (5 x £100) and buy a smartphone. Meanwhile Gold continues to rise and hits £200 a coin. You decide to jump back in and buy 5 more coins for £1000 (5 x £200). You now have 10 Gold Coins which cost you £1050 to get the same number of coins you had originally for £100.

I can't make it any simpler than that, except to say "buy low, sell high", not "buy low, sell high, buy even higher".

A 51 year old retiree wouldn't call me 'dude'. Why are you pretending to be someone/something you're not? Is your real life really that bad? Are you really that sad?

Another fabulous post. Well done.

I am an idiot and you are brilliant.

How's that? Happy now?

dryhat

mayonnaise wrote: »

http://www.telegraph.co.uk/men/thinking-man/10462465/Why-no-man-should-ever-be-caught-taking-a-selfie.html



51?

Ok you got me.

I'm 21 really.