At what point do you stop saving?

Archi_Bald

Paul_1977 wrote: »

Reporting them for what? they had not done anything illegal or wrong. They were the rightful tenants of the flat.

You are joking, right? According to you, they were sitting on at least £250K cash, so what were they doing blocking a council property from some needy people? There is just absolutely nothing that anyone in their right mind could say to defend them.

fromtheshires

edinburgher wrote: »

Interesting, but I bet they never got there entirely under their own steam?

They could have worked incredibly hard in their early years. My parents are 20 and 21 years older than me (I'm 27). Between them both they earn about 27K a year yet have a mortgage free house over £500k and 6 other properties.

They did this by working as many hours under the sun and ploughing everything that they had into savings / overpaying etc. Once their main mortgage was fully paid off and they had a nice little nest egg to cover emergencies, my mum decided to work part time and my dad decided to take a job where he could just do what he needed to and then go home (we rarely saw him at Christmas as kids as there was always some alarm activation / emergency at work etc) They still save now although they do go on a cruise every year and their good habits have paid off as I am doing exactly the same.

talexuser

Why save? well my mum has had to go into care this year, it is a great place costing 35K a year with bags of activities going on. I have arranged all her isas and income to cover it for the entire foreseeable future because she and I saved. I investigated cheaper homes which I wouldn't touch with a barge pole (at the lowest end of the market the ones councils use), whereas I know someone who pays £1000 a week and is still unhappy with the service.
So think for a moment about how much you need saved to cover an eventuality such as this (the recently announced "care cap" of 72 grand is almost meaningless, it only refers to care costs, not the hotel costs of homes, and with the average stay in care, will only benefit a small % of people).

gadgetmind

The point at which we'll stop saving is when we retire. At that point, we'll start living off our investments by taking an income from them.

Hopefully, the investments will grow larger over time, at which point we'll have what's called "a nice problem to have". What we do need to ensure is that we don't run out of assets.

And if we die still having a decent asset base, then so what?

MFW_ASAP

Paul_1977 wrote: »

I have seen it so many times, people that have saved all their lives and have no idea what for.

I know of two people who had at least 250k in the bank (I know because I was asked to be a witness for their wills), and they never did anything with it, they just died and never got to enjoy it. It all went to distant relatives that never even bothered to come and see them.

I used to say to them, why don't you go on a world cruise or something like that. They always said "next year I will" or "I should do", but never did.

They both died suddenly in their 70's, saving all their lives for nothing, it has got me thinking, when should you stop saving?

Do you save for a house or deposit and then stop, and just save for small things, I mean if you are paying into a decent pension why save any more, you might as well just spend it.

I don't know, its really made me think.

I sold some Tesco shares and at the time I thought they had peaked. The shares continued to rise and I missed out on a small fortune. Why did I sell those shares when I could obviously have made a packet? Because I didn't have the benefit of seeing the future.

The couple who died in their 70's didn't know the future either and so didn't run down their savings to the point they had £1 left on 'Death Day'.

What they did do though with their large pot of savings is make sure that from the day they retired, to the day they died. they had zero financial worries. Not a bad way to go really.

Paul_1977

Archi_Bald wrote: »

You are joking, right? According to you, they were sitting on at least £250K cash, so what were they doing blocking a council property from some needy people? There is just absolutely nothing that anyone in their right mind could say to defend them.

:huh::huh::huh::huh:

It does not matter what I am doing. They were doing nothing wrong against the law or regulations. So it would be pointless to "report them", to who and for what reason?????????????????

Yes they are blocking a council property, but the law is the law and the fact a poor family can't get a flat, the law should be changed then, and why should I do the job of the LA.

gadgetmind

Archi_Bald wrote: »

Y
I am surprised you didn't shop those guys with the £250K in a council property.

Shop to who?

Not reporting them makes you just as guilty as they were.

Guilty of, err, what?

lalman

Interesting thread and I agree with everyone... Fun stuff doesn't have to cost money, there isn't a correlation between expense and happiness received and for me the comfort and feeling of security means a lot...

I agree with other folks, when your return on investments exceeds your monthly outgoings then I would stop saving... But at 28 I'm still someway off that!

You have to be happy with your own decisions and I suspect that those people wouldn't live with regrets that they didn't spend every penny they have... Time with loved ones for me is a far more important thing that spending money drinking at bars for example....

robotrobo

talexuser wrote: »

Why save? well my mum has had to go into care this year, it is a great place costing 35K a year with bags of activities going on. I have arranged all her isas and income to cover it for the entire foreseeable future because she and I saved. I investigated cheaper homes which I wouldn't touch with a barge pole (at the lowest end of the market the ones councils use), whereas I know someone who pays £1000 a week and is still unhappy with the service.
So think for a moment about how much you need saved to cover an eventuality such as this (the recently announced "care cap" of 72 grand is almost meaningless, it only refers to care costs, not the hotel costs of homes, and with the average stay in care, will only benefit a small % of people).

My aunty lived until she was 101 , she spent a good 12 years in a care home with dementia & in a wheelchair permanently, she was paying private for all those years, she always said she had the money to ensure she would be well cared for when the inevitable was going To happen.
SHe on a few occasions had bad bruises about her, but staff covered up & said they had been caused by her slipping out of her chair!, cutting a long story short a male member of staff was taken to court & found guilty for the assaults & was sacked & will never be a care home worker again.
We used to take her new clothes & would regularly see other residents wearing my aunty clothes , while she sat in the chair with messed up clothes , and always the excuse she had just had her dinner etc.
My point is that even though you have money that you are going to get good treatment , not so .
She was a very wealthy women who wanted for nothing & it broke our hearts to see what happened to her.
I hope I have got rid of my money before this happens to me or my wife, because it is no guarantee for a better care free life.

Nocto

I save to ensure that I always have enough to enjoy life.

Enjoying life involves drinking and smoking enough to ensure that I never need a care home!:D