How big is yours?

lawriejones1

I think you should visit: https://www.moneyboastingexpert.com

Discussing your net worth on an open Internet forum is probably a poor idea for a multitude of reasons we don't need to go into, not least because what people often say online and the truth can sometimes be quite different.

racing_blue

I take the opposite view Lawrie. I've been very grateful for feedback and education from this board over the last 3 years. Giving more information has allowed more detailed feedback. And getting more information helps weigh and calibrate that feedback, as you point out.

It is the main reason I keep coming back to this site TBH. You can get vanilla financial advice anywhere, but I like seeing the detail of how people live it in their real (or imagined!) lives. Within the limits of what is safe and anonymous.

N1AK

racing_blue wrote: »

I take the opposite view Lawrie. I've been very grateful for feedback and education from this board over the last 3 years. Giving more information has allowed more detailed feedback. And getting more information helps weigh and calibrate that feedback, as you point out.

It is the main reason I keep coming back to this site TBH. You can get vanilla financial advice anywhere, but I like seeing the detail of how people live it in their real (or imagined!) lives. Within the limits of what is safe and anonymous.

The issue is that you could well be basing your education on lies which are hardly a stable foundation. What does knowing how much someone claims to have invested tell you? Is the advice of someone who claims to have £800k invested and have made 5% last year more valuable than someone who claims £300k who lost 1%?

racing_blue

N1AK wrote: »

The issue is that you could well be basing your education on lies which are hardly a stable foundation. What does knowing how much someone claims to have invested tell you? Is the advice of someone who claims to have £800k invested and have made 5% last year more valuable than someone who claims £300k who lost 1%?

Well, I'd be really interested in both those people (wouldn't you?). Particularly if they were prepared to discuss the issues. What drove their investing decisions, how they settled on their plan, where they sat on the passive/active argument, and how they anticipated their approach changing as the aged, for example.

When people are also prepared to declare their hand, I like it - even if I think they are wrong! It takes something abstract and fleshes it out, kind of. Although sure, I can see why people might find it uncomfortable & I do have some concerns about security implications. (Just as well that "Racing" is a really common name...)

N1AK

racing_blue wrote: »

Well, I'd be really interested in both those people (wouldn't you?). Particularly if they were prepared to discuss the issues. What drove their investing decisions, how they settled on their plan, where they sat on the passive/active argument, and how they anticipated their approach changing as the aged, for example.

When people are also prepared to declare their hand, I like it - even if I think they are wrong! It takes something abstract and fleshes it out, kind of. Although sure, I can see why people might find it uncomfortable & I do have some concerns about security implications. (Just as well that "Racing" is a really common name...)

Perhaps you'd like to take another try at answering the two questions I asked rather than making up other questions I didn't ask and answering them

To answer your question: I'm interested in why people say they do things, because I may learn something from it and I can go away and investigate the points further. I'm not interested in unsubstantiated cocktail sausage measuring contests about the size of people's investment pots.

racing_blue

1) how much they claim to have invested- skin in the game
2) no

We are interested in the same things, it appears. But I haven't seen the thread about a contest, could you post a link, so I can be disinterested in it too?

N1AK

racing_blue wrote: »

1) how much they claim to have invested- skin in the game
2) no

We are interested in the same things, it appears. But I haven't seen the thread about a contest, could you post a link, so I can be disinterested in it too?

The fact you can't recognise one doesn't mean you aren't already knee deep the only reason it isn't more obvious is that most posters here have seen enough to shut it down fast enough; unless you think Warren Buffet and the person he actually butlers for are forum members :rotfl:

lawriejones1

The amount of money someone has doesn't necessarily reflect their financial acumen. Inheritence, luck or just plain good solid judgement - who knows how they got it?

It's about cogency, someone who reasons well and creates an argument supported by evidence and insight. That's more what I was arguing for here.

I take your point about advice and guidance - it's the reason I came here, and I genuinely have changed the way I think about money from having used that site. I don't need to know how much someone has (or doesn't have) for the advice to be valid and useful. My view etc.

racing_blue

Interesting. I really don't see a contest here. (Mind you that Bigfreddiel is hung like Tyburn Gallows, I hear)

But thinking about N1AK's question 2, "is the advice of someone who claims to have invested £800K more valuable than the advice of someone who has invested £300K". I said no, because all things being equal, I'd picture those people having investing experience of approximately the same order of magnitude.

If in subsequent discussion Mr £800K revealed that he had just inherited the lot, it would change my mental picture. But I'd still be interested in his choices and decision making from that point. Would he use an advisor? How would he choose?

If Mrs £300K revealed that she had worked for 30 years in a low paid job and raised 3 kids, I'd be hugely interested in how she accumulated that £300K, what decisions she had made along the way, and how she might approach distributing it in the future.

May I bounce back a scenario? If someone credibly disclosed that over their investing lifetime they had amassed over a million pounds in an ISA, would that influence your interpretation of their subsequent posts?

[Deleted User]

Surely perfect for a bout of ID theft, knowing people's balances and who their accounts are with?

But that said, I've got £120,000,000 in a safety deposit box in a jewellers in Hatton Garden... oh, crap.