Over 50's, how did you accumulate your wealth?

jerrysimon

pafpcg wrote: »

Perhaps you're misinterpreting what JerrySimon means by "building a PC"? Certainly, in my days as an IT manager, fifteen years ago it was generally assumed that a Windows-based PC would have to be "re-built" ie have the Windows operating system reinstalled every twelve months or so in order to maintain its performance.

Indeed, re-install OS and applications from scratch. Now as you say lets return to topic.

qwert_yuiop

A friend who works in the hospital here told me about one of the nurses. She's in her fifties, and trained as a student nurse back in the 80s when they got paid. She then got a permanent post and rented a room from a friend.
She's still in that room 30 years later, and has reputedly saved nearly a million pounds off her salary and a few investments.
I don't really know why.

jerrysimon

Maybe she plans to go out with a bang!

wymondham

Paid off mortgage by 40, then went self employed and was able to properly pay into a pension...

qwert_yuiop

jerrysimon wrote: »

Maybe she plans to go out with a bang!

Given recent events, that's probably not an appropriate remark.

jennyjj

schoey123 wrote: »

How did you accumulate your wealth? I don't need specifics but more general themes. I'm interested to learn if there are patterns or different circumstances, paths people take.

Thanks,

Continuously employed:
Avoided any interest bearing debt like the plague ( except inevitable mortgage which was whittled down rigorously ) :
Exploited company sharesave and similar schemes to the max:
Stoozed a few £k from interest free credit cards:
Lived WELL within my means: Final few years of employment, made pension AVC's to the max:
Saved in effective ways, mostly equities.
Did some trading on ebay as a serious sideline.

jerrysimon

qwert_yuiop wrote: »

Given recent events, that's probably not an appropriate remark.

Well I am sure people know what I meant in terms of living it up in the latter parts of her life.

melanzana

Never borrow. Exception is mortgage. Overpay it as fast as possible.

Get a job with a great pension scheme, mostly paid for by employer.

Save as much as you can without being a church mouse. Enjoy life.

Remember your wealth is your good health. No money will make up for wealth with bad health.. sad but so true.

Better to be healthy than rich. Although as my late Dad used to say, well if you re rich and ill, you can at least be miserable in comfort!

Mrs_Z

Here are few pointers that have worked for me (in no particular order):
1. Know your needs from wants
2. Never buy anything in credit or take on debt (except mortgage or stoozing)
3. Spend less than you earn
4. Don't keep up with the Jones'
5. No children (conscious choice)
6. Get on the property ladder as early as you can
7. Become MSE - keep your money working for you - don't WASTE money
8. Take some calculated risks (invest some of your savings, change jobs, etc)
9. Don't lose your focus
10. Don't forget to enjoy life as well - the golden middleway with everything - (but set a budget!)

qwert_yuiop

Mrs_Z wrote: »

5. No children (conscious choice)
!)

Voluntary extinction.