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

Former_MSE_Andrea

Subscribing to this thread. Great tips

Pollycat

qwert_yuiop wrote: »

Voluntary extinction.

I'm with Mrs Z, no children here either.

I'll leave other people to address the issue of 'voluntary extinction'.

In fact I agree with pretty much everything Mrs Z says below - especially #3.

I didn't change jobs though, I worked for the same employer for over 30 years (with a very good final salary pension scheme).

Mrs_Z wrote: »

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!)

woolly_wombat

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,

1. Bought a house when prices were low (and interest rates were high).
2. Got a repayment mortgage and paid it off - paid off extra when interest rates went down.
3. Always contributed to a pension (Equitable Life didn't do too well but I stuck with it rather than fleeing when there was an MVR of 25% - now looking as if it will turn out better than expected).
4. Saved up for stuff that we needed and always bought good quality classic styles that won't date and will last.
5. Always lived within our means and didn't try and keep up with the Jones'.
6. Tried to avoid putting all our eggs in one basket - held a variety of assets and a variety of pensions.

qwert_yuiop

Pollycat wrote: »

I'm with Mrs Z, no children here either.

I'll leave other people to address the issue of 'voluntary extinction'.

).

If you've no family responsibilities, why not just live it up? I'm just wondering how your spending priorities differ from parents.

Pollycat

qwert_yuiop wrote: »

If you've no family responsibilities, why not just live it up? I'm just wondering how your spending priorities differ from parents.

Who says I'm not living it up?

The OP asked for 'over 50s' experiences.
My understanding of Mrs Z's list was 'how she accumulated her wealth' i.e. past tense, not necessarily how she's living now.

I've been retired for 14 years and still haven't reached state pension age yet.

Jackmydad

I'd agree with Mrs Z as well.
No children here either.

We have been mortgage free for 30+ years. Have worked continuously, and have avoided debt.

Mrs_Z

The OP asked for 'over 50s' experiences.
My understanding of Mrs Z's list was 'how she accumulated her wealth' i.e. past tense, not necessarily how she's living now.

Correct Pollycat!
And in case anyone is interested - I'm not 'living it up' because I'm aiming for an early retirement in max 5 years time and then I have a quite a big gap (8yrs) to bridge from savings/investments before the pension kicks in so that needs a substantial warchest. Don't get me wrong, this does not mean 'going without' all the time, but as always, I'm mindful what I spend my money on and if it's not that important to me, I won't buy it for the sake of it.

Jackmydad

Mrs_Z wrote: »

Correct Pollycat!
And in case anyone is interested - I'm not 'living it up' because I'm aiming for an early retirement in max 5 years time and then I have a quite a big gap (8yrs) to bridge from savings/investments before the pension kicks in so that needs a substantial warchest. Don't get me wrong, this does not mean 'going without' all the time, but as always, I'm mindful what I spend my money on and if it's not that important to me, I won't buy it for the sake of it.

Sounds like a good plan. Life is about living, not working for lots of consumer "stuff" that you don't really need.
I know several people who have done similar, and they all say they wish they could have done it earlier. None of them "go short" Some have children some don't.
They have all worked hard one way and another.

OldBeanz

I don't understand the mortgage free stuff. Santander have been paying me to lend them back their money for the past 5 years.
No kids, no thanks - both our greatest musician (arguably) Elton John and sportsman (arguably) Andy Murray, have said in the last few years that it has been the greatest thing that has ever happened to them.

Jackmydad

OldBeanz wrote: »

I don't understand the mortgage free stuff. Santander have been paying me to lend them back their money for the past 5 years.

A personal thing in our case. We don't like debt.
Monthly payments
I've been self employed for years, and although I've always had the cash to pay my way through any thin times, I prefer not to have the worry of "what if"
Interest rates were a lot higher when we paid our mortgage off as well.