Interest rate rise?

chucknorris

Ozymandias73 wrote: »

I am not jealous. I have around £5 million in the bank, and would like some decent interest. Why would I be jealous of a wage slave?

How did you manage to acquire £5m whilst being so risk averse?

System

chucknorris wrote: »

How did you manage to acquire £5m whilst being so risk averse?

By previously owning property in central London and timing my sale to avoid the downturn, and exiting my risky investments with my winnings intact before the markets turn.

chucknorris

Ozymandias73 wrote: »

By previously owning property in central London and timing my sale to avoid the downturn, and exiting my risky investments with my winnings intact before the markets turn.

So how old are you (I don't mean to be rude, I'm 60), and when did you invest and sell up? Why do you call your profit 'winnings', that doesn't sound right to me, you don't act or sound like someone who was an previously an investor.

You also previously said that you were looking to buy a house:

Ozymandias73 wrote: »

I am looking to buy a house as a cash buyer.

Does that mean that you are currently renting?

System

chucknorris wrote: »

So how old are you (I don't mean to be rude, I'm 60), and when did you invest and sell up? Why do you call your profit 'winnings', that doesn't sound right to me, you don't act or sound like someone who was an previously an investor.

You also previously said that you were looking to buy a house:



Does that mean that you are currently renting?

I am 48, and yes I am currently renting. I made a lot of money buying and selling commodities futures when they were in a boom a few years back, but the main chunk of my capital is from the sale of a house in Chelsea, which I bought when I was 23 and did up. I intend to buy land and build a house in the country, but since I made my money by buying low and selling high, I just cannot bring myself to buy at a peak. I call them winnings because markets are a casino.

buglawton

Ozymandias73 wrote: »

I am not jealous. I have around £5 million in the bank, and would like some decent interest. Why would I be jealous of a wage slave?

Even those with cash in bank should know that what really matters is the difference between the interest you can earn in an account vs the inflation rate of consumer goods & assets you may need to acquire. not the interest rate per se.

System

buglawton wrote: »

Even those with cash in bank should know that what really matters is the difference between the interest you can earn in an account vs the inflation rate of consumer goods & assets you may need to acquire. not the interest rate per se.

I am fully aware of the implications of inflation.

buglawton

chucknorris wrote: »

How did you manage to acquire £5m whilst being so risk averse?

Even if you only are right 52% of the time on asset decisions throughout your life... well you may not become a millionaire but you'll do quite well by the law of averages.

System

buglawton wrote: »

Even if you only are right 52% of the time on asset decisions throughout your life... well you may not become a millionaire but you'll do quite well by the law of averages.

Fortunately, I stumbled on assets that soared in value, together with getting my timings right.

chucknorris

buglawton wrote: »

Even if you only are right 52% of the time on asset decisions throughout your life... well you may not become a millionaire but you'll do quite well by the law of averages.

We (my wife and I) are actually worth more than that, but as you've probably noticed I have a completely different attitude to risk than him.

I still can't get over someone who is only 48, and worth £5m, has nothing in the stock market. My own wealth (excluding my wife's) is a little over £3m, and at 60 years old, I don't think that I am taking on too much risk by having approx £1m invested in equities.

But I wouldn't touch commodities, and usually single company shares, although I briefly did last year, but got out as I wasn't comfortable, as I think they are beyond my risk profile. This is why I don't understand his (lack of) investment approach. It just doesn't look right to me.

System

chucknorris wrote: »

We (my wife and I) are actually worth more than that, but as you've probably noticed I have a completely different attitude to risk than him.

I still can't get over someone who is only 48, and worth £5m, has nothing in the stock market. My own wealth (excluding my wife's) is a little over £3m, and at 60 years old, I don't think that I am taking on too much risk by having approx £1m invested in equities.

But I wouldn't touch commodities, and usually single company shares, although I briefly did last year, but got out as I wasn't comfortable, as I think they are beyond my risk profile. This is why I don't understand his (lack of) investment approach. It just doesn't look right to me.

I do not trust buying in the stock market right now. I think there will probably be a crash sometime beginning this autumn, and I am putting my money where my mouth is. If there is a crash, I would then be far happier to invest.