A Question for Tory Supporters

Jonathan_Kelvin

This idea that we’re all just a bit of bad luck from disaster just isn’t true in many cases.

For me I’d need to lose my job, have my wife lose hers, have both of our insurance companies fail to payout, the stock market drop by 90% and housing to drop by ninety percent too.

Oh, and we’d both have to be unable to work again.

It’s just not going to happen. Those for whom it does happen could generally have made provisions against it, but preferred instead to not only spend everything that cake in but to borrow money off others, and spend that too.

triathlon

Herzlos wrote: »

It's easier done than you'd think. Divorce, illness, bad financial decision.

With 6 figures of assets you're closer to £0 than having 8 figures of assets.

This is partly true, look at those that have waited several years for example hoping for a property crash, or those wiped out after waiting more than a decade. As for those that have waited the full two decades since this "waiting for a property crash to start" might as well never worked or gone to Uni, all their money now gone and never to be invested again

NeilCr

Jonathan_Kelvin wrote: »

IThose for whom it does happen could generally have made provisions against it, but preferred instead to not only spend everything that cake in but to borrow money off others, and spend that too.

Some could have done - some decided to spend unwisely - and then there are others who find themselves in financial problems through no fault of their own

The challenge for this government (as it has been for previous governments whatever the hue) is to get the balance right in handling this issue. Easily said - hard to do

The interesting thing for me is to see how Johnson acts going forward. Will he move more to the centre as his large majority means he doesn't have to worry about the malign influence of the ERG - or will he heed the words of Cummings. There are some suggestions that he will be more liberal. Time will tell

Thrugelmir

Tromking wrote: »

Northern England’s time has come, the Tories are finished if they don't spend the next five years coughing up cash.

Let’s see the outcome of the Labour leadership election first. Seems as if there’s a real determination to follow Corbynistic ideology. A sure loser on the doorstep.

MisterMotivated

Herzlos wrote: »

It's easier done than you'd think. Divorce, illness, bad financial decision.

With 6 figures of assets you're closer to £0 than having 8 figures of assets.

So I should vote Labour simply because I might lose all my savings tomorrow through not one, but a series of bad financial decisions, and be the victim of a horrible accident and never be able to work again, and lose all my existing income-generating investments? That's optimism for you! Labour should adopt that as their campaign slogan for the next election. Anyway, neither a Labour nor Tory government is going to make much difference to my reliance on the state (or lack thereof) in the event of a disaster; both will expect me to use up my own resources first before they provide me with any sort of assistance. By that point, I'll be past caring who's in power

I don't need 8 figures of assets to get through life, so that part of your post is rather pointless. There's plenty of middle ground between being a multi-millionaire and being completely destitute.

Arklight

Jonathan_Kelvin wrote: »

This idea that we’re all just a bit of bad luck from disaster just isn’t true in many cases.

For me I’d need to lose my job, have my wife lose hers, have both of our insurance companies fail to payout, the stock market drop by 90% and housing to drop by ninety percent too.

Oh, and we’d both have to be unable to work again.

It’s just not going to happen. Those for whom it does happen could generally have made provisions against it, but preferred instead to not only spend everything that cake in but to borrow money off others, and spend that too.

You're talking about having enough assets to be financially self sufficient for the rest of your life shared with a partner you can trust 100% who won'e ever leave you in the lurch and will support you to the hilt if you need it (a lot of people who think that's the case are unpleasantly surprised, by the way).

While you may believe that anyone who doesn't have this has failed at life, this status still doesn't apply to most voters. 1 in 4 British adults have no savings and (adopting the American definition of middle class) - the majority of middle class people are a couple of paychecks away from not being able to cover their outgoings.

But - English voters for the most part don't want to hear this. They are right of centre, typically, socially conservative, consider accumulation of wealth to be a sign that someone has worked hard, and are suspicious of immigration at best. Any future Labour campaign needs to speak to these issues. Enabling employment, managing borders, and maintaining a socially conservative society.

Edit: Btw you may want to check the small print on the unemployment insurance. I learnt from experience that there are a great many ways for it not to pay out.

Arklight

Thrugelmir wrote: »

Let’s see the outcome of the Labour leadership election first. Seems as if there’s a real determination to follow Corbynistic ideology. A sure loser on the doorstep.

Actually, the policies were a winner on the doorstep. Not the Brexit one, obviously.

lisyloo

Herzlos wrote: »

It's easier done than you'd think. Divorce, illness, bad financial decision.

With 6 figures of assets you're closer to £0 than having 8 figures of assets.

I don’t agree with their generally.
For example we have separate SIPPs which divorce would not affect.
Im covered by PHI if ill even long term.
Our ltd company is set up 51/49 with divorce in mind.
I use an advisor which adds in extra protection against poor financial decisions so if I requested a large withdrawal it would be questioned and I’d have to sign forms so not something that could slip through in a spontaneous drunken moment.
Most money (SIPPS, ISAs) can only be withdrawn via IFA so also protected from hackers.

Depends how you manage things, but divorce, death, illness, hackers and even bad decisions are all foreseeable and steps can be taken to protect yourself.
Not saying some individuals won’t mess up but I disagree in general that it could just happen to any of us.

lisyloo

Thrugelmir wrote: »

Let’s see the outcome of the Labour leadership election first. Seems as if there’s a real determination to follow Corbynistic ideology. A sure loser on the doorstep.

Who cares? With a landslide majority Labour are just an annoyance for the next 5 years. I don’t know why this is even part of the conversation. I’m not a Tory voter BTW or a brexiteer but I accept reality and that is that the opposition is all but irrelevant for the next 5 years.

ffacoffipawb

lisyloo wrote: »

Who cares? With a landslide majority Labour are just an annoyance for the next 5 years. I don’t know why this is even part of the conversation. I’m not a Tory voter BTW or a brexiteer but I accept reality and that is that the opposition is all but irrelevant for the next 5 years.

Let's hope it becomes 50 years.

Not another Labour government in my lifetime please.