First Steps to Solvency

stymied

Did you say you need to get a scan because you haven’t woken up with a back injury and can’t get it to go click again? I must not have understood.

And turning down £5 just to make a bed! That should be riches at his age!!! I’d have gone with 20p.

theoretica

stymied said:

And turning down £5 just to make a bed! That should be riches at his age!!! I’d have gone with 20p.

Also an hourly wage he is unlikely to match until well established in a career!

alt80

Day 96 through great bbq left it to FIL haha managed not to fall out with him after making a bit of a !!!!!! stupid insensitive comment. He got what I meant after explaining myself tbf was genuinely just curious whether he’s happy with his house - £325k worth, £350k on a good day. Different conv on here made me ask, lot on here like my in-laws and sister etc. Have to do therapy meditation stuff every night tell myself I’m ok, lot to be thankful for, alright position in life etc. Still have to catch myself having the destructive thoughts been having them over res home after saying on Sheff’s will all being well get to next level res home but level after I reckon will be a massive stretch. Been panicking a bit this evening as soon as I left my office. I’ll be able to double my mortgage with my Range Rover paid and off the credit cards easily but I think that will be my last res purchase realistically. Worrying to think in that way and was on my mind. FIL said he didn’t get it at all why I want to move to a higher value house chat about it doesn’t serve my needs any better I don’t get why a lot of people are happy to stay still in-laws, sister, people on here, some people who work for me etc. Idk brain dump again, Mrs won’t listen to me she doesn’t want to move when RR / cards are gone. Thought about staying, do like my home but would be a waste not to move up a level, only go for right place etc suppose I could leave money in company for good grow my portfolio quicker rather than extra money spent on res mortgage. Gone off the idea of an AM tbh. Few watches I want to buy and still fancy an XJS but once they’re bought, they’re bought. Not into travel / holidays etc. 

Thanks all re son. Still plan to do house project (only a cheap place) when he’s 18 so I’m not going to be giving him massive amounts in pocket money £10 a week starts when he’s 8. Doesn’t know but I’m not just going to give home that then buy him a load of tat when we go out, he’ll have to spend his pocket money.Will have to think about some rates for the little jobs, tell him now he’s 8 haha (well will be soon) @warby68 that’s !!!!!! genius wipes the slate clean - he’s not been 8 before lol thanks for that. @Jellytotts fml you worked your kids hard, thought my parents were bad ha. Good to hear they both got on the ladder at 21 though, same age as I was.

@stymied I had 10 minute virtual consultation this afternoon they don’t think it’s worth referring rn. Wait and see job.

Ha would’ve have turned it down when I was a kid his age can tell you that lol.

dawnybabes

£10 a week at 8 IS a massive amount.  Most of my friends kids that age get £2/3 max.  They on,y get £10 a week when the are teens and buying there own clothes 

enthusiasticsaver

Well done on not falling out with your FIL about houses. I would say a large section of people are not bothered about moving up a level  when it comes to their homes so you may be in a minority in wanting to climb the ladder further when from the sound of it you already have a house you love and serves its purpose. It might be because you are in the property business so you are looking at your house from two angles. One as a family home and one as a property asset where you are looking to add value. I just think of our house as a home and the price or value is irrelevant as we aren’t moving. We have spent years getting it exactly as we like it so the thought of starting again leaves us cold. I have a friend like you though who is constantly looking towards the next property and has spent a fortune on doing up houses then moving and starting again. It does not seem to make her happy though and she has no money to retire on even though she hates her job. 

We have only ever moved due to size or location and only done it twice after buying our first house. First one was lovely and great location but too small for a family. Second was bigger but rubbish location. The one we are in now is just the right size in the right location. Like your FIL it suits our needs and we love it. Why would we move? Not bothered about going up in value as we would rather spend our money on other things but then we do like travelling and holidays. Everyone has different priorities. 

I am not sure I get what you mean by it being a waste not to move? What are you wasting? You would not be wasting money as you have said you will need a mortgage if you move up to the next bracket. If you have spare income once the debt is gone and RR paid for there are a multitude of things you can do with it, repay your mortgage, invest, leave it in retained or spend it. 

£10 a week is a lot for pocket money at 8 years old. 

warby68

@alt80 We did pocket money in return for being a decent human being that week - basic chores and being reasonably pleasant and well behaved. I really wouldn't do a rate per job at that age - he can opt out or pick and choose!! You need to be in full control for now but by all means give him a little extra if he excels in some way. 

A tenner is a lot but I do get different lifestyles. Other ideas are a £1 for each year of age. With a tenner you can say you expect some saving, say a fiver for frittering and a fiver towards bigger things he wants. My dad doubled any savings I made towards holiday spends or for presents to encourage saving. Needless to say I loved saving from an early age.

I don't think it will be easy as pocket money will be a step down for him given the amounts he is used to being spent whenever something takes his fancy so you might have to be firm about it. He will adapt. His mum needs to buy in too although perhaps she could be the same with a £1 for each year of her age as she is currently not the best when it comes to the value of money and appropriate spends.

I think your house move levelling up thoughts are partly the real you but with a good bit of anxiety about self worth etc thrown in as your thoughts are very much about house value including those of other people rather than how well it serves you. Just keep it on the back burner and see how you feel in a few more years. We would have ideally liked one more move - just to a slightly different area as house size is fine but we knocked it on the head when we did school fees.

RelievedSheff

Alt, as much as you don't understand me being happy in my home I really am struggling to understand your need to "move up a level" when you have what sounds like a lovely family home already. Why the need to buy a more expensive house?

And where does it end? You move to the next house and then what?

At some point you will reach an age where you can't mortgage another property. Then what?

It seems like a fools errand to me wasting vast sums of money on property that you will have to sell when you are older and can't maintain it or run it.

ladyholly

I am curios . What wil levelling up with your house mesn? Bigger - takes more cleaning which believe me gets more difficult as you get older,  a bigger garden - same thing applies gardening can be hard work, country  area - that I understand but bear in mind there may come a point that you cannot drive any more and being in a more isolated place could make things difficult, A better city area great but remember areas can change. I am not trying to put you off but you say that your next house will be the last to grow old in.  I realise none of the scenarios are liikely to happen for a long while but you need to think before moving to a house that may become unsuitable in time and moving is an awful hassle when you are young let alone when you are elderly and possibly infirm.

Yes I know I am a pessimist but i do like to be prepared for the worst - not worry about it but not be too surprised if it happens.

theoretica

On scaling up, there are lots of properties more expensive than mine that I don't want at all, very nearly all of them in fact, especially not more just for the sake of more. My only motivation for change would be very specific - I don't currently have a scullery sink, which I would like.  But several extra bedrooms I would seldom go into doesn't seem to have any sense or attraction.  And I would like a less tiny garden - but I also like the practicalities of living in walking distance of work, shops etc and small fairly central homes with large gardens on quiet streets are scarce!

I did drool a lot last summer over a very lovely garden (with unmodernised 6 bed home in need of insulation, central heating etc) that sold for nearly 2.5 times the value of my current place - but also knew realistically that the reality of moving there would not have made me significantly happier.

Kakiste

Total agree with what you said a few posts back @alt80 - once he starts getting pocket money he doesn't get that additionally to having stuff bought for him all the time. The usual little treats now need to be funded by him. Make sure you get him to take out his wallet (or you take it) and when he asks for something keep going back to "hmmm, let's see, can you afford it/?" It will start to get a healthy approach to budgeting built into his mindset- and it sets him up not to rely on credit.