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Just became a millionaire

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  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    edited 12 November 2021 at 5:18PM
     Equally, my extensive cycle fleet is worth a lot more as a collection of parts than as complete bikes.

    I spend too much on bikes. I have a nice DeRosa and some modern lugged steel bikes as well as a Cervelo and a couple of Specialized carbon gravel type bikes. It's a case of "n+1" being the right number.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • DairyQueen
    DairyQueen Posts: 1,845 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    We have been 'paper' millionaires for over a decade. Why doesn't it feel that way?


  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you're relaxed about your financial future it already does feel that way to some degree. Still need to strive to get to total confidence? Then not there yet. Barely able to scrape together enough for food and bills with no job, both those two situations are better.

    Lots of relative wealth and comfort from having plenty of assets available to draw on even if you don't actually directly draw on them.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    We have been 'paper' millionaires for over a decade. Why doesn't it feel that way?


    Inflation has eroded the buying power.  
  • ... my extensive cycle fleet is worth a lot more as a collection of parts than as complete bikes.
    Can you recommend a good lock? My bike is 20 years old, but as I came out of the supermarket yesterday someone was staring at it. "You really need to get a better lock. Your brakes are worth £100 and your crank-arms £200".
    Yes, some old parts can be expensive, even a Brooks saddle can cost hundreds. But a lock won't stop people taking parts off your bike. I just protect the most expensive bits, ie the wheels and the frame, by passing a cable through the front wheel and then using a U-lock to secure the cable and the frame and rear wheel to a bike rack or lamp post. I carry my locks and other stuff in a saddlebag and remove lights and trip computers from the bike as they are easily taken. 

    I use a small Kryptonite U-lock and even though it can be picked and defeated with an angle grinder it stops 99.9% of thieves.

    https://www.kryptonitelock.com/en/products/product-information/current-key/001447.html
     with this cable
    https://www.kryptonitelock.com/en/products/product-information/current-key/210818.html?type=bicycle
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • We have been 'paper' millionaires for over a decade. Why doesn't it feel that way?


    Because how much money you have does not (or at least should not) define you. Also I think people who have become wealthy over many years by thrift and regular saving/investing tend to keep the same lifestyle they had before they become "rich".

    But being wealthy comes with it's own set of issues...I won't call them problems. There's LTA and tax and you quickly realize that giving money away is a new goal. Estate planning becomes a big issue. Right now I'm trying to stay below some US government IHT thresholds and almost battling against stock market and home price increases.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • SMcGill
    SMcGill Posts: 295 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    7 pages ago some bloke woke up and had a happy moment when he hit £1m which he thought to share with the good people here. Since then, the conversation has debated net worth, seen some north/south ribbing and even taken a little tangent on bikes  :D  

    To the OP - congrats. I also enjoyed reading your musings, most of which I agreed with apart from the TV veto … sorry, but in the same way that sometimes my stomach might crave a McDonalds, my mind sometimes craves Keeping Up With The Kardashians!
  • zagfles
    zagfles Posts: 21,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    I did it the other way around ( in stages ) - not deliberately , just happened to get offered a job based in a Surrey HQ,  although if anything its main activities were actually Up North  and that was that . My daughter has done the exact opposite and has gone Up North , largely for the same reasons you did.
    I do not think it is just stockbrokers, but a lot of skilled , higher paid employment in financial and legal services generally is based in the SE .
    This is interesting , also from the ONS.

    The median total wealth by region of Great Britain in April 2016 to March 2018 is shown in Figure 11. Median total household wealth in Great Britain in April 2016 to March 2018 was £286,600.

    Regions with a median total wealth higher than this are in the south and east of England. The South East had the highest median wealth in April 2016 to March 2018, at £445,900. This is followed by the South West (£372,600), London (£356,400) and the East of England (£348,800). The region with the lowest median total wealth was the North East at £172,900.

    Scotland, Wales, the East and West Midlands, Yorkshire and the Humber, and the North West have similar levels of median total wealth, ranging from £212,800 in Yorkshire and the Humber, to Wales at £253,200.

    But up north you don't need to tie up so much of your wealth in housing. Average house price in Manchester is about £300k less than London, average wealth is about £120k less. Who is better off?

  • Albermarle
    Albermarle Posts: 25,921 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    I suppose the only real winners are those who build up substantial property equity in London/SE and then move to a cheaper area . So they either get a much bigger house, or the same size house and a big cash bonus .
  • DairyQueen
    DairyQueen Posts: 1,845 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    We have been 'paper' millionaires for over a decade. Why doesn't it feel that way?


    Inflation has eroded the buying power.  
    Amen to that.
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