We all tend to be money minded on here.

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I know someone who earns a modest salary 35k – never ever checks his wage slips, 100k cash in 0.1% bank account, never ever cashes his dividend checks £2.50 here and there - ongoing for 10 years! Spends £5.50 on pints of beer. Gets a whim, buys a telescope for £300, looks in the peep hole once, gets bored and throws it away. I could go on.

Now, my critics on here will ask “what’s the point of this post” My answer would be - it’s just goes to show we are all not programmed the same!

Oh, his good point is he put's 50% of his salary towards a pension.  

 

mattywallace121

What's wrong with paying £5.50 for a pint of beer?

vikkiew

35K salary half of which goes to pension contribution and 100K is not compatible with the lifestyle you describe.

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mattywallace121 said:

What's wrong with paying £5.50 for a pint of beer?

Pubs are closing up/down the country for many reasons. Spend your £5.50 in Tesco’s and invite your friends into your home. (unlikely to be stabbed or glassed, or beaten up on your way home)

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vikkiew said:

35K salary half of which goes to pension contribution and 100K is not compatible with the lifestyle you describe.

The way you want to live your life doesn’t necessary mean other people want to live theirs. Throw some sums at me if you like.

grumiofoundation

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vikkiew said:

35K salary half of which goes to pension contribution and 100K is not compatible with the lifestyle you describe.

The way you want to live your life doesn’t necessary mean other people want to live theirs. Throw some sums at me if you like.

35/2 = 17.5 (assuming  the 50% pension contributions are salary sacrifice)

17.5 pre tax is 16k take home. (1300 per month).

At a monthly spend of £1000* with £300 saving per month would take 28 years to save. 

100,000/300 = 333 months = 28 years. 

Point is that it seems unlikely based on your OP since they apparently spend £300 on a whim. 

(Although I expect is likely they haven’t been contributing 50% to their pension for 28 years.)

If they have managed to save 100k while on a take home pay or 17.5k (or even 35k) they either have income/cash from elsewhere or are actually pretty good with money despite your belief otherwise! 

Daliah

grumiofoundation said:

100,000/300 = 333 months = 28 years. 

Or, for example, an inheritance, all done in 1 month. Not all people's savings need to come from their income.

Thumbs_Up said:

Now, my critics on here will ask “what’s the point of this post” My answer would be - it’s just goes to show we are all not programmed the same

That's been the same since mankind came into being.

Troytempest

What is the point of this.........

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grumiofoundation said:

Point is that it seems unlikely based on your OP since they apparently spend £300 on a whim. 

This wasn't a bragging post ( I’m more mindful then that) It was more to do with how wasteful he is with money. I was highlighting he can spend £300 on a telescope, get bored with it before the week is out, and then throw it away – not selling it on eBay for eg.

He will leave a freezer door open longer then I would, leave a iron switch on when he’s on the toilet, fill up a kettle for one cup of tea.

He has inherited a house for no cash gain – he lives in it.  

grumiofoundation said:

(Although I expect is likely they haven’t been contributing 50% to their pension for 28 years.)

  Correct.

grumiofoundation said:

If they have managed to save 100k while on a take home pay or 17.5k (or even 35k) they either have income/cash from elsewhere or are actually pretty good with money despite your belief otherwise! 

My initial post was without his knowledge – so a quick chat with him and a update. Turns out he earns 38k and has 220k in cash savings at 0.1%. I too found this hard to believe, more so because he likes to spend his money on computers and was a heavy smoker.  

sevenhills

I earn less than £20k and I haven't seen my wage slip in over 12 months.
I am interested in money and finance though. I don't check how much my beer costs, I go into the pubs that I enjoy, the price of the beer is not important.

Brie

Thumbs_Up said:

I know someone who earns a modest salary 35k – never ever checks his wage slips, 100k cash in 0.1% bank account, never ever cashes his dividend checks £2.50 here and there - ongoing for 10 years! Spends £5.50 on pints of beer. Gets a whim, buys a telescope for £300, looks in the peep hole once, gets bored and throws it away. I could go on.

Now, my critics on here will ask “what’s the point of this post” My answer would be - it’s just goes to show we are all not programmed the same!

Oh, his good point is he put's 50% of his salary towards a pension.  

I think we all know people like this. 

I've got a good friend who's worked in finance all his life so knows all the important stuff about banks, savings, mortgages, pensions.  He's currently unemployed (very long story) and has just sold his parent's home following their deaths several years back (even longer story).  So of course he is spending it all.  3 cruises so far this year and another 4 in the coming 6 months.  Any travel is, of course, not economy, it's at a minimum business class as "that's better value".  

Lives in a rented flat stuffed with things he doesn't need that he bought online on a whim and, until the house sold, had tons of debt.  Just can't accept that he shouldn't be living a champagne lifestyle.