Over 50's, how did you accumulate your wealth?
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Yep. Just found the data and whilst both are based on household wealth, the first is given as 'per adult' whilst the second is just household total.Hmm - I wonder if the first chart was personal and the second household as it seems unlikely that wealth more than doubled between 2012 and 2014....0 -
Hmm - I wonder if the first chart was personal and the second household as it seems unlikely that wealth more than doubled between 2012 and 2014....
Both are based on the ONS' Wealth and Assests survey. The information is published in stages and up to 2014 the data is available for analysis. The first graph is titled Percentile plot of total household wealth per adult so appears to have been adjusted for the size of household by the IFS using the 2012 data.
The second was taken directly from the government site on the 2014 data - https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/compendium/wealthingreatbritainwave4/2012to2014/chapter7extendedanalyseswealthingreatbritain2012to2014
As you noted that just uses total household wealth. A equivalent graph does not seem to appear in the previous report.
So far only preliminary reports have been made for the next wave. full publication is due in December or January.
The other survey the government does is of wealth left to be inherited. That does not include pensions.0 -
I was going to do IT as a teenager. However, I went to do work experience and the IT manager there was hopeless. Everyone laughed at him. It actually put me off doing IT. Later one of my relatives had a brother who was an 'IT professional'. She used to laugh because if she had a computer problem she would ask him to solve it. He normally couldn't and then she would ask me. I always sorted the problem in a few minutes. An IT manager who can't build a PC that can last more than a year? Can't cope with viruses? Dear, dear.
I should have known better than to go off topic :rotfl:0 -
Like many other have mentioned we kept spending under control – we love travel but otherwise our spend has not really changed in the last 15 years. We both worked as contractors for some years, which gave us both an enhanced level of income for a period. We invested in 5 BTL and also our own home in London, which we will downsize in the next few years to access the equity. Plus of course pensions – we contributed the max. A good accountant to steer us thru the minefield of personal and company taxation too. I suppose we stopped working at age 50 and took a 3 year career break, once we returned I didn’t return to work, I am still taking a salary from my limited Co. OH decided he wanted to return to work but will stop within the next few year. Overall, I would say the outcome is based on having a plan and sticking to it. At times it will feel like you are a life-long saver or jam tomorrow but when you reach your end game – it feels pretty good that you managed to stay the course.
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To be fair a lot of IT managers really don't do much of the technical side these days, they are rightfully busy managing projects and trying to explain to the rest of the business that IT isn't just a random auxiliary service. These days it's often core to how they essentially do business, without IT they wouldn't have much of a business to run in the first place. Management often doesn't join the dots between under-investment in their IT department, especially the retention of staff, and things going to hell in a hand cart.
Well the IT crowd was a documentary.
It's interesting how you actually need a combination of technical people and those how can manage and interpret into other areas, in an ideal world people could do both but those who can do that well are pretty rare.0 -
In my experience, things really go to hell once projects get big enough that the person who understands the real world issue, the person who designs the solution and the person who writes the code are all different. That's when I end up having to design side systems where I do all three to cover the shortcomings!:rotfl:Well the IT crowd was a documentary.
It's interesting how you actually need a combination of technical people and those how can manage and interpret into other areas, in an ideal world people could do both but those who can do that well are pretty rare.0 -
An IT manager who can't build a PC that can last more than a year?
Perhaps you're misinterpreting what JerrySimon means by "building a PC"? Certainly, in my days as an IT manager, fifteen years ago it was generally assumed that a Windows-based PC would have to be "re-built" ie have the Windows operating system reinstalled every twelve months or so in order to maintain its performance.
Now, returning to the real topic:
The obvious answer is to send your spouse out to work! In about half of our working years, she was paid more than me!
Apart from inheritances from our parents' generation which amounted to less than 10% of our accumulated "wealth" (and that excludes our DB pension funds that I've no way of valuing), everything else has accumulated from the excess of income from two salaries over expenditure. As we're both frugal, saving has always been easy even after taking early retirement.0 -
Worked hard at (state) school and got good grades - went to a great university and carried on working hard. Good degree opened door to a job and career in management consulting. Long hours, travel to 40+ countries and intense work over 30+ years. Recognised and promoted to pretty senior position in global firm. Very understanding OH - we met at college and she has had her own full-on career too. That has allowed us to enjoy a good lifestyle underpinned by good pensions and savings. 2 great kids. Property - were in neg equity for years before having better fortunes. Overall we've just worked hard all our lives, grabbing opportunities (work amd life) as they came along and making the most of what we had. Avoided debt except mortgage.0
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