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I'm assuming the 'number plate' thread has been removed.
As for the above, some people would never consider downsizing no matter what their circumstances.
Some French guy has written a best seller about 'Why Capitalism doesn't work'. Its 650 pages long.
I can explain the same on less than one sheet of A4.
🙂
Something to do with the "ratchet effect", I'll wager?
Do you have cherished plates on that A4 ?
Yes, that's the joke. It's why imjustacoach isn't making enough money to feed himself.
A woman I know confessed to me that they(the couple) have had financial troubles and have got in debt and had to re-mortgage their house. All through they have had builders and gardeners working on the house. a cleaner once a week (despite being a full time housewife), foreign holidays, running two cars and regular nights out. It seems that the debt collector knocking at the door doesn't stop the sense of entitlement that some people have that they have to have everything that (they think) everyone else has.
I don't think it's possible to overestimate how many "enviable" lifestyles are actually funded by credit either.
Woman on TV this morning who was too poor to feed her children proper food...
She stood there with her fags in her tattoo's hand ..............
"if he can't make money out of being a coach surely that would indicate that he just isn't very good at it..."
or alternatively a lot of coaches are unpaid and I'd suggest that even those at the top of their game hardly make a colossal salary.
From what I remember of his earlier posts, he just coaches his son, whom he refers to as 'my athlete'.
Really? I missed that.
That's just weird
I "coach" my son in goals by taking him down the park and firing balls at him - hardly makes me Packie Bonner, does it?!
And how much does he pay you Pudge?
He pays me in hugs and high fives. So I guess I can see why our man has to buy second hand cornflakes from strangers.
The best (or worst) example that came through the office was a couple of teachers who had spent on average, double their combined salary for seven years. To achieve this feat they simply borrowed the extra.
They were into opera, the theater, fine wines and travel.
By the time my colleague caught up with them, the interest payments on their loans added up to more than their entire take home pay.
He said their indignation at being being denied the things they believed were theirs by birthright was staggering.
🙂
Ric F - that is bad. I wonder how many are like that?
Generally though, do you think there is a "fear" of debt? Not all debt is "bad", is it?
Debt isn't bad when it's of the mortgage variety, in other words, a necessity.
If you're accumulating it to buy Pol Roger or trips to Barbados it's not only bad but very, very stupid.
True, not all debt is bad. However the type of debt that is so great that it cannot be repaid could be a awkward.
In my neck of the woods, first time buyers are getting loans of £500,000. This is due to the banks once again working on 'affordability as regards the interest payments.
Since £1500 per month is easily affordable for many people, there appears to be no problem.
Still, I can remember mortgage rates were historically an average of 12% so we shall see.
As for paying back £500,000 over 25 years. Work it out.
Life style and beyond.
🙂
I was expecting you to pipe up Scream
What about investing in a business, for example? Or buying BTL flats, to prepare for retirement? Or getting into debt to fund a uni degree? Or getting into debt to buy a reliable car needed for a long commute to work? Or .... well you get the picture. There are lots of reasons people may get into debt and manage perfectly fine.
It seems to be that it is supposedly well educated people that end up in this situation more than anyone else. (Ok, maybe they are seen to be "less risky" to the lenders, but still....). GP I know in exactly the same situation. Crazy.
Is keeping up with the Joneses so important to some people that they'd risk bankruptcy?
i coach my Daughter, i refer to her as "my pension".
I can remember high interest rates too - my first mortgage was taken out when interest rates were just shy of 15% (base rate).
Debt is fine if it is used to fund something necessary and affordable or which will generate income. And not just affordable now, but affordable if interest rates rise (which they probably will in a year or so), and then rise again.
Sticking a holiday on a credit card is fine if you can pay it off over a few months. If you are still paying it off when you book the next one, perhaps not so good.......
Nessie, yes, I personally wouldn't get into debt to fund a holiday, TV etc. Others do though, and not necessarily people who can't afford it. Some have a lot of cash in the bank and would prefer to keep it there, so borrow for most purchases. Like I said, I wouldn't do this but some do.
Similarly, it is a life long dream of many to pay their mortgages off and I can totally understand this. However, for others this is seen as a waste of capital and would want to use that cash in other ways.
I remember when I was getting my first mortgage years ago I was advised by the bank manager to "borrow as much as you can for as long as you can". I didn't take this advice as it seemed "wrong" to me (I was fearful of the debt, hence my other question in the other post) but if I had followed his advice I would have been better off financially now.
Well yes. As I said there are different type of debt. If it's about securing your future, it's fine. If it's about stuff which doesn't give you any sort of return, it's not.
I mean I'm probably the worst person in the world at maths but I still understand that you can't live a Champagne lifestyle on brown ale wages.
No wonder we had the Credit Crunch. The idea is that you borrow as little as you can for as short a time as you can. To advise the opposite is irresponsible - the bank would benefit though!
I have realised over the time I've been on here that you are very black and white and it's either "Screams way or the highway".
I don't disagree with you in terms of things like holidays, TVs etc but that's just my preference. If others want to get into debt that's up to them, and like I say many do get into debt even though their bank balances are considerable. I wouldn't say those people were stupid or funding some "Champagne lifestyle" as in my experience they often live quite modestly. Basically, they have a "cash is king" mentality and want to keep hold of their cash.
I suppose I'm just trying (badly, it seems
) to differentiate between those people who get into debt to fund a certain lifestyle and those who get into debt because that's the way they do things even if (or maybe because?) they're wealthy.
Going back to that other thread. If I had £100K (I haven't!) I certainly wouldn't spend it on a car, no matter how much I had in the bank. If I wanted that car and knew I could afford it, I still wouldn't pay cash for it but would probably finance it and keep the cash in the bank.
Even though I would now be better off? I know this because I worked it out once.
I think that its very rare that a house is repossessed because people can't afford the mortgage......
the problem is after getting the house.they feel they need to buy new furniture etc for every room and its all bought expensively on credit.......
so if anything goes wrong and money becomes tighter then its the amount of repayments they owe to everyone that kills them.....if they only had the mortgage they would probably be able to survive the bad patch
Big G.why keep the cash earning very little interest....but borrow to buy something and pay a much higher interest
I've read it that you're saying some people borrow money even though they have the funds not to. That's not real debt, any more than I'd be in debt if I buy something on a credit card rather than pay cash or use a debit card. If they have the money to pay the loan off straight away (but chose not to) then they're not in debt.
CD - yes, that is the scenario I'm on about. But I would say they are still in debt as they have an outgoing every month that they wouldn't otherwise have.
Seren, I had written a massive post to your question but I lost it. Basically, some people want to keep it in the bank for a "rainy day", to invest in other things that make money as opposed to lose money (i.e,. the £100K car in this example), or whatever.
Anyway, I'm no finance expert but I'm intrigued by this stuff and think people are different based on lots of different things (risk taking, income, outgoings, etc).
And I've gone off on a massive tangent and want to clarify that I found the original flounce very amusing