Other people's facepalm financial management

[Simpo Two]

The problem is that you can't predict the future. You could crunch numbers based on today's info and project forwards, and assign yourself an exact amount to spend each month so that you died at the actuarially-predicted age with £0.00p. But that is the least likely scenario to happen. Your actual dosh might be more, or it might be less. So wise people err on the side of caution. If being careful with money gives you comfort, and the worst case scenario is that you die a bit rich, is that such a problem? The alternative is that you spend the calculated maximum - and a stock-market crash or socialist budget (or world war, anything could happen) leaves you 30% short and bankrupt. The 21st century is only 16 years old. Look what happened in the 20th - THEN see if you can guess the next 30 years.

[bayleaf]

Cotty said:

bayleaf said:

how is having a BBQ cheaper than normal cooking? Also what's that got to do with retiring early and living like a hermit?

I didn't say it was cheaper, please quote where I said that.

You can read it in the bit you didn't quote when you quoted me.

Please quote.

[walm]

bayleaf said:

Cotty said:

bayleaf said:

how is having a BBQ cheaper than normal cooking? Also what's that got to do with retiring early and living like a hermit?

I didn't say it was cheaper, please quote where I said that.

You can read it in the bit you didn't quote when you quoted me.

Please quote.

He said it was "inexpensive".
He never mentioned "cheaper than normal cooking".

Please read and, crucially, understand before looking like a total muppet.

Cotty said:

People whatever their wage need to eat, doing it on a BBQ with friends/family round is an enjoyable and inexpensive way to spend the day.

[bayleaf]

walm said:

bayleaf said:

Cotty said:

bayleaf said:

how is having a BBQ cheaper than normal cooking? Also what's that got to do with retiring early and living like a hermit?

I didn't say it was cheaper, please quote where I said that.

You can read it in the bit you didn't quote when you quoted me.

Please quote.

He said it was "inexpensive".
He never mentioned "cheaper than normal cooking".

Please read and, crucially, understand before looking like a total muppet.

Cotty said:

People whatever their wage need to eat, doing it on a BBQ with friends/family round is an enjoyable and inexpensive way to spend the day.

The implication is pretty obvious. Replace BBQ with frying pan and see how it scans.

[Cotty]

bayleaf said:

The implication is pretty obvious. Replace BBQ with frying pan and see how it scans.

Nothing was implied. I said a BBQ was inexpensive, I didn't say it was cheaper than cooking on the hob, mind you it if was a gas BBQ the costs wouldn't be to far apart. It is certainly cheaper that eating out at a restaurant.

[bayleaf]

This is ridiculous.

[walm]

bayleaf said:

The implication is pretty obvious. Replace BBQ with frying pan and see how it scans.

Keep on digging.
I have no idea what scansion has to do with it.

He made absolutely no reference to BBQs being cheaper than other ways of cooking. You have completely misunderstood his entire point.

He was talking about "spending time with family with little expenditure".
And OBVIOUSLY a BBQ is a good way to do that: free venue and very low cost booze and food.
As opposed to visiting somewhere and having to eat out.

A BBQ is a social event that can last all day.
Fry ups aren't.

[walm]

bayleaf said:

This is ridiculous.

You're ridiculous.
You should head out into the sun to enjoy your fry up.

[CaptainSensib1e]

walm said:

bayleaf said:

This is ridiculous.

You're ridiculous.
You should head out into the sun to enjoy your fry up.

+ 1

Perhaps bayleaf had too much sun over the weekend.

[Jockman]

If you wait until Sept, all the Supermarkets sell their disposable BBQs for less than £1. Keep them for next year.

Down there for dancing.....

[bomb]

I retired on 1st May, and my wife retired today. We have saved in pensions and also utilised ISa's ( and PEPs etc), in the knowledge that we needed to save to retire early.

We also like BBQ'ing.

we have had a 'life balance' - not buying a new car every year ( as an example), but we have had good holidays abroad, and 'live well' without blowing a shed load of money every week. Lidl, not Waitrose !

[walm]

bomb said:

We also like BBQ'ing.

Excellent.
And congrats! (On 2x retirement not just the BBQ.)

[Robertj21a]

anonymous said:

[redacted]

Unfortunately, that's actually very true. A sad situation, but true all the same.

[bomb]

walm said:

bomb said:

We also like BBQ'ing.

Excellent.
And congrats! (On 2x retirement not just the BBQ.)

Well thank you. It is lovely to 'relax' now. Not quite sure if i'm into retirement mode yet.

Check out my profile (regarding BBQ)!

[bomb]

anonymous said:

[redacted]

Exactly this. I know I'm an old duffer, but the youngsters wont save any money but are quite happy to have the latest phone, new car, SKY (full package), latest trendy clothes, expensive coffees and fast food every day.

...............'but I have no money left over to save for a pension/mortgage/deposit'.

Aye, OK.

[Djtemeka]

bomb said:

Exactly this. I know I'm an old duffer, but the youngsters wont save any money but are quite happy to have the latest phone, new car, SKY (full package), latest trendy clothes, expensive coffees and fast food every day.

...............'but I have no money left over to save for a pension/mortgage/deposit'.

Aye, OK.

Ooi! Not all of us are like this. I upgraded to an iPhone 5 second hand for £150 as my old 4 was too slow. Bought a more reliable car. Got rid of the 16 year old corsa and got a 4 year old Mazda diesel, bottom of the range. No idea on sky but the missus is savage on swapping for cheaper deals. We are on honeymoon now so no expense spared BUT I asked for new t shirts. Plain cheap ones... In extra large as I'll shring them in the wash anyway currently sitting in a self catering apartment with our feet in the lake (Garda in Italy) for £40/night. It's quiet and we can hear the man play the funny piano organ thingy across the water. Peaceful.... And cheap

[bomb]

Well there are some younger people who are well informed. Enjoy your honeymoon, and what a great choice of places to go.

As you were.....

:-)

[Downward]

Sheepshanks said:

RenesisEvo said:

dingg said:

TwigtheWonderkid said:

So he's lost out on 10 yrs of 7% free contribution to his pension all because he wouldn't pay in 5% (on which he would have got 20% or 40% tax back anyway).

What a fking moron.

yes - I literally had to nag him for about 3 months until he signed up to it.

I just could not/cannot grasp why he hadn't signed up as soon as he joined the co.

I've encountered a few people whose behaviour might shed some light on this. They don't see pensions or pension contributions as money they have - they're only concern is the size of what's going into their bank account, what they can see - what they can spend. One person I know bemoaned the gov't workplace pension being foisted upon them, because all they could understand was that their monthly lump sum into their current account was going to get smaller. They had no concept of net worth, or thinking past surviving each month in turn.

Based on comments from family members who variously teach or work in the NHS this is very common.

Be interesting if there are any proper stats but they (especially in the NHS) hardly know anyone who has stayed in the pension scheme - they just see it as having 10% of the their salary taken off them at a time when they can't afford it especially on top of making student loan repayments.

The NHS staff, particularly, also think that by the time they get to retirement in 40 to 50yrs time the scheme, and indeed the NHS itself, won't exist anyway.

I joined the NHS back in 2000 and had always had a pension. They do tell you on your induction the value of it and they do have a Penison representative to give the presentation and leaflets.

It's since changed twice. Maybe the staff joining now don't see the benefit. Certainly there is a lot more knowledge on it.

There is a Total Reward statement for NHS staff produced every year which shows salary and pension value.

Regarding the bigger topic, you spend 15/20 years studying yet you don't get a minute of teaching about finance and financial management

[Downward]

TwigtheWonderkid said:

I was wondering why the bowls club car park wasn't awash with Lamborghinis.

All the rich pensioners are at the golf club !

[Ozzie Osmond]

Simpo Two said:

The problem is that you can't predict the future. You could crunch numbers based on today's info and project forwards, and assign yourself an exact amount to spend each month so that you died at the actuarially-predicted age with £0.00p.

Aha! I've got the perfect answer! Buy an annuity! Then the money lasts exactly the same length of time that you do!

No really, don't. At least, not without some very careful thought...