Cost of living squeeze in 2022
Discussion
Cobracc said:
Biggy Stardust said:
Cobracc said:
The government could bring in legislation to set a limit on the number of properties a person is allowed to own at any one time?
How many would my limited company be allowed to own? What about eg a pension fund?FiF said:
I think it's sticking heads in sand.
Friend of daughter for example, not particularly close friend but ex colleague now in another part of same sector. In early 40s, living in rented flat, no pension, no savings, some debt but very cagey about size of it acc Miss F.
No prospect of any significant inheritance over any horizon, distant or otherwise.
Miss F, learnt about money from her old man, saving up for first house which has been put on hold for various reasons. Deposit >100k not including reserves for doing it up a bit. All her own doing.
Also has a LGPS DB pension which will probably in time make mine look a bit miserly, average earnings model but even so.
Chalk - cheese, the friend's situation really irritates daughter as can't make her see sense. Newish Fiesta on PCP, iPhone, out boozing etc.
The issue here is that everything is tickety-boo as long as she is working. But in 20-odd years time when she retiresFriend of daughter for example, not particularly close friend but ex colleague now in another part of same sector. In early 40s, living in rented flat, no pension, no savings, some debt but very cagey about size of it acc Miss F.
No prospect of any significant inheritance over any horizon, distant or otherwise.
Miss F, learnt about money from her old man, saving up for first house which has been put on hold for various reasons. Deposit >100k not including reserves for doing it up a bit. All her own doing.
Also has a LGPS DB pension which will probably in time make mine look a bit miserly, average earnings model but even so.
Chalk - cheese, the friend's situation really irritates daughter as can't make her see sense. Newish Fiesta on PCP, iPhone, out boozing etc.
how will she cope on an income significantly less than she is on now.
Her rented flat will probably be out of her reach so she will have to move to something a lot cheaper. That is the big advantage of buying a place. You struggle a lot to pay the mortgage but by retirement you have secure home for the rest of your life.
State pension will barely cover the bills and if she still has credit card debts she can forget PCP deals when they look at her
income v outgoings.
over_the_hill said:
stongle said:
The average UK pension pot is 62,000 at age 65. So your 25% is a about 13k.....
but of course that is the average so in reality for every one with a 250k+ pot there will be four with nothing.It would be interesting to see what (currently) is the average UK state pension being paid.
Then too with the new state pension now c£10k if 33 years credits , what on average let’s say a 50year old has as a pension pot and what the expected pots would be coke their normal retirement age.
over_the_hill said:
FiF said:
I think it's sticking heads in sand.
Friend of daughter for example, not particularly close friend but ex colleague now in another part of same sector. In early 40s, living in rented flat, no pension, no savings, some debt but very cagey about size of it acc Miss F.
No prospect of any significant inheritance over any horizon, distant or otherwise.
Miss F, learnt about money from her old man, saving up for first house which has been put on hold for various reasons. Deposit >100k not including reserves for doing it up a bit. All her own doing.
Also has a LGPS DB pension which will probably in time make mine look a bit miserly, average earnings model but even so.
Chalk - cheese, the friend's situation really irritates daughter as can't make her see sense. Newish Fiesta on PCP, iPhone, out boozing etc.
The issue here is that everything is tickety-boo as long as she is working. But in 20-odd years time when she retiresFriend of daughter for example, not particularly close friend but ex colleague now in another part of same sector. In early 40s, living in rented flat, no pension, no savings, some debt but very cagey about size of it acc Miss F.
No prospect of any significant inheritance over any horizon, distant or otherwise.
Miss F, learnt about money from her old man, saving up for first house which has been put on hold for various reasons. Deposit >100k not including reserves for doing it up a bit. All her own doing.
Also has a LGPS DB pension which will probably in time make mine look a bit miserly, average earnings model but even so.
Chalk - cheese, the friend's situation really irritates daughter as can't make her see sense. Newish Fiesta on PCP, iPhone, out boozing etc.
how will she cope on an income significantly less than she is on now.
Her rented flat will probably be out of her reach so she will have to move to something a lot cheaper. That is the big advantage of buying a place. You struggle a lot to pay the mortgage but by retirement you have secure home for the rest of your life.
State pension will barely cover the bills and if she still has credit card debts she can forget PCP deals when they look at her
income v outgoings.
In my case I had a mortgage in a go-nowhere town and a dead-end job in my 20's. Sold my house while studying as it became a financial drain without tenants and I couldn't afford the mortgage on part time wages. I thus graduated and moved to a variety of cities where my increasing salary has been used to pay landlords for the use of their bedrooms and the glamorous lifestyle which comes with living with multiple groups of strangers. Financially, "bettering" myself has been a complete disaster and I would have been better off working for minimum wage and throwing savings at my feeble mortgage. And that was when uni was only 3K/year!
These days I don't think I'd even have the option to do what I have, but if I did I'm not sure I'd recommend it. Staying with Mum & Dad until 30 is the only way I can see anyone asset poor gaining financial security these days, but even having married parents to live with is an asset that many lack.
Edited by glazbagun on Saturday 21st May 16:21
Anecdotal I know, but I had agreed to take my children to a toy shop to spend some pocket Monet today.
Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
survivalist said:
Anecdotal I know, but I had agreed to take my children to a toy shop to spend some pocket Monet today.
Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
You give your children pocket Monet? I used to get a quid not priceless art. Kids these days, don’t know they’re born.Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
survivalist said:
Anecdotal I know, but I had agreed to take my children to a toy shop to spend some pocket Monet today.
Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
I live close to a big retail park in Leicester, it's the same every Saturday around 11am, the queues to get into the park complex take 5-10 minutes alone, and I only live a 10 minute walk away.Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
djc206 said:
survivalist said:
Anecdotal I know, but I had agreed to take my children to a toy shop to spend some pocket Monet today.
Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
You give your children pocket Monet? I used to get a quid not priceless art. Kids these days, don’t know they’re born.Went to a retail park with a Smyths Toy Shop. Also has some sofa places, boots, Argos, big M&S and a load of other ones I’ve never heard of.
Place was heaving, struggled to find a parking space and when we left there were people waiting to take our space as we left.
nickfrog said:
djc206 said:
You give your children pocket Monet? I used to get a quid not priceless art. Kids these days, don’t know they’re born.
I consider myself lucky that my daughter asked me to not Giverny money. "Jackson Pollocks you can".
"Pissarro off then, you tight git"
glazbagun said:
I think this will be a big proportion of the 30-40 year old group who grew up before the '08 crash and have never managed to get on the housing ladder. (also anyone renting in London for too long!) They're actually poor but it just hasn't affected their daily lives yet.
In my case I had a mortgage in a go-nowhere town and a dead-end job in my 20's. Sold my house while studying as it became a financial drain without tenants and I couldn't afford the mortgage on part time wages. I thus graduated and moved to a variety of cities where my increasing salary has been used to pay landlords for the use of their bedrooms and the glamorous lifestyle which comes with living with multiple groups of strangers. Financially, "bettering" myself has been a complete disaster and I would have been better off working for minimum wage and throwing savings at my feeble mortgage. And that was when uni was only 3K/year!
These days I don't think I'd even have the option to do what I have, but if I did I'm not sure I'd recommend it. Staying with Mum & Dad until 30 is the only way I can see anyone asset poor gaining financial security these days, but even having married parents to live with is an asset that many lack.
Moving away from the case mentioned earlier, I agree that the situation kids today find themselves in is difficult and I really don't envy them one bit. Those without a family unit for support in various ways is just extra tough.In my case I had a mortgage in a go-nowhere town and a dead-end job in my 20's. Sold my house while studying as it became a financial drain without tenants and I couldn't afford the mortgage on part time wages. I thus graduated and moved to a variety of cities where my increasing salary has been used to pay landlords for the use of their bedrooms and the glamorous lifestyle which comes with living with multiple groups of strangers. Financially, "bettering" myself has been a complete disaster and I would have been better off working for minimum wage and throwing savings at my feeble mortgage. And that was when uni was only 3K/year!
These days I don't think I'd even have the option to do what I have, but if I did I'm not sure I'd recommend it. Staying with Mum & Dad until 30 is the only way I can see anyone asset poor gaining financial security these days, but even having married parents to live with is an asset that many lack.
Edited by glazbagun on Saturday 21st May 16:21
However what I find puzzling, and maybe it's to do with Welshbeef's point re lack of personal financial education or positive examples is when individuals make what are to me completely bats
t crazy life, career and financial decisions one after the other with no consideration of any potential downsides. As it's PH must make a motoring connection, it's like watching a driver blindly barrelling into a rapidly narrowing gap where you have already spotted half a dozen potential hazards just waiting to catch someone out. It might be sort of clear at the moment but ffs give yourself a bit of time, space and reserve to cope with events.
FiF said:
However what I find puzzling, and maybe it's to do with Welshbeef's point re lack of personal financial education or positive examples is when individuals make what are to me completely batst crazy life, career and financial decisions one after the other with no consideration of any potential downsides.
Yep, I also find it puzzling and it frustrates (not angers) me. Feel for those who’ve been sensible but are still in the st crazy life, career and financial decisions one after the other with no consideration of any potential downsides. t. Struggle to feel sympathy for those who’ve been a bit stupid.FiF said:
As it's PH must make a motoring connection, it's like watching a driver blindly barrelling into a rapidly narrowing gap where you have already spotted half a dozen potential hazards just waiting to catch someone out. It might be sort of clear at the moment but ffs give yourself a bit of time, space and reserve to cope with events.
Reasonable analogy, and to continue it - The driver barrelling on regardless toward an accident will often initially blame anyone/anything rather than take responsibility for their own cock-up.Dog ran out into the road (the media)
Diesel spill on the road (rich people, boomers, land lords)
Brakes must’ve failed (the banks)
Another drivers fault (the government)
swanny71 said:
FiF said:
However what I find puzzling, and maybe it's to do with Welshbeef's point re lack of personal financial education or positive examples is when individuals make what are to me completely batst crazy life, career and financial decisions one after the other with no consideration of any potential downsides.
Yep, I also find it puzzling and it frustrates (not angers) me. Feel for those who’ve been sensible but are still in the st crazy life, career and financial decisions one after the other with no consideration of any potential downsides. t. Struggle to feel sympathy for those who’ve been a bit stupid.9FiF said:
As it's PH must make a motoring connection, it's like watching a driver blindly barrelling into a rapidly narrowing gap where you have already spotted half a dozen potential hazards just waiting to catch someone out. It might be sort of clear at the moment but ffs give yourself a bit of time, space and reserve to cope with events.
Reasonable analogy, and to continue it - The driver barrelling on regardless toward an accident will often initially blame anyone/anything rather than take responsibility for their own cock-up.Dog ran out into the road (the media)
Diesel spill on the road (rich people, boomers, land lords)
Brakes must’ve failed (the banks)
Another drivers fault (the government)
Also to continue the analogy, first word when describing the cock-up / significant event, "Suddenly..."
Downward said:
It's good olds. You already posted it 2 hours ago. 
OnTheBreadline said:
Welshbeef said:
Being on the website is one thing. They can say whatever they like but if there are none on the shelves then you're stuck with the expensive ones. 
If you're so desperate for an apple that you're prepared to pay £1.99 for ONE instead of £1.85 for SIX of them, then cost of living is really not that important to you.
Downward said:
He’s the chap who never wins cases and beat a fox to death in his garden, isn’t he?Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff