Signs you are doing well financially.

[johnblack]

I don't begrudge others their shiny toys but I often think it's rather pathetic to invest your self esteem in such things.

"It's got 500 BHP, 0-60 in 5 seconds, does 200 leptons when I unleash...."

Do they think the same way about their boiler, washing machine, freezer?

I think your showing some bias here, calling them shiny toys and suggesting it's about self esteem. People enjoy different things, some people are a bit nerdy about cars, a lot here about bikes. Just because that kind of things excites them and not you, it isn't a reason for you to denigrate their choices.

I would like to think that there are not many who show the same sort of excitement about white goods, but there are certainly a lot who would get rather excited about a new and upgraded power tool or new computer. Each to their own.

 

[icowden]

I don't begrudge others their shiny toys but I often think it's rather pathetic to invest your self esteem in such things.
"It's got 500 BHP, 0-60 in 5 seconds, does 200 leptons when I unleash...."
Do they think the same way about their boiler, washing machine, freezer?

Quite possibly.

For me there is a balancing act. Yes, you can go through life never having debt and living within your means. Just go on holiday to Wales and live in a small semi-detached house. That was my life growing up. Until my dad died aged 44 having hardly done anything or gone anywhere. I am now 5 years older than he was when he died but have been to many more countries and had a lot more fun.

Because it could end tomorrow.

 

[T4tomo]

there's nothing like the sight of a car on the drive of a house that's worth less than the car itself!!!....

 

[Venod]

there's nothing like the sight of a car on the drive of a house that's worth less than the car itself!!!....

You never used to see this, but nowadays it's a common site, I don't know what it says about the owners, if anything.

 

[SpokeyDokey]

The flip side to some of this is that you get plenty of older people that are scared to spend money and have more than they'll ever use. That sounds miserable to me.

That way of thinking may arise due to a number of reasons:

The desire to leave £x to Will benefactors.

A refusal to admit that length of life is finite and you can actually spend more than you think - especially hard to get your head around if you have been saving long & hard for retirement.

A simple misunderstanding of cashflow. The number of people who think they need the same amount of income generated whilst working when retired is astonishing.

Protecting income disparities in old age. When we quit the corporate rat-race first base was to ensure that Mrs SD was financially secure should I die, especially if she was retired. My retirement income is considerably higher than hers. Maybe some people try not to spend to cover such eventualities?

Changing needs and wants as you get older. There was a time when we thought that retired life would be lots of fancy holidays a couple of seriously nice cars on the drive, a large house (much larger than the one we have) etc. But, despite being easily able to afford all the above, we no longer desire that lifestyle. We have a very nice home, a nice but very modest car and are happy with short UK breaks. All we wish for is for the pair of us to stay healthy with the ability to remain active for as long as we can.

 

[vickster]

You never used to see this, but nowadays it's a common site, I don't know what it says about the owners, if anything.

Not in the SE...not many Veyrons around!

 

[johnblack]

That way of thinking may arise due to a number of reasons:

The desire to leave £x to Will benefactors.

A refusal to admit that length of life is finite and you can actually spend more than you think - especially hard to get your head around if you have been saving long & hard for retirement.

A simple misunderstanding of cashflow. The number of people who think they need the same amount of income generated whilst working when retired is astonishing.

Protecting income disparities in old age. When we quit the corporate rat-race first base was to ensure that Mrs SD was financially secure should I die, especially if she was retired. My retirement income is considerably higher than hers. Maybe some people try not to spend to cover such eventualities?

Changing needs and wants as you get older. There was a time when we thought that retired life would be lots of fancy holidays a couple of seriously nice cars on the drive, a large house (much larger than the one we have) etc. But, despite being easily able to afford all the above, we no longer desire that lifestyle. We have a very nice home, a nice but very modest car and are happy with short UK breaks. All we wish for is for the pair of us to stay healthy with the ability to remain active for as long as we can.

Sounds like a great balance. The thought of a larger house as I get older is definitely out, jut screams maintenance! My main aim has been (and still is) to get my kids to a point where they are set for the future, then relax. The money needed to do that compared to what we will need in the future is night and day.

 

[SpokeyDokey]

We have readily accessible savings worth at least 2-3 years of income, not the month she talks of. And that is not counting the 6 months plus worth that is just in the building society current & savings account.

Sadly, I read somewhere that over half the UK population don't even have 1 month of 'cover'.

I was in that place myself a long time ago when mortgage rates hit 15-16%.

It was a pretty scarey moment tbh.

 

[Alex321]

Changing needs and wants as you get older. There was a time when we thought that retired life would be lots of fancy holidays a couple of seriously nice cars on the drive, a large house (much larger than the one we have) etc. But, despite being easily able to afford all the above, we no longer desire that lifestyle. We have a very nice home, a nice but very modest car and are happy with short UK breaks. All we wish for is for the pair of us to stay healthy with the ability to remain active for as long as we can.

We actually deliberately downsized on the house about 3 years ago, because the one we had before was just getting to be too much work for the two of us to look after.

Though even our "downsized" house is a large 4 bedroom detached with double garage and a good sized garden by modern standards. And it still cost just as much as we got for the much larger, much older house we had lived in for the previous 20 years. Partly because it is in a more expensive area of South Wales.

 

[Alex321]

Sadly, I read somewhere that over half the UK population don't even have 1 month of 'cover'.

I was in that place myself a long time ago when mortgage rates hit 15-16%.

It was a pretty scarey moment tbh.

Well that video suggested that only 40% of the population have at least 1 month of cover, which agrees with what you read. I don't think we have been in that position since the early '80s.

 

[MrGrumpy]

I like nice things and don't begrudge others having even nicer things, you see a lot of sniping comments about people having cars, or, perish the though a 4x4 on PCP, but there is nothing wrong with that if it's within their budget and that's how they want to spend their money. Driving a nice car is great, so is having a really nice bike, great shoes or going to a great hotel. It is not something to be frowned upon. But it comes down to living within or to your means.

The flip side to some of this is that you get plenty of older people that are scared to spend money and have more than they'll ever use. That sounds miserable to me.

spot on , my wife sees alot of older folk everyday and everyone one of them says enjoy your life whilst you can ! Go nice holidays buy that car . My Auntie was the richest woman in the cemetery when she passed !! Broke our hearts how she lived !

 

[MrGrumpy]

I don't begrudge others their shiny toys but I often think it's rather pathetic to invest your self esteem in such things.

"It's got 500 BHP, 0-60 in 5 seconds, does 200 leptons when I unleash...."

Do they think the same way about their boiler, washing machine, freezer?

People have to spend their money on something!

 

[All uphill]

I think your showing some bias here, calling them shiny toys and suggesting it's about self esteem. People enjoy different things, some people are a bit nerdy about cars, a lot here about bikes. Just because that kind of things excites them and not you, it isn't a reason for you to denigrate their choices.

I would like to think that there are not many who show the same sort of excitement about white goods, but there are certainly a lot who would get rather excited about a new and upgraded power tool or new computer. Each to their own.

True.

It's probably partly that I used to be enthusiastic and nerdy about cars as they offered freedom in a rural area.

Years later I realised that owning a car had gone from being a liberation to a commitment and a liability, and that I had invested too much of my identity in the car I drove.

 

[Landsurfer]

I have 6 months of salary cover, no mortgage, no debts but I still have to work. Our grandchildren are in and out of our care and will be for some years yet. Because we provide "Kinship Care" we get not a penny in support not even Family Allowance ..... so I just keep going to work ..............
65 and fed up, I've worked for 50 years and i'm tired, not physically, just worn out mentally ..... Yes, i have a pension and next year at 66 i'll have a state pension ..... but I'll still have to top it up to look after the girls and the youngest boy, 5.

 

[All uphill]

spot on , my wife sees alot of older folk everyday and everyone one of them says enjoy your life whilst you can ! Go nice holidays buy that car . My Auntie was the richest woman in the cemetery when she passed !! Broke our hearts how she lived !

Ms AU and I might be seen that way by some, but what if you don't want to travel or have cruises, house improvements, cars, big nights out? Why the assumption that these are universal pleasures?

We love the quiet life, gardening, reading and the odd cycle tour. Our greatest wish is for good health to enjoy these simple pleasures