Are you worth a £1million?

[MoneyBags]

DH & I used to be quite good at keeping an eye on our financial affairs until the kids (8 & 5) came along. Since then, we've bumbled on through, just about remembering to stick lumps in ISAs and PEPS, paid off bits of mortgage etc, but not done any active management or review.

Anyway, a number of 'life decisions' prompted us to go to an IFA for a total review. By way of preparation we had to fill in load of summaries of investments/ house prices/ mortgage etc.

Well.... we sat down with him today and discovered that if we add up the net equity in our house (value minus mortgage) and all our savings and investments.... we are worth £1 million

I am truly gobsmacked - it has sort of crept up on us.
The bizarre thing is that we don't feel rich or anything - I use coupons and codes for shopping and regularly buy and sell on eBay. And yet I am a millionaire

my humble abode

I am worth about minus 16 grand ..................god I feel good

I'm up to minus £7000.

myhumble abode the other link below didn't work

I am not worth £1million alive.

But if you add up my life insurance and my death-in-service benefits from work, then I am worth a helluva lot more dead than alive.

So, mumsnetters, if I disappear in mysterious circumstances....

Haven't read all of thread, just OP. But think it's a bit crass tbh.

my humble abode

Can't get the link to 'load' but I can guess at it.

Cod - is that you?

minx!

Apologies if someone else has already posted this but am I right in assuming that the OP and her DH are worth £1 million between them? If so then the OP is only half a millionaire surely? [good natured sarcasm emoticon]

Not entirely sure about this though it has whipped up a lot of debate. It doesn't relate to parenting really does it so I don't really see the point of the OP.

I can't see how it 'crept up'. That sort of money just doesn't does it. I hope the sensible views are instilled in their children - money management is a valuable lesson.

Long post, catsmother... (and interesting name too..hmm) Sorry if this has touched a raw nerve with you, you are clearly very sensitive to some of the issues this has raised.

I'm not aware of me 'lecturing' anyone actually - I only offered 'tips'(which as you point out are only common-sense) in response to Jampot's request - hardly think you can call that lecturing!

Despite whatever you care to think, this isn't a post designed to brag. As some people have correctly identified it was one of sharing genuine surprise; of remarking how property value increases can create 'millionaires' easily these days, and OK I guess a way of saying "I'm really chuffed by this, and I want to share it".

I have to say I simply don't see why MN should be a place that only supports the underdog the whole time- somewhere where members are only allowed to wallow in their collective self-pity and depression. Hey -let's have some happy stories too! As someone said, the fear of upsetting someone who might not have what you have is just all getting a bit too over-silly don't you think?
i.e. can't talk about new baby in case someone TTC gets upset
can't talk about G&T, in case someone else's child is thibk
blah... blah...and so on

Catsmother - I know lots of all the different types of people you mention, and for every 'genuinely in debt through no fault of their own' family, there is another who ARE irresponsible and guilty of frittering their money away. And the same is reflected on MN too of course.

Maybe I have an old-fashioned view, but actually I do believe anyone CAN do it with the right amount of motivation - OK, maybe not the £1million, but certainly work their way out of debt, and plan for a more secure future. I wholeheartedly admire people who I see here on MN, posting about making real efforts to sort out their £ issues.

Yes, of course I could have posted a thread title which said, "Went to an IFA today and am a bit better off than I thought..." and it would still be sitting there in the unanswered threads wouldn't it - not nearly so much fun .

Sorry to those of you who might be offended. But if you are, can I suggest then that you never open a newspaper or watch TV, as they are littered with stories about people far more wealthy than me, and it might upset you.

(And MrsDaveSpoon, yes m'dear, technically you are right, DH & I own the house jointly, so I need to get back to work now, and work a bit longer and harder to top up my personal figure... however, should I find a bottle of arsenic in the cupboard.... it's mine, all mine..... .)

Chocolatekimmy (what's a kimmy?)

"It doesn't relate to parenting really does it? "

• relates completely to parenting IMO!

So many debates on Mn centre around caring about a child's future:

• Breast Vs bottle (future health benefits arguments)
• State vs private schools (future education / oportunities)
• Good vs poor nutrition (future health)

I think financial planning is just another angle on this. So many people talk about 'wanting to leave something for their children'.

Anyway, since when was MN restricted to parenting issues!

'Catsmother - I know lots of all the different types of people you mention, and for every 'genuinely in debt through no fault of their own' family, there is another who ARE irresponsible and guilty of frittering their money away. And the same is reflected on MN too of course. '

So what gives you the right to make a judgement call about what people do with their money on here in public?

So what?

Why do you care?

Sounds smug, if you ask me.

'Maybe I have an old-fashioned view, but actually I do believe anyone CAN do it with the right amount of motivation - OK, maybe not the £1million, but certainly work their way out of debt, and plan for a more secure future. I wholeheartedly admire people who I see here on MN, posting about making real efforts to sort out their £ issues'

I disagree completely!

But I do find this idea prevalent among the I'm-Alright-Jack types who had a few lucky breaks ('get made redundant and find a job right away.' Yeah, okay, I'll just go and do that now. Rolls eyes) along the way and can afford to be smug.

everyone is aware that there is someone more fortunate or less fortunate than they are.

with newspapers and tv if someone is crass you dont have an instant way to tell them so.

money bragging is just not the done thing. what should i say " well done for being more fortunate in life than i have been?"

if so

well done i hope you have few problems and fun and laughter and happiness.

Oh no... not the same old 'so what' argument [rolls eyes back at you]

Well, I suppose if I really wanted to get drawn into this, I could say that I care because debt is a societal issue rather than a personal one.

I'm entitled to judge because, as a tax payer, I will be required to contribute towards bailing out those who need help.
No problems with that if they genuinely have fallen on hard times, but if their situation is self-inflicted through irresponsible spending, then yes, I do resent that and judge that!

And btw - what gives YOU the right to judge me as an 'I'm alright Jack type' ? What do you know of my own personal history and circumstances. What if I've been on another thread posting about being made redundant when pregnant and making a sexual discrimination claim? Or DH & I both losing jobs within 2 months of each other? Lots of 'lucky breaks' there eh?

We'll have to agree to disagree, because I wholeheartedly believe in "you can if you think you can".

You clearly think you 'can't' - and you know what,in your case you're probably right........

That was to Expat btw, not you, custy.....

no, serously i can't. i can't afford to buy a house. therefore making money through property is not an option to me.

OK - then you're someone I don't mind bailing out later in life... send me your nursing home address in 40 years....

Um, MoneyBags, two of your tips included:
'Get made redundant 2 or 3 times , but then bank the payout and get another job immediately

• buy a house in an up & coming area'

It's lucky that you a) got a bank payout. A lot of people don't when they're made redundant b) were able to buy a house in what became an up and coming area.

Those are two personal circumstances you threw out of your own volition on the WWW, so stay out of the kitchen if you can't take the heat.

Are you one of those people who thinks we shouldn't provide healthcare to prisoners, obese folks/smokers/drinkers/drug users, etc. because their condition is 'self-inflicted'?

Because by your own reasoning towards people who have money troubles, the same line of reasoning could apply to health care, which you also pay for out of your wages.

But you're right. We'll have to agree to disagree that I think boasting about money is like boasting about anything else: crass.

oi

who was pretending to be me?

I smell a fish

Your OP didn't relate to parenting at all (may indirectly but nothing you said referred to it). It was purely about how much money you have and what you have done over the years and how shocked you are etc.

Agree that mn threads don't always just relate to parenting but thats the idea of the website isn't it. How much money you have seems a bizarre thing to post about. If it was the other way round I could understand as there could be knock on effects of having little or no money and practical and emotional support could be given to help.

I don't know what you were expecting from this to be honest. You have received positive, neutral and negative comments.

I also don't know why you ask what a kimmy is? I thought everyone knew it's slang for billionaire!

What does the 'bag' stand for in your name?

Jaysus one of the benefits I feel of being financially secure is that by being able tp pay a higher tax it therefore distributes wealth. OK maybe we'd all like more
No bones we lucked in through house price increase.
It was luck not good planning and I feel no sense of pride or worthiness or superiority at this. Just grateful and appreciative that it made our life better.

and hell on liquidation we're a long long long way off a million.
If I had that much I think I'd be embarrassed more than anything...

This thing about making money on houses and how much equity people have in their house is irrelevant really.

Its fine having the money on paper but its all relative isn't it. My house is worth considerably more than when I bought it 7 years ago but its the same house - my home.

If I sold it then fine, I would have a decent sum of cash but I woudn't have a home. If I bought another house I wouldn't be better off because all prices have increased anyway and the other option would be to rent - and pay a fortune to do so.

We have been there before with house prices (late eighties/early nineties) and they could just as easily crash now.

FTBuyers are completely priced out now.My friend has a grotty one bed flat and has been told she can get 195k for it and it is small and very scruffy!It is only suitable for 1 person or a couple at a push I think things have to change soon.I for one wouldn't mind my house being worth less if it meant more average people could afford a house.Apparently the whole country is living off the equity in their houses.They are buying cars holidays and tvs with it but if interest rates rise they will be in trouble.We have been looking at downsizing considerably and houses have gone up 30-40k in the time we have been discussing it prob about 3 months

"Are you one of those people who thinks we shouldn't provide healthcare to prisoners, obese folks/smokers/drinkers/drug users, etc. because their condition is 'self-inflicted'?"

Well that depends. I certainly believe that we shouldn't provide UNLIMITED healthcare to some of these people. This is an area I know quite a bit about in fact, as I have worked with many of these groups in my work over the last 20 years. I believe everybody should be given help, support (emotional and financial) to free themselves from harmful addictions, but there has to be some sort of commitment and self-responsibility at some stage (and if there isn't then it's wasted effort and time anyway, because you can't help someone who hasn't accepted the need and committed to changing habits/ lifestyles etc.)

You only have to open your eyes to what's going on in Britain to see that relative to other countries we have become a nation that lacks personal responsibility - for parenting, for health, for personal financial affairs.
I'm sick of hearing people blame someone or something else for what are essentially issues partially within their control:

• "My child is badly behaved - it must be the school's fault" (not what I'm feeding them, or my lack of discipline at home...)
• "I've lost my job - I'm being screwed by the company" (never mind that if companies don't change they won't be able to compete and will go under anyway...)

And then people say (on here a lot, actually!) "Why do YOU care? It's none of your business?"

I care because it all adds up to society which is unsustainable in the long term. The current economic situation is unsustainable - healthcare budgets are not infinite, so where do you draw the line? Given the choice of a heart transplant to someone with a congenital heart disorder, or someone who has eaten their way to heart disease, which would you choose?

When I read stuff like the Unicef report I am embarrassed to be British - we've become a nation of out of control, irresponsible slobs.

I once lived in Holland. Quite frankly I want to go back.

Bye!