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Are you worth a £1million?

239 replies

MoneyBags · 20/02/2007 20:44

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

OP posts:
chocolatekimmy · 22/02/2007 11:34

some sensible comments - I agree with a lot of your views but thats a completely different thread, and probably would be longer than this one!

Tony Blair and his staff have a lot to answer for

MoneyBags · 22/02/2007 12:16

Yes, agree CK - a different thread really (not sure I have the energy of inclination to start it though!)

Let's close this one anyway - we've heard the different views!

___

OP posts:
edam · 22/02/2007 12:21

Moneybags, object to your contempt for people who are thrown out of work. It is sickening to lose your job through no fault of your own. Yes, companies change, yadda yadda yadda, but often in response to the way international finance works these days rather than the long-term interests of the business and those affected by it - workers, customers, the community. And it's a real slap in the face when you've worked hard and given the company your loyalty. Sadly loyalty seems to work just one way these days. I wonder what will happen to Sainsbury's if the takeover bid from a private equity group works for instance - because private equity is by its very nature unaccountable.

bossykate · 22/02/2007 12:25

Title of this thread:

Are you worth £1million?

OP:

I am, I am, ner ner ner ner ner!

no possible reason for posting this except to brag!

Rhubarb · 22/02/2007 12:46

Moneybags please can I be your new best friend?

I think the problem is that because a lot of us are struggling (I say that with hope because I don't want to be the only one!) we feel that it is rubbing our noses in it to be told that suchabody has more than us. For example, we as a family are struggling, I work and my dh works but still we struggle to make ends meet. However I don't go around telling other people what I earn, what our outgoings are, so why should those people who are on stacks tell us about their situation? What makes that right?

For me it's not about how much money you have. If someone started a thread about how poor they were and detailed their incomings and outgoings I'd think that was just as crass tbh.

In France it is rude to discuss your finances with people. In fact it is in a lot of countries. It's just one of those things that it is considered not polite to discuss in company.

So well done for your shrewd investments. But I think you might have been better off going on a site like moneysavingexpert and telling them about your good fortune than a parenting site where many members struggle to pay the bills.

speedymama · 22/02/2007 12:54

Just seen this thread. I don't think the OP was boasting, just expressing her delight.

If she had gone to see a financial planner and found out that she and DH were in debt and posted about it, she would have received reassurance and advice. As it was, she got some good news and has been lambasted by some. I sometimes get the impression that one is only allowed to post their misfortune and wobetide anyone who has good news to share. Sad really.

Oh, good for you Moneybags.

Rhubarb · 22/02/2007 13:01

Yes but the couple in debt would come onto Mumsnet for advice and support. Other Mumsnetters could relate to it because most people have been in debt themselves at some point and know how it can destroy lives and tear families apart. Our natural instinct is to help those we see who are struggling.

Those who are ok, who aren't struggling, who have more than enough. Well they don't need our advice and support do they? They can offer their support to others, but the OP just wanted to tell everyone how much money she was worth.

She is not likely to be offended by a thread about a couple in debt. Whereas on the other hand the couple in debt could well be offended by a thread about how much money someone has.

It's called "consideration" I believe.

expatinscotland · 22/02/2007 13:04

I'm more concerned about my tax money going to support huge 'golden goodbyes' to government officials who are leaving because they did a crap job, government by target instead of for people and wars the majority of the population oppose.

Zog · 22/02/2007 13:04

I think if MB had won the Lottery and posted in a similar vein, most people would have been pleased for her because she's had good luck. However, MB doesn't seem to see her position as lucky, which is possibly where the bad feeling has come in.

danceswithnewboots · 22/02/2007 13:04

Good for you moneybags, what a great surprise! I hope I find myself in the same position in my early 40's, seems unlikely but here's hoping

itsmeNDaveP · 22/02/2007 13:07

zog, maybe she and her dh are not 'lucky' in their financial position. Maybe their financial sucess has been as a result of good financial planning in the years before they had children and 'forgot' about the investments ?

expatinscotland · 22/02/2007 13:09

You have to admit, NDP, it's is good luck to get made redundant, get a payout, and be able to pick up another job quickly. More than once. Or the buy a house in what became an up and coming area.

A lot of places pay you nothing when they lay you off. Worse, go into receivership and stiff you for your last wages, too.

expatinscotland · 22/02/2007 13:09

Enron springs to mind!

Rhubarb · 22/02/2007 13:10

I'm worth a pint of Guinness.

speedymama · 22/02/2007 13:12

Or on the other hand, maybe those struggling maybe interested in learning how they have managed to get into such a position and take on board a few tips. I know I would be.

I've read biographies by Richard Branson, Jack Welch and soon will be reading the one by Duncan Bannatyne because I am interested in how they achieve what they have. One could say they are bragging when they write about how they achieved their finanical and business success.

I just don't believe the OP was being inconsiderate, crass or boastful. Just expressing her surprise at finding she is in a financially secure position through thrifty living.

beckybrastraps · 22/02/2007 13:13

No problem with the OP. It surpised me when I really though about the equity we had before we moved house. Money it wouldn't have occurred to me to think about. Money I certainly didn't associate with myself.

Actually, I find this post much more self-aware - in a 'who would have thought it, me worth a million kind of way' than many I read on MN.

expatinscotland · 22/02/2007 13:14

Then why the namechange, speedy?

She posted her 'tips' earlier in the thread.

catsmother · 22/02/2007 13:15

I agree Kate, and let's put it another way, especially since Moneybags herself said she simply wanted to "share and discuss it with friends".

I wonder how many people would invite their real life friends round to dinner and then announce that they had at least £1million in the bank ? Can you ^imagine'? ...... personally, I'd find that a very rude, and boastful, thing to do, and, if I were a guest on the receiving end, would feel awkward and embarrassed. Jeez - I'd think it very rude if a so-called friend announced they had £10,000 in savings, let alone a larger amount - it's simply not done.

It's no differnt, IMO, doing the same to MN "friends".

You know, I've got friends and some relatives too who, on the face of it, appear much better off than me (so far as you can ever tell - nice homes, nice holidays, cars etc), and I have absolutely no problem with that because they are nice, decent people, but I would feel very differently if they started getting down to bank balances. The only reason - unless someone asks you what you're worth (and FWIW, I think that's rude too) - for being explicit about these things is to brag. And bragging nearly always conveys superiority in one way or another.

That - MB - is why I am "very sensitive" about this issue. I simply don't like supercilious people. I have no objection to people with money per se, quite obviously the vast majority of us would like more, for all sorts of reasons - for fun, for providing more choice in all sorts of areas, for security, even bloody healthcare & dentistry for that matter - and of course many people would love to be in your fortunate position, but, I do object when those lucky people (and come on, most fortunes are NOT "just" about hard work and wise choices, but very often also about getting lucky breaks - eg: a nice redundnacy cheque, swiftly followed by even better paid job, buying in the "right" area etc) imply that those of us who aren't in the same position have probably done something "wrong".

That sort of view is just far too simplistic and unrealistic, and indicates to me that the sort of person who makes remarks along those lines probably hasn't had too hard a life, and is therefore in no position to make sweeping statements about people who have. This "anyone can do it with the right motivation, maybe not £1million, but they can get out of debt and plan for a secure future" attitude is something I find quite offensive and arrogant. There are 100s of 1000s of good, honest, hard working people who, unfortunately for them, are working in sectors which never have and never will be well paid. They may not have the intellectual capacity, or the right family circumstances, let alone the spare dosh, which would allow them the time to study, for example, to "better" themselves and earn more. They may already be working 2 jobs, simply because they need every last penny to make ends meet - tell me that they're not motivated !

A secure future is probably the biggest financial concern facing workers in the UK today. We are forever being told that we must save more and invest for our retirement, yet how can (many) people manage to do that when ALL that they earn is required to live in the here and now (and they have already cut back as far as they can) ? When someone who has already effectively just bragged that they're very nicely set up thank you then tells you that "anyone" can "plan for a secure future", people in that position would, I think, feel justifiably insulted, because the remark implies that they must be lacking in some way if they do not (plan).

Lack of financial planning is NOT always due to irresponsibility or ignorance, but very often down to impossibility.

itsmeNDaveP · 22/02/2007 13:18

expat, it pretty good luck to be able to walk out of one job and into another, but OP may have a very specific or desirable skill set, they may have been headhunted in the weeks/months running up to the redundancy and followed it up once they had been laid off. Maybe they took a drop in salary in order to get another job straight away ?

beckybrastraps · 22/02/2007 13:18

But she hasn't boasted that she has a million in the bank. Well, the thread is pretty long and I haven't read it all, but not in the OP anyway.

She has shared her surprise at her hidden assets. I don't have a problem with that.

I haven't read all the following posts though.

I will now...

itsmeNDaveP · 22/02/2007 13:19

I did read the namechange as bit of a pisstake, not as a boast.

Rhubarb · 22/02/2007 13:21

But will she share her good fortune with her friends I wonder?

I don't want tips thankyouverymuch, I have already changed my suppliers, buy bargain food etc etc, what I want is hard cash!

expatinscotland · 22/02/2007 13:21

I know quite a few people who are worth over £1m, liquid. Three are close relatives, in fact. I don't know the precise amount, though, because they don't bring it up.

Because it's tasteless.

But the closest relative makes NO bones about luck having quite a bit to do with his good fortune. Yes, he isn't a spendthrift, but he's the first to admit he got more than a few lucky breaks and this doesn't happen to everyone.

Blu · 22/02/2007 13:21

Since I am worth my weight in gold, I am worth Loa-aoaoaoaoads more than one million. [preen emoticon]

prettybird · 22/02/2007 13:23

I'll echo Speedymamma - good for you Moneybags.

It's nice to be pleasantly surprised like that, especially when you have had your share of "downs" as well as ups - and I'm not surprised you wanted to share yor delight with your "virtual friends".

And from a parenting perspective (even though in principle, I disagree with chocolatekimmy - why shouldn't you write about wahtever your like, eg what do some of the style topics, amongst others have to do with "parenting"?), what you have highlighted is the importance - for some of us - of doing some serious Inheritance tax planning. We may not realsie it, but some of us could have gone over the Inhertiance Thresholds, and should be planning to do something about for the sake of the kids.

I presume that is part of what your IFA is advising you on.

I have been fortuante to be in company pensions most of my life (final salary! ), so that if I added that on to our assets would probably take us over the threshold - and dh and I know that we do need to do something about our wills, for ds' sake.