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

Actually I'm worth about 3.9 million. Dh nd I sat down with a IFA last night over lobster thermadore and champagne. We are so shocked, we have never been great with money, I mean I still go to Sainsbury's occassionally when I can't get to Waitrose.

We had no idea what we were worth, it just crept up on us.

I agree, NDP, this is true. But it is lucky even so. As is buying a house in an up and coming area. That could easily have gone the other way.

But then of course the 'anyone who is in debt is there because they're irresponsible' view reared it's ugly head.

Sorry, but I find that really lacks understanding or compassion, especially in today's world.

So what if someone who has debt buys a new pushchair? Maybe they cut back in other ways the OP doesn't know. Maybe they have a relative who's going to leave them an inheritance. Why assume that they'll need bailed out by the taxpayer automatically?

I don't know, I don't mind my taxes going to help people out.

Of course there will be those who abuse the system and their bodies, but what do we do, start denying access to benefits or healthcare because of a few bad apples?

yawn..i hate what money does to people. and it's all relative - our titchy London flat is worth well over what the average house in the UK costs..but it doesn't mean I'm rolling in it.

SHARE YOUR CASH YOU TIGHT BASTARD!

Rich people are all tightarses, that's how they get so rich!

I have equity of 7 figures also.

LOL, Rhu!

Keep seeing DUncan Bannatyne's face after watching 'Dragon's Den' last night.

Not all, Rhu! Some are philanthropists.

olive, I do like that picture of your humble home. you really must get a few more t'ISAs.

expat, debt being the result of irresponsibility is an unfair view, I agree. Some people just don't earn enough to live even a basic lifestyle and therefore often have to get into debt to keep their heads above water in the hope that in a few years things will Get Better.

Must admit it is rather bad taste to flaunt yer millions on MN.

it will do for now, bit cramped

I think you would have had to have been living in a cave with nothing but the Daily Star to read for the last 20 years NOT to realise the importance of sound financial planning.

Okay, some people bury their heads in the sand, but there also huge numbers of people who would like - naturally - a secure future, who are simply in no position to plan. They are NOT failing to plan because they are irresponsible, thick or oblivious to the real world, but because they can't. And that is why I have objected at length to this particular thread, because it is, in places, arrogant and superior.

Not a patch on my home

We can live in hope, NDP!

My dad, for example, had a skill that was in high demand in the early and mid-70s (petroleum engineer). In the oil crash of the late 70s/80s, however, he found his skills were not as much in demand and was struggling for a job.

Same happened to many here in Scotland when Thatcher killed off hte shipping industry and they had no work or prospects of work.

It really was some poor luck and circumstance for many.

My dad stayed afloat by working abroad, but as he said, 'Never believe the rug can't be pulled out from under you'. He's doing well now, but has always been of the 'There but for the grace of God go I' mentality.

Again, I'd rather see my taxes going to help people out than on wars I oppose, golden goodbyes, rising government official 'expenses', government by target, etc.

Yep, some folk actually liev hand to mouth you know and have bugger all to invest but are just mighty pleased to keep out of the red.

Gosh - people really don't bother to read threads do they? They just jump right in their with their big boots and their usual ranting tirade.

At least speedymama has bothered to read it and try to understand (thank you!).

Rhubarb - you say I'm not likely to be offended by someone in debt - well, actually yes I am, if I happen to know enough about that person's circumstances to know that they have the ability to exercise some influence over the extent of that debt? (Anyone remember the Titania 'new rug' debate, as a case in point?)

But of course I take your point about it's not something to discuss in real life, but then I thought that was the point of anonymous internet forums ? There are lots of things on here which I don't suppose most people sit down the pub discussing (mooncups, fanjos, how well-hung their DH is etc).

As I said before I simply don't see why there is such vitriolic hatred immediately poured on posters who might in anyway imply they have been successful? It only demeans those who consider themselves 'unsuccessful' (not my judgement...) if they let it. So don't let it! Don't let yourself be a victim!
You can't spend your whole life avoiding and trying to crush those things which you let yourself upset you - sounds all rather SWMNBN doesn't it?

If by posting this I have made anyone think differently about their finances then yay - it was worth it (despite the bashing). And given that someone CATed me to ask some advice about something I'd posted, then yes, I'm still glad I did.

million, northerner

You see, money can't buy you taste, as OO's ugly trainers thread showed .

Oooh - gone off you slightly now MoneyBags...

So give us yer cash then! If I CATed you would you share your money as freely as your tips then? Would you?

Come on, prove wrong those who say that the rich are tightarses! Just send me a tinsy winsy bit of your fortune - say around £10k?

more info here

Don't make me send you these!

I think if you had worded your op differnetly it would have been recieved differently It does have a smug tone and I can't pinpoint wht.Nothing wrong with doing well or making money but a bit tasteless to talk about it

SpeedyMama - Duncan Banatyne's book is great - if anyone reading this wants to challenge themselves with a different perspective as to whether it's lucky breaks or plain hard graft, then read it - now!