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Seeing the amount of pension actually required to be able to buy an annuity to give say £25k
I don't know much about pensions but one of the things I do know is... "F.uck Annuities". they've been terrible value for ages.
@ta11pau1 Financial services IT is one of Scotland's largest employers. If you want to move up here why don't you look for a job in Scotland rather than pinning your hopes on a South East job allowing you to WFH anywhere in the UK. That way it is you proactively changing your living circumstances.
Not paying into a pension is inconceivably bad advice. Even my part time job I had as a student I was paying into a pension at something like £15per month, even though I could only afford £10 per week for food. (at mid 00’s prices.).
Interesting you frame it as 'advice'. I wonder if this type of education is another thing (besides money) that people who have done well out of life pass on to their kids.
When I started full time work (unskilled roles where my employer didn't contribute) I had - literally - no idea what a pension even WAS. I thought it was something that just happened to old people. My parents never had that chat with me, and I had no concept of the importance. I didn't start a pension until 34. I wish I had known!
I am always amazed at these people who started doing financially prudent things in their teens and 20's. How did they know? What was the difference?
Financial services IT is one of Scotland’s largest employers. If you want to move up here why don’t you look for a job in Scotland rather than pinning your hopes on a South East job allowing you to WFH anywhere in the UK. That way it is you proactively changing your living circumstances.
Interesting, thanks - tbh I've not looked into it hugely yet, I've just started a new role in infrastructure engineering (8 years in total in IT, starting as a service desk 1st liner) so should be in a decent position in a few years to branch out/specialise, and Scotland will be worth a look then. 👍
Interesting you frame it as ‘advice’. I wonder if this type of education is another thing (besides money) that people who have done well out of life pass on to their kids.
When I started full time work (unskilled roles where my employer didn’t contribute) I had – literally – no idea what a pension even WAS. I thought it was something that just happened to old people. My parents never had that chat with me, and I had no concept of the importance. I didn’t start a pension until 34. I wish I had known!
I am always amazed at these people who started doing financially prudent things in their teens and 20’s. How did they know? What was the difference?
No - it was school, not my parents. Standard grade maths and the lesson about compound interest and (I think Einstein?) quote of it being the "8th wonder of the world".
This was in a very mixed school with a goodly proportion of the pupils coming from housing schemes.
I am always amazed at these people who started doing financially prudent things in their teens and 20’s. How did they know? What was the difference?
I had it drummed into me by my parents who, other than a mortgage, never had any debt. My mother would tell me stories of her, as a child, having to lie to the debt collectors that her parents weren't at home. I'm not suggesting that things weren't easier for me as I hit working age in the 70s but even then I was amazed at what many of my peers saw as normal expenditure - foreign holidays, expensive cars etc.
I had – literally – no idea what a pension even WAS. I thought it was something that just happened to old people. My parents never had that chat with me, and I had no concept of the importance. I didn’t start a pension until 34. I wish I had known!
I am always amazed at these people who started doing financially prudent things in their teens and 20’s. How did they know? What was the difference?
Same here. When I look at the very different cross section of friends that I have, and our varied levels of success (measured not just in financial terms), it's the ones whose parents provided sound advice and guidance who have done the best.
Of course, I wasn't the most receptive to advice and guidance so anything my parents did throw my way was generally ignored. I'm trying to make sure my own kids don't repeat the cycle 🙂
Sold it in 1996 for £30k, losing all my own money. Should have stayed living at home and bought the MR2 I’d had my eye on.
Lost £5k on the first house and was only able to move due to a negative equity mortgage where we paid the £5k off in the first 5 years in the new to us place. Thanks Norman Lamont and the Tories (again).
Sound advice and living frugally might have worked in the past, but this is nonsense now - there are no bootstraps to pull up.
If you don't have inherited wealth and live in the south it does not matter how many avocados you forgo, you are stuck in a cycle of rising house and rent prices.
God, I've just been looking at the local area around that house I linked in Logierait...
I would give my left nut to live there.
Aldi/Tesco supermarkets within 25-35 mins drive, dunkeld/pitlochry/aberfeldy all within 10 miles, stunning scenery on the doorstep, Aviemore an hour one way, Dundee an hour the other, fort William under 2 hours, Edinburgh 1 hour...
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That looks amazing. I'm surprised it's not listed for a fair bit more.
God, I’ve just been looking at the local area around that house I linked in Logierait…
I would give my left nut to live there.
Having left around the other end of Loch Tay 8 years ago, and just sold a 3 bed property in Aberfeldy, I would say it is a lovely area. Has it's challenges, but is lovely and amazing access to natural spaces and places.
And house prices are now hot topic in our house as mrs_oab has a viewing of a new property on Monday....
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that looks lovely. I keep thinking I want to visit that area... and then I look on google maps. for 6 minutes more driving time I can be in Morzine.
that looks lovely. I keep thinking I want to visit that area… and then I look on google maps. for 6 minutes more driving time I can be in Morzine.
That's one good thing about Kent, I suppose. 12hrs drive to that house, or about the same to the Alps, with channel crossing.
I'd rather have that on the doorstep and the Alps 2 days drive/a flight away though.
I am always amazed at these people who started doing financially prudent things in their teens and 20’s. How did they know? What was the difference?
Upbringing. My wife is tight as a knat's chuff - gets it from her mother. Won't throw anything away in case it's needed in 30 years time. Uses every tea bag several times, won't throw any food away until it literally crawls out the fridge and opens the back door itself.
My Dad was very financially prudent - drummed pensions etc into me from an early age....
Money is an odd thing, I remember my mother having to put items back in the local Coop as she didn't have enough money to pay for them (nearly 50 years ago).
My wife is tight as a knat’s chuff – gets it from her mother.
Must. Resist.
Upbringing
My parents are very financially prudent. I'm not though.
Stand back everyone! Kirsty Alsopp has the solution. As she usually does.
If young people give up your gym membership and Netflix subscriptions you’ll be able to afford to buy a house at 21. The same age she was when mummy and daddy bought her one, handily located in London zone 1, so she could walk to work at the company mummy owns
https://twitter.com/anyamartin8/status/1490271754937327616?s=21
"Allsopp, you shameless clown" I'm buying that - priceless