42.3% of Londoners have less than £100 in savings

[icehot]

I try to carefully live on the line between benefits and not having to pay tax, it can be hard sometimes, having free food in work helps a lot!

I can't even bring myself to slightly comprehend any point you have made in this thread and that sentence is the icing on the cake.

All I see from you is, I expect to live off everyone else while contributing the bare minimum.

I'll give you that you don't portray that you expect as much as others but how much of a that is a reality and when will there be a tipping point..... clearly I'm the crazy one I guess.... Work hard, reap rewards.... archaic!

 

[regulus]

The idea that it's really simple for everyone to be rich and the only reason almost everyone isn't rich is because they're lazy is really very silly nonsense.

At best it's a flimsy excuse for ignoring reality so you can feel better about yourself and people close to you, which is sad because you could do so on the basis of achievement rather than on the basis of denigrating everyone else. At worst it's simply irrational prejudice.

Only a tiny minority can be rich - that's inherent in our society. There is a pretty good degree of upward mobility, but that doesn't change the fact that it can't be available to more than a tiny minority.

So...where do you think those 1.5 billion person-hours per week of paid work will be in the future? That's just for the UK and assumes the population remains constant. If it increases, the number of person-hours required will of course increase proportionally. "Hustling" is not going to provide mass employment on that scale.

Well no, I don't expect you to understand as you've been, by your own admission, on minimum wage your entire adult life without allowing yourself any prospect of improvement. Neither you or I can expect that you'll suddenly broaden your mindset. It would appear you or others like you have your well developed crutch (1.5 billion hours) and wave it around as if there's limits to the creativity of people to work around that 'mathematical evidence'. Only a few can be rich and the rest is poor, etc etc.

But you're right about one thing, you seem to think that for yourself and others in the same situation there's little prospect of improvement. You believe that, and that makes it true anyway. Just not as a hard fact.

 

[Zatoichi.uK]

It's pretty evident from some of my closest friends that even those that earn decent wages, are crippled by the simplest of unexpected bills like a car breakdown, washing machine breaking etc. when living month to month.

I couldn't do it myself and always try and pay bills like car insurance in full to maximize my day to day living freedom. I'm not well off by any means but can handle these things life tends to throw at people with relative ease, whilst still being able to do for the most part what I like.

 

[regulus]

It's pretty evident from some of my closest friends that even those that earn decent wages, are crippled by the simplest of unexpected bills like a car breakdown, washing machine breaking etc. when living month to month.

I couldn't do it myself and always try and pay bills like car insurance in full to maximize my day to day living freedom. I'm not well off by any means but can handle these things life tends to throw at people with relative ease, whilst still being able to do for the most part what I like.

And it's not even that hard either. I actually sat down yesterday and played around with a spreadsheet and different scenarios. I realized that even with my obsessive saving tendencies, I still waste too much money unnecessarily.

If people actually sit down and take a hard and honest look at their spending habits and finances, cut 50% waste out, thousand, if not millions of people will be better off.

I can tell so many stories/anecdotes of people doing utterly stupid things with money then loudly complain how 'hard' things are 'out there', yet seem to be incapable of a little bit of self reflection with a small drop of discipline.

Guess it's just not the Western way.

 

[Hedge]

What are you saving up for regulus?

Your retirement?

I have a house with mortgage, a car loan and an average wage job. I spend a chunk on unnecessary purchases and expect a pension from work.

If my car breaks I'll manage to fix most things with a chunk out of my monthly wage.

I have nothing against saving but I'm curious what it is people actually need thousands in the bank for.

 

[Richdog]

What are you saving up for regulus?

Your retirement?

I have a house with mortgage, a car loan and an average wage job. I spend a chunk on unnecessary purchases and expect a pension from work.

If my car breaks I'll manage to fix most things with a chunk out of my monthly wage.

I have nothing against saving but I'm curious what it is people actually need thousands in the bank for.

Anyone who does not save for or invest in their retirement is a fool. It's that simple. You will potentially be in retirement for decades, and it is extremely short-sighted to not take that into consideration.

I never thought I would see someone questioning why people want to save money. In fact, it is utterly bizarre that a mature adult can seemingly not be aware of the benefits of having some form of savings.

 

[Hedge]

I'm not questioning why people want to as such, just questioning what things people are specifically saving for.

I might be naive but I think when I retire I'll have my house paid for. I'll have a car paid for, and my lifestyle won't require costly commutes. So I think my military pension and state pension should give me enough to lead a chilled out lifestyle when I'm winding down.

I'm not saying people shouldn't save. I'm just saying I personally don't have much of a desire to do so.

 

[Tiny Clanger]

If people actually sit down and take a hard and honest look at their spending habits and finances, cut 50% waste out, thousand, if not millions of people will be better off.

Very true - when we sat down a few years ago to sort our finances out it amazed us how much we spent on things without even noticing/appreciating it - Starbucks being a prime example!

Once we started properly budgeting (which isn't as time consuming and dreary as it sounds!) it's surprising how much you can save - and how much extra cash you have to spend on things you WILL appreciate.

 

[Richdog]

I'm not questioning why people want to as such, just questioning what things people are specifically saving for.

I might be naive but I think when I retire I'll have my house paid for. I'll have a car paid for, and my lifestyle won't require costly commutes. So I think my military pension and state pension should give me enough to lead a chilled out lifestyle when I'm winding down.

I'm not saying people shouldn't save. I'm just saying I personally don't have much of a desire to do so.

That's fine if you don't want to save, but you are still questioning the concept of regulus saving money, as though it needs justification with a specific object.

Saving money also allows you to buy the nice things in life that you didn't know you wanted yet. Savings equals financial freedom and allows the spontaneity to do things you could not otherwise do. This is all basic common sense.

 

[malachi]

Anyone who does not save for or invest in their retirement is a fool. It's that simple. You will potentially be in retirement for decades, and it is extremely short-sighted to not take that into consideration.

I never thought I would see someone questioning why people want to save money. In fact, it is utterly bizarre that a mature adult can seemingly not be aware of the benefits of having some form of savings.

Because many don't see the point if the government keeps on moving the goal post when it comes to retirement.

People born in the 80's and after are screwed, like myself. I have a pension but I don't see me getting a chance to use it if the retirement age keeps on changing. Also there is very little reason to save for retirement if the consequence is low for not doing so.

"Don't have money for retirement, fine. We stick you in a home with the rest of them to die"

 

[Hedge]

That's fine if you don't want to save, but you are still questioning the concept of regulus saving money, as though it needs justification with a specific object.

Saving money also allows you to buy the nice things in life that you didn't know you wanted yet. Savings equals financial freedom and allows the spontaneity to do things you could not otherwise do. This is all basic common sense.

I just chose to respond to regulus because he mentioned people doing utterly stupid things with money and it sparked my interest.

But yeah would like some specific examples just to satisfy my curiosity and maybe educate me in where I'm gonna go wrong or find myself struggling.

 

[Richdog]

I just chose to respond to regulus because he mentioned people doing utterly stupid things with money and it sparked my interest.

But yeah would like some specific examples just to satisfy my curiosity and maybe educate me in where I'm gonna go wrong or find myself struggling.

Just think of anything you cannot afford that you would potentially like to do. That gives you all the examples you need. If you can't think of anything, then you have my condolences.

 

[Haircut]

Because many don't see the point if the government keeps on moving the goal post when it comes to retirement.

People born in the 80's and after are screwed, like myself. I have a pension but I don't see me getting a chance to use it if the retirement age keeps on changing. Also there is very little reason to save for retirement if the consequence is low for not doing so.

"Don't have money for retirement, fine. We stick you in a home with the rest of them to die"

The government has moved the goalposts so that you can access your money more easily recently.

The state pension age has gone up (and will likely go up some more before our generation retire) but you can access your own pension funds earlier and with fewer restrictions. Obviously the rules could change again before you get to the point of retiring, but I think not saving for your retirement is a very short sighted thing to do.

 

[Hedge]

Just think of anything you cannot afford that you would potentially like to do. That gives you all the examples you need. If you can't think of anything, then you have my condolences.

Well I have accepted I'll never save up for a 911 Turbo, a million pound farmhouse or a round the world trip. But without obsessively saving I've done America, Thailand, Abu Dhabi, and a bunch of other countries and I have a nice enough house which will get money spent on it over time.

I don't need your condolences, we don't need a battle between savers and non savers. I just personally feel I can live okay without it.

Chances are I'm wrong and I'll be screwed when I retire at about 80 or die before then anyway.

 

[Things change I've changed]

I can't even bring myself to slightly comprehend any point you have made in this thread and that sentence is the icing on the cake.

All I see from you is, I expect to live off everyone else while contributing the bare minimum.

I'll give you that you don't portray that you expect as much as others but how much of a that is a reality and when will there be a tipping point..... clearly I'm the crazy one I guess.... Work hard, reap rewards.... archaic!

My original point was quite simple if you go back and read it, I said that I think regardless of income or savings, if you've worked all your life I believe society should foot the bill when your older, pay for your care etc, I shouldn't have to be responsible for that cost, I think we as a society have a duty to look after the older generation, they shouldn't for example be forced to sell their house for care costs.

What you quoted is quite easy to understand, I don't expect to live off everyone, I just try to legally live on as low income as possible without needing to pay tax, why should I pay tax if I don't need to? I'm a bad person for that?, yet companies that legally avoid tax are fine according to many on here? I really don't see the problem with that, the important thing to me is my time, which in the grand scheme of things is very little, that is my true wealth and I don't want to waste it, people may look down at me be but how many of you are true net contributors to the UK's economy? Probably not many if you researched it, I choose to live a simple lifestyle that takes less from the system than probably most families that pay tax yet I'm the bad guy? I'm the one expecting to live off of everyone?

 

[Richdog]

Because many don't see the point if the government keeps on moving the goal post when it comes to retirement.

People born in the 80's and after are screwed, like myself. I have a pension but I don't see me getting a chance to use it if the retirement age keeps on changing. Also there is very little reason to save for retirement if the consequence is low for not doing so.

"Don't have money for retirement, fine. We stick you in a home with the rest of them to die"

Yeah, which is why if you save you can take early retirement!

Well I have accepted I'll never save up for a 911 Turbo, a million pound farmhouse or a round the world trip. But without obsessively saving I've done America, Thailand, Abu Dhabi, and a bunch of other countries and I have a nice enough house which will get money spent on it over time.

I don't need your condolences, we don't need a battle between savers and non savers. I just personally feel I can live okay without it.

Chances are I'm wrong and I'll be screwed when I retire at about 80 or die before then anyway.

It's not a battle, I already said it's a personal choice to save or not to save. But the benefits of doing so are obvious.

Here's a good article on the subject https://www.moneyadviceservice.org.uk/en/articles/should-i-save-or-invest

 

[Spook187]

Anyone who does not save for or invest in their retirement is a fool. It's that simple. You will potentially be in retirement for decades, and it is extremely short-sighted to not take that into consideration.

I never thought I would see someone questioning why people want to save money. In fact, it is utterly bizarre that a mature adult can seemingly not be aware of the benefits of having some form of savings.

Some never earn enough through their lives to do so, just because you are setup with a full wallet does not mean everybody can do it.

Have you ever thought about people who can't work though ill health and get peanuts for the rest of their lives, how can they save, stop trying to be the clever clogs.

 

[teaboy5]

Well I have accepted I'll never save up for a 911 Turbo, a million pound farmhouse or a round the world trip. But without obsessively saving I've done America, Thailand, Abu Dhabi, and a bunch of other countries and I have a nice enough house which will get money spent on it over time.

I don't need your condolences, we don't need a battle between savers and non savers. I just personally feel I can live okay without it.

Chances are I'm wrong and I'll be screwed when I retire at about 80 or die before then anyway.

We get it, you don't save. But it's clear you take home a fair bit more than the average person. So no doubt if did want to save you easily could.

 

[itchy]

Saving money also allows you to buy the nice things in life that you didn't know you wanted yet. Savings equals financial freedom and allows the spontaneity to do things you could not otherwise do. This is all basic common sense.

The money whore i see, what better way to spend you're life.

Life is about living not about money, rich or poor we have things money cannot buy period.

I don't give fig about money, sometimes you have it, sometimes you don't, tuff deal with it.

I am never going to retire ever if am fit enough, why stop working to wait to die!

I hate money with a passion you could give me all the money in the world and it would not make me happy.

Money does not make me happy, new things do not make me happy in fact, the is nothing you could buy that would make me happy.

So money is just an age old boring commodity that every one thinks they need, it gets tedious to say the least.

 

[Hedge]

We get it, you don't save. But it's clear you take home a fair bit more than the average person. So no doubt if did want to save you easily could.

No I'm actually just giving the side of a person who is less responsible with money. I have debts but not debts that I worry about. I don't have savings but I actually would like to find a balance. My girlfriend is a saver and she's better with money than me.

Although it doesn't seem it, this thread is making me think I should attempt to save 10% a month for a bit. See if I can realise what I've been missing.