I've had a company phone for about 9 years, but recently they've stopped offering the larger screen model. I've just been having a quick look at S22+'s on EE/Voda/O2 etc and the prices are actually criminal. £64/mo with a £30 fee, plus a guaranteed rise of 3.9% PLUS CPI on top of that. By the end of the contract you'll be paying at least £72/mo!
"Most only have £500 of savings ",says Lloyds boss ,really ?
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I know it's not a popular viewpoint but I don't consider that people own their house until they've paid the mortgage off...
Soldato
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It's still a £1000 phone even if they pretend it's just one monthly payment "for your usage". It's absurd isn't it.
Am I right in inferring that the first two points mean "by the occupant"? Otherwise those stats aren't very useful, because one person can have 5 mortgaged homes and 5 owned outright and be letting 9 of them out...
Debt is good my friend. It is how wealth is made. I can spend someone elses money for a small stipend, and I get all the benefits? This is a great system.
Tis' a good system when both sides of the agreement act responsibly and are the sole winners/losers when things go right/wrong. The issue is when third parties are involved when things go bad.
We are 100% going to see this come winter when millions of people can't afford their fuel bills but have been spending money like water for years. The government is going to step in and take on that debt.
Another site I visit calls it “renting from the bank”
It’s a fair criticism. I don’t think “by the occupant” stats are published. As you say some people will own 5 houses and some will own 0.
That's tipping point - once you have enough equity and enough volume to hedge the risk, it is almost foolish not to pull every bit of equity you have and add more mortgaged properties to your portfolio. It makes no sense to have that cash trapped when you can get it out for 1-3%.
Nearly all the "traditional pay as you go" sims are gone too, it seems only 5 companies still do the ones where you top up and use your balance.
The" payasyougo" in modern terms is buying a monthy bundle which is no different than a contract sim anyway
so if you barely ever use your phone and pretty much only need to keep you sim alive, instead of topping up every 180days or so now they want you to be spending £5-10 every month on a bundle you won't use.
I bet millions of old people are forced to pay for something they don't actually use just to keep a mobile number alive.
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£7 a month and I use around 250 meg. I think £2.50 would be reasonable
Soldato
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Yep, I'm on old school PAYG, costs under £1 a month. Can't get it anymore.
Soldato
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Another site I visit calls it “renting from the bank”
It’s a fair criticism. I don’t think “by the occupant” stats are published. As you say some people will own 5 houses and some will own 0.
Missing the point though. It's not about the people who can afford 5 houses and it's definitely not about ****ing financial strategy.
I'm saying that third/third/third statistic is meaningless if you're talking about the average house occupant.
I know many who are in this situation, or worse. Many of which are some of the hardest working people I know. Sad times.
No, I'm pretty sure space on a credit card does not count as savings...
No my money is all invested and I cover the fact I don’t have immediate access with having a few k of credit card balance available
I can always sell a few positions if needs must but it’s nice to have access to money asap ie via a CC if I need it. There and then
That’s exactly what I’m agreeing with you about. Who ****** in your cornflakes today?
Soldato
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Sorry
You're right I've had a **** day/weekend and apparently I'm taking it out on forums
Soldato
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What are they buying though? I just got a 20% pay increase but i'm not really planning to increase spending on anything specifically. As it is is i rarely buy clothes for myself, don't care for designer stuff. I'll usually ask for clothes for my birthday/xmas. I don't have a car although it is somewhat tempting but i wfh 4 days a week and get a train on the day i go to the office, so its not a necessity. The only luxury item that i pay off is my macbook air, £60 a month over 24 months. £6 a month on a monthly sim fort an iphone 11 that is paid for now also.
It has poor saving rates, so any sensible people are not using it for savings, just as a current account or borrowing facility. the 80% could be better off than the 20%.
You've just answered your own question.
Most people I know who live beyond their means spend way more than we do on:
Food (takeaways)
Car
Clothes
Tech
New phone every year/2 years, new car every 3 years on PCP etc, lots of new clothes every year, few hundred a month on takeaways.
You could easily sink 15k+ on items you don't need and don't fundamentally offer you a better quality of life.
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Indeed, I’ve made a lot of money that way. I try not to take silly loans out, but mortgages allowed me to buy and now own multiple properties outright.
Soldato
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The people with nearly new cars and going on holiday aren’t the ones with no money.
The ones with no money don’t have cars and don’t go on holiday.
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