'Retro' Lottery conversations

[Pickle]

Well, theres always one!

I passed his former 'mansion' on the way back from Norfolk a few weeks ago. Derelict, run down mess Shame for what should be £350k+ worth of property.

Does beg the question, if he back on the dole why doesnt he sell it? :?

 

[IDB1]

Thought he lived in a rented house in Dereham now.. not sure that's his any more (and, iirc, has some serious structrual issues that make it unsafe to live in or something)..

£1mill..

House, kids futures, car(s), business, charities and invest. With a few grand spent on clothes and other material stuff for the kids too...

 

[saltyman]

£100 a day isnt to be taken lightly.

Just think of being able to spend £100 a day with no worries!

yeah, and he still has over £1,000,000 in the bank should he feel a need for anything.

thats after buying my house for me £120k and the £50k he gave me to clear debts

he is very sensible mind, never been in debt in his life, always saved if he has wanted anything, something im sticking too myself now.........you dont get many chances to go debt free in a lifetime.

i asked him what he is going to buy, he still doesnt know........says probaly a small house (still living at home with parents at the minute) and a new car or two....but nothing flash

 

[Pickle]

something im sticking too myself now.........you dont get many chances to go debt free in a lifetime.

Good man.

The only 'debt' I have now is my mortgage, and as long as I can pay that, utility bills and put food on the table thats enough for me.

 

[saltyman]

thats my way of thinking too, i didnt want a morgage after clearing my debt, and couldnt get a decent one anyways but needed to move out of my 2 bed flat.

so he is buying me a house and i said id pay him back, as its interest free at the most, so if he did want money back id give him what i could afford. but he hasnt mentioned anything so far. just going through final checks and should be siging papers on the house next week.

atleast it means i have security knowing if i lost my job or whatever, id still have a house paid for. thats my main worry.

im not bothered about anything bar a normal comfortable life for me and my family.

 

[Easy_Rider]

im not bothered about anything bar a normal comfortable life for me and my family.

Same here, if I could get out of the huge Uni and rampant consumerism debt and just have a small mortgage I would be happy, kinda like the old days before credit card companies and banks were let loose on the unsuspecting public. Of course my mortgage is huge because of the massive price inflation that came with buy-to-let mortgages and people buying more than one home and banks silly lending means people borrowed outside of their means and offered more for houses, which pushed prices up again. So on top of the debts, I also bought my first house on the crest of the high prices, and on top of that again, the bank really really screwed us over in 2008 and we had to shut down the family business leaving us in even more in debt :roll:

Years ago, you would personally have to meet the bank manager for any money you wanted to borrow and that included overdraughts, of course he would know you personally and quiz you no end as to why you need to money and he would also know whether you could afford to pay it back. But we embraced capitalism with both arms and the good and bad followed.

 

[IDB1]

Years ago, you would personally have to meet the bank manager for any money you wanted to borrow and that included overdraughts, of course he would know you personally and quiz you no end as to why you need to money and he would also know whether you could afford to pay it back. But we embraced capitalism with both arms and the good and bad followed.

Got to go back a fair way for those days.. 30+ years I reckon..

I bought (a house) in 1989.. repo'd in '91.. and I topped out, not counting the £35k shortfall when the bank sold the house, in £38k of personal debt..

It's been an interesting journey. . .

 

[Easy_Rider]

Here is something for you guys who are in debt or have been in debt to think about, ever wondered how money is created? Have you heard of "Fractional Reserve Banking"?

A really quick summary in paper money. Hundreds of years ago, you could deposit your gold at the goldsmiths and he would give you a paper reciept with "i promise to pay the bearer x amount of gold". This freed up people carrying gold around and instead exchanged the paper notes. The goldsmiths quickly realised that they could give out more notes than they have gold because not everyone wants to cash the gold at once. A ratio of 10:1 quickly became the norm, so in effect the goldsmiths "created" 90% of the money it gave out.

This practice is still carried out today by banks, they create money from a fraction of the reserves it holds and it's called Fractional Reserve Banking. And one reason (amongst others) why we had the "credit crunch" is that the banks were pushing this percentage and the markets got jittery about the banks stability.

So the money you owe the bank is just created out of thin air, and you pay stupid interest on it :roll:

 

[IDB1]

I would love to see everyone try to withdraw all their fundage from the banks on the same day

 

[saltyman]

I would love to see everyone try to withdraw all their fundage from the banks on the same day

yeah that would be something, i once went in to withdraw £5,000 cash and they had to check to see there was that much on the bank :shock:

luckily there was, and this was a main high street branch........apparently they dont keep hundreds of grands let alone millions in the safe thesedays.