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Financial learnings from watching those close grow old
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Newbie
Posted: 09 February 2025 12:44:11(UTC)
#31

Joined: 31/01/2012(UTC)
Posts: 3,818
Reading some of these post really gets the emotions going
It is really disheartening to see and hear that many people with any kind of assets are forever sacrificing their years of sacrifice to now pay for LTC. (I am in that category)
Initially the sacrificing was to fund their years when they could not work due to age and frailty (the educated elite call it Retirement).
Now they are sacrificing that to fund their care.
The next stage will to sacrifice that to fund their funeral.
Following that they will be sacrificing that to preserve their remains from being dug up over covered over.

It seems that the old (so called illiterate) trades-person has the right idea, work, spend (on themselves and their family), travel, enjoy, die and leaves memories for loved ones.

Personally, I think it is better to pass on basic financial education to young ones, ie need to split your income into parts, fixed household costs, variable costs, emergency funds, savings, investments.

Look to work, save and invest when single and young, spend when you are married and have family.

Have a side hustle or P/T job for slush fund and adhoc spend monies.

Differentiate between assets and liabilities in a meaningful manner.

Identify between wealth and rich

etc etc.
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Busy doing nothing
Posted: 09 February 2025 12:58:48(UTC)
#33

Joined: 01/03/2021(UTC)
Posts: 374
Newbie - My side hustle is my S/S ISA BDN :))
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Rookie Investor
Posted: 09 February 2025 14:13:29(UTC)
#32

Joined: 09/12/2020(UTC)
Posts: 2,087
Newbie;333740 wrote:
Reading some of these post really gets the emotions going
It is really disheartening to see and hear that many people with any kind of assets are forever sacrificing their years of sacrifice to now pay for LTC. (I am in that category)
Initially the sacrificing was to fund their years when they could not work due to age and frailty (the educated elite call it Retirement).
Now they are sacrificing that to fund their care.
The next stage will to sacrifice that to fund their funeral.
Following that they will be sacrificing that to preserve their remains from being dug up over covered over.

It seems that the old (so called illiterate) trades-person has the right idea, work, spend (on themselves and their family), travel, enjoy, die and leaves memories for loved ones.

Personally, I think it is better to pass on basic financial education to young ones, ie need to split your income into parts, fixed household costs, variable costs, emergency funds, savings, investments.

Look to work, save and invest when single and young, spend when you are married and have family.

Have a side hustle or P/T job for slush fund and adhoc spend monies.

Differentiate between assets and liabilities in a meaningful manner.

Identify between wealth and rich

etc etc.


Completely agree.

However, lets stop being hypocritical and perhaps condescending please? Last year in the following thread you said:

"i wholeheartedly concur even though have been an additional rate tax payer.
Average tax paid from IT. CGT, etc has been approx £70k per year - though in recent years it has been >£100k. This year will be no different (already at circa £90k).

Tax advisers for many years have been suggesting to pack in FTE and set up a consultancy practice and run all finances through it. That way I an limit ART and pay lower via CT. Today have opened negotiations will employer if this would be feasible and thus far have not been shot down yet.

However do not feel rich at all. Walked out of a dealership after being quoted £50k for a family SUV as felt that I could not afford it. Yet the family on benefits round the corner, get to somehow get a Chelsea Tractor, a White Van and a New BMW for their kid on drive (and post all about it on Social Media - all whilst I am looking at the possibility of buying a few more Meta and Tesla shares)."

https://moneyforums.city...hey-said-they-will.aspx

- page 14.
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Newbie
Posted: 09 February 2025 14:28:20(UTC)
#34

Joined: 31/01/2012(UTC)
Posts: 3,818
How is that being hypocritical and condescending.

My point was more about sticking two fingers up at the system that is wrong.

Primarily due to the fact that it is the average middle class that is being squeezed for doing all the right things and then being asked to do more at the expense of their self and their family.

So yes over the years I have topped up my pensions, foregoing the holidays as such with the family (but have traveled the world, dined and stayed the top hotels, all via work), in the hope that I will do it later.

But now that later has come, I am fearful that when we need care I will need to fund it and given I have built up assets and the state will give me squat.

You will read that I could not afford that £50k SUV as I am worried about LTC for myself and my wife (should we need it) and as such was building up more savings via Meta and Tesla).
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3 users thanked Newbie for this post.
Guest on 09/02/2025(UTC), john brace on 09/02/2025(UTC), dlp6666 on 17/02/2025(UTC)
Rookie Investor
Posted: 09 February 2025 15:38:09(UTC)
#35

Joined: 09/12/2020(UTC)
Posts: 2,087
Newbie;333754 wrote:
How is that being hypocritical and condescending.

My point was more about sticking two fingers up at the system that is wrong.

Primarily due to the fact that it is the average middle class that is being squeezed for doing all the right things and then being asked to do more at the expense of their self and their family.

So yes over the years I have topped up my pensions, foregoing the holidays as such with the family (but have traveled the world, dined and stayed the top hotels, all via work), in the hope that I will do it later.

But now that later has come, I am fearful that when we need care I will need to fund it and given I have built up assets and the state will give me squat.

You will read that I could not afford that £50k SUV as I am worried about LTC for myself and my wife (should we need it) and as such was building up more savings via Meta and Tesla).


The system is the system. It is by design. You think there is room for more people to live super comfortable and have more money than they could ever spend? Nope, does not work like that. Getting higher up needs to be earned and deserved. Not necessarily meaning there is any good being done - as I say shit tends to rise to the top.

But at the end of the day working in a finance or tech profession lands you in the higher income brackets than 99.9% of the world population. There is no more you can ask for, unless you work even harder for it. It gets tougher as you climb the ladder. Hardly anyone makes it to the top. Again, by design - learn and accept that.

So when I hear you cry and moan how life ain't fair because those earning NMW or on benefits do not pay their way, whilst you can very well afford that £50k SUV AND pay for your LTC and funeral etc. Then I think what a load of hypocritical and condescending nonsense. If you think it is unfair those at the bottom are loading on on credit and getting YOU to pay, then join them. It seems you are doing everything you can to achieve this, by avoiding taxes - nothing wrong with that.

Again, everything is by design. It can not be any other way. Shit rises to the top. The question is do you want to join them, or more appropriately CAN you join them? Or do you want to complain about the bottom only and not realise how privileged you really are?

Your choice. Well not completely your choice. But a little perspective helps.
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Gary J
Posted: 09 February 2025 16:54:32(UTC)
#36

Joined: 22/02/2020(UTC)
Posts: 610

Thanks: 582 times
Was thanked: 1356 time(s) in 449 post(s)
A thing I've picked up: think very carefully about downszing to, say, an urban flat on the fifth floor of a retirement apartment complex.

If you have the slightest rapport with nature, a quiet garden is a fabulous tonic for the diseased, the demented, the lonely, the convalescent.
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4 users thanked Gary J for this post.
Jay P on 09/02/2025(UTC), SF100 on 09/02/2025(UTC), dlp6666 on 17/02/2025(UTC), Greylocks on 21/02/2025(UTC)
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