Investment

[Highway Man]

Another theory of mine into rich / succesful people is this. An average person worries over things like, paying bills, mortgage payments, a car payment, cost of living like gas, electricity and other daily things,
To someone so wealthy then these normal worries must be completely irelevant , therefore I always imagine that they have nothing to worry over except for their health, so are all millionaires hypochondriacs ?

 

[JohnD]

If taxes tapered off at the other end like they do at the low end, they wouldn't do it.

If they had a mental illness causing infinite aquisitiveness, they would continue to do anything.

 

[motorbiking]

Another theory of mine into rich / succesful people is this. An average person worries over things like, paying bills, mortgage payments, a car payment, cost of living like gas, electricity and other daily things,
To someone so wealthy then these normal worries must be completely irelevant , therefore I always imagine that they have nothing to worry over except for their health, so are all millionaires hypochondriacs ?

they have worries.

Is the person running my super yacht skimming, has the chef spat in my food, is my lawyer going to get me out of the latest sexual assault claim, is someone going to kidnap my wife..

A good friend whose wealth is in the 10s of millions is constantly busy organising different people to fix different properties etc. He's a full time project manager. Plus his two kids are hopeless so he has to set up opportunities for them to be half as successful as he was.

 

[Highway Man]

they have worries.

Is the person running my super yacht skimming, has the chef spat in my food, is my lawyer going to get me out of the latest sexual assault claim, is someone going to kidnap my wife..

A good friend whose wealth is in the 10s of millions is constantly busy organising different people to fix different properties etc. He's a full time project manager. Plus his two kids are hopeless so he has to set up opportunities for them to be half as successful as he was.

Nice problems to have.

 

[Mottie]

they have worries.

They worry about a 4 year old mobile phone not working after they’ve had a snide battery fitted by some bloke in a hooky Turkish phone shop….

 

[Dec27]

I'm done with that

Don’t say that mate. You’re decent bloke and talented with money.

 

[Brigadier]

they have worries.

Is the person running my super yacht skimming, has the chef spat in my food, is my lawyer going to get me out of the latest sexual assault claim, is someone going to kidnap my wife..

A good friend whose wealth is in the 10s of millions is constantly busy organising different people to fix different properties etc. He's a full time project manager. Plus his two kids are hopeless so he has to set up opportunities for them to be half as successful as he was.

So much there to unpack.

 

[motorbiking]

So much there to unpack.

it’s human nature

 

[diy_fun_uk]

There's another element to this thread that's sort of related, especially the last page or so.

Contentment. As in genuine contentment.

To take (financial) extremes, you can have the road sweeper on relatively low income, near zero savings, little in the way of material stuff. However, they are genuinely content with their lot.

Equally, you can have a businessperson on extremely high income (millions+) high level of savings/investments, more material stuff than they know what to do with. Nevertheless, they are not content with their lot.

However, in a scenario where both the above aren't content, I'd rather be the financially rich person. If nothing else because you don't have financial worries at every turn.

It's interesting because I've seen a few rich folk on podcasts recently and some of them have referred to the old 'money doesn't bring you happiness' saying. Whilst that in itself might be true (see my stuff above re contentment) a couple of them went on to say whilst money in and of itself might not make you happy, it can help facilitate a happier life. They also went on to say it's a very easy assertion to make if you're already comfortably off.

 

[Brigadier]

There's another element to this thread that's sort of related, especially the last page or so.

Contentment. As in genuine contentment.

To take (financial) extremes, you can have the road sweeper on relatively low income, near zero savings, little in the way of material stuff. However, they are genuinely content with their lot.

Equally, you can have a businessperson on extremely high income (millions+) high level of savings/investments, more material stuff than they know what to do with. Nevertheless, they are not content with their lot.

However, in a scenario where both the above aren't content, I'd rather be the financially rich person. If nothing else because you don't have financial worries at every turn.

It's interesting because I've seen a few rich folk on podcasts recently and some of them have referred to the old 'money doesn't bring you happiness' saying. Whilst that in itself might be true (see my stuff above re contentment) a couple of them went on to say whilst money in and of itself might not make you happy, it can help facilitate a happier life. They also went on to say it's a very easy assertion to make if you're already comfortably off.

In the end, happiness comes from within.
No amount of money can make an inherently unhappy person happy.

I knew a guy who was worth approaching £100 million. Very successful and self-made businessman, nothing given to him.
Outwardly, no issues. Great life, happy family and kids.
Did not stop him from taking his own life though, in his early sixties.

The black dog can be all - consuming.

 

[motorbiking]

I’m mindful that this is Pete’s thread. You haven’t yet missed the boat, though much of the dip that happened a week or two ago has recovered.

 

[pete01]

I’m mindful that this is Pete’s thread. You haven’t yet missed the boat, though much of the dip that happened a week or two ago has recovered.

Dont worry im completely lost

 

[Justin Passing]

They worry about a 4 year old mobile phone not working after they’ve had a snide battery fitted by….

You racist bahrstad
They'd helped me free with a virus thing I got on the phone.
Thoroughly decent chaps.
And it wasn't a snide battery fitted by some bloke in a hooky Turkish phone shop at all.
It was a snide bloke in a hooky Pakish phone shop.

 

[Mottie]

 

[Justin Passing]

I did some sums.
If you have too much money you get hit for tax obviously. CGT is only 24% tops at the moment (may change soon), but if per 100k in the last year rising in the market at only 10% that's £2400 tax. Mine's up about 60% I think so 14.4. (You can't use the OEIC's I use)

If you use Spread Betting you can legally avoid tax ( at the moment) . SB was set up for the purpose. It's a way of well, using shares in the same way as buying them. Previously you had to use 5x leverage with SB, which meant you had to borrow money to fund the loaned part.
IE you ponied up 20k, and borrowed 80k, and got the profit or loss on 100k. You paid about 3% over bank rate for the loan.
Recently though CMC markets have brought out a Spectre scheme whereby you use SB without the leverage, so there's no loan interest payments.

With the old phone I went through it with AI - but lost the calcs, but the upshot was that at 7% growth you're a tiny bit (£360/0.36%) better off with the SB platform, because of costs. Above that of course you do increasingly better. For higher numbers, that 7% is a sort of base.
I tried to account for everything , but I've been misled by AI before, so run the numbers yourself. They charge 1.2% "maintenance" plus 0.7% Exchange + the spread, if you use that. There's a calculator on the Spectre site but it's not comparing what I would.

On the face of it, it saves a packet if you have loadsamonee.
I'm sure HMRC will tighten up, but they haven't yet.