Regrets, I've had a few.....

[Roy]

I read this today.

"Yes, that's me. 55 years old and now needing to work beyond 65 AND get consistent growth each year without there being a major correction AND be able to afford the same level of contribution until then (unlikely as I expect income to decline) AND needing to get a 5% return just to survive. 

The blame must be split though:

(1) me for not saving more when I was younger (and for a few years, earnt more)

(2) Govt/Central banks for loose money

(3) greed and hubris (dodgy loans, derivatives, etc)"

 

Who do you think is to blame? Is it too easy to blame governments and not take responsibility for ourselves?

What should he do? 

 

[oliversw5]

As far as I am concerned, the buck stops with yourself however its a bitter pill to swallow if you believed that paying into the system that you would be looked after in your later years. Saying that though, there won't be a state pension by the time I get there, I would bet a lot on it...

[Roy]

I always believed in the welfare state.

My parents and I had the advantage of being brought up inculcated with the values of their (wartime) parent’s values.... I.e be careful with money don’t over-borrow, work hard, pay your dues, save for a rainy day....

Free education including university

A good choice of good jobs on leaving university... with training, security and usually fat pensions

An incredible tax-free appreciation of home property prices (200+ times from 1970 until now)

So as long as we (a) had been frugal (b) avoided divorce or (c) avoided vanity projects or pastimes we SHOULD have stacks of cash to support our retirements....

 

It's already beginning to fall apart. Are we really taken care of from the cradle to the grave?

 

[oliversw5]

Without making this a generational thing (I believe we've already been there and I really don't have a chip on my shoulder haha) my generation will never have the perks yours did and tbh we will probably live longer as well. 

I believe in free market principles and socialism doesnt work. I will take care of myself

[Roy]

I've a lot of respect for you Shaun.

Next step....leave gloomy Britain! 

[Oldun]

The national healthcare and pension system was set up to look after those affected by WW2. Families lost workng members, soldiers came home to no jobs or were wounded and unable to work etc. Children lost parents or were wounded. It was never designed to look after those not affected directly by the war. People fail to understand this. I give you 100 quid and say I will see you in 50 years.....make sure it does not lose its purchasing power......do you know how hard that is ? In an environment of 80 years with a country starting from scratch, it was possible but only for the lifetime of those for whom it was designed.

We are witnessing the end of 80 years of socialism.

[vand]

13 hours ago, oliversw5 said:

As far as I am concerned, the buck stops with yourself however its a bitter pill to swallow if you believed that paying into the system that you would be looked after in your later years. Saying that though, there won't be a state pension by the time I get there, I would bet a lot on it...

 

Couldn't agree more. Live your life how you want, but don't moan about it when it leaves you without a pot to pi$$ in come your latter years.

Your life is your responsibility, no one else's.

 

 

[JSILVER]

Biggest regret is not buying gold in early 2000 but to be fair I was very young. So knew nothing of markets etc also no one can tell the future.
I am lucky and have always enjoyed saving. As I like the feeling of getting something you really want at the end of it.

[vand]

On 12/02/2017 at 14:27, JSILVER said:

Biggest regret is not buying gold in early 2000 but to be fair I was very young. So knew nothing of markets etc also no one can tell the future.
I am lucky and have always enjoyed saving. As I like the feeling of getting something you really want at the end of it.

 

We all feel the same way..

When you are young and still wet behind the ears you don't appreciate that things always go in cycles. Even when PMs first came onto my radar in 2003 I was still chasing returns elsewhere (none of which I managed to keep) and I didn't actually become invested in it until many years later. I think that it is only really experience and many years of seeing this played out time for yourself and again that you come to accept the wisdom, but by then you are no longer young and much of life has passed you by. 

[JSILVER]

10 hours ago, vand said:

 I think that it is only really experience and many years of seeing this played out time for yourself and again that you come to accept the wisdom, but by then you are no longer young and much of life has passed you by. 

Not too much I hope, plenty of time left for lessons. Hopefully some big gains too!

[jayboat]

Was i 17 and ebay had just started up and i was earning £1200ish a week from selling new release dvds. I bought them from singapore for £3 each and resold them for £13-14, easiest money i ever made. I regret not selling more. When ebay was young, you could sell are buy almost anything, i remember buying king edward cigars, vodka and whisky off there when i was 16. The loose rules were a blessing and curse, i learnt that lesson when i bought 2x 1 oz bars and never received them, i paid around £750 and lost every penny. Ebay's max refund at the time was £130, and paypal had nout refund policy's in place. I was so f@@ked off i never claimed from ebay. 

Took me 12-13 years to try PM's again. Lucky i was still young when i started stacking a few years back. I used to think back to that time above and think about what if the sale went though ok and i got hooked when i received and had the gold in hand. What if i bought lots more after that and i stacked through the rising price until 2011 and the crash. Maybe i would sold it all when i was broke back in 2007 and never stacked again. Who knows?

I do no that the google shares i bought when they floated would be worth around £54k today but i sold mine for under £17k, my ftse 100 index tracker would be worth alot more today but i sold that out also for a smaller profit. None of the money from those 2 sales was reinvested.  I got burned on all my bitcoin with mtgox. Life's a bitch but dont try and blame others. 

To sum up, i have had a few regrets but none i would change.

Stack on!!!!!