Obama's First Year

quote:

Originally posted by Mick Parry:

quote:

Originally posted by Marc Newman:

quote:

Originally posted by Mick Parry:

quote:

Originally posted by Marc Newman:

quote:

Originally posted by Mike-B:

quote:

This was going to be a one term deal

So whats the choice in 2013 (2012) JS (IYO)
Same again for another 4 years
The Worldly Wise Mom from Alaska
Who else ???

My Rep or Die buddies from Minnesota DGaS as long as it ain't more of the same, & that is worrying.
IMO the whole planet needs stability for a number of years to dig out the $$$ debt hole.
To me that means slow & steady, & absolutely no controversial stuff like regime changes & we know best world policing stuff.
China is going to throw its weight around I am sure, that needs a steady head & maybe some giving ground. I don't see that coming from the guys (& Moms) with the RW&B elephant.

To be honest,this country needs a revolution. To lead this revolution it will take a new political party like the,"Tea Party". Not the independent,or the green party. I really do not care as long as we don't end up like Germany in the early 30s.For that matter, the rest of the 30s and mid 40s.
MN

Marc

OK Your country need a revolution .. what would you do to sort it out.

Regards

Mick

Mick-
I would not know where to start.
If this new,"Tea Party",gains momentum? I can see following their lead. I think they have the countries best interest at tier one.Our 2 party system is lost in it's own scat.

Big business,lobbyists,and pandering to the majority minority(s) should no longer be considered good politics.

As I have stated before. This country has become quite complacent and has the memory of a Beagle. Social security,Welfare,and many of the programs set up 40 years ago, no longer strive to be used within their bi-laws. This has nothing to do with changing times. It has much more in common with special interest and big business.And,oh yeah,getting votes.

We are in dire-straights.

At the front,our citizens don't consider where our utilities are coming from and leading just behind, I have seen a drastic change in attitudes amongst the 18 to 34 year olds. Now,and more than any time I can remember,It is me,me,me. These individuals have been weened on complacency,non start,self indulgence,and entitlement.
Clearly not the way I was brought up and how I see the world.

MN

Marc

So to sum up, you do not have a clue what you would replace the two existing parties with.

Regards

Mick

Your original question was how would I sort it out? I replied I would not know where to start.

There was no question to what I would replace the parties with. If I have no idea where to start? How would I conceptualize replacement?
Power out.. got to go.
MN

quote:

Originally posted by Mike Lacey:

On the pensions funding issue, the UK has more money in private pensions than the rest of Europe combined. Something else we should be proud of.

Mike,
I don't disagree, but depending on who you believe the Royal Mail and BA alone have a deficit of GBP 14 billion!

Part of the reason for the high savings in the UK is the absence of a cosy state pension - not that these are sustainable in continental Europe any more.

No easy solutions, especially when you consider the net worth in many people's savings /pensions was significantly reduced by the problems of the past year.

Now back to Obama...

quote:

On the pensions funding issue, the UK has more money in private pensions than the rest of Europe combined. Something else we should be proud of.

I truly hope the chancellor doesn't get to read this. Brown effectively killed the private pensions in the uk when he started to tax them (how many billions in the last 5 years+?) Just think how much more would be in there if this hadn't happened - let alone what he 'took' from them and squandered on what? oh yes - that thing we are having an enquiry about now...

quote:

Originally posted by Steve2701:

quote:

On the pensions funding issue, the UK has more money in private pensions than the rest of Europe combined. Something else we should be proud of.

I truly hope the chancellor doesn't get to read this. Brown effectively killed the private pensions in the uk when he started to tax them (how many billions in the last 5 years+?) Just think how much more would be in there if this hadn't happened - let alone what he 'took' from them and squandered on what? oh yes - that thing we are having an enquiry about now...

Your going to win the lotto.right?
MN

Marc

In the UK, most baby boomers have bloody good pensions, we have invested in property and we own hundreds of thousands of houses abroad. Someone told me that the Brits own a high percentage of properties in Florida. I myself have two properties in the UK, one in Spain and I am looking for one in France and I am not alone in that. I have one friend who has 41 houses scattered throughout Europe.

We have been lucky in that we have enjoyed fairly good economic growth over the last few decades and most of us are well contented and live well.

The youngsters coming up behind up us have it a lot tougher. Property is expensive and short term contracts at work are the order of the day.
This means that they are not going to have decent pensions unless they work until thier late sixties.

Fortunately most of them will aquire wealth when my lot die. Once the baby boomers are safely buried 6ft deep, the next generation will very quickly find themselves rather wealthy due to inheritance.

Is that the same in the USA.

Regards

Mick

Dear Mike,

I am 48, so probably count as being part of the baby boom. I did miss the boat I suspect!

One property would be nice, and I am thinking of buying a decent caravan and asking to keep it at work!

I am not a pleb, but once into the low wage economy in the UK, there is absolutely no way out, unless one is blessed with talents well beyond the norm. Initiative tends to breed suspiscion in one's superiors who fear that one might wash the floor with them, given the chance. It has happed to me twice, at significant junctures in my working life.

In the old days hard work and initiative would be enough, but these days the employers simply lap it up and pay you just the same. At least emplyment is fairly continuous. I am very settled now in a small familly company, but it was not always so pleasant!

All my ambition is spent now!

ATB from George

quote:

Originally posted by Steve2701:

quote:

On the pensions funding issue, the UK has more money in private pensions than the rest of Europe combined. Something else we should be proud of.

I truly hope the chancellor doesn't get to read this. Brown effectively killed the private pensions in the uk when he started to tax them (how many billions in the last 5 years+?) Just think how much more would be in there if this hadn't happened - let alone what he 'took' from them and squandered on what? oh yes - that thing we are having an enquiry about now...

Chancellors of all colours are very well aware of the UK pensions arena. It remains hugely sucessful and the abolition of witholding credit on dividends is very small beer when you consider

- you get tax relief on contributions at your highest rate
- funds grow free of income tax, capital gains tax and are advantaged from an inheritance tax view;
- you can take up to 25% of your fund and spank it on whatever you want, once you've reached 50 ( 55 from 5 april 2010. )

Brown did not kill pensions. If you have not put money into pensions, you have only yourself to blame. You will be the loser.

M

Mike

I thought it always made sense for it to be a legal requirement to contribute to a pension scheme when working.

I am currently working at a place where the pension take up rate is less than 25%. That is storing up problems for the future.

Pensions should be made compulsory.

Regards

Mick

Another perspective, I shall offer. I have a small private pension which has done quite nicely, but as the wages fell in real terms compared to inflation over the thirty odd years since 1979, then it became a question of paying for housing, paying the utilities, the council tax, and so on [all of which have risen faster than inflation] to a point where balancing the monthly books amounted to considering the food one bought.

Thus one might be imprudent to pay into a pension if this meant the rent was not met.

Indeed the undeserving poor are indeed still with us. Even ones who work damned hard for their essentially National Minimum Wage remunerations...

My last pension statement assured me that I should be able to pay the Council Tax till I die! Oh and probably have enough to pay heat and light as well, but there is no way I could afford to put enough in now, and it will certainly be costed out with Means Tested calculations when the time comes.

No there is whole socio-economic stratum that is honest and hard working, but nevertheless for whom pensions are impossible to finance, and are completely irrelevant.

Another viewpoint, but a valid one, and not even a political point. I stopped paying in under John Major’s time as PM ... I remain essentially a Tory. I certainly would find it hard to vote for any other Party, the the Liberals may finally catch me later this year - possibly! Cameron and Osbourne inspire no confidence in me! Especially Osbourne!

ATB from George

quote:

Originally posted by Mick Parry:
Marc

In the UK, most baby boomers have bloody good pensions, we have invested in property and we own hundreds of thousands of houses abroad. Someone told me that the Brits own a high percentage of properties in Florida. I myself have two properties in the UK, one in Spain and I am looking for one in France and I am not alone in that. I have one friend who has 41 houses scattered throughout Europe.

We have been lucky in that we have enjoyed fairly good economic growth over the last few decades and most of us are well contented and live well.

The youngsters coming up behind up us have it a lot tougher. Property is expensive and short term contracts at work are the order of the day.
This means that they are not going to have decent pensions unless they work until thier late sixties.

Fortunately most of them will aquire wealth when my lot die. Once the baby boomers are safely buried 6ft deep, the next generation will very quickly find themselves rather wealthy due to inheritance.

Is that the same in the USA.

Regards

Mick

The thought of waiting for someone to die to come into money or property,is no way to live ones life.
By the time the baby boomers(myself)die? We will be in our eighties and my children will be well established and secure. Any inheritance will be a second thought.

My take away is your statements on most baby boomers in the U.K. can not be substantiated with just words. I need to see some facts. Americans own European property. What percentage? I have no idea. My guess would be the French Canadians own far more property in Florida than the baby boomers from the U.K..
Most of the people I know who are vested have lost at least 50 percent of their pension.
In 2009 alone, I lost more money than I care to remember.
Real estate is a good buy now. I'm afraid we will not see the fruits of our labor for what we buy today in this lifetime. Even if you pay cash,the ability to turn a profit will be limited by the market,interest rates,and the ability to borrow money.
To be more specific.By the time I reap a profit that is measurable? I will be in my 70s. What the hell am I going to do with that money. Now,sure,if I plan to leave it for my children that is a different problem all together.

Pensions in the U.K.
Most Mick?
www.telegraph.co.uk/finance/co...is-first-Budget.html
Last paragraph sums it up.
MN

As ever the fearless Telegraph hits the nail firmly on the head. Thanks Marc!

ATB from George

PS: Mike and or Mick, would you care to comment on my post, which while it may not represent a majority view, certainly does represent the position of a significant section within the UK's various socio-economic strata?

quote:

Originally posted by GFFJ:
As ever the fearless Telegraph hits the nail firmly on the head. Thanks Marc!

ATB from George

PS: Mike and or Mick, would you care to comment on my post, which while it may not represent a majority view, certainly does represent the position of a significant section within the UK's various socio-economic strata?

I'll say George! Stick it to 'em.

Huwge,

Unfunded pensions

Unfunded pensions, especially for government workers, is indeed a problem in most US states and localities. Republicans keep taxes low by promising but not funding them, and democrats borrow the money that the funds do collect.

But it's the promised but unfunded health care benefits that are the bigger problem. Social Security, for instance, is good for decades. Medicare is not.

Social Security is over 75 years old. One of the problems is that it collected a lot of cash in its early years. Republicans didn't want the Democrats to get too much credit for that, so they increased benefits without funding them fully in the late '30s early '40s, IIRC.

Small government

Thomas Jefferson wrote something like, '(t)hat government governs best which governs least.'

The so-called 'small government' partisans have been sold a bill of goods by our managerial class. 'Small government' now means: 1) reduce regulatory agencies; 2) kill consumer protection agencies; 3) violate constitutional limits on government interference in the lives of individuals; 4) build prisons; 5) fill the prisons with incompetent, low-level criminals - or with people who aren't guilty but who can't afford a good lawyer; 6) wage war.

Points 4, 5, and 6 vastly increase the size of our government.

By the same token, our legislatures were initially elected and peopled by our rich. The legislators pretty quickly became captives of monied interests.

As a trivial example, it was reportedly illegal for citizens to own clocks in Central Falls and Pawtucket, Rhode Island, because the textile mill owners didn't want citizens to know that they were paid for less time than they actually worked.

Pawtucket is the seat of the US textile industry, created by one Samuel Slater who memorized plans and techniques for building and running British-style mills - in violation of the laws of his homeland.

Tea Partiers

Marc, Haven't you noticed that the TP has been boosted by extremely favorable - and inaccurate - coverage by Fox?

Haven't you noticed that the hysterical opposition to Obama is very likely based in part on racism?

Haven't you noticed that much of the TP's opposition to health insurance reform is based on misunderstanding, ignorance, and lies about the bills (death panels, Medicare isn't a government program, etc.)?

The Tea Party is at its base a mob.

I've never heard of a constructive mob.

Regards.

Phil

quote:

Originally posted by Phil Barry:
Huwge,

Unfunded pensions

Unfunded pensions, especially for government workers, is indeed a problem in most US states and localities. Republicans keep taxes low by promising but not funding them, and democrats borrow the money that the funds do collect.

But it's the promised but unfunded health care benefits that are the bigger problem. Social Security, for instance, is good for decades. Medicare is not.

Social Security is over 75 years old. One of the problems is that it collected a lot of cash in its early years. Republicans didn't want the Democrats to get too much credit for that, so they increased benefits without funding them fully in the late '30s early '40s, IIRC.

Small government

Thomas Jefferson wrote something like, '(t)hat government governs best which governs least.'

The so-called 'small government' partisans have been sold a bill of goods by our managerial class. 'Small government' now means: 1) reduce regulatory agencies; 2) kill consumer protection agencies; 3) violate constitutional limits on government interference in the lives of individuals; 4) build prisons; 5) fill the prisons with incompetent, low-level criminals - or with people who aren't guilty but who can't afford a good lawyer; 6) wage war.

Points 4, 5, and 6 vastly increase the size of our government.

By the same token, our legislatures were initially elected and peopled by our rich. The legislators pretty quickly became captives of monied interests.

As a trivial example, it was reportedly illegal for citizens to own clocks in Central Falls and Pawtucket, Rhode Island, because the textile mill owners didn't want citizens to know that they were paid for less time than they actually worked.

Pawtucket is the seat of the US textile industry, created by one Samuel Slater who memorized plans and techniques for building and running British-style mills - in violation of the laws of his homeland.

Tea Partiers

Marc, Haven't you noticed that the TP has been boosted by extremely favorable - and inaccurate - coverage by Fox?

Haven't you noticed that the hysterical opposition to Obama is very likely based in part on racism?

Haven't you noticed that much of the TP's opposition to health insurance reform is based on misunderstanding, ignorance, and lies about the bills (death panels, Medicare isn't a government program, etc.)?

The Tea Party is at its base a mob.

I've never heard of a constructive mob.

Regards.

Phil

Phil-
Tea party.
Pretty sure the perception in 1773 was the same.

As far as Fox news? I find both CNN and Fox to be cartoons.
Best to you,
Marc

"Mike

Healthcare free at the point of need is also the hallmark of a civilised society.

Regards

Mick[/QUOTE]"


To be honest,I thought the hallmark of civilized society was the existence of clean water and sanitation.
MN

quote:

Originally posted by Marc Newman:

quote:

Originally posted by Mick Parry:
Marc

In the UK, most baby boomers have bloody good pensions, we have invested in property and we own hundreds of thousands of houses abroad. Someone told me that the Brits own a high percentage of properties in Florida. I myself have two properties in the UK, one in Spain and I am looking for one in France and I am not alone in that. I have one friend who has 41 houses scattered throughout Europe.

We have been lucky in that we have enjoyed fairly good economic growth over the last few decades and most of us are well contented and live well.

The youngsters coming up behind up us have it a lot tougher. Property is expensive and short term contracts at work are the order of the day.
This means that they are not going to have decent pensions unless they work until thier late sixties.

Fortunately most of them will aquire wealth when my lot die. Once the baby boomers are safely buried 6ft deep, the next generation will very quickly find themselves rather wealthy due to inheritance.

Is that the same in the USA.

Regards

Mick

The thought of waiting for someone to die to come into money or property,is no way to live ones life.
By the time the baby boomers(myself)die? We will be in our eighties and my children will be well established and secure. Any inheritance will be a second thought.

My take away is your statements on most baby boomers in the U.K. can not be substantiated with just words. I need to see some facts. Americans own European property. What percentage? I have no idea. My guess would be the French Canadians own far more property in Florida than the baby boomers from the U.K..
Most of the people I know who are vested have lost at least 50 percent of their pension.
In 2009 alone, I lost more money than I care to remember.
Real estate is a good buy now. I'm afraid we will not see the fruits of our labor for what we buy today in this lifetime. Even if you pay cash,the ability to turn a profit will be limited by the market,interest rates,and the ability to borrow money.
To be more specific.By the time I reap a profit that is measurable? I will be in my 70s. What the hell am I going to do with that money. Now,sure,if I plan to leave it for my children that is a different problem all together.

Pensions in the U.K.
Most Mick?
www.telegraph.co.uk/finance/co...is-first-Budget.html
Last paragraph sums it up.
MN

Mark

Nearly everything I have said was anecdotal. The Brits have an obsession with property and over the last ten years we have been buying up wads of foreign property, quite often to the annoyance of the locals. About fifteen years ago the Brits went into France buying up every shack going and then refurbished it. It became an industry in its own right and the French hated us for driving prices up. If you walk into any newsagent you will find rows of magazines on where to buy your next foreign property. The UK has an owner occupier rate much higher than most of Europe where renting is more normal. This is good by diverting wealth to the masses but the downside is that wealth is tied up in property and makes social mobility more difficult. It takes about six months to sell the average house and it is a total PITA.

Most baby boomers bought into shares and property well before the explosion and even now are showing good returns. You can walk into any good restaurant during lunch time and it is filled with senior citizens quaffing and enjoying themselves.

To be frank, we are a very lucky generation and anyone who has made making money a key objective, has had a relatively easy task.

Our children face a much more daunting task but the brighter ones can easily secure more high paid jobs where large bonuses can be invested for the future into equities etc. All three of my sons are on the property ladder but they are the exception rather than the rule.

I am surprised that large amounts of Americans are buying foreign property because most of them would be hard pushed to name ten other countries let alone show where they are positioned on the map.

Regards

Mick

quote:

Originally posted by GFFJ:
As ever the fearless Telegraph hits the nail firmly on the head. Thanks Marc!

ATB from George

PS: Mike and or Mick, would you care to comment on my post, which while it may not represent a majority view, certainly does represent the position of a significant section within the UK's various socio-economic strata?

George

If you want a good pension, you have to contribute to it, you don't get anything for nothing in this world.

We are all architechs of our own fortune and if you have a low paid job, you do something else. The UK was brimming with opportunities over the last twenty five years and that was when you should have done it. The reason why people flooded into the UK was because it was the land of plenty.

I am 61 and intend to retire later this year and yet I am still receiving offers of work that will carry me beyond the next couple of years. You get yourself into that position by marketing yourself as George plc demonstrating your value add to any prospective employer.

You seem to have a good knowledge of music and you certainly enjoy it so why not capitilise on it. You could possibly give music lessons and stash the earnings into a retirement pot. There are plenty of old fools like me eager to learn how to play and someone with your patience and temperment would be ideal.

I still think that making pension contributions should be a legal requirement. I see no reason why the state pension could not be doubled and funded by increased contributions. Poverty in old age must be a nightmare.

Regards

Mick

Mick

While some people do do what you claim they are doing, your use of the term "most" is only relevant to your specific group of colleagues.

I think "most" people in the UK would not understand what you are talking about.

You have to realise that "most" means "me and a couple of others I know". A seemly difficult concept for him to come to terms with.

Derek

Everything I have said has happened to hundreds of thousands of Brits, so why wouldn't they know what I am talking about.

Regards

Mick

quote:

Originally posted by Mick Parry:

quote:

Originally posted by Marc Newman:

quote:

Originally posted by Mick Parry:
Marc

In the UK, most baby boomers have bloody good pensions, we have invested in property and we own hundreds of thousands of houses abroad. Someone told me that the Brits own a high percentage of properties in Florida. I myself have two properties in the UK, one in Spain and I am looking for one in France and I am not alone in that. I have one friend who has 41 houses scattered throughout Europe.

We have been lucky in that we have enjoyed fairly good economic growth over the last few decades and most of us are well contented and live well.

The youngsters coming up behind up us have it a lot tougher. Property is expensive and short term contracts at work are the order of the day.
This means that they are not going to have decent pensions unless they work until thier late sixties.

Fortunately most of them will aquire wealth when my lot die. Once the baby boomers are safely buried 6ft deep, the next generation will very quickly find themselves rather wealthy due to inheritance.

Is that the same in the USA.

Regards

Mick

The thought of waiting for someone to die to come into money or property,is no way to live ones life.
By the time the baby boomers(myself)die? We will be in our eighties and my children will be well established and secure. Any inheritance will be a second thought.

My take away is your statements on most baby boomers in the U.K. can not be substantiated with just words. I need to see some facts. Americans own European property. What percentage? I have no idea. My guess would be the French Canadians own far more property in Florida than the baby boomers from the U.K..
Most of the people I know who are vested have lost at least 50 percent of their pension.
In 2009 alone, I lost more money than I care to remember.
Real estate is a good buy now. I'm afraid we will not see the fruits of our labor for what we buy today in this lifetime. Even if you pay cash,the ability to turn a profit will be limited by the market,interest rates,and the ability to borrow money.
To be more specific.By the time I reap a profit that is measurable? I will be in my 70s. What the hell am I going to do with that money. Now,sure,if I plan to leave it for my children that is a different problem all together.

Pensions in the U.K.
Most Mick?
www.telegraph.co.uk/finance/co...is-first-Budget.html
Last paragraph sums it up.
MN

Mark

Nearly everything I have said was anecdotal. The Brits have an obsession with property and over the last ten years we have been buying up wads of foreign property, quite often to the annoyance of the locals. About fifteen years ago the Brits went into France buying up every shack going and then refurbished it. It became an industry in its own right and the French hated us for driving prices up. If you walk into any newsagent you will find rows of magazines on where to buy your next foreign property. The UK has an owner occupier rate much higher than most of Europe where renting is more normal. This is good by diverting wealth to the masses but the downside is that wealth is tied up in property and makes social mobility more difficult. It takes about six months to sell the average house and it is a total PITA.

Most baby boomers bought into shares and property well before the explosion and even now are showing good returns. You can walk into any good restaurant during lunch time and it is filled with senior citizens quaffing and enjoying themselves.

To be frank, we are a very lucky generation and anyone who has made making money a key objective, has had a relatively easy task.

Our children face a much more daunting task but the brighter ones can easily secure more high paid jobs where large bonuses can be invested for the future into equities etc. All three of my sons are on the property ladder but they are the exception rather than the rule.

I am surprised that large amounts of Americans are buying foreign property because most of them would be hard pushed to name ten other countries let alone show where they are positioned on the map.

Regards

Mick

"I am surprised that large amounts of Americans are buying foreign property because most of them would be hard pushed to name ten other countries let alone show where they are positioned on the map."

I never suggested "Most",so,My thoughts are you did the research to confirm your thoughts?
If you did the research? Please offer the nums.
If you want to get into a "Bashing" contest? Say the word.



"Most baby boomers bought into shares and property well before the explosion and even now are showing good returns."

Have you researched this? Would love to see you confirm "most" and compare their initial investment to their return(within the last 2 years).


"All three of my sons are on the property ladder but they are the exception rather than the rule."

Now,I am confused.

MN

Dear Mick,

I simply do not anticipate retiring! I shall not be able to afford to, and will only stop if or when ill health intervenes. This may not be a universal response, but no way would I go groveling for state handouts!

If you read the post above you will see that at two significant junctures in my working life, I have been passed over because managers feared my ability. This is crucial for essentially employers like to hire someone who has made progress in work over a period.

Without this on the CV, the older you get the less they can perceive one's capabilities.

As you know [during thirteen years in one company which I worked my heart out for] I was passed over because it was vetoed by my line-manager who got the production director [board level] to intervene to prevent me going from machine operator to QA middle management in one go - because I was too valuable to production! Had I gone to management level at that time, I would certainly have made good subsequent progress. Contrary to your notion that stepping into a good opportunity "straight out the gutter" is as easy as simply applying, my experience is that this is simply misguided for very many workers in the UK. Having to face one's progress being stymied by internal politics makes things even harder.

Let's just for the record relay the first major setback I faced in employed work. I was working for a farmers' co-operative that marketed potatoes. I was a line-manager. When the MD was on his honeymoon, I was for three weeks given the responsibility to do his job [in spite of not being the most senior person on the shop floor!]. This I did with such aplomb that when he came back all reports of my success, both in selling the produce [15% above the average for the three weeks according to PMB figures] and completely managing the growers in getting potatoes lifted and to the plant, the fact that we shorted no merchant with produce ...

The MD demoted me to labourer, changed the locks on the office, and made efforts to blacken my name, although I was much admired by the board. It hardly mattered as he was the MD, and I was by then a plain labourer.

Till I was nineteen I grew up as a farmer's son on a good farm in Herefordshire, and at one point for twelve months was the sole full time person working the farm. My father went bankrupt in 1980, having taken mine and my brother's not insignificant life savings into the business three months before defaulting on the rent. I had the confidence of the landlords up to that point. They wanted to ease my father [a rogue] out by substituting me on the tenancy, though it was never to be.

I then went self-employed with my brother [with sole business responsibility because my brother was still not eighteen], and we had a significant success in the potatoes grading business. Unfortunately I had no idea how much of a rogue my father was, and the weekly open cheque I gave him for diesel on the flat bed lorry I owned [and he was supposed to drive, transporting potatoes] was being cashed for £100 each week, and £10 0r £20's worth of diesel bought, and invoiced. Naturally the invoices did not tally with the cheques raised - discovered by my accountant when the VAT was tallied up. After three months the situation was ruin of course. I also ended up with a large personal liability for income tax with the IR, which cost me years of work to settle beyond the usual PAYE that was being paid as an employee ...

My personal experience is that it is not what you know, but whom. Unless one has parents who back you at the right moment, then nothing can fix the situation.

I imagine that you would be praising my go-ahead qualities had I ever got the tenancy on the farm or managed to not have my father in my nascent business venture! The reality of the business was that it was rather a success in spite of it, and I avoided bankruptcy in spite of thousands being fraudulently withdrawn by my father. £100 each week was lot of money in 1980!

You will see from this why my politics are grounded in conservatism, but you will also agree that I have a very clear incite into how success is not only to do with initiative and hard work. Bad luck can outgun these by a big margin, IME.

Once one is rebuffed enough times, then eventually one losses the will to fight, and take a line or least resistance. Keep in work rather than upsetting the status quo ...

Best wishes from George

PS: Teaching music used to bring me my pin money and no more. Musicians are among the poorest skilled workers in the UK even today.

quote:

Originally posted by Marc Newman:

quote:

Originally posted by Mick Parry:

quote:

Originally posted by Marc Newman:

quote:

Originally posted by Mick Parry:
Marc

In the UK, most baby boomers have bloody good pensions, we have invested in property and we own hundreds of thousands of houses abroad. Someone told me that the Brits own a high percentage of properties in Florida. I myself have two properties in the UK, one in Spain and I am looking for one in France and I am not alone in that. I have one friend who has 41 houses scattered throughout Europe.

We have been lucky in that we have enjoyed fairly good economic growth over the last few decades and most of us are well contented and live well.

The youngsters coming up behind up us have it a lot tougher. Property is expensive and short term contracts at work are the order of the day.
This means that they are not going to have decent pensions unless they work until thier late sixties.

Fortunately most of them will aquire wealth when my lot die. Once the baby boomers are safely buried 6ft deep, the next generation will very quickly find themselves rather wealthy due to inheritance.

Is that the same in the USA.

Regards

Mick

The thought of waiting for someone to die to come into money or property,is no way to live ones life.
By the time the baby boomers(myself)die? We will be in our eighties and my children will be well established and secure. Any inheritance will be a second thought.

My take away is your statements on most baby boomers in the U.K. can not be substantiated with just words. I need to see some facts. Americans own European property. What percentage? I have no idea. My guess would be the French Canadians own far more property in Florida than the baby boomers from the U.K..
Most of the people I know who are vested have lost at least 50 percent of their pension.
In 2009 alone, I lost more money than I care to remember.
Real estate is a good buy now. I'm afraid we will not see the fruits of our labor for what we buy today in this lifetime. Even if you pay cash,the ability to turn a profit will be limited by the market,interest rates,and the ability to borrow money.
To be more specific.By the time I reap a profit that is measurable? I will be in my 70s. What the hell am I going to do with that money. Now,sure,if I plan to leave it for my children that is a different problem all together.

Pensions in the U.K.
Most Mick?
www.telegraph.co.uk/finance/co...is-first-Budget.html
Last paragraph sums it up.
MN

Mark

Nearly everything I have said was anecdotal. The Brits have an obsession with property and over the last ten years we have been buying up wads of foreign property, quite often to the annoyance of the locals. About fifteen years ago the Brits went into France buying up every shack going and then refurbished it. It became an industry in its own right and the French hated us for driving prices up. If you walk into any newsagent you will find rows of magazines on where to buy your next foreign property. The UK has an owner occupier rate much higher than most of Europe where renting is more normal. This is good by diverting wealth to the masses but the downside is that wealth is tied up in property and makes social mobility more difficult. It takes about six months to sell the average house and it is a total PITA.

Most baby boomers bought into shares and property well before the explosion and even now are showing good returns. You can walk into any good restaurant during lunch time and it is filled with senior citizens quaffing and enjoying themselves.

To be frank, we are a very lucky generation and anyone who has made making money a key objective, has had a relatively easy task.

Our children face a much more daunting task but the brighter ones can easily secure more high paid jobs where large bonuses can be invested for the future into equities etc. All three of my sons are on the property ladder but they are the exception rather than the rule.

I am surprised that large amounts of Americans are buying foreign property because most of them would be hard pushed to name ten other countries let alone show where they are positioned on the map.

Regards

Mick

"I am surprised that large amounts of Americans are buying foreign property because most of them would be hard pushed to name ten other countries let alone show where they are positioned on the map."

I never suggested "Most",so,My thoughts are you did the research to confirm your thoughts?
If you did the research? Please offer the nums.
If you want to get into a "Bashing" contest? Say the word.



"Most baby boomers bought into shares and property well before the explosion and even now are showing good returns."

Have you researched this? Would love to see you confirm "most" and compare their initial investment to their return(within the last 2 years).


"All three of my sons are on the property ladder but they are the exception rather than the rule."

Now,I am confused.

MN

Marc

I said at the begining my statements were anecdotal and I have no wish to indulge in a bashing contest. However everything I said is obvious to any UK resident.

Baby boomers are targetted by any salesgroup because it is they who have the cash.

I have several contacts in the UK largest building society and nearly half of their funds are deposited by those between 55 and 65. That speaks for itself.

Most UK citizens will confirm (very tactfully) that Americans have a reputation of having a very limited knowledge of what happens outside of the American continent. When I was once in a Californian shopping mall, the assistant had never heard of the Canary Islands and when I told her it was a Spanish province, her manager asked if Spain was near the UK.

As regards tp your statement

"All three of my sons are on the property ladder but they are the exception rather than the rule."

Now,I am confused.

I am hoping you are joking.

Regards

Mick

George

How you play your boss is going to affect your career. If you play him correctly, you will advance.

Basically I am saying that honesty and hardwork alone are not enough attributes to climb up the old greasy pole.

For instance, did you ever take him out for dinner or take an interest in his hobbies?

Regards

Mick

The thought of licking anyone's donkey leaves me cold