Prepping for the next finacial crash?

[Wood cutter]

You may sell your opinion for a living, but please, do not treat us as your clients. On this forum, your opinion is but one of many so impose less and think more, otherwise you'll be mistaken for opinionated

Oh yes, I'm nothing if not opinionated.

I know I can come across as a bit of an arse, but my intention is genuinely to be helpful. I wouldn't dream of acting the 'know it all' in the vast majority of threads on this forum as I appreciate their are much more knowledgeable members here. However, in threads which are finance related, I don't think I can help myself.

I think you'd actually be surprised at how similar I am to most of the members on here. I'm just a 40 year old guy who sold up his main business interest a few years ago, and now concentrates on offering consultancy from home in order to spend as much time as possible with my young family. I've never had a 'proper job', and have spent my working life making sure I can be my own man, living on my terms. I actually started my first business with the sole intention of using the profits to support myself whilst I put myself through Uni. I've worked for myself ever since. I may not be a prepper as a lot of you guys would describe it, but I am self sufficient.

Anyway, apologies for offence caused. It would seem that this forum probably isn't for me.

[jansman]

Ah,so if we are not successful we are lazy then? After working hard all my life,being mis sold a mortgage, and pension,I quickly realised that those in the right place at the right time were the financial parasites.It came to pass in 2008 again.Many folks have never recovered from that,myself included.

I think you know I didn't mean that anyone without a huge fortune is obviously lazy. Obviously it's perfectly possible to work hard for an entire lifetime and end up with very little.

One thing that jumped out at me in your post was that you seem to blame external factors for what you see as a lack of success. It's well documented that the most successful people tend to take responsibility for every single aspect of their life, and 'own' any problems, rather than using them as an excuse. As an example, what you describe as being mis-sold a mortgage, could also be described as you buying the wrong mortgage. Equally, convincing yourself (and others) that anyone more successful is obviously a financial parasite is doing you no good, it's just giving you an easy way to justify any lack of success in your own mind.

Sorry for the psychoanalysis, but as a consultant who essentially makes a living from telling business owners how to make more money, I have a lot of experience (and am very well read) in such matters. I hope you find the above useful.

Ha ha! Actually I don’t consider myself unsuccessful by any stretch. I should have been a little clearer. In spite of crap financial purchases ( in the 1980’s) when you were a mere lad as it seems. Back then the financial market was like the Wild West- full of cowboys!

Anyhow, We paid the house off 8 years early (cash) , and we are somewhere near semi retirement, enabled by our semi self - sufficient lifestyle.

Humongous financial wealth is far from my grasp, along with many others. If you read and digest the information here at UKP you will see that self reliance takes many forms. Indeed, if there was a situation that caused supply lines to become fractured; a realistic situation, then no amount of cash will buy your dinner!

We are all different in our needs and aspirations. However, you seem not to recognise that. I also take issue that you say I blame external factors , for instance, being misold a mortgage is really not so- I bought the wrong mortgage! What crass, supercilious, pomposity! I could add an insulting expletive, but I am a moderator!

[itsybitsy]

Your bad, Jansman. Fancy buying the wrong mortgage. Hang your head in shame!

[pseudonym]

Your bad, Jansman. Fancy buying the wrong mortgage. Hang your head in shame!

Endowment mortgages... at the time best thing since sliced bread.

Got 2 years left on mine.

[Deeps]

When I got my first mortgage with the artist formerly known as Mrs Deeps I had to stick to my guns for a repayment mortgage, there was a real hard sell on the endowments. Wish I'd saved myself the hassle, a year later I signed it over to the ex. I wish I had more sense when it came to women than I did with mortgages

Edited to add, I've never had an endowment mortgage, either repayment or interest only for some rental properties which will eventually be repayment.

[jansman]

Your bad, Jansman. Fancy buying the wrong mortgage. Hang your head in shame!

Endowment mortgages... at the time best thing since sliced bread.

Got 2 years left on mine.

Couldn't lose! It was so good that we were offered nothing else, " we would be idiots not to take it" was the claim.14 years later we got the 'traffic light' letters,and ours was RED! Out of a 35,000 loan we were going to have to find another 29,000 quid!

Upon complaint to the ( then) FSA, they could find "no wrongdoing,although your transcript of the conversation with the salesperson is very plausible." I will never forget that line in the f###- off letter! I then asked how much commission was paid for selling me that product above others.I was told that " as it was pre- 1993 they did not have to disclose that information. "

And still,despite regulation after regulation the financial " industry" continues to find new ways to fleece us poor buggers into buying the wrong product. Sorry,I forgot wood cutter told me ," I should ' own ' these problems" not blame someone for turning me over!

As my late Father used to say," The legal profession and the money men,are the sharks that swim on the surface of society."

[xplosiv1]

I got my second mortgage there three years ago ..... I knew something was wrong with what they were charging us in relation to fees but missus xplosiv said it all looked good to her .... I also had a mortgage broker look at it (same guy i used for my first mortgage) he said it was all good. after that I let it go, then a few weeks ago I get a letter from the bank saying they were reviewing their records and it turned out they over charged me £4K ..... suffice to say I had that back in my account within a few days with 8% interest per year.

I knew I was right, I should have never let it go, but I never thought I'd be thanking a bank for pointing out their own mistake.

[jansman]

Interesting this...xplosiv1 ,even with heavy duty regulations, STILL got stung.OK,its turned out well - but it is still happening! The 2008 crash came as a result of sub prime lending,bundling the crap loans into derivatives, and selling them on as ' investment' products. No wonder that when the economy slumped,hurting ordinary folks,the money men were labelled' Banksters'. As you can probably deduce,I have a really low opinion of the financial sector.

They are at it again though,as it appears that the recent boom in car sales has been fuelled by a form of sub prime lending again.Especially with the latest ' product' PCP,Personal Contract Plans...so I read.

The problem is though,as 2008 showed,the economy relies on debt,and the banks.They got their metaphorical fingers caught in the till,said " it won't happen again Guv.",and government around the world bunged them even more money to keep 'em going!

I reckon that sent the message that they are untouchable. We shall see.

[jansman]

Here's an interesting link.After nine years, it is still not clear how much it cost the taxpayer in the UK. Lies,damned lies and statistics!
http://thefinanser.com/2011/08/how-much ... yers.html/

[itsybitsy]

Your bad, Jansman. Fancy buying the wrong mortgage. Hang your head in shame!

Endowment mortgages... at the time best thing since sliced bread.

Got 2 years left on mine.

Yep, I remember them, having had one myself many moons ago. Clearly I was stupid too and 'bought the wrong mortgage'. Nothing to do with endemic mis-selling by greedy financiers whose only priority is to get their snout as far in the money trough as humanly possible and line their own pockets at the expense of their clients. Nope, just us stupid consumers...