Do they get paid for doing the show. Imagine showing the entire country how bad you are with money. Two good jobs, and they don't even have savings to pay for a holiday, never mind a car or house.
An inlaw of mine has been invited to a wedding in Italy. In the middle of nowhere. And she can't stay at the venue. The husband is refusing to go because of the costs and loss of work days. Two flights, rent a car, pay for accommodation, wedding present, and back to Ireland again. Crazy idea to have weddings abroad in a difficult to get to location putting crazy costs on guests. And all for a one or two night getaway. Best friends daughter.
That is awful. I wonder how common it is?
surely people are free to get married wherever they want, if anything it helps thin out the crowd coming so you get people who really want to be there as opposed to people coming because they think they should.
Of course they are free to do so, but if the destination is so important it would be more reasonable to just elope and have a party at home. Sure you might drop a few people who don't want to attend, but you're also dropping the people who can't make it because they don't have the time or money to dedicate to such a junket.
Fair enough if it's being held abroad because the bride or groom is from there, but otherwise, it seems a bit cheeky at times and thoughtless to guests.
My policy is to never go to a wedding I can reasonably get out of.
My policy is to never go to a wedding I can reasonably get out of.
Not quite people looking down on others, but it a regular occurrence that I talk with people who earn very good incomes but have no assets outside of their family home and the mandatory pension scheme that they are in. From the outside they are wealthy but they have nothing else. They are wholly reliant on an ability to earn even as they near retirement age.
The Americans calls it all hat, no cattle. We are a bit cruder with Fur coat, no knickers
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
I'd agree, I thought he was personable, reasonable, fair and knowledgeable on A Crowded House. He delivered some difficult messages without coming across as being judgemental and treated the finances of 18 year olds with the same professional and courteous approach as those of more bankable individuals or couples.I like these types of programmes. As well as addressing finances for the participants, they also help with life choices and priorities. Buy or rent / going back to college / expensive child care or full time mum etc.
Sometimes people can't see the woods for the trees, and an outsider can help. No doubt many of the viewers will pick up some tips too. Eoin was good in A Crowded House. It's not just about spending diaries, he had lots of knowledge and advice on grants, financial services, credit history.
Even if this type of show seems like Same Old Same Old info to some people, especially older financially savvy people - there will be plenty of people for whom this info is either new, or newly relevant.
Operation Transformation starts again this week too. It's not just about eat less, exercise more. Maybe some people also think this is a Rinse and Repeat type show. But it changes health, fitness and life expectancy for people who make the decision to engage with it each year.
Steven
what assets do you think people like that should have? and at what stage should they have them?
It's not just about the assets, it's the mindset. Wealthy people lead frugal lifestyles; spending less than they earn and saving the rest. They are used to not having to earn lots of money to live because they've been living on less than they bring in for most of their working life. The money that is saved, can be invested in pensions, equities, property (if that's their thing), cash.
A lot of high earners feel that their lifestyle has to reflect their high paying occupation. They are then reliant on their high salary and need to bring in that level of income to continue to enjoy their lifestyle. I have yet to meet someone who earns a high salary but doesn't work for it. As they get older, it gets harder but they have to keep on working to maintain that level of income.
Then there's the kids. They too grow up in a consumption lifestyle and get used to having everything. But they may not be as successful as their parents. But after being brought up in a consumption household, they still want things so who do they go to when they want something they can't afford? More pressure to continue to earn because now they have to fund their adult children too.
It's not just what kind of assets should I have. Do you have the mindset to be wealthy? Spend less than you earn, not keeping up with the Joneses, setting budgets, keeping plans up to date, using capital markets to grow your wealth. If you work on all of these, you will achieve financial independence.
Steven
[broken link removed]
Steven never said you shouldn't spend money for enjoyment so that's not really a point that needs to be countered.thanks i get all of that, i suppose what i would counter against it, generally the more you earn, the more stress is in involved, and if spending some of the money gives you some sort of enjoyment then you should do it.
also, you cant take it with you, so you have to temper the desire to be wealthy into your old age with enjoying it while you can!
Steven never said you shouldn't spend money for enjoyment so that's not really a point that needs to be countered.
Also, you can of course enjoy yourself without spending money.
thanks i get all of that, i suppose what i would counter against it, generally the more you earn, the more stress is in involved, and if spending some of the money gives you some sort of enjoyment then you should do it.
also, you cant take it with you, so you have to temper the desire to be wealthy into your old age with enjoying it while you can!
also, you cant take it with you, so you have to temper the desire to be wealthy into your old age with enjoying it while you can!
I was talking about where people spend all of what they earn and don't save any of it. I never said anything about spending some of your money. When I work with clients, I always ask them what brings them enjoyment and I don't question their spending money on these things (unless it's something they clearly can't afford).
No, you can't. But unless you are unlucky, you will live until c. 80 years of age. If you accumulate wealth, you can stop working earlier and enjoy retirement. Instead of continuing to work because you have no savings.
I'm not advocating living like a hermit and not enjoying life, but be sensible about things. If you are a high earner, you should be putting money away each month for the future, not blowing it all on an expensive lifestyle that will come to an end when you stop working.
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
Speaking of the next generations wealth creating machine.....
A friend of mine, who has no children, went with his wife to a solicitor to make their wills. The solicitor asked if they have any children or dependants. When he answered in the negative, the solicitor said, "well, if you give it to anyone else, a lot of it will be gobbled up in inheritance tax, so my advice to you is spend, spend, spend".
A bit tongue in cheek, but there's a grain of truth in it.
Personally, I have always spent less than I earn, when I was earning £40 a week (£37 after tax) to when I was earning €70k a year. It's a mindset I got into and I never felt hard done by. I think that is the (open) secret, it's the mindset that's key. Without that, you end up on programs like the one we're talking about.
We have been frugal enough during our life allowing us to retire in our mid 50's. Neither of us smoke and drink lightly. We have a decent amount of money in the bank, shares, prize bonds and tied up in our house.also, you cant take it with you, so you have to temper the desire to be wealthy into your old age with enjoying it while you can!
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