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Increasing your Net Worth

Think it, Plan it, Do it
SalvorHardin
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Re: Increasing your Net Worth

#455184

Postby SalvorHardin » November 2nd, 2021, 4:47 pm

Best financial decision: Acquiring the savings habit at an early age. Without the discipline to avoid spending everything that you earn, it becomes difficult to ever have sufficient money to invest.

Best investment decision: Going heavily into small oil explorers in the early 2000s, a time when the sector was poised to take off (sadly never to be repeated, I suspect)

Tracking: Excel for listing and valuing all assets.

Microsoft Money for recording all payments and receipts into bank and brokerage accounts.

Charlottesquare
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Re: Increasing your Net Worth

#455938

Postby Charlottesquare » November 5th, 2021, 5:12 pm

Source of funds-Taking time in my late teens early 20s to pick up a couple of bits of paper from a couple of universities.

Drain on funds- Having two children in my thirties and my wife subsequently retiring as a stockmarket quant analyst.

I once calculated if we had both continued in our careers with no children we would have been mortgage free before 40 and retired before 50, still, kids are even now pretty good fun (albeit I now seem to buy far more wine than I get to drink)

Adamski
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Re: Increasing your Net Worth

#456008

Postby Adamski » November 6th, 2021, 8:59 am

Starting pensions as early as you can and starting home ownership as early as can. Slow and steady has been my way. Myself and others over 50 lucky with house prices, would say more difficult now, unless get help from bank of mum and dad.

richlist
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Re: Increasing your Net Worth

#456547

Postby richlist » November 8th, 2021, 2:35 pm

Adamski wrote: Myself and others over 50 lucky with house prices, would say more difficult now, unless get help from bank of mum and dad.


Im over 50 and totally disagree. My mortgage payments were made at around 11%......I built a house with an overdraft at 15%......we didn't have access to the cheap loans available today or the bank of mum & dad.

scrumpyjack
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Re: Increasing your Net Worth

#456548

Postby scrumpyjack » November 8th, 2021, 2:46 pm

richlist wrote:
Adamski wrote: Myself and others over 50 lucky with house prices, would say more difficult now, unless get help from bank of mum and dad.


Im over 50 and totally disagree. My mortgage payments were made at around 11%......I built a house with an overdraft at 15%......we didn't have access to the cheap loans available today or the bank of mum & dad.


I bought my first house then also (1971). But the difference is that then high inflation rapidly brought down the real value of the mortgage and the cost as a % of salary. The 11% or 15% interest cost was in reality paying back capital because that interest rate reflected inflation. Since inflation was reduced to 2% or 3% the real burden of the mortgage hits the buyer over most of their working life.

However it looks like higher inflation is coming back! Plus ca change?

dealtn
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Re: Increasing your Net Worth

#456575

Postby dealtn » November 8th, 2021, 4:01 pm

scrumpyjack wrote:
richlist wrote:
Adamski wrote: Myself and others over 50 lucky with house prices, would say more difficult now, unless get help from bank of mum and dad.


Im over 50 and totally disagree. My mortgage payments were made at around 11%......I built a house with an overdraft at 15%......we didn't have access to the cheap loans available today or the bank of mum & dad.


I bought my first house then also (1971). But the difference is that then high inflation rapidly brought down the real value of the mortgage and the cost as a % of salary. The 11% or 15% interest cost was in reality paying back capital because that interest rate reflected inflation. Since inflation was reduced to 2% or 3% the real burden of the mortgage hits the buyer over most of their working life.

However it looks like higher inflation is coming back! Plus ca change?


Real interest rates are negative at the moment. That's not a normal state of affairs. All else the same mortgage affordability is better with low, or negative, interest rates. Those same extremely low rates, however, have meant asset pricing has been driven significantly higher. Easier to service the loan, but more expensive to buy the house.

katie
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Re: Increasing your Net Worth

#462261

Postby katie » December 1st, 2021, 9:35 am

I think there are many apps there in the market to boost your net worth. However, I would personally recommend Nova Money as I have been using it for a while now. It just alerts me when I have spending too much and it helps a lot in improving my financial habits. Plus the app has an academy section which consists of useful tutorials.


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