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When is enough enough?

Religion and Philosophy
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Dod101
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When is enough enough?

#416547

Postby Dod101 » June 1st, 2021, 11:19 am

In the absence of any other Board I will use this one to comment on what I said on a financial Board.

There must come a time for us greybeards who continue to top up investment holdings with spare capital, usually derived I think from dividends which are surplus to requirements, to desist from this practice. I have never really done much topping up anyway as I am solely dependent on my dividends for day to day living but these days I more or less have surplus income and find myself giving more than I used to to charity (even if often that charity happens to a grandchild's birthday.) I can see no point in continuing to save if the cash reserves are deemed to be adequate and there is sufficient cash around for any major capital item which may be needed. Obviously kitchen appliances come to mind and maybe a replacement vehicle or major repair.

If we have all got through the 2008 crisis and then the 2020 Covid crisis we are presumably well enough funded for most emergencies. The question then arises in my mind, why would I need to keep buying more shares? After all, my estate will probably just have to pay more IHT and meanwhile my grandchildren could do with some help occasionally and certainly charities especially at the moment need as much help as they can get.
I do not want my name in lights and for all I give that will not happen but I like the personal satisfaction of giving money when I can afford it to various medical charities that are appropriate to me and my family.

What do others think?

Dod

Dod101
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Re: When is enough enough?

#416557

Postby Dod101 » June 1st, 2021, 11:55 am

ReallyVeryFoolish wrote:A very thoughtful and thought provoking post. Me and Mrs RVF have similar thoughts and we have jointly agreed that we are not increasing the amount of money we have invested. In fact we have recently decided to give away a fair six figure sum to those who need it now rather than when we are dead. It won't affect our lifestyle whatsoever, but it will make a big difference to the recipients.

RVF


Good for you. I think that sort of thing needs to be encouraged for those of us who can afford it. I know very well that we Brits do not like talking about money or charity givings and I am certainly not trying to suggest that those who do give money away are any better than anyone else, but it does strike me from some posts, that maybe unthinkingly, some just continue to accumulate for the sake of it. Neither am I suggesting that they are wrong because everyone's circumstances are different.

Dod

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Re: When is enough enough?

#416560

Postby supremetwo » June 1st, 2021, 12:04 pm

Dod101 wrote:In the absence of any other Board I will use this one to comment on what I said on a financial Board.

There must come a time for us greybeards who continue to top up investment holdings with spare capital, usually derived I think from dividends which are surplus to requirements, to desist from this practice. I have never really done much topping up anyway as I am solely dependent on my dividends for day to day living but these days I more or less have surplus income and find myself giving more than I used to to charity (even if often that charity happens to a grandchild's birthday.) I can see no point in continuing to save if the cash reserves are deemed to be adequate and there is sufficient cash around for any major capital item which may be needed. Obviously kitchen appliances come to mind and maybe a replacement vehicle or major repair.

If we have all got through the 2008 crisis and then the 2020 Covid crisis we are presumably well enough funded for most emergencies. The question then arises in my mind, why would I need to keep buying more shares? After all, my estate will probably just have to pay more IHT and meanwhile my grandchildren could do with some help occasionally and certainly charities especially at the moment need as much help as they can get.
I do not want my name in lights and for all I give that will not happen but I like the personal satisfaction of giving money when I can afford it to various medical charities that are appropriate to me and my family.

What do others think?

Dod

Gift to grandchildren's ISAs as much as you wish. Their income and gains will then be tax free and you just need to survive 7 years to escape IHT.

A married couple can each gift £3000 pa outside the 7 year IHT rules or gifts out of income.

There is also an option for grand-children under 18 of your opening a designated bare trust investment account, which you can run for them.
https://www.youinvest.co.uk/useful-form ... ation-form

AsleepInYorkshire
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Re: When is enough enough?

#416569

Postby AsleepInYorkshire » June 1st, 2021, 12:56 pm

Dod101 wrote:In the absence of any other Board I will use this one to comment on what I said on a financial Board.

There must come a time for us greybeards who continue to top up investment holdings with spare capital, usually derived I think from dividends which are surplus to requirements, to desist from this practice. I have never really done much topping up anyway as I am solely dependent on my dividends for day to day living but these days I more or less have surplus income and find myself giving more than I used to to charity (even if often that charity happens to a grandchild's birthday.) I can see no point in continuing to save if the cash reserves are deemed to be adequate and there is sufficient cash around for any major capital item which may be needed. Obviously kitchen appliances come to mind and maybe a replacement vehicle or major repair.

If we have all got through the 2008 crisis and then the 2020 Covid crisis we are presumably well enough funded for most emergencies. The question then arises in my mind, why would I need to keep buying more shares? After all, my estate will probably just have to pay more IHT and meanwhile my grandchildren could do with some help occasionally and certainly charities especially at the moment need as much help as they can get.
I do not want my name in lights and for all I give that will not happen but I like the personal satisfaction of giving money when I can afford it to various medical charities that are appropriate to me and my family.

What do others think?

Dod

Dod,

We need a new kitchen, utility and back garden. We can't afford them right now as we've made the decision to direct funds towards "pensions" and our daughter who's 14. We've also managed to book a little family holiday in Tenerife. We're currently committed to saving in one form or another about £3.8K per month. And it's hurting. But it's a good pain :lol:

I would sooner know that my daughter has a good start in life than I have a good end. But fortunately I don't have to make that decision as we are both in work and all we have to give up is a few luxuries.

I'd suggest that you consider your family or one or two very close friends and see if you can help them? I tend to think that helping grandchildren through donations to ISA's can often be a great way of helping. However, helping Mum & Dad with help to buy a new child's bike for Xmas could also help.

As you're aware my Mum's got stage 4 cancer and cure is no longer an option. We've had another chat at the weekend about what happens when she does leave us. She's looking after her grandchildren, albeit 20 years down the line. I don't need any help financially and I certainly wouldn't want to put a kitchen before my daughters needs. My only sibling sister has no concept of the brevity of money. So Mum's skipped a generation. And rightly so.

Good luck in whatever you decide and I hope it brings you some joy too

Take care

AiY

mc2fool
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Re: When is enough enough?

#416571

Postby mc2fool » June 1st, 2021, 1:06 pm

"He who knows he has enough is rich". Lao Tzu

scrumpyjack
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Re: When is enough enough?

#416574

Postby scrumpyjack » June 1st, 2021, 1:35 pm

mc2fool wrote:"He who knows he has enough is rich". Lao Tzu


But the ultra rich got that away because whatever they have is not enough, or because they are interested in other things, not the money itself, and the money is a by product of their success.

Everything is relative and most people in this country are rich beyond the wildest dreams of the peasant in an undeveloped country.

Health is so much more important than any amount of money, but many only realise that when they or their family suffer from catastrophic bad health.

Personally I have far more than I will ever need and so have given a lot to grandchildren, but not too much which can be bad for them. I have given significant support to some charities but many are so incredibly wasteful, spending it on high salaries and city centre offices rather than the job they are meant to be doing. So I prefer to give to small charities run by volunteers.

But it is difficult to change the habits of a lifetime and make some objective assessment of when you will die, how much you need til then etc etc. That takes a very negative frame of mind. Given how wasteful most of the big charities are I am not that bothered if my estate ends up paying a big IHT bill.

mc2fool
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Re: When is enough enough?

#416577

Postby mc2fool » June 1st, 2021, 1:45 pm

scrumpyjack wrote:
mc2fool wrote:"He who knows he has enough is rich". Lao Tzu


But the ultra rich got that away because whatever they have is not enough, or because they are interested in other things, not the money itself, and the money is a by product of their success.

Everything is relative and most people in this country are rich beyond the wildest dreams of the peasant in an undeveloped country.

I don't think Lao Tzu meant it as a purely quantitative statement. :)


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