Are the Ozzy's really that stupid to rely on credit just to live daily?
Jul 15th 2009, 10:20 pm
#61
Joined: Nov 2008
Posts: 1,144
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
My dad saved all his life, he did lots but was always squirrelling his money away for us and for him to enjoy. He kept himself fit. Had enduring powers of attorney and offshores etc - Got altzheimers - government bled him dry and he got paranoid and burnt lots of certificates so we couldnt find them (or rather honor blackman who had an imaginary relationship with couldnt embezzle him).
I managed to save a little of his savings by sailing a bit close to the wind but essentially he lost most of it
I wish he had just spent the lot on hookers.
Viv
I managed to save a little of his savings by sailing a bit close to the wind but essentially he lost most of it
I wish he had just spent the lot on hookers.
Viv
Jul 15th 2009, 11:37 pm
#62
Banned
Joined: Apr 2009
Posts: 1,054
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
Britons tacking into the wind:
Debt Facts and Figures - Compiled 1st August 2008
Savings: The Yorkshire Building Society have estimated that the average Briton’s savings would only last 52 days if they were unable to work and that 36% of Britons would only last 11 days.
http://www.creditaction.org.uk/asset...ugust-2008.pdf
The original doc:
http://yorkshirebuildingsociety.co.u...rch_Report.doc
Debt Facts and Figures - Compiled 1st August 2008
Savings: The Yorkshire Building Society have estimated that the average Briton’s savings would only last 52 days if they were unable to work and that 36% of Britons would only last 11 days.
http://www.creditaction.org.uk/asset...ugust-2008.pdf
The original doc:
http://yorkshirebuildingsociety.co.u...rch_Report.doc
Last edited by WillBlack; Jul 15th 2009 at 11:45 pm.
Jul 16th 2009, 6:19 am
#63
BE Enthusiast
Joined: Sep 2008
Location: newbury
Posts: 943
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
Britons tacking into the wind:
Debt Facts and Figures - Compiled 1st August 2008
Savings: The Yorkshire Building Society have estimated that the average Briton’s savings would only last 52 days if they were unable to work and that 36% of Britons would only last 11 days.
http://www.creditaction.org.uk/asset...ugust-2008.pdf
The original doc:
http://yorkshirebuildingsociety.co.u...rch_Report.doc
Debt Facts and Figures - Compiled 1st August 2008
Savings: The Yorkshire Building Society have estimated that the average Briton’s savings would only last 52 days if they were unable to work and that 36% of Britons would only last 11 days.
http://www.creditaction.org.uk/asset...ugust-2008.pdf
The original doc:
http://yorkshirebuildingsociety.co.u...rch_Report.doc
Jul 16th 2009, 6:51 am
#65
BE Enthusiast
Joined: Dec 2008
Location: Western Australia
Posts: 758
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
Im an Aussie. I have around 3.5 months worth of living expenses saved specifically for emergency situations, on top of my normal savings etc.
I put away 5% of my net income every fortnight (and will continue to do so until death or thereabouts) specifically for this purpose.
I put away 5% of my net income every fortnight (and will continue to do so until death or thereabouts) specifically for this purpose.
Jul 16th 2009, 7:33 am
#66
Banned
Joined: Apr 2009
Posts: 1,054
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
So, why are so many so stupid? Why can't they be more like us clever clogs?
Say a 20 year old starts with no debts and a gross income of $60,000 per year (the average); what portion of gross income would he / she have to save so that at retirement at 65 years old a real return on assets of 2% per year yields $60,000 per year?
Answer: ~70%.
Say a 20 year old starts with no debts and a gross income of $60,000 per year (the average); what portion of gross income would he / she have to save so that at retirement at 65 years old a real return on assets of 2% per year yields $60,000 per year?
Answer: ~70%.
Code:
60,000 Age Int. Saved Savings 2% 69.55% 0 20 0 41,729 41,729 21 835 41,729 84,292 22 1,686 41,729 127,707 23 2,554 41,729 171,990 24 3,440 41,729 217,159 25 4,343 41,729 263,231 26 5,265 41,729 310,224 27 6,204 41,729 358,157 28 7,163 41,729 407,049 29 8,141 41,729 456,919 30 9,138 41,729 507,786 31 10,156 41,729 559,671 32 11,193 41,729 612,593 33 12,252 41,729 666,574 34 13,331 41,729 721,634 35 14,433 41,729 777,796 36 15,556 41,729 835,081 37 16,702 41,729 893,511 38 17,870 41,729 953,110 39 19,062 41,729 1,013,901 40 20,278 41,729 1,075,908 41 21,518 41,729 1,139,155 42 22,783 41,729 1,203,667 43 24,073 41,729 1,269,469 44 25,389 41,729 1,336,588 45 26,732 41,729 1,405,048 46 28,101 41,729 1,474,878 47 29,498 41,729 1,546,104 48 30,922 41,729 1,618,755 49 32,375 41,729 1,692,859 50 33,857 41,729 1,768,445 51 35,369 41,729 1,845,543 52 36,911 41,729 1,924,183 53 38,484 41,729 2,004,395 54 40,088 41,729 2,086,212 55 41,724 41,729 2,169,665 56 43,393 41,729 2,254,787 57 45,096 41,729 2,341,612 58 46,832 41,729 2,430,173 59 48,603 41,729 2,520,505 60 50,410 41,729 2,612,644 61 52,253 41,729 2,706,626 62 54,133 41,729 2,802,487 63 56,050 41,729 2,900,266 64 58,005 41,729 3,000,000 65 60,000 41,729 3,101,729
Jul 16th 2009, 7:59 am
#67
mmmmmm duff
Joined: May 2006
Location: Maudsland, Gold Coast, QLD
Posts: 1,629
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
So, why are so many so stupid? Why can't they be more like us clever clogs?
Say a 20 year old starts with no debts and a gross income of $60,000 per year (the average); what portion of gross income would he / she have to save so that at retirement at 65 years old a real return on assets of 2% per year yields $60,000 per year?
Answer: ~70%.
Say a 20 year old starts with no debts and a gross income of $60,000 per year (the average); what portion of gross income would he / she have to save so that at retirement at 65 years old a real return on assets of 2% per year yields $60,000 per year?
Answer: ~70%.
Jul 16th 2009, 8:05 am
#68
Banned
Joined: Apr 2009
Posts: 1,054
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
All number real; inflation removed.
Numbers with inflation would be illusionary as it gives no means of comparing value across time. To see the illusion, inflate interest and income in a spreadsheet.
Numbers with inflation would be illusionary as it gives no means of comparing value across time. To see the illusion, inflate interest and income in a spreadsheet.
Last edited by WillBlack; Jul 16th 2009 at 8:11 am.
Jul 16th 2009, 8:56 am
#69
Banned
Joined: Apr 2009
Posts: 1,054
Re: Are the Ozzy's really that stupid to rely on credit just to live daily?
What yield on investments would be neccessary for various savings rates to meet the goal of having 100% of gross working income as returns from investments, allowing 15% tax on investment income as in superannuation?
From the attached graph, if your investments yielded 6.5% real, you need only save 10% of gross income to have an investment income in retirement of 100% of gross working income. However, investments yielding 6.5% real are likely to be highly risky so achieving the goal might be more luck than good management.
From the attached graph, if your investments yielded 6.5% real, you need only save 10% of gross income to have an investment income in retirement of 100% of gross working income. However, investments yielding 6.5% real are likely to be highly risky so achieving the goal might be more luck than good management.
