ozzieeagle

Great post. There are some flaws in your argument re mending gadgets though, most of the time it's actually cheaper to replace.. It is almost certainly beneficial for everyone to go out and buy a laptop and discard their desktop at present, because if you pay circa 400-500 bucks on that Laptop, it will pay for itself in 18/24 months just on electricity savings. Assuming you leave yours on 24/7 for torrent reasons, like myself. Same applies to Cathode Ray TV v LED/LCD's TV's....Plus if one has a salary packaging benefit then it certainly pays to buy things on credit.

In these days of 50months interest free credit, it pays to look for bargains and hugely cut prices rather than saving.... as you may end up paying more than you need to when you've reached your savings goal. Shouldn't be saving anything if one has a mortgage...The funds should all be aimed at that.

Personally I tend to buy as many electronic/white goods as possible in one hit every 12 to 15 years or so... that way you get massive bargaining power....

Biggest waste of money in any family household budget, is the car IMO. I tend to own mine for well over 10 years before replacing them. It does mean driving around in rubbish cars though lol. I'm fairly determined that the next new car I buy... If I ever buy a new vehicle again, will be electric.

Zen10

True to a certain degree and certainly for now, but don't dismiss the Chinese attempts to build its own consumer base. I'm quite negative about China all in all, but its attempt to create a middle class is impressive.

Zen10

I was brought up to save first and buy later and I do this now decades later and so will my children. It hurts to have to get a mortgage, but houses have been inflated to such a point that saving for one in advance is now impossible, which is kind of the point if you look at it from a bank's perspective! I saved 75% of my income (we lived on my wife's salary) for four years and we could afford to put down 10% of a house! So in this respect we either rented or were forced to borrow - saving and owning outright was not an option. And it still isn't. We rent now but will have to borrow when we decide to buy.

Amazulu

So true. If I can't fix it myself (which I often can) then it's a new one.

commonwealth

tis called the armageddon scenario. but where would you rather be in when it happens?

carolinephillips

By mending, I wasn't just talking about gadgets, but also clothing, and other items. Learn to sew so you can darn your socks, or turn towels into face cloths/ hand towels, or repair that torn sheet or broken zip. Pass on your clothing that is too small. Turn jeans into shorts when the knees wear out, or make a bag out of them. Don't pay someone to take up your trousers- do it yourself.

etc.....

Zen10

Australia is one of the best places to be in my view for the reasons I have already written. My current focus is on the EZ, and what happens next. With 25% unemployment in Spain it won't take long before the brighter ones start moving into northern European states looking for work - as they have the right to do.

I notice London has already raised the subject of the emergency clause that allows them to suspend the EU agreements that allow free movement of EU citizens to all states.

oasisinau

Britain's debt fuelled binge of the last few decades created the illusion of wealth.[/QUOTE]

Actually I read it was the squandering of the North Sea Oil by all governments since the early 80's which has led to their downfall. If the revenue was not put into general revenue there would be a 4500B sovereign fund that would have stood the UK in very good stead for years.
This money led to unbridled expenditure which has to be reigned in now, which means public service, benefits, immigration and others have to be curtailed. Simple maths - about 25 yrs of oil income = 180B a year which is coming to a close.

chris955

Right where I am now than you

Amazulu

Norway saved their share and now have a massive sovereign wealth fund
UK spent their share on the welfare state and now has a mountain of debt

There's a lesson in there somewhere

Ballys

Not forgetting tax cuts.
http://www.guardian.co.uk/business/e...nue-squandered

Amazulu

Australia should have a SWF (using the mining tax) but Gillard has quashed the idea as she would rather use it to prop up the rust-belt states on the east coast (where all the voters are). WA is starting its own.

Superannuation has many faults, but now Australia has in excess of $1.3 trillion (which is only going to get bigger) for its ageing population.

Zen10

And remember the wages in the industry Norway would have been taxed more highly so more money coming back to the state. As we now know, paying income tax in Britain is regarded as optional by many at the top, and who knows how much we lost this way.

Ballys

I reckon it ended up here

http://business.mega.mu/2012/07/24/d...en-tax-havens/

Zen10

I saw this the other day - shocking, but it explains a few things!