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From: Denc 🗡
A salutary tale. My mate ( the Harrow one ) had a nice life, living here on about $400,000 a year , more or less gross = net. He lived quite high on the hog saving not a lot. ( born rich folk think it grows on trees. ) A few years back he developed a bone disease similar to osteoporosis. It affected his spine. It is now stable but it makes it difficult for him to work. He wanted to retire ( 63 ) and thought his 20% share in the company would provide his pension as it was for sale and seemed to have a buyer. Supposedly his 20%% was worth about $4 million which would have provided him with a tax free income of $300,000 or so which I am told you can scrape by on. Sadly the owners of the 80% of the business have screwed him over. Anything he has is going to the lawyers fighting his case and he no longer has a job. He is unlikely to get anything or $1 million at most. 63 he has no money, no job, still has a mortgage and he is not very fit. Lessons: always put a bit by, be self sufficient and independent Edited on 17/08/2026 at 18:03:15.

Current Thread	Author	Time
A salutary tale. My mate ( the Harrow one ) had a nice life, living here on about ... [more]	Denc 🗡	18:01:36
>> How does a 63 year old still have a mortgage ?	Free Thinking Doggie	18:35:14
>> OK that's a choice but I wouldn't want to have a huge dept at that age.	Free Thinking Doggie	18:41:27
>> Indeed	Denc 🗡	18:53:48
>> Since 1975 I only bought houses for cash. And cars. Neither quite as good ... [more]	Denc 🗡	18:56:55
>> Lotta folk have got very used to low interest rates.	JonH🍕	19:11:20
>> Yeah, imagine the late 70s early 80s , 15% at times	Denc 🗡	19:19:02
>> Think anything close to 10% now would wreak havoc. High interest rates ... [more]	JonH🍕	19:35:52
>> Paid cash for my Nice place in 2003.	Free Thinking Doggie	19:05:37
>> I think i gave up asking how much	LP12	19:46:37
>> I remember sending him examples of flats at about £35_40 grand	Denc 🗡	20:24:03
>> They were cheap then so you did well.	Denc 🗡	19:10:16
>> Mates who started a finance co same time as we started CSY, lived in a ... [more]	Denc 🗡	19:04:46
>> I bought the first CSY house for £87,000. I spent about $120,000 ... [more]	Denc 🗡	19:09:41
>> Legend	JonH🍕	19:11:50
>> It’s really fairly simple stuff. People are greedy though. Want the ... [more]	Denc 🗡	19:15:09
>> As far as I recall I have bought only two new cars in my life, the ... [more]	Denc 🗡	19:17:32
>> When I started CSY I arranged a £30,000 overdraft facility. I ... [more]	Denc 🗡	19:22:55
>> To be fair he does have 1million, plus a house to sell, and can start doing ... [more]	LP12	18:24:54

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