Prepping for the next finacial crash?

How are you preparing
Wood cutter
Posts: 68
Joined: Tue Oct 03, 2017 10:25 am

Re: Prepping for the next finacial crash?

Post by Wood cutter »

Brambles wrote:
Wood cutter wrote:When I read about this in the general media, or on this forum, there seems to be a very strong bias simply towards preparing not to be a victim of such things. Reducing detrimental effects can only get you so far.

How many of you here are actively preparing to benefit from such a financial crash?
Do you think that you can spend so much time preparing not to be a victim, that you completely miss opportunities?

Personally, I'm pretty much crash proof, and have plans to further strengthen my position when the next crash occurs.
I think on a personal level the ability, maybe even need to insulate yourself against financial meltdown is worthwhile. However capitalising on opportunities is something I have little interest in, simply because to make a gain in such circumstances you need to be prepared to accept a certain amount of risk. Obviously you can, a lot of us either can't or won't. At the moment I'm happy having insulation, I don't have enough spare to afford to lose it if the risk backfires.
Oh yes, I completely agree with you. Any prep to insulate yourself from detrimental effects is a bonus. I was just wondering if anyone here was taking a more proactive approach to actually benefit from such a situation.

During the last housing price slump my in laws sold their main residence and bought 6 houses in a cheaper part of the country (south coast) and a canal boat. They'd wanted to give living on a boat a go, so took the opportunity without losing out financially. All 6 of the houses rent out for about a grand a month, and have all gone up by about 50 grand each. In the few years they've been retired / on permanent holiday they've had a monthly income of 5 or 6 grand, and their capital has increased by about 300K. This is pretty much risk free, and enabled them to try something they've wanted to do for a while, without any financial penalty.
jansman
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Joined: Thu Dec 30, 2010 7:16 pm

Re: Prepping for the next finacial crash?

Post by jansman »

Its all half chance to be fair.If you are in the right place,right time and all that.I never have been! :lol:
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

Covid 19: After that level of weirdness ,any situation is certainly possible.

Me.
Wood cutter
Posts: 68
Joined: Tue Oct 03, 2017 10:25 am

Re: Prepping for the next finacial crash?

Post by Wood cutter »

jansman wrote:Its all half chance to be fair.If you are in the right place,right time and all that.I never have been! :lol:
I can't remember who it's attributed to now, but there's a famous quote from someone really successful that says something like 'yes, most of my success has been down to luck. It's strange though, the harder I work the more lucky I become'.

The trick is knowing where to be, when, and what to do when you're there. Oh, and working bloody hard when you get there.
jansman
Posts: 13623
Joined: Thu Dec 30, 2010 7:16 pm

Re: Prepping for the next finacial crash?

Post by jansman »

Ah,so if we are not successful we are lazy then? After working hard all my life,being mis sold a mortgage, and pension,I quickly realised that those in the right place at the right time were the financial parasites.It came to pass in 2008 again.Many folks have never recovered from that,myself included.
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

Covid 19: After that level of weirdness ,any situation is certainly possible.

Me.
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Deeps
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Joined: Sun Nov 09, 2014 8:36 pm

Re: Prepping for the next finacial crash?

Post by Deeps »

Wood cutter wrote:
jansman wrote:Its all half chance to be fair.If you are in the right place,right time and all that.I never have been! :lol:
I can't remember who it's attributed to now, but there's a famous quote from someone really successful that says something like 'yes, most of my success has been down to luck. It's strange though, the harder I work the more lucky I become'.

The trick is knowing where to be, when, and what to do when you're there. Oh, and working bloody hard when you get there.
That might be the case if making loads of cash is your be all and end all. Our society is littered with people who have stumbled a few times before becoming rich and successful. Having the brass neck to disregard those who you have 'ripped off' with the failures before the success might be a bit much for some, me included. Taking it one step further, a lot of the great philanthropists screwed a lot of people over before drawing plaudits for their good deeds. I'm not claiming any Zen like 'goodness' on my part, although I wouldn't want to screw anyone over, its more a lazy/pussy thing with me.
Wood cutter
Posts: 68
Joined: Tue Oct 03, 2017 10:25 am

Re: Prepping for the next finacial crash?

Post by Wood cutter »

jansman wrote:Ah,so if we are not successful we are lazy then? After working hard all my life,being mis sold a mortgage, and pension,I quickly realised that those in the right place at the right time were the financial parasites.It came to pass in 2008 again.Many folks have never recovered from that,myself included.
I think you know I didn't mean that anyone without a huge fortune is obviously lazy. Obviously it's perfectly possible to work hard for an entire lifetime and end up with very little.

One thing that jumped out at me in your post was that you seem to blame external factors for what you see as a lack of success. It's well documented that the most successful people tend to take responsibility for every single aspect of their life, and 'own' any problems, rather than using them as an excuse. As an example, what you describe as being mis-sold a mortgage, could also be described as you buying the wrong mortgage. Equally, convincing yourself (and others) that anyone more successful is obviously a financial parasite is doing you no good, it's just giving you an easy way to justify any lack of success in your own mind.

Sorry for the psychoanalysis, but as a consultant who essentially makes a living from telling business owners how to make more money, I have a lot of experience (and am very well read) in such matters. I hope you find the above useful.
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itsybitsy
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Re: Prepping for the next finacial crash?

Post by itsybitsy »

Wood cutter wrote:
jansman wrote:Ah,so if we are not successful we are lazy then? After working hard all my life,being mis sold a mortgage, and pension,I quickly realised that those in the right place at the right time were the financial parasites.It came to pass in 2008 again.Many folks have never recovered from that,myself included.
I think you know I didn't mean that anyone without a huge fortune is obviously lazy. Obviously it's perfectly possible to work hard for an entire lifetime and end up with very little.

One thing that jumped out at me in your post was that you seem to blame external factors for what you see as a lack of success. It's well documented that the most successful people tend to take responsibility for every single aspect of their life, and 'own' any problems, rather than using them as an excuse. As an example, what you describe as being mis-sold a mortgage, could also be described as you buying the wrong mortgage. Equally, convincing yourself (and others) that anyone more successful is obviously a financial parasite is doing you no good, it's just giving you an easy way to justify any lack of success in your own mind.

Sorry for the psychoanalysis, but as a consultant who essentially makes a living from telling business owners how to make more money, I have a lot of experience (and am very well read) in such matters. I hope you find the above useful.
Your 'psychoanalysis' is marginally less off-putting than your condescending attitude.
Wood cutter
Posts: 68
Joined: Tue Oct 03, 2017 10:25 am

Re: Prepping for the next finacial crash?

Post by Wood cutter »

Deeps wrote:
Wood cutter wrote:
jansman wrote:Its all half chance to be fair.If you are in the right place,right time and all that.I never have been! :lol:
I can't remember who it's attributed to now, but there's a famous quote from someone really successful that says something like 'yes, most of my success has been down to luck. It's strange though, the harder I work the more lucky I become'.

The trick is knowing where to be, when, and what to do when you're there. Oh, and working bloody hard when you get there.
That might be the case if making loads of cash is your be all and end all. Our society is littered with people who have stumbled a few times before becoming rich and successful. Having the brass neck to disregard those who you have 'ripped off' with the failures before the success might be a bit much for some, me included. Taking it one step further, a lot of the great philanthropists screwed a lot of people over before drawing plaudits for their good deeds. I'm not claiming any Zen like 'goodness' on my part, although I wouldn't want to screw anyone over, its more a lazy/pussy thing with me.
I completely agree with you. I have no time for company directors who take a few goes at making their fortune by phoenixing ltd companies leaving loads of other businesses with the financial difficulty that's rightfully theirs. I actually refuse to work for clients who are serial company directors, those who have pre-packed, and those who have used a 'spongebob plan' (Google it) to shirk their responsibilities.

I've never made a profit at someone else's expense. The only way I make money, is if my clients make money. Luckily, through bloody hard work, I've made sure that I know what I need to know in order for my advice to be worth a lot of money, so I sell it for a lot of money.

Making a load of cash is far from being my be all and end all. However, I do appreciate how much money it takes to have the things I want, and to give my family security for the future.
I know I am new here, and have simply stuck around after joining to ask a specific question, but I think I know a thing or 2 about being prepared for such events. I do, however, seem to look at it from a slightly different angle from a lot of the long standing members on here.

I don't want to derail this thread, so will start another to describe my own personal thoughts on being prepared financially.
Wood cutter
Posts: 68
Joined: Tue Oct 03, 2017 10:25 am

Re: Prepping for the next finacial crash?

Post by Wood cutter »

itsybitsy wrote:
Wood cutter wrote:
jansman wrote:Ah,so if we are not successful we are lazy then? After working hard all my life,being mis sold a mortgage, and pension,I quickly realised that those in the right place at the right time were the financial parasites.It came to pass in 2008 again.Many folks have never recovered from that,myself included.
I think you know I didn't mean that anyone without a huge fortune is obviously lazy. Obviously it's perfectly possible to work hard for an entire lifetime and end up with very little.

One thing that jumped out at me in your post was that you seem to blame external factors for what you see as a lack of success. It's well documented that the most successful people tend to take responsibility for every single aspect of their life, and 'own' any problems, rather than using them as an excuse. As an example, what you describe as being mis-sold a mortgage, could also be described as you buying the wrong mortgage. Equally, convincing yourself (and others) that anyone more successful is obviously a financial parasite is doing you no good, it's just giving you an easy way to justify any lack of success in your own mind.

Sorry for the psychoanalysis, but as a consultant who essentially makes a living from telling business owners how to make more money, I have a lot of experience (and am very well read) in such matters. I hope you find the above useful.
Your 'psychoanalysis' is marginally less off-putting than your condescending attitude.
Yes, you're not the first person to mention that. However, I sell my opinion for a living, so tend to have a certain 'style' that to those unfamiliar with my credentials, may see as condescension. In the real world, nobody would thank me for watering down my opinion. I posted with genuine intentions to offer useful advice.
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Brambles
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Re: Prepping for the next finacial crash?

Post by Brambles »

You may sell your opinion for a living, but please, do not treat us as your clients. On this forum, your opinion is but one of many so impose less and think more, otherwise you'll be mistaken for opinionated :)
Life isn't about waiting for the storm to pass, it's about learning to dance in the rain~anon