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Brokest/richest you've been?

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Comments

  • Registered Users, Registered Users 2 Posts: 3,004 ✭✭✭Eggs For Dinner


    Poorest: When I made a cash withdrawal for £10 at an ATM using my credit card and then bringing it inside the bank to make the minimum payment on my Visa bill

    Richest: Earning good money in the early '00's and spending €2,600 on a 32' flat screen TV without thinking about it.


  • Registered Users, Registered Users 2 Posts: 8,177 ✭✭✭Wompa1


    Poorest: 400 euro in my overdraft with a 7k euro loan hanging over my head and that wasn't even when making the least amount of money, I was made 89 euro a week and had to live off that. Found myself stuck at one point. I couldn't find anywhere to live and my parents wanted to charge me rent to move back home...I think somebody said something earlier about even the rich are one incident away from being broke. I think the lynch pin for everyone is support from family. People who go abroad tend to have a subconscious safety net at home. My dad hasn't worked since 2k, my parents owe hundreds of thousands to the bank and needed us kids to pay for their home heating oil and bits pieces from 2008-2017. Not even not having a safety net but having a f'ckin anchor. The only thing I'll be inheriting is the dementia.

    Richest: About 5 months ago before I discovered my wife's debt, which I cleared off. It'll take about 6 or 7 months to recoup that.


  • Registered Users Posts: 737 ✭✭✭vargoo


    Poorest: now.
    Richest: now.

    Im same.

    Saved a load but waiting on uber expensive surgery.

    All gone after.


  • Registered Users, Registered Users 2 Posts: 13,503 ✭✭✭✭Mad_maxx


    Necro wrote: »
    Brokest: On my knees in Australia after some overindulging on the way in Southeast Asia. Had 20AUD left to my name as I arrived at a roadhouse in NSW to make some money to actually keep on living.

    Richest: Over in Australia as well, actually. Fast forward 8 months and I was assistant manager of a motel in North Western Australia. Free accom, use of company car, earning very good money and nowhere to spend it. Work was an absolute bitch though. 12 hr days are not fun.

    Does anyone actually live in North Western Australia?


  • Registered Users, Registered Users 2 Posts: 1,889 ✭✭✭SozBbz


    Its an interesting question.... I mean I probably fealt richest at a time when I'd the least money, in School and College. The Bank of Mam and Dad were still offering good deals back then :) Allowance + part time job + no real expenses. Also, I was happy out going out for the night with €20/30 in my pocket.

    I'm very lucky in that I've never truely been stuck for money as I've always had the safety net of family and have always been careful with money.

    I'm not poor now but definitely the most indebted! 2x mortgages (one in my name, one joint) plus associated tax burden and costs as well as being on the hook for any unexpected expenses. I earn the most I've ever earned, but felt much richer back in college. I'm now very conscious of how much I need to keep earning!


  • Posts: 13,712 ✭✭✭✭ [Deleted User]


    For anyone else who frets about their mortgage, there are a couple of things that might reassure.

    You wouldn't think of your income over the next 25 years as making you a millionaire, even though your aggregate future income during that time-period may easily be over a million. Therefore, there's no reason to treat your liabilities, like your mortgage, any differently.

    Secondly, say you've already paid off 50k of your mortgage, equivalent to 16% of the total debt (for the sake of convenience we'll ignore interest rates)

    That 16% shareholding in the property is yours, and growing, and has probably increased in value compared to when you drew down the mortgage -- up until recently, it was growing at a rate of double digits through residential property price inflation. It doesn't get wiped out if you lose your home, unless you play silly buggers with the bank and go into huge arrears (which itself is effectively income, since you're not paying rent or repayments).

    I know it feels like you're broke, but you're probably making a very prudent, sound investment. Unless you bought at the height of the Tiger. Ye lads are never getting your money back.


  • Registered Users Posts: 475 ✭✭PHG


    Poorest: 8 years ago. I was very sick and hospitalised for 6 weeks. Recovery took just under a year. Had a Ferrari moment when I came out and over the next 6/8 months racked up over 15,000 in debt. On what I have no idea!! Took me a year to clear the bloody mess.

    Richest: Now. Thankfully have enough savings to last 6 months if my job went under and a decent pension for my age. All things going well it will be up to a years saving by January and buy on my own flat towards the end of next year.


  • Registered Users, Registered Users 2 Posts: 7,498 ✭✭✭BrokenArrows


    To be fair, airplane food isn't that ****ty depending on what airline it is.

    And has the debt affected your credit rating. I checked with the Irish Credit Bureau as I never paid back my overdrawn €200 from Bank of Ireland as a student and there's nothing on it

    Ya plane food isnt terrible, but i never look forward to it.

    No the Australia debit never followed me home, and it was nearly 13 years ago now so the debt is long since written off.


  • Registered Users Posts: 737 ✭✭✭vargoo


    The World’s Wealthiest Family Gets $4 Million Richer Every Hour

    https://www.bloomberg.com/features/richest-families-in-the-world/?utm_source=pocket-newtab


  • Registered Users Posts: 2,806 ✭✭✭Sunny Disposition


    Brokest would have been as a kid, didn’t know any better though, we had nothing but I’d never known anything else. Richest on paper was after the sale of a business while still a young man. On the way up I’d never really got my head around how things were changing and the deal was proposed and concluded within a month. Was only the day after it was over that I really realized I was secure financially, actually a weird feeling when you’ve come up that fast and are still quite young.

    Being broke is tough but being rich, while obviously good, probably won’t make you happier. It does give you a chance to do more of what you like though.


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  • Registered Users, Registered Users 2 Posts: 32,136 ✭✭✭✭is_that_so


    Richest : The 20m I had a mortgage cheque in my hand. Poorest :Just after I handed it over.


  • Banned (with Prison Access) Posts: 1,483 ✭✭✭mr_fegelien


    On the dole was poorest, current job on 86k the richest.

    What do you work as?


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