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Average savings/assets for a 30 year old? Watch

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    (Original post by Wired_1800)
    Your cousin's mom should have transferred the deeds to the house to him before she died. I don't think it would count as inheritance. He could have avoided paying the fees and taxes.
    Only if she had transferred them more than 7 years before her death. How many people can estimate their death correct to over 7 years?

    (Original post by Wired_1800)
    There are people now that put properties in their children's name and have themselves as secondary custodians (in case of the worst).
    I hope those people really trust their children & their partners.
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    (Original post by Reue)
    Only if she had transferred them more than 7 years before her death. How many people can estimate their death correct to over 7 years?

    I hope those people really trust their children & their partners.
    if she was a pensioner (i.e. above 70), I think it makes sense to transfer your properties and wealth to your children. However, I agree that some children (and their partners) may be dodgy. One has to hope for the best.

    You have to gamble with this sort of thing. If you have a child, who is in their 30's or 40's without a decent direction in their life, then you should not trust them to look after your assets, whilst you are still alive.
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    (Original post by Wired_1800)
    if she was a pensioner (i.e. above 70), I think it makes sense to transfer your properties and wealth to your children. However, I agree that some children (and their partners) may be dodgy. One has to hope for the best.

    You have to gamble with this sort of thing. If you have a child, who is in their 30's or 40's without a decent direction in their life, then you should not trust them to look after your assets, whilst you are still alive.
    With the new taxes on 2nd homes I expect its not worthwhile making the transfer if your house is worth less than the inheritance tax threshold.
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    (Original post by Reue)
    With the new taxes on 2nd homes I expect its not worthwhile making the transfer if your house is worth less than the inheritance tax threshold.
    True. well, you are damned if you do and damned if you don't. I guess it will be difficult.
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    (Original post by Reue)
    Very difficult to estimate and actual statistics for this are pretty rare for the age. As a complete rough estimate I'd guess someone who had been working since leaving Uni, saving into a pension and perhaps house/deposit should have a net worth of about £50-£80k not including student loan.
    That is assuming they are mature enough to save. However, yes, £50-80k seems do-able if they are living wisely within their means and/or investing wisely / most likely not living in London.

    Certainly achievable. Even if we ignore investment growth it would require £20k per year averaged. Personally; my networth increase for the past year (excluding house equity growth) was just under £18k and that was without any additional sources of income. My side income now is about £1k a month and growing so I expect to be able to go above £20k increase for the next year.
    Good job sir. That passive income is real nice.


    Personally I ignore all potential inheritance when doing calculations and forecasts. You've no idea if or how much you would inherit.
    True, in terms of cash. However I know that I will definitely inherit what I am going to inherit. It's exact value I am uncertain of, but I can certainly invest into maximising the values of what I am set to inherit if I can see that it would benefit me.
    However, I cannot see myself selling the inheritances given their locations and the family tradition. I am not the sort of person that can sell those types of assets so yes their actual liquid value is non existent to me.

    I just have a net worth figure I want to hit in my life and there is no other reason other than that there is an aim and purpose to my life.
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    (Original post by sevva888)
    Good job sir. That passive income is real nice.
    Oh its far from passive. I work hard for that income, mostly matched betting. For instance today I've been at it from 10am right through to now solidly.
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    (Original post by Reue)
    Oh its far from passive. I work hard for that income, mostly matched betting. For instance today I've been at it from 10am right through to now solidly.
    Cool, I have the same mindset. What ultimately is your goal from all of the hard work? Personally I want to open my business in the future, I am thinking of a sandwich/fast food shop to buy, to cut my teeth in.
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    (Original post by sevva888)
    Cool, I have the same mindset. What ultimately is your goal from all of the hard work? Personally I want to open my business in the future, I am thinking of a sandwich/fast food shop to buy, to cut my teeth in.
    A wedding and then early retirement or replacing full time work entirely with side income.
 
 
 
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