It was the in the 1980s the UK had a rise in interest rates, a property crash and market so stagnant a fish wouldn’t swimin it. I bought property.
It happened again and I stared buying again, turned it and sold. Problem was I didn’t buy enough. I was too young, too scared, needed the money I made for school fees and never took on mortgages.
We were indoctrinated with the belief that bricks and mortar hold their value and it’s the best place a person can put their money. Its still partly true.
I married young, divorced young, had two children young, starved young, remarried a couple more times and went off and lived in a few different countries.
The USA boomed in 1990s and it was a sight to behold. Every month accelerated the exciting, confident, energetic, and unshakable atmosphere. Money was spoken about in telephone numbers and it was humbling.
My ex-husband, who was in the Aluminium business, had serious problems with the increasing Chinese competition, and I saw the writing on the wall. No one listened and the rest is history.
The factories went, the cars went, the houses went, the penthouses went, the black and gold credit cards went, the staff went and I got out of dodge. I returned to Europe, just after cancelling my flight on American Airlines September 2011.
I then bought more property for the ‘buy to let’ market.
Removing debt is like cutting out a cancer, and the problem is it can take out a major organ. The interest rate is the scorpions tail, which never stops stinging until the animal itself dies.
I liquidated, removed all financial obligations, sold what I thought to be overpriced assets and “downsized” to everyone horror, including my children. I sold before the peak, on the basis when it turns, no one will be able to take their money ‘off the table’.
As an extra precaution I also took up citizenship in a 3rd World country which can self feed, surround by oceans, no internal religious conflict, and has BA flights.
I go the opposite direction of the sheeple. I see ones personal freedom and liberation in being liquid, unaccountable and with low monthly outgoings or maintenance costs.
My major concerns are a banking crises, triggered by an event and creating a domino effect. My creates comfort is I can lock up and leave, at short notice with relative, and comparative loss.
“Hope” is a dangerous emotion, and there are too many people “hoping’ it will be OK. It won’t. We shall see if I am on the right track or not when the ‘fat lady sings,’ and as far as I’m concerned she hasn’t even got on stage yet.
Sharing with you.