The money pit

When I bought my first house about 20 years ago (on a crummy council estate in north London) I thought I could relax. Ok, about 50% of my salary was going on the mortgage but 'hey, all the ancillary expenses wouldn't come to much'. How wrong I was.

I knew nothing about cars, or plumbing, or electrics or numerous other skills (and much else besides which I have since rectified) but I had a university degree so I was a master of the universe right. Wrong.

One of my favourite books "Bonfire of the vanities" by Tom Wolfe introduced me to a concept called "Hemorrhaging money!".

To make the right impression at a posh dinner party, McCoy and his wife skip a $3 cab ride and hire a $250 car service to carry them the six blocks between their home and their host's--even though the McCoys' financial situation is precarious. "Hemorrhaging money!" worries McCoy. You get to indulge a feeling of superiority at his foolishness, even while recognizing the impulse to keep up with the Joneses.

Though not quite on the scale of Sherman McCoy it's that feeling that all the money that you earn is just leaking away in maintenance bills. I think one of my first memories of this was when I discovered a supply pipe under the kitchen sink that was 'bulging'.

(to be continued ...)