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    • edinburgher
    • By edinburgher 2nd May 14, 3:58 PM
    • 10,090Posts
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    edinburgher
    Only freedom will do
    • #1
    • 2nd May 14, 3:58 PM
    Only freedom will do 2nd May 14 at 3:58 PM
    It has come to my attention that I have been here for a very long time

    I joined these forums in a dim and distant past, where money was my enemy and the weight of my student debts left me crushed and panicked, unable to picture a future where I would be able to get a debit card (never mind a mortgage).

    5 years later and the milestones of marriage, first home and first car have come and gone. Throughout it all, I have had a creeping feeling that something wasn’t quite right. I don’t get the world of work, and while I’ve never been unemployed in my adult life, I’ve tried too hard to try my hand at too many things and I’m left feeling like I’m an actor who recognises the play, but does not understand his motivation.

    As some of you will know, I have experienced some real heartache of late. Your messages of support and hope have been so touching and in many cases, I have got more comfort from anonymous individuals who took the time to get in touch than people I know in the ‘real’ world.

    While money would have done nothing to prevent it, the luxury of savings and our hard work over the years meant that we were in a position to make the right decisions and take our time with our next steps. Returning to work has been a real blow and without sounding even more melodramatic, I don’t think I’d realised just how damaging I find the merry-go-round of rote work, office politics and bureaucracy.

    It won’t do, I can’t believe that this is as good as it gets and to quote one of my favourite singers ‘We can always build a world better than this’.

    From this point on, I plan to dedicate myself to achieving financial independence. Not MFW, but freedom from all the nonsense that we go through to just to pay for a pile of bricks and a few years of leisure at the end of our span.

    Hopefully you can join me for the journey
Page 252
    • edinburgher
    • By edinburgher 11th Oct 16, 8:34 AM
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    edinburgher
    You're gradually pulling out of P2P, Ed?
    Save
    Originally posted by Karmacat
    We're in the midst of a significant flight to yield as central banks cut rates and the high street follows, pushing *savers* (not investors) into areas such as P2P, which don't have the history to accurately model the risks of whether or not they can sustain current rates in the event of another recession. As such, the main 2-3 'vanilla' platforms no longer offer a sufficient risk premium for my tastes. If the choice is a safe 2.5% (rough rate of return on a 5% regular saver) vs. 4.5% without FSCS protection, I'm just not sold.

    To that end, I am investing in riskier loans (but secured against assets) and diversifying as much as possible, only taking very small holdings of each loan that meets my criteria.

    Don't get me wrong, I am not saying that P2P has suddenly become any riskier or that it is a bad idea, per se. This decision has been taken on the basis that we only have so much capital to invest and that I need to make careful choices about where it's going. Tax advantaged and tax free accounts for equities and bonds are the 'no brainer' homes for that capital, P2P is very much a nice to have. As a retiree, P2P could still be a great home for a small %age of your money KC

    Our portfolio (such as it is) looks very different this year from last and next year it will probably be unrecognisable as we focus on taking maximum advantage of salary sacrificed pension contributions.

    Children can be quite a drain on energy. However, I've always found seeing my son grow and develop to be the most fascinating thing
    Originally posted by AlexLK
    Definitely - we are exhausted! It is funny, however, that we wake up in a good mood to DD crooning (even when it is 5 in the morning)! To be honest, I am not sure that I could do it again.
    Last edited by edinburgher; 11-10-2016 at 8:38 AM.
    • misscousinitt
    • By misscousinitt 11th Oct 16, 1:22 PM
    • 3,363 Posts
    • 18,958 Thanks
    misscousinitt
    Hi Ed

    Just catching up...been a long time since I've been on your thread.

    Glad to hear mainly positive posts and looking sensibly about our low interest future.

    Always lots of interesting investment news...wish I had the courage to take the plunge - but replenishing savings is my first priority at the moment.

    Hope to keep up now I'm up to date.

    Love all the news about your DD - she's coming along nicely by the sound of it (sleep problems aside, but I can imagine that most children go through this at one time or another).

    Take care.

    MCI
    Mortgage Free x 1 03.11.2012 - House rented out Feb 2016
    Mortgage No 2: £99,090.90 (08.11.2016)
    OP's to Date £2000

    Renovation Fund:£944.75; Kitchen Fund (including re-wiring): £notalotleft; Roof Fund £5000.00
    Nectar Points Balance: £35.49
    • PrincessLou
    • By PrincessLou 11th Oct 16, 2:07 PM
    • 461 Posts
    • 1,755 Thanks
    PrincessLou
    Definitely - we are exhausted! It is funny, however, that we wake up in a good mood to DD crooning (even when it is 5 in the morning)! To be honest, I am not sure that I could do it again.
    Originally posted by edinburgher
    We have three year old twins and we definitely once felt this way! However, they are now three and (most of the time) wonderful and we are seeing the light at the end of the tunnel.
    • Karmacat
    • By Karmacat 11th Oct 16, 10:24 PM
    • 26,541 Posts
    • 140,119 Thanks
    Karmacat
    Tax advantaged and tax free accounts for equities and bonds are the 'no brainer' homes for that capital, P2P is very much a nice to have. As a retiree, P2P could still be a great home for a small %age of your money KC
    Originally posted by edinburgher
    No probs, don't worry, I'm not panicking I just know that you seem to be an "early adopter" so to speak especially as you actually think independent thoughts about this stuff, and don't just follow blindly!

    It is funny, however, that we wake up in a good mood to DD crooning (even when it is 5 in the morning)! To be honest, I am not sure that I could do it again.
    I know what I and other family members are like when we're sleep deprived - its not mood, as such, in my head, its just feeling bleeping terrible because you haven't had enough sleep so I can pretty much understand feeling good to hear the crooning, which sounds really sweet

    Save
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.
    Currently: 86.53/25,000
    Save
    • edinburgher
    • By edinburgher 12th Oct 16, 9:31 AM
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    edinburgher
    Is anyone familiar with the book the First N@tional Bank of Dad? It's basically about a guy trying to teach his kids the power of saving by giving them a hefty interest rate for anyone money they invest with his pretend bank (say 5% a month). It strikes me as a clever way of pointing out the power of compound returns, but falls down a little as it will be hard to keep those enthusiasm levels up when his kids reach adulthood and get 0.5%/year on their savings

    I feel a bit like that with our pensions at the moment. Due to the Brexnanigans, our international-heavy pensions actually earned the same as me last month (more than Mrs E) and it all feels a bit surreal. I can't imagine how weird it must feel when you have £££,£££ invested and things are moving at the pace of a month's wages overnight

    Do any of my more mature readers have any tips for ignoring the wild swings? Just don't look?
    • hiddenshadow
    • By hiddenshadow 12th Oct 16, 10:02 AM
    • 1,765 Posts
    • 7,995 Thanks
    hiddenshadow
    Do any of my more mature readers have any tips for ignoring the wild swings? Just don't look?
    Originally posted by edinburgher
    That's my method. DH was marvelling at his pension account's growth over 4 days last night, but I try to login to mine on the 1st of every month and ignore it otherwise. It's exciting to see the growth, but irrelevant to me as I can't access it for another 25+ years, and who knows what will happen in the meantime. I update once a month for net worth purposes, but that's it.

    ETA: DH got me to check my pension (just reached £££,£££ level) and its growth over 10 days was about what we take home every month. Cool, but only academic.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,900 (£6,628 offset)
    Payment 35/84 / 2016 MFW #56: £41,769/£43,000 97% / MFiT-T4 #15: £39,600/£90,000 44%
    • Karmacat
    • By Karmacat 12th Oct 16, 10:09 AM
    • 26,541 Posts
    • 140,119 Thanks
    Karmacat
    Do any of my more mature readers have any tips for ignoring the wild swings? Just don't look?
    Originally posted by edinburgher
    Yes

    Look regularly by all means, to a schedule, and have an alert set up to monitor it, but then have a decision *made already* about what you'll do - transfer to a different fund, whatever. My business partner looked at his pension funds every day, sometimes twice a day, during the financial crisis, and it got to a ridiculous stage where he was losing sleep about it but still not doing anything with the information. Moving the money does crystallise the change, though, so its not as simple as moving - as you know, Ed, it depends on what you think is going to happen, amongst a gazillion other things

    We were all talking about this sort of thing on Sunday night (of course! three of us in our sixties, how could we not!) and for him, the worst thing of all was *still* having invested one of his major pension funds in Equitable Life where the investors got pennies on what they'd put in
    Save
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.
    Currently: 86.53/25,000
    Save
    • edinburgher
    • By edinburgher 12th Oct 16, 10:37 AM
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    edinburgher
    The plan is to do nothing and stick to the plan

    I suppose it's the curse of the internet age, it's very easy to get caught up in an endless round of social media updates, forums and balances. It is very addictive.

    Saw this in the sidebar:

    Bank of Scotland's Reward and Ultimate Reward accounts will also pay £3/mth rather than £5/mth from next February.
    TSB Classic Plus current account will pay 3% on amounts up to £1,500 from January, down from 5% on up to £2,000.
    Damn. Damn. That's a tenner a month gone just like that.
    • edinburgher
    • By edinburgher 12th Oct 16, 11:04 AM
    • 10,090 Posts
    • 52,646 Thanks
    edinburgher
    Completely unrelated to anything on this journal, but just saw a wonderful comment from H.R.C. talking about the risks of social media to children in a New York Time5 article:

    When I spoke to her over the Fourth of July weekend in 2015 in New Hampshire, Clinton had clearly been thinking about the impact of new technology on human development and how people communicate. We were talking about mental health and substance abuse, two issues that a lot of voters in New Hampshire were raising with her. She described a meeting with a group that had developed online mental-health programs. One woman predicted to her that a big challenge in mental health over the coming years would be “how to undo the damage that the internet has caused young people.”

    It’s striking to me now that Clinton’s main interest in these new media technologies was not so much as a political tool but as a policy concern for the citizenry. Clinton described “the insidious, pernicious comparisons” that online communities can foster in young people, and the temptation to “put out an identity online before it’s ever formed” in real life. Thinking about this exchange 14 months later, after what feels like a generation’s worth of lines crossed and taboos shattered, her concern seems strangely prescient.
    She seems pretty cool
    • mrsp1987
    • By mrsp1987 12th Oct 16, 6:04 PM
    • 781 Posts
    • 3,751 Thanks
    mrsp1987
    I imagine as they grow older the interest rates are gradually reduced but it's a great way to teach that sort of financial behaviour and knowledge to children. So many people (Young and old) just haven't got a clue! I've heard of people taking out provident loans in order to get a credit history
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • choccielover
    • By choccielover 12th Oct 16, 10:13 PM
    • 334 Posts
    • 1,234 Thanks
    choccielover
    Completely unrelated to anything on this journal, but just saw a wonderful comment from H.R.C. talking about the risks of social media to children in a New York Time5 article:



    She seems pretty cool
    Originally posted by edinburgher
    I agree.

    I'm thankful that the stupid things I did as a youngster stay largely in our memories and can't come back to "bite" me today. I fear for the youth of today, the stupid images, posts they put up for the world to see.
    I'm exceptionally protective of my daughters image on social media as I'm aware it's her image, not mine and today's cute baby photos or stories of her latest escapades are eminently less so when you are 25 and trying to develop a professional persona.

    We don't have Facebook, Twitter or snapchat. Though we are not technophobes, we just don't have enough time to fritter any of it away reviewing everyone else's lives. Bit too busy living our own actually....
    OP in 2015 - £1,170
    OP in 2016 - Jan £599.45 Feb £1584.13 Mar £299.10
    Apr £880.37 May £1007.26 June £929.56 July £948
    2016 Target £10,000
    • Greying Pilgrim
    • By Greying Pilgrim 13th Oct 16, 8:07 AM
    • 3,088 Posts
    • 33,482 Thanks
    Greying Pilgrim

    I'm thankful that the stupid things I did as a youngster stay largely in our memories and can't come back to "bite" me today. I fear for the youth of today, the stupid images, posts they put up for the world to see.
    I'm exceptionally protective of my daughters image on social media as I'm aware it's her image, not mine and today's cute baby photos or stories of her latest escapades are eminently less so when you are 25 and trying to develop a professional persona.

    We don't have Facebook, Twitter or snapchat. Though we are not technophobes, we just don't have enough time to fritter any of it away reviewing everyone else's lives. Bit too busy living our own actually....
    Originally posted by choccielover
    choccielover - thank you so very much for writing ^ this. Me & DH feel exactly the same - to the extent that we're not bothered about the FB,T or chat apps either - although I am on Wh'app, but that's me that is on it, not my family; and I'm very much over the age of consent. But we too are fiercely protective of Baby Greying's image and 'life'. Unfortunately, we have a family member who just 'doesn't get it', and it has made an exisiting rift an unbreachable canyon, with their stance. What Baby Greying wants to do at 18 is their own affair, but for the moment, we're trying to be resolute and maintain their privacy.

    It's so nice to here someone feels the same. We've received an incredible amount of flack from family members, and not much support from our peer group who are mostly childless by choice, or who's children are 'grown & flown' and who didn't have to contend with the extent of social media access when their children were small.

    Again, thank you for saying it. You've made me feel more validated in our stance.

    Greying X
    'Ich habe genug'

    'I am not in the pursuit of happiness, only in the discovery of joy' - Joyce Grenfell
    • edinburgher
    • By edinburgher 13th Oct 16, 9:15 AM
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    edinburgher
    We also use the one mentioned by Greying, but it's strictly to organise gatherings of friends, share baby photos with family etc. I do have a FB account, but it isn't updated and access is controlled to only friends, not friends of friends etc. My internet footprint is minimal, had a quick check and could find less than 5 named references to myself Despite my share all posts, I value my privacy!

    I do not think that we will be able to hold back the tide until DD is 18, but I will not be one of these parents who gives their child a tablet at 5 years old.
    • Greying Pilgrim
    • By Greying Pilgrim 13th Oct 16, 9:48 AM
    • 3,088 Posts
    • 33,482 Thanks
    Greying Pilgrim

    I do not think that we will be able to hold back the tide until DD is 18, but I will not be one of these parents who gives their child a tablet at 5 years old.
    Originally posted by edinburgher

    If I'm honest ed, I don't think we'll manage it either, but shoot for the moon and land in the stars and all that

    And anyway, given the cyclical nature of things in life, perhaps, just perhaps the tide will turn just now and people will turn off trying to live their own lives as a 'streaming 24/7 reality show' we're all really not that important in the grand scheme of things anyway. Although to each other, we are the world My luddite stance may just gain zietgeist status yet!

    Greying X

    ps - soz to hijack your thread - just struck a chord is all.
    'Ich habe genug'

    'I am not in the pursuit of happiness, only in the discovery of joy' - Joyce Grenfell
    • edinburgher
    • By edinburgher 13th Oct 16, 10:39 AM
    • 10,090 Posts
    • 52,646 Thanks
    edinburgher
    I hope the tide will turn the other way, but I am not so sure, I feel that the current trend for endless self promotion has been brewing for a few decades at least? This is a gut feeling, I have only been alive for a few decades and I wasn't really paying attention for the first two
    • NorthernMonkey1
    • By NorthernMonkey1 13th Oct 16, 12:54 PM
    • 137 Posts
    • 567 Thanks
    NorthernMonkey1
    My pension plan value went up by £15k over the last few days. I know its all paper money, but it's quite scary how much the numbers can change by
    • edinburgher
    • By edinburgher 13th Oct 16, 2:53 PM
    • 10,090 Posts
    • 52,646 Thanks
    edinburgher
    I am spreadsheeting myself a wee ready reckoner based on 'Decision Rules and Maximum Initial Withdrawal Rates' as mentioned by jamesd. Suspect that someone's already did it, but I like to rebuild these things to make sure that I understand the logic
    • NorthernMonkey1
    • By NorthernMonkey1 13th Oct 16, 4:15 PM
    • 137 Posts
    • 567 Thanks
    NorthernMonkey1
    Assuming you did retire early, what is the earliest that you can draw down from a conventional pension. Is it 10 years before SP age, so 58 in my case?
    • edinburgher
    • By edinburgher 13th Oct 16, 4:54 PM
    • 10,090 Posts
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    edinburgher
    Yes, that's correct
    • choccielover
    • By choccielover 13th Oct 16, 9:48 PM
    • 334 Posts
    • 1,234 Thanks
    choccielover
    choccielover - thank you so very much for writing ^ this. Me & DH feel exactly the same - to the extent that we're not bothered about the FB,T or chat apps either - although I am on Wh'app, but that's me that is on it, not my family; and I'm very much over the age of consent. But we too are fiercely protective of Baby Greying's image and 'life'. Unfortunately, we have a family member who just 'doesn't get it', and it has made an exisiting rift an unbreachable canyon, with their stance. What Baby Greying wants to do at 18 is their own affair, but for the moment, we're trying to be resolute and maintain their privacy.

    It's so nice to here someone feels the same. We've received an incredible amount of flack from family members, and not much support from our peer group who are mostly childless by choice, or who's children are 'grown & flown' and who didn't have to contend with the extent of social media access when their children were small.

    Again, thank you for saying it. You've made me feel more validated in our stance.

    Greying X
    Originally posted by Greying Pilgrim
    Oh you are welcome greying.
    I admit DD does had an iPad(my original one that's ancient) but it's loaded with educational games and she has extremely limited time on it. Our aversion to social profiling doesn't prevent me wanting her to be competently proficient with technology.

    The photo thing is a worry, I have family members that are the same and they don't understand it either. I empathise with the widening gulf, I feel the same both for this and other life choices I have made (career vs family etc) but what do you do.....attempting to conform to their version of normal makes me so sad that I can't do it any more. I hurts to admit I'm happier away from it.

    Sorry to hijack Eds, back to topic I'll review that ready reckoned you mentioned. I love a good spreadsheet building exercise
    OP in 2015 - £1,170
    OP in 2016 - Jan £599.45 Feb £1584.13 Mar £299.10
    Apr £880.37 May £1007.26 June £929.56 July £948
    2016 Target £10,000
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