The Wilsons - 875 buy to let property empire

GDB2222

Dithering_Dad wrote: »

Basically, I've reached that point financially where everything is in place and all I need do is sit back and let time take its course. Bit boring really, so I entertain myself and pass time on the housing boards, reading the posts from your many usernames.

I object! You haven't been dithering at all. Change your name to something more appropriate.

fatpig_2

PasturesNew wrote: »

You're a rich buggah aren't you

17 months, £37k, blimey, that's over £2k a month EVERY month that you never needed. Blimey.


No idea how much you paid in, but more money you didn't need. And a huge pot (I have £0 pension)


Blimey, ANOTHER £18k you didn't need!!! Crikey.
And ANOTHER £30k


You 'saved' the amount I start with to live from after rent on a bedsit and basic bills


So .... what do you do for a living? You've got what, £5-6k a month EVERY month that you just don't need??? Crikey.

He's making stuff up again I see. You've got to take anything posted by him and his 'mate' chucky with a large pinch of salt. Walter Mitty isn't a patch on these 'two'

dudleyboy

PasturesNew wrote: »

You're a rich buggah aren't you

17 months, £37k, blimey, that's over £2k a month EVERY month that you never needed. Blimey.


No idea how much you paid in, but more money you didn't need. And a huge pot (I have £0 pension)


Blimey, ANOTHER £18k you didn't need!!! Crikey.
And ANOTHER £30k


You 'saved' the amount I start with to live from after rent on a bedsit and basic bills


So .... what do you do for a living? You've got what, £5-6k a month EVERY month that you just don't need??? Crikey.

Hey, if we all paid basic rate tax on our income and claimed the rest as company dividends, even though we earn enough to be in the 40% threshold, then we'd all be rich buggahs too.

I'm surprised Martin S Lewis Ltd hasn't written an article about it. :rolleyes:

Dithering_Dad

PasturesNew wrote: »

You're a rich buggah aren't you

17 months, £37k, blimey, that's over £2k a month EVERY month that you never needed. Blimey.


No idea how much you paid in, but more money you didn't need. And a huge pot (I have £0 pension)


Blimey, ANOTHER £18k you didn't need!!! Crikey.
And ANOTHER £30k


You 'saved' the amount I start with to live from after rent on a bedsit and basic bills


So .... what do you do for a living? You've got what, £5-6k a month EVERY month that you just don't need??? Crikey.

Hi PN, I do this for a living: SAP HR & Payroll Consulting. The usual daily rates are actually higher than those quoted on the site, but then I've been doing SAP HR for over 10 years. I generally bill £550 to £600 per day dependant on where I'm working. There are tax incentives in running a limited company, but you don't get sick pay, holiday pay or job security.

I started doing it at the same time as my MFi3 challenge - prior to this I had a government job that paid OK, but nothing special. I decided to cash in on my skills and go contracting, but we made sure that we'd continue to live within the means of my old job - so our standard of living hasn't really gone up (apart from better holidays) but our mortgage has been reduced significantly and our pensions are filling up.

I started this contracting gig knowing that I'd not really like being away from home, but knowing that it would be a means to an end. I'm hoping to do 5 years, in which time we should be mortgage free and have a lot of savings and investments. I can then go back to my old sort of job on lower pay, but be pretty much financially independant. Certainly worth a bit of pain for 3 to 5 years, I think.

Dithering_Dad

GDB2222 wrote: »

I object! You haven't been dithering at all. Change your name to something more appropriate.

lol, the 'Dithering Dad' nickname was due to the amount of dithering and worrying I was doing about whether or not to go contracting. I was scared stiff because there was so much to learn (IR35, running a LTD company, VAT, TAX, etc) and because it was so far out of my comfort zone as far as the work is concerned. I like the name because it reminds me how much fear and uncertainty can limit people's potential, yet if you're willing to face it you don't look back.

I've had full billing since I started and have been extended here in London for a further 3 months so fingers crossed that I'll manage the full 5 years without too many dead periods of non-work. With the recession though, I suspect I'll have points of unemployment, hence I've eased back on the overpayments and I'm leaving a lot more money in my company bank accounts.

Lotus-eater

Dithering_Dad wrote: »

There are tax incentives in running a limited company, but you don't get sick pay, holiday pay or job security.

People somehow forget that. Its OK looking down at other people because they pay less tax in a Ltd company, but it takes a risk to get that company going, not to mention that everyday running risk and the ones DD mentions.
Besides most of the gains from being Ltd has gone now for small businesses.

neverdespairgirl

Lotus-eater wrote: »

People somehow forget that. Its OK looking down at other people because they pay less tax in a Ltd company, but it takes a risk to get that company going, not to mention that everyday running risk and the ones DD mentions.
Besides most of the gains from being Ltd has gone now for small businesses.

The same applies, of course, to being self-employed, with or without being a Ltd company.

Dithering_Dad

neverdespairgirl wrote: »

The same applies, of course, to being self-employed, with or without being a Ltd company.

The lack of job security is applicable to many permanent jobs at the moment.

experience08

neverdespairgirl wrote: »

The same applies, of course, to being self-employed, with or without being a Ltd company.

Oh no, you've changed your avatar

Generali

chucky wrote: »

as long as you are ok with IR35 the gains are still there.

the risks are probably less for a contractor than a perm employee.
some banks are reducing perm staff and will probably take on more contract staff as they are classified as an expense instead of headcount and easier to justify to HR.

My first job in the City was as a temp. I was paid for from the stationery budget IIRC.