Is a Million Pounds enough to retire in my thirties?

yorkiebar

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cashbackproblems

Wolf_Man wrote: »

Remember that you will be taxed on this million! Around 10%.

If its what you want to do, then go for it! :T

Rental property might bring you in an income and hopefully protect your capital.

I don't know enough about stocks and shares to comment.

This is the route id take, maybe buy 3/4 small houses 100k each (unless your down south obv!) and these will give you an income of 400-500p/m each. Robbie Fowler did this with his football money and also bought internationally and now hes made more money in property than he did playing football!

The rest stick it in FTSE 100 firms which pays high dividends e.g. vodaphone, national grid, hsbc, aviva and the other banks will catch up again soon imo like barclays and lloyds.

Also why not ask the plc to keep you on in some part time role, tht way your earning but have enough time to explore other things in life.

bobbyj_2

http://forums.moneysavingexpert.com/showthread.html?t=2274867&highlight=

I asked something half similar and without wanting to put every poster down you are wasting your time. You are seen as a fantasist or a bullsh.... by many if you claim to have made or are in the process of making plenty of dough. Many think the stockmarket is there just for the purpose of investing in big boring blue chips, they don't see the enormous gains (and losses) that can be made playing in and out of the smaller caps. Follow the stockmarket 2009 thread and you'll see some good stuff put on there, I mentioned HVE at about 10p on thursday when i bought them and you could have sold at around 18.5p/19p today at various stages. I bought them in my ISA and trousered a whopping gain (peeps on here wouldn't believe me) so won't talk figs. These are good days on the market though so don't get carried away, I've had one of my best couple of months ever but I realise it won't be like this for too much longer. I've also some 5 year bonds, max prem bonds, mortgage paid, similar age to you. I'd start reading books on shares if i were you, best read would be nakedtrader. Happy to speak via PM btw, good luck in what you decide, the freedom will be most rewarding.

tradetime

Can't imagine anyone with enough drive and imagination to make a success of a business wanting to retire at the age of thirtyish. I can accept that you might think you do, without giving it a great deal of thought, particularly if whatever your business is has lost your interest. But I think you would be going stir crazy after a few months, ergo you will be earning again before long, so it seems a moot point
That aside imho 1 mill is too little at that age, it would have to grow, and not at savings rates.

cloud_dog

bobbyj wrote: »

...I mentioned HVE at about 10p on thursday when i bought them and you could have sold at around 18.5p/19p today at various stages.

bobbyj, Imeant to congratualte you on your HVE call. Hindsight is a wonderful thing and I wish I had jumped in even after they had risen 38%, I would have been sat on a niice 50% profit in a few days. Hey, ho, that's life, still more fish in the sea.

bendix

A million pounds?

I'd be out of this country in a heartbeat, and living my last 30-40 years on a beach in Asia where the income generated by the capital would let me live like a king.

bobbyj_2

very good advice bendix, if the pound ever recovers i'll be living in Oz and if it doesn't i'll still be heading there. Expensive property at the mo holding me back.