how important are savings?

SavingPennies_2

I think working in tescos will quickly lose its appeal. Also unlike in your current job you wont be able to afford a nice home to come back to and all the other life enhancing things you can get with your wage. Tbh I cant understand how someone who wants to spend all day "chilling" and playing on the wii had the brains and drive to get such a good education and job.

Edit: Its not that I dont see where youre coming from theres plenty of times I think, oh I just want to slob around and home and do whatever I want, all I'm saying is I do believe it will lose its appeal. I think it would only work if you have lots of money in the bank so you can still have a nice home, hobbies, gym membership etc something you could do if you stick at your job for a while longer.

psychic_teabag

I agree with most of the above, but is pension the best savings vehicle for someone who'd like to aim for early retirement ? Can't access that money until the Govt. says so, and it can change its mind about that any time it wants. Perhaps should have at least part of it in ISAs ? Perhaps only enough into pension to get taxable income down into basic rate band ?

No expectations of meeting someone / starting a family ?

Perhaps stay in the rat-race until you've got enough to own a house somewhere. At least then you don't have to worry about having a roof over your head. Part time work might be enough to cover most of your other expenses.

innovate

He's got an ISA, but is currently working in Oz, so can't contribute further to ISAs until he gets back.

Nottoobadyet

The obvious solution (in my book) is to become a consultant. You clearly have skills which people need, and hopefully you've endeared yourself to some connections.

So do what loads of people in extractive industries do - work half the year, travel and bum on beaches or volunteer or whatever you need to do to make yourself feel like more than the sum of your parts for the other half.

Honestly, you only live once, and if you need to turn your life around a bit its great to do it before you have the financial anchors of kids and mortgages. Your savings give you some freedom from having to have a job for the next few months - thats exactly how important they are.

perth_worker

Thanks for all your reply and sorry if my post offended some of you.


I know how stupid my idea sounds specially when I say it out loud. Its just recently I feel so exhausted - both mentally and physically. Like I am so tired of constantly feeling like I am under pressure and have to preform well and being so stressed that I cant sleep. I think I am just envious of some people who just work 20-30hrs a week and who leave work at work.

Regarding meeting someone and having kids, I actually have meet someone and am in same-sex relationship so having kids is not really an option.

I think part of the problem is also the fact that I finding it hard to see a means to an end. For instance, I am saving quite a bit of money but I don't see why (apart from the fact that one day I can stop working), but taking a yr out travelling/volunteering feels a bit pointless as I will have to come back to the full time working grind after a yr.

Buying a house also seems a bit pointless and very risky in my opinion. As it would mean, me having to work really hard for the next 30-40 years to pay off morgage(wow, that is really the most depressing though ever).

grey_gym_sock

i think you're looking at this the wrong way.

what would you be doing if you had no need to earn money? can you arrange your life so that you can do that for (say) 6 months of the year? well, it depends how expensive yours tastes are. but having higher earnings than most ppl gives you more room for manoeuvre.

also, what about adoption?

Rob_192

perth_worker wrote: »

Thanks for all your reply and sorry if my post offended some of you.

I've just re-read my earlier post and feel I ought to apologise! My comments were perhaps a bit harsh, but I've since become aware that you seem to be working in Oz and I assume the mine is somewhat isolated? (I took Perth to mean Scotland!) If this is the case then the playing on the wii probably makes more sense, although I still think you need to get out more!

Look, you are earning good money right now and presumably have low outgoings, so you won't be looking at 30-40 years to pay a mortgage, far far less. Surely if you've got the incentive of paying a mortgage off early it ought to make work more paletable.

If you can get yourself into a position where you have a house mortgage free and savings in to form of Isa's and or pension, you will be able to retire early and live the rest of your life stress free.

Just remember something I keep telling my son when he keeps threatening to quit his job, with the odd exception, most people don't enjoy work, just learn to treat it as a means to an end.

R

Perelandra

I can understand where you're coming from, I'd rather not work as well.

One of my aspirations is financial freedom- defined for me as "being able to do any job I want to do, and not have to worry about hwo much it pays". But in order to be able to reach that point, I need to make sure that I have enough put aside to cover the financial needs of myself, and anyone who's financially dependent on me.

To do that... I need savings.

So yes, savings are important, as having them frees you up to do more of the things that you want to do.

atush

you are very young still at 26. Too young to make such a huge decision.

Presumably, you have vacation time? Take a nice long one. Then go back to work, and keep saving till you have a much bigger pot of savings. At least til you are say 30. Make sure you take frequent vactions/down time when you feel burn out approaching.

And many same sex couples go on to have hcildren of their own or thru adoption. So do be aware that could be some way down your future.

DiggerUK

perth_worker wrote: »

.....Anyway having worked full time for two years I am so feed up of the rat race......

Worked full time for two years...and your fed up? .....get real, your sense of entitlement to a cushy life is a sad reflection on what you have actually gleaned from life.

Your dream of a cushy middle class utopia on earth seems to have come crashing down around you. If you want a 50k lifestyle, you have to put in a 50k workload, they go together like carrots and peas.

Capitalism is not a charity, and your 50k in savings won't get you anywhere.
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