Freedom At 50!

sweetdaisy

Shame about your old Jaguar, but looks like you have gained from the new purchase - maybe not in price initially, but at least it is working and hopefully will cost less to maintain . Does your new car have a new name or is it still Sixpence?

Sorry to hear that things in work are difficult at the moment. I can't really give any advice as I have no experience of being self-employed, however I do have family members and friends who are and all they seem to do is work, because if they turn down jobs they are not sure when the next one will come and are worried that word will get around that they are scaling back. I suppose it all depends on what sector/type of job that you do. The ones I know are in trades such as electricians, plumbers and a carpenter.

Sounds like a difficult decision to make, coming from someone who is unhappy in their job, I would definitely look for a new one. Not sure what type of job you do, but could this extra self-employed work be done over the weekends/or when you are not in work? It could mean spending less time with family (if you are working on your days off), however could help you to build-up your savings so that you can change jobs/take a pay cut/do something completely different next year?

southerndave

Thanks SD/NG.

The new car reg is T*** EAE so she's been christened 'Tia'

I have been self-employed for years and just as you describe, working all the time as never know when jobs will be there or not. As work was drying up and the person I was working for in the main was retiring I took this paye job. Its okay, its not intolerable but recent changes have made it harder and future changes I think will make it harder still. Self-employed pays far, far more, but it is more sporadic and you lose the side benefits like pension, holidays, etc.

The guy that was retiring has not but has scaled back but recently work has been picking up again. I have continued doing bits at weekends, not much, but kept my hand in so to speak. He has even suggested I take over the business but I am not convinced I am cut out for running an operation that size - I think it is quite stressful.

Of course there is a third option and that is doing something completely different, but then what? I am not a 'career' person, work in the main is drudgery to me - if I didn't have to work I wouldn't as I can think of far more interesting way to spend my time, so I find it really hard to decided what to do work wise, I always have. Difficult to choose when to me it all sucks!

We have long term savings that are tied up in investment. Short term we would have to rely on the facility built up in the off-set account, i.e. spending the gains of our overpayments.

It just feels like two or three steps forwards, one massive leap backwards all the time, especially when you look at the graph on the One Account and see that you back where you were over a year ago. Ah well, something will turn up.

sweetdaisy

southerndave wrote: »

Self-employed pays far, far more, but it is more sporadic and you lose the side benefits like pension, holidays, etc.

The guy that was retiring has not but has scaled back but recently work has been picking up again. I have continued doing bits at weekends, not much, but kept my hand in so to speak. He has even suggested I take over the business but I am not convinced I am cut out for running an operation that size - I think it is quite stressful.

It's a tough decision and one that only you can decide what's best for your family. It does sound like things are going well and you could return to being self-employed. It is a catch 22 as the pay will be better but you lose out on holiday/sick pay/pension etc.

If you go self-employed (if you were me) I would put my MF plans on hold and just plough all extra money into Savings. Then, if work does dry up apply for a PAYE job and you'd at least have some savings behind you incase your PAYE job pays a lot less.

southerndave

Seems like an age since posted, sure it isn't though! Well where do I begin? Still in paye job, just, for the moment. Not looking forward to going back in January as there is big changes afoot and I am not happy about recent changes as it is. Hopefully I can clear the air and move forward, but we'll see. Currently on holidays so don't care until I go back!

Self-employed work is picking up with a job today and another two booked in January with possibility of more, but working today reminded me of the grief involved with that particular avenue of income that you tend to forget after a while of not doing it daily!

I am still musing my options for the new year and in the background there are still health issues with my wife and my son which may have bigger sway over financial affairs..... I think we need to radically re-think where we are going and how best to get there and how our finances need to fit this goal. Sometimes I wonder on MSE/MFW we tend to bend our lives to fit the financial plan and really the financial plan needs to bend to fit our life?!

The cars have changed! The older Jaguar XJ 'Sixpence' has been sold, thankfully to an enthusiast who plans to restore her. She went on Friday and now lives in Dorset. My new S-Type is gorgeous and although has cost me a small fortune has so far been worth every penny.

On a lighter note, everyone is now off for the holidays and the round of visits and soiree's begin tomorrow so will take the chance to enjoy some whisky and wine and company and forget the cr*p for a week or so.

MERRY CHRISTMAS EVERYONE!

:santa2::xmastree::santa2:

sweetdaisy

Good news about the self-employed work picking up. Enjoy your time off from work Southerndave and hope you have a great Christmas :xmassmile.

southerndave

Well, it has been a long (but not long enough) relaxing break and work looms large for tomorrow. Over the last few months of 2013 I have been reading a lot of books and absorbing different ideas and plans and after long chats with my wife, are hopefully going to make some significant changes over the coming year.

Although still very much committed to reducing and clearing our mortgage, we are both mindful of living in the now rather than chasing a future we can only at best influence, at the expense of today. We want to simplify further our lives and enjoy the moments we have now.

As such the complex 'plans', pots, savings and the like will very likely fall away a little as we have reduced our goals to simpler more manageable ones which should be easier to focus on throughout the year.

These are simply the following...

Finances:-

Reduce our mortgage from it's current balance of £72,750 to £60,000 by the year end.

Consolidate savings/investments/pensions into simple, manageable funds or fund.

Life and Work:-

To enjoy our daily work even if this means radical change of paths.
To live simply.
To be more mindful.
To live in the now.
To protect our health.

Of course this is easier written than practised and I am sure life will throw us some bouncers in the meantime, but that's the general idea anyway!

May we wish everyone who reads this mundane diary a very Prosperous, Healthy and Happy 2014 for you and yours!

:beer:

edinburgher

To enjoy our daily work even if this means radical change of paths.

Oh wow - brave one

Also, not related, but love your new avatar.

sweetdaisy

Wishing you all the best for your plans in 2014 .

southerndave

Thanks everyone!

2014 begins and I suspect we have all trudged/skipped* back to work by now. I have and to much the same as it was before. I don't really mind it so long as it is tolerable, but at the moment it keeps dipping under that lever into the intolerable/bored/get me out of here zone and if this persists than I shall be off to pastures new.

Whilst we need to work, and given the amount of time we spend there, I'll be damned if I will swap my time for misery - I'd rather be poor. There is a fabulous unattributed quote that runs:

"What I do today is important, because
I am exchanging a day of my life for it."

And I don't know many people, if they didn't have to for money, swap work for that time.

So that's we we/I am now. Looking to keep on keeping on and to chip away at the mortgage, to make sure we have what we need and to live in the now.

*delete as appropriate!

southerndave

Well still in my job for the time being. Getting harder and harder though as certain people are pushing my buttons big time. Came close to telling them to shove it today! However, had a few weekend's self-employed work recently, which has helped a. remind me how tough it is and b. added to the coffers.

Aside from the money in, I/We have been spending a lot since Xmas. I find this a brilliant time of year for buying as most people are selling so the market is flooded and there are lots of bargains out there. We have replaced our nearly 20 year old dining table and chairs with a new set heavily discounted in the sales. We have replaced some other household items that were on their last legs. I bought my son his first Hornby trainset dirt cheap off eBay brand new and he loves it, we also got him a new guitar so he can learn to play an instrument.

I got myself a new guitar as well (another unwanted xmas present!) so its like the Osmonds in our house! At the start of February I will need to sit down and go through the accounts again and assess the damage and that's also when the diet starts again - I am still eating Xmas cake!

Still wavering between going utterly all out and nuking the mortgage with everything we have OR taking the alternative road which focusses on enjoying things more and less on money/mortgage, perhaps even downsizing?