SF's road to mortgage freedom!

ljaneyr

Morning SF :wave:

I'm so pleased to read all these lovely things in your diary, even if it's making me slightly jealous

Stuff 'vicarious early retirement', I'm going for 'vicarious having a baby'

edinburgher

I hear that vicariously having a baby involves less poop and sick. If you really want a taste for the whole child raising experience, there are a hoste of creepy Japanese computer games for Nintendo consoles along the lines of 'Virtual Baby' :rotfl:

slowlyfading

ljaneyr wrote: »

Morning SF :wave:

I'm so pleased to read all these lovely things in your diary, even if it's making me slightly jealous

Stuff 'vicarious early retirement', I'm going for 'vicarious having a baby'

Your turn will be here soon, won't it?

edinburgher wrote: »

I hear that vicariously having a baby involves less poop and sick. If you really want a taste for the whole child raising experience, there are a hoste of creepy Japanese computer games for Nintendo consoles along the lines of 'Virtual Baby' :rotfl:

Erm, what?! :eek:

slowlyfading

How slow is this week going - I cannot believe it's only Tuesday :wall:

I have not managed to eat healthy today at all, feel really bad about it I've got a bad cold so I'm struggling even more to sleep properly, so I just wanted unhealthy, fatty food today and as I can't have any proper coffee, junk food it was. I need to have a much better day tomorrow.

It's NSD 19 for me this month though, so pleased with that If we are to continue with the success of NSDs, the next couple of months are going to have to be well planned and thought through though - we have lots of things we're going to need to buy over the next couple of months but hopefully, our budget will stay in tact

I've written a blog post today about ten of my favourite personal finance blogs to read, if anyone wants to check it out

edinburgher

I share your pain SF, not made any easier in our house by the fact that one of us is at work (with all the attendant grumps) and one is a lady of leisure

Some of those frugal blogs are funny. To quote my Gran, a lot of the 'Mericans 'don't know they're born'. I loved the 33 year old 'retiree' who has a working spouse and had a household income of $150,000 to invest. But, you know, it was just being frugal what did it

slowlyfading

edinburgher wrote: »

I share your pain SF, not made any easier in our house by the fact that one of us is at work (with all the attendant grumps) and one is a lady of leisure

I can imagine that's pretty tough going...

Some of those frugal blogs are funny. To quote my Gran, a lot of the 'Mericans 'don't know they're born'. I loved the 33 year old 'retiree' who has a working spouse and had a household income of $150,000 to invest. But, you know, it was just being frugal what did it

Lol there is that....

slowlyfading

After reading Edinburger's thread and the number conversation, I've been sat playing around with my own version of the spreadsheet. It's such a scary read though - I clearly need to do more work on our finances!

If I want to retire on December 31st, 2036 which is the year I turn 50, it leaves me with exactly 7917 as of today. If I want to live on £24,000 a year, assuming our mortgage is paid off, I need to get from 50 to 67 before our pensions start to kick in. 17 years at £24,000 a year equates to £408,000 needed in total, to succeed.

£408,000 divided by 7917 gives me a number of £51.53 a day I need to save from today until then, every day....!

I need to do more... as this also includes being mortgage free!

The mind boggles....

:eek: :eek: :eek:

edinburgher

Do you honestly need £2,000/mth to live on assuming a paid off house? Without meaning to sound cheeky, you must be a very affluent teacher :eek:

Also, I think you may have misunderstood part of the formula (it's not just straight division of £/days). You've ignored the prospect of growth, which is unrealistic over 20+ years.

At 4% growth, your figure is £32.38. There you go, I just saved you 40% of your number :rotfl:

slowlyfading

edinburgher wrote: »

Do you honestly need £2,000/mth to live on assuming a paid off house? Without meaning to sound cheeky, you must be a very affluent teacher :eek:

Lol not affluent at all! But, we don't just want to sit around all day when we retire - we want to go traveling to various places when we're finally free. Although, thinking about it, I'm sure £20k would more than suffice in this respect....

Also, I think you may have misunderstood part of the formula (it's not just straight division of £/days). You've ignored the prospect of growth, which is unrealistic over 20+ years.

At 4% growth, your figure is £32.38. There you go, I just saved you 40% of your number :rotfl:

To be honest, I couldn't get my version of excel to do the formula so just did a division of days If we reduced the amount a year we need to a very respectable £20k, what would our number be then?

You've made me feel very frivolous, when we're not at all I promise!

CathT

I really need to give more thought to financial planning for the future. I am early 30's and paid into a pension for 10+ years and had hoped that becoming MF and having decent pension would be enough!

Think I need to get back over to your thread Mr E, was started to get focused during all that talk of vanguard and the Charles chap!