This Time I'm Really Going To Do It

Watty1

Thanks Karmacat. It certainly has been a long journey to find out what is wrong with the little chap but now we are there I think so he can start getting better.
Slight cough at size of farrier bill - £160 - but - fingers crossed the insurance company will cover some of that.

Watty1

Brrrr! So cold!
And demotivated on work front and most others really.
Decluttered 1 tube of stuff from bathroom 74/365

Alchemilla

Hoping you see an improvement in him soon.

Watty1

Thanks Alchemilla


On with decluttering project and another 3 items have left the house 77/365.


Turning attention to financial independence. Have now completed a review of lasts years spending. And projected forwards to our retirement spend ..... dear me ...that was scary :eek:


Now rather than focus on cutting back I am going to accept the figures for now and start to work out a way forwards. Looking for areas to cut back is one aspect, but, now I know "a figure" for "the future spends"


Now I need to review our pension provision - I have my mind map from earlier but I need to add in Mr Watty's pension and start to work out when we could retire and how we can make up shortfall.


Stepping bravely forwards

Karmacat

Its so complex to work it all out, isn't it! Take your time, and check your figures best of luck!

Alchemilla

Mmmmm retirement...

Watty1

Its really complex! Also mind map perhaps not best way forwards for financial planning. Saw two major calculation errors this morning. Am currently using A3 sheets of paper left over from an interview I did somewhile ago when I suspected they might have computer access available for powerpoint so I did my presentation on A3 sheets and pinned them on the wall. It was novel! I didn't get the job My feedback was I was too much of a creative thinker and would be bored :rotfl:
May have to learn to use a spreadsheet. Something I have been resisting.....

gallygirl

Watty1 wrote: »

May have to learn to use a spreadsheet. Something I have been resisting.....

Or just use one someone else has done
http://www.cfiresim.com/input.php

It's worth spending a bit of time understanding how this works. You put in your figures and it basically runs it through simulations for every year since 1880 or something. It then tells you how many times it would 'fail' (i.e. you'd run out of money and end up destitute in the gutter :eek:) It does have limitations - if you want to project a 40 year retirement for instance then it can only go back 40 years - so all financial cycles in the last 39 years would be excluded (although, with the exception of very low interest rates, there's not much that different probably). Also I'm pretty sure it's based on US stock markets only - at a time when the US was becoming a powerhouse so better results than you'd expect on average. However, if the numbers indicate you'd run out of money, with using the best case scenarios, then you're doomed and best save more pretty sharpish :rotfl:.

One thing I like about it is you can add income streams at various stages, e.g. when state opension starts, and also build in say 5k every 5 years for a car etc.

FloppyDisk

Oh Watty, how can you have made such progress without a spreadsheet?! You have missed half the fun, I'm currently trying to create an equine cost model.... geek chic.

Watty1

Gallygirl that is a brilliant spreadsheet.
I have spent hours on my version then came and found that

Own version indicates we run out of money when I reach 79......