Only freedom will do

edinburgher

turtlemoose wrote: »

£74.65 :eek::eek:

Ouchy!

Still, there are a lot of levers that you can crank to change the outcome/amount

turtlemoose

I got REALLY confused by the FV formula, my result was coming out in the millions of millions. Then I realised I needed to divide by 365 not by 12, because I was calculating daily payments not monthly ones.

Ok if I want FI at 55, my number becomes £52.67, still ouchy but better.

I should be MF by that point though, so if I don't count mortgage costs in my requirements, that makes it £41.38.

I can't see me getting ANY work done this afternoon....

edinburgher

Haha - FV can be a tricky formula to begin with - it's usually pretty obvious where something has gone wrong

As I say, I left the mortgage payments in because it was six and half a dozen as regards how much money I would need. Our non-mortgage bare bones budget is actually pretty tiny, £800/mth or so.

turtlemoose

why use a bare-bones budget? At the point of being FI , I wouldn't want to have to go without nice extras. Or have I missed something? (probably! )

edinburgher

Well, a bare bones budget shows you the minimum you need. After that point, you're basically working for pleasure (well, to pay for your own pleasure!)

Still, that's why our target is £2,000/mth, not £1,400, I agree entirely.

Karmacat

Absolutely no clue about the formula, but I did understand the working through, thankfully - 490 days till I retire (listed the days of the month and used the "add" function, which I *do* understand) I have a big gap - £141 a day - but I'm ignoring the state pension too, and I assure you I won't be in real life plus also ignoring selling the French apartment (tho including its mortgage, which will be running for another 2 years or so after I retire).

I've tried to understand the formula, but life's too short - I *do* grasp the concept tho, and I'll refine it soon, ta muchly.

Copywriting webinar about to start - I'm determined to get that extra money! Tho the funding gap is bigger than in my sig on here - maybe thats where the state pension comes in

slowlyfading

£51.53 if I want to retire at 50 :eek: :eek: :eek: :eek:

Oh, though I started off with a zero net worth, as I didn't want to count the house - we need somewhere to live!

It basically equates to having to save £1,600 every month for the next 22 years.... which seems like an impossible task at the moment.

edinburgher

we need somewhere to live!

It's too sizeable a proportion of your net worth to ignore! Also, because my number includes the cost of mortgage payments, it would seem silly to count the cost of paying for the house, but not the value of the house?

Anyway, Mrs E has made me a happy camper by saying that she's happy to join me in FI bliss in one of these somewhere scenic

Mrs E in hospital for minor procedure today, everything went well and the baby countdown begins in earnest. We had a real 'awww' moment at her parents when her Mum handed over the blanket that she came home from the hospital in 30 years ago to be re-used for Toots :A

slowlyfading

edinburgher wrote: »

It's too sizeable a proportion of your net worth to ignore! Also, because my number includes the cost of mortgage payments, it would seem silly to count the cost of paying for the house, but not the value of the house?

To be fair, in my calculations, we are mortgage free as part of the early retirement plan - not sure how that factors in the budget either though!

Anyway, Mrs E has made me a happy camper by saying that she's happy to join me in FI bliss in one of these somewhere scenic

These are very nice! Can't see any prices though?

Mrs E in hospital for minor procedure today, everything went well and the baby countdown begins in earnest. We had a real 'awww' moment at her parents when her Mum handed over the blanket that she came home from the hospital in 30 years ago to be re-used for Toots :A

Awww

edinburgher

These are very nice! Can't see any prices though?

I believe that particular one is £58,000 assembled to wind and watertight. You do need the land, planning, the foundations, the internal walls, bathroom, kitchen and services on top of that, but £150k should be realistic in wildest Scotchland