Only freedom will do

edinburgher

NorthernMonkey1 wrote: »

I'd like £2000/mo when I retire, so a long way to go before then, and a mortgage still to pay off.

That's £600k + no mortgage, do you think that's realistic if you are to retire before judgement day?

How is our collective Goddaughter today?

Beautiful
Sleepy
Hungry

slowlyfading

I don't know if I should read your thread at the moment... pooplosions sound awful... :eek: _pale_ _pale_

NorthernMonkey1

edinburgher wrote: »

That's £600k + no mortgage, do you think that's realistic if you are to retire before judgement day?

Possibly not, but possibly so. If I save as though I'm aiming for this, then decide to stop early, then all is well, as it is more than I need.

It is not impossible, but certainly a stretch, to position myself for MF in 5 years, in which case it becomes more possible.

edinburgher

Assuming a 5% return, £800/mth for 32 years (near your numbers?), you'll retire at 68 with c. £500k. Best of luck working productively for another 30+ years

Goldiegirl

edinburgher wrote: »

Aye, she's fine now, just likes to scare her new parents

Glad she's ok now.

greent

Congratuations to you and Mrs Ed on the birth of Juliet! xx


If Mrs E is still bf, had she consumed something in the 24 hours beforehand to possibly upset Miss E's tum? I remember eating curry and DD having green poo and being violently sick the next day OJ also upset her stomach x

judi24

I try to keep up with your thread and am really amazed by your knowledge and determination to achieve FIRE. I don't want to hijack your thread but wondered if you could point me in the direction of some beginners info or idiots guide to all this? I am still in a bit of debt but which will be gone soon and I was thinking that becoming mortgage free would be my next goal. However you have got me thinking and wondering if there is a better way to get to achieve FIRE. (want a plan in place before I am finished paying debt so I don't just slip into spending the money I am currently paying towards my debt) any tips would be appreciated!!!

SuperSecretSquirrel

I guess the first few questions would be regards the mortgage judi - what is the current balance, interest rate, remaining term, and are there any restrictions on overpaying? Then it would be useful to know when you hope to retire, what your expected monthly outgoings would be in retirement (in today's money, so maybe your current expenses minus mortgage payments would be a good starting point), and how much spare cash you have each month to go towards savings/investments/overpayments. Would also need to know current pension/savings/investments/house value... Armed with that information you could start sketching out a plan with some help from some MFWs (FIREWs?) like our esteemed Mr Ed

If that's too much, just the mortgage info and how much you will have spare each month in the immediate future would be enough to get started on deciding if you should overpay, save, or if planning to retire in a distant enough future, invest

edinburgher

Judi, Squirrel has brought up some very good points for consideration.

The ideas behind financial independence are simple, but getting there is too tricky a task for many people for there to be a simple roadmap that can be easily replicated. I think the 'easily' part is the key word there, achieving it is a tall order!

In blog land, I suppose Mr Money Must@che (MMM) is perhaps the most easily digestable guide to accomplishing FI, but I think the book 'Your Money Or Your Life' is a bit less sweary and perhaps more forgiving

Monevator has also considered it.

In terms of the investing side of things, I am a huge fan of the wonderful 'Smarter Investing'.

At a basic level, FI is like a giant extension of the MSE article 'Should I Overpay My Mortgage'. You figure out how best to make all of your wealth and possessions work for you so that you don't have to work in future :T

Long story short (provided for inspiration and research, not a definitive list):

• Calculate how much money you need
• Calculate how much money you have and what the gap is between this and what you need
• Decide how you will make up the shortfall, what will you be able to save?
• Decide where to save and invest and what the likely return will be over time
• Play with your scenarios using a range of Monte Carlo and other calculators to check that your plan seems robust
• Start saving and investing
• Check regularly to make sure that you are on target, if not, change something
• Hope

edinburgher

• £3.58 from TCB
• £30.60 to savings
• £9 to S&S ISA pot

Toying with the idea of buying new work clothes for when I go back in 13 days, but really CBA