Only freedom will do

gallygirl

edinburgher wrote: »

Feel a bit like I'm trying to fit a tent over an elephant....

Why not try to eat it instead

edinburgher

gallygirl wrote: »

Why not try to eat it instead

Didn't seem appropriate in relation to FI, hence tent stretching :rotfl:

gallygirl

edinburgher wrote: »

Didn't seem appropriate in relation to FI, hence tent stretching :rotfl:

Would save you buying meat for a long, long time .

Alchemilla

Sounds like me trying to get dressed.

AlexLK

edinburgher wrote: »

Not clicking on the link as I'm at work, but assuming that it's whisky as it's McTears?

I do need to confess spending £177 on another 2 bottles of the good stuff, but in my defence I am getting ready to 'flip' my first bottle (£70 a fortnight ago, currently being bought for £200+ at auction). I would like this 'income stream' to become truly passive by paying for itself and then generating a profit, but I'm painfully aware that I need to sell some of my stock to do so. This is dependent on my ability to choose winners and I am hoping that I don't make too many (delicious) mistakes on the way

Yes, it's whisky at McTears.

Hope everything goes well with the sale. In the future, if buying and selling at auction make sure you factor in commission for both buying and selling. I'm always amazed how much auction houses make, in fact I often think about starting one myself.

edinburgher wrote: »

My financial life is a bit manic at the moment, as I'm trying to fill the whole left by the lack of football MB with zany schemes such as above and portfolio optimisation (P2P lending, moving money into Mrs E's name to reduce tax). I am getting frustrated, however, as I need to make more or spend less. The tinkering provides a one time shot in the arm, but it doesn't amount to much in the short term.

Still researching before pulling the trigger on different career options, but slightly disgruntled that any transition will only cost me more money in the short term (qualifications, professional memberships, salary reduction etc. etc.)

Feel a bit like I'm trying to fit a tent over an elephant....

Have you thought about how much you want / aim to make per year? And how much effort you want to put into a second income?

Regarding the career options, what jobs are you looking into? If it's something you really want to go for, I think the short term cost will be worth the long term gain, whether that is financially or otherwise.

Secret_Saving_Squirrel

Al's little aside made me laugh out loud!

edinburgher

Secret_Saving_Squirrel wrote: »

Al's little aside made me laugh out loud!

I had totally missed that! :rotfl:

ljaneyr

Alchemilla wrote: »

Sounds like me trying to get dressed.

Secret_Saving_Squirrel wrote: »

Al's little aside made me laugh out loud!

Me too :rotfl::rotfl::rotfl:

edinburgher

One for all you BTL wannabes from the pension board:

It's illiquid, indivisible, typically undiversified, exposed to CGT, exposed to income tax, and packed with business risk - destructive tenants, voids, disappointing rents, unpaid rents, substantial costs, ..... If ever there were something to buy at a bargain price to compensate for all its disadvantages, it's property. So people with no business experience, no trade skills, and no legal skills plan to buy it as a geared bet for their retirements.

I can think of exceptions, but on the whole it's a horribly risky plan.

in_need_of_direction

True but in some ways I'd sooner lose my own money that have someone pick up a large salary for the same end result!