Enough money to retire at 26?

System

Sproggi, RPI includes house costs which makes it irelavent as house is paid off

peachyprice

berbastrike wrote: »

Sproggi, RPI includes house costs which makes it irelavent as house is paid off

You don't have a house, your parents do.

sproggi

berbastrike wrote: »

Sproggi, RPI includes house costs which makes it irelavent as house is paid off

Tell that to the train* companies when they use it to increase their prices

I am sorry, but I will have to bow out now, I have tried to help you understand, but with little success.

Having a 'lifeplan' is all very well, but you have to allow for the fact that life often throws you a curve ball.

Good Luck

* I vary rarely travel by train, it was just a straightforward example

Liz_M

Please tell me where to get a £500 car that will last 10 years and only cost £250 a year in 'repairs'!!!! I assume this also covers tyres, MOT, belts that need replacing after a certain number of years etc as there's no budget for these???

suki1964

berbastrike wrote: »

Sproggi, RPI includes house costs which makes it irelavent as house is paid off

You don't have a house, neither do your parents.

They owe £180k on a £220k house


You thought they could give you 25% for £10k till that was pointed out to you as not a mission


You are also 30, not 26 and reckon you have a £2 mill turnover


Yet you also take advice on not paying VAT

You have also posted this same scenario in the past


Troll ? Who knows


Saddo with nothing better to do?

Pollycat

berbastrike wrote: »

Mortgage paid off and will have £300k saved which is around £7.5k per year until I reach state pension age.

Is this the mortgage on the house worth £200K that your parents were planning on selling 25% to you for £10K on 28/9/2014?

berbastrike wrote: »

Long story, but basically, me and my parents have agreed they will give me 25% of the house for £10k

berbastrike wrote: »

£20 week is a bit low but think I can manage on that. I eat alot of natural foods and find these are cheaper than ready meals etc. Also don't drink any alcohol/fizzy drinks

Yeah.

berbastrike wrote: »

I need some ideas please

So far, have came up with

Toast & Beans, beans 30p, toast 10p = 40p!

Really, really natural. :rotfl:

This may have already been suggested - but I'd repost this on the Pensions board.

The very knowledgeable people on there (if they can even be bothered to reply) will pick your delusional plan to pieces and tell you exactly where you are going wrong.

I look forward to your next piece of fantasy. :rotfl:

iris

peachyprice wrote: »

You're living in cloud cuckoo land if a) you think appliances will last 10yrs and b) that's how much they cost. Yes, you can get quality appliances that may last that long, but not at those prices, try 3 times as much or lasting 1/3 of the time you believe.

I disagree. We have just refurbished our kitchen and wanted (not needed) new appliances. All of our appliances were over 13 years old, none of them have ever been repaired, and still working. None of them cost more than £250 each (fridge/freezer, dishwasher, washing machine, ceramic hob). We gave them all away to charity.


We have lived in our new bungalow for over 13 years and have not needed to have any repairs done yet (fingers crossed). Everything we have had done was a 'want' not a 'need'. We have a solid floor.


We do all our own decorating. My husband does any diy needed. The only thing we pay for is to have our boiler serviced every year and that costs £65.


We only have shrubs in our garden, so no mower to buy and our drive is gravel.


However, cars are another matter altogether:eek:

peachyprice

iris wrote: »

I disagree. We have just refurbished our kitchen and wanted (not needed) new appliances. All of our appliances were over 13 years old and still working. None of them cost more than £250 each (fridge/freezer, dishwasher, washing machine, ceramic hob). We gave them all way to charity.


We have lived in our new bungalow for over 13 years and have not needed to have any repairs done yet (fingers crossed). Everything we have had done was a 'want' not a 'need'.

£250 in 2001 was not the bottom of the range though, the appliances OP was linking to were the cheapest available.

And there is an element of luck. I had a dishwasher that constantly broke down and was unrepairable after 3 years, replaced it with a reconditioned Kenwood from Remploy that's still going strong 8 years later. Just bought a new oven because the previous 5yo one had had 3 new elements and it's control panel had gone. I have a notorious Samsung American fridge/freezer that is the known for constantly breaking down, but mine has been fine and is still going strong 9 years later.

For every person that has had appliances that have lasted 20 years there is someone whose have only lasted 3-4. Fact is there is no guarantee that you will get ones that last that long, but the better quality you start off with the more likely you are to get a longer life.

It's a lottery, not a given and to have no contingency for that, even in OP's fantasy world, is just stupid. I don't think I've ever bought an appliance out of 'want' but they've still needed to be bought.

Lavandula_Rosemary

LOL...this had got to be the funniest thread I have ever read:rotfl::rotfl::rotfl:. Why are you all bothering wasting your time giving advice to this nut job?

He is a sad lonely troll/liar who "lives with his parents".

I'd love to see him on Dragon's Den.....hahahahahaha

littlegreenparrot

Taking the scenario at face value, you might just about manage it, but I don't know why you'd want to.

I have had to be very frugal in the past, and do it by choice now. But I am grateful not to have to count every penny in and out any more. Circumstances change, how you feel changes, costs change, none of us really can have that clear an idea where we'll be and what we'll need in 40 years.

I also don't understand the all or nothing approach. If your in that amazing position, have a plan. Re-train in something you love, work abroad (I'm thinking of the low paid/acc. included type things). Volunteer, work part time somewhere low stress and close to home. Work doesn't have to mean rat race.

Aside from the finances, the biggest problem with the plan is the social isolation. Human beings are social animals who generally do better with a sense of purpose. Being at home alone with no plan, or money in your pocket is miserable and will probably make you ill.

As for your earlier question about getting a girlfriend - I don't think the frugal living is a problem, but isolating yourself will make it impossible.