Enough money to retire at 26?

System

fuddle wrote: »

You have an answer for everything berbastrike. You really have thought this through haven't you?

Security in retirement is something that I have been thinking about a great deal lately. I will spend my whole working life trying to achieve some sort of security so the idea that you could use up all your security during your working life and risk being a pauper in your elderly years is something that I cannot understand.

I too appreciate life over work but I have had 5 years 'out' being a SAHM. When my little one went to school and my job was 'done' and I had very little to actually live on, let alone money to do stuff to entertain me, I became withdrawn and quite depressed.

I think we all need a purpose and fo you to be truly successful in your plan I think you need something to do with your time that won't incur costs to your budget.

If you're serious about this, I wish you well.

What kind of purpose is being stuck in the rat race working 9 to 5, 5 days a week, I find that a depressing life. Not having little money to buy flash cars, or holidays

lazer

Bitsy_Beans wrote: »

You're living in cloud cookoo land. I am not pessimistic but I've owned 3 houses ranging from 70 years old to 20. Stuff breaks and damage occurs. If you can't accept that needs to be factored in then you will get a rude awakening,

My brothers kitchen just flooded due to a faulty pipe. Flooding isn't JUST from excess rain.

But it can generally be replaced cheaply if you want it too - Stuff can be got free from free cycle even.
Faulty pipe or flooding or tree collapsing on the roof ate, should be covered by insurance and aren't really that likely to occur.


Other than accidental damage to the carpet (which I didn't replace for a few months - until I had saved), no disasters have happened in my house (or even rented houses) in well over 10 years.


I love the OP's plan, I think he has enough money to leave the rat race, but he needs to use the money to generate an income, or find something he enjoys doing to make "pocket money"


There is no point in earning £50k a year and spending 50 years at work miserable if there is an alternative

Bitsy_Beans

lazer wrote: »

But it can generally be replaced cheaply if you want it too - Stuff can be got free from free cycle even.
Faulty pipe or flooding or tree collapsing on the roof ate, should be covered by insurance and aren't really that likely to occur.


Other than accidental damage to the carpet (which I didn't replace for a few months - until I had saved), no disasters have happened in my house (or even rented houses) in well over 10 years.


I love the OP's plan, I think he has enough money to leave the rat race, but he needs to use the money to generate an income, or find something he enjoys doing to make "pocket money"


There is no point in earning £50k a year and spending 50 years at work miserable if there is an alternative

I am not saying he shouldn't be mortgage free as soon as possible BUT I think he is being naive that he doesn't need a contingency plan for emergencies, not just for house stuff either. If you're going to be signing up to a life of very little money then he needs to cover every aspect and I don't get the impression he's doing that.

Floss

https://forums.moneysavingexpert.com/discussion/5023274


Haven't you got your life sorted out yet OP?

System

and also, would my plan/savings, increase or decrease chances of getting a girlfriend?

peachyprice

berbastrike wrote: »

Average appliance life say 10 years.

Washing machine = £200
Dishwasher = necessary? £150
Fridge = £200

Say £600

Divided by 10, only £60 a year, not huge costs.

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.

aardvaak

berbastrike wrote: »

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

Yearly budget - £7500

To spend:
Council tax = £1000
Food = £1000
Gas Elec = £300
TV Licence = £150
NI (so I get full state pension) = £150



Broadband = £150
Clothes = £300

New car every 10 years = £500 (per year)
Car Ins = £200
Car Repairs = £250

Gadgets/computer/tech = £250


Total necessary spend = £4250

Which leaves £3250 for luxuries/treats




Do you think this plan is depressing, unrealistic, or a good idea? Just looking for some thoughts. Should I follow the plan, is it enough to not get bored each day.

What is your occupation?

How can you retire at 26?

Bitsy_Beans

Floss wrote: »

https://forums.moneysavingexpert.com/discussion/5023274


Haven't you got your life sorted out yet OP?

LMAO!!!!

Why does the OP now want a girlfriend.....according to him women are just gold diggers :rotfl::rotfl:

System

aardvaak wrote: »

What is your occupation?

How can you retire at 26?

i'm self employed, I can retire at 26 but its debatable if its retirement or a non existence

Gigervamp

So, what are you planning on spending your free time doing? Do you have any plans for that?

If I had money and time like you're planning, I'd be going on courses and travelling.

Also, if/when you do get a partner, what if she wants children? Children cost a lot!