Enough money to retire at 26?

System

@GreyQueen

My money is safe in savings, as the savings rate will always be higher than inflation:
http://www.cernunnos-homes.co.uk/index.php?callback=image&pid=275&width=500&height=400&mode=


So in fact, I will make more money by interest gains.

"May even be retirement only when medically certified as unfit or work or actually d-e-a-d."

That will never happen, do you honestly think British people would allow that? after all the tax they paid during their life, not to get a state pension?

Bitsy_Beans

berbastrike wrote: »

Fridge = £220
http://www.currys.co.uk/gbuk/household-appliances/refrigeration/fridge-freezers/logik-lfc55s13-fridge-freezer-silver-20163486-pdt.html


Washing machine = £170
http://www.currys.co.uk/gbuk/household-appliances/laundry-dishwashers/washing-machines/logik-l612wm13-washing-machine-white-20227297-pdt.html

So much for "double it" !

Anyone can find something cheap. However the jury will be out on it's durability and longevity.
Suggest you have a read and re think your 10 year lifespan
http://www.bbc.co.uk/news/business-27253103

System

Bitsy_Beans wrote: »

Anyone can find something cheap. However the jury will be out on it's durability and longevity.
Suggest you have a read and re think your 10 year lifespan
http://www.bbc.co.uk/news/business-27253103

If I'm living alone, I will be using the machine probably a third of the average use, so it will last longer

GreyQueen

berbastrike wrote: »

Fridge = £220
http://www.currys.co.uk/gbuk/household-appliances/refrigeration/fridge-freezers/logik-lfc55s13-fridge-freezer-silver-20163486-pdt.html


Washing machine = £170
http://www.currys.co.uk/gbuk/household-appliances/laundry-dishwashers/washing-machines/logik-l612wm13-washing-machine-white-20227297-pdt.html

So much for "double it" !

If you'd lived long enough, you'd know that if you buy cheap carp, you get to buy it again in a very few years; buy cheap, buy often, as the saying has it.

A £170 washer is garbage. Ditto a cheap fridge-freezer. The smart moneysaver reads independant reports from users and consults with repairmen and the wider circle of experienced householding acquaintances. Which is why there's a Miele fridge in my kitchen with a life expectancy of 15-20 years and a pricetag twice some of its rivals and it'll still end up costing me less than several cheap ones.

Some things are cheap and good, but not very many of them and it certainly doesn't apply to the world of white goods.

Cyberman60

berbastrike wrote: »

are you happier now or when you were working and earning more?

Absolutely. Money and career were my aim when I was younger, but I just had to get out of the ageist rat-race, and as soon as I could I did. I'm happier than ever, never married , travel a lot, spending only about six months a year in the country.

I'm not sure doing that at 26 with no pension is a good idea, as other situations may arise such as falling in love, getting married, which would have a huge impact on annual spend.

Some here mention costs of house maintenance, and I disagree that it is a major cost as I've lived where I am for over 25 years, always done my own maintenance, except for having a power shower fitted , and a boiler igniter replaced. I've done my own painting/decorating, window, guttering, soffit and minor roof repairs, diagnosed and replaced a three way valve on my CH, drained the system many times to replace radiator valves etc etc.

It's only expensive if you cannot DIY, but with the internet today there really is so much good advice. I do most of my car maintenance also.

nuatha

berbastrike wrote: »

Fridge = £220
http://www.currys.co.uk/gbuk/household-appliances/refrigeration/fridge-freezers/logik-lfc55s13-fridge-freezer-silver-20163486-pdt.html


Washing machine = £170
http://www.currys.co.uk/gbuk/household-appliances/laundry-dishwashers/washing-machines/logik-l612wm13-washing-machine-white-20227297-pdt.html

So much for "double it" !

In both cases the manufacturer offers a 12 month guarantee, and you expect a 10 year life? The posters are rightly saying that to get a 10 year life expectancy from an appliance you need to pay considerably more and to guarantee a 10 year life invest in a Meile - they have models that have a 10 year warranty, though you'll pay around £900 for one.

Savings rarely pay more than the actual rate of inflation and currently pay considerably less.

Armorica

berbastrike wrote: »

@GreyQueen

My money is safe in savings, as the savings rate will always be higher than inflation:
http://www.cernunnos-homes.co.uk/index.php?callback=image&pid=275&width=500&height=400&mode=


So in fact, I will make more money by interest gains.

"May even be retirement only when medically certified as unfit or work or actually d-e-a-d."

That will never happen, do you honestly think British people would allow that? after all the tax they paid during their life, not to get a state pension?

I'm assuming you don't work in finance then?

Historic financial performance is no guarantee for the future. Your chart also conveniently stops in 2010.

meer53

berbastrike wrote: »

Fridge = £220
http://www.currys.co.uk/gbuk/household-appliances/refrigeration/fridge-freezers/logik-lfc55s13-fridge-freezer-silver-20163486-pdt.html


Washing machine = £170
http://www.currys.co.uk/gbuk/household-appliances/laundry-dishwashers/washing-machines/logik-l612wm13-washing-machine-white-20227297-pdt.html

So much for "double it" !

There is now way on this earth that those appliances will last anywhere near 10 years.

I've lived in this house for 27 years. I've had 3 kitchens, (£30k on average) 3 bathrooms, (£7k) a new roof, (£2.5K) new windows and doors, (£5k) cavity wall insulation, a new drive, (£4k) a new front wall because the old one fell down, (£1.5K) a new garage, (£2K) spent thousands of pounds on the garden to keep it manageable, two new fires and fireplaces, 4 three piece suites, 3 double beds, 4 single beds, new lounge and stair carpets three times, and they're just the things i can remember.

Get real.

Bitsy_Beans

berbastrike wrote: »

If I'm living alone, I will be using the machine probably a third of the average use, so it will last longer

Not necessarily. Cheap !!!!! rarely lasts, even if it's not used as much as the average family. Just because something is cheap doesn't make it better, just false economy,

I think in all this discussion you are missing the point. Which is how little you actually know about homeownership and the cost of living in general. Life doesn't follow a neat plan of figures on a spreadsheet. The unforeseen happens and if you don't factor that in to your planning you will fall on your face.

GreyQueen

Armorica wrote: »

I'm assuming you don't work in finance then?

Historic financial performance is no guarantee for the future. Your chart also conveniently stops in 2010.

He can't even remember how old he is, or whether he had a mortgage or bought a house for cash, there's no chance of him understanding your excellent point.

But that's OK. There's this thing called Real Life around for educational purposes. It's a bit of a beyatch, but it'll teach him well - eventually.