Quit everything , and start again over 50?

lessonlearned

AC. A few pointers towards sound financial planning.

Can't quite remember your actual figures so I'll work on percentages.

Taking all your capital AFTER worse case scenario debt repayments.......i.e. No deal,you pay back everything you owe in full.

Then take that figure and aim to spend only 75 per cent on your house purchase, leaving you with a minimum of 25 per cent to save and invest.

(Of course if you manage to get a good deal all well and good, consider it a nice additional bonus)

That 75 per cent figure for your house purchase should include moving costs and any budget set aside for decorating, new furniture etc.

That remaining 25 per cent should be sacrosanct.....it should be your emergency cushion and/or your long term savings for retirement.

Re your living budget.......

How I have worked mine out is that I only budget using my guaranteed passive income. I dont include any additional income such as sideline businesses or any investment income or interest on savings. I regard these purely as bonuses.

Then I aim to keep my normal living expenses to around 50 per cent of my passive income.......this will include all essential bills, food and household expenses, gifts and entertainment, hairdressing, Physio, clothes. This does not include my car or any big fancy holidays.

The remaining 50 per cent funds my "fun living" and savings. I try and save at least half of that.

My additional sideline income is my "mad money". I have no qualms about blowing this on either my big holidays - such as my trip to the Amazon next year or sometimes on a special piece of art or sculpture or a special day out or treat.... so far I have a spa weekend planned for February and ladies day at Ascot.:D.

I also have a few ideas for the odd weekend away or mini break, including a helicopter trip (it's on my bucket list.....:rotfl:)

Groupon vouchers are worth looking at for these special treats.

AC. I am not wealthy but I can and do enjoy "a millionaire lifestyle". I am proof that you can have your cake and eat it too, even on a modest income. It's all about developing the right mindset.

Actually most self made millionaires are surprisingly frugal .......;)

You just need to budget properly and get your priorities straight. Decide what matters most to you and work from there.

I can eschew fancy gym membership, regular nights out at the pub, takeaways, expensive coffee shops and indifferent fast food eateries and your average chain restaurants in favour of exotic holidays, great clothes, fun days out and the occasional slap up meal in a high end restaurant.

I live simply so that I can splurge without guilt or running up debt. As my husband used to say "we all need fripperies" ......;) be it travel or toys but you do need to stay within budget.

At the moment I am happy to run a car even though I would have more disposable income if I sold it. I still enjoy the freedom and independence granted by car ownership so I scale back in other areas so I can afford it.

However I am mindful that one day owning my own car might become too much of a financial burden so I will make sure that when I come to buy my forever home it will be in an area where I can live happily without a car.

You can have it all, but maybe not straight away. You need to think carefully and plan ahead.

another_casualty

Thanks LL
As I say, I'm reading this thread from scratch. Currently on page 25.
Interesting stuff. I have worn you out on many occasions
I will be going by your financial help in this paragraph , but I will look back at the figures you quoted a long while back .

I feel like a rescue cat/ dog at the moment . No im not sorry for myself:)
But looking at the move/ the quitting of job / the brother and 'removal'/
The last ditch securing of that posh flat( which I initially thought was like a b&b)/ the seciring of this flat -just/ the flu / finding a doctors and my myasthenia , I feel settled in a nice flat and location only to realise I have to try to eventually find a loving home

lessonlearned

Ah.....it's understandable. You are bound to feel a bit lost and unsettled. I am sure that once you have found your "forever home" you will feel much more secure and confident.

Who knows you might even end up with a little Kittie or maybe even a dog.

I can relate to your trials and upheavals. I have had 11 years of tribulations and I have lost so much. The man I adored, my darling mum, my grumpy but loveable old dad, the family home, our Spanish dream and planned retirement, many of my cherished possessions I've battled near bankruptcy, endured my own health issues, survived two car crashes......

I sometimes think I'm running out of lives.......:rotfl:

But you know what.......life is still good, I'm still optimistic about the future, still positive and cheerful.

Hemingway once said "the world is a mighty fine place". I so agree with this.

There is so much to see, do and enjoy. Friends and loved ones to cherish, new friends and acquaintenances to meet, adventures to be had, dresses to be worn!!!

I feel that I have just spent 11 years in the wilderness. But it's over. And my new life is just about to begin..

Same for you. You have climbed a couple of mini mountains, but you are now at the summit and great vistas await you......

So take heart ....It's all about to happen for you.

another_casualty

Thanks again LL:)
You have been through so much, and have to be admired.
I went through a period of forgetting and losing things.
This condition has made me lazy/ lethargic and at times a couldn't care attitude . Something that is not me . If I heed the excellent frank and open opinions by the usual suspects etc I should in theory be fine .

I think by end of Jan / beginning of Feb , all the sadness is behind and you will have a fantastic time ahead

wendym

And although I hate the expression Pred Head, steroids do affect the brain.

Just dropping in to say that number 5 on the harz list is not only really smart inside (but most of them are compared with chez nous!) but has very well cared for neighbours.

harz99

wendym wrote: »

And although I hate the expression Pred Head, steroids do affect the brain.

Just dropping in to say that number 5 on the harz list is not only really smart inside (but most of them are compared with chez nous!) but has very well cared for neighbours.

Thanks, I'm assuming your talking the Weymouth list? If so I think the Charles Street one looks okay as well.

Regarding the steroids, a few months back I was put on a short course of the same ones for a chest infection instead of the more usual antibiotics (contra indication with my other meds), didn't sort the infection and totally screwed my sleep patterns for a month. Awful things to have to take permanently.

another_casualty

This time last year , the specialist told me to go from 3-1-0 in the space of 3 months, then denied doing so . Not gonna criticise him as he is good and polite . When he said go from 2, to one and so on and so forth ( his exact words) , what was I supposed to do. Yes I know I repeated myself sorry.

He said to me in November , that he is confident of getting me off all medication . Im not the despondent type normally , so we'll see what next year brings . He has reduced me by a quarter this time around, so who knows ?

wendym

Yes harz, the Weymouth list. They all look ok, don't they?

Melcombe Place is a smarter looking setting than Charles Street, but probably not £20,000 worth.

Just waved off the British Gas leak checking man. No leak, and to his nose no unpleasant smell either. Clearly thought I was neurotic. On the plus side, no small mouse corpse either!

AC - 6.5 years ago I was assured that I would be off steroids in 2 years. Hey ho.

another_casualty

Sorry to hear Wendy. Maybe one day. Horses for courses and all that.

I had 2 different people ringing outside :
Around 4.30 I had a fireman come into the flat checking the fire alarms in the prioperties.
9.20 I had a delivery guy( food) , wrong address . I,pointed him in the right direction.

No, I wasn't hallucinating either

savingmore

hi ac and others. i haven't posted for a while but catch up everyday. you have been given some great advice on here and it's wonderful how these mse families/ communities develop.
if you want any opinions on weymouth if you go and look at houses i grew up there and regularly visit my fam too. it's a lovely place and has quite a bit of music scene it appears. different in summer than winter of course. fantastic beach and lots of lovely walks on the flat in the town beach front and of course the bird reserve just behind the streets near the front. rodwell where one of the houses was has views often towards portland and the home of national sailing. the nothe is one of my favourite areas, beautiful garden walks, by harbour and sea and walking distance to harbour, town, pubs by harbour that have open air music in summer, cafes, shops, great views. that's an area i would look at houses too.
plenty of public transport to poole. lots of day trips out....esp when u get yr free bus pass one day!
happy hunting.