2742 days until Retirement

edited 28 November 2016 at 9:12PM in Mortgage-Free Wannabe
55 replies 9.9K views
LrimasLrimas Forumite
196 Posts
edited 28 November 2016 at 9:12PM in Mortgage-Free Wannabe
[STRIKE]2742 days until Retirement[/STRIKE]

I hate my job.

There. I said it. I'm pretty sure that I'm not alone in hating my job and that even those who are lucky enough to love their job (as I was 10 years ago) will hate it 10 years from now.

It's like food. I love ribs. I sometimes say that I could eat ribs every day for the rest of my life and be happy, but that isn't true. If I ate ribs every day I would get bored. After a while I would start dreaming of steak, burgers and maybe even vegetables.

Humans need variety. Yet we are expected to do The Same Thing every (work)day for 45+ years. It is redicilous and I'm not going to play anymore.

I'm lucky enough that people are paying me a redicilous amount of money to do this job of mine that I hate (not as much as some of the people I have seen here, but more than enough to live very comfortably). This gives me options:
  1. I can spend all my money on things to try and make my time outside work so enjoyable that I don't mind spending most of my days doing something I hate. I've been following this strategy for a while, but it doesn't really work that well.
  2. I can change my career. While this is tempting it would just leave me in a worse position 10 years from now. I'll hate my job but I probably won't be paid what I am now. Not feasible either
  3. I can live a semi frugal life and retire very early. By 43/44 (9 years from now)
While retirement in itself won't stop me from getting bored (in fact, it might make it worse) it will give me options. If I want to become a mailman I can without having to worry how much they earn. If I'm wrong and it isn't the best job in the world I can leave it and buy a small game reserve somewhere and breed deer.

I've been a lurker for a while but thought it would be a good idea to start a diary to help me keep on track. This seems like the best forum for it even if my goal isn't to get rid of my mortgage.

As things stand now:
Need (for living costs. 1140*12*25): £342 000
Need (to pay of my half of the mortgage): £151 000
Need (money promised to nieces/nephews to increase with inflation until they reach 18): £12 000
Need Total: £505 000 :eek:

Saved (ISA/VCT/savings/etc): £14412
Saved (Pension): £54022.1
Saved Total: £68434.1

Percentage Done: 13.5%

I only check my investments once a year (31 March) so these totals will change month by month only due to the savings I add. Then on 31 March it could change drastically which might also change my estimated retirement date.

Wish me luck!

Edit:
I've decided to break my goal into mini goals so I can work for achievements along the way. My latest update is:

Goal 1: Become Mortgage (and money promised to Nieces/Nephews) neutral for my half of the mortgage.!
This will ensure that no matter what happens, I will always be able to make my mortgage payment.
Need (my half mortgage): £148169.615
Need (nieces & nephews): £12000
Need (total): £160169.615
Saved: £79326.23
Percentage done: 49.53%

Goal 2: Become semi-financial independent.!
In other words, have enough money to sustain me if I leave my job, but I have to continue to make a second income via matched betting/etc. Another way to look at it is that I'll be saving 100% of my income at this stage. Scary.

Goal 3: Become financially independent!

Goal 4: Retire
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Replies

  • MissCreativeMissCreative Forumite
    90 Posts
    Sixth Anniversary Combo Breaker
    Hi Lrimas :hello:
    It's great that you are taking control and declaring what you want. :T

    I'd really recommend looking at The Minimalists - they went through something very similar.
    Don't worry! I'm not suggesting you live in a van with all your possessions fitting in one bag. There are many different types of minimalists - essentially knowing what's you value and only spending time and money on those things, so you don't get stuck in a job paying for things you really don't want or need.
    (Zen Habits is also a great site)

    It's really helped me look at life differently and only do/spend on what I enjoy and value :)

    I really hope you do well on your journey and am looking forward to reading more posts from you (I like your no-nonsense talk! :rotfl:)
    Originally October 2042 // Goal December 2032
    Currently at £127,500

    End of fix goal: £75,000 by September 2024
  • tori.ktori.k Forumite
    3.6K Posts
    ✭✭✭✭
    we've hit the same realisation, and aiming for 10 years and pretty much starting life from scratch again, so will be following with interest on how you get on.
    Good luck
  • LrimasLrimas Forumite
    196 Posts
    Today is Halifax reward and TSB interest day! £18 per month for a few minutes of work end of last year. Not bad at all. :D

    Today wasn't a NSD as I went for a beer with a colleague during lunch. I don't feel too guilty about it as we only tend to do it once a month. This leaves me with £42 spending money for the rest of the month.

    ***
    MissCreative - thanks for sending me in the direction of the minimalist. While I tend to be fairly minimalist already (as an example, I only have 4 pairs of shoes. Walking shoes, running shoes, climbing shoes and a formal pair) there's definitely some areas in my life that I can improve (without living in a van :)) .

    tori - Glad to see I'm not the only one who is working towards this. 10 years seem long but if I look back on the last 10 years it passed in almost no time.
  • zcrat41zcrat41 Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    ✭✭✭
    Hi Lrimas. It's a bit American but Mr Money Mustache is good too.

    Good luck with your aim!
  • edinburgheredinburgher Forumite
    12.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Where can you buy a 'game reserve' for less than half a million pounds? :eek:
  • LrimasLrimas Forumite
    196 Posts
    edinburger - South Africa :p. Our small three bedroom house in Surrey will buy a 400 hectar game farm there.

    (As a new user I am not allowed to post links but once I have a few posts I'll post an example or two of game farms for sale)

    I'm not 100% sure that the risk is worth the reward but each time I visit I get more convinced that it might be. Each time I read something in the news paper I get less convinced though...

    zcrat - thanks. Mr money moustache started me on this journey. I feel like walking around shouting "wake up drone people!" :D
  • MissCreativeMissCreative Forumite
    90 Posts
    Sixth Anniversary Combo Breaker
    Hi Lrimas,

    Have you been South Africa a few times then?
    Sounds like a great dream - hopefully you'll be able to find out a lot more about game reserves and make it a reality :)

    I definitely need some more work in the minimalist shoe area :rotfl:
    I have about 12 pairs, but I'm not going to buy any more for a while (expect to replace a pair of trainers that have become a little smelly!)
    Originally October 2042 // Goal December 2032
    Currently at £127,500

    End of fix goal: £75,000 by September 2024
  • edinburgheredinburgher Forumite
    12.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Are you from SA? Seems like a pretty radical change if not :)

    £500k would probably buy me that much of Scotland if I went far enough North, unfortunately it would likely be blasted heath and rocks!
  • LrimasLrimas Forumite
    196 Posts
    Yep, I'm originally from SA but I've been in the UK my entire working career so it feels more like home. I do go back once a year to visit the parents and when they get much older I might also have to go back to take care of them. This will be much easier if I can afford a little game farm :)

    I would never be able to survive the cold that far up north.

    After posting about saving rates to someone else I finally worked out mine. I used the formula:

    (Total monthly income - total monthly expenses)/total monthly expenses

    Where:
    Total monthly income = Net monthly income + pension payment + bonus/12
    Total monthly expense = Net monthly expense - mortgage capital repayment amount

    Right now I'm on 61% which according to MMM means I can retire in 12.5 years (less as I already have a big chunk saved)

    In September when my employer pension contributions increase to 12% and my mortgage interest rate (hopefully) decreases to 1.69 my savings rate will increase to 70%. :j

    This gives a retirement time of 8.5 years if you ignore my starting balance, which is very close to what my excel spreadsheet says. Good news all around.
  • LrimasLrimas Forumite
    196 Posts
    On my way to Holland tonight to visit my family for the weekend :j

    My sister lives there and my parents are visiting so I get to see them as well (it is too expensive for them to visit me due to the visa requirements for south africans visiting the uk :()

    I'm not sure what I did with my Halifax credit card (that I have specifically for travel) the last time I came back from Europe. That's the problem with having so many different cards. I'm fairly good at putting them into the drawer where they belong but they occationalky escape. Oh well, I think I have enough euros as a friend left some when they stayed over.

    Have a good weekend everyone :beer:
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