Prestigious cars or retire early

Mercdriver

Deleted_User wrote: »

Retire too late and you risk pegging it before you can enjoy your retirement. Like my neighbour who retired at 65 then died 3 months later.

Earlier you can retire the better then enjoy life, go travel, see the world etc. But of course this all depends on if you can afford too. No point in retiring early if you will only have £100 a week to live on etc.

If all the difference between retiring or keep on working with a new car, retiring would win hands down.

Or retire early, and find you and your significant other aren't used to spending so much time together and then need to go back to work to pay for the consequences of a divorce!

motorguy

Deleted_User wrote: »

That's very nice for you and your wife but that depends on the type of work you do and the hours you work.

I only get just over 6 weeks holiday leave a year, and the hours and shifts I work impact on "enjoyment" time out of work. We don't all work a cushy 9-5 mon-fri job.

Weekends away are nigh on impossible, and getting more than 2 weeks holiday from work authorised at a time is hard work too. So when I retire I will bloody well enjoy it.

Exactly!

Hence what i'm saying - working and having great holidays and enjoying life are not mutually exclusive. A lot of people dont have to / dont want to wait until they retire to do that.

And you're wholly correct - theres no "one size fits all" answer that works for everyone and their circumstances.

For those who have millions in a pension pot / pension pots coming in at 50+ then fantastic. I'm genuinely very happy for them.

But frankly for everyone else, its an unrealistic / aspirational dream, unless you're happy to live a frugal lifestyle in their retirement.

motorguy

Mercdriver wrote: »

Or retire early, and find you and your significant other aren't used to spending so much time together and then need to go back to work to pay for the consequences of a divorce!

OR retire early, find you dont have enough money a few years down the line then have to take on some menial job to make ends meet....

[Deleted User]

Mercdriver wrote: »

Or retire early, and find you and your significant other aren't used to spending so much time together and then need to go back to work to pay for the consequences of a divorce!

That's where you need hobbies and interests that aren't always shared.

motorguy

Deleted_User wrote: »

That's where you need hobbies and interests that aren't always shared.

Hookers and cocaine? :eek:

TheMoonandBack

”I spent a lot of money on booze, birds and fast cars. The rest I just squandered.”

IamNotAllowedToUseMyName

My best mate invested for retirement, was putting maximum amounts into AVCs. Also was fixated on his health as his dad died young through smoking and stress so ate some awful healthy food rather than simply enjoying good quality food.

Dropped down dead at 52 from a simple health issue that could happen to anyone.

It certainly changes your perspective on working till retirement age. Not everyone has the luxury of choice, but the trick is to work out what is really important and then work out how much of the bad stuff you need to do to get there.

Some people love their work - it can be as enjoyable pastime as most things - and ultimately, what is the point but to enjoy the passing of time?

When you start realising you might be sat in an office for 2 months of the year simply to have a nice car to get to that office, then you might be a little less enthusiastic about the worth of it.

So I sit on both sides - enjoy it while you can, but don't lock yourself into a job you don't enjoy. Find the balance.

motorguy

IanMSpencer wrote: »

When you start realising you might be sat in an office for 2 months of the year simply to have a nice car to get to that office, then you might be a little less enthusiastic about the worth of it.

So I sit on both sides - enjoy it while you can, but don't lock yourself into a job you don't enjoy. Find the balance.

I think thats the trick really.

TheMoonandBack

fred246 wrote: »

I am planning to retire very early in the next year. All my colleagues are saying that they've many more years to go. I have been reflecting on how I have got to my current financial position. The number one saving has been avoiding private education. Number 2 is avoiding buying posh cars. I normally buy standard cars and maintain them myself till they die. Most of my colleagues buy a new prestigious car every 3 years. I reckon I will retire five years early as a result from my back of a fag packet calculations. I was sat in the Jacuzzi the other day working out my investments.
Property-slowly increases in value over the years
Shares-ups and downs but should make plenty.
Bonds-safer should make a bit.
New cars-MASSIVE LOSSES GUARANTEED.
So do people make that connection? Would people rather enjoy years of retirement or have a posh badge on their car? Or would they prefer to deny the association?

You are awesome.
I’m better though, as I didn’t even waste money on a jacuzzi !

motorguy

fred246 wrote: »

I am planning to retire very early in the next year. All my colleagues are saying that they've many more years to go. I have been reflecting on how I have got to my current financial position. The number one saving has been avoiding private education. Number 2 is avoiding buying posh cars. I normally buy standard cars and maintain them myself till they die. Most of my colleagues buy a new prestigious car every 3 years. I reckon I will retire five years early as a result from my back of a fag packet calculations. I was sat in the Jacuzzi the other day working out my investments.
Property-slowly increases in value over the years
Shares-ups and downs but should make plenty.
Bonds-safer should make a bit.
New cars-MASSIVE LOSSES GUARANTEED.
So do people make that connection? Would people rather enjoy years of retirement or have a posh badge on their car? Or would they prefer to deny the association?

Oh, hang on - the penny has dropped for me - your THAT Fred!

The one who drives a 13 year old car, does all his own maintenance, doesnt trust garages, cycles to work on some 20 year old bike, doesnt get on with his co-workers, hates young people in nice cars, constantly brags about how well hes doing and what a great job he has but never spends it on anything fancy and oh, maybe most significantly, gets a £300,000 inheritance from a relative sometime soon?

https://forums.moneysavingexpert.com/discussion/comment/72161650#Comment_72161650

fred246 wrote: »

Within the next five years I will receive a lump sum and an inheritance

fred246 wrote: »

I could possibly end up with £300k in cash.

You forgot to mention "get left a large sum of money from the death of a relative" in the advice in your big I AM speech....

:rotfl:

I'm surprised you spent the money on a hot tub?