How much to live on

helensbiggestfan

LL. Lovely reply. l was a bit concerned you might think I was being patronising or condescending in my thoughts regarding the difference between envy and jealousy.  Glad I didn't upset you. 😁. 

Organgrinder

scottish_lassy said:

but do hope this I'm still with the 'ordinary' people and not the potentially rich retirees - 

I'm a part time teacher on a phased retirement. Definitely not rich. Just like to maximise what I have.

@helensbiggestfan said:

 instead I would ask myself "how can I afford it". 

I don't think we should ever be ashamed of wanting "more". More money, more fun, more good times.  Money is just a tool, nothing more, nothing less, it's how we use that tool that matters most.  

Like the old saying "money is made round (as in coins) to go round". It's not about being a miser and stacking up money purely to watch the numbers grow.  It's about being savvy.  

I totally agree. 

I make what I have go a long way. I work 4 days. I don't drive a flash car nor do I wear expensive clothes. That's not my thing.

I like my holidays. I go abroad three times a year. Currently am in Egypt, half of which has been paid for by using "free money" from stoozing.  I think I've been savvy by doing so.

The only thing I would add is that money shouldn't come at the expense of others, but of course that's just my view. Others can disagree of course.

LL_USS

@helensbiggestfan aw I was not upset at all. Still smiling reading your posts :-). 

From my own experience being on social media and online communities, when people talk online it could get personal and misunderstanding, more easily than when you know the person for real. But at the end of the day, we gain the knowledge of people' experience here, and often can learn something from that. 

@Organgrinder being saavy is what I aim at too - make your money work harder, as long as it's not illegal or immoral (i.e. own earning at the expense of others etc) then I am all up to it! Good for you and keep on sharing with us your tips, please!

helensbiggestfan

Oops posted too soon. Lol.  

A definition of financial well being.......hmm. Tricky. I guess it means different things to different people. I guess it depends on whether you have an "abundant mindset" or a "scarcity mindset".  If one has a scarcity mindset then one would never feel relaxed about money.  My father had just such a mindset, he never had "enough" and found it difficult to spend money in case he ran out. I on the other hand have an abundant mindset so I am fairly relaxed about money even though I am by no means wealthy.  I live simply but well.  

I follow a few American you tubers and I'm often astonished at what can only be termed as "American Greed" - for want of a better expression.....that is not to say I am accusing all Americans of being greedy. Far from it. But it often strikes me that American lifestyles appear somewhat more materialistic than here in the U.K.  I know that is something of a sweeping statement and that it is grossly unfair to tar everyone with the same brush but it does appear that Americans seem under more pressure to compete with one another and be seen as successful.  Or perhaps we are equally as bad but we don't admit it.  

Maybe Americans are just more open about finances than we are. After all we Brits do tend to frown on discussions about money whereas even complete strangers in America will ask you how much money you make.  A question that is seen as beyond the pale this side of the pond.  

I watched the film "The Big Short"again recently.  Great film, can thoroughly recommend. The message that comes over loud and clear in the film is the need for better financial education for everyone.  Something Martin Lewis continually advocates for.  

Actually knowing what you are doing has to be at least half the battle.  But then it appears that governments prefer us to wallow in ignorance, it makes the populace obedient and easy to control.  Imagine a world where everyone was financially independent, and we could tell governments and employers where to get off if they pushed us too far. 

That would go down like a lead balloon.....

I think ultimately we just have to bumble along and do what we feel is right for us.  Luckily for me I've always had a certain level of creativity so I can usually fathom something out that allows me to be able to afford what I want or need.  And luckily I enjoy I simple life.  

I came across this saying the other day.  "A rich man is one who has no bills to pay".  So I guess our best option is to keep our out goings low, live below our means and spend our remaining disposable income wisely,  

And have some fun along the way....

Nebulous2

scottish_lassy said:

Hello everyone.  OP here. Been MIA for a while but really pleased to see you are all still here, with a few new additions. I have not caught up with all the posts but do hope this I'm still with the 'ordinary' people and not the potentially rich retirees - no hope of that for me.  I am still working but coming round to the idea of a 'phased' retirement leading up to pension age (should keep the old brain cells ticking over too!).  This is because I have worked for so long that I may not cope (mentally) with a severe cut-off. 

I work for LA so they allow a 50% reduction for up to 3 years - I am currently contemplating going at 66 and doing 2 years phased.  This would mean taking my works pension plus half my wage, which would add up to virtually my full time wage.  The only downside is that my works pension would be slightly lower for the rest of my days but maybe it should be quality rather than quality.  Being a single income household, I just cannot contemplate going earlier and can say, I actually enjoy my job.  Happy planning folks.

It's good to see you are still here after starting this thread. Looking at the first few pages, I get the impression that retirement was looming for you, but four years on you are still working.

What has changed for you in four years? With all the inflation, fuel prices, supply chain difficulties, has your idea of what you need to live on moved a lot? Your plan would see you working part-time beyond state pension age, is that a deliberate choice? 

I'm on an LGPS pension and work part-time as a nurse. I took the pension early, despite the reduction, as where I was had run its course for me. I didn't think that through however. Although I calculated I could afford to go, as someone who had been a bit of a workaholic, there was a hole I hadn't planned for in my life. The part-time job has helped with that, and also gives me some useful income to bridge the gap to state pension age. 

Organgrinder

LL_USS said:

@helensbiggestfan aw I was not upset at all. Still smiling reading your posts :-). 

From my own experience being on social media and online communities, when people talk online it could get personal and misunderstanding, more easily than when you know the person for real. But at the end of the day, we gain the knowledge of people' experience here, and often can learn something from that. 

@Organgrinder being saavy is what I aim at too - make your money work harder, as long as it's not illegal or immoral (i.e. own earning at the expense of others etc) then I am all up to it! Good for you and keep on sharing with us your tips, please!

They're not my ideas, all totally borrowed from others for which I'm very grateful simply because I'd like to identify as a billionaire despite having a teacher's income!

hugheskevi

helensbiggestfan said:

Actually knowing what you are doing has to be at least half the battle.  But then it appears that governments prefer us to wallow in ignorance, it makes the populace obedient and easy to control.

There are some great free and easy-to-use tools out there, but many people don't seem to want to put effort into using them and developing their knowledge.

I think the Reddit UKPersonalFinance Flowchart is the best single tool I've come across - suitable for just about any situation from debt-ridden through to reasonably wealthy, with everything linked to further information sources.

I'm not sure there is a great deal the government can help with that individuals cannot easily do for themselves if they have the motivation, and without motivation, anything the government provides will largely be wasted.

helensbiggestfan

Husheskevi.   I think the big difference today compared to when I was starting out on my life's journey is the internet. I often think it's , probably one of the best tools and teaching resources there is, even more so than the libraries in the days of my youth.  You can learn just about anything from the internet, yes both good and bad. 

In my day lol .......you had to trek down to the library which was often somewhat limited in its stock and which was often guarded by strict gatekeepers (librarians who were sometimes less than helpful and/or too pushed for time to offer much guidance or assistance). And in previous generations even libraries were in short supply.  

As for governments helping......well without getting too political, call me an old cynic, but I ask myself why would they encourage us to be fiscally savvy because that would mean our freedom from the shackles of wage slavery. They want us out there producing and consuming,  feeding the economy.  As far as I can tell their chief tactic still seems to be "divide and rule" - a method employed by the ruling class throughout history to keep us serfs in our place.  Hopefully our young folk will make full use of the resources at their disposal and will fare better than some my generation did. I've done ok but many of my peers fell by the wayside with little or nothing to show for a lifetime of hard graft.  

As a dear friend of mine says .....governments, of all persuasions, treat us like mushrooms..........they feed us shxt and keep us in the dark. Lol.  

Phossy

This is so way off-topic now and drifting further off as folks double down when they feel challenged. Good to see the OP though.

helensbiggestfan

Phossy.   This is a very popular,  long running thread with a fair number of contributors. Some who post regularly and some like myself who dip in and say hello, chat for a little while and then wander off again. 

Popular threads that enjoy longevity do tend to meander a little from time to time but the core point of the thread generally remains fairly constant.  The beauty of this thread is that it isn't just about numbers, but what those numbers represent in terms of financial decisions and lifestyle choices. It is also a thread where people share their knowledge, their experiences, their ideas and plans. 

Yes it is good to "see" you again Scottish Lassy and to see how your plans are evolving. It sounds like you've got things pretty well sussed.  It's good that you enjoy your job and are able to scale down at a pace that suits you. And I'm sure you will enjoy your retirement when you are ready to take the plunge.