Getting FIREd up 😀

edinburgher

South_coast said:

I had the pleasant realisation that I am a muppet* earlier. While I'd always counted the Govt bonus in my workings for the LISA, I've never actually taken into account the interest (probably because it's not been a "thing" for so long). Assuming an average rate of 2% (it's recently gone up to 3%), it's going to be worth £25k more than I'd thought by the time I can access it 😮 That's not a bad outcome, even if it is 20 years away 🤣!

*News/not news? Discuss 🤣!

Have you accounted for the ravages of inflation? As you'll probably be aware, total investment return figures for various geographies usually quote real returns (i.e. after inflation), then it's just a case of subtracting fees to see what you might have in future. I am wondering if you would also need to subtract inflation to see how your savings might "grow". For example, last year might be something like (cash saved * 1.28) *0.9 (10%ish inflation)? So the full £4,000 paid in might be worth £4,608 by the end of the year, not the £5,150 the basic maths might suggest? Think I've done that right...

South_coast

Of course I haven't, Ed! There's no way my maths is that sophisticated 🤣! I haven't assumed any returns on my investments either though, so I'm hoping long-term I'll come out evens 🤷‍♀️?

QueenJess

South_coast said:

Ooh, yes - post away and I will do my best to place them! I may even be able to identify the episode 🤣!

Here goes..  sorry - no idea how to make that smaller

edinburgher

South_coast said:

Of course I haven't, Ed! There's no way my maths is that sophisticated 🤣! I haven't assumed any returns on my investments either though, so I'm hoping long-term I'll come out evens 🤷‍♀️?

I think we need to try our best to forecast investment or savings growth, even if it's just a pessimistic finger in the air. For example, we use 3.5% real post fees for estimating the future value of the DDs nest eggs. If you don't estimate returns, you can end up saving/investing too much at the expense of quality of life in the here and now

We revisit each month using the FV formula so that the course is corrected en route, with slightly larger payments in months where S&S tank and slightly smaller in months where they soar

South_coast

Ed, you are blowing my mind 🤯 Can I just stick to detective dramas for now please 🤣?

South_coast

Jess, you've got me on that on. I think he might have been in The Bill 🤔? Bear with....

South_coast

Ha! No, he was Des Barnes in Corrie 😀

(Believe it or not, I actually found that out by remembering the name "Phil Middlemiss" and Googling that 🤣🤣🤣) I have cross-referenced and he was indeed in Morse in 1988 😀!

South_coast

In other news (and what I actually came on to say 🤣) £6.20 in from Prolific. The deficit is coming down!

QueenJess

Ooohhh.. thanks, it was really annoying me!  I don't really remember him in Coronation Street, but my mum watched it whilst I was growing up, so it must be there where I know him from.

South_coast

Any time!

In other, other news, I have just been emailed details of a flat in seaside-bolthole-town (which is an improvement, the last few have been garages 🤣). Not sure I'd want to be in bed when that fire alarm went off though 😱

I also particularly like the care and attention that's been lavished on maintaining the gate 🤣

This one will be a "no" then!