FIRE Girls Pension Diary - Aim High & Dream Big

LL_USS

michaels said:

I strongly dislike working so anything that saves me a day or a weeks worth of income (or even an hours worth) and doesn't take too long is well worth it for me

I don't mind working for my main job, and don't mind working on the money either - as long as not too much on either at a time. It is about the balance I suppose. Sometimes I know there's money to be earned by moving things around a bit for example, but if it's too hectic for a relatively small gain, then I just learn to let some go :-).

On the other hand, I have come to a more sluggish period where money doesn't yield as much as in the past (when I kept doing up our house and moving up - now we are settled till I downsize again in the future). There are still plenty to do in terms of finance management but I'm worried if I don't keep working the money hard it's a waste. Hence the question before about the slippy slope :-). I don't know how FIRE people could keep going so well over the year. Hats off!

Firegirl

@LL_USS when I think back to my early days it was a lot of effort for small gains, but I think those small gains added up and created a mindset that has carried on.  I think it best not to do things that make you unhappy though cause life is to short for that.  Make sure you have fun on the way.

Your comment has made me reflect on my journey.  Early days having low paid job and making so many changes to add a small amount to my mortgage on my MFW to the second phase of having a higher paid job. It’s easy to say my first paragraph now but often people don’t have the chance to do both. I think it’s about finding the balance that makes you content and comfortable in your own situation.

I am very grateful for my situation at the moment but am acutely aware that could change with the stroke of a pen, or more like the click of a button!

Id popped on to say that my change to umberella company is complete now and I’m very much looking forward to checking my first weeks pay slip!!! 

Firegirl

So today is a strange day!  As I look forward to getting my first payslip working under the umbrella company with the aim of spending a few years blasting my pension, work threw me a curve ball of offering a permanent job!

Upside is a bit more security, interesting work, company pension, private health care, paid holidays, enjoy working there.

Down side is lower pay which will effect my retirement timeline and like derailed my dream of being a millionaire.

So watch this space. I will update tomorrow how the umbrella option has worked out.  I’ll at least get a few months of this option anyway so well worth the hassle of changing over!

Firegirl

So a wee update weekly amounts from pay slip: 
Pension £1150 ish  
Take home after tax £850 

Still no word on perm job so the longer that takes to sort out the better!  I look forward to doing a few calcs and seeing how this aligns to my goals.

Firegirl

Another update…..ISA transfer complete so no longer paying IFA fees.

Firegirl

I’ve exceeded my 2025 target and all pensions and ISA together are now approx £370,000.

I’ve had my first payment to my pension with salary sacrifice and I’m hoping over the next few months this will provide a buffer for market volatility.

I have a contract ‘promised’ until December 2024 and the plan is to convert to perm in Jan 2025.  Things can change a lot in a few months so not depending on it yet.  I have a plan for a fun side project that may provide some future income.  Watch this space  

Firegirl

Oh dear, having an I can’t do this job anymore moment which could seriously derail my plan.

Time to book some time off I think 

michaels

Firegirl said:

Oh dear, having an I can’t do this job anymore moment which could seriously derail my plan.

Time to book some time off I think 

I guess we all need to remember that while FIRE is the destination, the journey is also important too.  I have worked part time for the last 5+ years to try and make work-life more bearable so have probably therefore added an extra year to my fire date but I see that as taking some of my retirement early in instalments (and of course there are tax advantages of doing it that way)

Firegirl

I love that idea of taking retirement early in instalments @michaels

Journey is extremely important! It’s been a quite challenging week.  When I hit a tricky patch at work I think to myself, keep going cause contract ends in x amount of time.  Won’t be able to do that if I’m perm 

Firegirl

Quick update - Approx Total - £380,500

Pension 1-£201,000
Pension 2-£50,000 (Approx)
Pension 3-£12,000
ISA-£117,500