FIRE Girls Pension Diary - Aim High & Dream Big

Storcko14

I agree. About 10 years ago I took a lucrative contract in what turned out to be a highly toxic large multi-year programme with a FS company. Not being particularly close to FI at that stage the 'keep on billing' mantra kicked in and I stuck it out longer than was healthy which took its toll and I became noticeably more stressed and grumpy at home.

As a result of that I vowed never again, to be better at spotting the signs and not hesitate to move on. Life is too short.

michaels

https://forums.moneysavingexpert.com/discussion/comment/82007034#Comment_82007034

It is an interesting trade off. Higher pay with less satisfaction but a route to stopping sooner Vs a job you are happier doing but will have to do for a few years longer.

I generally disliked my jobs to the extent of being happy to downgrade lifestyle to be able to retire earlier so think I probably chose wrong.

NormalNorman

Many years ago I was in a job I thoroughly enjoyed but post financial crisis annual pay rises dried up for seven years! To cap it all HR went through this FU process to regrade you downwards. Yes there was pay protection for many years but it was an actual drop of a couple of grand a year on top of seven years of no pay rises. The pension was good though and will form part of the bedrock.

So I changed to a corporate in 2020, money was much better but I hate corporate life. So changed again to a local company that had much more my feel for another pay rise. Then we got taken over by another corporate only one year later, sigh…

The upshot is I'm sitting this one out till the end as I'm getting ~£20k a year more doing the same, only less work with permanent wfh which allows a local PT job. So really £27k more a year for no more time out my life but mostly goes in the pension.

Now it's getting harder every year to maintain very high pension contributions with inflation and uni costs over recent years hence regularly checking outgoings for better deals. Only two and bit years to go.

Anyway, thoroughly enjoy reading everyones posts their progress.

Firegirl

My goodness, how lovely to pop back and see all these lovely pearls of wisdom. I really enjoy reading all your experiences and opinions.

I’m not sure this belongs in the pension thread but I guess it is part of my pension journey. I’ve got a real clanger for you this time and would love to hear your thoughts.

Sooooooooo…..for years I’ve wanted to buy to let. Since my 20s and I’ve never been brave enough to do it. I decided it’s now or never! (I know great timing with the incoming PM😆) Anyway, I’ve done it! I bought a property in an area that is up and coming with a city development plan, and rent will bring a small profit. I’ve done a serious amount of due diligence and stress testing on the numbers and I know it will rent out and will work out ok but this might put a delay to me escaping my corporate job.

The strange thing is having this to occupy my brain has settled me into corporate life again. I have a long term goal in mind which was always my lottery win social project hatched from my days volunteering in Citizens Advice Bureau, which I’ll fill you all in on later as it’s to long. I know this is highly controversial but I don’t think it’s a good thing if small landlords sell up and leave the market.

I’ve seen first hand the impact on people of struggling to pay basic bills, constantly behind on bills and in debt, really through no fault of their own. I want to do something no matter how small to change that 1 person/family/house at a time and I can’t get to that point with money sitting in an ISA. So let’s see where this takes me in 10 years time. I know I’ll never regret it because I just knew I had to do it. It might be a financial mistake but only time will tell!

So you’ll see my ISA figures plummet with deposits and legal fees to be paid but I’m hoping it will be worth it!

Ibrahim5

Bonkers Crazy

Firegirl

I think you’re right, bonkers crazy but I won’t be that old lady wondering what if 😆 The world needs some bonkers crazy right? 😆🤷🏻‍♀️

SarahB16

https://forums.moneysavingexpert.com/discussion/comment/82074452#Comment_82074452

“I’ve seen first hand the impact on people of struggling to pay basic bills, constantly behind on bills and in debt, really through no fault of their own. I want to do something no matter how small to change that 1 person/family/house at a time and I can’t get to that point with money sitting in an ISA.”

Is your plan then to only rent your buy to let property to people you view as struggling to pay basic bills and constantly behind on bills and in debt?

Firegirl

No no, I’m not that crazy. So initially I will run it like a proper business. I have set up a limited company to buy properties through. I’ve my team of experts to make it happen. Solicitor, mortgage advisor, rental agent, accountant.

The property I have bought will make profit and is in an area that has a city redevelopment plan so hopefully in 10 years time the price of property will increase with the intro of tram line and city development plan.

So long term plan is to build a small portfolio of properties with the idea that eventually I can use 1 or 2 of these properties for social enterprise. My friend supports people to get a good start. An example is a woman who has a young baby and is passionate about her chosen degree. She has no family and my friend will support her by helping her with her baby so she can study. Now imagine if I could give her really low rent and give her security that rent wouldn’t change until she finished her degree. The idea being that she could eventually save up for her own house.

This is my lottery win plan and I’m trying to make it happen without a lottery win.

I know maybe I am mad but it sure will be interesting to look back on this post in 10 years time!

michaels

Thanks for sharing and good that you are doing this for the right reasons, as a single buy to let is otherwise like picking a single share rather than a diversified portfolio, might be lucrative, might crash and burn.…

Firegirl

@michaels you are so right! Nothing is certain. And you know what I might stop at just having this one property and paying it down. It’s another we journey to go on.
I wonder what my future self with think looking back!