Plotting for an early retirement - anyone want to join me?

MallyGirl · 15 January 2019 at 6:01PM

crv1963 wrote: »

So true, I remember my Physics teacher in the 70s telling us that our calculators (which were not allowed into our exams) had greater power than the rooms full of computers used for the Apollo landings!

my DD's physics class were given text books which talked about the potential for cars to run on batteries in the future. The sad thing is that this was the text book for her GCSE that she sat last summer - and those in power still say that education is funded better than ever

I used an old 10Mb hard disk as a significant doorstop for years till I broke a toe by accidentally kicking it once!

Thrugelmir · 15 January 2019 at 6:47PM

Spreadsheetman wrote: »

Although that makes us sound like a bunch of old farts, that is so true. I remember being in my teens and there was no accessible information about any of my hobbies or interests anywhere apart from the odd out-of-date book in the local library and a few monthly magazines that I couldn't afford to buy.

Now we are awash in great information and resources, there's so much stuff out there it's impossible to keep up. Kids are so lucky now.

What's been lost is commonsense. Basic financial skills that passed down through generations. People are more interested in stuff or experiences than real information. Swayed by clever marketing and keeping up with the Joneses. Having the latest iphone is going to help one have a better retirement.

MrSaver96 · 15 January 2019 at 7:40PM

Thanks for all the thoughts!

I have to say - I actually love my job, I’m currently training to be a lawyer; will qualify in a few years. Employer is paying for my degree etc whilst giving me a (very good!) salary so win win for me.

Only reason I want to retire early is because whilst I am still young at 22, I had my first child at 21 and so save for a few holidays and a big spend for a family holiday to Mexico last year I’ve not travelled the world! I’ve essentially done this part of my life backwards - I.e many have children at a much later stage. Nevertheless, I wouldn’t change it for the world!

I currently only pay 5% with employer contributions (50/50 each), though this is increasing to 9% in April, and then probably the max of 14% later this year (my employer will go as high as 7% match). Fortunately I earn a good enough wage to have sufficient left over after savings/expenses etc. to do the holidays and the like!

greenglide · 15 January 2019 at 8:09PM

What's been lost is commonsense.

I don't think it is as simple as that.

Change to female state pension age was enacted in 1995, lots of coverage at the time. Lots of women seemed to miss that, one way or another.

Lots and lots of people take to notice of what goes on from one day to another and assume "it is nothing to do with me".

Also lots of people don't believe "experts" no matter who they are.

Certain newspapers and other media carry a lot of the blame IMHO.

ggmf · 15 January 2019 at 9:35PM

barnstar2077 wrote: »

If you click on caldejud's user name and select "find more posts" scrolling down you will see that pretty much every post is about that website. With the exception of apologising for having "accidentally" posted comments about it in the wrong section of the forum lol. Not that I am cynical of course :rotfl:

:naughty :rotfl::

Fatbritabroad · 15 January 2019 at 9:59PM

My dad gave me two pieces of advice one i dont agree with and one I do

1) open a pension and pay as much as you can in (i paid in from 18 even before a mortgage

2)buy as big a house as you can afford as you can't lose on property. I disagree with this. I've always bought houses well below what they would lend (max 4 Times salary). I wanted enough cash flow to save and do other things. I'm not always convinced buying is they best option tbh and also see so many people I know mortgaged to the hilt. A friend of mine is a teacher and his partner is a corporate lawyer. Combined income probably 180k. But they have a let property and their own house and have almost a million in mortgage debt. They freely admit it there was at prolonged void period they'd struggle. I literally couldn't sleep at night in that position. I've always wanted a decent amount of liquidity to guard against disaster. The stress just isn't worth it for me

Even with all the tightening in affordability allegedly I looked the other day and on mine and my girlfriends combined income of 115k they'd lend us nearly 500'000. That'd be 2k a month in mortgage. That's not affordable in my opinion

crv1963 · 15 January 2019 at 10:30PM

As someone that lost in the crash of the early 90s I know property isn't the golden goblet it is thought to be sometimes.

It is horses for courses, some manage well with btl as a part of their planning and do well, others use different planning. At the end of the day as long as you are comfortable with how you go about meeting your aim and it is legal then I'd say follow your path.

I think sharing what we have learnt is a good thing, have to keep an eye on the politicians plans for our saving strategy though I think they're pretty busy at the moment to interfere.................

zebedy · 15 January 2019 at 11:33PM

Good thread, I’ll be following with interest

Terron · 16 January 2019 at 12:00PM

bugslet wrote: »

I can remember in the late 80s working in a freight forwarders and we got a fax machine.

It was such new technology that we allowed the sales people to bring potential customers to come into our office and marvel that you could put a page in a machine in Ireland and it would appear moments later in Trafford park. Truly astonishing stuff:rotfl::o

In the late 80s we were installing network links between our various sites (64k dedicated lines) replacing the taxis that used to transport tapes back to head office at the end of the day.

I have seen a diagram of the ARPANET from 1973 - less than 100 nodes on the predecessor of the internet.

Imelda · 16 January 2019 at 12:47PM

I am following this with interest.

Regarding finding the job you like -I left a high paying job that I hated 10 years ago and re trained to one that I find more interesting but pays about half what I was earning. It is a gamble! Work is still work to me.
Post children I have gone back part time which is the bonus of this career choice (I would not have had that option in my old profession). My husband still works in my old profession and so is paid highly but doubts he will be able to continue past 50/55 at a push.
Our plan is to shovel in as much money as we can into pension and savings whilst my husband still has his job and then I will continue part time until 60 or so (there are several in their 70's at my firm!)

I am finding it hard to plan without any certainty in terms of job security/ DB pensions especially with all this Brexit malarkey....

Plotting for an early retirement - anyone want to join me?

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