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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 915Posts
    • 1,699Thanks
    Marine_life
    Early-retirement wannabe
    • #1
    • 5th Nov 10, 10:46 AM
    Early-retirement wannabe 5th Nov 10 at 10:46 AM
    I would like to create a topic (don't see it at the moment - other than the NUMBER thread).

    Who is aiming for early retirement (or who has retired early already)?
    When did you begin planning and what drove the decision?
    What is the strategy for getting there?
    How much of a relative decline in income are you prepared to take / did you take?
    What are your main concerns?
    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?

    I will post my strategy but wanted to get some thoughts
Page 206
    • atush
    • By atush 17th May 18, 5:42 PM
    • 17,267 Posts
    • 10,835 Thanks
    atush
    My car is over 20 years old (it does creak a bit) but I prefer a 6-figure pension pot.
    Is there a prize?
    Originally posted by lisyloo
    But your annual service is going to cost you. Things wear out when cars get that old- expensive things.

    Thats why we got rid of our 14 and 17 yr old cars last year and bought 2 yr old ones. We''l run them for another decade lol.
    • DancingBadger
    • By DancingBadger 17th May 18, 6:01 PM
    • 157 Posts
    • 159 Thanks
    DancingBadger
    The problem with new cars is they're worse than any femme fatale when it comes to allure and have sent many unwary souls down the path to financial oblivion.

    Unfortunately my stepson is well down that slippery path and is only just waking up to the fact there are more things in life than driving the latest all-singing, all-dancing German offering. Aged 34, with a wife and new(ish) baby, the reality of paying the best part of 500pm to lease an SUV is starting to hit home hard. They can hardly afford fuel for the wretched thing and can't get out of the lease until next year. Add to that the 900 plus rent they're paying for a 2-bed rabbit hutch semi and...you get the picture.

    All our mutterings about maybe giving up some of their exotic holidays, pension planning, getting a mortgage and generally having a firmer foundation before their planned pregnancy fell on deaf ears; their only practical planning for the baby involved changing their vehicle from a saloon to the large petrol-guzzler. Naturally, the leasing company was more than willing to allow them to upgrade at an increased monthly payment.

    All this aside, what really floored us was his comment that it'll all come right in the end when he inherits property from us and various other relatives. It's one hell of an assumption, especially as he has two brothers and various step-siblings who might also be expecting an inheritance - and not least because his father (my husband) is a committed SKI-er, who was brought up in a children's home, held down three jobs to put himself through college, and has never received anything for which he hasn't worked.

    Sorry, bit of a rant there, but you might be able to understand our shock at being viewed as future cash cows.
    • badmemory
    • By badmemory 17th May 18, 7:50 PM
    • 2,207 Posts
    • 3,170 Thanks
    badmemory


    but you might be able to understand our shock at being viewed as future cash cows.
    Originally posted by DancingBadger

    I wonder if my son regards me as a current cash cow as he was suggesting a serious use of bubble wrap - I bruise very easily! So current cash cow to keep him in the style to which he is accustomed followed by the future cash cow to maintain that style after I am gone. I guess the longer I live the longer the future cash will last. Maybe I should change my will!
    • TBC15
    • By TBC15 17th May 18, 8:00 PM
    • 632 Posts
    • 316 Thanks
    TBC15
    The problem with new cars is they're worse than any femme fatale when it comes to allure and have sent many unwary souls down the path to financial oblivion.

    Unfortunately my stepson is well down that slippery path and is only just waking up to the fact there are more things in life than driving the latest all-singing, all-dancing German offering. Aged 34, with a wife and new(ish) baby, the reality of paying the best part of 500pm to lease an SUV is starting to hit home hard. They can hardly afford fuel for the wretched thing and can't get out of the lease until next year. Add to that the 900 plus rent they're paying for a 2-bed rabbit hutch semi and...you get the picture.

    All our mutterings about maybe giving up some of their exotic holidays, pension planning, getting a mortgage and generally having a firmer foundation before their planned pregnancy fell on deaf ears; their only practical planning for the baby involved changing their vehicle from a saloon to the large petrol-guzzler. Naturally, the leasing company was more than willing to allow them to upgrade at an increased monthly payment.

    All this aside, what really floored us was his comment that it'll all come right in the end when he inherits property from us and various other relatives. It's one hell of an assumption, especially as he has two brothers and various step-siblings who might also be expecting an inheritance - and not least because his father (my husband) is a committed SKI-er, who was brought up in a children's home, held down three jobs to put himself through college, and has never received anything for which he hasn't worked.

    Sorry, bit of a rant there, but you might be able to understand our shock at being viewed as future cash cows.
    Originally posted by DancingBadger
    Tell the bum youre leaving it all to the donkey sanctuary and its time to grow up.
    • westv
    • By westv 17th May 18, 8:41 PM
    • 4,643 Posts
    • 2,238 Thanks
    westv
    Just been told today that my role will move 30 miles outside London from 1/7/18. I left it with them to see what flexibility is available as it would currently double the cost of and add several hours to my weekly travelling.
    If needs be I could just walk away but I'd rather not do that just yet.
    Originally posted by westv
    It's turning into a right pain in the rear.

    Currently down to London on Monday and into the office around half nine. Friday leave around half four and back home around 8:15pm.
    New location I won't get to until around 11am and they they are insisting I leave after 4pm so that could mean getting home after half nine. Also doubles the travel on the other days from around 45 mins each way to 90 mins each way.

    "What's the point?" Is what I'm starting to think.
    • ex-pat scot
    • By ex-pat scot 17th May 18, 9:14 PM
    • 288 Posts
    • 350 Thanks
    ex-pat scot
    It's turning into a right pain in the rear.

    Currently down to London on Monday and into the office around half nine. Friday leave around half four and back home around 8:15pm.
    New location I won't get to until around 11am and they they are insisting I leave after 4pm so that could mean getting home after half nine. Also doubles the travel on the other days from around 45 mins each way to 90 mins each way.

    "What's the point?" Is what I'm starting to think.
    Originally posted by westv
    Similar to my predicament, although I would have expressed my sentiments in slightly fruitier language than your "what's the point".


    I travel down last thing at night Sunday then (usually) back Thursday night; wfh Friday.


    In your predicament, and obvs depending on your role and the extent to which you can work remotely, then I'd suggest the following compromise:


    1. leaving home the same time Monday morning. if your new travel gets you there by 11am then "so what"? (I travel Sunday night, because (a) its hugely cheaper (b) I can cram much more into a working day on Monday (whoopee) (c) muppet colleagues and clients keep insisting on booking meetings Monday morning.


    2. move nearer the new office (at least during the week). I don't know if you are renting in central London or have a crash pad, or stay with family. I would be tempted to rent v new the new location, rent out the central location room (if owned) and cut the daily commute right down. Bonus: if 30 miles out of London, it'll be significantly cheaper to rent / buy.


    3. insist on a shorter Friday, OR compressed working week OR home thurs and WFH Fri. Pre 4pm Fri departure is quieter and hugely cheaper, for starters.


    It all depends on your FU attitude; whether you need the work or can take -it-or-leave-it.


    I need it.


    Sadly.
    • westv
    • By westv 17th May 18, 9:25 PM
    • 4,643 Posts
    • 2,238 Thanks
    westv
    Remote working isn't an option apparently even though all my work is done on screen.
    They also insist "not before 4pm" on Friday.
    I rent a room during the week. You would think the new location would be cheaper but it looks like it'd be similar to now - I get quite a reasonable rate now and the new location isn't cheap.
    • Teaandscones
    • By Teaandscones 17th May 18, 11:24 PM
    • 133 Posts
    • 115 Thanks
    Teaandscones


    All this aside, what really floored us was his comment that it'll all come right in the end when he inherits property from us and various other relatives.
    Sorry, bit of a rant there, but you might be able to understand our shock at being viewed as future cash cows.
    Originally posted by DancingBadger
    Plan on making him wait. My great uncle didn't inherit from his mother until he was 84.
    • kidmugsy
    • By kidmugsy 18th May 18, 12:41 AM
    • 12,070 Posts
    • 8,518 Thanks
    kidmugsy
    only just waking up to the fact there are more things in life than driving the latest all-singing, all-dancing German offering.
    Originally posted by DancingBadger
    German cars seem to be bought in memory of the fact that decades ago they were particularly well put together. But Japanese and Korean cars have been much superior value for quite some time. When finally the world acknowledges this fact will the German economy get a nasty shock? Will a whiff of world recession be amplified in Germany? Sell euros?
    Free the dunston one next time too.
    • crv1963
    • By crv1963 18th May 18, 6:54 AM
    • 537 Posts
    • 1,161 Thanks
    crv1963
    The problem with new cars is they're worse than any femme fatale when it comes to allure and have sent many unwary souls down the path to financial oblivion.

    Sorry, bit of a rant there, but you might be able to understand our shock at being viewed as future cash cows.
    Originally posted by DancingBadger
    After my first car purchase I learnt very quickly that monthly payments for cars was a waste of money, always bought second hand since then, I admire lots of cars but I always stick to the same criteria- economical, reliable, room for the dogs and within budget.


    We are definitely not viewed as potential cash cows, we were very explicit with my sons and our nieces (our potential heirs) that we've worked hard for what we have and hope to enjoy it when we retire, if they are lucky they'll each get an equal share of whatever is left but not to bank on it as no one can predict the future and we do intend to make the most of what we have, possibly including equity release if that makes sense for us!


    I'd be very clear with your stepson- don't bank on our deaths bailing out your lifestyle!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • MallyGirl
    • By MallyGirl 18th May 18, 7:18 AM
    • 3,048 Posts
    • 8,073 Thanks
    MallyGirl
    Room for the dogs, plus the teen, is what dictates our car. They are big so it has to be. I did buy it at 11 months old so someone else took the first depreciation hit and will run it till we don!!!8217;t have big dogs any more (or the teen is an adult).
    My mum has always said that !!!8216;you can!!!8217;t take it with you!!!8217; so DD knows how we all consider retirement. She will get something but not at the expense of our own comfort in old age - how it should be.
    • lisyloo
    • By lisyloo 18th May 18, 3:08 PM
    • 22,733 Posts
    • 11,306 Thanks
    lisyloo
    But your annual service is going to cost you. Things wear out when cars get that old- expensive things.
    In general no.
    Firstly I don't tend to have an annual service and because it's a very unsophistciated model I get away with that.
    But in the main most of things I've had to do (like tyres, exhaust, cam belt) would have to be done on ANY car unless of course you keep changing it for a new one, but that's in general much more expensive e.g. thousands not hundreds. 4 good tyres for example were 135.

    The type of car you have does make a massive difference, for example my corsa was 135 for 4 tyres and my husbands legacy 3 ltr B spec was about 800.
    • Triumph13
    • By Triumph13 18th May 18, 4:02 PM
    • 1,376 Posts
    • 1,818 Thanks
    Triumph13
    What always amazes me is the disconnect some people seem to have between the value of their car vs the value of their house. At the extremes I've known of 50k cars parked outside ex-council houses in the Midlands worth not that much more than the car. In several cases a pair of cars that together clearly cost more than the house was worth.
    I will admit I am probably an extreme example in the other direction as my last 2 vehicles averaged less than 0.5% of my house value.
    • runninglea
    • By runninglea 18th May 18, 8:30 PM
    • 881 Posts
    • 1,330 Thanks
    runninglea
    What always amazes me is the disconnect some people seem to have between the value of their car vs the value of their house. At the extremes I've known of 50k cars parked outside ex-council houses in the Midlands worth not that much more than the car. In several cases a pair of cars that together clearly cost more than the house was worth.
    I will admit I am probably an extreme example in the other direction as my last 2 vehicles averaged less than 0.5% of my house value.
    Originally posted by Triumph13
    My friend has just bought a Mercedes C63 - must be worth 70K parked on the front garden/drive of a two bed terraced
    Year 2018 (13,600/17000mortgage repayment)Overall mortgage (69,700/165568) (43
    .0%) (41/100) payments made. Total paid 2018 year 13,600

    Total paid 2017 year 15,300Total paid 2018 year 13,600
    • AnotherJoe
    • By AnotherJoe 18th May 18, 8:43 PM
    • 11,475 Posts
    • 13,254 Thanks
    AnotherJoe
    In general no.
    Firstly I don't tend to have an annual service and because it's a very unsophistciated model I get away with that.
    But in the main most of things I've had to do (like tyres, exhaust, cam belt) would have to be done on ANY car unless of course you keep changing it for a new one, but that's in general much more expensive e.g. thousands not hundreds. 4 good tyres for example were 135.

    The type of car you have does make a massive difference, for example my corsa was 135 for 4 tyres and my husbands legacy 3 ltr B spec was about 800.
    Originally posted by lisyloo

    Or you get get a car that doesn't need legacy junk like that
    • kidmugsy
    • By kidmugsy 18th May 18, 9:02 PM
    • 12,070 Posts
    • 8,518 Thanks
    kidmugsy
    my last 2 vehicles averaged less than 0.5% of my house value.
    Originally posted by Triumph13
    Our current car cost us less than 1%, I'd think. (Short of selling the house I can't be sure what it's worth.)
    Free the dunston one next time too.
    • frugal90
    • By frugal90 19th May 18, 7:09 AM
    • 248 Posts
    • 160 Thanks
    frugal90
    my car a fiat panda, bought 1year ago with 700 miles less than a year old for 5000- cheap as chips to run. Will run for another 4 years then buy something similar again.
    • michaels
    • By michaels 19th May 18, 8:01 AM
    • 21,580 Posts
    • 100,208 Thanks
    michaels
    Our current car cost us less than 1%, I'd think. (Short of selling the house I can't be sure what it's worth.)
    Originally posted by kidmugsy
    0.25 for us, same house in London and it could easily be less than 0.1% but then a house is capital and a car is not.
    Cool heads and compromise
    • ibizafan
    • By ibizafan 19th May 18, 8:22 AM
    • 756 Posts
    • 917 Thanks
    ibizafan
    My OH and I run two Hyundais which are eight and nine years old. Mine was the only brand new car Ive ever owned which was purchased on the old scrappage scheme. We have no intention of upgrading them yet. Wed rather spend our money on travel than cars. Further to other posts, neither of my sons are interested in inheriting my money, and both are far better off than I was in my thirties with much higher incomes.
    • bluenose1
    • By bluenose1 19th May 18, 11:08 AM
    • 2,014 Posts
    • 3,240 Thanks
    bluenose1
    My OH and I run two Hyundais which are eight and nine years old. Mine was the only brand new car I!!!8217;ve ever owned which was purchased on the old scrappage scheme. We have no intention of upgrading them yet. We!!!8217;d rather spend our money on travel than cars. Further to other posts, neither of my sons are interested in inheriting my money, and both are far better off than I was in my thirties with much higher incomes.
    Originally posted by ibizafan
    We have 2 Hyundai's. I upgraded my 7 year old bought on the scrappage scheme i20 to an i20 Go in 2016. The excuse I used to myself was the heater was broke and it was out of warranty. Think the list price for the i20 go was 11k and cos we used their finance scheme got 1500 off price of car. They were obviously thinking that they will get about 4K in interest. However we paid the finance off within the cooling down period and as per my research never had to pay back the 1500. Did the same last year when my oh changed his 9 year old Kia ceed to a Tuscon.
    Like the 5 year warranty on the Hyundai's.
    Though must admit bought both of these before my pension lightbulb moment, so would not be as quick to upgrade again. Plus the Tuscon is a real petrol guzzler so not our wisest investment.
    Money SPENDING Expert

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