Being financially independent

Mad_Cyril

Silencio

Along_the_Wire

Morty-C-137 I’m so close I can almost smell it. Covid fucked it for me and made it harder.

Morty-C-137

Along_the_Wire At what point do you personally consider yourself financially independent? 500k in dry powder… 1M?

Along_the_Wire

Morty-C-137 mortgage paid off, decent pension, decent ISAs, and a mix of cash/investments to get me to 60 and my pension. It’s the latter bit that’s been a bit fucked, but it’s getting there slowly.

benson

Morty-C-137 take home income of £5k month for the rest of my life.

That’s about £1.5m as a lump.

rhouses

Wally Gen Z ‘privilege’.

vinnyt77

benson What age you planning to retire Bens?

benson

vinnyt77 50-55 depending. I have always paid maximum into my pension and got added years so that puts me in a reasonably good position at 55. I only started saving 3 years ago and whilst I did well in 2020 it has been a fucking horror show since Nov 23 last year. Still up overall but it is not a good look. Plus I have changed my portfolio of work (much more PAYE, much less private medical work). I will not be rich rich but I will be very comfortable. Biggest choice is not having kids, living in a modest 3 bedroom semi, having a partner who is also a full time NHS consultant

vinnyt77

benson I’m lookin at c. 55-58 I reckon. Love for it to be on the earlier end of that, but kinda depends on the work I do for the next 10-12 years, and how much that lets me put aside.

benson Biggest choice is not having kids

Amen. I know it’s a must for some folks, but I am massively fucking glad it isn’t for either Vicki or I.

benson having a partner who is also a full time NHS consultant

Do they know they were part of your biggest choices? 😉

Morty-C-137

Aha.. I see everyone sees it differently. When I hear ‘financially independent’ I think of not having to rely on a paycheck anymore. To have enough money and liquid assets to no longer have to get a job. To do as you please.

Millsy

Morty-C-137 yeah that’s my definition. Not living pay to pay and having enough assets to draw down from indefinitely

benson

Morty-C-137 I see it that way as well. Pension plus savings. No work. Mortgage paid off.

vinnyt77

Morty-C-137 Same for me. I mean - in my case the best I can hope for at the moment is early (ish) retirement. I don’t know what you call it if you just have a ton of cash when you’re in your 30s/40s, and just don’t need to work anymore…

benson

vinnyt77 you call it living the dream

Morty-C-137

Definitely. That ship has sailed for me though. I’ve only been wising up recent year or so. But before that I was terrible.

Old-Dutch

Along_the_Wire

I’ve had a difficult conversation at work. They’re thinking about it - fucking high risk/high reward from my point of view. Redundancy now (two years salary) then 12 months on ⅔ days a week pro-rata to my current salary. I’ll be retired in 12 months if it gets approved. Or could be out on my fucking arse with nothing.

Millsy

Along_the_Wire I wangled a deal at a previous employer. One of the best things I ever did. Paid for an extension (house, not penis unfortunately) and set me up in my ltd company. Was only in the role for a couple of years but I still ended up with a decent wedge. Negotiation is key.

Old-Dutch

Along_the_Wire

I’d be all over that like a rat up a drainpipe

Along_the_Wire

Millsy Negotiation is key.

It’s what I mainly do for my job, but the CEO and Chairman are absolute fucking basket cases.

Millsy

Along_the_Wire horse’s head?

Along_the_Wire

Millsy LOL, in my bed, yes.

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