Whats the end goal ?
Discussion
So you work your nuts off for many years and make a few quid, so whats next, you get old and broken with a big pile of cash?
Maybe you need another big house and additional flash toys to impress your friends?
I have recently been inspired by this couple, so the wife and I plan on taking 3+ months off next year to go and find our Zen
https://www.facebook.com/OurTour - http://ourtour.co.uk/home/back-on-the-road-again-2...
It does seem rather hard finding like minded people though, I rather fancy travelling as a bit of a group doing fun stuff wherever we end up.
Anyway I am off to the motorhome show this month at the NEC, lets see what happens!
Maybe you need another big house and additional flash toys to impress your friends?
I have recently been inspired by this couple, so the wife and I plan on taking 3+ months off next year to go and find our Zen
https://www.facebook.com/OurTour - http://ourtour.co.uk/home/back-on-the-road-again-2...
It does seem rather hard finding like minded people though, I rather fancy travelling as a bit of a group doing fun stuff wherever we end up.
Anyway I am off to the motorhome show this month at the NEC, lets see what happens!
What have they actually done? Their Facebook page yesterday states "Jay finished Corporate Life today aged 43!! Looking forward to the rest of our lives enjoying financial freedom"
What is their definition of Financial Freedom? The "about us" page on their website is pretty vague on this point. Maybe they are attracting enough people to their blog to sell adverting space and live that way?
No matter, life is short, the world is big, so good on them (and you!) for exploring it and having fun.
When I went traveling 15 odd years ago, I can remember getting chatting to a couple in their 50's in the 8 man dorm in Nomads Backpackers on George St in Sydney we were staying in and thinking I'd rather stick pins in my eyes than do what they're doing at their age. But each to their own.
To answer your original question, I want to be able to spend more time with my friends and family and not worry about employees / how to keep driving the business forward. In order to achieve that, it means selling up at some point and having enough cash to replace my current lifestyle. That to me is financial independence.
Good luck on your quest, good on you for throwing your cap over the wall and doing something different - let us know how you get on.
What is their definition of Financial Freedom? The "about us" page on their website is pretty vague on this point. Maybe they are attracting enough people to their blog to sell adverting space and live that way?
No matter, life is short, the world is big, so good on them (and you!) for exploring it and having fun.
When I went traveling 15 odd years ago, I can remember getting chatting to a couple in their 50's in the 8 man dorm in Nomads Backpackers on George St in Sydney we were staying in and thinking I'd rather stick pins in my eyes than do what they're doing at their age. But each to their own.
To answer your original question, I want to be able to spend more time with my friends and family and not worry about employees / how to keep driving the business forward. In order to achieve that, it means selling up at some point and having enough cash to replace my current lifestyle. That to me is financial independence.
Good luck on your quest, good on you for throwing your cap over the wall and doing something different - let us know how you get on.
foliedouce said:
To answer your original question, I want to be able to spend more time with my friends and family and not worry about employees / how to keep driving the business forward. In order to achieve that, it means selling up at some point and having enough cash to replace my current lifestyle. That to me is financial independence.
Good luck on your quest, good on you for throwing your cap over the wall and doing something different - let us know how you get on.
I think I could start trusting my staff/team enough to run the show soon, even if I wasn't there for ~ half a year, plus with modern tech I can still remain connected anywhere. I doubt I could stop working and have a lot of overseas customers, I will probably end up visiting them as well.Good luck on your quest, good on you for throwing your cap over the wall and doing something different - let us know how you get on.
I have been round most of the world already, no intention of backpacking any longer, a luxury motorhome is the plan.
From reading the other couples blog http://ourtour.co.uk/home/our_route/ they travelled I think with an income still of £15k PA. I would want at least double that to keep flowing as disposable income.
Who knows, its just an idea and we might hate it after a while but thought I would give it a try!
ideally build up the company enough that i can sell it and a s
t load of money or a larger company will want to buy it from me.
I would love to travel the world, have a few property to sustain a nice life from rental income with everything paid off.
life too short and should be enjoyed and I plan to, hopefully
t load of money or a larger company will want to buy it from me. I would love to travel the world, have a few property to sustain a nice life from rental income with everything paid off.
life too short and should be enjoyed and I plan to, hopefully
coyft said:
The timing of this thread is quite a coincidence!
I've just bought a motorhome and we're off to France and Spain for 2 months this Sunday. Just spent the last week kitting it out, last day of packing tomorrow. We have a 2 year old so lots of toys and things to (hopefully) keep her amused.
To answer your question the end goal for me was to sell the business for enough so that I didn't have to work again. I managed to do that about 3 years ago. Having been in business for over 25 years I have to say I don't miss it one bit!
Fantastic stuff, what motorhome did you go for?I've just bought a motorhome and we're off to France and Spain for 2 months this Sunday. Just spent the last week kitting it out, last day of packing tomorrow. We have a 2 year old so lots of toys and things to (hopefully) keep her amused.
To answer your question the end goal for me was to sell the business for enough so that I didn't have to work again. I managed to do that about 3 years ago. Having been in business for over 25 years I have to say I don't miss it one bit!
Hoofy said:
TBH it doesn't have to be a big thing like travelling in a portaloo. That's the complete opposite of what I want to do.
For me, it's being able to continue to do my voluntary work for cancer patients.
I don't think its a big thing, a big thing is keeping paying for a house, bills etc for stuff you dont really need. People work their nuts off to "go on holiday", all I am suggesting is why not do that permanently.For me, it's being able to continue to do my voluntary work for cancer patients.
Showers, toilets etc are on par with anything you are prepared to pay for
I think voluntary work is a very noble cause, cannot get better than that really.
BGARK said:
Hoofy said:
TBH it doesn't have to be a big thing like travelling in a portaloo. That's the complete opposite of what I want to do.
For me, it's being able to continue to do my voluntary work for cancer patients.
I don't think its a big thing, a big thing is keeping paying for a house, bills etc for stuff you dont really need. People work their nuts off to "go on holiday", all I am suggesting is why not do that permanently.For me, it's being able to continue to do my voluntary work for cancer patients.
Showers, toilets etc are on par with anything you are prepared to pay for
I think voluntary work is a very noble cause, cannot get better than that really.
I see your point. Travelling is just not something I am interested in. I do like the idea of living out of a camper van and driving around but I see many downsides. My family and friends are in SW London so I have to suck it up money-wise.
Good question.
I'm currently trying to build semi-automated revenue stream(s) to cover the core bills (house, bills, food, car) each month without having to be too involved/tied down. It's not really a huge amount so should be more than feasible.
I'm just under half way there and it's getting steadier and more reliable, as well as growing. Certainly not a get rich quick effort! Property is also a consideration but I'm not too keen on all these new tax rules, seems to make it unfeasible if you need to leverage the property.
Question is, what do you do when you get there? I have a feeling it's "not all sunshine and rainbows".
A campervan tour sounds great, but not with a 1 year old. I sense that achieving my "end goal" will just bring boredom which will only be solved by 1) more money to do things or 2) work/projects. My likely plan is to start renovating properties for re-sale, nothing new to me as my day job is in construction, but it's all about the initial capital £££
Still, deal with that when we get there. If I get there, I seem to like buying things
I'm currently trying to build semi-automated revenue stream(s) to cover the core bills (house, bills, food, car) each month without having to be too involved/tied down. It's not really a huge amount so should be more than feasible.
I'm just under half way there and it's getting steadier and more reliable, as well as growing. Certainly not a get rich quick effort! Property is also a consideration but I'm not too keen on all these new tax rules, seems to make it unfeasible if you need to leverage the property.
Question is, what do you do when you get there? I have a feeling it's "not all sunshine and rainbows".
A campervan tour sounds great, but not with a 1 year old. I sense that achieving my "end goal" will just bring boredom which will only be solved by 1) more money to do things or 2) work/projects. My likely plan is to start renovating properties for re-sale, nothing new to me as my day job is in construction, but it's all about the initial capital £££
Still, deal with that when we get there. If I get there, I seem to like buying things
MrSparks said:
Good question.
I'm currently trying to build semi-automated revenue stream(s) to cover the core bills (house, bills, food, car) each month without having to be too involved/tied down. It's not really a huge amount so should be more than feasible.
I'm just under half way there and it's getting steadier and more reliable, as well as growing. Certainly not a get rich quick effort! Property is also a consideration but I'm not too keen on all these new tax rules, seems to make it unfeasible if you need to leverage the property.
Question is, what do you do when you get there? I have a feeling it's "not all sunshine and rainbows".
A campervan tour sounds great, but not with a 1 year old. I sense that achieving my "end goal" will just bring boredom which will only be solved by 1) more money to do things or 2) work/projects. My likely plan is to start renovating properties for re-sale, nothing new to me as my day job is in construction, but it's all about the initial capital £££
Still, deal with that when we get there. If I get there, I seem to like buying things
A young child changes everything, having spent almost two decades dedicated 100% to my own children it has become a "what's next" situation. I'm currently trying to build semi-automated revenue stream(s) to cover the core bills (house, bills, food, car) each month without having to be too involved/tied down. It's not really a huge amount so should be more than feasible.
I'm just under half way there and it's getting steadier and more reliable, as well as growing. Certainly not a get rich quick effort! Property is also a consideration but I'm not too keen on all these new tax rules, seems to make it unfeasible if you need to leverage the property.
Question is, what do you do when you get there? I have a feeling it's "not all sunshine and rainbows".
A campervan tour sounds great, but not with a 1 year old. I sense that achieving my "end goal" will just bring boredom which will only be solved by 1) more money to do things or 2) work/projects. My likely plan is to start renovating properties for re-sale, nothing new to me as my day job is in construction, but it's all about the initial capital £££
Still, deal with that when we get there. If I get there, I seem to like buying things
Also with modern tech its easy to stay connected these days.
Hi All
I'm the 'Jay' from ourtour.co.uk. To try and clear up any confusion about how we fund our lifestyle, we knocked up a short explanation and popped it at the link below. It's not that easy to find on the site, as I'm wary of shoving it down folk's necks who have no interest in this approach to life, or are ideologically opposed to it.
http://ourtour.co.uk/home/how-we-fund-our-lifestyl...
Our definition of financial freedom is: having enough money coming in from investments to never have to work again, with a reasonable probability of success and a lifestyle which is sustainable and fulfilling. Advertising on the blog brings in a few hundred quid - nothing like enough to cover our living expenses, although the income is gradually increasing we still work for peanuts if you consider blogging to be 'working' (I don't, I enjoy it too much). As noted above, the income is generated through investments, and we live cheaply - yearly budget of £15k, with a large enough emergency fund to cover high one-off costs before we can begin to access private pensions.
I completely agree with anyone who states something like "I'd rather work than not be able to afford to eat out/buy new things/live in a large house/enjoy luxury holidays" etc. It's all about preference.
Cheers, Jay
I'm the 'Jay' from ourtour.co.uk. To try and clear up any confusion about how we fund our lifestyle, we knocked up a short explanation and popped it at the link below. It's not that easy to find on the site, as I'm wary of shoving it down folk's necks who have no interest in this approach to life, or are ideologically opposed to it.
http://ourtour.co.uk/home/how-we-fund-our-lifestyl...
Our definition of financial freedom is: having enough money coming in from investments to never have to work again, with a reasonable probability of success and a lifestyle which is sustainable and fulfilling. Advertising on the blog brings in a few hundred quid - nothing like enough to cover our living expenses, although the income is gradually increasing we still work for peanuts if you consider blogging to be 'working' (I don't, I enjoy it too much). As noted above, the income is generated through investments, and we live cheaply - yearly budget of £15k, with a large enough emergency fund to cover high one-off costs before we can begin to access private pensions.
I completely agree with anyone who states something like "I'd rather work than not be able to afford to eat out/buy new things/live in a large house/enjoy luxury holidays" etc. It's all about preference.
Cheers, Jay
This is incredibly subjective. All my life I have known that the one thing you need to use wisely is time. You spend it every day and do not know accurately how much is left. For me,however, career mattered a lot,not just being successful but in doing stuff that really interested me. I always had jobs with lots of travel ,met interesting people all over the globe and met people incomparably more accomplished than I was.
I would not change that got a second. Leisure was more valuable because it was more limited so I did more intense things. Got the cars and houses to the extent I wanted them. I knew I could have made more money fairly easily but that would have meant a 24 hour a day focus on career. I knew people who did that. They were just as happy with their choices as I was with mine.
We each have a unique capacity to value work and leisure. The important thing is to be very aware at the time what that balance is for you. At 67 I have no financial concerns and no regrets over my choices. No bucket lists
Yet around me I see lots of regrets. While many of my age are happy I see people who never financially planned ,never thought they would have a medical condition,people who had no fun when they were young,or trying to reconnect with children who were victims of tug of war divorce. The key to me is to have a long view. Acts have consequences
Once you are clear about your own values and goals you can find what is best for you personally.
I would not change that got a second. Leisure was more valuable because it was more limited so I did more intense things. Got the cars and houses to the extent I wanted them. I knew I could have made more money fairly easily but that would have meant a 24 hour a day focus on career. I knew people who did that. They were just as happy with their choices as I was with mine.
We each have a unique capacity to value work and leisure. The important thing is to be very aware at the time what that balance is for you. At 67 I have no financial concerns and no regrets over my choices. No bucket lists
Yet around me I see lots of regrets. While many of my age are happy I see people who never financially planned ,never thought they would have a medical condition,people who had no fun when they were young,or trying to reconnect with children who were victims of tug of war divorce. The key to me is to have a long view. Acts have consequences
Once you are clear about your own values and goals you can find what is best for you personally.
Hi guys.
We no longer make NI contributions, preferring to self-invest.
We bought most of our property at the market peak, and would have been far better off with an alternative investment. Property is by no means the only or best method of generating passive income.
And yes, I couldn't agree more that this is all down to personal choice. I sat among hundreds of people, many of which were clearly very unhappy with their workplace but refused to change. If you love your work, why change anything though?
Cheers, Jay
We no longer make NI contributions, preferring to self-invest.
We bought most of our property at the market peak, and would have been far better off with an alternative investment. Property is by no means the only or best method of generating passive income.
And yes, I couldn't agree more that this is all down to personal choice. I sat among hundreds of people, many of which were clearly very unhappy with their workplace but refused to change. If you love your work, why change anything though?
Cheers, Jay
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