Leaving the rat race after COVID
Discussion
Jasey_ said:
So this thread and my earlier post got me thinking.
This house is 4 up from my old place (and by the way opposite the house is a large Tesco car park)
And this one is in a village 25 minutes drive from Aberdeen.
This house is 4 up from my old place (and by the way opposite the house is a large Tesco car park)
And this one is in a village 25 minutes drive from Aberdeen.
You've got this wrong. Sell the Teddington and buy a similar sized property outside Aberdeen for a fraction of the price.
Think of the cost of upkeep for that place you posted
https://www.onedome.com/search/property/A5267AD260...
Edited by croyde on Thursday 9th July 15:45
hyphen said:
siovey said:
Yes, I'm cashing in my final salary pension and buying a property abroad to rent out in the summer and live in during our winter. Just need a financial advisor to 'sign it off ' if anyone knows one!
Life's too short for this s
t
You'd better hope life is short if giving up a final salary pension Life's too short for this s
tAye, but the rental income will be significantly higher p/a than my pension. I reckon that one month of rental at peak time would equal my annual pension so to me, its a no brainer!
siovey said:
hyphen said:
siovey said:
Yes, I'm cashing in my final salary pension and buying a property abroad to rent out in the summer and live in during our winter. Just need a financial advisor to 'sign it off ' if anyone knows one!
Life's too short for this st
You'd better hope life is short if giving up a final salary pension Life's too short for this s
tAye, but the rental income will be significantly higher p/a than my pension. I reckon that one month of rental at peak time would equal my annual pension so to me, its a no brainer!
Pit Pony said:
Ltd company contractor here usually in Aerospace manufacturing.
Ir35, Covid and Brexit have made the future uncertain.
I had a retirement plan. It's now fked.
We are looking at options but then 2 weeks ago I had a heart attack.
The options seem less palatable.
I NEED to simplify life.
AHhhhhhh m8, fellow PH guy thankfully you are still here to tell the tale! sincerely my best wishes for you. Ir35, Covid and Brexit have made the future uncertain.
I had a retirement plan. It's now f
ked. We are looking at options but then 2 weeks ago I had a heart attack.
The options seem less palatable.
I NEED to simplify life.
Yes sounds like you need to change directions fast. Was there any warnings of the heart attack? hope you recover well.
superlightr said:
Pit Pony said:
Ltd company contractor here usually in Aerospace manufacturing.
Ir35, Covid and Brexit have made the future uncertain.
I had a retirement plan. It's now fked.
We are looking at options but then 2 weeks ago I had a heart attack.
The options seem less palatable.
I NEED to simplify life.
AHhhhhhh m8, fellow PH guy thankfully you are still here to tell the tale! sincerely my best wishes for you. Ir35, Covid and Brexit have made the future uncertain.
I had a retirement plan. It's now f
ked. We are looking at options but then 2 weeks ago I had a heart attack.
The options seem less palatable.
I NEED to simplify life.
Yes sounds like you need to change directions fast. Was there any warnings of the heart attack? hope you recover well.
Puts things into perspective.
I'm mid-40s and after spending 25 years working my up the career ladder (with the same company) I struggled to keep the desire to go further. I spent a couple of years dreaming about financial independence and early retirement.
Watching this TED video sealed the deal for me. I had young children and it struck a chord with me. His book "40, fat and fired" is also an easy, enjoyable read.
https://www.youtube.com/watch?v=jdpIKXLLYYM&t=...
I spent nine months doing DIY jobs at home and drove myself mad. Everyone was at work and I had lost conversation at social gatherings. I'm now consulting and enjoying it immensely (probably due to wanting it rather than needed it).
Watching this TED video sealed the deal for me. I had young children and it struck a chord with me. His book "40, fat and fired" is also an easy, enjoyable read.
https://www.youtube.com/watch?v=jdpIKXLLYYM&t=...
I spent nine months doing DIY jobs at home and drove myself mad. Everyone was at work and I had lost conversation at social gatherings. I'm now consulting and enjoying it immensely (probably due to wanting it rather than needed it).
rockin said:
Groat said:
Did you sell your btls or keep them?
That's an interesting point, because if the emphasis of taxation moves away from "income" towards "assets" things could get a lot worse than they are today...A tax on property ownership would either bankrupt the owners of social housing (HAs, Councils etc etc), or bankrupt the country even further by exempting them from having to pay it.
Mind you, I can think of another fat wealth chicken just aching to be plucked without offending the masses because most of them don’t have much of a stake in it. Hasn’t been proper plucked for a while so probably long overdue for it.
Now what could that be?
Edited by Groat on Friday 10th July 07:13
98elise said:
Where are you thinking of buying? I was aiming to buying abroad but Covid screwed my plans for a while.
Not sure mate. Its an idea in its very early stages. Depends what my pension quote is. Ideally Spain/Portugal, near a golfing area. But won't be doing anything until this covid bks blows over. Also, there's brexit and all that that entails..will be sitting on my hands for a little while to see how it all plays out...Groat said:
98elise said:
Where are you thinking of buying? I was aiming to buying abroad but Covid screwed my plans for a while.
Did you sell your btls or keep them?I have the cash for the first one so no pressure.
siovey said:
98elise said:
Where are you thinking of buying? I was aiming to buying abroad but Covid screwed my plans for a while.
Not sure mate. Its an idea in its very early stages. Depends what my pension quote is. Ideally Spain/Portugal, near a golfing area. But won't be doing anything until this covid bks blows over. Also, there's brexit and all that that entails..will be sitting on my hands for a little while to see how it all plays out...
Covid as screwed my plans as well. I'd already spoke to an agent in Tenerife (Moffat) and planned a week there as soon as I was retired and do viewings.
Loads of people will be looking to take their London salaries and move further out into a bigger place. If you only have to be in the office 2 days a week then a longer commute is more acceptable than if you were doing it every day, and costs are lower overall. Given as within the city itself 1hr commutes are not uncommon, 1.5 hrs 2 days a week is much less time overall sat on a train. For what you can buy in the capital, go to Oxforshire, Hampshire, Sussex etc and you get heaps more for the same money.
Groat said:
Yes indeed they could get worse.
A tax on property ownership would either bankrupt the owners of social housing (HAs, Councils etc etc), or bankrupt the country even further by exempting them from having to pay it.
I don't think it would. It would either get passed on to the Tenants via higher rents, or (ss HAs also tend to be registered Charities) they would be exempt.A tax on property ownership would either bankrupt the owners of social housing (HAs, Councils etc etc), or bankrupt the country even further by exempting them from having to pay it.
98elise said:
We're looking at Tenerife and the Algarve, but I need to do some research on Greece. We rented this place in Corfu (recommended by a couple of people on here) and 10 days was over 2k. It seemed fully booked as well.
Covid as screwed my plans as well. I'd already spoke to an agent in Tenerife (Moffat) and planned a week there as soon as I was retired and do viewings.
Looks a nice place. Good income from that investment for them. I'm hoping for a budget of circa £250k so it should get us something nice. Or a couple of half decent places, one to rent out permanently and the other to live in. Just need to persuade the Mrs now. With her being the 'sensible' one and completely risk averse, its a difficult task! Covid as screwed my plans as well. I'd already spoke to an agent in Tenerife (Moffat) and planned a week there as soon as I was retired and do viewings.
mikeiow said:
hyphen said:
Whats FIRE?
Monkeylegend said:
Financial Independence Retire Early.
https://www.mrmoneymustache.com is a fella with plenty of useful information, albeit US-based.There are many bloggers on this topic.
Obviously a chunk of it is around how to financially afford it (clue in the first 2 letters in the acronym!) - I particularly like this article to explain things...
....but an equally important piece is "what do you spend your time on if you to 'Retire Early'?".
Some seem to have a clear-cut idea and plans a-plenty. Others (me included!) just want a change of pace and the choice to perhaps even spend a year doing nothing before choosing what next....3+ months of COVID has perhaps made more people consider these things.....
Since then I've taken up home brewing again, drive and tinker with my kit car, play in a band, learning Welsh (very slowly), cycle, walk the dog...
Being bored doesn't fit in my schedule
Countdown said:
I don't think it would. It would either get passed on to the Tenants via higher rents, or (ss HAs also tend to be registered Charities) they would be exempt.
This is always an interesting one. My sense is that the last round of changes (to letting fees) generally didn't get passed onto tenants. Depends on average earnings I suppose as in a lot of urban areas rents are pretty much maxed out as a % of local earnings.sociopath said:
mikeiow said:
hyphen said:
Whats FIRE?
Monkeylegend said:
Financial Independence Retire Early.
https://www.mrmoneymustache.com is a fella with plenty of useful information, albeit US-based.There are many bloggers on this topic.
Obviously a chunk of it is around how to financially afford it (clue in the first 2 letters in the acronym!) - I particularly like this article to explain things...
....but an equally important piece is "what do you spend your time on if you to 'Retire Early'?".
Some seem to have a clear-cut idea and plans a-plenty. Others (me included!) just want a change of pace and the choice to perhaps even spend a year doing nothing before choosing what next....3+ months of COVID has perhaps made more people consider these things.....
Since then I've taken up home brewing again, drive and tinker with my kit car, play in a band, learning Welsh (very slowly), cycle, walk the dog...
Being bored doesn't fit in my schedule
My plan is to fill my days doing stuff I normally do at the weekend. That's after I finish all the DIY stuff that's been mounting up!
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