Getting out ... (whilst you're still alive)
Discussion
I'm 44, married with 3 children
We are lucky enough to have paid off our mortgage and both work part time.
It's nice to not have to worry as such and life is generally quite relaxing (aside from the usual worries about children and health etc)
I used to have a very stressful job - senior management, monthly budgeting, staff, forecasting blah blah and looking back now I could never, ever ever go back into the rat race.
I've realised that it's important to enjoy life whilst you have your health and sanity. I can't see the appeal in living and working in a pressure cooker, retiring at 65 and realising that the kids are gone and your health is starting to fail etc.
If you have the means to get out then go for it - YOLO etc etc
We are lucky enough to have paid off our mortgage and both work part time.
It's nice to not have to worry as such and life is generally quite relaxing (aside from the usual worries about children and health etc)
I used to have a very stressful job - senior management, monthly budgeting, staff, forecasting blah blah and looking back now I could never, ever ever go back into the rat race.
I've realised that it's important to enjoy life whilst you have your health and sanity. I can't see the appeal in living and working in a pressure cooker, retiring at 65 and realising that the kids are gone and your health is starting to fail etc.
If you have the means to get out then go for it - YOLO etc etc
It's not just me then. Lately, as I've turned 50 I've become a little obsessed with the thought of retiring. I think it's a combination of working since I was 16 and being in the same industry since I was 17.
I'm lucky I that I have a property I rent out and hope to pay the current mortgage off within 3 years. Then, if Brexit has settled down, maybe look for a property abroad. The problem is I don't want to retire completely and have an idea to become a handyman, working when I want to. How realistic this may be in Spain or Greece, I've no idea at the moment.
I'm lucky I that I have a property I rent out and hope to pay the current mortgage off within 3 years. Then, if Brexit has settled down, maybe look for a property abroad. The problem is I don't want to retire completely and have an idea to become a handyman, working when I want to. How realistic this may be in Spain or Greece, I've no idea at the moment.
Prizam said:
I want to do this in the UK. Sell house in SE of England, buy something oop't north / Wales / Devon with some land. Buy a flat / small house in SE with leftover cash to rent out. Live the life in a big property, bit of farming. If things get tight, do some air BnB stuff.
Children and the wife's friends living locally is the stopper at the moment.
Devon isn't cheap.. not the nice bits at any rate! Children and the wife's friends living locally is the stopper at the moment.
I gave up corporate life (or it made me redundant) at 48 years old we sold up and moved to the north Wales border from the Hampshire Surrey broader. Mortgage free in a nice house in the country. Large garden and enough money to fund us for the rest of our lives. We live frugally but don't go without anything we want. We both still work but she only works part time and I just go to work make things and go home. No worrys no long hours no stress. In reality we are better off now on 1/3 of the income. The cars are not so flash but are still nice. Best thing we ever did. And one of the nicest bits is you all drive past my house on the way the best roads in north Wales.
We sort of did this - sold our place between Oxford and Reading, quit our jobs and bought a B&B in Scarborough last year, when I was 31 and my nipper was 1. Took £100k off our mortgage in the process and ended up with more living accommodation and a business attached to it!
The downside is we’ve never worked so sodding hard!
The downside is we’ve never worked so sodding hard!
There's been a few threads on this topic recently. Must be something in the air....
Without wishing to sound like too much of a w
ker....retired to Bali two years ago at 46.
Sold up in U.K. but bought a rental flat - to keep a little foothold in the market. Wife has a villa here. No mortgages on either property.
For around £2k a month we have a nice lifestyle. 15 mins to a number of great beaches, good food etc. =£10 to fill up the car, general water (not drinking) £2.50 a month, electricity is £50 a month but we run some AC and the pool circulation is on every day etc. No heating costs!!
I can get back to uk in 22 hours door to door if needed. Airport here is a great hub - direct flights to a lot of places...Singapore is a few hours as an example.
Made quite a few friends here and friends from other countries are keen to pop by...can't think why. Also I've had friends on business in Singapore so popped to see them for a Friday night out or they've dropped by here for weekend.
Weather is great, it's safe and people are friendly. Culture is super relaxed - as long as you don't upset anyone they're all cool. Gay friendly, tolerant of children, religious but never try to force it on you.
Immigration is tough - they're really hot on this. I have friends here who have to leave the country every month - been doing it for years. I have marriage visa so I'm okay to stay.
Working visa - very hard to get. But they have yet to cotton on that those people typing away on MacBooks in cafes are actually working.
Downsides; not many...language is easy to learn (Bahasa, not Balinese), no NHS but I get good cover for £800 a year. Traffic can get heavy at times...but no worse than north circular.
When I return to UK (we did six weeks at end of last year London, Paris, Barcelona) it strikes me how run down everything is - airports are dreadful compared to ones in this region. HK, Singapore, Bangkok etc - are really nice. Heathrow is dreadful, low ceilings, worn carpet etc.
People are fat and everything is so expensive....how much for a coffee!! Also BREXIT.
Best move I ever made and I just don't understand why more people don't do it. Met some Greek guys and they were living out here on some sort of unemployment benefit from Greek government plus renting out their flat back home.
Anyway that's a few notes whilst sat here having a coffee for =£0.20. Enjoy the weather...
Without wishing to sound like too much of a w
ker....retired to Bali two years ago at 46.Sold up in U.K. but bought a rental flat - to keep a little foothold in the market. Wife has a villa here. No mortgages on either property.
For around £2k a month we have a nice lifestyle. 15 mins to a number of great beaches, good food etc. =£10 to fill up the car, general water (not drinking) £2.50 a month, electricity is £50 a month but we run some AC and the pool circulation is on every day etc. No heating costs!!
I can get back to uk in 22 hours door to door if needed. Airport here is a great hub - direct flights to a lot of places...Singapore is a few hours as an example.
Made quite a few friends here and friends from other countries are keen to pop by...can't think why. Also I've had friends on business in Singapore so popped to see them for a Friday night out or they've dropped by here for weekend.
Weather is great, it's safe and people are friendly. Culture is super relaxed - as long as you don't upset anyone they're all cool. Gay friendly, tolerant of children, religious but never try to force it on you.
Immigration is tough - they're really hot on this. I have friends here who have to leave the country every month - been doing it for years. I have marriage visa so I'm okay to stay.
Working visa - very hard to get. But they have yet to cotton on that those people typing away on MacBooks in cafes are actually working.
Downsides; not many...language is easy to learn (Bahasa, not Balinese), no NHS but I get good cover for £800 a year. Traffic can get heavy at times...but no worse than north circular.
When I return to UK (we did six weeks at end of last year London, Paris, Barcelona) it strikes me how run down everything is - airports are dreadful compared to ones in this region. HK, Singapore, Bangkok etc - are really nice. Heathrow is dreadful, low ceilings, worn carpet etc.
People are fat and everything is so expensive....how much for a coffee!! Also BREXIT.
Best move I ever made and I just don't understand why more people don't do it. Met some Greek guys and they were living out here on some sort of unemployment benefit from Greek government plus renting out their flat back home.
Anyway that's a few notes whilst sat here having a coffee for =£0.20. Enjoy the weather...
My eye was naturally drawn to this thread after my "Lifes too short" thread .
We live in the SE and are currently trying to sell our house and it's not proving easy .
Brexit obvious isn't helping and the city is shedding staff, making redundancies or just not hiring, plus I've noticed (in my time out ) a few over 50's wanting to cash in early ahead of taking a pension pot and use the property equity to make up for the shortfall before the pension kicks in . Remember there are some who have worked for the same institution since they left school and will be getting a final salary pension, lucky barstards !
The problem in selling the house at the mo is that lots are looking to do the above.
I'd happily take the 'give up work and I might lose my marbles risk' before working in London does it to me anyway !
Those with an easily transferable job and either without kids or kids young enough that can be easily moved should without question IMO do it.
Timing for us has made things tricky so for the moment I have to return to work, then hopefully the house sells and we breath easy again .
We have a 2 bed coastal flat that I'll happily retire to one day just gotta get the kids grown up and moved out ! I'm kidding I'll be gutted when they leave one day but I'll not be telling them to work in London . The likely hood is that they'll have to move further afield to afford a property anyway .
Wish I'd started in another line of work that wasn't city dependant
We live in the SE and are currently trying to sell our house and it's not proving easy .
Brexit obvious isn't helping and the city is shedding staff, making redundancies or just not hiring, plus I've noticed (in my time out ) a few over 50's wanting to cash in early ahead of taking a pension pot and use the property equity to make up for the shortfall before the pension kicks in . Remember there are some who have worked for the same institution since they left school and will be getting a final salary pension, lucky barstards !
The problem in selling the house at the mo is that lots are looking to do the above.
I'd happily take the 'give up work and I might lose my marbles risk' before working in London does it to me anyway !
Those with an easily transferable job and either without kids or kids young enough that can be easily moved should without question IMO do it.
Timing for us has made things tricky so for the moment I have to return to work, then hopefully the house sells and we breath easy again .
We have a 2 bed coastal flat that I'll happily retire to one day just gotta get the kids grown up and moved out ! I'm kidding I'll be gutted when they leave one day but I'll not be telling them to work in London . The likely hood is that they'll have to move further afield to afford a property anyway .
Wish I'd started in another line of work that wasn't city dependant
Prizam said:
I want to do this in the UK. Sell house in SE of England, buy something oop't north / Wales / Devon with some land. Buy a flat / small house in SE with leftover cash to rent out. Live the life in a big property, bit of farming. If things get tight, do some air BnB stuff.
Children and the wife's friends living locally is the stopper at the moment.
We're sort of looking at something similar, in terms of relocating from the SE, probably to Shropshire, taking a significant chunk out of the house and still ending up with a nicer, larger house in a nicer area.Children and the wife's friends living locally is the stopper at the moment.
The difference, though, is that I'm not planning to leave the rat race from a work perspective. My wife can no longer drive since diabetes screwed her eyesight, so wherever we go, it needs to be somewhere large enough to have decent shops and transport links.
This means by definition it will also have decent broadband, meaning I can do my job from there almost as easily as I can from here.
The only question now remains "when"? It's either the summer after next, or in nine years time, as anything else would hit the kids' education timetables too badly.
Edited by Kermit power on Saturday 23 September 12:00
Decent broadband can be had anywhere you have a good 4G signal these days. I live in the sticks and was getting 2Mbs on a fixed line and it was very unreliable thanks to a couple of miles of overhead lines right on the coast. I rarely used my landline phone anyway so I've ditched the fixed line completely and have a mobile wifi device from Vodafone. It reliably gives 20-40 Mbs down and 7-12 up depending on it's mood, 50Gb a month and costs £25 pm which they reduced to £12.50 pm for the first year as my wife has a business phone with them.
I am planning on going travelling when the kids are grown up. I've got another 10 years I reckon before I can do this.
I don't plan on taking anything with me, it's just stuff. The house is important for the kids to have a home, it will remain important for them to have a financial cushion as they enter adulthood. I can't take it along with me. My plan has very much to build current and future earning potential instead, so that I can afford to support myself as I go on my travels, and to reestablish myself when I decide to put down roots again
I don't plan on taking anything with me, it's just stuff. The house is important for the kids to have a home, it will remain important for them to have a financial cushion as they enter adulthood. I can't take it along with me. My plan has very much to build current and future earning potential instead, so that I can afford to support myself as I go on my travels, and to reestablish myself when I decide to put down roots again
Edited by oldbanger on Saturday 23 September 12:17
I know of a few people that have London houses with £1.2m - £1.5m equity in them and that earn, between them, £80k - £165k
Now that equates to take home pay of, say, £60k - £120k per year
Or that they have 10 to 20 years of today's net pay that they could realise as a tax free lump sum sometime quite quickly
Some of them constantly moan about how crap their jobs are, how much they hate their colleagues, their boss, the commute, etc. etc.
I find it hard to understand why they don't take the exit
Now that equates to take home pay of, say, £60k - £120k per year
Or that they have 10 to 20 years of today's net pay that they could realise as a tax free lump sum sometime quite quickly
Some of them constantly moan about how crap their jobs are, how much they hate their colleagues, their boss, the commute, etc. etc.
I find it hard to understand why they don't take the exit
Yes, It's definitely do able. How you do it depends on your current financial situation. Obviously, the better off you are now, the less compromises you'll have to make to live comparatively frugally. But it's surprising how little money you actually need to live on, if you're prepared to cut out the luxuries. The other consideration is if you have kids and how much support you give them as they reach adulthood. If you don't have kids, and are sensible in your 20s and 30s, it should be possible to retire by 50 or get out of the rat race by 40. But these days being a young adult is hard (especially higher education costs and getting on the housing ladder). The later you stay in that high pressure, well paid job, the bigger leg up you'll be able to give them.
I suppose I 'got out' before I ever really got in. After I graduated, I worked for a couple of years, then went back to uni to do a PhD. Managed to get myself thrown out after two years, and there I was, mid 20's nothing to show for it except a moderate amount of cash in the bank. Friends all around me had bought houses, got married, are some were starting to have kids.
So I pretty much ran away to the other end of the country, used my money to buy an established (but small) business, and I've just kept that going on a pretty small scale. It gives me lots of flexibility with how and when I work. I now have kids, and I can fit my work around them to a great extent, suits me and them. I remember my dad working what seemed like long hours, getting home just in time to put us to bed, and only really seeing him at weekends. I now understand why he worked so hard, and yet we appeared to live modestly, despite his fairly senior job and my mum working too - e.g he was still driving an early 70's Triumph until the early 90's when his employer decided it was inappropriate for his role and forced a company car on him!
The only bit I slightly fell down on was not getting on the housing ladder early, then after taking on a lifestyle business and drawing a very modest income from it, along with the tightening up of mortgage lending, buying a house never seemed feasible. I must have spent 100k on renting over the years, and in the end my hand was forced when my landlord decided to sell up. With help from family - deposit from my granddad's estate, and joint mortgage with my sister, I am now a home owner. But unless I overpay on the mortgage, it'll run until I'm 70 and even then my sister will still own a proportion of the house.
It's definitely possible to 'get out', as long as you've got enough equity in your current house, have a decent private pension provision (don't forget that bit), and move somewhere 'cheaper'. That could be abroad, but there are places in this country where the financials might work out.
I suppose I 'got out' before I ever really got in. After I graduated, I worked for a couple of years, then went back to uni to do a PhD. Managed to get myself thrown out after two years, and there I was, mid 20's nothing to show for it except a moderate amount of cash in the bank. Friends all around me had bought houses, got married, are some were starting to have kids.
So I pretty much ran away to the other end of the country, used my money to buy an established (but small) business, and I've just kept that going on a pretty small scale. It gives me lots of flexibility with how and when I work. I now have kids, and I can fit my work around them to a great extent, suits me and them. I remember my dad working what seemed like long hours, getting home just in time to put us to bed, and only really seeing him at weekends. I now understand why he worked so hard, and yet we appeared to live modestly, despite his fairly senior job and my mum working too - e.g he was still driving an early 70's Triumph until the early 90's when his employer decided it was inappropriate for his role and forced a company car on him!
The only bit I slightly fell down on was not getting on the housing ladder early, then after taking on a lifestyle business and drawing a very modest income from it, along with the tightening up of mortgage lending, buying a house never seemed feasible. I must have spent 100k on renting over the years, and in the end my hand was forced when my landlord decided to sell up. With help from family - deposit from my granddad's estate, and joint mortgage with my sister, I am now a home owner. But unless I overpay on the mortgage, it'll run until I'm 70 and even then my sister will still own a proportion of the house.
It's definitely possible to 'get out', as long as you've got enough equity in your current house, have a decent private pension provision (don't forget that bit), and move somewhere 'cheaper'. That could be abroad, but there are places in this country where the financials might work out.
This is my long term aim. Basically just ship out abroad, but keep a small flat somewhere if i ever need to come back, or sell it in an cash emergency. Mexico is my key destination - Pacific side.
Just need to get through the hump that is the next 19 years - but currently in a remote working capacity so discussing with the missus on what to do and where to go.
Just need to get through the hump that is the next 19 years - but currently in a remote working capacity so discussing with the missus on what to do and where to go.
I don't know why people living in a commuter town with dreary commute who come home tired and have no life Monday to Friday do it.
Yes they have a nice 530d and a few hundred grand of equity but they should just sell up and move to Tenerife or Thailand
No mortgage then and a bit of income from a buy to let or two. Jog in the morning sun, read the paper by the pool, play beach football with the kids and then sit on the balcony at night watching the sun set with a glass of (cheap) wine. Cost for that day would be approximately £5. You may need a part time job as a pool cleaner/handyman/delivery driver etc but what a nice life
I just really think many people don't think outside the box and are conditioned to just work like a slave
As I've got older and have got more trinkets along the way (daft watches, stupid cars and so on) you realise just how utterly pointless they are! Being in shape, fitness and spending time with friends and family is what it ultimately boils down to.
Working flat out so you can have an m3 in the garage to take out every Sunday? No thanks!
Yes they have a nice 530d and a few hundred grand of equity but they should just sell up and move to Tenerife or Thailand
No mortgage then and a bit of income from a buy to let or two. Jog in the morning sun, read the paper by the pool, play beach football with the kids and then sit on the balcony at night watching the sun set with a glass of (cheap) wine. Cost for that day would be approximately £5. You may need a part time job as a pool cleaner/handyman/delivery driver etc but what a nice life
I just really think many people don't think outside the box and are conditioned to just work like a slave
As I've got older and have got more trinkets along the way (daft watches, stupid cars and so on) you realise just how utterly pointless they are! Being in shape, fitness and spending time with friends and family is what it ultimately boils down to.
Working flat out so you can have an m3 in the garage to take out every Sunday? No thanks!
JPJPJP said:
I know of a few people that have London houses with £1.2m - £1.5m equity in them and that earn, between them, £80k - £165k
Now that equates to take home pay of, say, £60k - £120k per year
Or that they have 10 to 20 years of today's net pay that they could realise as a tax free lump sum sometime quite quickly
Some of them constantly moan about how crap their jobs are, how much they hate their colleagues, their boss, the commute, etc. etc.
I find it hard to understand why they don't take the exit
See my earlier post. There's your answer. Now that equates to take home pay of, say, £60k - £120k per year
Or that they have 10 to 20 years of today's net pay that they could realise as a tax free lump sum sometime quite quickly
Some of them constantly moan about how crap their jobs are, how much they hate their colleagues, their boss, the commute, etc. etc.
I find it hard to understand why they don't take the exit
jonah35 said:
I don't know why people living in a commuter town with dreary commute who come home tired and have no life Monday to Friday do it.
Yes they have a nice 530d and a few hundred grand of equity but they should just sell up and move to Tenerife or Thailand
No mortgage then and a bit of income from a buy to let or two. Jog in the morning sun, read the paper by the pool, play beach football with the kids and then sit on the balcony at night watching the sun set with a glass of (cheap) wine. Cost for that day would be approximately £5. You may need a part time job as a pool cleaner/handyman/delivery driver etc but what a nice life
I just really think many people don't think outside the box and are conditioned to just work like a slave
As I've got older and have got more trinkets along the way (daft watches, stupid cars and so on) you realise just how utterly pointless they are! Being in shape, fitness and spending time with friends and family is what it ultimately boils down to.
Working flat out so you can have an m3 in the garage to take out every Sunday? No thanks!
Alternatively, with modern technology, just get a job which lets you work from home, then live in a nice part of the country and have a 30 second commute!Yes they have a nice 530d and a few hundred grand of equity but they should just sell up and move to Tenerife or Thailand
No mortgage then and a bit of income from a buy to let or two. Jog in the morning sun, read the paper by the pool, play beach football with the kids and then sit on the balcony at night watching the sun set with a glass of (cheap) wine. Cost for that day would be approximately £5. You may need a part time job as a pool cleaner/handyman/delivery driver etc but what a nice life
I just really think many people don't think outside the box and are conditioned to just work like a slave
As I've got older and have got more trinkets along the way (daft watches, stupid cars and so on) you realise just how utterly pointless they are! Being in shape, fitness and spending time with friends and family is what it ultimately boils down to.
Working flat out so you can have an m3 in the garage to take out every Sunday? No thanks!
Johnniem said:
My son has the right idea and he has been incredibly lucky. His long term girlfriend decide to teach english as a foreign language in Mexico. He decided to go with her and quit his job (he is the chief editor of a newspaper). Then he thought that maybe he could still do what he does but from Mexico rather than central London (the paper is pretty much on line now). Chatted with his employer and bob's yer uncle, he's off to Mexico at the end of this month with a mobile phone and broadband connection and will do exactly what he does here but from the Pacific coast of Mexico! Only a youngster could sort that out without any feeling of 'this may not happen' going on!
JM
Interesting - hope you don't mind if I send you a PM as I'm in a similar situation to your son right now. JM
jonah35 said:
As I've got older and have got more trinkets along the way (daft watches, stupid cars and so on) you realise just how utterly pointless they are! Being in shape, fitness and spending time with friends and family is what it ultimately boils down to.
This is exactly what I think now. Sold the car and thinking of getting rid of the nice watches. When I wear them I worry about damaging them so what's the point?One thing I wish I,d done when I was younger was learn the guitar. I was chatting to my old instructor and asked how many lessons he did a week, "about 35-40" At £28 an hour that's not a bad income and something you can do as and when if you retire. I'm learning now but doubt I will be teaching anytime soon, (ever)!
I took early retirement @ 53. for me about the right time, fed up as a wage slave. Although I'd always dreamt of a simple life, meagre income, liveaboard boat or a cottage with a few chickens, I'm just not wired to be a free a spirit!
So while I'm always prepared to earn a few shekels, currently not really necessary. Something we didn't do is downsize, when you're spending more time in your home you need more space, not less! So moved out of town, friendly pleasant village, couple of pubs, shop and all importantly space.
I still rise early, as always, but now strong coffee, and the sunrise, is more important than man shackles. Rather than suffer colleagues (hardly missed any of them) I've time for friends, family and enjoying the day.
I've considered doing some voluntary work, but (selfishly) think I'd resent the intrusion! While I couldn't describe myself as busy, 5 yrs on I'm far from bored, taking advantage of decent weather (despite rumors, the UK has finer weather than people give it credit for), and hunkering down on any stormy wet days.
So my opinion is get out as early as you can, although I can't imagine my self as a 30 y/o bohemian.
So while I'm always prepared to earn a few shekels, currently not really necessary. Something we didn't do is downsize, when you're spending more time in your home you need more space, not less! So moved out of town, friendly pleasant village, couple of pubs, shop and all importantly space.
I still rise early, as always, but now strong coffee, and the sunrise, is more important than man shackles. Rather than suffer colleagues (hardly missed any of them) I've time for friends, family and enjoying the day.
I've considered doing some voluntary work, but (selfishly) think I'd resent the intrusion! While I couldn't describe myself as busy, 5 yrs on I'm far from bored, taking advantage of decent weather (despite rumors, the UK has finer weather than people give it credit for), and hunkering down on any stormy wet days.
So my opinion is get out as early as you can, although I can't imagine my self as a 30 y/o bohemian.
Edited by PositronicRay on Sunday 24th September 07:50
Gassing Station | The Lounge | Top of Page | What's New | My Stuff