£5000 per week?
Discussion
DSLiverpool said:
If you started a business and grew it to be capable of paying you £240k pa that business will be worth a fortune. Sell it and drawdown £5k a week until it runs out. Chances are you’ll be too old, knackered or changed in outlook to still need it.
I have seen some of your business threads - is it quite easy then???johnwilliams77 said:
I have seen some of your business threads - is it quite easy then???
I have no idea how to get to £240k as self employed these days, because so much is already happening. But my comment stacks up if you can earn £250k you wouldn’t take it as you build up the biz for a greater payday.
My e-commerce in 2005 - 2010 I literally didn’t know what to do with the money, however that was soon answered by burning a fair bit of it on a wasted strategy from 2012 to 2014 when I found an exit.
2016 to now working on building up to exit in a few years. I earn less now than I did in 2000 but it’s a means to an end and I have a very low pressure job (apart from bloody cash flow but don’t get me started on that)
DSLiverpool said:
If you started a business and grew it to be capable of paying you £240k pa that business will be worth a fortune. Sell it and drawdown £5k a week until it runs out. Chances are you’ll be too old, knackered or changed in outlook to still need it.
How much would a business making 240k pa cost to buy?scratch pervert said:
DSLiverpool said:
If you started a business and grew it to be capable of paying you £240k pa that business will be worth a fortune. Sell it and drawdown £5k a week until it runs out. Chances are you’ll be too old, knackered or changed in outlook to still need it.
How much would a business making 240k pa cost to buy?
However in the real world a lot less.
scratch pervert said:
DSLiverpool said:
If you started a business and grew it to be capable of paying you £240k pa that business will be worth a fortune. Sell it and drawdown £5k a week until it runs out. Chances are you’ll be too old, knackered or changed in outlook to still need it.
How much would a business making 240k pa cost to buy?smifffymoto said:
Why anybody needs 5k a week is a puzzle to me.If more people found contentment with a simpler,less materialistic life they don’t need any where near that sum.
Exactly. I live in a nice location, mortgage free, I could get by quite comfortably on £5k A YEAR with my lifestyle.Quite happy walking, cycling, gardening or sitting on the beach with a book in the summer, or sat in front of the log burner reading etc in the winter.
My one previous concession to unnecessary expenditure and materialism was performance cars but I've just about given up on them now as new performance cars are boring and old performance cars are now mostly all stupid money ''appreciating classics''
Some stats might be of interest...
According to the Institute for Fiscal Studies, earning £236,000 pa (about 4.5k pw) would put you in the top 0.5%, or one of the top 155,000 earners in the country.
Owning a business helps a bit: a third of the top 1% own part of their business, but then so do a fifth of the workforce in the country, so doesn’t help as much as you might think.
So the simple answer to OPs question might be that to earn a top 0.5% income of 5k pw you need to get to the top 0.5% of your chosen profession. He therefore needs to identify what profession he could be particularly skilled at, and pursue that to the top.
Some professions are better paid than others, so It might be a bit easier than that, but outside criminality or lottery wins, that’s the way to do it.
According to the Institute for Fiscal Studies, earning £236,000 pa (about 4.5k pw) would put you in the top 0.5%, or one of the top 155,000 earners in the country.
Owning a business helps a bit: a third of the top 1% own part of their business, but then so do a fifth of the workforce in the country, so doesn’t help as much as you might think.
So the simple answer to OPs question might be that to earn a top 0.5% income of 5k pw you need to get to the top 0.5% of your chosen profession. He therefore needs to identify what profession he could be particularly skilled at, and pursue that to the top.
Some professions are better paid than others, so It might be a bit easier than that, but outside criminality or lottery wins, that’s the way to do it.
DSLiverpool said:
67Dino said:
Some stats might be of interest...
According to the Institute for Fiscal Studies, earning £236,000 pa (about 4.5k pw) would put you in the top 0.5%, or one of the top 155,000 earners in the country.
Be interesting to see the stats for the “grey” business sector. According to the Institute for Fiscal Studies, earning £236,000 pa (about 4.5k pw) would put you in the top 0.5%, or one of the top 155,000 earners in the country.
Had a look, and in the UK, around 11.5% of GDP (£223bn) is in the grey sector (predicted to decline to 10.8% by 2025). It’s said that 2m people work in the grey sector, but these are mostly low paid cleaners, nannies, construction workers, etc. However, apparently there are 5,000 criminal gangs in the UK, so it doesn’t seem unreasonable to think each has some people earning over 5k pw.
If so, that suggests that maybe 10% of the highest earners in the country are earning their money illegally. Sobering.
Edited by 67Dino on Sunday 2nd February 09:40
A lot of sacrifice for you, your family. Years and years of hard work and risk and being totally out of comfort zone. Work to take company global so you`re not just earning money 9-5 UK time but 24 hours a day 365 days a year and I`m still not at £5k a week but it`s a weird arbitrary target. Still putting the hours in working an Arabic week and a European week and both time zones can mean 12 hour days, 6 days a week. Then there`s the travel, I was away from family nearly 6 months last year hence the relocation to UAE.
Good luck to OP, I think I`m going to take up fishing and buy a small boat...…...
Good luck to OP, I think I`m going to take up fishing and buy a small boat...…...
jontysafe said:
A lot of sacrifice for you, your family. Years and years of hard work and risk and being totally out of comfort zone. Work to take company global so you`re not just earning money 9-5 UK time but 24 hours a day 365 days a year and I`m still not at £5k a week but it`s a weird arbitrary target. Still putting the hours in working an Arabic week and a European week and both time zones can mean 12 hour days, 6 days a week. Then there`s the travel, I was away from family nearly 6 months last year hence the relocation to UAE.
Good luck to OP, I think I`m going to take up fishing and buy a small boat...…...
Please for the love of god, not the wGood luck to OP, I think I`m going to take up fishing and buy a small boat...…...
k Mexican fisherman story. jontysafe said:
A lot of sacrifice for you, your family. Years and years of hard work and risk and being totally out of comfort zone. Work to take company global so you`re not just earning money 9-5 UK time but 24 hours a day 365 days a year and I`m still not at £5k a week but it`s a weird arbitrary target. Still putting the hours in working an Arabic week and a European week and both time zones can mean 12 hour days, 6 days a week. Then there`s the travel, I was away from family nearly 6 months last year hence the relocation to UAE.
Good luck to OP, I think I`m going to take up fishing and buy a small boat...…...
But what are you doing it for?Good luck to OP, I think I`m going to take up fishing and buy a small boat...…...
smifffymoto said:
jontysafe said:
A lot of sacrifice for you, your family. Years and years of hard work and risk and being totally out of comfort zone. Work to take company global so you`re not just earning money 9-5 UK time but 24 hours a day 365 days a year and I`m still not at £5k a week but it`s a weird arbitrary target. Still putting the hours in working an Arabic week and a European week and both time zones can mean 12 hour days, 6 days a week. Then there`s the travel, I was away from family nearly 6 months last year hence the relocation to UAE.
Good luck to OP, I think I`m going to take up fishing and buy a small boat...…...
But what are you doing it for?Good luck to OP, I think I`m going to take up fishing and buy a small boat...…...
DSLiverpool said:
One guy owns 7 barbers offering Turkish cuts, shaved etc - 2 / 3 guys in each, open 7 days, cash only - basic cuts £6 I have a weekly shave at a ridiculous £11 !!! I give £15 usually it’s worth it. Anyhoo based on 50% workload anyone want to do the maths?
A million a year.Mikedknight said:
DSLiverpool said:
One guy owns 7 barbers offering Turkish cuts, shaved etc - 2 / 3 guys in each, open 7 days, cash only - basic cuts £6 I have a weekly shave at a ridiculous £11 !!! I give £15 usually it’s worth it. Anyhoo based on 50% workload anyone want to do the maths?
A million a year.Normally 70/30 split (barber/shop).
Owners got 7 sets of rents, and 21 + guys to manage.
& in our area it comes with there own problems ie immigration & UK boarder force, as most of these lads are shipped in from Kurdistan, and promptly taken away.
You’ll see a few go ‘legitimate’ over the coming years, easier to launder money than do cuts.
Btw DSliverpool a cut & beard trim (plus hot towel) is 19£ down here in the south east!
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