Money for a rainy day.
Discussion
My work as a self-employed person has declined rapidly in the last year but this year has been a disaster so far. My June is all booked up but currently one day a month up until then. Winter is traditionally quiet but not like this. Phone has not rung in a month and loads of mates in the business are in the same boat.
This has got me looking at my cunning back up plan of doing the Knowledge and being a London Taxi Driver, (I did briefly start this back in the 80s) thus allowing me to earn money well into my retirement and still do the odd day of my current work.
BUT the London Taxi medical says no heart problems so my heart attack of 2009 scuppers that idea. Shame as I am sure that I am fitter than most of the cabbies that I have dealt with
So financial wizards of PH what should I do with the little money that I have saved for a rainy day. I could probably last a year, maybe two, but then it will be all gone.
So I'm 50 this year, separated with 3 young kids.
About £28k in my savings account.
£11k in a PEP taken out centuries ago.
Hope to get at least my money back from an old endowment which matures next year, £25k.
About £1500 left in a shares account that I have had no luck with since 2000.
Own a house with about £400k of equity which will eventually be shared between myself and ex but currently I live in it and mainly look after the kids to save on nanny costs and as I am not at all busy with work.
Motorbike worth about £4k, car about £1k.
What should I do, cheers?
This has got me looking at my cunning back up plan of doing the Knowledge and being a London Taxi Driver, (I did briefly start this back in the 80s) thus allowing me to earn money well into my retirement and still do the odd day of my current work.
BUT the London Taxi medical says no heart problems so my heart attack of 2009 scuppers that idea. Shame as I am sure that I am fitter than most of the cabbies that I have dealt with
So financial wizards of PH what should I do with the little money that I have saved for a rainy day. I could probably last a year, maybe two, but then it will be all gone.
So I'm 50 this year, separated with 3 young kids.
About £28k in my savings account.
£11k in a PEP taken out centuries ago.
Hope to get at least my money back from an old endowment which matures next year, £25k.
About £1500 left in a shares account that I have had no luck with since 2000.
Own a house with about £400k of equity which will eventually be shared between myself and ex but currently I live in it and mainly look after the kids to save on nanny costs and as I am not at all busy with work.
Motorbike worth about £4k, car about £1k.
What should I do, cheers?
Kudos said:
Some part time work in tescos or somewhere? £8 an hour or so better than nothing, part time
What skills do you have?
Pretty good at what I do but the market is over populated and weighted towards younger people. I'm a TV cameraman.What skills do you have?
I'm good at driving. Previously was a dispatch rider, van courier, minicab driver, drove trucks up to 7.5 tonnes and even tractors
Edited to add that I have a lowly private pension which I have paid just over £100 a month into over 25 years now, but not expecting them to know who I am when/if I get to retirement age.
Edited by croyde on Saturday 21st January 15:05
Don't do anything drastic.
Try to hang onto the savings, it is very difficult to replace cash.
Re your ISA I would reccomend making sure it is 80% in a balanced fund, with maybe 20% in something a little more adventurous. Maybe not UK!
Then I would go out and find anything, stacking shelves in a supermarket or minicabing, maybe you could hook up with an event photographer for a few weekend gigs. It is really important not to let your current lack of income destroy all your previous hard work.
Convince yourself this is a temporary setback.
Make sure you maintain your car so that when something does crop up, you are ready to go. (like 7.30am tomorrow) Not, oh crap I need an MOT.
Best of luck.
t out of stacking shelves.Wedding videos?
I listened to a Documentary about setting up a business on R4, there was a girl who left Uni after studying visual arts and decided that she'd give it a crack - she got 27 bookings from the first wedding fair she attended!
The program is still on iPlayer, it might be worth a listen
I listened to a Documentary about setting up a business on R4, there was a girl who left Uni after studying visual arts and decided that she'd give it a crack - she got 27 bookings from the first wedding fair she attended!
The program is still on iPlayer, it might be worth a listen
The wedding thing can be a nightmare. There was a thread about a fella being asked by his mate to do the pics at his wedding and the general consensus was don't do it.
I did pics once and video a couple of times, all for mates and never again. Another mate set up a business doing wedding videos and was getting one a week but was desperate to get out of it as it was such a nightmare.
Honestly, I would rather work in a department store than go near a wedding. I didn't like mine and hate going to others
I did pics once and video a couple of times, all for mates and never again. Another mate set up a business doing wedding videos and was getting one a week but was desperate to get out of it as it was such a nightmare.
Honestly, I would rather work in a department store than go near a wedding. I didn't like mine and hate going to others
croyde said:
Pretty good at what I do but the market is over populated and weighted towards younger people. I'm a TV cameraman.
I'm good at driving. Previously was a dispatch rider, van courier, minicab driver, drove trucks up to 7.5 tonnes and even tractors
Edited to add that I have a lowly private pension which I have paid just over £100 a month into over 25 years now, but not expecting them to know who I am when/if I get to retirement age.
Is moving abroad an option? I know people who retired from the forces as professional drivers and now spend 4 days a week driving minibus on transfers with golfders / hen parties. He likes it, gets out and about, is happy because he is in the sun and gets to talk to people and has a low cost of living.I'm good at driving. Previously was a dispatch rider, van courier, minicab driver, drove trucks up to 7.5 tonnes and even tractors
Edited to add that I have a lowly private pension which I have paid just over £100 a month into over 25 years now, but not expecting them to know who I am when/if I get to retirement age.
Edited by croyde on Saturday 21st January 15:05
jimslops said:
croyde said:
Pretty good at what I do but the market is over populated and weighted towards younger people. I'm a TV cameraman.
I'm good at driving. Previously was a dispatch rider, van courier, minicab driver, drove trucks up to 7.5 tonnes and even tractors
Edited to add that I have a lowly private pension which I have paid just over £100 a month into over 25 years now, but not expecting them to know who I am when/if I get to retirement age.
Is moving abroad an option? I know people who retired from the forces as professional drivers and now spend 4 days a week driving minibus on transfers with golfders / hen parties. He likes it, gets out and about, is happy because he is in the sun and gets to talk to people and has a low cost of living.I'm good at driving. Previously was a dispatch rider, van courier, minicab driver, drove trucks up to 7.5 tonnes and even tractors
Edited to add that I have a lowly private pension which I have paid just over £100 a month into over 25 years now, but not expecting them to know who I am when/if I get to retirement age.
Edited by croyde on Saturday 21st January 15:05
croyde said:
That's a great option, where do I sign
They live half an hr from malaga airport and if you go out there it isn't very difficult to find the companies / businesses who would need drives. One could try waiting at the airport to get the contact number of the company owners. However, since you have your own cash, buy your own bus and DIY. Do what my friends boss did, buy two bussses and employ a driver (if you can be bothered).Ignore all the above.
You have some assets, and some cash.
Depending on where you live, get a but to let, interest only mortgage, on a property in a location with young professionals in there, just a flat or house. Put down a good deposit on this, and then let out.
Then have a contingency for things going wrong.
Get that job in tesco, or anything that is going.
Wait a while, use rent money in to save for anotherr deposit, buy another.
You have some assets, and some cash.
Depending on where you live, get a but to let, interest only mortgage, on a property in a location with young professionals in there, just a flat or house. Put down a good deposit on this, and then let out.
Then have a contingency for things going wrong.
Get that job in tesco, or anything that is going.
Wait a while, use rent money in to save for anotherr deposit, buy another.
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