Taking control of your financial security...

[Pierscoe1]

hi all...

help improve a bad case of monday-itus, by offering up your stories of taking control of your financial security.

How did you get out of being someone else's slave until you're 65?
What leap of faith/hope did you take in order to get control over how you made your living?
What did the change cost you?

...all that kind of stuff - just after inspiration

[Hedders]

If you had asked this question a few weeks ago you would have got more answers :P

[phib]

Easy one

I gave up security and an easy life ( working for someone else)

and Got ( working for myself)

Financial independance (8 years later) i.e. 0 debt

But had 8 years of long hours ( min 84 hour weeks), several failed relationships, insecurity and stress

[Simpo Two]

phib said:

I gave up security and an easy life ( working for someone else)

Interesting - I got security and an easy life by becoming self-employed! No fker's going to make me redundant and I don't have to get up until 9.00am

[zcacogp]

Simpo Two said:

phib said:

I gave up security and an easy life ( working for someone else)

Interesting - I got security and an easy life by becoming self-employed! No fker's going to make me redundant and I don't have to get up until 9.00am

I think you are both saying the same thing!

I did it too. Self-employment. The sense of freedom is immense. A true meritocracies, rather than slaving your own balls off with someone else trousering the cash.

Not sure about 'Taking control of your own financial security', but its the way to go ...


Oli.

[Davi]

zcacogp said:

Not sure about 'Taking control of your own financial security', but its the way to go ...


Oli.

I'd say it's 'Taking control of your own financial situation' Whether that ends in security or ruin is entirely of your own making.

[anonymous-user]

Hmmmm.....

i am self employed as a contractor but i find the next step the hardest. where to find something that will truly allow me to work from home. i'm hoping it'll be engineering simulation!

[Pierscoe1]

Davi said:

I'd say it's 'Taking control of your own financial situation' Whether that ends in security or ruin is entirely of your own making.

hehe.. spot on.
point is, at least it's YOU deciding whether you effectively get made redundant or not!

[Pierscoe1]

phib said:

But had 8 years of long hours ( min 84 hour weeks), several failed relationships, insecurity and stress

Blimey! That's quite a cost isn't it....

are you happy with that, and do you feel it was the right thing to do?

[phib]

Pierscoe1 said:

phib said:

But had 8 years of long hours ( min 84 hour weeks), several failed relationships, insecurity and stress

Blimey! That's quite a cost isn't it....

are you happy with that, and do you feel it was the right thing to do?

Interesting one I guess it was right for me .. but the most important thing was that I didn’t really realise that it was having such an impact at the time.

Its only when I look back that I realise what it has really cost. I may look back later in life and regret it but at present I don’t.

Actually having the financial freedom has made life a great deal easier and I now choose what work I want to do rather than what I have to do.

Now working more than 84 hours a week but hopefully only for another 3/ 4 years

I personally would do it again but its not for everyone and half my family don't get it

Edited by phib on Monday 27th October 15:05

[Pierscoe1]

12hrs/day, 7 days a week, for 11 or 12 years!?!?!?!?
I hope it works out for you, and you're not completely senile by the end of it all!

mind if I ask what it is you do?

[ewenm]

Pierscoe1 said:

hi all...

help improve a bad case of monday-itus, by offering up your stories of taking control of your financial security.

How did you get out of being someone else's slave until you're 65?
What leap of faith/hope did you take in order to get control over how you made your living?
What did the change cost you?

...all that kind of stuff - just after inspiration

3 years ago I left permanent employment and switched to being a contractor. Gave me more control over my finances, but less job security. Right now I'm at the beginning of a 6 month or so break to follow other ambitions for a while, funded by savings I've built up. We'll see how that goes but it's likely it mean I have to spend longer contracting afterwards. Worth it in my opinion as trying what you want to do is key to a satisfied life.

[oyster]

After the run on Northern Rock I decided to move my money from there to Icesave.
HTH

[phib]

More like 14 - 16 hours per day and work in business turn around for in the FMCG industry

Will be circa 39ish by the time I end so hopefully not too senile !!!

[Pierscoe1]

ah... was just about to ask if it's rewarding you enough, but just looked at your profile pic

[phib]

Financially rewarding but thats about it !!!!

[jeff m]

Running a business can be rewarding both from the "I done it" and the financial aspect. But..... as an employee or contractor the worst you can do is earn zero. (by staying in bed)
In business it's not that difficult to do worse than zero.

Financial security can be acheived by just spending less than you earn.

[vehiclesystems]

I was employed as en engineer for a large company, said company was financially sound but the management structure was changed for the worse - it made me seriously unhappy. One day i felt so pissed off i wrote my notice out, shoved it on the bosses desk, worked my notice and walked out. They never actually believed id leave and ridiculed me for wanting to be self employed.....

Well i was 21 when i went to the princes trust, had to develop a business plan, cash flow forcasts etc and proove my business idea. I got through with this and they loaned me 5 grand.

I was also already in some personal debt.

Well im now 27 and have learnt more than i ever would have in an employed role. At one time i had a contract with 8 employees. At the moment i am back on my own and pretty much loving it. I work when i want, i earn great money, have no debts, some nice cars.

I did not buy a house in the 'stupid' years and have a nice cash deposit waiting..................

[Taita]

vehiclesystems said:

I was employed as en engineer for a large company, said company was financially sound but the management structure was changed for the worse - it made me seriously unhappy. One day i felt so pissed off i wrote my notice out, shoved it on the bosses desk, worked my notice and walked out. They never actually believed id leave and ridiculed me for wanting to be self employed.....

Well i was 21 when i went to the princes trust, had to develop a business plan, cash flow forcasts etc and proove my business idea. I got through with this and they loaned me 5 grand.

I was also already in some personal debt.

Well im now 27 and have learnt more than i ever would have in an employed role. At one time i had a contract with 8 employees. At the moment i am back on my own and pretty much loving it. I work when i want, i earn great money, have no debts, some nice cars.

I did not buy a house in the 'stupid' years and have a nice cash deposit waiting..................

What do you do?

[Pierscoe1]

jeff m said:

Financial security can be acheived by just spending less than you earn.

...point is, as an employee, you don't decide what you earn, whether/when you get promoted, if/when you get made redundant, or anything else.
This is what the idea behind the origional post was - basically as an employee you're a passenger, with the entrepreneurial route you get to drive, even if you do put it through a hedge backwards, so to speak.

obviously there are things you can do to influence your career as an emplyee etc.. I'm just speaking broadly here...