BS: Finance for early retirement(UK)

Subject: BS: Finance for early retirement(UK)
From: bradfordian
Date: 03 May 03 - 03:53 AM

Some of us are teetering on the verge of making a momentous decision to stop working,(I reckon I will have to do 3 more years min but it can be a gamble in many cases. Driven by job stress, unsatisfying jobs, workloads, unpleasant supiriors etc we want to get out, but can we really afford to?
Remember, you still need to eat and pay the utilities, travel, socialise etc ie you have to ensure sufficient income to meet your outgoings

# If you are a work-a-holic, forget it

# You have a wealthy partner

# Win the jackpot

# You joined an incredible pension scheme all those years ago

# Receive a golden handshake from your employer (erly retirement or redundancy)

# Receive an inheritance

# Receive a large insurance payout

# Utilise your savings and investments

# Become detached
========================================
But seriously and more realistically for most of us:-

# Look at cutting down your liabilities & expenses

# Downsize your property

# Or take in paying guests/lodgers

# Turn that hobby into a supplimentary job

# Get a part time job (any tips here?)

OK guys, any other tips? Oh, and what pitfalls to avoid as well!

Brad.

Subject: RE: BS: Finance for early retirement(UK)
From: Peg
Date: 03 May 03 - 10:05 AM

why is this only a UK problem?

Subject: RE: BS: Finance for early retirement(UK)
From: mack/misophist
Date: 03 May 03 - 10:12 AM

It's not a UK problem. It's universal. My answer was to marry a woman with good money management genes. I wish you luck.

Subject: RE: BS: Finance for early retirement(UK)
From: Peg
Date: 03 May 03 - 10:16 AM

LOL! Wish I could do that misophist!

I'm still looking for a sugar daddy myself...

Subject: RE: BS: Finance for early retirement(UK)
From: GUEST,JohnJ
Date: 03 May 03 - 10:32 AM

I'm hoping to buy 2-3 properties to let out. In addition to the small shop & office I already own the rental income this lot should generate will be my pension. With luck I'll be out of work by 1st April 2008 when I'll be at Land's End with my tent on my back heading for a long walk to John O'Groats.

I stopped paying into my pension scheme some time ago when I saw the terrible losses it was making.

Any suggestions / advice is most welcome.

John

Subject: RE: BS: Finance for early retirement(UK)
From: Peg
Date: 03 May 03 - 11:08 AM

It seems to me that having property you can let out is always a good investment...in the States some areas have seen outrageous inflation of real estate prices, while some have shown horrible declines. Example: here in Boston where I live now, a house the size (small 3 bedroom with nice-sized lot) and condition (not great) of my parents's home in Elmira NY, if it were here in Jamaica Plain, would probably sell for $400,000. They can't sell it where it is, not even for $65,000. They're renting it out now.

Subject: RE: BS: Finance for early retirement(UK)
From: vindelis
Date: 03 May 03 - 11:33 AM

First and Foremost: Clear That Mortgage, (if you haven't already done so. It is one thing that will reduce the amount of income necessary for a reasonable exsistence. Everything else will remain, come what may. The sooner it can be cleared, the sooner you can be putting the extra money away for the future, (If still working), and the less you will require, from that part time job, if you chose to stop full-time work.

Subject: RE: BS: Finance for early retirement(UK)
From: bradfordian
Date: 03 May 03 - 01:02 PM

I'm interested in giving my two kids their independance & freedom so I can rent out their rooms (now, what was that Harvey Andrews song? Oh, yea, Leaving Home! LOL!)

Subject: RE: BS: Finance for early retirement(UK)
From: Amos
Date: 03 May 03 - 02:09 PM

Launch a world-class entertainer as an offspring, and look forward to untold wealth -- but stay on good terms with him/her until then!!

Start a company just in time to catch the next major boom -- say, a little nanotech outfit, or something. Sell it for several mill and go sit on the beach.

Write three world class novels and get them onto the best seller lists.

Sue someone with really deep pockets on legitimate grounds.

Or, emulate Willy Sutton, my favorite bank robber. When asked "Why do you rob banks, Mister Sutton?" he replied, "Because that's where the money is!" (Doh!!...)

At the same time, reduce your needs and expectations.

Learn to live lightly on the land.

ABove all, learn to go in peace.


A

Subject: RE: BS: Finance for early retirement(UK)
From: GUEST,JohnJ
Date: 04 May 03 - 06:45 AM

Nice one Amos!

J