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Materialism: The "What have you bought?" Thread

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Yep, mortgage is paid off at 60 and I'm on the old

Pension so I'm taking my money and running. Plus the savings account will be chocka in 25 years time ;)

Well that assumes a lot of things don't change in the next quarter of a century.

Edited by Alex

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This bit here is bang on.

 

There is a little cafe near the office that does really nice coffee and food.  Every now and then I shall pop in and have my lunch there.  I get ripped for it by some of the lads here, mostly from a kid who has to look at whoopsies in the supermarket because his bird doesnt give him enough dinner money FFS!

 

Our lass is a financial planner so I should be canny to retire when planned.  But I bet a lot of people said that.  You dont know what's around the corner like.

 

I went to see a financial planner, she reckoned people should aim for about 60 to 80% of their final income as their pension income. Seems reasonable until you think hang on, no kids, no mortgage, your own assets, savings obviously. How much do you actually need to be able to live comfortably? 

 

Is that what people aim for? All depends what you earn but it seems a lot given how much less you should need to spend. 

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I went to see a financial planner, she reckoned people should aim for about 60 to 80% of their final income as their pension income. Seems reasonable until you think hang on, no kids, no mortgage, your own assets, savings obviously. How much do you actually need to be able to live comfortably? 

 

Is that what people aim for? All depends what you earn but it seems a lot given how much less you should need to spend. 

 

Most people who see financial advisors to plan for retirement actually end up completely overestimating how much they need.

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Aye, it sounded like she expected people in retirement to live on cruise ships half the year. Am thinking 30% would be fine.

I've calculated mine at 50% to continue current standard of living, including nice holidays etc. In practice though, it would probably be a bit less than that cos there's a cost to just being in work (clothes, fuel etc) that would drop away once you pack it in.

 

The financial planner 60 to 80% stuff is probably cos they take a percentage of your assets every year as their fee!My mam doesn't have a great deal of money put away but she's paying a financial advisor 0.75% a year for it and he's got her money in a bunch of convoluted funds such that on average she pays 2.3% a year. Which is insane when you consider the low rate/growth environment.

 

So I'm currently trying to get her to break the ties with this bloke, but apparently they've got friendly with him and one of his kids is unwell blah blah. [emoji38]

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This bit here is bang on.

 

There is a little cafe near the office that does really nice coffee and food.  Every now and then I shall pop in and have my lunch there.  I get ripped for it by some of the lads here, mostly from a kid who has to look at whoopsies in the supermarket because his bird doesnt give him enough dinner money FFS!

 

Our lass is a financial planner so I should be canny to retire when planned.  But I bet a lot of people said that.  You dont know what's around the corner like.

So we're just going to let this slide? Whoopsies?

 

 

 

Of the few people I know who are likely going to be in a position to retire early, they're all the kind of people who would go fucking mental if one day they just stopped. My Dad's one of them, the first year or so of his retirement was awful for him. So he ended up filling his life with stuff like the charity, occasionally doing some consultancy, driving my mam around the country so they can sit doing nothing somewhere other than home. A mate of mine could be in a position to retire by 40, but honestly, he'd lose his mind if his days weren't 7 o'clock starts packed through the day and he didn't "just need to answer this email" at 10:30 at night.

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So we're just going to let this slide? Whoopsies?

 

 

 

Of the few people I know who are likely going to be in a position to retire early, they're all the kind of people who would go fucking mental if one day they just stopped. My Dad's one of them, the first year or so of his retirement was awful for him. So he ended up filling his life with stuff like the charity, occasionally doing some consultancy, driving my mam around the country so they can sit doing nothing somewhere other than home. A mate of mine could be in a position to retire by 40, but honestly, he'd lose his mind if his days weren't 7 o'clock starts packed through the day and he didn't "just need to answer this email" at 10:30 at night.

:lol:

Whoopsies.

It's about having the balance between work and life sorted before you retire, though.

If you suddenly have all that free time,but no interests to fill it with, you're going to go mental.

If you already have interests/hobbies whatever, its an opportunity to pursue them without the chore of graft getting in the way.

 

Edit; when you see lottery winners who carry on working in their shitty jobs, that's an extreme example of my point- they have no idea what to do because they've let work become their sole existence. They have no idea what to do without it.

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:lol:

Whoopsies.

It's about having the balance between work and life sorted before you retire, though.

If you suddenly have all that free time,but no interests to fill it with, you're going to go mental.

If you already have interests/hobbies whatever, its an opportunity to pursue them without the chore of graft getting in the way.

 

Aye, my Dad certainly didn't have that, he's probably busier now. He should have just taken up golf, to be honest.

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:lol:

Whoopsies.

It's about having the balance between work and life sorted before you retire, though.

If you suddenly have all that free time,but no interests to fill it with, you're going to go mental.

If you already have interests/hobbies whatever, its an opportunity to pursue them without the chore of graft getting in the way.

 

Edit; when you see lottery winners who carry on working in their shitty jobs, that's an extreme example of my point- they have no idea what to do because they've let work become their sole existence. They have no idea what to do without it.

Having spent to guts of 40 years trying to attain some semblance of work:life balance, I can't imagine ditching the work side of it.

 

I need to solve problems and need a little risk.  The former I can see finding in a Nursing home, the latter not so much.  Hardly going to start jumping out of planes at 70.

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Edit; when you see lottery winners who carry on working in their shitty jobs, that's an extreme example of my point- they have no idea what to do because they've let work become their sole existence. They have no idea what to do without it.

 

Yep!

 

Which brings you to think. How many of us would immediately give up their jobs supposing there was a significant cash windfall out of nowhere suddenly? Rich aunt's will or whatever. I think I'd be handing in my notice as soon as gauging that I'd be able to live off it. Even though I dont really have a major hobby or a business idea etc that I could work on immediately, but the idea of sitting back and having time to think doing about whatever the hell you want is hugely appealing :D 

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The only decision I'd have to make is whether or not I bothered calling them to tell them I wouldn't be coming back in

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[emoji38] Aye I would never cross the threshold at work again. Divide the amount by 25. If the answer is greater than what I need to live on each year, then ring work and tell them that the dream is over. They will never catch me playing on my phone at my desk during a conference call again.

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Just spent £45 on cheese. My early retirement prospects taking another dent

Buy a lot of cheese as I make me own bread. :D 

 

/Bring balance to the force.

Edited by Park Life

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Just spent £45 on cheese. My early retirement prospects taking another dent

If you'd invested that money, it would have been worth £156.66 in 25 years time. ;)

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A lot of which are dependent on having the money to do them.

That was the question though. "If you had enough money to not have to work, would you quit?"

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If you'd invested that money, it would have been worth £156.66 in 25 years time. ;)

Yes, but I'd miss out on the opportunity to expand my waistline by a couple of inches this Christmas

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