Exit Plans?

[Dorkeaux]

My god, I never thought I'd agree with you but you've got it bang on!

Agreeing with the other posts too on the classic 'deferred life' programme. Obsessed with stashing money away for retirement that you may never see, or not see much of it.

I've been doing a LOT of soul searching recently. I mean, A LOT.

Sat here, like the rest of you, getting stressed out at not being able to find work, but in my case, stressed out at not being able to find work I don't actually want!! I mean, how ****ed up is that? Only for money.

So, the missus and I have decided just to sell the Spanish place and I'll focus on my shoebox of plan B's that never get off the ground, either because I'm in contract or because I'm obsessed with finding a new contract.

I think you've got it right here sadkingbilly, maybe dip my toe in and out of the market, take something interesting if it comes along but if it doesn't, I'm working on my own products. Perhaps plan on 3-6 months of contract work per year to keep the wolves from the door, modest car lease, golf club membership, etc.

It's very clear to me now that my old business model of 240 billable days per annum, outside IR35, is long gone and actually, thank god for that.

Good epiphany.
I predict you won't miss your Spanish joint. A little AirBnb budget put aside goes a long way, with much better flexibility.
Come on, we were all thinking it..

Any plan to ditch the Facist-Mobile? Second-hand cars are still a bargain in the UK. Depends how much your identity is tied up in a car.

[willendure]

Good epiphany.
I predict you won't miss your Spanish joint. A little AirBnb budget put aside goes a long way, with much better flexibility.
Come on, we were all thinking it..

Any plan to ditch the Facist-Mobile? Second-hand cars are still a bargain in the UK. Depends how much your identity is tied up in a car.

Unless you run the Spanish house as an AirBnb? If the income is higher than the mortgage it could be a winner.

When we moved house about 12 years ago, we kept our old house since banks were happy to lend more than I needed. It was an AirBnB for about 9 years before they changed the rules in Scotland to make it so much harder to do. Sadly we did not quite make it to 10 years otherwise we could have automatically obtained planning permission on the basis of have run it that way for 10 years with no-one complaining about it. It was a good earner particularly since the crackdown on AirBnB because there were less available so we got more bookings. In its last year it took in over £30K and that was just a 1 bedroom.

Anyway its sold now. Money invested in various other things which I am actually happy about since financial investments are more liquid. I can react much faster to how things change, or get out a chunk of cash should I need it.

About to pay off the mortgage on our main house with the remainder of the proceeds too! It feels crazy to pay off a debt that I can afford and the inflation will help take care of over time, but on the other hand it will be so nice to be mortgage free. I am planning on sticking with this theme of reducing my day-to-day living costs down as much as I can.

Current contract is a tulip-show. I only took it because I got an interview and felt that I was doing well when the market was dead. Under any other circumstances I would have said no. Retrospectively I think things might not have been as dead as I thought and maybe should have hung on for something better. I guess just "keep smiling, keep billing" though right? Only got until October till it ends.

Once I have living costs way down I will be in a much better position to say "no" and only get involved where the project is an interesting one, with competent people that I can get on with. Its a good way to look at things, I agree.

[willendure]

I've only ever had second hand cars.

Landcruisers are my thing currently. Bloody solid machines and I do all the work myself.

[willendure]

I agree that saving like crazy for a wealthy retirement is stupid. But I also think that not saving enough and ending up having a miserable retirement is stupid too.

I have contracted for at least 20 years before I even started putting money into a pension. There just never seemed to be any money going spare to put away after buying houses and a workshop for the business. Or was I just ignoring the fact that I needed to find the money and start putting it away?

The thing about investing is that its not "timing the market" but "time in the market" that matters. So if I could give my younger self some advice it would be to put something away every month worked without fail, even if it was just £100. £100 put away at the start of your career needs £1000 put away mid career to build up your pension. (And I don't mean pension company units which are a rip off early on, I mean invested in stock market through SIPP or ISA mostly).

[Dorkeaux]

All very good points, I reckon.

I think many of us are in the same boat regarding late pension building.
The good times were going to last forever, GBP was going to remain worth twice the USD, rates would keep increasing and we were all going to be RICH!!

Although I've done some very detailed and complex work on financial systems for clients, I haven't paid much attention to my personal finances over my career. Isn't that wierd?

OK now, though. Just..

I've never had a new car. I usually look at what the local cabbies are driving, and buy that. Not from a cabbie.

[oliverson]

Good epiphany.
I predict you won't miss your Spanish joint. A little AirBnb budget put aside goes a long way, with much better flexibility.
Come on, we were all thinking it..

Any plan to ditch the Facist-Mobile? Second-hand cars are still a bargain in the UK. Depends how much your identity is tied up in a car.

I think you might be right, just got back from a long weekend on the Thames (Goring/Marlow) and then the Cotswolds (Lower Slaughter, etc). Some lovely places to visit in the UK and in Europe. I think the future for us, holiday wise, is more long weekends at different places. I mean, 20 years in Malaga, more than long enough, and they're still protesting over there about Airbnb, so that's not really an option. Besides, I need some of the equity to pay off the mortgage here.

I too will enjoy going from two mortgages down to zero, though I plan on still leasing Teslas through the business. Unique features on that car, such as 'Dog Mode' are absolutely priceless to us and having a home charger it costs peanuts to run. Lease prices are currently very low and my existing one is due back at the end of September. I think I'll wait for the dust to settle on the Spanish property sale though and see how the 'new business model' takes off (3-6 months contracting outside IR35, remote only) in the coming months, along with my plan B's.

[sadkingbilly]

Unique features on that car, such as 'Dog Mode' .

the car yaps incessantly and then craps on the neighbour's lawn??

[willendure]

Although I've done some very detailed and complex work on financial systems for clients, I haven't paid much attention to my personal finances over my career. Isn't that wierd?

I can relate. When you are up to your eyeballs in some complex piece of work for a client, you just don't have time to think about your own non-immediate needs. I had to force myself to open accounts and set up direct debits. The really time consuming part is figuring out what to invest in.

[oliverson]

the car yaps incessantly and then craps on the neighbour's lawn??

I almost daren't tell you it also has a 'Camp Mode'!

[sadkingbilly]

I almost daren't tell you it also has a 'Camp Mode'!