CUK Success Barometer: Retirement Survey

[eman]

So how does the 'young up and coming' both work to live, AND get the fruits of their labour?

Living in the North helps a lot...

[darmstadt]

The poorer ones I see working in my local supermarkets, B&Q and delivering leaflets.

That'll be me then

[Mincepie]

This sounds great. I'd love that.

But (and I know I keep banging on about it) if you want a half decent house in the south west of England you are talking half a million quid. So even after a stocking deposit you are paying £2000 a month on a mortgage.

So how does the 'young up and coming' both work to live, AND get the fruits of their labour?

I'm all ears, because I clearly am doing something wrong (saving £25k / annum and going backwards).

I got a house like that and a stonking mortgage to service so i feel that pain. going to Oz for two years put me years behind getting on the housing ladder and 3 ankle biters cost a fortune.

Never had so much income but it always runs out at the moment. Latest extravagance is carting them all off to Florida Disney for 2 weeks in November.

Next years Rodders we will be millionaires!!

[Chuck]

So how does the 'young up and coming' both work to live, AND get the fruits of their labour?

Same as everyone who's gone before them - start small and build up. You don't get a 500k house as a first time buyer; you get a bedsit or a flat. Then you sell your flat and get a tiny box house, perhaps ex-council or on a tulipty identikit modern estate. You sell your box house and you buy a nicer house, perhaps on a hopefully up-and-coming side of town. You sell that house and you move up again. Repeat until you end up with more than you want or need then start to downsize. Then you pocket the cash.

It takes time, hard work, and no small amount of luck.

[PurpleGorilla]

Yes, you are. You are saving £25k per annum. Invest it.

The idea is to make you money work for you, not the other way round.

Consider some "accelerated paths". My neighbour ****ed off to Qatar for 2 years with his wife & 2 kids. Had a bearable time. He now owns an apartment in Madrid's equivalent to Notting Hill mortgage free.

Another friend is SE UK did the same in Saudi. Compounds are not that bad and some can be great fun.

Am in a good position to try a few years overseas and keep my ears to the ground.

I'm not keen on investing in stocks right now, and BTL is not my thing either.

Now I've got a good wodge of cash - my thoughts are to invest the new money that comes in - in order things.

[ChimpMaster]

Yes, you are. You are saving £25k per annum. Invest it.

The idea is to make you money work for you, not the other way round.

Consider some "accelerated paths". My neighbour ****ed off to Qatar for 2 years with his wife & 2 kids. Had a bearable time. He now owns an apartment in Madrid's equivalent to Notting Hill mortgage free.

Another friend is SE UK did the same in Saudi. Compounds are not that bad and some can be great fun.

Make money work for you - exactly that. You'll never be able to save as fast as house prices are rising, not in this climate anyway.

Buy a house in a decent area elsewhere and put it on rent. Don't over-stretch and don't buy a house you'd like to live in, but instead buy a house that is a good rental. Make sure the numbers work for you. The house will over time appreciate in value and you can either keep it for income or sell it to fund your own home purchase in the future.

[PurpleGorilla]

Same as everyone who's gone before them - start small and build up. You don't get a 500k house as a first time buyer; you get a bedsit or a flat. Then you sell your flat and get a tiny box house, perhaps ex-council or on a tulipty identikit modern estate. You sell your box house and you buy a nicer house, perhaps on a hopefully up-and-coming side of town. You sell that house and you move up again. Repeat until you end up with more than you want or need then start to downsize. Then you pocket the cash.

It takes time, hard work, and no small amount of luck.

I think those days are gone (unless the market crashes).

Also, when in the top 2% of earners in the UK, surely that should afford the top 2% in housing?

[ChimpMaster]

Am in a good position to try a few years overseas and keep my ears to the ground.

I'm not keen on investing in stocks right now, and BTL is not my thing either.

Now I've got a good wodge of cash - my thoughts are to invest the new money that comes in - in order things.

What will you invest in if it's not stocks or property? I'm interested to know, in case I'm missing something here.

[clearedforlanding]

Am in a good position to try a few years overseas and keep my ears to the ground.

I'm not keen on investing in stocks right now, and BTL is not my thing either.

Now I've got a good wodge of cash - my thoughts are to invest the new money that comes in - in order things.

There are so many ways to diversify. When I got a 3 year gig in Germany renting an apartment was a hassle. 3 months deposit, Maklars (spelling)*.

Contractors on three month contracts were always losing their deposits (landlords knew the cost of property lawyers in DE). I placed my income in renting a number of rental studios, installed Sky TV & ISDN - later ADSL, called up all the recruitment agencies to let them know and made a killing subletting the apartments.

The biggest investment you can make is in your financial acumen. Be creative. Take risks. Mitigate risks.

*Softened up now.

[FatLazyContractor]

There are so many ways to diversify. When I got a 3 year gig in Germany renting an apartment was a hassle. 3 months deposit, Maklars (spelling)*.

Contractors on three month contracts were always losing their deposits (landlords knew the cost of property lawyers in DE). I placed my income in renting a number of rental studios, installed Sky TV & ISDN - later ADSL, called up all the recruitment agencies to let them know and made a killing subletting the apartments.

.

You are MarillionFan and I claim my free German passport from mutti ...