Originally posted by Chuck
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When do you stop working / making money ?
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The greatest trick the devil ever pulled was convincing the world that he didn't exist -
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It's not so much about the money (unless we're talking several million) but having things to do and keep busy. I could buy a farm now and be semi self-sufficient until end of days but I think i'd feel out of the loop. Part of the fun of contracting is working with the tech and actually delivering something (even if it's ripped out in 10 years).
A couple of contractors in my team retired at 55 but now back working because they were bored... but both are loaded.
If I suddenly won tons of cash i'd probably try and build a bigger business.Comment
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Originally posted by SeededLoaf View PostIt's not so much about the money (unless we're talking several million) but having things to do and keep busy. I could buy a farm now and be semi self-sufficient until end of days but I think i'd feel out of the loop. Part of the fun of contracting is working with the tech and actually delivering something (even if it's ripped out in 10 years).
A couple of contractors in my team retired at 55 but now back working because they were bored... but both are loaded.
If I suddenly won tons of cash i'd probably try and build a bigger business.
I know a few contractors in retirement age, still working loaded as hell. Not sure if I want it to go this way.Comment
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Originally posted by Chuck View PostI was talking to a friend who's a high net worth financial adviser.
He suggested that you need a million in liquid assets and no mortgage or debts.
It's enough money to earn you more, should you want, and it's enough that you can live a decent life without worrying about what you're spending.
Once you've downsized your home, and you're debt free, I think you'd be surprised how little you actually spend.
GBP 1M is not enough, assuming couple, 2 children, university.
Inflation is going to erode into your lifestyle very quickly if you are living off 'interest'.Comment
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Originally posted by clearedforlanding View PostI think your friend is redefining HNW. HSBC Jersey define it as € 20M liquid assets,
GBP 1M is not enough, assuming couple, 2 children, university.
Inflation is going to erode into your lifestyle very quickly if you are living off 'interest'.The greatest trick the devil ever pulled was convincing the world that he didn't existComment
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Originally posted by LondonManc View PostThere's noting to say that his friend was redefining HNW - he may simply have been expressing his view as a friend on what you'd need to reasonably retire on. Personally I think it's too simple to set a value - age and other factors would come into it.Comment
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Originally posted by LondonManc View PostThere's noting to say that his friend was redefining HNW - he may simply have been expressing his view as a friend on what you'd need to reasonably retire on. Personally I think it's too simple to set a value - age and other factors would come into it.Comment
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Originally posted by Chuck View PostExactly this. It was a light-hearted chat about what I'd need.
Having a few beers and talking about what would be enough to retire around 40. We came to the conclusion that winning £3m would be about perfect - you could hide a lot by investing in property while slowly bleeding the rest into your life so you don't get inundated with begging bowls/letters, least of all from your kids!The greatest trick the devil ever pulled was convincing the world that he didn't existComment
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Originally posted by clearedforlanding View PostGBP 1M is not enough, assuming couple, 2 children, university.
Inflation is going to erode into your lifestyle very quickly if you are living off 'interest'.
I'm 50 soon and not very far off this "target". However, at 50 you could still have 40 years to go before you snuff it. That is a very long time to live off savings, so this probably wouldn't work. However, at its simplest level, you could still take 25k per year, which isn't bad, and better than many do while they're still working.Comment
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