34 yrs to go

[woo]

If you retire too late then you might not have enough time to spend it.
lots of people drop dead, just after they retire, with stacks.

[stackpole]

If you retire too late then you might not have enough time to spend it.
lots of people drop dead, just after they retire, with stacks.

Why me?

[bobhope]

How very true, it is possible but you need tremendous willpower not to fall into the classic trap of increasing your expenses and liabilities in line with your earnings - having no children helps, although maybe not an option forever.
It is also beneficial not to have an interest in fast cars, other expensive hobbies, and brilliant market timing.

Like many the plan is to start implementing a plan B in 5 to 10 years time, moving away from the south east to realise a hideous discrepancy in house prices due to regional distortions. Then look back on an IT career with a welcome sense of being rid of the tedium, but grateful for the opportunities it has given you over the average Joe.

I think this is the real reason the taxman is after us, he doesn't want us to "make it" and escape the rat race. This is because once our property is paid off and we have a decent pile of (hopefully) tax-sheltered assets, we are unlikely to provide much tax revenue afterwards. Permies however will have to work to 67, or until they drop dead.

How many of the forum have read Rich Dad, Poor Dad and Kiyosaki's other stuff?

It's not quite a bible, but I try to re-read it at twice a year.

"Buy assets, not liabilities"

[bobhope]

With any big optional purchase I can't help thinking in terms of how many hours work it would cost to earn an equivalent amount of money, and usually conclude it's not worth it.

I've started doing this in the past year, but I try to put it in terms of how long I would enjoy the thing I'm buying versus the time to earn it, i.e.

"Would I rather have thing X, or rather spend Y hours out of the office instead?"

[GreenerGrass]

I've started doing this in the past year, but I try to put it in terms of how long I would enjoy the thing I'm buying versus the time to earn it, i.e.

"Would I rather have thing X, or rather spend Y hours out of the office instead?"

Another broad rule of thumb could be to think "could I sustain paying my regular expenses -mortgage, bills, running car etc.- on an permie salary for your equivalent role (even if only just)".
If not, then you might not be putting enough away to retire in 10 (or whatever) years.
This is of course the miser's approach to building wealth, but it doesn't look like a great time to use the leverage of property investment at the moment.

[andy]

I plan to accumulate £500k and then retire in Asia.
How is the cost of living in Spain ? I doubt if its significantly cheaper than here.

[TheRightStuff]

I AM retired. SNEER SNEER. And I am only 32.

explain how you did this?
I'm the same age. I have a 400K house (4 bed - outer london) with no mortage and enough in the bank not to work for a good few years. However, I have a 6 month old child and mum does not work. Mutual agreement. No comments about put child in a nursery and get mum back to work.

Thing is we now need to move as our house is too small for us. That will mean at least a 200K mortgage. We intend to have another child in a couple of years so my wife will probably not work for anther 4-5 yrs.
My initial post to start the thread was simply a friday afternoon bored post. I intend to retire before I'm fifty. I'm actually considering changing conditions in my contract in a couple of months and go for a four day week (wed. off).

I'm not on the greatest rate (350 p/d) so that probably doesn't help. I would assume you on alot more then that.

Moving up north or abroad etc. is not an option for us. I would prefer to work longer and stay in south london (kent border). We are close to family and want to remain that way.

[TheRightStuff]

I've only got 12 to go... or more likely 20 at present rate of progress on the pension front.

My grandfather worked until he was 78...

don't have a pension per se. Prefer to do my own thing.

[XTC]

Well I'll be working part-time from next year onwards till I need to upgrade my car.

[rootsnall]

At 32 and on 350 p/d then retirement is but a dream as indicated in your original post. You are well ahead of the game but I would question the wisdom of taking on a 200K mortgage at the moment when you've got a 4 bed house already and prices are well and truly BOOMED !