At what age do you plan to retire?

[Churchill]

Churchill, you lost me, not difficult I know, but what the feck are you on about ?

OracleSlave, maybe true, but who wants to be a pm saddled with all the tulipe and trying to lead a band of people who don't want to do their tasks on a project whose scope is to large with a customer expecting too much and a budget for half of whatever is possible ?

Some people seem to 'thrive' on this kind of challenge, I say, get a life.

Milan.

I was smelling the usual crap... I just couldn't put a name to it...

[milanbenes]

ahh, you cheeky @£$€%&¤#"!

Milan.

[beaker]

Sounds similar to what I wish to achieve but I've only been contracting 3 years. Then again I'm in my early 30s so have some time yet, but can't see myself contracting past the next 2 or 3 years. 2 more and I will be OK by my plan.

I tend not to look at value in terms of net worth. It's good to know as a figure but don't you find cash-flow is what you're really aiming for?

You have a good spread of investments, so I'm guessing you can produce about £2,000 residual income a month (after taxes).

TazMaN, what kind of investments would you recommend for maximum cashflow with minumum investment (money & time)? High yield property? Vending machines? Laundrettes? Book/film royalties?

[ChimpMaster]

TazMaN, what kind of investments would you recommend for maximum cashflow with minumum investment (money & time)? High yield property? Vending machines? Laundrettes? Book/film royalties?

There's no easy/quick way out I'm afraid... I tried that and lost something like £100k.

Some of the guys here have it right (LGDT , Luke for example). It's a long term thing - invest 7k in your ISA every year, build up a portfolio of high yielding (safe) shares, put some in long term property (OK maybe not just yet now though), try to start a side business etc. There are so many different ways of achieving cash flow, but it'll take time.

If you've got real patience then property is one of the best investments, if you put down a reasonable deposit and let the rental income pay the mortgage off. Lump sum some when you can. Of course beware of the current market conditions and DYOR etc etc.

Imagine 10 to 15 years from now, you have 70k in ISAs, share dividends, 2 or 3 properties paid off in full bringing in rental income.

Don't get me wrong, I've still got some way to go myself... but I'm 34 so 6 years will do it for me. I can't rely on a pension, and I refuse to just keep cash in the bank to spend when I retire (i.e. the thinking of I need £500k which will last me 20 years at £2k a month) - that kind of planning is flawed for numerous reasons and very selfish ... I WILL leave a good inheritance for my family.

Read "Rich Dad Poor Dad".... it's a great start.

I'm away for a while now, PM me if you want.

[bobhope]

Read "Rich Dad Poor Dad".... it's a great start.

I'd second that. I kind of had a road to Damascus conversion when I read it. It has its flaws, but it's a great read.

[FarmerPalmer]

I was going for 50 ... but Gordon upped it to 55 ... so now I'll have to downsize at 50 if I want to retire ... which I think I probably will ... if I don't burn out before then.

[daviejones]

Churchill, you lost me, not difficult I know, but what the feck are you on about ?

OracleSlave, maybe true, but who wants to be a pm saddled with all the tulipe and trying to lead a band of people who don't want to do their tasks on a project whose scope is to large with a customer expecting too much and a budget for half of whatever is possible ?

Some people seem to 'thrive' on this kind of challenge, I say, get a life.

Milan.

Sounds like a very cynical point of view...

[daviejones]

I am thinking 85...

[Lockhouse]

To be absolutely honest, the biggest asset you can have in being able to retire early is only having one partner (or no partner if you are a sad geek) for the whole of your time at work. Divorce will stuff your plans - doubly so if you have kids - and you can NEVER tell when it's around the corner.

I've been divorced (and started from scratch) twice but if I hadn't, after 20 years of contracting I'd be sunning myself on my yacht by now.

[milanbenes]

Davie,

it's not cynical, it's realist

that's how projects are

Milan.