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Frank Hovis

Retire in your forties

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Feasible; I've missed the boat there but I do like my huge safety margins.

How to retire in your FORTIES without earning a fortune! The simple formula catching on in Britain that lets modest income-earners escape rat race to live mortgage free on £25,000-a-year

  • FIRE formula promises a mortgage free world and £25,000-a-year to live on
  • Key is building net worth of 25x annual spending in savings and investments
  • Hundreds of thousands said to be following rules to stop work in 30s or 40s
  • Barney Whiter saved half salary and invested it for 19 years to retire aged 43 
  • He said saving hard means: 'You go from broke to never needing to work again'
  • Many try 5:2 cash diet  - meaning you don't spend a penny for five days a week

 

https://www.dailymail.co.uk/news/article-6175445/How-retire-FORTIES-without-earning-fortune.html

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1 minute ago, SNACR said:

Livin' The Dream

(your own very boring one)

Yeah but..  you I think own your own business, or are at least self employed. Working “for the man” in a large organisation can be soul destroying. Surrounded by naves and fools with no power to change things. 

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ive had this conversation with WICAO over on TOS last year,  I put it to him that perhaps he couldnt have achieved his FIRE status - or at least not as succesfully had we not had the GFC followed by a 10 year bull run in investments, so starting on a cheap rung and then doubling down with growth right up to the now seemingly faltering 2018.

Anyway, whose wife and kids would hang around for 25 years of forced austerity with a miser? Maybe some would, I could probably say without a doubt had i retired in my early 40's then i would no doubt be dead by now, either that or 38 stone and ready for the long dirt nap real soon.

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And of course i always base my life/financial decisions on the DM's extremely transitory unresearched made up from an archive articles.

The comments call it out.

Edited by leonardratso

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18 minutes ago, One percent said:

Yeah but..  you I think own your own business, or are at least self employed. Working “for the man” in a large organisation can be soul destroying. Surrounded by naves and fools with no power to change things. 

I'd personally rather work to 65 for the man , than retire at 40 and be bored shitless and on the bread line for 40 odd years. 

They're both not great to be honest. 

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3 minutes ago, spunko said:

I'd personally rather work to 65 for the man , than retire at 40 and be bored shitless and on the bread line for 40 odd years. 

They're both not great to be honest. 

That’s the rub. You need to have enough money to be able to live an interesting life and be able to pursue a range of interests. That’s why a lot of people keep working. We don’t all want to live off road kill and foraging.  

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It strikes that that is 25 miserable very hard working years to spend the next 25 being bored and miserable.

He is an accountant? Why didn't he build up a little private client base?

I would think that he could easily bring in £1k a month for a couple of days work into his 70's. 

If you can pick and choose what you do, and make enough to top up your state pension, I don't really see the need for 100% retirement.

 

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1 minute ago, One percent said:

That’s the rub. You need to have enough money to be able to live an interesting life and be able to pursue a range of interests. That’s why a lot of people keep working. We don’t all want to live off road kill and foraging.  

Indeed! To be honest the main drawback of extreme saving in your 20s is that once you get to your goal - 40 years old and with a £25k pension for life - not only will you be utterly bored, but you'll also have missed out on the 'best' years of your life. You're only young once.

Speaking from experience, as I have been both poor and not so poor, even if your financial situation changes and you're wallowing in cash, your friends and family still won't have enough money to do the kind of things you can now afford to do. And you'll still be waiting for them to come home from work, arrange time off, etc. Nobody ever considers this.

 

 

1 minute ago, Cunning Plan said:

It strikes that that is 25 miserable very hard working years to spend the next 25 being bored and miserable.

He is an accountant? Why didn't he build up a little private client base?

It doesn't surprise me that he is an accountant. The most mundane, lifeless and grey people you could ever meet.

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2 minutes ago, spunko said:

I

It doesn't surprise me that he is an accountant. The most mundane, lifeless and grey people you could ever meet.

john major should have been an accountant - a management accountant at that, him and his son steve davis.

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5 minutes ago, spunko said:

Indeed! To be honest the main drawback of extreme saving in your 20s is that once you get to your goal - 40 years old and with a £25k pension for life - not only will you be utterly bored, but you'll also have missed out on the 'best' years of your life. You're only young once.

Speaking from experience, as I have been both poor and not so poor, even if your financial situation changes and you're wallowing in cash, your friends and family still won't have enough money to do the kind of things you can now afford to do. And you'll still be waiting for them to come home from work, arrange time off, etc. Nobody ever considers this.

 

 

It doesn't surprise me that he is an accountant. The most mundane, lifeless and grey people you could ever meet.

Bit numerist mate.

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I had a colleague who did this, years ago.  I remember his going over the sums, excitedly -- you save pretty much all your disposable income, then 10 years later it gives you loads and loads and loads of money.  With the benefit of hindsight, I'd note:

  • He was boring, didn't take part in anything and eventually everyone hated him.
  • That was then, not now -- when his policy matured it happened to be in a market crash and it turned out he'd have been much better off simply putting cash in the piggy bank.

[easy to be wise after the event, particularly when it is a government sponsored bull run where no-one knows when it's going to burn spectacularly]

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Just now, One percent said:

Hey!  Don’t say that about Frank. o.OxD

Oh,  I didn't know Frank was an accountant. :ph34r:

I thought he was a breadmaker.

Edit: leonardratso beat me to it...

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2 minutes ago, Hopeful said:

Hey, don't knock it until you've tried it :) 40 lobsters in the freezer, plenty of spiders, brown crab and mackerel and this next four to six weeks should replenish the freezer with squid. 2 brace of partridge in the fridge and it's been a fantastic year for fungi. With pheasants it will be pretty much all the 'main' food two people need for the coming winter and all wild and non-commercially produced.  Being out in the fresh air is very satisfying, get loads of thinking done, and aiming to earn just enough to pay the bills is fine, after that any extra cash that comes in is a bonus. Work invitations give me trips abroad.

xD I was being facetious. Sounds like a good life to me. 

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6 minutes ago, Hopeful said:

Hey, don't knock it until you've tried it :) 40 lobsters in the freezer, plenty of spiders, brown crab and mackerel and this next four to six weeks should replenish the freezer with squid. 2 brace of partridge in the fridge and it's been a fantastic year for fungi. With pheasants it will be pretty much all the 'main' food two people need for the coming winter and all wild and non-commercially produced.  Being out in the fresh air is very satisfying, get loads of thinking done, and aiming to earn just enough to pay the bills is fine, after that any extra cash that comes in is a bonus. Work invitations give me trips abroad.

Interesting. Have you/do you ever forage for edible weeds, eg things like nettles, wild garlic/ramsons, cleavers etc?

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