AndrewP
Striker
The whole thing becomes impossible for most once they come along.
Would you quit your job for 1 million quid?
- Thread starter steve30000
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I can see where the lad is coming from to a certain extent.
At 18 I earned £250 pr wk and after board spent fcuk all as all I did was play footy.this continued till about 25 when I met our lass and we started planning for the future. Again we both saved the majority of our money for a few years and spent very little despite most of our friends doing the opposite. Result was a bigger house than them and more dosh in Bank
Kids eventually come along and it all gans tits up
Even now I could live for next to nowt aslong as I could go for a run, read a paper and eat beans on toast and drink loads of tea most days then I would be happy
At 18 I earned £250 pr wk and after board spent fcuk all as all I did was play footy.this continued till about 25 when I met our lass and we started planning for the future. Again we both saved the majority of our money for a few years and spent very little despite most of our friends doing the opposite. Result was a bigger house than them and more dosh in Bank
Kids eventually come along and it all gans tits up
Even now I could live for next to nowt aslong as I could go for a run, read a paper and eat beans on toast and drink loads of tea most days then I would be happy
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ShaabanShaaban
Striker
Yes.
Bob Fleming
Striker
Be working till I'm 70 me but I've had a f***ing good life in fairness. Much rather have my memories and experiences than be sat logging in to my bank account every day checking my large balance.
AndrewP
Striker
Somewhere in between is my goal. No point doing fuck when you're younger, all just so you can be a bit better off when you're older. Equally, no point pissing everything away and having to work until you drop.
But that's just being sensible, saving and probably be in a position to retire a few years early. A lot of people are doing similar.
What he is saying about saving 80% of his income and living off an equivalent 20% for the rest of your life just isn't realistic for most, especially low earners.
Even living for nowt most people would have rent/mortgage, household bills, food, transport, clothes etc. That will wipe out most of your nmw earnings
Again not what I said because you haven't/can't/don't want to do it you've wrongly made the assumption it doesn't/can't work for anyone. Many have achieved early retirement well under the age of 40 with a modest income. https://forum.mrmoneymustache.com/uk-tax-discussion/what's-your-uk-fire-amount/
I won't say any more on the subject I can't be arsed.
AndrewP
Striker
Fair enough if you can't be arsed to discuss it anymore, but that link, what am I looking for specifically?
Looking at the first few posts, people are talking about pots far in excess of what you seem to think Mr NMW could survive on.
The ones ive just read on there are retiring at 63 and 50+ with savings and properties of 2 million. Its absolutely impossible for most people to do that. Its like saying its easy to retire at 22, all you need is a platinum selling album in America and youre sorted.
Becuase everyone is different the vast majority are looking to retire on <£500k. You also started out saying the whole thing was bullshit and impossible which clearly it isn't. Granted it is harder for someone on nmw extremely hard in fact but certainly not impossible as you suggest.
That was simply to illustrate it takes less than you think the majority voted under £500k. http://uk.businessinsider.com/teachers-early-retirement-traveling-the-world-2017-1 Granted it's the US and their FIRE amount was $million but they managed it in 8 years. There are many more examples.
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AndrewP
Striker
The chart it uses as the basis of it all is impossible. It suggest anyone can retire based on saving a percentage of their earnings and the percentage they save is directly linked to the fixed amount of years they'll have to continue to work before they retire. Obviously that doesn't work as there are too many variables, hence it's flawed and therefore bullshit.
Explain how someone on NMW can retire after a year if they save 100% of their £15k a year?
If they save their full salary they must have some passive income to cover their outgoings hence being financially independent and able to retire. Or have no outgoing so don't need to earn money so they are already financially independent. Just because there are many variables doesn't mean it cant and doesn't work.
It cant work for someone on minimum wage. Its 100% impossible.
Granted its very very hard I accept that but not impossible. If I earn nmw live with parents until I'm 50 saving a high percentage of income then it can/would happen that's a fact. This started out with the whole thing being impossible anyway which is clearly isn't. Like I said I have nothing to prove I'll leave it here as I cant be arsed to continue this pointless discussion.
AndrewP
Striker
How does someone retire on NMW after 1 year? Impossible as it gets.
Now you're changing the goalposts, aren't you? Not impossible they may choose to live off the land and have no outgoings you're throwing up ridiculous statements so I'll respond with the same because you know it can be done when you originally said the whole things was bullshit for everyone.
Thats not normal tho, living with your parents until youre 50
. Presumably rent free too, Am I contributing towards bills, food, do I have a car, do my parents pay my busfare ?- Status
