Would you quit your job for 1 million quid?

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The guide you linked to said:

Save 75% retire in 7 years
Save 80% retire in 5.5 years
Save 85% retire in 4 years
Save 90% retire in 3 years
Save 95% retire in under 2 years
Save 100% retire in Zero years

So someone reading this and earning £14.5k per year, wants to retire in 5.5 years. He lives at home with his mammy and is 20 years old.

He earns £1208pm - we'll assume for the basis of this that he doesn't pay tax. He gives his mammy £200pm board and spends the other £50 on comics to read on the free bus to work and saves the rest (80%). He manages to save £11600 per year for five years and a half years. He's now 25 and ready to retire on his £63800 pot which is now about £70k thanks to his half decent investment returns.

How does he retire aged 25 on £70k per year?
 


AndrewP said:
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.
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Aye definitely. But if I did a proper days graft I wouldn't be wanting to do that in towards retirement age. As it is my job is not at all physically exerting. Can be stressful but I'll just take some drugs and drink more to cope with that.
 
taylost3 said:
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.
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Translates roughly too, I'm wrong but won't admit it.

Bob Fleming said:
Aye definitely. But if I did a proper days graft I wouldn't be wanting to do that in towards retirement age. As it is my job is not at all physically exerting. Can be stressful but I'll just take some drugs and drink more to cope with that.
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The biggest stress in my job is being bullied by @Frijj on here.
 
AndrewP said:
Translates roughly too, I'm wrong but won't admit it.



The biggest stress in my job is being bullied by @Frijj on here.
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No mate it doesn't but if it makes you feel better then, by all means, think that pal. Pathetic! Is it impossible for everyone like you said at the outset yes or no?
 
taylost3 said:
No mate it doesn't but if it makes you feel better then, by all means, think that pal. Pathetic! Is it impossible for everyone like you said at the outset yes or no?
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Ignoring the post with the figures? Obviously it's not impossible for everyone, if I could couple of million quid in a year, I could retire. What I said was, it's broken as it doesn't work for everyone.

I still don't understand how you get by on £1k per month. You said your mortgage was half of that. Do you sit in the cold, do you eat etc? Does your car run on water, do you have running water?
 
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AndrewP said:
Ignoring the post with the figures? Obviously it's not impossible for everyone, if I could couple of million quid in a year, I could retire. What I said was, it's broken as it doesn't work for everyone.
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AndrewP said:
Ignoring the post with the figures? Obviously it's not impossible for everyone, if I could couple of million quid in a year, I could retire. What I said was, it's broken as it doesn't work for everyone.

I still don't understand how you get by on £1k per month. You said your mortgage was half of that. Do you sit in the cold, do you eat etc? Does your car run on water, do you have running water?
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I'll take that as the NO I was looking for cheers.
 
taylost3 said:
Enjoy your argument with the next person on the SMB mate, I've wasted enough time talking to you. I hope you enjoy your brilliant lifestyle posting on here religiously.
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It was only 3 or 4 years ago you were posting asking for budgeting advice for your first house. Now you're the expert, all through some website that stinks of scam. Well done to you, you've learned so much in a short time.

taylost3 said:
How the fuck do you know you prick? There really is a pathetic bunch of keyboard bullies on this forum, mob mentality following along, very sad really.
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Hardly mate. How the hell you can afford to pay £500 on a mortgage and live on a grand is beyond me. What's for tea mate, toast? Or special beans on toast Friday?
 
Retired with no mortgage left.
I would give my wife £500k and clear off.
Spend a few years following the sun until I die.
Probably by an antibiotic resistant STD
 
I’d pay off the house (maybe get a new one), quit my job and set up a microbrewery with taproom/bar.
 
Bob Fleming said:
Don't talk shite then you won't get it.
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Jealousy son I get it none of what I’ve said is fabricated just because you choose not to believe it.

AndrewP said:
It was only 3 or 4 years ago you were posting asking for budgeting advice for your first house. Now you're the expert, all through some website that stinks of scam. Well done to you, you've learned so much in a short time.



Hardly mate. How the hell you can afford to pay £500 on a mortgage and live on a grand is beyond me. What's for tea mate, toast? Or special beans on toast Friday?
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Again wrong information mortgage isn’t £500.
 
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I think there's a fine line between both points discussed here and there's certainly no need to resort to name calling (will await the 'fuck off' replies now :-D ).

It's important to remember that financial independence doesn't mean retiring, it's about giving you the freedom to do what you want because you're financially secure. The likes of MrMoneyMoustache do speak sense in theory but also spout hyperbole that is on another planet, as outlined on this thread.

I'm actively working towards financial independence but I'm not in the cult. I'm aiming to be mortgage free and have passive income of about 15k, that would give me the freedom to do whatever I wanted in life (which does include work of some sort). My sums say this is possible at about 40-45 but things change. I could do it now with about 250k. There's obviously inflation too but I'm not clever enough to work that out.

At the same time though, my life at the moment is what I find to be a good one and I spend (not including mortgage/bills!) around £600 a month. So in theory I could live off way below £15k a year but I'd rather not, again because of reasons outlined on here in this thread.
 
AndrewP said:
How come it's gone down in the last few years? Obviously I know you'll have overpaid, but surely the point of that is to pay the capital down and reduce the term, not the repayment.
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I now live with my partner who is earning when she wasn’t initially so everything is half what it initially was.
 
taylost3 said:
I now live with my partner who is earning when she wasn’t initially so everything is half what it initially was.
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Ah, so you're spending £2000 as a household?

Horatio Moustache said:
I think there's a fine line between both points discussed here and there's certainly no need to resort to name calling (will await the 'fuck off' replies now :-D ).

It's important to remember that financial independence doesn't mean retiring, it's about giving you the freedom to do what you want because you're financially secure. The likes of MrMoneyMoustache do speak sense in theory but also spout hyperbole that is on another planet, as outlined on this thread.

I'm actively working towards financial independence but I'm not in the cult. I'm aiming to be mortgage free and have passive income of about 15k, that would give me the freedom to do whatever I wanted in life (which does include work of some sort). My sums say this is possible at about 40-45 but things change. I could do it now with about 250k. There's obviously inflation too but I'm not clever enough to work that out.

At the same time though, my life at the moment is what I find to be a good one and I spend (not including mortgage/bills!) around £600 a month. So in theory I could live off way below £15k a year but I'd rather not, again because of reasons outlined on here in this thread.
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Very good post mate. Oh and fuck off.
 
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