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Can Live On £10,000 Today

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£10,000 per day ?

Has hyper inflation kicked in laugh.gif

Silly Billy you....£10,000 a year not a day that the hyper entitled have been used to receiving and spending.... ;)

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Silly Billy you....£10,000 a year not a day that the hyper entitled have been used to receiving and spending.... ;)

That's not what you said tongue.gif

Can Live On £10,000 Today

In all seriousness, if you have housing costs then NO.

if you have no housing costs then, with council tax, heating etc if you ate sensibly and didn;t drink/smoke/watch TV or go out, then YES.

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....£10 or £100,000?

http://www.whatsthecost.com/cpi.aspx

10% inflation gives £26K

5% gives £16K

Depending your lifestyle I think somewhere between those is good to aim for - and will cover you for most things except Weimer style collapse. While I've seen some things go up by more than 100% in a year during last five years - they haven't been the big expenses (e.g. council tax).

Edited by StainlessSteelCat

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Ive just been made redundant end of jan and i was going to see if i could live without working for 2 yrs on the £25k payout i got, that woukd give me £12.5k p/yr or £1041 p/mnth

im currenty burning through £250 p/wk so im on target.

hmmmm.

i dont have housing costs)

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That's not what you said tongue.gif

Can Live On £10,000 Today

In all seriousness, if you have housing costs then NO.

if you have no housing costs then, with council tax, heating etc if you ate sensibly and didn;t drink/smoke/watch TV or go out, then YES.

So yes....without housing costs and living basically, but healthily...£10k per person is enough for most.....only debt and excess over and above need requires extra. ;)

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So yes....without housing costs and living basically, but healthily...£10k per person is enough for most.....only debt and excess over and above need requires extra. ;)

Planning for inflation is the tricky part when deciding if you have enough saved to start to live without working, which is my goal i.e. funded by a combination of savings interest, savings drawdown and pension to last for how ever long I think I'll live and check out of life with as near as dammit, an 'empty account'. Needless to say, I can't afford to live as long as I hoped :o

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Planning for inflation is the tricky part when deciding if you have enough saved to start to live without working, which is my goal i.e. funded by a combination of savings interest, savings drawdown and pension to last for how ever long I think I'll live and check out of life with as near as dammit, an 'empty account'. Needless to say, I can't afford to live as long as I hoped :o

Well planned....so you save enough for the typical number of years left supported by an index-linked or part time work that you can control to supplement your lifetime emergency in case of need savings......one paid for home, one small but linked to inflation pension and some incase of need but well invested savings......plus a back up of lots of energy and good health family and friends.....what more do you need? ;) .

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Well planned....so you save enough for the typical number of years left supported by an index-linked or part time work that you can control to supplement your lifetime emergency in case of need savings......one paid for home, one small but linked to inflation pension and some incase of need but well invested savings......plus a back up of lots of energy and good health family and friends.....what more do you need? ;) .

Well, the 'paid for home' will only happen in the UK if value returns so that locking up an amount of capital is an equal cost to renting, and actually, I think freedom to move around cheaply when I no longer have to work to earn money, will be a trade-off in that cost equation that works against buying.

Currently, I can live on £12k pa incl housing, if I have to. That doesn't include a holiday, but every day is one of those.

Having permanently free time may be a bit more expensive, although you can always find a way to earn some pocket money.

Fresh air is free at the moment.

Edited by LiveinHope

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£10k with no rent or mortgage, you're rich.

£10k without owning property, depends where you live. London on that would look distinctly minimal.

;)

No I wouldn't say you were rich......rich means excess, and abundance, waste and extravagance....... If you have been used to living with less than you could have had, less than you have ever wanted and gone without to buy and repay.....what you have never had you will never miss.....but what you have missed, you find you may suddenly have, but didn't want, didn't ask for or never worked that hard for.

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It's questions like this that people should really ask so much more than they do.

Probably cos people are just so darned busy in their lives of just getting by and dealing with all the cr*p thay have to deal with that they don't have the time or mental energy to ask this - and realise just how crazily expensive living lawfully in this country is.

I sometimes think that, although they may well moan about it, people have just become resigned to the fact that council tax just HAS to be £1000+ per month, etc.

People moan about insurance costs (e.g Home and contents, car, etc) but fail to realise there is tax on that further pushing up the costs....

The cost of utilities....

And finally, of course, the single biggest culprit - housing costs. Whether it be rent or a mortgage, the fact is that it should be at least half of what it is for the average household.

It is simply stunning that it takes the better part of £10K to just get by and survive. It amazes me that so few can understand that these ridiculous costs are what have led to the slow inexorable destruction of our economy in respect of competitiveness with others elsewhere in the globe.

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Well, the 'paid for home' will only happen in the UK if value returns so that locking up an amount of capital is an equal cost to renting, and actually, I think freedom to move around cheaply when I no longer have to work to earn money, will be a trade-off in that cost equation that works against buying.

Currently, I can live on £12k pa incl housing, if I have to. That doesn't include a holiday, but every day is one of those.

Having permanently free time may be a bit more expensive, although you can always find a way to earn some pocket money.

Fresh air is free at the moment.

So you can live renting as cheaply as owning...…all the same difference, once you own does not mean you have no running costs...... Freedom and a certain amount of control, then everyday is like a holiday.......but no gain without pain, and no gain is guaranteed to be painless. ;)

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You can live off 10k a year with no mortgage costs, including paying for bills and something put aside for general maintenance. If you started with 250k in the bank, and use a crude calculation of 3% per annum inflation and 3% per annum interest rate (taxed), that would last you about 20 years and you'll be out of cash. Inflation is killer.

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You can live off 10k a year with no mortgage costs, including paying for bills and something put aside for general maintenance. If you started with 250k in the bank, and use a crude calculation of 3% per annum inflation and 3% per annum interest rate (taxed), that would last you about 20 years and you'll be out of cash. Inflation is killer.

£250k will generate a reasonable income.

My income-generating portfolio has yielded £9.5k this financial year (it may yet yield more if someone declares a surprise dividend for March, but that's an outside chance). That's on a capital value of just under £100k at the beginning of the year (April), now up to around £120k. And it pays the rent on a house that would cost a lot more than that (next-door-but-one is on the market asking over £300k, though there's no way it'll sell for that).

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That's not what you said tongue.gif

Can Live On £10,000 Today

In all seriousness, if you have housing costs then NO.

if you have no housing costs then, with council tax, heating etc if you ate sensibly and didn;t drink/smoke/watch TV or go out, then YES.

All in, I live on about £7k quite well. Housing, ctax, electric, gas, internet, food, drink, tobacco, travel. I've not died.

The key is to increase imputed income rather than spend frivolously darn t'pub.

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All in, I live on about £7k quite well. Housing, ctax, electric, gas, internet, food, drink, tobacco, travel. I've not died.

Ten years ago (year 2004) I made £7k, leaving £2.5k after rent.

And I felt rich on it after the real poverty of the previous two years.

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Ten years ago (year 2004) I made £7k, leaving £2.5k after rent.

And I felt rich on it after the real poverty of the previous two years.

Ten years back, my annual income as a rent free, council tax free, most living costs subsidised, but working 16/17 year old was some £11k.

Moved out, got by well on £12k pa.

In 2006 things went pear shaped, income fell to £4k, became homeless and NEET.

2007-2008 sofa surfed and completed uni, annual income (in form of accrued student debt) some £5k.

2009- Income £14k. Moved out.

2010- £3k (6k with hb ctb)

2011 - £13k waged, all bills, rent, ct to pay.

2012 - £2.7k (6.90k with hb ctb)

2013 - £3.0k (7.4k with hb ctb)

2014 - currently projected at £3.7k (8.1k with hb ctr, - less 100 in ct), unless I can land some proper employment, £X = ?.

Just realised I'm now on £8k a year in benefits due to housing benefit being £1000 a year more than it was 2 years since. And it i still increasing and it is increasing at a greater rate.

Change in rent from 2004 to 2014 is from £30/week to £71.

Change in wages would be +£40/week for the same job, but wages unavailable so to speak.

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£250k will generate a reasonable income.

My income-generating portfolio has yielded £9.5k this financial year (it may yet yield more if someone declares a surprise dividend for March, but that's an outside chance). That's on a capital value of just under £100k at the beginning of the year (April), now up to around £120k. And it pays the rent on a house that would cost a lot more than that (next-door-but-one is on the market asking over £300k, though there's no way it'll sell for that).

Hi mate your income generating portfolio is very impressive. So well done to you. I am looking to set up something like that so that can get out of this rat race asap. Could you recommend what I could invest in to get those kind of returns, because at the moment I do not know too much about this kind of thing and feel like a financial moron. Thanks for your time and keep on sticking it to the man.

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Hi mate your income generating portfolio is very impressive. So well done to you. I am looking to set up something like that so that can get out of this rat race asap. Could you recommend what I could invest in to get those kind of returns, because at the moment I do not know too much about this kind of thing and feel like a financial moron. Thanks for your time and keep on sticking it to the man.

That's Venture Capital (VCTs). And it's been a very good year for them with some big one-off events adding maybe an extra £2k over an average year, or a lot more compared to a bad year.

But if I had £250k in cash, I certainly wouldn't rush to put it all into VCTs, and certainly wouldn't invest more there than I could claim tax relief on in the year (e.g. £20k invested bags £6k tax relief, but only if you have £6k tax liabilities in the first place). Regular investment trusts or unit trusts in growing market sectors for the rest. Or individual investments where you can see a compelling case for them.

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This thread is getting spooky, I own my home & have £250k in the bank; I'm currently trying to work out how soon I can retire (I'm 42).

My outgoings (including Council Tax & motoring, not including food or fun things) are £257 per month; my income from interest alone is £527 (though that bond expires next year) and my salary is substantial. I reckon I'll do three more years then jack it in, downsize my house & have around £400k to live on. Given the unhealthy lifestyle I lead that'll do me & if I surprise myself & reach 60 there's always Sainsbury's for pocket money.

Oh, and yes, I'm single with no kids.

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This thread is getting spooky, I own my home & have £250k in the bank; I'm currently trying to work out how soon I can retire (I'm 42).

My outgoings (including Council Tax & motoring, not including food or fun things) are £257 per month; my income from interest alone is £527 (though that bond expires next year)

Ay - there's the rub..

Edited by juvenal

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Ive just been made redundant end of jan and i was going to see if i could live without working for 2 yrs on the £25k payout i got, that woukd give me £12.5k p/yr or £1041 p/mnth

im currenty burning through £250 p/wk so im on target.

hmmmm.

i dont have housing costs)

You could live for a loooong time in Thailand on that 25k.

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This thread is getting spooky, I own my home & have £250k in the bank; I'm currently trying to work out how soon I can retire (I'm 42).

My outgoings (including Council Tax & motoring, not including food or fun things) are £257 per month; my income from interest alone is £527 (though that bond expires next year) and my salary is substantial. I reckon I'll do three more years then jack it in, downsize my house & have around £400k to live on. Given the unhealthy lifestyle I lead that'll do me & if I surprise myself & reach 60 there's always Sainsbury's for pocket money.

Oh, and yes, I'm single with no kids.

44 here and I've been working out how to fast track it to early retirement, and where my viable exit date is. For me it's a combination of when I can buy a modest house for cash, and when my pension has accrued enough that I know I never have to work again (or at least I can choose what Ido). It comes to down to what annual sum of money you want to live on, everyone's perspective is different. As pointed out in this thread you could go and live in Thailand for a couple of grand a year, but personally I don't want to be disconnected from family and friends like that on a permanent basis. I don't need money for material possessions (if I do, then I buy the best quality, second hand). There's a lot of things I want to do and places and I want to see and 10k a year wouldn't do it for me. I reckon I can get out of work in about 8 years, self fund the gap to 55, then pick up a pension of circa 15k, then another smaller top up one at 60. In terms of cash savings I'd need about 700k to replace that pension, assuming I make it for another 35-40 years. I like to be optimistic. Your outgoings seem really low, I can't get mine down to £257? Council Tax - £120, Gas/Elec £60, Car (insurance/tax/repairs/everything) £100, Internet/Phone £25, Water £35, House Maintenance Fund £100, Contents Insurance £15 - £455. There' a lot good reading on the net re Financial Indepence and I follow the general advice and save over 50% of my net salary annually. Obviously it's much more impressive if someone on 20k does that, than someone on 100k.

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