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Guest_lauralondon_*

Quitting Work And Spending Cash

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Anyone else getting close to quitting and just spending cash saved up?

I'd ideally like a bigger house, but own my small one outright. Bit bored of waiting for a crash that might never happen.

Got enough money in the bank to live off for many years.

Sick of work and offices, even though I'm on three days a week I can't be assed any more.

I might deskill myself, but I could just do a bit of freelance work here and there but never earn more than 10k.

Is it a terrible idea to do it?

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Anyone else getting close to quitting and just spending cash saved up?

I'd ideally like a bigger house, but own my small one outright. Bit bored of waiting for a crash that might never happen.

Got enough money in the bank to live off for many years.

Sick of work and offices, even though I'm on three days a week I can't be assed any more.

I might deskill myself, but I could just do a bit of freelance work here and there but never earn more than 10k.

Is it a terrible idea to do it?

Nope

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Not so much spending my cash but I'm seriously considering putting it into some kind of high risk-high reward situation, where I can boost it enough to get a reasonably nice house in an ok area, (or alternatively I can lose the lot)

I'm feeling pretty low at the moment and I honestly don't think I would be that arsed if I did lose the lot because as it stands the amount I've got isn't enough to buy me anywhere that I'd be happy anyway, so in a perverse way I might as well just have no budget!

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I'm guessing this thread will soon be full of people telling you to go live the good life!

I'm a few years away from having the option of doing this but will get there if things continue as they are, and I do think about it. For me, the questions to overcome, are would I want to go back and could I if I wanted to? You've probably worked hard on your career to have the option you're thinking about, although the idea of ditching it all might seem attractive would you miss it after six months? Would you miss the wealth, the ability to buy what you want and know you had the money for it? Would you miss the achievements, the interactions, the highs of what you do? And if the answer to any of those is possibly 'yes', could you get an equivalent job back and spin it all back up again if you'd previously walked away?

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Have a good think about what you would actually do with your waking hours for the next year.

I have twice 'retired', both times about April, was in heaven for spring and summer but once the cold and dark months kicked in I began to get very very bored indeed. So bored that I got another job.

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A bad idea? I hope not - I've just quit!

Like you, I've just had my fill of office life and trudging into work every morning. Well, the trudging wasn't too bad - the twice daily bike ride has actually been the thing that led me to postpone pulling the trigger for the last year or so.

My wonga's in equities mainly and I reckon I get enough divis to meet frugal running costs. Any earnings that Mrs JTB or I bring in on top of it are gravy. And we have some pension wrapped money to look forward to if enforced frugality[1] sucks too much.

I've no idea whether I have "enough" money or what I'll do with my time. There are lots of things I want to do at some point - but after a career's worth[2] of deadlines, I'm loathe to set myself targets. One thing I do know is that I'll not be sitting any endless, airless meetings any time soon.

[1] We've always been frugal - but I'm sure there's a psychological difference between being frugal voluntarily and still chucking £7k into savings each month, and the state of only actually having two or three grand a month.

[2] Well, half a career's worth - I'm 45.

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I think you have gone the right way about it so far. You worked full time to put yourself in this position. You then worked part time and now have had enough of that too. It seems logical now you either work for yourself on your own terms or cut your hours even further.

I don't think my intention would be to go from professional to retired over night. I'd like to think I could begin to slow down by taking a "pin money" job in between, something where I'm absolved of responsibility and stress, where someone else makes all the decisions and I just do. Who knows, I might even enjoy that type of work. I don't think I'd ever leave a professional career though if I thought I might need to step back into it. Too much of a risk and probably a culture shock to enter again.

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I get the feeling there's quite a largish number of people doing this. The government will ultimately disapprove and implement a swingeing tax on freehold properties to get all these nouveau idle rich back to work.

Younger people who don'twork have the time, and energy, on their hands to think about stuff, take up causes and protest. I doubt it will be tolerated for anything but a small number from the right background.

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I don't think I'd ever leave a professional career though if I thought I might need to step back into it. Too much of a risk and probably a culture shock to enter again.

Life is a risk. As well as the two 'retirements' I switched career at thirty before switching back again after three years. Each time I got a new job again a few months after starting looking.

IMO people are wrong to be concerned about this, but most are. I actually have a bias towards recruiting people who don't have an orthodox career path; I find that in general they are more motivated because they have made an active choice rather than just plodding away in the same line of work they fell into aged twenty.

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Like you I have a modest house paid for outright. There's no way I'd trade up for a larger one with a mortgage. I have a decent Francis Urqhart fund too - and it's only the fact I kinda like my job that keeps me at it. A few bad months though, I would walk without a second glance.

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I did it in 2011 at the ripe old age of 48. I'd always intended to retire early and as my career progressed and I got promoted, I kept my spending levels and lifestyle the same and ended up saving half my salary each month. Had there been a proper price crash I'd probably have traded up with some of the money and possibly kept on the treadmill a few more years but in the end, I'd had enough corporate bs and quit.

I had a year chilling out and then decided to unretire so I went self employed doing practical stuff that I do for pleasure anyway. I don't do it full time, just enough to be a pleasure, reduce the burn rate on the savings and pay for lots and lots of tools.

I don't regret it one little bit and there is no way I'd go back to working for someone else. If I needed more money I'd work harder or longer or start something more profitable.

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I've been doing just that for the last 2 years.

I took voluntary redundancy in january 2014, it's been fantastic i've been in lots of holidays and persued my interests & hobbies of cycling / running / gym etc

I have spent £30,000 to date which isn't bad (£15k per year) i feel bad about the bank balance going down but it's only money and no point hoarding a huge safety net a years salary tucked away somewhere is probably ample.

1 tip i wilk give is try not to fall into the drinking every night trap it's very easy to do, i just have a tipple on wednesday (boring) and saturday nights.

I would have liked to have gone and lived those 2 years in another country (Portugal) but i wouldn't have been able to do it on £15k per year.

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Anyone else getting close to quitting and just spending cash saved up?

I'd ideally like a bigger house, but own my small one outright. Bit bored of waiting for a crash that might never happen.

Got enough money in the bank to live off for many years.

Sick of work and offices, even though I'm on three days a week I can't be assed any more.

I might deskill myself, but I could just do a bit of freelance work here and there but never earn more than 10k.

Is it a terrible idea to do it?

I left employment five years ago at 38.My house is paid off (3 bed semi).Decided i never wanted anything bigger.I have my own small business that makes whatever the tax allowance is each year.Roughly 6 hours work a week.I will never do more than that again.Im happier on £10k now than on £40k before.Cook everything fresh etc.Best thing i ever did.Freedom doesnt have a price.

Being debt free and owning outright is the key.No wonder the government want to trap everyone into debt.

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Ironic that the landlord websites think they're loaded and hpc-ers are skint losers in bedsits. Recent posts suggest hpc-ers are retiring in their 40s and landlords are headed for the poor house.

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Ironic that the landlord websites think they're loaded and hpc-ers are skint losers in bedsits. Recent posts suggest hpc-ers are retiring in their 40s and landlords are headed for the poor house.

There was a poll on here several years back about STR pots, a lot of people on here (anonymous poll but it looked right) had serious money. That they hadn't bought a house was because they were investing their money elsewhere.

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Life is a risk. As well as the two 'retirements' I switched career at thirty before switching back again after three years. Each time I got a new job again a few months after starting looking.

IMO people are wrong to be concerned about this, but most are. I actually have a bias towards recruiting people who don't have an orthodox career path; I find that in general they are more motivated because they have made an active choice rather than just plodding away in the same line of work they fell into aged twenty.

I don't disagree in one sense. I am actually considering a career change now but I'm nowhere near retirement age so the risk for me is acceptable. I perhaps should have phrased it as if I were 50 or so I wouldn't leave an established career if I felt there was a chance of needing to go back. For me that would be too risky.

And I would totally agree with your last paragraph, sometimes it take a few years of doing what you don't want to do to realise what you do want to do.

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Ironic that the landlord websites think they're loaded and hpc-ers are skint losers in bedsits. Recent posts suggest hpc-ers are retiring in their 40s and landlords are headed for the poor house.

Yes, although I think it is also a function of willingness to be a debt slave to have shiny things. If you run up debts, you never get ahead of the game. Other than a modest mortgage, I've never borrowed. If I couldn't afford it I didn't have it and even when I could afford it, I converted the price into the amount of extra time I would have to continue working in order to have it to see what the real cost to me would be.

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I don't disagree in one sense. I am actually considering a career change now but I'm nowhere near retirement age so the risk for me is acceptable. I perhaps should have phrased it as if I were 50 or so I wouldn't leave an established career if I felt there was a chance of needing to go back. For me that would be too risky.

And I would totally agree with your last paragraph, sometimes it take a few years of doing what you don't want to do to realise what you do want to do.

Yes, I'd certainly agree with that. If you might need to go back it is too high a risk at that age; I took on a 56 year old and, prior to encountering my open-minded approach to recruiting, he had been having a very hard ?four years of it.

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I left employment five years ago at 38.My house is paid off (3 bed semi).Decided i never wanted anything bigger.I have my own small business that makes whatever the tax allowance is each year.Roughly 6 hours work a week.I will never do more than that again.Im happier on £10k now than on £40k before.Cook everything fresh etc.Best thing i ever did.Freedom doesnt have a price.

Being debt free and owning outright is the key.No wonder the government want to trap everyone into debt.

Don't blame you. 6 hours work a week for £10k ish puts you on equivalent to over £60k for a 40 hour week so your time is very well invested. That is what its all about but it takes opting out of consumerism which for most is not doable. Hence wage slaves.

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Yes, although I think it is also a function of willingness to be a debt slave to have shiny things. If you run up debts, you never get ahead of the game. Other than a modest mortgage, I've never borrowed. If I couldn't afford it I didn't have it and even when I could afford it, I converted the price into the amount of extra time I would have to continue working in order to have it to see what the real cost to me would be.

I have a twin i didnt know about :lol:

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Life is a risk. As well as the two 'retirements' I switched career at thirty before switching back again after three years. Each time I got a new job again a few months after starting looking.

IMO people are wrong to be concerned about this, but most are. I actually have a bias towards recruiting people who don't have an orthodox career path; I find that in general they are more motivated because they have made an active choice rather than just plodding away in the same line of work they fell into aged twenty.

It's healthy to fall out of the 'orthodox career path' early on in your working life, up to that point having your career derailed tends to be your greatest (work-related) fear and then when you live through it you realise it's not so bad. Then if you decide to go back you have much less fear and can end up being more effective in the job than an overly timid lifer.

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