wish I could afford one Posted December 13, 2015 Author Share Posted December 13, 2015 If I were going to suggest a ballpark figure or scenario I would aim to have a home that requires no rent or debt to pay against it only tax and maintenance .....see to it that both taxes and maintenance are as low as possible.....the home has to be in a safe and secure place with good laws protected property rights and good infrastructure.....a kindly and close community also counts for a lot.....each look out for each other. So as an individual £10k per year guaranteed income, two supportive people with £10k each better still........and a sum of money depending on age and expectations to cover for general stuff over and above general living costs that come along if and when......some of that low risk, low reward some slightly higher risk higher reward all depending on individual circumstances.......we are all different, we all expect different lifestyles and we all have a different number of years ahead of us....therefore there is no right number....each to their own game plan. Agree 100% with the first paragraph and it's exactly what I'm trying to do. The only caveat is that if I head to the Med then property rights have a history of not be so protected. Illegal building in Spain and selling properties without/with fake title deeds in Cyprus to name but two. Agree also with the 2nd paragraph. What I'm finding interesting about the survey is that no wealth range has gone out in front with <£250k being equally valid to £1M. Link to comment Share on other sites More sharing options...
uptherebels Posted December 13, 2015 Share Posted December 13, 2015 Amazing how much money is sloshing around in hpc off topic! Makes you wonder where it all came from! Link to comment Share on other sites More sharing options...
wish I could afford one Posted December 13, 2015 Author Share Posted December 13, 2015 Amazing how much money is sloshing around in hpc off topic! Makes you wonder where it all came from! I know it's very old fashioned but I'd bet on a lot of it coming from HPC'ers working and shunning debt. Could of course be wrong... Link to comment Share on other sites More sharing options...
ccc Posted December 13, 2015 Share Posted December 13, 2015 I know it's very old fashioned but I'd bet on a lot of it coming from HPC'ers working and shunning debt. Could of course be wrong... My little nest egg is from raping the banks at their own game. I am either a massive hypocrite - or a Trojan horse. Probably a bit of both. Link to comment Share on other sites More sharing options...
winkie Posted December 13, 2015 Share Posted December 13, 2015 Agree 100% with the first paragraph and it's exactly what I'm trying to do. The only caveat is that if I head to the Med then property rights have a history of not be so protected. Illegal building in Spain and selling properties without/with fake title deeds in Cyprus to name but two. Agree also with the 2nd paragraph. What I'm finding interesting about the survey is that no wealth range has gone out in front with <£250k being equally valid to £1M. Property rights in any country are only secure as long as the country is secure......in Spain, you want property rights buy a place that has been in existence for more than recent years...... if buying a place that was once a piece of land with a shed on it and the shed then turned into a four bed with pool and you are asking for trouble.....if it looks too good to be true it most probably is. Link to comment Share on other sites More sharing options...
wish I could afford one Posted December 13, 2015 Author Share Posted December 13, 2015 My little nest egg is from raping the banks at their own game. ... Care to expand on that? Link to comment Share on other sites More sharing options...
uptherebels Posted December 13, 2015 Share Posted December 13, 2015 I know it's very old fashioned but I'd bet on a lot of it coming from HPC'ers working and shunning debt. Could of course be wrong... Yes you are probably right. Still...... Unless you are on serious money, it takes a long time to save half a million quid! Link to comment Share on other sites More sharing options...
wish I could afford one Posted December 13, 2015 Author Share Posted December 13, 2015 Yes you are probably right. Still...... Unless you are on serious money, it takes a long time to save half a million quid! I've just passed the 8th year of my FIRE journey and in that time have amassed £820k. It really is amazing what can be achieved if you focus on earning more, spending less then investing with low expenses and taxes. I've done that with no debt while a dirty renter. Link to comment Share on other sites More sharing options...
ccc Posted December 13, 2015 Share Posted December 13, 2015 Care to expand on that? Contract work from the banks I despise. £120k 'earned' so far. Link to comment Share on other sites More sharing options...
wish I could afford one Posted December 13, 2015 Author Share Posted December 13, 2015 Contract work from the banks I despise. £120k 'earned' so far. Thanks for clarifying. Sounds like an honest living to me. Link to comment Share on other sites More sharing options...
ccc Posted December 13, 2015 Share Posted December 13, 2015 Thanks for clarifying. Sounds like an honest living to me. It's OK. Most 'bad' banks are actually filled with decent folk. Everyone just concentrates in the investment bawsacks. Link to comment Share on other sites More sharing options...
porca misèria Posted December 13, 2015 Share Posted December 13, 2015 Agree 100% with the first paragraph and it's exactly what I'm trying to do. The only caveat is that if I head to the Med then property rights have a history of not be so protected. Illegal building in Spain and selling properties without/with fake title deeds in Cyprus to name but two. Agree also with the 2nd paragraph. What I'm finding interesting about the survey is that no wealth range has gone out in front with <£250k being equally valid to £1M. It's the ill-defined question. I expect respondents are making different assumptions of house prices and of state pensions. And indeed, thinking in terms of wanting to move somewhere nicer ... I can't really give you a valid answer, because the wanting to be able to afford to live somewhere nice bit is my single biggest driver to earn money. Followed by the idea of being able to travel a bit, even as the body gets too decrepit to travel as a young person (e.g. kip out overnight on a station platform) without suffering. Link to comment Share on other sites More sharing options...
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