Has anyone attempted to become rich?

martin363 said:
Depends what you define as rich I suppose? 1 mill? 10 mill? etc. For me rich is enough to retire early, not so I can buy a Ferrari or big house but be confident in maintaining our living standard after we stop. By early I mean 20 years early, which I and my wife will do in 2 years - this was always our goal from our early 20's we are now both 46. We got here by planning, not being greedy and taking calculated risks with our jobs, but not risks like the stock market etc. We moved overseas, to Asia 15 years ago China, and then in 2012 Vietnam, where our skills were worth more, and costs of living and taxes lower. For us financially 1 year in Asia is worth approximately 3 in the UK. Therefore with sensible spending, and more than decade out here, we can retire 20 years early, especially as we are not going back to live in the UK when we do return to the EU.
Click to expand...

Assuming you live into your 80's, what is it that you plan to do for 40 years? You've essentially got your entire life to repeat. I've known people to retire early and then just have the finances to essentially 'survive' each year, i honestly don't see the point in that. If I was to retire early, i'd need to make sure i have enough money to be able to travel to countries i won't get the chance to visit, maybe try out some different hobbies, and then ensure your home is in good shape to grow old in.
 
I've always been wanting to start businesses and become rich or invent stuff. Had a reasonable level of success in Web design before 2012.

Invested time in BTC back in 2009 had a very large amount of BTC in my wallet and had no idea what to do and everyone in school thought I was an idiot. So I backed it up and left I structions in my Dropbox... Don't know if they were stolen or I didn't recover it store it properly.

I still have 39000 doegcoin though no idea what to do with them lol
 
Semple said:
Assuming you live into your 80's, what is it that you plan to do for 40 years? You've essentially got your entire life to repeat. I've known people to retire early and then just have the finances to essentially 'survive' each year, i honestly don't see the point in that. If I was to retire early, i'd need to make sure i have enough money to be able to travel to countries i won't get the chance to visit, maybe try out some different hobbies, and then ensure your home is in good shape to grow old in.
Click to expand...

As I said, 'be confident of maintaining our living standard after we stop.'

Participant said:
For me it's less about toys and more about financial freedom allowing you to do what you want with your limited time on this planet.
Click to expand...

I completely buy into this, we have limited time, and you don't know if it is 1 day, 5 years, or 40. I want the option of doing what we want, maybe buy a share of a bar, sit on a beach, or visit my Daughter at her uni when I want. The point is we have a choice and are not beholden to others, we can choose what we do, and when within reason. I will not stop if I have to worry.
 
martin363 said:
As I said, 'be confident of maintaining our living standard after we stop.'
Click to expand...

No you misunderstood.

Your original quote was:

martin363 said:
which I and my wife will do in 2 years - this was always our goal from our early 20's we are now both 46. We got here by planning, not being greedy and taking calculated risks with our jobs, but not risks like the stock market etc.
Click to expand...

I've read that as you and your wife will be retiring in 2 years at the age of 48?

Hence my question about what is it you plan to do for 30-40 years. If your response is the same "maintaining living standards" is that not the same as just surviving? - does that not give you the financial freedom to travel, or visit your daughter as you mentioned in previous post. If not it begs the question of why bother retiring early? You could work for another 5 years (which in the grand scheme of 30-40 years isn't much) and have much more financial freedom?
 
I think to live a life that would give the freedom I want (i.e. not working) would basically require a lottery win.

I'm very happy with the basic life I live and only a major lump sum would actually change what I do. We're reasonably comfortable and have no debts so I consider myself quite lucky really.
 
Semple said:
No you misunderstood.

Your original quote was:



I've read that as you and your wife will be retiring in 2 years at the age of 48?

Hence my question about what is it you plan to do for 30-40 years. If your response is the same "maintaining living standards" is that not the same as just surviving? - does that not give you the financial freedom to travel, or visit your daughter as you mentioned in previous post. If not it begs the question of why bother retiring early? You could work for another 5 years (which in the grand scheme of 30-40 years isn't much) and have much more financial freedom?
Click to expand...

Unfortunately you misunderstand. We will retire at 48, and maintain the living standards we currently have, which u don't know the level of, because I didn't feel the need to be specific. We are very comfortable and working 4 or 5 years more will make no real material difference to us. What will make a difference is the freedom of choice we will have.
 
Raymond Lin said:
Is that what that is...lol

I guess since the pound dropped 20% compared to 5 years ago against the dollar my guitars are worth 20% more.
Click to expand...

There you go, you have divested yourself of volatile currency during a time of uncertainty to focus on diversifying your portfolio with a range of appreciating assets. It's all about the spin.

I for instance have eschewed liquid capital in preference for strategic leveraging of both brick and mortar assets and a strong credit worthy position to allow for agility in the acquisition of tangible stock holdings. Otherwise known as being in debt up to my nipples!
 
Talking about retirement, I did think a while back that I wanted to retire significantly early (say, 40s), but now after having some time out in the last couple of years I couldn't think of anything worse. Whilst it's really nice to have flexibility in your lifestyle to have time out and spend time with family and to be there for your kids and so on, the issue is it can be very difficult to find 'purpose' in your day to day life. Being challenged and learning new things, having your ideas tested - without that I think it would be very easy to end up drinking or taking drugs. I think retiring can really be a shock to the system from a mental health point of view and you do hear of people that work for 40 years, fit as a fiddle and then suffer a rapid decline in their health and wellbeing not long after giving up work. After doing odd jobs around the house, pottering around and playing some golf then it's nice to do something meaningful.

I think long term, we're inevitably going to see more people staying in the work force for longer, whether that's part time or flexible working simply because most people aren't going to have pensions that can afford to pay for their lifestyle.

Back to the thread, being rich is entirely relative but I think the main thing is being comfortable and being able to provide for your family. More "stuff" doesn't make you happier, but just knowing that your mortgage is paid off for instance can really take a weight off your shoulders.
 
I think most people become rich by saving money and then pass it on to the next generation.

If you've had a good working life and just bought the esssentials, or specific purchases maybe for a hobby in your life, then you put the money in a trust you could be passing on to your offspring £100,000+. So they would start off with that balance, and if they did the same by the end of their life or their offspring they would be heading towards a million.
 
Our mortgage will be paid off in 3 years when I am 43 and my wife 40. I plan to transfer the saved money directly into my pension at that point and see what a viable retirement age might look like.

Wasted shed loads of money over the years on rubbish but always been careful and never actually been in any debt. I would love to hit 55 get a dog and just work part time somewhere close to home. As I get older I need less and less material goods and just enjoy walking around the coast on weekends. Done a fair bit of travel, it's my main expense and would like to do more but I would sacrifice it for a quiet life I think. My ambitions have never really been career based, most peoples careers are just a fantasy in their own head anyway.
 
Pensions and retirement seems to be something previous generations go on about all the time. Yeah, retiring is nice but you are basically on a count down timer waiting for the day you die.

I hate to be in my 50's and all I can think about is retirement. This is all I saw in my previous job working for a police force. Must be a UK thing but its depressing just thinking about it.

If I ever hit that magic million mark, I will still work and aviod retirement if I can.
 
I had this conversastion with my wife not so long back where she said everybody should give each other £1 thats based on a uk population of 56.6million and the rest most likely. I had a little chuckle. I explained if everybody in the UK were rich then the country would grind to a massive halt. All the services that we rely on such as waste removal etc. She thinks unicorns just grew extinct so i didn't give her too much of a hard time :D
 
I invested a small amount into Crypto over a year ago (currently holding), with the hope that it would make money in a few years time. I don't expect it to make me super rich though.
 
You must log in or register to reply here.
Back
Top Bottom