The 5 year plan to £50k

randomshenans · 14 Oct 2016 at 10:23

daz said:
Personally I don't think this is a good idea with the recent tax changes.

I don't currently live in the UK, so might have missed that. What tax changes? What's the impact on this?

malachi · 14 Oct 2016 at 10:25

mid_gen said:
Yeah, I chased the money for 11 years then decided there are more important things. The stress that comes with most jobs paying around six figures. I came very close to burnout, just walked out one day, took a few days sick and then left a month later to start my mission to get into game development.

Love it, I still earn a decent wage to live in a nice place, take nice holidays and buy toys. I have a great working environment, no stress, fun workplace and colleagues.

I tried to get into game development about 15 years ago before the UK started taking it seriously. Didn't get very far, I did have an interview for a side company of Sega, good thing I didn't get the job as they shut down the office 3 years later.

Anyway, its true a lot of people and (I agree its a British thing) chase the money, they see the six figure sum but have no consideration for work/life balance or their own health.

I wont get myself into that position when attempting to move to another country. As long as I can pay my house here in the UK, support myself while working away and live comfortably then I be happy

Housey · 14 Oct 2016 at 10:26

Being in a positiion to make a change as and when is what the aim should be.

Uther · 14 Oct 2016 at 11:09

Richdog said:
Burnout is a very real danger across almost all industries at the moment. It's happened for years but only now are we acknowledging it in society and starting to tackle as a genuine mental health issue instead of treating people like pariahs.

People were not meant to deal with stress on a constant hourly basis, our minds and bodies aren't designed for it in the long-term.

Good on you for making that change before it hit you.

One of my friends is the CEO of a rather large insurance company, great money, lovely house, holidays etc etc but he seems to spend most of his life in an airport or on a plane and is hardly ever at home.
For me personally quality of life and family life would be more important than big money but he seems to enjoy it. Stress levels must be incredible though.

Richdog · 14 Oct 2016 at 11:34

Uther said:
One of my friends is the CEO of a rather large insurance company, great money, lovely house, holidays etc etc but he seems to spend most of his life in an airport or on a plane and is hardly ever at home.
For me personally quality of life and family life would be more important than big money but he seems to enjoy it. Stress levels must be incredible though.

A CEO is a bit of an extreme example though, they do have the weight of a company on their shoulders!

You can still earn a good crust while maintaining a good work life balance, they aren't completely mutually exclusive.

randomshenans · 14 Oct 2016 at 12:05

Also, I look at it in the way that, you bust a nut now, to afford you the ability to have much more freedom later.

Richdog · 14 Oct 2016 at 12:26

randomshenans said:
Also, I look at it in the way that, you bust a nut now, to afford you the ability to have much more freedom later.

Also very true. People underestimate how long they may live and how comfortable they will want to be after they retire. We will all have lots of time on our hands...

dowie · 14 Oct 2016 at 12:40

Housey said:
But he has a point. The focus many have on this forum with getting a degree before they stand a chance of earning is misguided. Get good at what you do in work and then put yourself out there as he seems to have done.

The focus on getting a degree often isn't misguided, especially if you've got a direction in mind. While people do progress well without degrees the chances of landing jobs are lower as are earnings on average.

Freefaller · 14 Oct 2016 at 12:53

Now I went to uni, went to a good school, but always just sort of coasted - never really pushed myself. I'm inherently lazy, easily distracted and get bored quickly - which actually led to a few people saying I should take up consultancy work instead! But I'm not interested in doing silly hours, lots of travelling (been there done that). So i accept I'm not in a position to demand a larger salary or more senior position. I'm realistic in my expectations.

I'm not bothered about earning huge amounts of money anyway, as long as I earn enough to pay the bills, and offer myself the odd treat now and again. Don't get me wrong, if I could earn a 6 figure salary and keep my work life balance as is, and so on I would jump at the chance. I'm just not aggressive enough to push myself that hard.

I don't complain that I can't afford stuff, or get envious of others, because I know that different people make different sacrifices. I don't smoke or drink, and I seldom go out on massive nights out (I go out, but for coffee, or just a leisurely catch up with friends, light lunches etc... not for big nights out). So I save myself a lot of money there. Moving away from London has helped too.

Don't get me wrong, it's tight, but not "keep me awake in the middle of the night" tight.

I probably should put more effort into achieving more, I'm just not that way inclined. I guess if I found a job I loved, I'd put in the effort and take more of a risk...

I wish I had the ambition and drive of someone like Richdog and Randomshenans, I do admire them tremendously (especially the IG posts that Random posts!) - but personally I'm not driven enough.

So I still don't understand that arbitrary figure of 50k - seems like Foxeye is doing okay for where he lives - but if he's not willing to put the effort in or take the risks that others do he should just accept where he is.

Schnippzle · 14 Oct 2016 at 16:37

Richdog said:
SNIP

I'm kind of in your boat. Graduated in 2007, did support work, did 3rd level support work, did architecture and am now contracting as an architect.

Many years ago my old man said: The first ten years of your careers will be the 'dog years'. You'll work all hours, take all jobs and gain every bit of experience you can get your hands on.

Seems to have paid off. I'm providing for my partner and dog, paying for two pensions and saving for two mortgages. Working long hours and travelling quite a bit but balancing that WFH time and good weekends.

Mercutio · 14 Oct 2016 at 17:10

Freefaller said:
Now I went to uni, went to a good school, but always just sort of coasted - never really pushed myself. I'm inherently lazy, easily distracted and get bored quickly - which actually led to a few people saying I should take up consultancy work instead! But I'm not interested in doing silly hours, lots of travelling (been there done that). So i accept I'm not in a position to demand a larger salary or more senior position. I'm realistic in my expectations.

I'm not bothered about earning huge amounts of money anyway, as long as I earn enough to pay the bills, and offer myself the odd treat now and again. Don't get me wrong, if I could earn a 6 figure salary and keep my work life balance as is, and so on I would jump at the chance. I'm just not aggressive enough to push myself that hard.

I don't complain that I can't afford stuff, or get envious of others, because I know that different people make different sacrifices. I don't smoke or drink, and I seldom go out on massive nights out (I go out, but for coffee, or just a leisurely catch up with friends, light lunches etc... not for big nights out). So I save myself a lot of money there. Moving away from London has helped too.

Don't get me wrong, it's tight, but not "keep me awake in the middle of the night" tight.

I probably should put more effort into achieving more, I'm just not that way inclined. I guess if I found a job I loved, I'd put in the effort and take more of a risk...

I wish I had the ambition and drive of someone like Richdog and Randomshenans, I do admire them tremendously (especially the IG posts that Random posts!) - but personally I'm not driven enough.

So I still don't understand that arbitrary figure of 50k - seems like Foxeye is doing okay for where he lives - but if he's not willing to put the effort in or take the risks that others do he should just accept where he is.

This... sounds a lot like me. I have most folks around me (in a good IT company) who, outside of certain topics will come to me for the insightful answers/etc. Ideas a-plenty, some obviously missed, huge opportunities. Good intelligence, good common sense. I just don't have drive.

I need... 2 months? Relatively light study to walk out of my current place of work and take 50-60k with almost no effort (due to where I work, the industry and my perceived "place" in the industry - there's not a week goes by without attempts to poach me or colleagues) but I just CANNOT be arsed. One day, my energies will be focused and it'll all come together. Can't see it being soon though.

Housey · 14 Oct 2016 at 17:12

dowie said:
The focus on getting a degree often isn't misguided, especially if you've got a direction in mind. While people do progress well without degrees the chances of landing jobs are lower as are earnings on average.

Look I don't disagree that getting an advanced education is a good thing, that isn't my point or that it isn't sometimes important when you have a specific focus for it is. However if you fail there are many more options, often that will pay you more that you ever would have got in the professional career you were focusing on, if you are both willing and able to change direction.

Mercutio · 14 Oct 2016 at 17:16

Housey said:
Look I don't disagree that getting an advanced education is a good thing, that isn't my point or that it isn't sometimes important when you have a specific focus for it is. However if you fail there are many more options, often that will pay you more that you ever would have got in the professional career you were focusing on, if you are both willing and able to change direction.

The folks with the degree tend to have a bit more... knowledge of surrounding topics as well though. It gives a bunch of good connections, opens some doors and folks have a certain expectation of you that you don't have to "prove".

There's LOTS of ways to get to the same place, it's by a long way NOT a bad thing to step away from/take a different route to but, as an easy, well beaten path it's easier than forging your own way to a similar place.

Housey · 14 Oct 2016 at 17:27

Richdog said:
I think seeing the numbers as crass comes down to an individuals own insecurities and what seems to be a national bad habit of automatically negatively comparing themselves to others.

Perhaps, but not in my case. I actually think it's unwise on a public forum to share too much information that's all and certainly breaking down like you have, but it's your choice. I've shared earnings with people before, usually people who have worked for me and want to know what they might do as their career progresses, but never around what I am doing at the present time and only behind closed doors with people I know will find it a motivation, so I'm not alien to the concept. However I have never shared it with people I know who would be annoyed at it, who work hard at their given role but earn 10% of what I do/have as that is crass and damaging, to my point I guess. But it's just my opinion, up to you what you post.

Housey · 14 Oct 2016 at 17:29

Mercutio said:
The folks with the degree tend to have a bit more... knowledge of surrounding topics as well though. It gives a bunch of good connections, opens some doors and folks have a certain expectation of you that you don't have to "prove".

There's LOTS of ways to get to the same place, it's by a long way NOT a bad thing to step away from/take a different route to but, as an easy, well beaten path it's easier than forging your own way to a similar place.

I don't disagree with that, have said it many times on here and also at lectures to students I've done and continue to do to help them prepare for work and business life. If you can get a good education then great, ensure you do, but if you can't don't accept it's the end, it should just be plan b time.

Richdog · 14 Oct 2016 at 17:45

Housey said:
Perhaps, but not in my case. I actually think it's unwise on a public forum to share too much information that's all and certainly breaking down like you have, but it's your choice. I've shared earnings with people before, usually people who have worked for me and want to know what they might do as their career progresses, but never around what I am doing at the present time and only behind closed doors with people I know will find it a motivation, so I'm not alien to the concept. However I have never shared it with people I know who would be annoyed at it, who work hard at their given role but earn 10% of what I do/have as that is crass and damaging, to my point I guess. But it's just my opinion, up to you what you post.

Your personal concerns and fears are duly noted, however I don't share or agree with them given the context of the thread. Cheers.

Tute · 14 Oct 2016 at 17:48

I wish I had the drive and belief to just... do something like this.

Before you all say "well go and do it then", it's really not as simple as that. For starters, it would help if I had any idea what I want to do with my life.

I just don't seem to have any enthusiasm for anything, not even electronics, which is what my degree is in.

Housey · 14 Oct 2016 at 17:51

Tute said:
I wish I had the drive and belief to just... do something like this.

Before you all say "well go and do it then", it's really not as simple as that. For starters, it would help if I had any idea what I want to do with my life.

I just don't seem to have any enthusiasm for anything, not even electronics, which is what my degree is in.

Start with what you don't want then, see what's left

Richdog · 14 Oct 2016 at 17:54

Tute said:
I wish I had the drive and belief to just... do something like this.

Before you all say "well go and do it then", it's really not as simple as that. For starters, it would help if I had any idea what I want to do with my life.

I just don't seem to have any enthusiasm for anything, not even electronics, which is what my degree is in.

What age range are you now, and what do you do for work? More importantly, what hobbies you have, not related to work, that you are really interested in?

Tute · 14 Oct 2016 at 18:01

Housey said:
Start with what you don't want then, see what's left

Richdog said:
What age range are you now, and what do you do for work? More importantly, what hobbies you have, not related to work, that you are really interested in?

I'm 31, and I do van driving, delivering beds.

Hobbies are computing, games, technology, that kinda thing.

FWIW I have an honours degree in Electronics, but my first grad job was an utter disaster and it destroyed all enthusiasm I had for the sector.