Retiring needn't mean sitting on your tod all day though. You just need to find something you enjoy, for me its the allotment and making things. I'm curious though, this £120k a year lasts 30 years, do you have a pension etc. You don't want to be in a situation in 30 years when the payments stop and you have no income, also inflation will rapidly reduce the real value of this money so a plan is needed.
Working in a 18+ slot/fruit machine arcade
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In 30 years a lot can change. Infact, it will be completely different I recon.
I'm not sure what your point is.
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Payments stop and you haven no income. You don't know if they will win the lotto again or if they have inheritance or if they plan on keeping a job and putting that to one side e.t.c. There's a lot of factors that can change in 30 years in regards to money.
I suppose it can be seen as 'lecturing' but really all I was trying to get across is take some time to fully appreciate the situation and think about what he genuinely wants to do.
Getting a part time job in a slot machine arcade feels far more like 'this is the first part time job I found on the internet' than 'I've been thinking about how I want to spend the next 30 years of my life'
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Associate
Good advice here. It would be worth investing a small % into a private pension as a security blanket.
Or.... go mad with the hookers and coke and you won't need to worry about the pension
Erm, that's what he asked, does he have a plan for the future beyond his payments.
Soldato
imo if you have the freedom to do whatever you want and you choose an arcade you've lost the plot.
take a few months just to chill, have a holiday or two, then think about it.
take a few months just to chill, have a holiday or two, then think about it.
Soldato
This was my thoughts too. It'll see him to his 60s but what about after?
I would love to have this time! I have 7 million things to build
I'd probably continue working as well, but maybe take on some freelance in what I enjoy, just so I can keep sharp, learning and doing things I like.
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What you need one for, it's 30 years' time. You can't really fully plan for 30 years' time. Look how far things have come in 30 years. (Since 1992).
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Not a direct stab at you btw just noticing it in every thread he posts.
What are you on about? I plan for 30 years time like anyone else by putting into pensions, ISAs, having savings etc as I imagine you and most others here do too.
Soldato
I'd work like normal for the next 10yrs - put away all the 10k a month into investments. In 10yrs, you then have a large pot (couple of mil, depending on investment returns etc) you then take your 10k a month but your 2m pot keeps on growing. So in a total of 30yrs time, you stop getting the money but you'd have about 10m in investments at that point. You could live off that forever.
That isn't what you'd do at all*
*you forgot the bit about starting 50 side of desk projects
Soldato
Dude, I'd do that regardless of that situation
I would like to start a business but if I do I might wait a couple of years until I've got some money built up first. Always fancied owning a convenience store / Premier shop type shop and they are usually gold mines if you have good passing footfall.
BTL is at least a part-time endeavour (less hassle still if you stick with commercial property AFAIK), I think owning a shop like that would potentially be a more than a full-time job!
If you were originally looking for just 16 hours a week I'd suggest that trying to run a convenience store is a bad idea (obvs you can employ others too) but it's still likely something that will leave you with something to deal with most days.
You don't need to save to set up a business, you've got a guaranteed income so could easily get a small loan, for example, according to this article a used ice cream van costs £15,000:
Starting a Mobile Ice Cream Business | NCASS
How to start and run a Mobile Ice cream business The inside scoop About this type of business In the 1950’s there were about 20,000 ice cream van operators in Britain – now there is less than a qua
www.ncass.org.uk
You can ditch it at any time, park the van for 3 months without incurring rent/rates charges or just sell it etc.. That's just an example of a possible part-time business you're not locked into you might hate the idea of being an ice cream van driver or setting up a food truck selling tacos or whatever food you love.
Do you like photography, it doesn't take much to be able to competently take say family portraits, easy enough to set up a photography studio (can do this in a retail unit or just part-time in an outbuilding or garage conversion at home) and do baby photos, portraits it's not like you're running the local shop so you could just not book clients for say 3 months if you fancied another big trip/holiday too.
I'd echo the suggestions to travel too! You could go spend 6 months in Australia and New Zealand while the rest of us get nuked by Putin!
Essentially I don't think you need to get a random job and I don't think your business needs to be some 1st gen immigrant grind set type.
if you just want to work a little bit then running a part-time business or doing ad hoc gig economy work (uber driver) etc.. is an easy solution and you're still your own boss.
You could pivot into other areas if you wanted to build a business up a bit too - whether you're an ice cream van man, food truck guy or a photographer you can pivot into doing weddings or events and offer to supply additional things like the photobooths and silly costumes for drunk people, chocolate fountains, arcade machines, play for fun casino games etc..
Man of Honour
Congratulations on the life changing win - please please please don't waste your life away now though!
Personally (and I know is is all subjective) I'd probably carry on working where I am. I actually enjoy my job.
However, I think I'd use the money to do another degree/qualification to keep that intellectual stimulation going.
I would however explore working part time instead. That said, despite liking my role, I may opt for a cool startup sort of company to help/advise them and/or get behind something that I'd be passionate about.
Priorities for me finacially would be to increase pension conrtibutions, overpay the mortgage and/or put a lump sum aside and do a lump payment every now and again. With the rest of the cash, I'd just enjoy it with the family. 10k a month extra (tax free) is significant, even if you're earning a decent wage, 10k is a massive income per month.
Thinking about it, I could contribute (in addition to my salary) £5k towards my pension every month, that's 60k of yearly contributions! Over 15 years that would be significant. I think I'd be able to save up a decent deposit (whilst also working) for at least another property. In less than 3 years I could pay off the mortgage with 10k a month. Which means that after that I could save a lump for either another house purchase or a significant home renewal.
My mind is racing now!
Enjoy your life now that money isn't going to be an issue.
Personally (and I know is is all subjective) I'd probably carry on working where I am. I actually enjoy my job.
However, I think I'd use the money to do another degree/qualification to keep that intellectual stimulation going.
I would however explore working part time instead. That said, despite liking my role, I may opt for a cool startup sort of company to help/advise them and/or get behind something that I'd be passionate about.
Priorities for me finacially would be to increase pension conrtibutions, overpay the mortgage and/or put a lump sum aside and do a lump payment every now and again. With the rest of the cash, I'd just enjoy it with the family. 10k a month extra (tax free) is significant, even if you're earning a decent wage, 10k is a massive income per month.
Thinking about it, I could contribute (in addition to my salary) £5k towards my pension every month, that's 60k of yearly contributions! Over 15 years that would be significant. I think I'd be able to save up a decent deposit (whilst also working) for at least another property. In less than 3 years I could pay off the mortgage with 10k a month. Which means that after that I could save a lump for either another house purchase or a significant home renewal.
My mind is racing now!
Enjoy your life now that money isn't going to be an issue.
Congratulations.
When I daydream about this sort of thing I always think I'd treat myself to a few things in the first year and then stick half going forward into savings / investments. Gives you 5k a month to live comfortably and then find a passion / hobby business to fill the time. Still needs to turn a profit but not to the same level as it being your only income.
Amazing win though, so many options available to you now. An adult arcade sounds a bit depressing so I'd skip that one
When I daydream about this sort of thing I always think I'd treat myself to a few things in the first year and then stick half going forward into savings / investments. Gives you 5k a month to live comfortably and then find a passion / hobby business to fill the time. Still needs to turn a profit but not to the same level as it being your only income.
Amazing win though, so many options available to you now. An adult arcade sounds a bit depressing so I'd skip that one
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