At your current rate of spending, for how long could you survive without income?
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How do you know how to invest? Asking for a friend.
I don’t. I do it the boring way - buying cheap, highly diversified ETF index funds.
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I just ran the numbers for the first time ever, and it adds up to 34 months - which I realize is a pretty privileged place to be. However, I’m by no means rich; I just live well below my means and invest all my savings.
Dude, you are rich.
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I don’t. I do it the boring way - buying cheap, highly diversified ETF index funds.
That's way more than most people know... Also, wtf is an ETF?
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If you have investments, let’s treat those as liquid cash for the sake of argument. Otherwise, the assumption is that you’re not selling property or possessions, but continuing to live as you do now.
3 months at the absolute most, likely significantly less, even after cutting out all "luxuries" like paying for internet/phone/electricity/water.
70% of that would go on rent for my 1-bed flat. And no - I don't live in a big city. I earn more than most. I spend less than most. I don't use any subscription services and I pirate everything. I don't drink, and I never go out to pubs, cinema, (insert paid activity here) because all of that is way too expensive.
The UK is fucked.
Literally the only thing that decides how long I can live is whether or not you rent - whatever you do or don't do as personal responsibility practically does not matter unless you own a house.
The small variations in rent price are also irrelevant, I used to pay more for less, in the grand scheme of things the variance only amounts to £100-200 per year and usually depends on how much you can tolerate free penicillin on the walls.
The blame is only on boomers who hoard property, jack up rents and collect benefits from the gov't off worker taxes. Virtually no one else is to blame apart from capitalism more generally.
The same boomers will also soon elect the alt-right and things will get a lot worse and everywhere else seems to be on the same general trajectory.
I used to dream of a utopia like Star Trek. Now 28 days later looks like a utopia.
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3 months at the absolute most, likely significantly less, even after cutting out all "luxuries" like paying for internet/phone/electricity/water.
70% of that would go on rent for my 1-bed flat. And no - I don't live in a big city. I earn more than most. I spend less than most. I don't use any subscription services and I pirate everything. I don't drink, and I never go out to pubs, cinema, (insert paid activity here) because all of that is way too expensive.
The UK is fucked.
Literally the only thing that decides how long I can live is whether or not you rent - whatever you do or don't do as personal responsibility practically does not matter unless you own a house.
The small variations in rent price are also irrelevant, I used to pay more for less, in the grand scheme of things the variance only amounts to £100-200 per year and usually depends on how much you can tolerate free penicillin on the walls.
The blame is only on boomers who hoard property, jack up rents and collect benefits from the gov't off worker taxes. Virtually no one else is to blame apart from capitalism more generally.
The same boomers will also soon elect the alt-right and things will get a lot worse and everywhere else seems to be on the same general trajectory.
I used to dream of a utopia like Star Trek. Now 28 days later looks like a utopia.
I earn less than average (£26k), live in the south, most of my hobbies are cheap though. Fair bit of outdoor stuff - touching grass is free.
The media really is pushing reform though, it's crazy how much press they get. The party that wants to remove your human rights..
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If you have investments, let’s treat those as liquid cash for the sake of argument. Otherwise, the assumption is that you’re not selling property or possessions, but continuing to live as you do now.
About a year.
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I earn less than average (£26k), live in the south, most of my hobbies are cheap though. Fair bit of outdoor stuff - touching grass is free.
The media really is pushing reform though, it's crazy how much press they get. The party that wants to remove your human rights..
I earn almost double and I can't say I have any hobbies that require spending money anymore, unless upskilling for work counts as a hobby.
Almost all of my hobbies are centered around spending less money, e.g. building an offline music collection to move off Spotify, homelab stuff to host navidrome & jellyfin to move off having any subscription services.
I did buy an acoustic guitar I've been absolutely in love with lately. Was pretty cheap for a guitar (£200) but that's something I suppose.
I was saving for a house but by the time I could afford even the shittiest mortgage I might have to flee the country and as such lose all the gains in my LISA. Might as well live a little I guess.
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I earn almost double and I can't say I have any hobbies that require spending money anymore, unless upskilling for work counts as a hobby.
Almost all of my hobbies are centered around spending less money, e.g. building an offline music collection to move off Spotify, homelab stuff to host navidrome & jellyfin to move off having any subscription services.
I did buy an acoustic guitar I've been absolutely in love with lately. Was pretty cheap for a guitar (£200) but that's something I suppose.
I was saving for a house but by the time I could afford even the shittiest mortgage I might have to flee the country and as such lose all the gains in my LISA. Might as well live a little I guess.
wrote on last edited by [email protected]Bought a house a couple of years ago, just as Truss fucked up the economy so my mortgage sucks. 2 year fix ends soon though so hopefully the rate will drop. Tempting to keep paying the same amount though as I know I am able to and then cut many years off it. Or perhaps even aim to pay a bit more and cut over a decade off. Reducing the size of the debt faster also should mean I can extend the payback period if I have financial issues and its not as much of a problem as there would be more time to work with.
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If you have investments, let’s treat those as liquid cash for the sake of argument. Otherwise, the assumption is that you’re not selling property or possessions, but continuing to live as you do now.
3 months
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That's way more than most people know... Also, wtf is an ETF?
Exchange Traded Funds, basically these funds pool money from a lot of small investors and give you diversified portfolio. Basically if you try to mirror S&P 500 yourself, it'll require about a few hundred thousand dollars to manage, but by pooling with other people you can have S&P 500 level diversification for 100$
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Dude, you are rich.
He's rich in spirit.
In reality, he's about seven orders of magnitude from rich, and your perspective needs a good tinkering.
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If you have investments, let’s treat those as liquid cash for the sake of argument. Otherwise, the assumption is that you’re not selling property or possessions, but continuing to live as you do now.
3 years for my wife and I.
Probably 6-7 if we take money out of retirement accounts.
We have been very fortunate in circumstances. Spend about 2.5k a month. In mid twenties.
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If you have investments, let’s treat those as liquid cash for the sake of argument. Otherwise, the assumption is that you’re not selling property or possessions, but continuing to live as you do now.
wrote on last edited by [email protected]Next weeks paycheck is already spent
Edit- I am very frugal and the money goes toward bills and rent
