http://forum.earlyretirementextreme.com/ --- for those on the fast track to financial independence en Tue, 21 May 2013 17:02:44 +0000 http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50205 Thu, 02 May 2013 06:05:00 +0000 JamesR 50205@http://forum.earlyretirementextreme.com/ <p>Zeran,</p> <p>Perhaps you should have a more concrete plan for how you're going to develop your businesses before you take that break. You might want to watch out for the common programmer mistake of building something that no one wants. So hopefully you are at least aware of the principles of bootstrapping &amp; lean startups. </p> <p>I mostly suggest you google around if you aren't aware of those. Possibly check out books like "Getting Real", "ReWork", sites like unicornfree.com and perhaps look at Steve Blank's Lean Startup course on udacity.com. (The first 3 things I mention are heavily web app focused)</p> <p>I do think that you should perhaps hold off, or ask for a non-paid break, or apply for another job (and then set the start date months in the future). Perhaps even get another job that pays better, and work that one for a year?</p> <p>By the way, I totally understand about not having energy to work on side projects while working full-time.</p> <p>Is there any way you can reduce the energy demands of the job, reduce energy spent during commute, and generate more energy for the work? Perhaps finding a work partner, or finding a good co-working space that you can pop by for a couple hours after work? Or maybe just doing something like exercising regularly to bring your energy levels up? Just some random ideas heh.. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50204 Thu, 02 May 2013 05:40:12 +0000 george 50204@http://forum.earlyretirementextreme.com/ <p>I took 9 months off accumulated leave before ended one career</p> <p>some points to think about</p> <p>1. when I returned my tolerence level was reduced and I left 20 months later<br /> 2. how much capital do the business ideas require<br /> 3. Its not freedom if you're living off capital rather than passive income<br /> 4. At this stage concentrate on living on your ERE income level, see how low you can go.<br /> 5. Is your job really holding you back from persuing the things you enjoy? ie can you transition while working.<br /> 6. Freedom is doing the things you enjoy - not necessarily having no salary </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50195 Thu, 02 May 2013 03:42:44 +0000 spoonman 50195@http://forum.earlyretirementextreme.com/ <p>@Scott 2: "I planned to play a lot of video games. Without a job, I lost all interest in them."</p> <p>Aww, damn, there goes that plan ;). Seriously, though, I do plan on going on at least one video game binge to get it out of my system.</p> <p>@Zeran</p> <p>I think taking time off to get a different perspective will definitely allow you to learn some valuable lessons and perhaps unlock some opportunities. It sounds to me like you are in the beginning of your journey, so I wouldn't take time off just yet. Maybe when you're 25% of the way. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50165 Wed, 01 May 2013 16:39:42 +0000 George the original one 50165@http://forum.earlyretirementextreme.com/ <p>Seems to me that your questions are bounded rather than unbounded. You're looking at it as if the worst you can lose is 2 years and most you can gain is the scratching of itch.</p> <p>- How much will you gain if the income streams are established?</p> <p>- If the income streams are established, how long will they last and how much work is required to maintain them?</p> <p>- How much will you lose if you're wrong about the whole experiment and have trouble finding employment afterwards?</p> <p>***</p> <p>Finally, I have to side with what others suggest: why not do the development while you're still employed, making use of spare time and vacation?</p> <p>If you're really passionate about the subject, then this should be straight-forward. If you're not that passionate, then having more time available will not help you. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50163 Wed, 01 May 2013 15:44:35 +0000 Seneca 50163@http://forum.earlyretirementextreme.com/ <p>@ Zeran- I picked up The Power of Starting Something Stupid at the library yesterday, and read the first several chapters this AM.</p> <p><a href="http://www.amazon.com/The-Power-Starting-Something-Stupid/dp/1609070097" rel="nofollow">http://www.amazon.com/The-Power-Starting-Something-Stupid/dp/1609070097</a></p> <p>In there he had the "Jeff Bezos test", paraphrasing, "when you are 80, would you regret not having done it?" </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50162 Wed, 01 May 2013 15:24:35 +0000 leeholsen 50162@http://forum.earlyretirementextreme.com/ <p>"So what are your thaughts? an act of madness? Or a good way to spend resources?"</p> <p>If it were me, I would become FI first, then start taking a break for two reasons:</p> <p>1. The world economy is declining all over and jobs will be harder to get a year from now than they are now.<br /> 2. If I could, I would try my other business ideas while still having a job as they might cost you more to start up than you imagine and set you back on your FI date further than you think.</p> <p>So, if I were in your shoes, I'd become FI first and maybe go over your goals if you were interested in starting a business to cover some costs you may have not considered.</p> <p>If you really need a break, you might ask if you can take a month or 6 weeks off without pay; I can do that and that's probably going to be my test on ERE when I hit my goals. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50157 Wed, 01 May 2013 14:16:26 +0000 GPMagnus 50157@http://forum.earlyretirementextreme.com/ <p>Zeran</p> <p>Try to find a new job where they really want you and tell them that you can start after 3-4 months - if they say yes and give you a contract you will avoid the risk of unemployment and still have a few months to rest/try new things. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50152 Wed, 01 May 2013 13:22:42 +0000 Zeran 50152@http://forum.earlyretirementextreme.com/ <p>It'll take me 10 years to get to FI from my current point. </p> <p>I'm programmer myself. In my present job, the longer I stay the less employable I think Ill be (i'm basically doing scripting atm). Working on my own projects will improve my employability ( I think).<br /> A problem I face at the moment is I don't have enough spare time and energy to work on projects that I want to given that I am working.( also aware that better personal time management could afford me more time).</p> <p>I guess my plan is that in that year off I would create a few revenue streams. I presently have none outside of my employment. If I could generate enough revenue streams that I could cover my expenses then I wouldn't return to employment. </p> <p>A "requirement" to take the time off for me, would be to create a revenue stream with my spare time to prove I can do it. </p> <p>@jacob im 2/25 and it'll take 10 years to complete that. I meant that a 1 year break will add 2 years until FI (given I spend 1 unit and the opportunity cost of not earning more units in that time)</p> <p>The points of view given in the responses are useful, thanks :), Just responding now has made me realize how much I value creating my own revenue streams from my own projects. I'm hoping it's not that hard to get back into employment after a 1 year break. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50148 Wed, 01 May 2013 12:14:44 +0000 bibacula 50148@http://forum.earlyretirementextreme.com/ <p>@Zeran - I'm a bit skeptical about taking a break so soon into your FI journey. I was laid-off with 20/25 years of expenses saved, and I was initially unsure whether I should take some time off.</p> <p>If you think your job is OK, then you may want to stick it out and build on the great start you've made toward independence.</p> <p>If you're miserable in your job, then take time off and find something better. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50136 Wed, 01 May 2013 05:53:48 +0000 noskich 50136@http://forum.earlyretirementextreme.com/ <p>While I would definitely love to, I would not dare.<br /> A former colleague left the job and went to travel for 6 months. After he came back it took him more than another 6 months to find a new gig. And he is a technically competent person which really does add value.<br /> Better to get it over with, at least for us who aspire for speedy ERE... It really is a race for me as I can`t wait to get out.<br /> I`m at 8/25 but since I have a savings rate of above 90% my projection is 3-4 years more. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50134 Wed, 01 May 2013 03:17:37 +0000 dragoncar 50134@http://forum.earlyretirementextreme.com/ <p>I'd be too scared. Scared that I couldn't get back to a high-paying job. Scared that I might like it TOO much, thus ruining my performance in any later job. Scared of spiders. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50122 Wed, 01 May 2013 00:00:41 +0000 dot_com_vet 50122@http://forum.earlyretirementextreme.com/ <p>I had seven months between jobs once, and it was truly bliss. I've been working like a dog since, so I can reach FI and do it forever.</p> <p>Yes, breaks are excellent, give you perspective, and don't cost all that much. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50121 Tue, 30 Apr 2013 23:52:23 +0000 jacob 50121@http://forum.earlyretirementextreme.com/ <p>@Zeran - You have saved 2 years out of 25 years? (I'd aim higher unless you plan to do sporadic work). But you also say that it only takes you two years to do the remaining 23 years suggesting a savings rate &gt;90%. Did I get that right?</p> <p>It depends. What's your plan? Sit on a beach for the rest of your life? Start a business that will probably work ... or one which will probably not work? If you're looking to change track, two years is plenty (a lot can happen). If you're looking to relax/lay back, two years is not that long.</p> <p>I guess if I had to provide a very generic answer. Look towards your current spare time:<br /> 1) If you already have side incomes. Money, attention, connections... some kind of capital, you don't need much.<br /> 2) If your spare time efforts have so far generated none of the above, you need a lot more money. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50118 Tue, 30 Apr 2013 23:10:03 +0000 secretwealth 50118@http://forum.earlyretirementextreme.com/ <p>"A series of losing portfolio years and/or some black swan forcing me to re-enter the demoralizing and humiliating job seeking process might be my biggest retirement fear."</p> <p>Yup, same here--it's one reason I am a staunch proponent of semi-ERE augmented by freelancing income. If the labor market is going to fuck us over, we might as well take advantage of the one thing this shitty labor market does give us: flexibility and freedom to float. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50117 Tue, 30 Apr 2013 23:09:37 +0000 Seneca 50117@http://forum.earlyretirementextreme.com/ <p>Statistically it's much easier to get in to Harvard than some jobs today. I'm not sure how true it really is, but it's tempting to think the job market is moving around what skillsets are valued faster than ever. (Certainly plenty of MSM articles that say that)</p> <p>We were on a roadtrip this weekend and were discussing what we'd do if we had an unscheduled break. IE- got fired.</p> <p>I think Jacob's recent attempts to push the crowd's thinking toward ERE not just being about FI/investments is the best insurance against the future we can really have. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50114 Tue, 30 Apr 2013 22:49:40 +0000 JohnnyH 50114@http://forum.earlyretirementextreme.com/ <p>@sw: We agree? I am deeply unsettled! ;)</p> <p>It is depressing, though. Pre-crash salaries were always advertised in my field, now they never are. I suspect because no one accepts them unless they're under a big pile of sunk-cost interviews, HR hoops and brutal "acceptable compensation" negotiations... They probably put cigarettes out on the applicant's body during some of those to foster the proper mindset.</p> <p>Akratic said one of the reasons he retired was he always felt he could find a good job later... I am less optimistic for myself. The unemployed population has countless ambitious, young go-getters that would be happy to work for less than I do...</p> <p>A series of losing portfolio years and/or some black swan forcing me to re-enter the demoralizing and humiliating job seeking process might be my biggest retirement fear. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50111 Tue, 30 Apr 2013 22:30:58 +0000 secretwealth 50111@http://forum.earlyretirementextreme.com/ <p>I agree 100% with JohnnyH (Johnny, I bet you didn't see that one coming, did you?).</p> <p>Right now, labor is being squeezed so much that it's becoming harder and harder to get your foot in the door, and all employers are acting like the Belle of the Ball, looking for engineers to work for $12 per hour, law school grads to be happy with hourly positions, and much, much worse. </p> <p>Before you do anything, read this: <a href="http://www.nytimes.com/2013/03/07/business/economy/despite-job-vacancies-employers-shy-away-from-hiring.html?pagewanted=all&amp;_r=1&#038;amp" rel="nofollow">http://www.nytimes.com/2013/03/07/business/economy/despite-job-vacancies-employers-shy-away-from-hiring.html?pagewanted=all&amp;_r=1&#038;amp</a>;</p> <p>It's gotten to the point where people are willing to accept emotional abuse if it gets them the hint of a possibility of a job interview.</p> <p>I have had the dubious privilege of speaking to a number of HR drones not as an applicant but as a journalist, and while ethics won't allow me to repeat what was said in those conversations, I will say this: anyone who can avoid dealing with these guys and still does it is seriously an idiot. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50108 Tue, 30 Apr 2013 21:45:38 +0000 Tyler9000 50108@http://forum.earlyretirementextreme.com/ <p>Yeah, the "and then what" part of ERE is tricky. If you know it up front, there's no real transition - you just get busy doing what you love. But for most people it takes time to discover, and you'll never find it until you unplug from the Matrix and really start exploring. </p> <p>It's also true that many ERE types are likely very goal driven - it's how they were motivated to accomplish ER in the first place, and also why a previous successful career can lose its luster once conquered. Challenging yourself in life is important. It just doesn't always need to require filling out a W4. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50107 Tue, 30 Apr 2013 21:31:13 +0000 Scott 2 50107@http://forum.earlyretirementextreme.com/ <p>I planned to play a lot of video games. Without a job, I lost all interest in them.</p> <p>I bought a pool table, but again, without a job, I lost all interest in playing.</p> <p>Ultimately I ended up doing the following a few times a week:</p> <p>Lifting weights<br /> Biking / hiking (no car, so this was my transportation)<br /> Eating out<br /> Reading a book (close to one a day)<br /> Beating the internet (what a waste)</p> <p>I took in a relative's dog while they were sick. I researched what to do next with my career. I picked up a little (10-20 hours a month) contract work. This was mostly escapism type stuff though, no real challenges.</p> <p>Without some "big" thing to learn and improve at, life was boring. It didn't help that my social circle had atrophied to my work at the time I quit. It's not like I had friends to go see during the day. I didn't really know how to make them outside the confines of work / school either.</p> <p>Since then, I've paid more attention to making my hobbies challenging and social. Given that I am introverted, I also transitioned my job to something more isolated, freeing mental energy to have a life outside work. It's a better balance and has improved the quality of my days. I like to think it's also made me a more interesting person. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50106 Tue, 30 Apr 2013 21:00:21 +0000 JohnnyH 50106@http://forum.earlyretirementextreme.com/ <p>@Scott 2: Do you mind if ask I what "nothing" during your time off consisted of?<br /> ____<br /> The more I think about it 20 hours per week with benefits and a 6 week sabbatical sounds so perfect... That is my holy grail of job situations. *dreams on* </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50105 Tue, 30 Apr 2013 20:14:24 +0000 Scott 2 50105@http://forum.earlyretirementextreme.com/ <p>I took a break after working for about 5 years. I had no plan, I was just sick of my job and had the money. I got bored in a few months, ended up doing something similar at another company a few months after that.</p> <p>Outside of the opportunity cost of not working and money spent, my salary dropped about 10k as a result of the poorly managed transition. Building that back up took a few more years. Not my smartest financial move.</p> <p>It turned out the things that were making me unhappy, related to problems specific to the company I was at. Had I changed employers while working, I would have done much better.</p> <p>Could I have understood that without the time off? I have no idea. Knowing what it's like to not work changed my perspective considerably. Doing _nothing_ is not for me. A lot of the activities I took pleasure in, were primarily enjoyable as escapes from the stress of working.</p> <p>Learning that changed my approach to life considerably. At first I threw myself into my work. It was the most rewarding thing I knew to do, but after a few years, made me very one dimensional. Gradually I weaned off of that and focused on developing an identity that does not rely upon my profession.</p> <p>Knowing I won't be happy doing nothing, I've focused my time working towards FI trying to understand what is I will be happy doing. I've got everything around that 40 hour hole worked out, but have no idea what my central focus will be. When I figure it out, I'll be ready, but I'm in no hurry either.</p> <p>A funny part about lowering expenses so far, is that "when I retire, I'll..." can probably cover your costs before you are FI. If I knew the answer to that statement, I might do it right now. </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50103 Tue, 30 Apr 2013 18:37:57 +0000 JohnnyH 50103@http://forum.earlyretirementextreme.com/ <p>When I think of updating my resume, portfolio, searching/applying for jobs, dealing with some HR gatekeeper and then all the dumb mind games of an actual interview I realize I'd rather just sprint towards the finish.</p> <p>I think I will ask for some sabbatical option before I quit, but that's a hail marry... </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50102 Tue, 30 Apr 2013 17:54:07 +0000 Seneca 50102@http://forum.earlyretirementextreme.com/ <p>Easily the happiest people I've worked with were the ones that took a year or two off to sail around the world, cycle across the country etc etc. But these people also did not have the concept of quitting careers forever in only 5yrs of work, they thought they were just taking breaks from a lifetime career.</p> <p>We don't have a plan for breaks before FI, because it's not so far out into the future, and our current employment situation is fantastic. We figure we'll make hay while the sun is shining... </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50101 Tue, 30 Apr 2013 17:52:49 +0000 FarmOne 50101@http://forum.earlyretirementextreme.com/ <p>Not a bad idea. A test run lets you test out some of your plans and actually experience some of it.</p> <p>Personally, I took a sabbatical leave several years back that was eight weeks away from work. After six weeks of my trial E.R. period, I called my boss and told him I was never coming back.</p> <p>I found another job closer to home about a month later (I was not quite ready for ER), but those ~3 months of unemployment were pure and simple bliss. I was astounded at how little I actually spent during that time and it spurred me on toward my goal with new vigor... </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50100 Tue, 30 Apr 2013 17:43:30 +0000 frugaladventurer 50100@http://forum.earlyretirementextreme.com/ <p>How would it affect your career? Would you easily be able to resume working at the same salary, or would you need to start back at a lower level? Any risk of losing skills during that time?</p> <p>Also - how serious are you about your "couple of business ideas"? </p> http://forum.earlyretirementextreme.com/topic.php?id=3564#post-50098 Tue, 30 Apr 2013 16:45:01 +0000 Zeran 50098@http://forum.earlyretirementextreme.com/ <p>I am starting on the path to ER(E) 2/25 units of annual expenses. Im considering taking a year off of work and I want to get an outside perspective.<br /> Taking a year off would add 2 years to reaching FI. It would also give me a (my first?) taste of freedom. I would spend some time on some personal projects and a couple of business ideas.</p> <p>So what are your thaughts? an act of madness? Or a good way to spend resources? </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-49586 Tue, 23 Apr 2013 14:29:05 +0000 skintstudent 49586@http://forum.earlyretirementextreme.com/ <p>So here’s my very late update. I am having serious doubts about whether it is worth completing my PhD. The amount of effort required for a minimal income certainly doesn’t justify it. I also cannot see me continuing down an academic path in the field I am in. Having experienced just how much waste of time there is in academia drives me nuts. Nearly everybody in upper positions at my university has absolutely no regard for the time of others. I’ve worked in industry before university, and although you get the career talkers there too, it pales into insignificance compared with my experience of academia. Publishing, is that all there really is to research? I’m never pushed to improve my experiments; I’m pushed to make the results publishable. These do not necessarily correlate.</p> <p>Anyway, onto my spending. March was a fairly good month again, with a 67% savings rate. No particularly outlandish spends, although one car needed repairing for an ABS fault at a cost of around £70. I also bought some components for a device that I am designing, with a view to perhaps selling it as a side business. This cost £60. Our council tax bill has now been corrected and the payments will be reduced this year to compensate for the overcharging last year. </p> <p><a href="http://s1278.photobucket.com/user/skintstudent41/media/SRMar_zpsecd8d6b2.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/SRMar_zpsecd8d6b2.png" alt=" photo SRMar_zpsecd8d6b2.png" /></a></p> <p><a href="http://s1278.photobucket.com/user/skintstudent41/media/SBMar_zps79de1d64.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/SBMar_zps79de1d64.png" alt=" photo SBMar_zps79de1d64.png" /></a></p> <p><a href="http://s1278.photobucket.com/user/skintstudent41/media/ProgMar_zps5c2dd99a.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/ProgMar_zps5c2dd99a.png" alt=" photo ProgMar_zps5c2dd99a.png" /></a></p> <p>With regard to my goals, I’ve still not stopped smoking and so far have not cycled into work. </p> <p>I have however finished the kitchen. We got a secondhand cooker for £100, in the exact model we wanted. It has a fault in that the timer/clock doesn’t work. It may be that I can fix this, but as we switch it off at the mains after use there doesn’t seem much point. </p> <p>I’ve also done some more reading on investment. I made my first share purchase, an index tracker, more to learn the mechanics than as an investment. </p> <p>It was still snowing in late March, so the garden planting has been neglected. Decluttering continues, albeit at a slower pace. I have managed to sell some items on Gumtree, which seems to be our equivalent of Craigslist. </p> http://forum.earlyretirementextreme.com/topic.php?id=2804#post-48274 Thu, 04 Apr 2013 10:18:55 +0000 BelfastERE 48274@http://forum.earlyretirementextreme.com/ <p>Good to see another Northern Ireland person on the forum. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-47146 Mon, 18 Mar 2013 11:32:10 +0000 skintstudent 47146@http://forum.earlyretirementextreme.com/ <p>Time for an interim update...</p> <p>I finished YMOYL really quickly, however reading something and actually doing it are two very different things. I found the book somewhat contradictory. On one hand the reader is told that modifying their relationship with money is about freeing up their life/time to do the things they want. On the other hand, the reader is told that they must follow all nine steps to the letter, the process of which will consume that very same time! Admittedly, many of the steps seem entirely logical and are things I already do or would like to do. Other steps seem to have no value to me. For example, calculating every penny you've ever earned would take a huge amount of time to do if you have no records. And really, what benefit does it give over a quick summing up of your approximate salary over your working life? No signs yet of my girlfriend reading the book and I don't want to push it.</p> <p>One thing we have really started getting to grips with is decluttering. Although we have only a 1 bedroom flat, it should easily be able to accommodate us comfortably, having reasonable room sizes and above average storage space. Opening any cupboard normally resulted in something falling out of it. This drives me crazy. Thankfully, we both have agreed it is time for some action. We held a car boot sale that brought in £80. This was not a good return in monetary terms for all the time and effort that went into it. However, in mental terms in was a huge boon. Not only did we get rid of a small proportion of the junk, it has spurred us to not have to pack it all away again. On return some stuff got thrown out, several items have been put on freecycle, with the agreement that they will be gone in two weeks or binned. Other items are being assessed for sale through auction sites if they will generate enough of a sale price to make it worthwhile. In addition to freeing up room, this process has resulted in the realisation of how little monetary value most objects retain, reducing the desire to acquire more stuff.</p> <p>With respect to my goals previously posted:</p> <p>1) Finish the kitchen.</p> <p>Nearly there. We still want a replacement cooker, but all that remains otherwise is cosmetic. We still have to box in some pipework, do a small amount of tiling and painting and put some trim around the new laminate floor edges. In the past few weeks we’ve finished off all the electrical work and laid the new flooring.</p> <p>2) Quit smoking (again!).</p> <p>Cough, cough. No comment, although March isn’t finished yet!</p> <p>3) Cycle the route to work at a weekend to see if it is viable.</p> <p>I was out of bed early, all ready to do this and got to my bike to find the tyres too soft. Started pumping them up, and being new to presta valves managed to break one! By the time I’d acquired a new inner tube (and hand pump) and fitted it, it had started snowing heavily and all enthusiasm had gone. I still intend to do this soon though.</p> <p>4) Tidy up garden and start planting vegetables.</p> <p>A lot of tidying up has been completed, including a severe pruning of all the hedges. The return to snowy/freezing conditions has delayed any planting. We got hit by a false spring last year that killed off many seedlings. Lesson learned!</p> <p>I also read about square foot gardening and intend to dedicate one bed to that method. Many aspects appeal to the engineer in me. However, I don’t know if I will be able to follow the author’s soil mix as I’m finding it hard to locate pure peat moss, and the quantity of this and vermiculite required would make the soil too expensive to justify. With respect to the peat moss, I’m tempted just to go with some composts with a high proportion of it. I assume it is for water retention purposes, not a big issue here in Scotland due to the regularity with which water falls from the sky.</p> <p>5) Read YMOYL. Try to get my girlfriend to read it too! </p> <p>See above.</p> <p>6) Start learning about investment. Get money in a stocks and shares ISA before the end of the tax year.</p> <p>Been reading about investing, but the more I learn, the less I know. I do however know that holding all my savings in cash is a guarantee of a slow but steady loss due to current inflationary fiscal policies. Whether or not this is less of a risk than stocks I cannot determine, but at least with stocks there is a potential upside. Although I am still not certain of my investing strategy, I do still want to have some diversification from cash so I still intend to put it in a S&amp;S ISA. As I don’t know how I wish to allocate it yet, I’m leaving this until the last minute as it will earn nothing sitting there as cash. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45887 Sat, 02 Mar 2013 10:44:15 +0000 skintstudent 45887@http://forum.earlyretirementextreme.com/ <p>Another attempt to post my update...</p> <p>I've now run the figures for February's spending. It's been an exceptional month for several reasons, but the best news for me was a 70% savings rate.</p> <p><a href="http://s1278.beta.photobucket.com/user/skintstudent41/media/savingrate_zpsd3c16c03.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/savingrate_zpsd3c16c03.png" alt="Feb13SaveRate photo savingrate_zpsd3c16c03.png" /></a></p> <p>The improvement looks exagarrated, as the starting month of August was when we purchased the bulk of our new kitchen. Nevertheless, it's starting to look better. Having August drop out of the 6 month rolling averages that I'm currently using means that my target savings requirement for a 4% withdrawal rate has dropped by nearly 20% since last month. </p> <p><a href="http://s1278.beta.photobucket.com/user/skintstudent41/media/progress_zps381f4ff8.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/progress_zps381f4ff8.png" alt="Feb13Progress photo progress_zps381f4ff8.png" /></a></p> <p>My spending breakdown was as below.</p> <p><a href="http://s1278.beta.photobucket.com/user/skintstudent41/media/spending_zps6f63f960.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/spending_zps6f63f960.png" alt="Feb13Spending photo spending_zps6f63f960.png" /></a></p> <p>We were only in the country for 26 days this month so it was a short month. Also, we do not have to pay Council Tax in Feb or March which also helped. Normal cost is £115 per month. I'll have to check the bill as we should be on the lowest possible band, and with a 25% discount because I am a student, i.e. around £75 in total according to the official website. </p> <p>However, there were irregular expenses for me too. I had a dental checkup (£19) and bought two pairs of walking shoes (£48). The latter is more than 3 times what I have spent on clothing over the entirity of the previous 6 months! We also had to have the annual MOT on one of our cars (£55). It passed, but it will need some new tyres and some minor work to the suspension in the upcoming months.</p> <p>Also the holiday in January meant that I missed two weeks of my part- time teaching job, resulting in my income being down by ~£200. </p> <p>So although a 70% saving rate might be require some work to achieve consistently, 60% or so should be achievable when I'm teaching.</p> <p>YMOYL arrived today, so I'm looking forward to reading it. I've also been giving more thought to what is important to me. Money isn't everything, although you may not think so from my posts. In fact, it's not even the most important thing. I may go into this further in future posts, but I'm signing off for now. Thanks for reading! </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45831 Fri, 01 Mar 2013 23:48:45 +0000 skintstudent 45831@http://forum.earlyretirementextreme.com/ <p>deleted..</p> <p>Forum not updating thread so I ended up doing a double post. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45830 Fri, 01 Mar 2013 23:42:39 +0000 skintstudent 45830@http://forum.earlyretirementextreme.com/ <p>Thread not updating. Deleted post to ensure my html is not the problem. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45236 Wed, 20 Feb 2013 03:33:17 +0000 secretwealth 45236@http://forum.earlyretirementextreme.com/ <p>+2 to moving.</p> <p>The UK really underpays and undervalues certain fields--the 19th century gentlemanly stigma about "trade" is one of the things I dislike about that otherwise wonderful country (any nation that gives the world Frankie Boyle is okay by me). </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45232 Wed, 20 Feb 2013 02:54:44 +0000 George the original one 45232@http://forum.earlyretirementextreme.com/ <p>&gt; Earning more would clearly help, but<br /> &gt; graduate engineers, while a long way<br /> &gt; from poverty, generally do not start<br /> &gt; on high salaries.</p> <p>Emigrate.</p> <p>Presumably you've seen the documentaries 28-Up, 35-Up, etc? They really struck home how much better life is outside the UK if you're career-oriented and didn't come from the upper class. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45214 Tue, 19 Feb 2013 22:50:36 +0000 secretwealth 45214@http://forum.earlyretirementextreme.com/ <p>I remember very strong unsweetened teas helped a lot--Pu Erh especially. Real earthy taste that reminded me of tobacco somehow.</p> <p>Oh, and marijuana helped too. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45212 Tue, 19 Feb 2013 22:38:44 +0000 tylerrr 45212@http://forum.earlyretirementextreme.com/ <p>@secretwealth,</p> <p>yes, I quit smoking several times in the past before stopping completely about 8 years ago.</p> <p>It was always 3 days for the withdrawal and immense craving....After 3 days, you really don't crave it much at all. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-45210 Tue, 19 Feb 2013 21:50:43 +0000 skintstudent 45210@http://forum.earlyretirementextreme.com/ <p>I've been really busy over the last month or so, but when I've had time I've done some tinkering with my financial logging. I've re-organised the categories to re-allocate them more appropriately. I've also decided not to calculate separate savings rates for sole and joint spending. I have to take responsibility for the spending from the joint account every bit as much as my girlfriend. If I'm not happy about it, I have to do something about it. I've no concerns at the moment, it just makes my savings rate really bad (negative) some months! I run the reports monthly, so I'll update as I generate them, but here's how the previous data looks.</p> <p><a href="http://s1278.beta.photobucket.com/user/skintstudent41/media/spending_zps7419b2a3.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/spending_zps7419b2a3.png" alt="SpendingJan photo spending_zps7419b2a3.png" /></a></p> <p><a href="http://s1278.beta.photobucket.com/user/skintstudent41/media/progress_zps9184f5e0.png.html"><img src="http://i1278.photobucket.com/albums/y501/skintstudent41/progress_zps9184f5e0.png" alt="ProgressJan photo progress_zps9184f5e0.png" /></a></p> <p>Fixing up the house has occupied most of my free time over the last few weeks. The plumber who installed our bathroom suite made a terrible job of sealing the bath, which has an overhead shower. It had been leaking so badly that the wall was sodden and mould had started growing on the other side in the hallway. Repairing it was a time consuming job, requiring the removal of sealing strips that were affixed underneath tiling. I think it's now sorted though. I'm just monitoring the wall for a couple of weeks before replacing the bath panel and some trims.</p> <p>I've also been fitting a new kitchen to replace the 40+ year old one that was reaching the end of its usable life. Apart from moving the gas fuelled boiler, we're doing everything ourselves.</p> <p>All this work is not cheap and is the reason for the high DIY bills posted previously (these are now included in home bills category). However, it's a lot less expensive than hiring someone to do it and at least I know the work has been done correctly.</p> <p>So far the spending for February looks quite good, despite a couple of scheduled, but infrequent, bills. Although I've not spent a lot of time planning, I have set myself some goals to complete by the end of March. These are:</p> <p>1) Finish the kitchen.<br /> 2) Quit smoking (again!). This is more for heath than financial reasons.<br /> 3) Cycle the route to work at a weekend to see if it is viable. I'd really like to cycle into work regularly. It wouldn't take significantly longer than driving or public transport, despite being 15+ miles each way. Now that it is almost light again during commuting hours, I really want to give this a so. However, all the routes I know into work involve major roads with no provision for cyclists. I've been poring over google maps and cyclestreets.net to find better alternatives.<br /> 4) Tidy up garden and start planting vegetables. Not economically viable time wise in terms of produce generated, but a pastime my girlfriend and I share and enjoy.<br /> 5) Read YMOYL. I've just purchased it secondhand – puchase price 19 pence, postage £2.80. Try to get my girlfriend to read it too! I reckon trying to get her to read Jacob's book is probably too extreme to start with.<br /> 6) Start learning about investment. Get money in a stocks and shares ISA before the end of the tax year.</p> <p>Something that has been occupying my mind a lot of late is wondering what I'll do once I finish my PhD. I really regret having started it, but am determined to finish. It has however taken me away from the areas that really interest me and I can't see how it will benefit me in employment. I also don't know how I will earn enough to reach a significant savings rate - there's only so far I'm willing to cut my outgoings which I do not believe to be particularly excessive. Earning more would clearly help, but graduate engineers, while a long way from poverty, generally do not start on high salaries. £25 to 30k is about the best I can expect in the early years of employment, which will not provide a huge increase in take home pay. It's also a lot less than I earned before starting my degree. </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-44635 Fri, 08 Feb 2013 18:09:45 +0000 skintstudent 44635@http://forum.earlyretirementextreme.com/ <p>@secretwealth &amp; bulgaria</p> <p>I tried Allen Car many years ago. It nearly worked, but after a couple of weeks I was back to a pack a day. Since then reading the book has had no effect on my mind - I know the trick now. Nicotine replacement therapies (which you'll hate if you liked Allen Car's method) make me feel ill. It's all down to desire to give up with me. I actually find it relatively easy not to smoke nowadays, i.e. with respect to the actual physical cravings, but keeping the mindset is not so easy, especially when in company as a lot of our friends smoke.</p> <p>@djc2</p> <p>Relocation might be viable in 2014. The flat needs a lot of modernisation (hence the DIY costs) before it could be let. I'm only around a year or so from completing the PhD, at which point a move is a high possibility anyway. I think until then we just have to stay put and make the best of what we have/where we are.</p> <p>My girlfriend has no flexibility in her working arrangements on a day to day basis. Even if she had, I'd quite like to see some sunshine myself! </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-44634 Fri, 08 Feb 2013 16:54:00 +0000 djc2 44634@http://forum.earlyretirementextreme.com/ <p>Regarding cutting commuting costs and dumping the van, why not look at renting a more suitable property in terms of location and subletting your GF's flat?i can understand the issue re holidays. My DW is driven by the need to get sun. My view on sunshine in the Uk is that if you have more flexible workmtime, you are better placed to grab the intermittent good days. Does her job allow that possibility? </p> http://forum.earlyretirementextreme.com/topic.php?id=3234#post-44633 Fri, 08 Feb 2013 16:05:31 +0000 secretwealth 44633@http://forum.earlyretirementextreme.com/ <p>I'm not the self-help book type, but Allen Car's Easyway to Quit Smoking (<a href="http://www.amazon.com/Allen-Carrs-Easyway-Stop-Smoking/dp/0615482155" rel="nofollow">http://www.amazon.com/Allen-Carrs-Easyway-Stop-Smoking/dp/0615482155</a>) was what got me to quit. He goes through the psychology behind smoking and the reality of what it does to your body in a very frank, honest, and non-patronizing way. It made me understand why I smoked and made it very easy to stop.</p> <p>I quit about a third of the way through the book and had withdrawal for maybe 3 days. Then I never wanted to smoke again. That was 5 years ago. </p>