I'm with Freefaller on this, I wouldn't be comfortable just taking the money and would insist on paying it back.
I have nothing against parents who do just give the money away but it should never be expected by the child.
Frugal 'Weirdos' Retire at 33
- Thread starter tintin82
- Start date
I'm with Freefaller on this, I wouldn't be comfortable just taking the money and would insist on paying it back.
I have nothing against parents who do just give the money away but it should never be expected by the child.
Man of Honour
In my situation, my parents worked their rears off to put us in good schools, and move us from the countries we lived in (which costs money) and give us a good quality of life (such as holidays and good food etc...).
I had to learn this for myself, and they helped me out (this was well over a decade ago). They couldn't help me out for a deposit (but I never even expected them to help me out of my financial situation - I didn't need their help, it just accelerated its resolution), that took many many years of saving - but they helped bring me back into a more stable financial position. Both of them are still working and it was only fair for me to pay back my debt to them.
I'd like to think that had they been multi millionaires I'd have still paid them back, as it is a matter of principle. I don't like the taking for granted that people seem to have for their parents. It seems a little unfair to take and not to return?
Should your parents offer you money for a deposit, you could always pay them back in monthly installments so it would be like a boost to their pension. I'd rather they not have to worry about money when they're not working.
Retiring to me means not having to do stuff to earn money, ie 'retiring' from work. The whole process of earning money is working. Whether in Tesco stacking shelves or sitting at home trading the stock market. It is all work
Deleted member 66701
D
Deleted member 66701
Surely it depends if the primary reason for doing something is to earn money or if earning money is simply a consequence of undertaking the activity.
What if you retire and take up joinery as a hobby? You become good and someone offers to buy a couple of chairs off you, even though you don't need the money. If you sell the chairs, are you suddenly not retired anymore? Still a hobby or is it work?
Agree, I get the impression that he doesn't have to, he just chooses to.
Man of Honour
Ah well. Sorry about that. I still would pay them back whether they need it or not. There you go./
Soldato
I actually had a read of Mr Money Mustache.
Basically in America stuff is cheap and London is expensive.
Lets say that you own your very own house somewhere in the UK. You've worked hard and you don't have a mortgage. Your house is worth £625,000. You are employed as is your spouse.
By the logic of those linked websites in the OP you are now able to retire.
I can't help but say well done to the people who did retire early and can do so at a level of comfort that suits them. Bravo.
I hope to "retire" before I am 40 unless I have a serious career surge which makes me actively choose to remain employed.
Basically in America stuff is cheap and London is expensive.
Lets say that you own your very own house somewhere in the UK. You've worked hard and you don't have a mortgage. Your house is worth £625,000. You are employed as is your spouse.
By the logic of those linked websites in the OP you are now able to retire.
I can't help but say well done to the people who did retire early and can do so at a level of comfort that suits them. Bravo.
I hope to "retire" before I am 40 unless I have a serious career surge which makes me actively choose to remain employed.
I think in some ways it is easier in the UK really - two big expenses for someone who has decided to be super frugal are property taxes and medical insurance in the US. One of those isn't needed in the UK and the other is relatively small - practically a fixed rate albeit with some difference between 'bands'.
In the US on the other hand medical insurance can cost thousands and often has additional co-pay costs if/when you need to make a claim and property taxes are based on a % of your property's current value. If you had some home without a mortgage and a low income it might well be easier to get by in the UK.
In the US on the other hand medical insurance can cost thousands and often has additional co-pay costs if/when you need to make a claim and property taxes are based on a % of your property's current value. If you had some home without a mortgage and a low income it might well be easier to get by in the UK.
Soldato
I think a lot of the websites are misleading...they retired and setup a blog/website as a source of income! (which now does very well). Believing in the idea alone is enough for people to follow.
Healthcare alone over here is getting ridiculously expensive and only going to increase. T
Healthcare alone over here is getting ridiculously expensive and only going to increase. T
well yeah there is that too - there is some traveler person on facebook with a site about travelling the world and blogging... has a whole load of followers - however it clearly isn't feasible for everyone to have a few million followers and a stream of advertising revenue from that. For most people 'travelling' is going to be a 'gap yah' and/or a few extended holidays in between going back to a regular job/contract to pay for the next one.