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But I think you agree it takes a lot of money to build up the properties
and of course If a person is working and they are borrowing in there own name at high levels S24 kicks in
and they would need a good income to borrow on there own home
so if they were to stay in work they may have to invest via a Company
Its a complicate game today not quite as straightforward as it once was
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Not straight forward as it was no, but not exactly complicated either
All still eminently feasible in simple logical steps
People understand the maths principle no problem but sometime lack the get up and go
Structure it to suit your own individual circumstances
There are 10`s of 1000`s of people out there with decent equity and decent income
There are 10`s of 1000 of people out there also with unencumbered property
Just need a prod and a bit of counselling to get them started
Jonathan Clarke. http://www.buytoletmk.com
Wanted to reply tp JC directly but I can't.
I was living off £1500 a month in 2014 with not problems and not needing to tap my capital (which I had done at lower levels). I upped it to £1600 in my earlier response to allow for inflation. I didn't do a budget, I just checked that my account wasn't going negative at the ened of the month. I use a separate personnal account from my business ones. It included £300 monthly savings to my emergency fund, which I used some of for a car repair. I pay £40pa ground rent for my home but have no mortgage on it. It wasn't difficult
I think someone can live on £1500 a month in the NE without much problem
Lots of folk do who I know
Yes millions of folk can and millions of folk cant
If you have no mortgage, no car no holidays dont eat out or buy clothes or go to the Zoo then
I agree 1500 pcm is a breeze
If you have though a 250K mortgage 1000 Car 200 Holiday 200 eating out 100 its suddenly gone
You have bought no clothes and cant go to the Zoo and if your boiler breaks you are done for
There are 58 million or so people live outside London
For millions yes 1500 pcm spend will be a total breeze
But for millions it would be a massive struggle
In my view the original catch all statement by the poster saying that it was easy for anyone outside London to live on 1500 pcm was a silly statement in the extreme .
For millions yes of course it is easy but for millions more its simply not possible
You live in the NE but got a private plane to run DL so they don`t come cheap!
The government would love a bigger slice but I declared war on the establishment some time ago
The 2 core questions only you can answer are
1 - When do you want to retire?
2 - How much net income do you want to retire on?
Decide on the above and work backwards as to how that net income can be derived - ie from all sources.
Yes so you had no mortgage but someone with maybe an £800 pcm mortgage, car finance, travelling expenses, etc etc not so easy
It was the rather catch all assumption that anyone outside London could easily live on £1500 pcm which clearly is not the case as there are so many variables of people in different financial situations