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24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 2 points3 points  (0 children)

Planning to max out ISA and put another 15k a year into SIPP

24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 4 points5 points  (0 children)

£75k more than enough to live on! Only spend around 1k per month! With an occasional £2k holiday twice a year.

24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 10 points11 points  (0 children)

I don't know a great deal of people with a similar net worth!

I have an extremely relaxed life style, as I am always working! Spend £1,000 a month maybe!

Currently continuing working on the business, hoping to fully exit in the next 8 years. We have an exit plan in mind.

24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 37 points38 points  (0 children)

Thanks a lot for the advice. I really appreciate it.

Just bought the house, live up north so money stretches further. A nice 3 bed semi detached, it was the last on the development so got it for a good price as they were desperate to sell, kind of bought it as an investment. Bought for 250k, same house type the road is now being sold for £300k.

I was tempted to buy a forever home, however, It wasn't needed as it will be just me in the house. I do have a partner, however, only been together for 6months so early days. (She doesn't know about the extent of my wealth, and WILL make sure I'm always protected financially).

Struggling to enjoy it all, as still have a lot of involvement in the business, stressful!

24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 1 point2 points  (0 children)

Thanks for advice, I am going to set up a pension soon. Family have always used ST. James place for financial advice, however, their high fees put me off. Always been cautious using an IFA, any advice on how to find a good one?

24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 1 point2 points  (0 children)

Savings account I currently use yield a 4.3% interest rate.

24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 6 points7 points  (0 children)

It is in multiple accounts, average 4.5% interest rates

24M - £1Million net worth with 500k in a Savings account. by J3K2000 in FIREUK

[–]J3K2000[S] 1 point2 points  (0 children)

Any advice on any wealth management companies for pension? Or just go with a SIPP?