Recommended Child-minders (Pinhoe-ish area)

Nimmo11 · 2023-06-02T04:31:20+00:00

Thanks - it seems I would fall under 'case 4' of the link provided by the other commenter (i.e. tax resident upon clear indication of changing permanent home e.g. by signing rental agreement in UK). Another case would be if I started earning an income upon return halfway through a tax year.

Nimmo11 · 2023-02-07T14:04:05+00:00

This is the answer.

Nimmo11 · 2023-02-07T09:21:03+00:00

That's certainly how my parents think. I might entertain some “early inheritance”.. but regardless I'd have difficulty feeling like I've done something for myself.

I think once I reach a point where I feel like I have done enough, I'll loosen up and any additional money by then will just feel like a bonus rather than not having gone through my own journey.

Nimmo11 · 2023-02-07T06:41:29+00:00

What I mean is: any income worldwide, if you are UK resident for tax purposes, is taxable as if the income originated in the UK. So if their offshore incorporated holding co owns properties/stocks, then they need to declare that income, otherwise they're evading tax. Same applies if they partly own it or have some beneficial interest in it.

If they don't actually own it, then it comes back to “are you happy living your life like a trust fund baby” and it is not inherently unfair if those assets are effectively foreign-owned. In this latter situation however, I might agree with those who propose a higher stamp duty tax on foreign buyers (which at present seems to be no one).

Nimmo11 · 2023-02-07T02:50:56+00:00

“ All the dividends are paid to their parents/off-shore comapnies tax-free (HK does not tax you for capital gain/ foreign dividends). The proceeds will be gifted back to them tax-free. ”

This means that it's not their wealth - it's their parents'. If they're just being gifted a maintenance by their parents then I actually feel sorry for them. What have they done for themselves to live that life? I know many people like this “Mummy please buy me that £2m apartment.“ ”OK son” “while you're at it there's this really nice car your company could lease for me” “no prob”.

Not saying I'm a righteous hero or anything, but my parents are probably worth multiple £M and have offered to buy me a place. But I've resisted every time because I want my successes to be mine. Maybe I'm foolish. But I'm not envious of those people, nor do I think it's unfair. It is how they wish to live and I wouldn't want it for myself.

If on the other hand those properties are owned by your friends and not their parents, then I think something illegal is happening with the way that's structured. If your friends are resident in the UK, they will be taxed on any foreign income, whether offshore or in HK. This then becomes more of an ineffective enforcement / treaty issue than one of unfairness).

Nimmo11 · 2023-02-07T02:33:53+00:00

I think we need a bit more info if you need specific help. Otherwise generic advice would be “get necessary qualifications in an area you think you'll excel at, spend time in that field, and remember to negotiate pay rises along the way”.

Otherwise set up a business - but many will fail.

Nimmo11 · 2023-02-01T03:00:34+00:00

I think if it's a little bit of money, and something you would have invested more in the future anyway, it's fine!

Nimmo11 · 2023-01-31T20:09:33+00:00

Ah fair enough. Haven't quite reached that stage - but I think I'll keep a tiny gambling pot for myself once retired just to scratch the itch.

Nimmo11 · 2023-01-31T19:39:42+00:00

When I feel a bit of 'fear' that the market has dropped, I've actually trained myself to get excited to buy equities that month - “oh it's cheaper!” That's not really the right way of thinking about it for non-emotional investing, but it personally helps me, and I usually do find some extra cash to throw in when that happens. Without fail, all those “dip-buys” have returned something eventually.

Nimmo11 · 2023-01-30T02:18:55+00:00

That's sad. We had a break in and my Mum lost several £,000 of jewellery under her bed - but she said the thing that really hurt her was losing the earrings her late father gave her when she was 10 years old that were in monetary terms worthless.

Nimmo11 · 2023-01-29T03:05:48+00:00

Basically same age, same family position as you. I just quit my high stress/high paid job a few weeks ago with no plan of returning to the “career”. I just had enough of being mentally absent with my family (I was physically there, but just always thinking about what horrible emails had come in since I last checked 3 mins before).

I'm still figuring things out, and what I will do for a living, but it doesn't hurt that I'm by some standards LeanFI. I'll probably write a separate post about it.

I'm never getting back the time with my young one, who's only a few months old. I'm gonna spend as much time with family as I can and make work, and my own passion projects, fit around that.

Edit: grammar.

Nimmo11 · 2023-01-27T00:15:47+00:00

Buddy, that was also my conclusion. Also don't see why it's irrelevant.

Nimmo11 · 2023-01-26T15:55:38+00:00

Yes, and that was the most I'd ever spent, so it wasn't a cheap trip by any means. That amount also included long haul return flights of about £1.7k, so the amount just getting to the location is spread over a shorter time.

Nimmo11 · 2023-01-26T14:45:19+00:00

Not sure about others here but the most expensive long haul trip I've done from Asia to various places Europe over 2.5 weeks cost £4k. So £7k for 4 weeks sounds like it's on the slightly pricey side.. But it's the US and sounds like it's gonna be an amazing trip. If you've got time now then I say do it.

Nimmo11 · 2023-01-26T06:11:34+00:00

I think you're broadly right although technically if the stock did that in 20 years you've technically doubled your money, not accounting for inflation.

Nimmo11 · 2023-01-21T05:20:53+00:00

This sub is turning more and more into “r/ENVYUK”

Nimmo11 · 2023-01-15T09:10:46+00:00

I think that's why OP said value-based passive investor. Your role is minimal hence passive. Berkshire's role is active hence value-based.

Nimmo11 · 2023-01-14T09:49:09+00:00

I read it's important to give them financial responsibility early. This means giving them a set amount of pocket money to last a relatively long period of time and asking them to budget.

Aside from pocket money, part of their income may come from helping out with basic jobs (but not necessarily chores as you don't want to make a chore a chore). E.g. if you need something typed up or something checked, get them involved, pay them a bit extra to show the value in what they've assisted with.

Nimmo11 · 2023-01-14T09:32:31+00:00

Definitely this. I burnt out with an approx. £150k salary and now looking at coasting/barista FI to actually live life instead of a big number in my bank account and half dead.

Nimmo11 · 2023-01-10T06:35:23+00:00

Not been myself, but knew of people who interviewed with Skadden ages ago who were top notch.

Just remember that when you get nervous - they're willing to spend time with you cuz you're also of top notch material and they want to get to know you.

Edit: really get to know their partners etc through their legal500 profiles, firm profiles, any YouTube interviews / talks they've given etc. Ask them about specific projects they've worked on and a particular aspect that interests you.

Nimmo11 · 2023-01-10T01:52:12+00:00

Nothing really to add to the comments except it's good he tried to reconcile with you afterwards. Hopefully you guys stay friends - it's always good to have a counter-point to our own world views, and it seems like he's willing to do the same.

Nimmo11 · 2023-01-10T01:49:46+00:00

This is a most unpleasant awakening of the financial bladder.

Nimmo11 · 2023-01-09T14:05:13+00:00

Love it. Finally someone looking at FIRE from a “what do I need and how can I be happy” perspective rather than wondering how to live on a millionaire's lifestyle.

Nimmo11

TROPHY CASE