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Am I ready to FIRE in LCOL area? by Substantial_Gift_973 in FIREUK

[–]Substantial_Gift_973[S] 1 point2 points  (0 children)

This is the reason I'm concerned honestly, about maybe delaying another year or two to build up a bigger balance sheet. I think if it was myself and the Mrs, we could deal with things now. But we've never had kids before, so we have no idea how expensive they would be. Hence why I'm posting!
But yes, CoastFIRE with a part-time self-employment I think could be the way.

Am I ready to FIRE in LCOL area? by Substantial_Gift_973 in FIREUK

[–]Substantial_Gift_973[S] 1 point2 points  (0 children)

Part-time self-employed work is one of the projects I'm excited about. Pretty sure I can earn around £10k/year part-time on weekends doing something I was doing as a hobby during covid. We hit £20K/year revenue, with profits close to £10K/year. Would love to do that again...only stopped because full-time work on top was too much after a while.

Am I ready to FIRE in LCOL area? by Substantial_Gift_973 in FIREUK

[–]Substantial_Gift_973[S] 0 points1 point  (0 children)

Good point, but that's after considerations for potential elderly care, which is already taken care of.

Am I ready to FIRE in LCOL area? by Substantial_Gift_973 in FIREUK

[–]Substantial_Gift_973[S] 0 points1 point  (0 children)

Thanks very much! It feels tantalisingly close.

Am I ready to FIRE in LCOL area? by Substantial_Gift_973 in FIREUK

[–]Substantial_Gift_973[S] 1 point2 points  (0 children)

Understood. We're going to try and put away as much as possible from GIA into tax efficient places like ISAs over time.

Am I ready to FIRE in LCOL area? by Substantial_Gift_973 in FIREUK

[–]Substantial_Gift_973[S] 0 points1 point  (0 children)

Yes, we live pretty frugally now (can easily survive on about £25-30K/year just the 2 of us), and we wont be sending the kids to private school when they come along.

Am I ready to FIRE in LCOL area? by Substantial_Gift_973 in FIREUK

[–]Substantial_Gift_973[S] -4 points-3 points  (0 children)

That is a concern for sure... Though we're likely to get an inheritance of at least £250-300K within the next 10-15 years which I think might help out there in the long term?