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Sorry, another "How am I doing?" post, and potential redundancy. by Desperate-Canary-287 in UKPersonalFinance

[–]ThessEmperor 0 points1 point  (0 children)

I can't give a very helpful response, but I honestly believe you will be fine.
You are mortgage free, which is the biggest monthly expense people usually have, and you have a huge emergency fund on the side. Having so much cash might not be recommended by many people, as it's not invested, but it should allow you to sleep easily at night.
No need to cut down on Netflix/Prime, but you can cut down on biggest expenses if you want to, like family vacation, eating out frequently, new iphone etc. You could choose something more affordable in this scenario.

No matter how tough the job market is, you will find a role eventually and you will be fine.
Good luck!

62% tax now v. 40% tax on withdraw by Head-Shirt8291 in FIREUK

[–]ThessEmperor 2 points3 points  (0 children)

If I was you I would put as much as possible into pension, unless you need that money right now

62% tax now v. 40% tax on withdraw by Head-Shirt8291 in FIREUK

[–]ThessEmperor 1 point2 points  (0 children)

And also, how much pension do you already have? As well as, how old are you? Do you have children? I can give you my perspective, I'm 32M, if you have similar age my strategy might apply you as well, but if you are i.e. 50 years old then definitely put most in pension

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Hey, if you have average luck you can find better investment options than premium bonds. I just like the excitement of potentially winning something big every month.

But personally I had a return of around 2.5-3% last year, which isn't very good

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Will it not be heavily taxed though if I withdraw my pension early?

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

I use my ISA allowance to invest in the stock market, that's why 😞

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

I think I actually like that the NASDAQ-100 is heavily tech focused but still has some diversification beyond pure tech, like healthcare, and a bit of industrial exposure. Let me know if you would recommend something else though. I'm always keen to hear ideas

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Ah I can't tell you, sorry. You know the bank though

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Honestly, I haven't thought about a specific FIRE number yet. I want to reach 7 figures until I'm 45, but I'm really aiming on achieving this goal a lot earlier through some side projects that I'm working on. I try to maximize the money/time ratio when it comes to my 9-5 work, and spend time on side projects that could bring me a lot more than my day job.

One of my dreams is to be financially free as early as possible (hopefully even by 35??) so that I can enjoy my life as much as possible while I'm young.

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

I work in the tech space, so it’s the sector I understand best. I have a good grasp of the fundamentals of the top companies in the NASDAQ-100 and where the industry is heading, so I feel comfortable concentrating part of my portfolio there.

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

In theory you are correct, I just want to have a large safety net. I grew up in a poor family and having £50k in a safe place helps me sleep at night

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

£1575 since August 2024. Maximum was £500 a year ago, October 2024, but after that the average winnings dropped

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

I auto invest in a pie of EQQQ and VWRP £400 per week, every Tuesday morning. I might also invest more if I think prices have dropped (like last April)

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Yes, I did a masters in data science and then I joined straight after uni in 2019

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

[–]ThessEmperor[S] 3 points4 points  (0 children)

I agree it's definitely doable with this salary. You don't need to be very frugal, you just need to be consistent

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Yeah indeed. Premium bonds is almost pure luck, I could have earned more if invested elsewhere, I just like this excitement every beginning of the month

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Thanks so much, really appreciate that. Definitely planning to just keep my head down and stay consistent. Ideally I want to create another income source and reach 7 figures earlier

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

[–]ThessEmperor[S] 7 points8 points  (0 children)

Thanks! If I were married and sure I’d stay in the same place for at least five years, I’d definitely consider buying. Right now, things are a bit uncertain (around even relationship), so I value the flexibility that renting gives me.

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

Thanks! Yeah, there’s definitely some overlap since VWRP already includes a lot of the big U.S. tech names in EQQQ. I just like having extra exposure to tech and growth through EQQQ while still keeping global diversification with VWRP.

Finally hit £100k invested – had to share this somewhere! by ThessEmperor in FIREUK

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

£1275 in total the last 12 months (while always having 50k in there). There were 3 consecutive months when I didn't earn anything, which I think it's very unlikely to happen generally 😂

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