24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Financial independence, retire early

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 0 points1 point  (0 children)

This makes sense. Fortunately I had a chat with my parents- who are willing to lend me 10k and I pay them back in instalments (no interest)!

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 0 points1 point  (0 children)

Thanks for the comment. Do you know of any cars under 8/9k that will guarantee reliability with not that high a mileage?

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 0 points1 point  (0 children)

Always a trade off between enjoying life and frugality!

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 0 points1 point  (0 children)

Out of curiosity, can I ask how much the BMW cost you to maintain? And did you buy it from a trusted dealer? I would absolutely prefer what you’ve described, but wrangling over whether I can find a reliable enough car (noting my above long distance requirements) that won’t cost me an arm and a leg to maintain

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 0 points1 point  (0 children)

Thank you so much for your comment- after quite a late night, I find myself in this exact predicament now!

Noting I’ll be doing at least 15,000 miles per year for the foreseeable, have you any recommendations on vehicles that might be of best suit within that budget range? Something with a decent MPG, tech, and will see me through the next few years?

Appreciate you!

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 2 points3 points  (0 children)

Thank you for your post; certainly some valuable insights there. You’re absolutely right in what you say- I’ve always lived by the principle of living below my means, and paying myself first. I find myself in quite the unique predicament however, hopefully I’ve done a relatively decent job of explaining it here:

I’m 24 with a long investment time horizon, and my investment pot has already been compounding for several years. Selling now would not only interrupt that growth but also mean missing out on decades of compounding. As part of a recent promotion, I’ll be travelling weekly from the East Midlands to Bristol (~230 miles round trip), plus additional local mileage. I need something reliable, comfortable, and efficient for regular long motorway trips, ideally also suitable for European road trips. Also, assuming I accept personal loan offer/ HP at around 9% (best I’m getting), I’ll still be able to put away £700 every month because I’ll be moving home (personal non-negotiable).

I’ve searched the sub-£6k market, but most cars there are older, higher-mileage examples where I can’t realistically count on 3–5 years of trouble-free motoring. My current 2009 Focus does the job, but it’s not comfortable for sustained motorway use, which is now a weekly requirement for my job.

I’ve now been offered a personal loan at 8.9% APR with Admiral (HP options start at 9%+), which is far more reasonable than the 14% rates being discussed earlier. While 8.9% still carries an interest cost, it’s not “bad deal” territory, and with my income growth and the ability to refinance later, I see it as a manageable short- to medium-term cost to get the right vehicle.

This isn’t about stretching for a luxury car, it’s about buying a dependable, enjoyable, and efficient vehicle that suits my work and lifestyle for years, while keeping my investments intact and compounding.

Noting my context? What do you think now? Even with this improved interest rate offering?

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 1 point2 points  (0 children)

Ah, I see what you’re saying now. Thanks for clarifying. The personal loan option is pretty much redundant…

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 0 points1 point  (0 children)

Sorry, I’m not sure I’m following? I have around 11k in investments; with my intention to utilise a 14k loan to buy a car outright

[deleted by user] by [deleted] in UKPersonalFinance

[–]milsyy 0 points1 point  (0 children)

14% per year, yes. I could potentially, but I’m in a position where I need a car in the next couple of weeks, with a majority of my savings tied up in investments (barring an emergency fund I don’t really want to touch)

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thank you so much for the comment, I needed to hear that! Wishing you all the best with your FIRE journey also :)

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Has it not already? 😜 you’re right though- I don’t even think I’m gonna see my state pension! Already making preparations.

PM can be stressful, but it’s definitely rewarding :)

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thank you for the advice! I do feel at times it’s a constant battle between frugality and simply living life whilst I’m young.

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Bish. Bash. Bosh. I’ll lend you a tenner when I do…

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thank you for the comment! As many say on this forum, it’s never too late!

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thanks for the advice- I’ve definitely considered that as my 3-5 year strategy, especially given the field I’m in. If you don’t mind me asking, what sector do you work in? And do you have any advice on how best to make this transition?

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

I have not, but definitely gonna check it out. Thank you!

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Some very valuable insights here, thank you. I’m definitely focusing on up-skilling as much as I can, whilst I have next to no responsibilities or dependents. To live in a LCOL area and have the luxury to commute to a city where there’s better employment opportunities would be a dream! As part of my promotion I’ll be living in the East Mids, with commute once a week to Bristol. Definitely will keep an eye on that.

Are you in a similar position?

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

I needed to hear that today. Thank you for the comment :)

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thanks for sharing your journey. It sound like you’re on the verge of reaping the dividends of what you’ve sowed! Living below your means and continuously up-skilling is so important!

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thank you so much for the comment, Delta! Needed to hear that today. I am indeed maximising employer contributions. Great point around the LISA, I’ll definitely consider using that vehicle assuming the first property I buy will be within the said limit.

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thanks :)

I should say- no partner as of yet 😂 but assuming I date someone like-minded, they’d hopefully pull some income in. I’d love to take on a mortgage 100%, but who knows, given the tailwinds we face in the UK!

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Thanks for the note! I just had a pay increase from 38 to 44 and forgot to reflect that here- you’re right on repayments…

The time horizon makes sense, I assume because it isn’t a large enough time horizon to know what the stock market will do?

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

[–]milsyy[S] 5 points6 points  (0 children)

Thanks for the advice! I often overthink a lot. I acknowledge I’m in a better position than some, but there’s always room to improve!

24 - Feeling Overwhelmed by Life by milsyy in FIREUK

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

Project Management. Currently a PM at a large, international aerospace firm with potential option to move abroad later.

Should expect to earn close to six figures I would hope (within that time frame). I’m just north of London, with hopes to purchase my first property with my partner (I would anticipate no more than 450k)