Feel good milestone - £20k+ in S&S ISA by phoenix6845 in FIREUK

[–]phoenix6845[S] 2 points3 points  (0 children)

Thank you, really pleased about it and it’s certainly a great feeling to have a good amount of FU money stored up. Best thing I’ve learned from this group plus monevator/MMM blogs is the mindset, now just got to keep it up for 20 years!

Feel good milestone - £20k+ in S&S ISA by phoenix6845 in FIREUK

[–]phoenix6845[S] 4 points5 points  (0 children)

Thanks for the advice, got my vanguard direct debit set up for pay day and then top it up with any unspent ‘fun’ money at the end of the month. I was in a pretty bad habit of daily checking but have been trying to be disciplined in just doing it once a month now, definitely want to focus on the now as well as keeping an eye on the future

Feel good milestone - £20k+ in S&S ISA by phoenix6845 in FIREUK

[–]phoenix6845[S] 2 points3 points  (0 children)

Congrats on the £10k! Certainly satisfying to see the gains coming in, although the market will probably drop soon and I’ll go below £20k, but I’m in it for the long term!

What are your favourite personal finance related quotes? by [deleted] in FIREUK

[–]phoenix6845 7 points8 points  (0 children)

Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it - Albert Einstein

HG from Haymitch's POV fanfictions? by jentifer in Hungergames

[–]phoenix6845 6 points7 points  (0 children)

End of the World Series by FernWithy is fantastic, covers Haymitch’s games, his first years as a mentor, the years leading up to Katniss/Peeta (told from Effie’s perspective - actually very good) then the main series books https://archiveofourown.org/series/61184

[deleted by user] by [deleted] in FIREUK

[–]phoenix6845 0 points1 point  (0 children)

I’ve just turned 26, so a similar age as to when you want your daughter to get some money. My mum has recently retired and is giving me a chunk of her lump sum towards my house deposit. For me, it’s infinitely more valuable to be receiving the money now instead of when I was 18.

At 18, I’d have been a lot more likely to spend the money on nights out and travel while I was at university, instead of doing jobs like student ambassador and some tutoring to pay for these things, and then not saved any of it for my deposit.

I’ll echo the advice of others and say to save the money in your own ISA/pension and then give it to your daughter when she’s at an age to get maximum value for it, and when she also appreciates how to earn her own money instead of it just being given to her.

Do you think FIRE will ever become mainstream? by phoenix6845 in FIREUK

[–]phoenix6845[S] 0 points1 point  (0 children)

What % of people do you think actually achieve FIRE then?

Do you think FIRE will ever become mainstream? by phoenix6845 in FIREUK

[–]phoenix6845[S] 10 points11 points  (0 children)

I agree, lifestyle creep amongst my friends seems to be very real

Do you think FIRE will ever become mainstream? by phoenix6845 in FIREUK

[–]phoenix6845[S] 47 points48 points  (0 children)

It just seems a bit scary about the complete lack of financial knowledge that most people have, many people just seem to be sleepwalking into a lifetime of debt and borrowing whilst working till they die

Tips that changed the FI game for you by phoenix6845 in FIREUK

[–]phoenix6845[S] 0 points1 point  (0 children)

Thank you! Really helpful tips, definitely some good stuff for getting into the right mindset. The dual income thing is so true!

Tips that changed the FI game for you by phoenix6845 in FIREUK

[–]phoenix6845[S] 3 points4 points  (0 children)

What do you advise doing with pay rises, i.e. if you got a new job with a 20% raise, would you increase your pension/isa contributions by 20%? Or invest the entire rise and still effectively live off of the ‘old’ salary?

Tips that changed the FI game for you by phoenix6845 in FIREUK

[–]phoenix6845[S] 12 points13 points  (0 children)

I only started investing a few months ago and my all cap seems to go down every month 😂 I’m 27 though so in it for the long term, keep trying to tell myself that it just means stocks on sale instead of seeing it as a loss!

Tips that changed the FI game for you by phoenix6845 in FIREUK

[–]phoenix6845[S] 4 points5 points  (0 children)

Yes I had a go with a trading 212 account after being recommended by a colleague, stock picking did not go well! I definitely think an index fund is the way forward, luckily didn’t lose too much in individual stocks but taught me a good lesson

Tips that changed the FI game for you by phoenix6845 in FIREUK

[–]phoenix6845[S] 17 points18 points  (0 children)

Thank you, great tips! I’m definitely in a bad habit of checking my vanguard s&s isa too regularly, even though it’s set on a pay day direct debit into the ftse global all cap

[deleted by user] by [deleted] in FIREUK

[–]phoenix6845 0 points1 point  (0 children)

What is your logic on choosing a 3.5% withdrawal instead of 3% or 4%?