warchest etc warchest etc - Page 2
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Thread: warchest etc

  1. #11

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    haha
    need to read up on pensions too as currently just got Aegon which is what my employer used to use so just stayed with. PensionBee is interesting from what I seen.

  2. #12

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    Quote Originally Posted by xenomorph View Post
    haha
    need to read up on pensions too as currently just got Aegon which is what my employer used to use so just stayed with. PensionBee is interesting from what I seen.
    Forget pensions

    Live your life now, could be deed next week

    Or if you live to 70 (new retirement age) you will get 2 years life of pondering about garden centers until you snuff it form latest pandemic- best case


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  3. #13

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    Quote Originally Posted by GhostofTarbera View Post
    Forget pensions

    Live your life now, could be deed next week

    Or if you live to 70 (new retirement age) you will get 2 years life of pondering about garden centers until you snuff it form latest pandemic- best case


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    Cheerful as ever

    But very fair points all the same. Prepare for retirement but don't slog your guts out for it - live now.

  4. #14

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    I had an eight week unpaid period; it’s not pleasant. The whole year I pulled every contact and trick I could to stay in work.

    6 months is a minimum.


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  5. #15

    Prof Cunning @ Oxford Uni

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    The first thing with a war chest is to know your burn rate.
    How much do you spend without leaving the house:
    Mortgage
    Council Tax
    Home fuel: Gas/water/electric/oil/coal/wood
    Home insurance
    Cars/car loans
    Car insurance
    Car tax
    Car Fuel
    Food
    Drink
    etc

    Now add on to that figure the amount you need it to be before tax if it’s in your company.
    Don’t forget to leave enough money in the company to pay CT and VAT.

    And when you need to tighten your belt, where can you reduce expenditure?
    I work on the idea that if you’re a 2 car family, own one outright. If you run out of cash, you can hand the other one back.
    Pay off loans when you can, don’t base today’s borrowing on tomorrow’s contract.

    Over the last decade I’ve made sure that I’ve got 12 months in the chest. Or 6 if I wanted to travel the world.
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  6. #16

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    good points everyone
    my main thing is getting the buying house out of the way.
    reason I left perm job is so that I can save up for deposit so once I done that I can go back to permie as who knows how much longer it will be worth contracting at the rate things are going.

  7. #17

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    Quote Originally Posted by xenomorph View Post
    good points everyone
    my main thing is getting the buying house out of the way.
    reason I left perm job is so that I can save up for deposit so once I done that I can go back to permie as who knows how much longer it will be worth contracting at the rate things are going.
    Depends if you think the biggest Ressesion in UK history will not knock 20% off house prices in the next 18 months and plunge you into negative equity


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  8. #18

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    Have only had one period of bench time - 5 months. I was glad I had a 12 month warchest.
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    25 June 2018

  9. #19

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    Quote Originally Posted by xenomorph View Post
    You talking about leaving that warchest money in company accounts right and not withdrawing?
    Leave enough in that you can keep paying your salary as well as the dividends that you'd normally take, ideally for a full year.
    There's nothing to stop you building it up high as you can then treating it like an extra a pension fund and living on it later on when you get older and fussier about what contracts you want to take on.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

  10. #20

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    Quote Originally Posted by GhostofTarbera View Post
    Depends if you think the biggest Ressesion in UK history will not knock 20% off house prices in the next 18 months and plunge you into negative equity
    Only an issue if you're considering selling any time soon. If you're in your "forever home" and don't have to sell, it doesn't matter.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

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