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warchest etc

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    #11
    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.

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      #12
      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


      Sent from my iPhone using Contractor UK Forum

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        #13
        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


        Sent from my iPhone using Contractor UK Forum
        Cheerful as ever

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

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          #14
          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.


          Sent from my iPhone using Contractor UK Forum
          http://www.cih.org/news-article/disp...housing_market

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            #15
            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.
            …Maybe we ain’t that young anymore

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              #16
              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.

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                #17
                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


                Sent from my iPhone using Contractor UK Forum

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                  #18
                  Have only had one period of bench time - 5 months. I was glad I had a 12 month warchest.

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                    #19
                    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

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                      #20
                      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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