Future plans

in #hive-1962334 months ago

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Life in the UK has been...tough. In the past, we struggled with dealing with the physical exertions of our job but with that now in the past, the main stress we're dealing with is the general idea of having a job.

For me, at least, the notion of being employed doesn't exactly sit well with me. I'm a diligent guy, I do my job and do it well, from all indications. However, after proper introspection, I've realized that I'm not cut out to be employed.

The main reason we decided to move to the UK was because we wanted a concrete source of income. Income that I intend to build on, rather than spend. So, for the next few years, I intend to save a decent chunk of my income, as I work towards my ultimate goal of exiting the rat race.

My plan is simple really; I'll start a business with the capital I save. Its the only way to get out of the rat race.

I keep thinking about how one can get stuck doing the same job for years. I respect people who do it but it's just not for me.

One thing I will take into my future plans is the work ethic that I've learned from performing my role. Whatever endeavour I delve into, I'll need that work ethic to be successful.

In any case, the point is that I want to go back to feeling like I'm the master of my own destiny. I spent my formative years of adult life living on the edge, taking risks in the crypto market and finding ways to survive.

I intend to go back to being self employed but this time, with a bit more capital and even better work ethics that will enable me to survive. 9-5 jobs are nice and all but you can't get rich or be comfortable until you take a gamble on yourself.

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What do you want to do then? :D

Also, I don't know how UK works, but maybe the stock market can be a good place to park some money? :D

My bank has some low interest savings options that I'll explore. I'll also put some money in HBD savings, in the long run

Ohh, I don't talk about the interest savings in a bank, thats always shit xD

I meant the stock market in UK, put some money in a low-cost broad ETF and see if it can make you some money in the next couple of years :D

They use something called ISA in here, you can save up to 12K I think, tax free, per year.

Yeah, I've seen those and I'll be exploring them in due time

Assume you've opted out of your work place pension? No point paying into it if you don't plan to work long term in the UK

ISA would be the easiest way to invest in the UK and is tax free. Better interest rates than your bank. Check out trading 212, their cash ISA is 5.2%, stocks and shares ISA offers higher interest but comes with risk

Oh I opted out.. I always opt out. The company pays a fraction out of their own purse but nothing comes out of my account for it.

I saw something about ISA investment in my Lloyd's bank app but haven't really properly read the documents, so I don't want to put money there.

I intend to spread the risk around though. I'll put small money in high risk investments like crypto and then vice versa for low risk projects.

Cash ISA’s held by a bank are essentially risk free. I think Lloyds, like most of the high street banks, will only offer you decent interest on higher deposits and even then you are usually locked into the higher rate for a year or 2 while the funds remain in the account so you either lose the good interest rate or end up paying charges to withdraw your money before the end of the term. Ok if you’re happy to lock your cash away for 12-24 months.

The Trading 212 cash ISA offers 5.2% interest with daily interest payments and no charge or limits to you withdrawing your cash. In other words for short to medium term saving it’s a pretty good option. The one thing to bear in mind is that Trading 212 will invest your money in a ‘Qualifying Money Market Fund’ (QMMF) something the banks don’t do. This strategy does mean that if Trading 212 became insolvent your money isn’t protected by the UK government (it is in any of the cash ISAs in a high street bank). A QMMF is a highly regulated, low risk investment vehicle that usually buys up things like government bonds so the chances of it tanking to the point that Trading 212 becomes insolvent and you losing your money is very small but still a risk…

The other option is a stocks and shares ISA. Essentially that’s just a way of investing in the stock market without paying tax.

Everyone in the UK has an ISA allowance (cash ISA + stocks and shares brought via an ISA) of £20k a year.

Obviously you understand the risk/reward of stock market investing…

If you fancy opening an ISA with Trading 212 then here’s my referral link. I believe we both get some free shares

https://www.trading212.com/invite/19AxQ8vQAh

I appreciate the summary and yeah, I'm going to set up and account and start growing my account slowly. A few hundred quid at the start won't hurt.

If you don't know this guy, check him, you will like it.

https://earlyretirementextreme.com/

Is there any idea on building a business here on Hive?

I've not really looked into that but I'd be open to it as well.

What kind of business have you been thinking of?

So, when I get back to Nigeria, I intend to open a wholesale-type distribution outlet for drinks and stuff like that. I also intend to open a grocery shop and a barber shop.

Ohh, you want to get back to Nigeria? :D
I didn't know :D

Eventually, yeah. Coming to the UK was always a long term investment to work, get money and then move back to set up a business. The UK can always be my second home.

Ohh fair enough :D

I hope you feel UK is worth it, it sounds like a bit of a shitshow from the outside :P

Its a nice place to work and earn for me, at least. Some people say it's not the highest paying but personally, I'm happy with it so far.

Thats good!
I dont know about the wages in UK, so cant speak to that :S

Yeah, I haven't really experienced other countries, so I can't speak about it but It's more than okay for me. There are also opportunities to climb up the ladder and whatnot in your work place to earn more.

If you want to start something on the side to grow that into a full scale business then for sure check out content by Matt Gray: https://x.com/matt_gray_?s=21&t=rRaEjTdYYKb86QxdF3IM2Q
His focus is online content creation.

If you like to grow a community by teaching them on a topic that interests you a lot, then for sure check out Skool.com from Alex Hormosi.

Also as you’re in the UK, you should check out Helpbank from Simon Squibb. He is helping tons of people to start their own businesses.
https://youtube.com/@simonsquibb?si=W7ILB0xMcsocMfEJ
Simon is focused on all kinds of small businesses

Definitely don’t stay in the 9 to 5 rat race

It’s good that you’ll be looking to get back to being a business owner. We need more of those!