Something I thought of the other night, how much I hate my job, and it had me spurred on. I would really like to work hard, so I can retire at 40. Now, this is no easy challenge. I’m talking proper retirement, not working a single day again in my life and living the life I want with it’s luxuries until I died.
Now, I manage a rather generous guess here on how much I’d need to save up to retire at 40. I worked on the basis of my current expenditure, I guesstimated I’d need around the region of £20,000 per year to live off based on current spending and finances.
I wouldn’t actually need this much, but thought it better to over estimate than under estimate. Also, I want to start this plan when I turn 30, so it’s not a short term plan, it’s a long term plan over 10 years.
Drum roll please…. in order to retire I think I’d need around £3,000,000 (3 million)
Now, this figure isn’t purely for living. I don’t expect to live beyond 70 years old but I would be putting money aside. Around £1.5 million of this is to build my very own custom house. I’m talking about a large plot of land (maybe 0.5 acre) where I have no close neighbours and a house custom built to my requirements to live in until I die. I’m talking things like home cinema, home computer room, gym, swimming pool, games room, etc.
The actual figure I worked out for retirement would be around £1 milllion. At £20,000 per year before inflation, this would work out around 50 years of no employment I could live off. The other £500,000 would be for a safety margin that I could live off if the shit hit the fan
So, how am I making this money. Working and gambling with roulette. Some say gambling with roulette is stupid, but it’s not. Just a case of using your brain and knowing when to quit and knowing your limits. The technique I’m using is very slow, but it has a very high success rate (nothing is 100% on roulette)
To make £3,000,000 in 10 years to retire at 40 years old (playing every day for 10 years). If I work on the basis of 365 days per year, I need to average £821 per day in order to make this amount.
Short of winning the lottery. Roulette will be my next go, it definately works, just a case of perservering. The method I’m using basically returns the original bet you made when you gamble. If you lose, you need to double up the bet. So for a stake of £1 you win £1 back. If you lose you need to bet £2, and then £4, and then £8, etc.
This method is slow, but the money you earn picks up when you have large figures.
I’ll keep adding more posts the further I go, but even using this method of £30 per day you can still earn yourself £900 per month. As for the money on £20,000 per year. Part of this plan is to pay off the mortgage and all debts and buy myself an evo. That way I have a disposable income of £600 per month towards adding into ISAs or high interest accounts. I leave these with a large deposit (say the 500k safety money) compounded interest over 20 years, probably puts this in the region of 1 million more
So, it’s a dumb plan, but something I intend to achieve. Hopefully I’ll take pictures when I save up the money when the house is built 🙂
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