Tag: money saving

Retirement at 40

Retirement at 40

Retirement at 40, is it possible? – For me, yes. I think it’s possible. Although to retire early, ideally you want to get started early. The same as compounding interest, the younger you start saving. The more money you have in the future.

How much do I need in order to retire at 40? I estimate savings of at least £500,000 (realistically though I’d like this to be closer to £1,000,000)

Now this number is a lot, don’t get me wrong. I’m currently 35 years old as I type this Blog entry, however I like a challenge and I’m still optimistic, if it doesn’t work out, then I’ll have built up savings. So it’s a win-win regardless

The reason I want to retire at 40? – “Life’s too short”, you’ve heard those words many times before, and it’s true. Once you’re gone, you’re gone. So I’d rather focus my time on enjoying it and focussing towards my interests. These include Medicine, Robotics and Energy.

As a person, I’d like to do something to leave a mark on this world, which has a greater impact. Working a 9-5 job isn’t doing it though, this is the reason why I’m aiming for a retirement goal. I care about the bigger picture and being happy. Reaching this point would allow me to achieve this goal

Based on a retirement figure of around £1,000,000, I’d need to earn somewhere in the region of £600 per day!

Now, I’m not thinking about this number, quite frankly it’s absurd to think about.

I’m thinking of another way, via “Passive Income” – basically making money without me working for it (so I make money whether I eat, sleep or shit.

For reference it’s about £26 per hour passive income I need in order to get the magic number based on my current age. Which is why I said start early, if I started working on retirement when I was 20, I’d only need a passive income of around £7 per hour!

Anyhoo. My thoughts towards retirement at 40, and what I need to do. Or currently are doing to achieve them

  • Reduce outgoing expenditure (paying off debts / mortgage) and saving money in general
  • Investments (I’m looking into things like Dividends, and REIT) to help pay out dividends as passive income
  • Stocks and Shares (this is more long term investments)
  • Increasing my passive earnings (writing books, training guides, writing more content for my website)
  • Earning more money (whether this be matched betting, ebay, etc)

I don’t earn much passively, but I have my mind focussed on a goal now which is something I’m good at. Quite frankly the thought of leaving any job at 40 appeals to me. I’ve always said if I could afford to not work for a living I’d work with animals

Anyway, that’s my short rant for now. I’d love to hear ideas of how you think about passive income, or what works for you.

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How I fixed my washing machine for £15

How I fixed my washing machine for £15

Over time my washing machine has been developing a fault. I thought I had spilled water down the back of it because when I switched it on, every light on the front panel would flash continuously. Sometimes it would stop, and others it would just keep going and going.

This causes an issue when I’m trying to do my washing up, did some research because I got sick of it and discovered it’s actually a really common fault with washing machines (usually by Hotpoint / Creda / Ariston). The main capacitor on the electronics board (usually C17 Capacitor) has failed.

Board Inpsection
Damaged capacitors

To fix the issue it’s a case of replacing the capacitors. Reading horror stories on the internet suggests calling out a washing machine engineer, they would simply replace the board and reprogram it. Costing the end user around £150

The article that follows shows how I fixed my washing machine for £15

COMPONENTS NEEDED

  • Solder Wick (2.8mm x 1.5m)
  • Soldering Iron, Tip Cleaner & Solder
  • Replacement Capacitor(s) – They need to be ELECTROLYTIC
    • You will need to double check, but most likely it will be…
      • 25V / 100uF
      • 10V / 680uF
      • 10v / 470uF

Once you have verified the correct capacitors for your board you will need to remove them from the board. I’m not the best at soldering, so everyone has their own technique, not to mention the soldering iron I had was a really cheap one that didn’t heat up well. This is the technique I used

 

  • Cleaned the tip of the iron after heating
  • Apply a small amount of solder to the iron
  • Put the solder wick over the board around the capacitor leg and wick it up
  • Keep repeating the procedure until the leg is free, clean iron each time

It’s hard to describe the wicking process, but basically having the extra solder on the iron seems to increase the heat and make it easier to wick the hold solder off. Don’t bother with those plunger removers, they’re just annoying. Use the reel and it will be all off really quickly. In terms of cleaning the tip I used one of those metallic pan scrubbers you get from Asda (the balls of metal) what you use for cleaning stainless steel. The true kits use brass balls, but for cheap soldering irons I don’t really care. It worked well

 

Once you have removed the solder from all the pins, remove the capacitors. Insert the replacement capacitors inside the holes you made which should be clean, making sure you align (+ to +) and (- to -). You should find that there is a small white circle for the negative side and a + mark on the board for positive. Also on the capacitor the negative side there will be lines down the side. If there are no lines, the “shorter” leg of the capacitor is the negative side

 

 

After you have inserted a capacitor, tip the board upside down. Clean the tip of the iron, and let the end hit up (to the point where solder melts on touch), clean the tip again so it’s shiny. Then hold the hot point of the iron to the metal leg of the capacitor and touch the solder onto it, you should find the solder melts. Apply a small amount of solder so it covers the peg and then remove the solder, then remove the iron (this entire process should only take 2 or 3 seconds).

Soldering capacitors
Soldering new caps

Clean the iron tip each time, and reapply solder to all the board points. Once you have resoldered all the connectors onto the board, snip off the end metal pieces with scissors / pliers. Your work should then be complete

Installed capacitors
The new capacitors installed

Now you just need to test the board, personally, I was paranoid of doing anything during first install so I hooked up all of the cables into the board and switched on the machine without the water connected so I had acccess to switch off the power if there was any problems.

Repaired board fitted
The board back in its housing

The washing machine switched on straight away with no flashing lights. Plumbed in the hose after switching it off again and set away two loads. It is now repaired and this is how I fixed my washing machine for £15

 

 

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2014 New Year Resolutions

2014 New Year Resolutions

Given that I’m turning 30 years old this year, I decided it was time for some big changes in my lifestyle, me as a person and my general life.

2014 is going to be a big year of change for me, here’s all the resolutions I have planned, I’d like to achieve them all but I’ll work on it, I want to list them all so they pose as a reminder

 

My resolutions

  • Lose weight (current weight 141kg – lil over 22st) by 31/01/14 I want to be around 17,5st
  • Buy my house (around £60,000)
  • Clear all debt (around £16,000)
  • Keep an up to date exercise / health log
  • Upload more youtube videos
  • Update my website more
  • Get my life in order
  • Start paying money into savings/thinking long term

Overall I’m doing good so far, what’s your 2014 New Year Resolutions?

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