Early retirement

[Bristolian]

I may be a dissenting voice here, but one of my great fears is that stopping work equates to starting to die. I totally believe in getting the right work-life balance, I’m not a workaholic, but I will quite happily continue what I’m doing for as long as I live or am able.

You're right there.

Aside from the financial considerations, I think I'd go potty if I didnt have my work to distract me.

[Passenger]

In addition it would be interesting to see how that figure (£30k) in the Uk compares with other countries, Portugal, Spain and France in particular.

Just my 2 cents worth.
We were living pleasantly on around 18k sterling pa, in the beginning, it's now around 22k pa about 8 years on, there's my wife and I and our son. Elective things like home extension, new car or adding a pool are additional.
Mortgage free makes a huge difference, obviously, and my numbers include typically eating out on average twice a week, buying good fresh food, school uniforms and tuition and after school activity costs included.
IF you like being outdoors and hobbys like running, cycing, hiking, swimming, sports generally and so on the reliably good weather year round is brilliant BUT mid July to August are HOT so you either adapt and slow things right down, siesta, avoid the Sun as much as possible, plenty of floating in the pool or sea time... basically live like a local and you'll be fine or like a lot of older folks we know you travel for a part of the Summer.
We like the heat but everyone's different.

Ball park for 2 people ,30k pa in my corner of Spain presently would be a doddle for most folks I'd guess, you could even save money.

[valleywatch]

Every body is entirely different!

Sure we are all going to die!

IF!!!!!!! We are lucky? It will be after retirement. If we are REALLY LUCKY, it will be after a long and good retirement.

Your health is the most important thing, plus your time. You cant buy time back!!

Personally? Ive had a health scare 5 years ago...This just reinforced my decision to retire as early as I can!

Of course if I retire at 65 or 66...I will get X or Y amount more lump sum and more yearly salary..Of course its a gamble I will live that long.

Even if I live that long or to be 90 or whatever..if you havent got your health, and arent able to get around easily, travel etc etc whats the point of having £100000000s in the bank , if you cant spend it?!

I realise we are all entirely different of course, what my pension will be in 2 years time, will be enough for me to enjoy my retirement.(I will be spending 6 months of each year in Thailand for as long as I can physically do it).

For those, who say they wont find anything to do with all the spare time...........In a way I pity them, as thats saying your job is your life! (in MY!! opinion that is!!).. Find a hobby even!!

As I say, we are all diferent! Different strokes for different folks!!

Your health is the most important thing (in MY! opinion that is!) factor in figuring out when to retire. Money is of course, massively important.....Just remember, you cant buy time back, and as we all know (at least it does for ME!) time goes by so fast!

Enjoy a long healthy and happy retirement everybody!

[sid]

The old adage
"are you working to live or living to work" is true for most of us you are one way or another I believe there is no middle ground

[PipPip]

The choice for some of us is retire early and be a little more frugal or keep working to fund a shorter but less frugal retirement. Personally I prefer the former and having done my sums many times know that once I no longer need to make mortgage payments (on two properties) or fund substantial pension contributions/other savings, around 40% of my current salary will be plenty. This income needs to be funded at a safe 3% withdrawal rate from my SIPP and savings, which is my target for age 55.
I know a couple of guys in their mid-50s who could retire now and have very significant pensions by anyone’s standards. However they live extravagant lifestyles and have high maintenance wives so will work until their mid-60s so that no lifestyle compromise is needed at all. Not a sensible approach to a short life in my view but their choice!

[downer]

^^^ I've just made that decision (age 56). My income (from SIPP and some DB schemes later on) will be around 40% of my previous salary, but with no mortgage, pension and savings contributions, my net disposable income should not reduce. For sure, I could have continued to work and build more assets but I decided that the next few years should be enjoyed rather than endured.

[Devonian]

I know a couple of guys in their mid-50s who could retire now and have very significant pensions by anyone’s standards. However they live extravagant lifestyles and have high maintenance wives so will work until their mid-60s so that no lifestyle compromise is needed at all. Not a sensible approach to a short life in my view but their choice!

It depends though on whether they enjoy what they do.

About 18 months ago at 46 I considered retiring and for probably 6 months my head was all over the place. I woke up one day and thought I enjoy what I do, I enjoy working with the team I’ve built around me the last 20 years or so and I enjoy seeing my long standing clients. I also have a lifestyle that I want to maintain and enjoy. I’ve jigged things about at work so I’m doing less hours and I made a decision not to deal with people I don’t want to anymore and I don’t. I’m taking more holidays now and I think I enjoy them more because I am working - more to look forward to. I’ve got quite diverse business and property interests and as and when any opportunities arise I’ll sell things off which will again reduce my work load.

The more I think about it though, the more I realise I’ll still keep a business interest as it’s what I enjoy.

[Slamdoor]

Thing is - you have to endure the years of work to fully appreciate the pleasures of retirement.

[PipPip]

It depends though on whether they enjoy what they do.

About 18 months ago at 46 I considered retiring and for probably 6 months my head was all over the place. I woke up one day and thought I enjoy what I do, I enjoy working with the team I’ve built around me the last 20 years or so and I enjoy seeing my long standing clients. I also have a lifestyle that I want to maintain and enjoy. I’ve jigged things about at work so I’m doing less hours and I made a decision not to deal with people I don’t want to anymore and I don’t. I’m taking more holidays now and I think I enjoy them more because I am working - more to look forward to. I’ve got quite diverse business and property interests and as and when any opportunities arise I’ll sell things off which will again reduce my work load.

The more I think about it though, the more I realise I’ll still keep a business interest as it’s what I enjoy.

Fair point. I actually know three guys in this position. One is a CEO, one is an MD of a large division and the other is a Sales Director. So all senior guys who have built teams and obviously get satisfaction from their jobs. I cycle with all three and they moan constantly about work and stress but underneath it all they must enjoy it!

[TomGW]

I think the £30k for a couple would be about a basic minimum, assuming that you're debt free and aren't supporting any family members. It should fund a comfortable enough existence without any financial stress. However, it wouldn't allow much in the way of luxury or extravagance.

[MartynJC (UK)]

I think the £30k for a couple would be about a basic minimum, assuming that you're debt free and aren't supporting any family members. It should fund a comfortable enough existence without any financial stress. However, it wouldn't allow much in the way of luxury or extravagance.

- - - Updated - - -

I think the £30k for a couple would be about a basic minimum, assuming that you're debt free and aren't supporting any family members. It should fund a comfortable enough existence without any financial stress. However, it wouldn't allow much in the way of luxury or extravagance.

I think a key to this is not relying on a pension pot for your income. Buy to Let would also be another income stream as well as having an assett value.

I plan on the following income streams:

• DB pension and invest max lump sum (25% of pot value to buy property in Portugal )
• Draw down on DC pension
• Income from wifes 2 bed flat (bought to let)
• Sell main property in UK to Equity release (and possibly buy to let small UK house in Wiltshire)

I have a couple plans to keep me busy - take a watch maintenance course, learn more on photography, work for charity in any local wildlife preservation areas (UK or abroad).

[craig1912]

Looking into this there are great tax breaks in Portugal for non habitual residents. Has anyone on here retired to Portugal?

#post 81

[Chris_in_the_UK]

Note to Self:

None of us are getting out of here alive, so please stop treating yourself like anafter thought.

Eat the delicious food. Walk in the sunshine.
Jump in the ocean.

Say the truth that you’re carrying in your heart like hidden treasure.

Be silly. Be kind. Be weird. There’s no time for anything else.”

[raysablade]

I think the £30k for a couple would be about a basic minimum, assuming that you're debt free and aren't supporting any family members. It should fund a comfortable enough existence without any financial stress. However, it wouldn't allow much in the way of luxury or extravagance.

Is that £30,000 after tax and is it index linked? We'd been working on needing an index lined £50,000 before tax and waiting until we got there, without really thinking it through. If something less is doable i might be able to go earlier.

The way i feel this morning, after a 14 hour day yesterday, the prospect of a few years extra retirement would be a huge relief.

[anton863]

Is that £30,000 after tax and is it index linked? We'd been working on needing an index lined £50,000 before tax and waiting until we got there, without really thinking it through. If something less is doable i might be able to go earlier.

The way i feel this morning, after a 14 hour day yesterday, the prospect of a few years extra retirement would be a huge relief.

Noone is going to be able to answer that better than you. You'll know your expenses and the level of spending you want to retain going forward.

Mortgage free living up north with no grand kids is wildly different from someone in London, paying off a mortgage with a penchant for skiing holidays!

[troymcclure72]

I say go for it if the circumstances are right. I’m 47 and will fully retire at 55. I plan to semi retire at 50, when my pension will be fully sorted, by switching to contracting and doing 6 month contracts with long breaks in between. I work in Finance in London where there is a always masses of contract work making this possible. I chose my current job which I started a year ago with this plan in mind.

I've been a contractor in IT for quite some time and last year took the jump to work 6 months on / 6 months off at 45. Best decision I've made. So good option if you can do that... No idea when I'll retire tho!

OP you're obviously thinking seriously about it, I doubt you'll regret not working another 2 years. Good chance you might regret working another 2 years.

[adzman808]

I’ve lived in Portugal for just coming up 4 years

I’m not technically retired, but the passive (rental) income I get from my UK property means that I don’t really work either (I’m 43)

Each of our experiences differ...

It’s nice living in Portugal, but you’ll need to ask yourself some honest questions about what you consider quality of life. You’ll be welcomed here, but you’ll never be portuguese, it depends on your UK life, I miss a little pub culture (not boozing per se, but the banter etc that you get with your mates) and being linguistically inept I’m struggling to pick up the language (YMMV obv)

Certain things here are about the same cost as the UK (internet, electricity, branded ketchup!) others are a lot cheaper, (cinema tickets, fresh food, eating out - if you know where to go, which you will once you’ve lived her for a bit)

The weather is a big plus (well usually - it’s unseasonably cold and wet so far this year) in that if you plan (say) a beach day in July, it’ll almost certainly be warm and sunny.

I live in the north of Portugal, so cooler than the south (!) so the temperatures are not THAT much different to the UK, except that instead of a handful of 27 deg days you get in an english summer, here it’s basiclly 25-30 for about four months a year

I rent here (I’d like to buy) and currently you get you appreciably more for you money (although do note the decline in the value of sterling, although it’s creeping back up again) if you’re either renting or buying. But a ‘luxury’ place in the rich part of town will always be expensive.

For me, and my personal circumstances it’s been mechanically a big change. I worked hard and had a decent mid to high five figure income in the UK. Here I do very little, have monetised some of my hobbies (plus the rental income) and I get by living cheaply.

Your situation maybe very different to that.

I have portuguese friends, but I have more friends that are neither Portugese nor English.

For me (and I live in an area with about 2million people) Portugal (well suburban Porto) reminds me a little of the UK in the mid to late 80s there’s local greengrocers, and butchers and family run cafes. The kids play in the local park and all know each other, the parents at school are all relatively matey with each other, and it reminds me of how it was growing up in the UK

But again, experiences like this are formed from whatever your baseline experiences are, so yours will be different to mine.

A few times I’ve missed earning the money (watches for example!!) but I don’t think I’ve ever missed the travel/stress/ball ache of my old working life. I sometimes miss the professional buzz and accomplishment feeling of delivering a complex project, but equally as much as they say ‘our work defines us’ I’m now defined by a fairly idle lifestyle, in a beautiful sunny country and I’m not at all unhappy with that definition

My circumstances combined with a bit more income wouldn’t be a bad life IMO

[KavKav]

Thing is - you have to endure the years of work to fully appreciate the pleasures of retirement.

So VERY true! The bottom line is that if you can afford to retire early with your health reasonably intact and with a few quid put by, life is not so bad!

[noTAGlove]

- - - Updated - - -Buy to Let would also be another income stream as well as having an assett value.

I think that ship has now well and truly sailed. Little scope for capital appreciation (in fact the reverse if IRs tick up) and a general government attitude to kick BTL into touch, given additional 3% stamp on second properties and change to tax regime.

Before this, in many parts of the country BTL yields are wafer thin before the tax changes, and once you factor in wear and tear, voids etc. yields can easily turn negative.

Furthermore, highly gearing yourself if there a risk of property price falls can easily bankrupt you, i.e. you put a deposit down of £10k and property price falls £50k, you lose not only your £10k, but the additional £40k. It’s the BTL equivalent of spread-betting.

It’s a brave person now who think the can jump on the BTL bandwagon at this late stage to find a comfortable retirement.

[raysablade]

Noone is going to be able to answer that better than you. You'll know your expenses and the level of spending you want to retain going forward.

Mortgage free living up north with no grand kids is wildly different from someone in London, paying off a mortgage with a penchant for skiing holidays!

We paid of the mortgage 10 years ago, live up North and have no grand kids. I think i might be able to pleasantly surprise myself.

[Seamaster73]

I'm seriously considered calling it day this year or next (I'm 45). Corporate life is hell. If I had Ray's platinum-plated public sector pension to look forward to they'd have to rugby tackle me at the door.

[raysablade]

I'm seriously considered calling it day this year or next (I'm 45). Corporate life is hell. If I had Ray's platinum-plated public sector pension to look forward to they'd have to rugby tackle me at the door.

Its not really platinum plated with regards to early retirement you loose 5% of what you have accrued for every year of retirement before 60.

So if you are on £25000 a year with 35 years service accrued your pension entitlement at 55 is about £8k pa

For staff under 55 the pension age has been raised to 67 so the they will loose far more and have no realistic prospect of taking their benefits before their mid 60s

[jwg663]

I note that there's been a couple of 'Is £30k enough for a couple?' type posts.


I gave up work in 2009 & my wife I live on our two pensions. We're debt-free, have a decent sum put away & live a fairly modest life.


In my experience, £30k will give you enough to live comfortably as a couple, but not really have a life. It's probably somewhere between 10 & 20% light.

[Lifeisgood]

I jumped at 61.

I have a villa in Spain and we spend 24 lovely weeks every year here. I also flit around Europe (nice easy short flights) and it is a good life.

Does it beat working - what do you think ?

The only downside to early retirement is the shock of not working and contributing to society and that does take a bit of getting used too. However I now take the view that work is for fools and horses.

Just do it.

I have retaired last year and planing to buy a house from Spain also maybe a bit big one for all the familly. what do you think about this option is the price good ?

[Mick P]

I have retaired last year and planing to buy a house from Spain also maybe a bit big one for all the familly. what do you think about this option is the price good ?

If you have the ability to stop worrying about about any supposed or real consequences of Brixit, buying a property in Spain is a good long term bet.

If you want a 4 bed villa with a pool, you will probably need to buy about 5 miles inland, the coast is riddled with 2 bed apartments which are ok for say a 2 week break but would be a hell on earth for any longer.

I have a large 3 bed villa with a pool and sea views and it is a place you could live for 52 weeks a year.

I would advise in keeping a bolt hole in the UK as July and August are just too hot for comfort and I enjoy the travelling back and forth as it makes life interesting.

[draftsmann]

It depends though on whether they enjoy what they do.

About 18 months ago at 46 I considered retiring and for probably 6 months my head was all over the place. I woke up one day and thought I enjoy what I do, I enjoy working with the team I’ve built around me the last 20 years or so and I enjoy seeing my long standing clients. I also have a lifestyle that I want to maintain and enjoy. I’ve jigged things about at work so I’m doing less hours and I made a decision not to deal with people I don’t want to anymore and I don’t. I’m taking more holidays now and I think I enjoy them more because I am working - more to look forward to. I’ve got quite diverse business and property interests and as and when any opportunities arise I’ll sell things off which will again reduce my work load.

The more I think about it though, the more I realise I’ll still keep a business interest as it’s what I enjoy.

You just described my life Stephen, although now in my early 50s I’m working harder than I did 10 years ago, no hardship and that will start to reduce over the next couple of years. I think I’m very fortunate.

[noTAGlove]

Loads of folk seem to retire or spend a lot of time in Spain/Portugal.

Anyone retire to, or spend a lot of time in Greece as I find it so much nicer there?

[Devonian]

You just described my life Stephen, although now in my early 50s I’m working harder than I did 10 years ago, no hardship and that will start to reduce over the next couple of years. I think I’m very fortunate.

Great minds and all that Adrian :-)

Seriously it’s probably that we thrive on it and would be a little lost without it. To me it makes the time off far more enjoyable.

[Yeti]

Loads of folk seem to retire or spend a lot of time in Spain/Portugal.

Anyone retire to, or spend a lot of time in Greece as I find it so much nicer there?

I too prefer Greece but fear the 4 hour flight puts a lot of people off. I holiday in kos most years, people are great, culture is great and relatively unspoilt..

[craig1912]

I too prefer Greece but fear the 4 hour flight puts a lot of people off. I holiday in kos most years, people are great, culture is great and relatively unspoilt..

Agree we prefer Greece and are there three times this year (including Kos again). The flight time and medical facilities would probably put a lot of people off.

[-Ally-]

Agree we prefer Greece and are there three times this year (including Kos again). The flight time and medical facilities would probably put a lot of people off.

The migrant crisis may also be a concern.

[noTAGlove]

The migrant crisis may also be a concern.

Idiot.

Your reputation just sinks lower and lower.

[Yeti]

The migrant crisis may also be a concern.

What a moronic comment. For what it’s worth, I was in kos a few years back when there was an influx of Syrian migrants passing through and they were no issue what so ever. Probably had more morals and integrity then you.

[-Ally-]

Idiot.

Yeh...because no one would ever consider such a thing before choosing their retirement location, would they ?

Get real.

[Yeti]

Yeh...because no one would ever consider such a thing before choosing their retirement location, would they ?

Get real.

If you cared to educate yourself you’ll find most migrants only passed through Greece on the way to Germany, France, Uk etc. As it happens, I would choose Greece over Spain/Portugal every day of the week if I were to retire abroad.

[TomGW]

Is that £30,000 after tax and is it index linked? We'd been working on needing an index lined £50,000 before tax and waiting until we got there, without really thinking it through. If something less is doable i might be able to go earlier.

The way i feel this morning, after a 14 hour day yesterday, the prospect of a few years extra retirement would be a huge relief.

Well actually I was considering our own situation where we have around £15-16k each, thus roughly £31k in total. Because it's two separate pensions we each pay minimal tax, so I accept that it's better than one person having an income of the same amount. Ours are both index linked, former teacher and civil servant.
Also, we are in Northern Ireland, where the cost of living in retirement is probably lower than the south of England.

I note that there's been a couple of 'Is £30k enough for a couple?' type posts.

I gave up work in 2009 & my wife I live on our two pensions. We're debt-free, have a decent sum put away & live a fairly modest life.

In my experience, £30k will give you enough to live comfortably as a couple, but not really have a life. It's probably somewhere between 10 & 20% light.

Totally agree. Our pensions would pay the bills and keep us comfortably but 'having a life' would need more. We still have my income from consultancy which provides for two or three decent holidays per year, funds decent cars, allows for an unnecessary Boxster indulgence etc etc as well as topping up savings. It's my intention to keep up the consultancy, as I don't want to do nothing. When the time comes that I feel that I'm too old for it, that will probably coincide with being too old for much travel etc.
We also have two other properties. One of those is to be sold and split between our two daughters - it is mortgage free and was their home during university years.

[-Ally-]

If you cared to educate yourself you’ll find most migrants only passed through Greece on the way to Germany, France, Uk etc. As it happens, I would choose Greece over Spain/Portugal every day of the week if I were to retire abroad.

Just like our travelling friends you mean ? I bet they don’t commit any crime in the locations they visit en route Appleby eh.

[Morning Wood]

The migrant crisis may also be a concern.

But it's doubtful that any of them would stoop as low as you have on SC.

[Yeti]

Just like our travelling friends you mean ? I bet they don’t commit any crime in the locations they visit en route Appleby eh.

I do worry about you sometimes..

[Carlton-Browne]

Yeh...because no one would ever consider such a thing before choosing their retirement location, would they ?

Get real.

I know a few refugees and they all routinely demonstrate more honesty, moral fibre and and integrity than you have on here. Some of them have experienced things that I would normally never wish on another human being however for you I think I'm prepared to make an exception.

[Lifeisgood]

If you have the ability to stop worrying about about any supposed or real consequences of Brixit, buying a property in Spain is a good long term bet.

If you want a 4 bed villa with a pool, you will probably need to buy about 5 miles inland, the coast is riddled with 2 bed apartments which are ok for say a 2 week break but would be a hell on earth for any longer.

I have a large 3 bed villa with a pool and sea views and it is a place you could live for 52 weeks a year.

I would advise in keeping a bolt hole in the UK as July and August are just too hot for comfort and I enjoy the travelling back and forth as it makes life interesting.

Thank you for your advice, I will think about that also.

[bambam]

Not sure what happened to this thread, we were getting some great responses and thoughts/perspectives about early retirement/financial freedom/moving abroad and then it went downhill fast with some talk about migrants etc.

Let's see if we can get this back on track in a more positive manner.

Maybe this will help - its one of the guys on the web that talks about his journey to financial freedom - http://www.mrmoneymustache.com

Must admit that I don't track my spending in the way that he suggests (or anywhere close to that level) but hopefully there are some tips and perspectives in here that might help with thinking about early retirement/financial freedom.

Like some others, I've found the 'take your desired yearly income in retirement and multiply by 25' a good way to get to see an amount to aim for.

I'm particularly interested to hear thoughts/views on how much people are planning to aim for when it comes to an income in retirement and what sort of lifestyle that will get them.

Cheers

[raysablade]

A big factor that you need to take into account in these decisions must be the prospect of inheritance. Both the wife and I's families were tenants so the only assets we have ever had are those we have earned over our working life. It also means that once we have retired that's it, our income for the rest of our lives will be determined by the investments we've made. Its the main reason why we have looked for secure, defined benefit, pensions over our working life and a big pile of cash.

I'd be interested to know how many people who are planning to retire on £30k a year for a couple, would be restricted to that as their sole income for the rest of their lives? I've thought about this a lot over the last week and concluded that i really need to carry on into my 60s and target £50,000 gross.

[Omegamanic]

I’d be happy to retire tomorrow if my pensions would provide £50k - highly unlikely to happen, so I’ll be looking at what’s to bring about some passive income, from both property and land over the coming years.

[Devonian]

A big factor that you need to take into account in these decisions must be the prospect of inheritance. Both the wife and I's families were tenants so the only assets we have ever had are those we have earned over our working life. It also means that once we have retired that's it, our income for the rest of our lives will be determined by the investments we've made. Its the main reason why we have looked for secure, defined benefit, pensions over our working life and a big pile of cash.

I'd be interested to know how many people who are planning to retire on £30k a year for a couple, would be restricted to that as their sole income for the rest of their lives? I've thought about this a lot over the last week and concluded that i really need to carry on into my 60s and target £50,000 gross.

And the inheritance scenario can also work the other way. More and more parents are giving their children deposits to just get on the property ladder. Quite large deposits in many cases as it’s the only way they can buy, so that’s something to factor into retirement plans for some.

[Volvomanuk]

Financial freedom is a burden, money will not make you happy.


Sent from my iPhone using Tapatalk

[Omegamanic]

Financial freedom is a burden, money will not make you happy.


Sent from my iPhone using Tapatalk

LoL

Reminds me off something along the lines of “anyone that says money can’t buy you happiness doesn’t know where to shop”

[MartynJC (UK)]

I think that ship has now well and truly sailed. Little scope for capital appreciation (in fact the reverse if IRs tick up) and a general government attitude to kick BTL into touch, given additional 3% stamp on second properties and change to tax regime.

Before this, in many parts of the country BTL yields are wafer thin before the tax changes, and once you factor in wear and tear, voids etc. yields can easily turn negative.

Furthermore, highly gearing yourself if there a risk of property price falls can easily bankrupt you, i.e. you put a deposit down of £10k and property price falls £50k, you lose not only your £10k, but the additional £40k. It’s the BTL equivalent of spread-betting.

It’s a brave person now who think the can jump on the BTL bandwagon at this late stage to find a comfortable retirement.

I was more thinking of buying outright - investing a lump sum in a BTL - not high gearing. As a means to a steady income stream. I think my wife is getting a 6% yield on her BLT after expensenses (they had to replace the roof on the block of flats which was not cheap). I noticed the value of my pension plan over the last year is slightly less than the amount put in - so much for the quoted return rates on the plans.

M

[craig1912]

I’m retiring early at the end of the year. Took advantage of the large increase in transfer values from a final salary scheme. Tired of corporate life and whilst I can drawdown enough to have a decent life I am going to do something part time (looking to earn £200ish a week) that I enjoy- driving/meeting people etc. Really looking forward to no more appraisals, work goals etc.etc.

[Snowdon]

It's too late for me and I do actually love my job too much for it to be an option...

But I know someone aged 30. He did a year of PAYE work for an investment bank on graduating. Left and started tutoring kids. Has since started several online/digital businesses none of which require him to be in the UK. Now lives in Switzerland with his Swiss wife and goes on holiday at least once a month. This year alone, South Africa for a few weeks, Madagascar, Oman and skiing. The businesses make huge margins because there are very few overheads and generate a lot of cash.

It's difficult to get into but if anyone can set something like this up, they can bring retirement forward decades.

As a hospital doctor, this doesn't work for me. But could work for many.