Need money for Porsche
Discussion
Evening all,
At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
RT76 said:
Evening all,
At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
Work on the creative bit. Becoming a creative accountant will afford you a Porsche. Possibly a new one.At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
Aside from inheritance or a lottery win, the only chance you have to fund a 911 and retirement within the next 10 years is through running your own business. But there's a few issues to be aware of.
First is the paradox that you should never start a business for the sole purpose of acquiring wealth. Do that and your business will likely fail. Whilst wealth can and often does result from self-employment, the motivation stems from the belief in your ability to do something well on your own terms. Most business owners pay themselves very little, initially.
Also, most people start a business because they were made redundant or an opportunity presented itself. Very few 'plan' to go it alone.
Putting that aside, you will stand a much better chance of running a successful business in a sector you know. In your case, that's Accounting and finance. There's money to be made there, that's for sure.
But - and I don't wish to be rude or judgemental - given that you are an Accountant, one has to ask how you've managed arrive at 48 with no capital to start a business or, it seems, an understanding of what's required and how to achieve your goal.
That said, I sense that finance isn't what you want to do anyway. Perhaps you know your limitations and if you do, that is a good thing that will save you enormous grief later on.
So, what to do? Only you can answer that but you need to consider the following.
How much of a risk are you willing to take? the bigger the risk, the bigger the gains (normally) but are you prepared to stake all you have? If not, what's the level of risk you are willing to take?
Time. How much do you have. Working for yourself, you will work longer hours by many orders of magnitude than you thought possible - for at least the first few years. You prepared for that?
Selling. Whatever you do, you're going to need to sell it, whether its a product of service. Are you confident that you can do this - every day?
Family - are they or will they be behind you and support you?
Then do the maths. Some rough fag-packet calculations to achieve your goals:
Let's say a decent 911 will cost you £100k and to retire at 58, you need a pension pot of around £1m. On top of this is the salary you need to draw to live. Let's say that's £50k a year.
Finance on the Porsche over four years will be in the region of £2.2k pm
Pension contributions will be £8.3k pm
Salary will be £4.2k pm
That all equates to £14.7k per month. Taking into account corporation tax, you would need the business to be generating around £200k - £210k a year in profit. But that leaves little in the business to grow the business so realistically you need to be looking at achieving £350k profit pa.
You could ignore the pension and instead work towards the sale of the business. If you can show several years of trading with £200k annual profits, you potentially have a business that could be sold for £1m.
And / or defer the 911 as a retirement present to yourself.
All of that is achievable. But be under no illusion as to level of risk, effort, worry and stress that will come with it. And the lack of start-up capital is, I have to say, a very big hindrance.
Having gone through this myself, I'd offer the following advice.
1) If you are sufficiently driven, ignore everything I've said (just be aware of some of the things I've set out here).
2) Just get on with it. Don't sit on the idea. Don't put it off until the time is right. Just do it. Now.
First is the paradox that you should never start a business for the sole purpose of acquiring wealth. Do that and your business will likely fail. Whilst wealth can and often does result from self-employment, the motivation stems from the belief in your ability to do something well on your own terms. Most business owners pay themselves very little, initially.
Also, most people start a business because they were made redundant or an opportunity presented itself. Very few 'plan' to go it alone.
Putting that aside, you will stand a much better chance of running a successful business in a sector you know. In your case, that's Accounting and finance. There's money to be made there, that's for sure.
But - and I don't wish to be rude or judgemental - given that you are an Accountant, one has to ask how you've managed arrive at 48 with no capital to start a business or, it seems, an understanding of what's required and how to achieve your goal.
That said, I sense that finance isn't what you want to do anyway. Perhaps you know your limitations and if you do, that is a good thing that will save you enormous grief later on.
So, what to do? Only you can answer that but you need to consider the following.
How much of a risk are you willing to take? the bigger the risk, the bigger the gains (normally) but are you prepared to stake all you have? If not, what's the level of risk you are willing to take?
Time. How much do you have. Working for yourself, you will work longer hours by many orders of magnitude than you thought possible - for at least the first few years. You prepared for that?
Selling. Whatever you do, you're going to need to sell it, whether its a product of service. Are you confident that you can do this - every day?
Family - are they or will they be behind you and support you?
Then do the maths. Some rough fag-packet calculations to achieve your goals:
Let's say a decent 911 will cost you £100k and to retire at 58, you need a pension pot of around £1m. On top of this is the salary you need to draw to live. Let's say that's £50k a year.
Finance on the Porsche over four years will be in the region of £2.2k pm
Pension contributions will be £8.3k pm
Salary will be £4.2k pm
That all equates to £14.7k per month. Taking into account corporation tax, you would need the business to be generating around £200k - £210k a year in profit. But that leaves little in the business to grow the business so realistically you need to be looking at achieving £350k profit pa.
You could ignore the pension and instead work towards the sale of the business. If you can show several years of trading with £200k annual profits, you potentially have a business that could be sold for £1m.
And / or defer the 911 as a retirement present to yourself.
All of that is achievable. But be under no illusion as to level of risk, effort, worry and stress that will come with it. And the lack of start-up capital is, I have to say, a very big hindrance.
Having gone through this myself, I'd offer the following advice.
1) If you are sufficiently driven, ignore everything I've said (just be aware of some of the things I've set out here).
2) Just get on with it. Don't sit on the idea. Don't put it off until the time is right. Just do it. Now.
Edited by StevieBee on Thursday 15th August 07:48
Alternative opinion incoming based on the fact you don’t have any ideas but just like cars…
Stay in accounting. Maybe move companies, get some training, re-find the interest you must have once had.
Basically keep the day job and be the best you can at it. Push up the ladder, get pay rises, take on interesting assignments in the field you’ve spent 25yrs getting good at.
Buy an older Porsche, you could get a decent Boxster for £10k, a decent 911 for £20k. Indulge your passion for driving it around or working on it or whatever floats your boat.
To just think I’m bored, I like cars, I want to start my own business doesn’t stack up. Feels like you’re running away from something rather than running to something you feel an unbridled passion for. I know people that started up on their own, but it’s normally always been a pipe dream they’ve been playing with, researching, tinkering in their heads for a while.. then an opportunity comes up and boom, they run to it.
Personally I stayed in employment. Yes I’ll never be rich but the benefits are good enough and I don’t lose sleep at night. If I were to ever go it alone, it would be as a contractor in the field because my value is what / who I know.
Stay in accounting. Maybe move companies, get some training, re-find the interest you must have once had.
Basically keep the day job and be the best you can at it. Push up the ladder, get pay rises, take on interesting assignments in the field you’ve spent 25yrs getting good at.
Buy an older Porsche, you could get a decent Boxster for £10k, a decent 911 for £20k. Indulge your passion for driving it around or working on it or whatever floats your boat.
To just think I’m bored, I like cars, I want to start my own business doesn’t stack up. Feels like you’re running away from something rather than running to something you feel an unbridled passion for. I know people that started up on their own, but it’s normally always been a pipe dream they’ve been playing with, researching, tinkering in their heads for a while.. then an opportunity comes up and boom, they run to it.
Personally I stayed in employment. Yes I’ll never be rich but the benefits are good enough and I don’t lose sleep at night. If I were to ever go it alone, it would be as a contractor in the field because my value is what / who I know.
StevieBee said:
Finance on the Porsche over four years will be in the region of £2.2k pm
Pension contributions will be £8.3k pm
Salary will be £4.2k pm
That all equates to £14.7k per month.
That’s equivalent of a PAYE of around £300k gross, which on this forum would be about medium income Pension contributions will be £8.3k pm
Salary will be £4.2k pm
That all equates to £14.7k per month.
. StevieBee said:
Aside from inheritance or a lottery win, the only chance you have to fund a 911 and retirement within the next 10 years is through running your own business. But there's a few issues to be aware of.
First is the paradox that you should never start a business for the sole purpose of acquiring wealth. Do that and your business will likely fail. Whilst wealth can and often does result from self-employment, the motivation stems from the belief in your ability to do something well on your own terms. Most business owners pay themselves very little, initially.
Also, most people start a business because they were made redundant or an opportunity presented itself. Very few 'plan' to go it alone.
Putting that aside, you will stand a much better chance of running a successful business in a sector you know. In your case, that's Accounting and finance. There's money to be made there, that's for sure.
But - and I don't wish to be rude or judgemental - given that you are an Accountant, one has to ask how you've managed arrive at 48 with no capital to start a business or, it seems, an understanding of what's required and how to achieve your goal.
That said, I sense that finance isn't what you want to do anyway. Perhaps you know your limitations and if you do, that is a good thing that will save you enormous grief later on.
So, what to do? Only you can answer that but you need to consider the following.
How much of a risk are you willing to take? the bigger the risk, the bigger the gains (normally) but are you prepared to stake all you have? If not, what's the level of risk you are willing to take?
Time. How much do you have. Working for yourself, you will work longer hours by many orders of magnitude than you thought possible - for at least the first few years. You prepared for that?
Selling. Whatever you do, you're going to need to sell it, whether its a product of service. Are you confident that you can do this - every day?
Family - are they or will they be behind you and support you?
Then do the maths. Some rough fag-packet calculations to achieve your goals:
Let's say a decent 911 will cost you £100k and to retire at 58, you need a pension pot of around £1m. On top of this is the salary you need to draw to live. Let's say that's £50k a year.
Finance on the Porsche over four years will be in the region of £2.2k pm
Pension contributions will be £8.3k pm
Salary will be £4.2k pm
That all equates to £14.7k per month. Taking into account corporation tax, you would need the business to be generating around £200k - £210k a year in profit. But that leaves little in the business to grow the business so realistically you need to be looking at achieving £350k profit pa.
You could ignore the pension and instead work towards the sale of the business. If you can show several years of trading with £200k annual profits, you potentially have a business that could be sold for £1m.
And / or defer the 911 as a retirement present to yourself.
All of that is achievable. But be under no illusion as to level of risk, effort, worry and stress that will come with it. And the lack of start-up capital is, I have to say, a very big hindrance.
Having gone through this myself, I'd offer the following advice.
1) If you are sufficiently driven, ignore everything I've said (just be aware of some of the things I've set out here).
2) Just get on with it. Don't sit on the idea. Don't put it off until the time is right. Just do it. Now.
Thank you for taking the time to write such a considered response, it really is appreciated.First is the paradox that you should never start a business for the sole purpose of acquiring wealth. Do that and your business will likely fail. Whilst wealth can and often does result from self-employment, the motivation stems from the belief in your ability to do something well on your own terms. Most business owners pay themselves very little, initially.
Also, most people start a business because they were made redundant or an opportunity presented itself. Very few 'plan' to go it alone.
Putting that aside, you will stand a much better chance of running a successful business in a sector you know. In your case, that's Accounting and finance. There's money to be made there, that's for sure.
But - and I don't wish to be rude or judgemental - given that you are an Accountant, one has to ask how you've managed arrive at 48 with no capital to start a business or, it seems, an understanding of what's required and how to achieve your goal.
That said, I sense that finance isn't what you want to do anyway. Perhaps you know your limitations and if you do, that is a good thing that will save you enormous grief later on.
So, what to do? Only you can answer that but you need to consider the following.
How much of a risk are you willing to take? the bigger the risk, the bigger the gains (normally) but are you prepared to stake all you have? If not, what's the level of risk you are willing to take?
Time. How much do you have. Working for yourself, you will work longer hours by many orders of magnitude than you thought possible - for at least the first few years. You prepared for that?
Selling. Whatever you do, you're going to need to sell it, whether its a product of service. Are you confident that you can do this - every day?
Family - are they or will they be behind you and support you?
Then do the maths. Some rough fag-packet calculations to achieve your goals:
Let's say a decent 911 will cost you £100k and to retire at 58, you need a pension pot of around £1m. On top of this is the salary you need to draw to live. Let's say that's £50k a year.
Finance on the Porsche over four years will be in the region of £2.2k pm
Pension contributions will be £8.3k pm
Salary will be £4.2k pm
That all equates to £14.7k per month. Taking into account corporation tax, you would need the business to be generating around £200k - £210k a year in profit. But that leaves little in the business to grow the business so realistically you need to be looking at achieving £350k profit pa.
You could ignore the pension and instead work towards the sale of the business. If you can show several years of trading with £200k annual profits, you potentially have a business that could be sold for £1m.
And / or defer the 911 as a retirement present to yourself.
All of that is achievable. But be under no illusion as to level of risk, effort, worry and stress that will come with it. And the lack of start-up capital is, I have to say, a very big hindrance.
Having gone through this myself, I'd offer the following advice.
1) If you are sufficiently driven, ignore everything I've said (just be aware of some of the things I've set out here).
2) Just get on with it. Don't sit on the idea. Don't put it off until the time is right. Just do it. Now.
Edited by StevieBee on Thursday 15th August 07:48
I’ve probably played down my own position somewhat in the opening post, as well as overstating my goals.
I was a late-comer to finance (started the profession at 30 after many ‘jobs’ and needing something more secure and better tradable skills). The choice was based on competency, rather than any desire to take a particular path.
I’m good at it, and earn good, if not earth-shattering, money from it.
My lack of capital is a partially down to a lack of risk appetite from my better half, there is reasonable equity in the family home and I have some savings for cashflow, although not as much as I might have due to a failed business venture with a friend between Nov19 and Dec 21 which ate away at those savings and cost me opportunity cost of somewhere in the region of £200k-300k.
My thoughts are predominantly around buying a going concern to refine and extend, so that I am not starting from scratch.
I work contract roles, so there is a possibility of combining the contracts with the management of the business on a part-time basis, until the business can support any additional burden of my own income, over and above pension contributions.
Probably the hardest part, for me, is that by not being a traditional practice accountant, I don’t operate in the circles to find out about potential opportunities. This means that being in the right place, at the right time, is more of a challenge.
As for the Porsche, I’m after a 997, so not beyond the realms of possibility, but equally not a commitment that I want to make whilst doing something that I really don’t find any satisfaction from.
Capitan Obvio said:
Alternative opinion incoming based on the fact you don’t have any ideas but just like cars…
Stay in accounting. Maybe move companies, get some training, re-find the interest you must have once had.
Basically keep the day job and be the best you can at it. Push up the ladder, get pay rises, take on interesting assignments in the field you’ve spent 25yrs getting good at.
Buy an older Porsche, you could get a decent Boxster for £10k, a decent 911 for £20k. Indulge your passion for driving it around or working on it or whatever floats your boat.
To just think I’m bored, I like cars, I want to start my own business doesn’t stack up. Feels like you’re running away from something rather than running to something you feel an unbridled passion for. I know people that started up on their own, but it’s normally always been a pipe dream they’ve been playing with, researching, tinkering in their heads for a while.. then an opportunity comes up and boom, they run to it.
Personally I stayed in employment. Yes I’ll never be rich but the benefits are good enough and I don’t lose sleep at night. If I were to ever go it alone, it would be as a contractor in the field because my value is what / who I know.
Thanks - much of this actually resonates with my position, particularly after the previous failed business venture (mentioned above).Stay in accounting. Maybe move companies, get some training, re-find the interest you must have once had.
Basically keep the day job and be the best you can at it. Push up the ladder, get pay rises, take on interesting assignments in the field you’ve spent 25yrs getting good at.
Buy an older Porsche, you could get a decent Boxster for £10k, a decent 911 for £20k. Indulge your passion for driving it around or working on it or whatever floats your boat.
To just think I’m bored, I like cars, I want to start my own business doesn’t stack up. Feels like you’re running away from something rather than running to something you feel an unbridled passion for. I know people that started up on their own, but it’s normally always been a pipe dream they’ve been playing with, researching, tinkering in their heads for a while.. then an opportunity comes up and boom, they run to it.
Personally I stayed in employment. Yes I’ll never be rich but the benefits are good enough and I don’t lose sleep at night. If I were to ever go it alone, it would be as a contractor in the field because my value is what / who I know.
The issue that I have is that whilst I trade time for money, I am building someone else’s dream, rather than building a systemised business that I can be part of but not integral to, doing something that I don’t enjoy doing. Accounting is a treadmill that revolves monthly and certainly doesn’t bring any real intrinsic satisfaction. I guess where I am at is that if I don’t do something now, I’m probably never going to and will have to continue to do the thing that I am coming to despise.
I’m good at what I do, but worth, as with everything, is determined by the market as there is always someone who will do it for less (at varying degrees of success around my own).
Just checking in. I'm an Accountant too and want a 911 (997 also) 
I already have one weekend toy (a well sorted Corrado VR6) but refuse to sell it so I'm just saving until I feel I have enough for a 911 (say 24 months). Might sell the Corrado once I have the Porsche, leaving that decision open. Sometimes life gets in the way of my saving goal (large mortgage & kids) and I refuse to dip into other savings i.e. investments which are also for my retirement or cash funds which are for emergencies.
As for starting a business it wasn't something that appealed to me. I'm 7 years younger than you but I like the relatively decent salary (we get to see everyone's salaries in our jobs...), benefits, 9-5, decent pension and for me 48 days paid leave (inc bank holidays). I'd like to retire or at least slow down by the time I'm 55 so am sticking it out.
You could always look at the Cayman or Boxster to get the Porsche quicker. They are excellent cars also.
I already have one weekend toy (a well sorted Corrado VR6) but refuse to sell it so I'm just saving until I feel I have enough for a 911 (say 24 months). Might sell the Corrado once I have the Porsche, leaving that decision open. Sometimes life gets in the way of my saving goal (large mortgage & kids) and I refuse to dip into other savings i.e. investments which are also for my retirement or cash funds which are for emergencies.
As for starting a business it wasn't something that appealed to me. I'm 7 years younger than you but I like the relatively decent salary (we get to see everyone's salaries in our jobs...), benefits, 9-5, decent pension and for me 48 days paid leave (inc bank holidays). I'd like to retire or at least slow down by the time I'm 55 so am sticking it out.
You could always look at the Cayman or Boxster to get the Porsche quicker. They are excellent cars also.
VeeReihenmotor6 said:
Just checking in. I'm an Accountant too and want a 911 (997 also)
I already have one weekend toy (a well sorted Corrado VR6) but refuse to sell it so I'm just saving until I feel I have enough for a 911 (say 24 months). Might sell the Corrado once I have the Porsche, leaving that decision open. Sometimes life gets in the way of my saving goal (large mortgage & kids) and I refuse to dip into other savings i.e. investments which are also for my retirement or cash funds which are for emergencies.
As for starting a business it wasn't something that appealed to me. I'm 7 years younger than you but I like the relatively decent salary (we get to see everyone's salaries in our jobs...), benefits, 9-5, decent pension and for me 48 days paid leave (inc bank holidays). I'd like to retire or at least slow down by the time I'm 55 so am sticking it out.
You could always look at the Cayman or Boxster to get the Porsche quicker. They are excellent cars also.
48 days leave is nice!I already have one weekend toy (a well sorted Corrado VR6) but refuse to sell it so I'm just saving until I feel I have enough for a 911 (say 24 months). Might sell the Corrado once I have the Porsche, leaving that decision open. Sometimes life gets in the way of my saving goal (large mortgage & kids) and I refuse to dip into other savings i.e. investments which are also for my retirement or cash funds which are for emergencies.
As for starting a business it wasn't something that appealed to me. I'm 7 years younger than you but I like the relatively decent salary (we get to see everyone's salaries in our jobs...), benefits, 9-5, decent pension and for me 48 days paid leave (inc bank holidays). I'd like to retire or at least slow down by the time I'm 55 so am sticking it out.
You could always look at the Cayman or Boxster to get the Porsche quicker. They are excellent cars also.
It’s horses for courses, I think.
Part of wanting to do my own thing is that I like to take something and make it better, and to be honest if I do then it will be with help from people who know what they’re doing on the practical side, whilst I get on with the stuff that I can do.
It’s 911 or nothing for me - if I start to compromise beyond the spec, then I might as well buy a BBR MX5…
I funded my 911 by doing a bit of overtime to pay off the mortgage, then took voluntary redundancy to buy a bigger house (cash) with a warm and dry garage to keep it in.
I started my own business, and worked part time in a supermarket to cover the basic bills, saved up for a couple of years, and bought a used 911 cash - a 30k mile 964.
You don't have to earn mega bucks to afford to buy and run a 911 - I've only been a higher rate taxpayer for one month in my entire working life.
I started my own business, and worked part time in a supermarket to cover the basic bills, saved up for a couple of years, and bought a used 911 cash - a 30k mile 964.
You don't have to earn mega bucks to afford to buy and run a 911 - I've only been a higher rate taxpayer for one month in my entire working life.
clockworks said:
I funded my 911 by doing a bit of overtime to pay off the mortgage, then took voluntary redundancy to buy a bigger house (cash) with a warm and dry garage to keep it in.
I started my own business, and worked part time in a supermarket to cover the basic bills, saved up for a couple of years, and bought a used 911 cash - a 30k mile 964.
You don't have to earn mega bucks to afford to buy and run a 911 - I've only been a higher rate taxpayer for one month in my entire working life.
Presume you were able to buy at a time when houses were relatively much cheaper than they have been the last few years? I started my own business, and worked part time in a supermarket to cover the basic bills, saved up for a couple of years, and bought a used 911 cash - a 30k mile 964.
You don't have to earn mega bucks to afford to buy and run a 911 - I've only been a higher rate taxpayer for one month in my entire working life.
Without that or inheritance then there's no way a basic rate tax payer is doing that now surely?
TownIdiot said:
clockworks said:
I funded my 911 by doing a bit of overtime to pay off the mortgage, then took voluntary redundancy to buy a bigger house (cash) with a warm and dry garage to keep it in.
I started my own business, and worked part time in a supermarket to cover the basic bills, saved up for a couple of years, and bought a used 911 cash - a 30k mile 964.
You don't have to earn mega bucks to afford to buy and run a 911 - I've only been a higher rate taxpayer for one month in my entire working life.
Presume you were able to buy at a time when houses were relatively much cheaper than they have been the last few years? I started my own business, and worked part time in a supermarket to cover the basic bills, saved up for a couple of years, and bought a used 911 cash - a 30k mile 964.
You don't have to earn mega bucks to afford to buy and run a 911 - I've only been a higher rate taxpayer for one month in my entire working life.
Without that or inheritance then there's no way a basic rate tax payer is doing that now surely?
The house cost £205k. Was up for £225k, but got lucky when my low offer was accepted (divorce sale).
The 911 cost me £21k. 964s were pretty much at the bottom of their depreciation curve then, and I actually "overpaid" because it was such a clean car - Japanese import - from a respected indy.
I did get on the housing ladder before the market went crazy. First house bought as a shared ownership in 1984, and I was 56 before I could afford a Porsche.
Doesn't change the fact that my basic salary was pretty much bang on the national average from my late twenties until I got out aged 52.
Yes getting on the housing ladder in the 80s / 90s is a key thing.
Didn't mean it as a criticism by the way, just that it's not as straightforward taking that path these days.
I managed to buy a very nice 964 for 17k in about 2002. In a bit of a brain fart moment I swapped it for a Jensen interceptor.
Pillock.
Didn't mean it as a criticism by the way, just that it's not as straightforward taking that path these days.
I managed to buy a very nice 964 for 17k in about 2002. In a bit of a brain fart moment I swapped it for a Jensen interceptor.
Pillock.
I don’t see why it isn’t possible? I’m an accountant although a little younger than you so had a head start.
A mid level role in a large company or senior role in a small company and it should be possible.
Or go temping/contracting or general “self employed”.
A mid level role in a large company or senior role in a small company and it should be possible.
Or go temping/contracting or general “self employed”.
Edited by Puzzles on Saturday 17th August 19:21
RT76 said:
Evening all,
At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
In all seriousness, if you are an accountant you have a set of skills that people will pay for.At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
If you have a regular job, my guess is that it's 9-5 Monday to Friday. So, could you work evenings and weekends doing self-assessments and bookkeeping for people, accounts for clubs or small businesses?
You'd amass 911 money in no time or, if you are minded to, the deposit for one and the income to pay the monthlies.
TownIdiot said:
...I managed to buy a very nice 964 for 17k in about 2002.....
About the same time I bought mine, for similar money. After years of motorcycles, I wanted a cheap car for shopping etc - but was getting insurance quotes of £1k for cheap shed cars (old Fiesta's etc) - due to no NCD, and a motorcycle theft claim - despite being in my 30s.
By chance, I got a quote to insure a 964 : £1,500
Hmm, Fiesta or 911...... not a very difficult decision!
Louis Balfour said:
RT76 said:
Evening all,
At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
In all seriousness, if you are an accountant you have a set of skills that people will pay for.At 48 (next month) I’m having the obligatory mid-life crisis…
Not looking for the affair, but am trying to find a way to fund retirement in the next 10yrs, and a 911 in the meantime.
I’m a West Midlands based accountant (industry) by trade, but my passion is for cars, and I am at a cross-roads with my working life. Unfortunately for me, I’ve not got many marketable skills (other than the finance nonsense) and have limited startup capital, but I would love to get into something that involves that passion. I’m also not the most creative person in the world, so ideas don’t come easily.
Keen to hear from anyone who’s taken the leap to follow the love in their life, and how it is going.
Also, If anyone has any ideas where to start (however weird or wonderful) then let me know below!!
Rich
If you have a regular job, my guess is that it's 9-5 Monday to Friday. So, could you work evenings and weekends doing self-assessments and bookkeeping for people, accounts for clubs or small businesses?
You'd amass 911 money in no time or, if you are minded to, the deposit for one and the income to pay the monthlies.
If OP had put 28 instead of 48, one can't help but assume most of the responses would have been branding them a typical workshy snowflake / millenial / GenZ and that they just need to do some bloody hard work, knock in the 80 hour weeks and get on with it instead of expecting everything on a plate when they've by their own admission got limited skills, no creativity and no capital. It sounds like hard graft is about all you've got to offer! ( said as a friendly prod, not a character assassination
)OP, have you considered cutting down on Starbucks, not having the latest iPhone and cancelling your Netflix subscription? I'm led to believe you'll be buying houses and Porsches outright with cash in no time if you just reduce your outgoings by about £100 a month and remember to buy a house in 1995
I'm a commercial accountant, 33, around the additional rate tax band. Planning to retire at 52.
I too want a Porsche - 991.1 GTS would be my dream but the closer I get to dropping the money on one, the wife reminds me of the mortgage overpayments we said we'd make at renewal time.
Scope creep doesn't help. You start by watching a 987 Cayman video, and then you're looking at 981s, but by the time you see one with the options you want you may as well go full 911, but then 996s look crap and then you're into the £50k bracket....
I too want a Porsche - 991.1 GTS would be my dream but the closer I get to dropping the money on one, the wife reminds me of the mortgage overpayments we said we'd make at renewal time.
Scope creep doesn't help. You start by watching a 987 Cayman video, and then you're looking at 981s, but by the time you see one with the options you want you may as well go full 911, but then 996s look crap and then you're into the £50k bracket....
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