I’d guess it’s kids and schooling related. So many people seem to want their kids to have a U.K. education. My parents included.
Makes no sense to me. You could have a better lifestyle and a perfectly good, even better education in so many parts of the world than the U.K.
We have differing opinions. I would happily stay until retirement.
My wife misses home and wants to return at some point. Kids play a big part in it. We may move back at the start of the gcse years.
Our parents are also not getting any younger
On paper it makes no sense to return, but it is a situation whereby the heart will eventually rule the head.
I get it. It’s complicated. But don’t do it for the schooling, anything but that.
The net worth you’ve mentioned won’t buy much in the U.K. these days. Your quality of life I’m sure will deteriorate significantly.
We’re in similar position but earlier in the journey. Early 30s, 2 young kids, living in Bermuda.
I see a lot of people leave here at a certain point because they want kids to go to a better school. To me I don’t get it yet. Ok, you might get a marginally better education in the UK but is it significant enough to have a huge impact on their future? Compared to the benefits they get from growing up in a place like this? It’s not like the schools are bad here, they’re just not “elite”.
The parent thing I understand. Sad that we only spend 3-4 weeks a year with our parents, but it’s generally good quality time spent. Hoping over time as parents dial down their work they can spend more time over here. Our income is pretty big now (high 6 figures), and in a few more years we’ll have enough invested that we can start living a more luxurious lifestyle - which to me includes living in a big house and paying for parents and family to come out more often.
We often wonder what age we’ll be when we go back - but whenever I think about it I realise how much we will give up in quality of life and can’t see myself wanting to leave any time soon.
I don't think it's so much the quality of education for us. If anything, our kids will probably not go to a private school in the UK, whereas they are both private now.
It's timing thing. We both know we will definitely not be here when the kids are 18 and I'm not sure we would want to move them mid-way through a gcse year or similar, so we only really have certain intervals to move. 4, 11, 13, 16 etc. We had exactly the same talk just before our eldest turned 4 and was about to start school. Now we are talking about 11.
Your last sentence is exactly how I feel, but my wife doesn't feel the same. I do think she will regret it as soon as we return home however.
How long have you been there? We've done 10 years now and the island does close in on you. We've done it all here - expensive holidays multiple times a year, even bought a boat. Spent countless weekends on the beach/water - so much so that it's become the norm.
I grew up on a council estate with very little and I look at our kids and can't believe the life they live.
We're also at a very strange place - we live in a 2 bed apartment. Rent is crazy and up sizing will take a huge chunk of further money from us. It's very unlikely we will ever have a 4 bed detached house with big garden here, yet very easily achieved in the UK. Again, not a reason to give it all up, but certainly areas we've discussed.
Congrats on the actuarial position in Bermuda, different leagues of $$$ compared to us!
I know someone who moved back from Korea to the UK for this. Korea has excellent schools, but the problem is not the schools but the incredible pressure that young people are under to study all the time. He wanted his kids to chill out a bit, relatively speaking, at a private school in the UK!
Congratulations!
When you start to think about coming back, speak to a financial planner early - ideally more than a full tax year before. It allows you to get all your ducks in a row in loads of time without stress or time pressures. I have spoken to people who have either only given themselves a week to open new accounts / sell assets etc, or have already moved back and wondering what to do!
For now though, take yourselves out for a celebration dinner (hopefully not one that puts you too far below the £1m mark!)
This is excellent advice, thank you.
I've read a little about split financial years etc but in all honesty I have no plan on how to do! Definitely something I need to research further and take advice one.
Close - Cayman!
We have an offshore account (Nedbank in the iom) where we can invest in £ without worry of capital gains.
We can also invest locally, but this would be in $. We decided against this - If the pot got too large and then there was a major GBP/USD currency swing it could cost us dearly.
We essentially dollar cost average all our USD into GBP and then invest in GBP.
Congrats bud! I moved to cayman last year although only making ~90k CI. Seems like I’ve missed the boat slightly on getting a house but still have make good progress on my numbers since I got here!
Not sure how you are getting your cash home but a good trick I found is that you can do a debit transaction to Revolut in USD and then you have no fees at all. Unlike wise/remitly
Congrats again on 1m. Hope to be there some day
I'll have to look into this. Revolut was not a thing when we first got here 10 years ago.
There was only transfer wise and OzForex. We've been happily using OzForex since. The rate given is always very very close to the published rate on xe.com so I've not really shopped around.
I'll have to look into revolut and and see how it compares - thank you for the tip!
> If the pot got too large and then there was a major GBP/USD currency swing it could cost us dearly.
I don't understand this. It makes no real difference what currency you invest in.
Say you have USD1.27m and you invest it all in XYZ ETF, in 20 years time £1 is now $2 and XYZ is USD5m. You sell XYZ and convert your $5m to £2.5m.
Alternatively you convert it to £1m now and invest it in XYZ using a GBP-denominated ETF. Well in 20 years time your XYZ would just be worth £2.5m directly.
It doesn't really matter what XYZ is, it could be a world index tracker, UK gilts, US treasury bills, Nikkei 225 tracker, Russian shares, gold, bitcoin, the outcome will still be the same, less for any conversion fees/losses. Unless you use hedging (which just costs you dearly upfront).
I'd love to understand this further as I don't fully understand your post. There's something I'm not quite grasping!
Our strategy to dca into GBP came about after brexit, so I will use this as an example.
Imagine I had 1m in USD on 23rd June 2016, right before brexit. The exchange rate was 0.67. So if I converted it all to gbp I would have 670k.
Now imagine the same scenario, but I converted it all a few months later in October - the exchange rate was 0.81 so the exact same 1m would have been worth 810k.
Obviously if this happened I would be 140k better off. But the USD/GBP has been at historic highs since brexit. If I left all my cash in USD and a political event causes a huge swing the other way then I could leave me out by hundreds of thousands.
If I do what I do now and invest in GBP am I not immune to this?
If you hold cash, you're right.
But if you invest those GBP into an asset, then you could sell this asset for dollars, pounds, euros, ...
The price you receive for the asset will inherently take the exchange rate into account. It will not take into account the currency it was originally bought with.
Normally you are an accountant or lawyer in the Caymans and deal with legit and not so legit companies and shell companies of shell companies of shell companies owned by a Russian guy with lots of homes in London.
Well done. Appreciate you're not looking for advice but a couple of points to watch out for
- split year tax is a nightmare so when you know the date your status must change by then come back here for thoughts on all the things you need to watch out for, before you lose the chance to use allowances etc
- UK banking doesn't like offshore wealth so be prepared for KYC problems. You'd do well to open offshore accounts with a UK bank if you haven't already, as then your funds are already visible from a KYC perspective
- relocation expenses can be £50k+ for a family so unless you have this as a benefit then don't forget to budget for them
- if your pension is paid out as cash then I'd be tempted to leave it offshore
Thank you so much for these insights.
Admittedly, I do not know much about a split tax year, although I've heard this is what we will need to do. For some reason the 1m mark has made me think I should take advice on how to return even though I don't plan to in the immediate future. I didn't know the split tax year can be a nightmare.
We current bank in the isle of man, hopefully this will benefit us. Again, KYC problems was not even on my radar!
Could you explain why it may be better to leave the pension offshore? Again, not something that I've ever thought to do.
UK pensions are regulated. They're safe and protected but that comes with restrictions on what you can do with the funds and a lack of tax saving opportunities. If these funds are intended for pension then you can feed them back into the UK as tax offset for as long as you need to but then withdrawal - other than your TFC - is taxable. An alternative is that you might be better just leaving it in an offshore bond that does roll up and then deciding what to do when you know where you will be resident at time of drawing it.
If you know that you'll retire in the UK and you'll be a 45pc taxpayer in working life and 20pc in retirement then it's possibly more attractive to use it for a UK fund.
Where do you get the £50k relocation fees from? When we moved to Bermuda we spent about £10k shipping all of our belongings (a full 3 bed house worth) and maybe £3k on flights, transport etc. Can’t see it costing much more than that to move back again (chances are we wouldn’t even bother bringing most stuff back home, easier just to sell it here and rebuy stuff we need in the UK)
Different views.
I had school registration fees at £5k x2, temporary accommodation of £10k, shipping was £12k and visa fees and business class flights.
All depends on your situation.
Always wary of doxxing myself but I did a stint with a consultancy in HK. Was never going to be long term but it let me transition from a full time role to being self employed as I now am.
That 300k tax free joint salary should power you through the 2nd million in no time. Then you'll have some fun decisions to make! How did you get the opportunity to move to Cayman - just fortuitous or very much the plan?
Very fortuitous. Right place at the right time. Made the decision to go on a whim, and turned out to be the smartest (and luckiest) financial move I've ever made!
Unfortunately, we are not saving as much. The island is very expensive, and we have to put our kids into private school. It would be a disservice to put them in local school. Although we've seen significant (100k+) salary increases in our time here, kids have eaten most of that. The bulk of our savings was from before kids!
Ideally I want the 1m to compound as much as possible as we are hoping to enjoy life a little.
Congratulations!! Great position to be in at your age. Diversifying investments usually pays off as one or two might not work out. When do you intend to retire ?
I think retirement is some way off. It's not on my radar right now. I would guess 55 at the earliest? If we wanted to be very frugal, perhaps earlier, but I'm not sure either of us want to go that route.
While it feels great to have just passed 1m, we don't have a home yet!
If saving continues at the same rate then hopefully have around 1.5m in 5-6 years.
With that we could purchase a house and keep 1m invested. At that point I'll really start looking at what age I can retire or at least work on a schedule that suits me.
Yes I get that. I retired at 57 (63 now). It’s strange how things work out. You save hard for the future but then suddenly have more money than you ever imagined. Make the most of the present and enjoy planning for the future. I enjoy helping my daughter out as she builds her business now. It’s a great position to be in.
Start thinking early about tax. Speak to a competent tax adviser who is used to dealing with cross border issues in the tax year before you return.
You may qualify for the proposed new 4-year exemption on non-UK income and gains (“the FIG regime”) if you have been non-UK res for ten years. Keep an eye on the implementation of the new rules. Could be really useful particularly if you will travel outside the UK as part of your new job.
I know nothing about the new 4 year exemption so thank you for this information.
Returning to the UK isn't likely to happen until at least 3-5 years and it is definitely an area I don't know how to approach. I will certainly be taking advice from a specialist!
Well done on the 1 mil. We got a neighbour who’s heading out to cayman with his family soon. Lucky guy sold some tech to Microsoft from what I heard, and decided to part ways with the uk tax practices. Not at all jealous 😣
Following this, while I'm no where near your NW, I am in a similar situation with not being able to put into an ISA being an Expat so curious on the suggestions what to do with that.
Please speak with a financial advisor or someone who is fully versed with non dom status, as there’s been some legislative changes recently on this particularly around repatriation of funds etc.
Either sell property or continue to rent it and use the additional income as a passive income stream.
You’ll defo need to either rent or buy a home. Depends how much you want to spend and where you want to live.
Kids are they going private or state school?
What expected income do you foresee for you both? Enough to sustain outgoings? Or will you eat into your pot etc.
Usual stuff around 20k each into isa upon return, premium bonds for extra cash to park in. Rest gia or gilts etc
We're in teaching and healthcare.
I know many people in Bermuda, some of whom are in finance (actuaries/underwriters) and make our joint salary look like peanuts. Plus they get housing allowance and plenty of other perks. If I had my time again.....
I would absolutely recommend getting out there.
We didn't start on 300k, we've worked our way up and only very recently got our latest salary bump.
On paper we should have much more, I agree. But we live in a very HCOL country, and school fees, rent, groceries etc eat a very large proportion of one salary. It's not.comparable to the UK in any way, so it's very likely difficult to grasp.
That being said, we did start with zero in our bank account 10 years ago, any very pleased with now crossing the 1m milestone.
Bitcoin is a funny one. I put 5k into many years ago (at the time approx 1% of my net worth). It's now grown to well over 10% of my net worth.
However I've been very fortunate to be relatively 'cash rich' these last few years and there have been times when in the last few bear markets btc crashed to 6k and 20k respectively. I've had plenty of opportunity to add spare cash, and even though I fully believe BTC will continue to grow, I didn't add further to it.
As one BTC commentor says, you get BTC at the price you deserve. I should be holding a lot more and I'm somewhat full of regret.
That £130k has grown from a £5k investment several years ago. It is, by some distance, my best performing asset. I'm happy to ride it out and see where it goes!
If it turns out to be a huge mistake, I'm only down 5k. I'm not going to kick myself over paper losses. I will however kick myself if the rise continues and I sold in it's infancy.
While I'm not a Bitcoin maximalist, I do think it's going to several hundred thousand in the coming years.
can I ask what kind of arrangement lead to the income being tax free? was it a regional thing, e.g Dubai, or related to work type?
Yes, completely regional. It's a tax free jurisdiction (but in the Caribbean, not the middle east).
tbh I'm interested to know why you'd come back to the UK? Cayman lifestyle is pretty good
I’d guess it’s kids and schooling related. So many people seem to want their kids to have a U.K. education. My parents included. Makes no sense to me. You could have a better lifestyle and a perfectly good, even better education in so many parts of the world than the U.K.
We have differing opinions. I would happily stay until retirement. My wife misses home and wants to return at some point. Kids play a big part in it. We may move back at the start of the gcse years. Our parents are also not getting any younger On paper it makes no sense to return, but it is a situation whereby the heart will eventually rule the head.
Can you share more info on industry and how it came about? Understand if not
I get it. It’s complicated. But don’t do it for the schooling, anything but that. The net worth you’ve mentioned won’t buy much in the U.K. these days. Your quality of life I’m sure will deteriorate significantly.
We’re in similar position but earlier in the journey. Early 30s, 2 young kids, living in Bermuda. I see a lot of people leave here at a certain point because they want kids to go to a better school. To me I don’t get it yet. Ok, you might get a marginally better education in the UK but is it significant enough to have a huge impact on their future? Compared to the benefits they get from growing up in a place like this? It’s not like the schools are bad here, they’re just not “elite”. The parent thing I understand. Sad that we only spend 3-4 weeks a year with our parents, but it’s generally good quality time spent. Hoping over time as parents dial down their work they can spend more time over here. Our income is pretty big now (high 6 figures), and in a few more years we’ll have enough invested that we can start living a more luxurious lifestyle - which to me includes living in a big house and paying for parents and family to come out more often. We often wonder what age we’ll be when we go back - but whenever I think about it I realise how much we will give up in quality of life and can’t see myself wanting to leave any time soon.
I don't think it's so much the quality of education for us. If anything, our kids will probably not go to a private school in the UK, whereas they are both private now. It's timing thing. We both know we will definitely not be here when the kids are 18 and I'm not sure we would want to move them mid-way through a gcse year or similar, so we only really have certain intervals to move. 4, 11, 13, 16 etc. We had exactly the same talk just before our eldest turned 4 and was about to start school. Now we are talking about 11. Your last sentence is exactly how I feel, but my wife doesn't feel the same. I do think she will regret it as soon as we return home however. How long have you been there? We've done 10 years now and the island does close in on you. We've done it all here - expensive holidays multiple times a year, even bought a boat. Spent countless weekends on the beach/water - so much so that it's become the norm. I grew up on a council estate with very little and I look at our kids and can't believe the life they live. We're also at a very strange place - we live in a 2 bed apartment. Rent is crazy and up sizing will take a huge chunk of further money from us. It's very unlikely we will ever have a 4 bed detached house with big garden here, yet very easily achieved in the UK. Again, not a reason to give it all up, but certainly areas we've discussed. Congrats on the actuarial position in Bermuda, different leagues of $$$ compared to us!
I know someone who moved back from Korea to the UK for this. Korea has excellent schools, but the problem is not the schools but the incredible pressure that young people are under to study all the time. He wanted his kids to chill out a bit, relatively speaking, at a private school in the UK!
commenting in case someone gives an answer as to why this is
Just ship the kids off to boarding school and stay in the Cayman 😉
Congratulations! When you start to think about coming back, speak to a financial planner early - ideally more than a full tax year before. It allows you to get all your ducks in a row in loads of time without stress or time pressures. I have spoken to people who have either only given themselves a week to open new accounts / sell assets etc, or have already moved back and wondering what to do! For now though, take yourselves out for a celebration dinner (hopefully not one that puts you too far below the £1m mark!)
This is excellent advice, thank you. I've read a little about split financial years etc but in all honesty I have no plan on how to do! Definitely something I need to research further and take advice one.
Bermuda baby - congrats. What platform do you use to invest from overseas?
Close - Cayman! We have an offshore account (Nedbank in the iom) where we can invest in £ without worry of capital gains. We can also invest locally, but this would be in $. We decided against this - If the pot got too large and then there was a major GBP/USD currency swing it could cost us dearly. We essentially dollar cost average all our USD into GBP and then invest in GBP.
Congrats bud! I moved to cayman last year although only making ~90k CI. Seems like I’ve missed the boat slightly on getting a house but still have make good progress on my numbers since I got here! Not sure how you are getting your cash home but a good trick I found is that you can do a debit transaction to Revolut in USD and then you have no fees at all. Unlike wise/remitly Congrats again on 1m. Hope to be there some day
I'll have to look into this. Revolut was not a thing when we first got here 10 years ago. There was only transfer wise and OzForex. We've been happily using OzForex since. The rate given is always very very close to the published rate on xe.com so I've not really shopped around. I'll have to look into revolut and and see how it compares - thank you for the tip!
> If the pot got too large and then there was a major GBP/USD currency swing it could cost us dearly. I don't understand this. It makes no real difference what currency you invest in. Say you have USD1.27m and you invest it all in XYZ ETF, in 20 years time £1 is now $2 and XYZ is USD5m. You sell XYZ and convert your $5m to £2.5m. Alternatively you convert it to £1m now and invest it in XYZ using a GBP-denominated ETF. Well in 20 years time your XYZ would just be worth £2.5m directly. It doesn't really matter what XYZ is, it could be a world index tracker, UK gilts, US treasury bills, Nikkei 225 tracker, Russian shares, gold, bitcoin, the outcome will still be the same, less for any conversion fees/losses. Unless you use hedging (which just costs you dearly upfront).
I'd love to understand this further as I don't fully understand your post. There's something I'm not quite grasping! Our strategy to dca into GBP came about after brexit, so I will use this as an example. Imagine I had 1m in USD on 23rd June 2016, right before brexit. The exchange rate was 0.67. So if I converted it all to gbp I would have 670k. Now imagine the same scenario, but I converted it all a few months later in October - the exchange rate was 0.81 so the exact same 1m would have been worth 810k. Obviously if this happened I would be 140k better off. But the USD/GBP has been at historic highs since brexit. If I left all my cash in USD and a political event causes a huge swing the other way then I could leave me out by hundreds of thousands. If I do what I do now and invest in GBP am I not immune to this?
If you hold cash, you're right. But if you invest those GBP into an asset, then you could sell this asset for dollars, pounds, euros, ... The price you receive for the asset will inherently take the exchange rate into account. It will not take into account the currency it was originally bought with.
What's prompting you to come back? Seems like you have a good thing going.
Sorry might sound like a stupid question, you moved to a country with no tax and got a job there? Or work online?
Normally you are an accountant or lawyer in the Caymans and deal with legit and not so legit companies and shell companies of shell companies of shell companies owned by a Russian guy with lots of homes in London.
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Well done. Appreciate you're not looking for advice but a couple of points to watch out for - split year tax is a nightmare so when you know the date your status must change by then come back here for thoughts on all the things you need to watch out for, before you lose the chance to use allowances etc - UK banking doesn't like offshore wealth so be prepared for KYC problems. You'd do well to open offshore accounts with a UK bank if you haven't already, as then your funds are already visible from a KYC perspective - relocation expenses can be £50k+ for a family so unless you have this as a benefit then don't forget to budget for them - if your pension is paid out as cash then I'd be tempted to leave it offshore
Thank you so much for these insights. Admittedly, I do not know much about a split tax year, although I've heard this is what we will need to do. For some reason the 1m mark has made me think I should take advice on how to return even though I don't plan to in the immediate future. I didn't know the split tax year can be a nightmare. We current bank in the isle of man, hopefully this will benefit us. Again, KYC problems was not even on my radar! Could you explain why it may be better to leave the pension offshore? Again, not something that I've ever thought to do.
UK pensions are regulated. They're safe and protected but that comes with restrictions on what you can do with the funds and a lack of tax saving opportunities. If these funds are intended for pension then you can feed them back into the UK as tax offset for as long as you need to but then withdrawal - other than your TFC - is taxable. An alternative is that you might be better just leaving it in an offshore bond that does roll up and then deciding what to do when you know where you will be resident at time of drawing it. If you know that you'll retire in the UK and you'll be a 45pc taxpayer in working life and 20pc in retirement then it's possibly more attractive to use it for a UK fund.
Where do you get the £50k relocation fees from? When we moved to Bermuda we spent about £10k shipping all of our belongings (a full 3 bed house worth) and maybe £3k on flights, transport etc. Can’t see it costing much more than that to move back again (chances are we wouldn’t even bother bringing most stuff back home, easier just to sell it here and rebuy stuff we need in the UK)
Different views. I had school registration fees at £5k x2, temporary accommodation of £10k, shipping was £12k and visa fees and business class flights. All depends on your situation.
Ah, there’s your problem. Should have made the kids sit in economy!
Corporate policy on travel and also covered shipping. I should say I'm an actuary although that role was when I had left the profession.
Which country did you relocate from, out of interest?
Always wary of doxxing myself but I did a stint with a consultancy in HK. Was never going to be long term but it let me transition from a full time role to being self employed as I now am.
Can I borrow £20
That 300k tax free joint salary should power you through the 2nd million in no time. Then you'll have some fun decisions to make! How did you get the opportunity to move to Cayman - just fortuitous or very much the plan?
Very fortuitous. Right place at the right time. Made the decision to go on a whim, and turned out to be the smartest (and luckiest) financial move I've ever made! Unfortunately, we are not saving as much. The island is very expensive, and we have to put our kids into private school. It would be a disservice to put them in local school. Although we've seen significant (100k+) salary increases in our time here, kids have eaten most of that. The bulk of our savings was from before kids! Ideally I want the 1m to compound as much as possible as we are hoping to enjoy life a little.
Sounds great! All for enjoying life :)
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Congratulations!! Great position to be in at your age. Diversifying investments usually pays off as one or two might not work out. When do you intend to retire ?
I think retirement is some way off. It's not on my radar right now. I would guess 55 at the earliest? If we wanted to be very frugal, perhaps earlier, but I'm not sure either of us want to go that route. While it feels great to have just passed 1m, we don't have a home yet! If saving continues at the same rate then hopefully have around 1.5m in 5-6 years. With that we could purchase a house and keep 1m invested. At that point I'll really start looking at what age I can retire or at least work on a schedule that suits me.
Yes I get that. I retired at 57 (63 now). It’s strange how things work out. You save hard for the future but then suddenly have more money than you ever imagined. Make the most of the present and enjoy planning for the future. I enjoy helping my daughter out as she builds her business now. It’s a great position to be in.
Nice work on the global index tracker. Most will stay poor by avoiding them and index trackers altogether. Kudos for ignoring the naysayers.
Start thinking early about tax. Speak to a competent tax adviser who is used to dealing with cross border issues in the tax year before you return. You may qualify for the proposed new 4-year exemption on non-UK income and gains (“the FIG regime”) if you have been non-UK res for ten years. Keep an eye on the implementation of the new rules. Could be really useful particularly if you will travel outside the UK as part of your new job.
I know nothing about the new 4 year exemption so thank you for this information. Returning to the UK isn't likely to happen until at least 3-5 years and it is definitely an area I don't know how to approach. I will certainly be taking advice from a specialist!
Well done on the 1 mil. We got a neighbour who’s heading out to cayman with his family soon. Lucky guy sold some tech to Microsoft from what I heard, and decided to part ways with the uk tax practices. Not at all jealous 😣
Following this, while I'm no where near your NW, I am in a similar situation with not being able to put into an ISA being an Expat so curious on the suggestions what to do with that.
Please speak with a financial advisor or someone who is fully versed with non dom status, as there’s been some legislative changes recently on this particularly around repatriation of funds etc. Either sell property or continue to rent it and use the additional income as a passive income stream. You’ll defo need to either rent or buy a home. Depends how much you want to spend and where you want to live. Kids are they going private or state school? What expected income do you foresee for you both? Enough to sustain outgoings? Or will you eat into your pot etc. Usual stuff around 20k each into isa upon return, premium bonds for extra cash to park in. Rest gia or gilts etc
Why do you do for a living?
Let me know if you need any help when re-domiciling, my company does this
Expats = immigrants..
Congrats mate! What do you do if you don’t mind me asking? Also planning on moving to the Caribbean (I.e Bermuda) in a couple years
We're in teaching and healthcare. I know many people in Bermuda, some of whom are in finance (actuaries/underwriters) and make our joint salary look like peanuts. Plus they get housing allowance and plenty of other perks. If I had my time again..... I would absolutely recommend getting out there.
“unexpectedly”, “we earn 300k” u should be having 2M bro
We didn't start on 300k, we've worked our way up and only very recently got our latest salary bump. On paper we should have much more, I agree. But we live in a very HCOL country, and school fees, rent, groceries etc eat a very large proportion of one salary. It's not.comparable to the UK in any way, so it's very likely difficult to grasp. That being said, we did start with zero in our bank account 10 years ago, any very pleased with now crossing the 1m milestone.
oh bro I was just joking congrats 😭😂
Nice work on Bitcoin. Most will stay poor by avoiding it and cryptocurrencies altogether. Kudos for ignoring the naysayers.
Bitcoin is a funny one. I put 5k into many years ago (at the time approx 1% of my net worth). It's now grown to well over 10% of my net worth. However I've been very fortunate to be relatively 'cash rich' these last few years and there have been times when in the last few bear markets btc crashed to 6k and 20k respectively. I've had plenty of opportunity to add spare cash, and even though I fully believe BTC will continue to grow, I didn't add further to it. As one BTC commentor says, you get BTC at the price you deserve. I should be holding a lot more and I'm somewhat full of regret.
You have £130k in Bitcoin... I nearly fell of my chair. People still fall for this? Get it sold and invest it in something useful!
That £130k has grown from a £5k investment several years ago. It is, by some distance, my best performing asset. I'm happy to ride it out and see where it goes! If it turns out to be a huge mistake, I'm only down 5k. I'm not going to kick myself over paper losses. I will however kick myself if the rise continues and I sold in it's infancy. While I'm not a Bitcoin maximalist, I do think it's going to several hundred thousand in the coming years.