Financial Base Camp
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- Опубліковано 12 січ 2024
- Welcome to this weeks episode where I want to talk about the concept of a financial base camp.
As always get involved in the comments below.
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Hi Perry, a very logical thought process.
60 to 65 is when, according to Rhonda Patrick, the diseases of aging start to appear. All those in the know put diet and exercise at the top of the list, Peter Attia (and many others) say that although cardio is essential, resistance training is almost as important (to fend off sarcopenia), no need to join a gym as body weight exercises are good enough. Maybe break up your run with a few exercises, things like press ups and air squats. Alcohol in moderation is okay, I stick to the weekends now too.
Sound advice Vince.
I’ve started doing ‘tut’ training (time under tension). Basically, it’s doing slow reps until just before failure. So, doing press ups slowly until it gets painful. I might only get to 5/6 but you can feel it the next day
Brilliant. So much food for thought for someone in their 20s. I look forward to replicating your success, keep posting weekly I really enjoy the vids!
Thank you my friend. A wise and unusual person who recognises the opportunity to become wealthy whilst in their 20’s
Loving the contingency plan, Perry. Happy new year to you and your family (and the cat)!
Thank you Marta, and a happy new year to the both of you
Happy new year to you Perry! Still enjoying following your progress. Video idea for you I and I'm sure others would be interested in: A list of low stress jobs from your own experiences and from talking to others.
Would also be interesting to hear more from you about your own experience of being a taxi driver, would you recommend it etc
Thanks Alex and happy new year to you mate.
I actually looked at the stress free element a few months ago. Stress free means no responsibility which means minimum wage. So I googled top 10 best minimum wage jobs and you’ll find them there.
Cabbing works fine for me. I think if I were starting out I’d hire a cheap car (you can find ex taxi car rentals close to you on Google,) and work for Uber. I would then contact your Local Authority and ask how you can get a school contract. This will make you £2-300a week guaranteed
Hi Perry, like you I have 4 rentals in the north east, I had 5 but I sold one just over a year ago as it wasn't an ideal BTL, I used the profit to pay down the other mortgages to 50%. I've found that having a decent buffer/emergency fund makes things much easier and turns a crisis into an inconvenience, as there are 'unexpected' costs every year.
You’re right Steven. That’s entirely my motivation. I hadn’t considered selling one to achieve that but that’s a good idea for the future
Great video Perry! I need to make list of threats to my plan too 😅
Thanks as ever John mate
Running is great 😊 helps me a lot
Yeah, it gives me an all round good feeling. I’ve had operations for too much running in the past so have to manage my miles now
Great video. Would like to hear more about buy property. Especially threw a limited company
You’re right I ought to do one on that subject. I should also make it a topic on my subscription site too
thank you for these vids. your chamnel is great!
Thank you. Is this your first post? I appreciate it
enjoy your holiday and have a great time with the family!❤️
Thank you Jason. Bet I don’t get there 😂
Hi Perry, I have a SA property in Hartlepool and I think the neighbours dobbed me into the council, so I am waiting to hear if they will agree to a change of use - fingers crossed. Also have you looked into capital allowances that you can claim on your SA property, this can make a huge difference to your future tax liability. Good luck
No I haven’t Julie. Thanks for mentioning that. Any ones in particular I should keep a record of?
Like yourself Perry, I enjoyed running when I was in the forces. Now I’m over 50, I have substituted walking/ cycling instead of running, introduced strength training and really cleaned up my diet in the last year. Eliminating process foods and refined sugar has really helped too along with introducing more whole foods and some intermittent fasting in the evenings. Dr Micheal Mosleys book steered me in the right direction with small changes amounting to significant improvements over time. I think having a £20k war chest for emergencies is very very sensible and although it may slow the acquisition of the next property it won’t take you off course for too long. Wishing you and your family health and happiness in 2024. 👍
Is he the guy off Radio 4, does a show called ‘just one thing’?
Like you I’m at an age where I no longer need a body to attract a mate - happily married for 36 years. So I don’t do the heavy weights anymore. I do cardio to keep the blood pressure down and keep up bone density, as well as light weights to keep the muscles fit enough not to tear or damage easily
@@StupidIsTheNorm Yes, that’s the same fella from radio 4. I find bodyweight exercised and moderate strength training for stability, endurance and balance most helpful. No need to for “Pumping Iron” or bench pressing 200 lbs, moderate and functional gains to keep functional strength for as long as possible. Our gym has a sauna & plunge pool too, I’m up to twice weekly for a sauna and cold plunge, you definitely feel that!
Perfect, thanks!
You’re very welcome my friend
Great ideas on what someone will need to do to make sure their business is ready for uncertainties, we know one or more of them will happen along the journey. Was that a SWOT analysis? if it was then it might also be good to include the Strengths & Opportunities as well now you've done the Weaknesses and Threats.
The emergency fund or some funding is a must, while I have one in an ISA I like to try and leave that where it is so I keep a collection of cards, Usually one or more of them has a deal so I use those for short term emergencies, two roofs last year, and I'll only pull it out of the ISA if the deal rate on the card is higher than the rate in the ISA.
Keeping the LTV to 50% is a good idea as well, I see news of the rates going down but that's becuase the fees are going up so I'm calculating any new project/remortgage at 6.5% going forward.
Good luck on the book, I'm guessing this will be a part one, the first 5 years. Then part two will come in another 5 years when you reach your target😉
Some great advice there Chris. I don’t have credit cards though. After racking up £10k more than once I don’t put myself in danger of doing it again.
Naturally there’ll be another book 😂
@@StupidIsTheNorm I understand about the cards, once bitten and all that. I just rotate them to keep them in use so they're there when I need them, when I fill up with fuel and then pay it off right away, little things like that and of course I use a spreadsheet to I keep track on the dates, balances, deal ends..
@kujouk so efficient. It would do my head in
Perry can I just add that in the future i think even in your area UBER is a threat.
They’re definitely here. I think their only issue is the dynamic pricing. The busier they are the higher the price. Unsure of their attraction as almost all taxi companies have an app or online booking service