This is very first world so apologies in advance. Our financial situation is different to everyone I know. We have £200,000 in actively managed investment, from the profit of which which we draw our living expenses. We own our house. Between us though we only earn about £20,000 max p.a.. This is for us plus one child. I feel I ought to be looking for a better paid job, so we can have better cash flow, save etc. but i love what I do at the moment and really don't want to. Husband says I don't need to and we are financially secure. WWYD? This is stressing me out. We never feel in need, but then I know we spend a lot less than other people we know (we're pretty low maintenance). Parents on both sides are financially secure and we have no other dependents. Investments aren't anything risky (except insofar as all investments are risky). I just feel that I would be happier living on a salary rather than relying on the investment profit.
True! Do you think it sounds like enough of a financial cushion though? (In case eg we need expensive medical care suddenly) If we didn't have a child I would consider us loaded, but feel more concerned now with someone else to look after...
Yes in UK and able to use NHS. It was just an example - could be any sudden big cost. I think the thing is my family are very financially careful and husband's are much more carefree, so it is hard to know if I am being over cautious or he is being reckless. We have a family loan for 2/3 of the value of the house, which is being paid off at a manageable rate per month and won't go up or down. Childcare not necessary at the moment as my work is very flexible (self employed).
No pension, but loan is from parents and the balance will come out of our inheritance if /when they die. Both self employed in areas that don't have a top age limit, and no plans to retire unless we had to due I'll health (we love our work and it's not physically demanding -arts). Will not need a bigger house ever. Big bills are all house related. We can always draw on the capital in an emergency but would much rather not. I too would prefer to live on a salary which is why I am considering the job change.
Many people would absolutely love your lifestyle and financial situation op. I know I would even though we are ok as far as our household bills and rent are all paid each month,only a very small amount of debt due to be paid off this time next year and 2 young dc and a newish adult ds who now works full time. Compared to where I was 20 years ago our life to me is rich as in bills paid and security. I would love to own a home eventually but had my dc young so a mortgage and only a low pension will have to suffice until the dc are all older. My parents are good examples as they had us young,bought their first house when they were 40 and are now mortgage free with two good pensions and still working part time for holiday spends and luxuries but they have the security of their own home and time to enjoy it all. I hope to be like them at their ages. Life isn’t all about what’s in the bank is it. I say enjoy it op