I was chatting with a fellow trader this morning about the future of betfair etc and we got to the topic of how much either of us would need to have (saved up) to walk away and never bother with betfair again. I'm getting close to hitting PC3 and am looking at other things at the moment for when I do, but I guess this is a question that arises for all of us at some points.
Myself, if it wasn't for PC3, I'd say if I had maybe 750k I could live very well with the right investments and wouldn't need to resort to the stress of scrapping around on betfair scraping a few quid off of often hapless punters and traders, many of whom in all honesty shouldn't be here in the first place and wouldn't if it wasn't for desperation.
So what's your number? Apparantly everyone has one (unless you're completely mad lol). Would be interesting to see what people on here feel they'd need to be happy and if it's higher than what most people out there would say they needed. The trader I was talking to said that he thought that traders are wired differently and they just want more more more regardless of what they've already got, but I really don't think that's true for most traders out there (certainly who I have spoken to) as they've always seemed like decent people. But anyway I don't want to prejudice responses or turn this into a game of judgement, I just wonder what people here would say as I've never heard it discussed before and I assume the reason we're all here is to live the dream!
What's your number?
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Hi hgodden, this is a pretty cool topic and a recurrent one between me and my friends. When we were at Uni (back in 99-04) having some booze at bar one of us came up with the idea of retiring before beginning a career 
Now, what was initially a drunk man's idea turned up to be something we actually gave depth to.
Back then, we made run some figures and through sensible investment, a modest (not luxurious)life style and some other considerations like life expectancy , we came up with the magic number €500k.
Taking into account inflation and euro pound exchange rate today it would turn into £570K. Now considering that the average monthly salary where I live is around €700 whether in the UK is much higher, your number is probably somewhat short?
Now, what was initially a drunk man's idea turned up to be something we actually gave depth to.
Back then, we made run some figures and through sensible investment, a modest (not luxurious)life style and some other considerations like life expectancy , we came up with the magic number €500k.
Taking into account inflation and euro pound exchange rate today it would turn into £570K. Now considering that the average monthly salary where I live is around €700 whether in the UK is much higher, your number is probably somewhat short?
The thing I found is that once you start moving towards your number is that your perception of it changes.
When I was young I dreamt of a number that would mean I never had to work again. But in fact, when you start reaching your targets you realise that it isn't the money that gives you the satisfaction or reward and, while it's a cliche, you learn that it's more important to do things that you enjoy than things that will make money. If you have the drive and enthusiasm for something, then it tends to generate money anyhow.
It's also very subjective. When my target was £100k I looked to people who had millions and wondered what that would be like. I now know people who have hundreds of millions and look at that in a similar way, but I've also met a few billionaires and wonder what it would take to reach that?
If I had to offer some advice it would be to set your target much higher than you really need, else you reach it and get this feeling of confusion about that you do next. But that is also tempered by the fact that you should set a target that is not set by numbers alone. That will leave your feeling a bit more fulfilled.
When I was young I dreamt of a number that would mean I never had to work again. But in fact, when you start reaching your targets you realise that it isn't the money that gives you the satisfaction or reward and, while it's a cliche, you learn that it's more important to do things that you enjoy than things that will make money. If you have the drive and enthusiasm for something, then it tends to generate money anyhow.
It's also very subjective. When my target was £100k I looked to people who had millions and wondered what that would be like. I now know people who have hundreds of millions and look at that in a similar way, but I've also met a few billionaires and wonder what it would take to reach that?
If I had to offer some advice it would be to set your target much higher than you really need, else you reach it and get this feeling of confusion about that you do next. But that is also tempered by the fact that you should set a target that is not set by numbers alone. That will leave your feeling a bit more fulfilled.
I know this may seem a rather deep response to a good thread, but when I started out as a full-time trader, my goals were to be mortgage + debt free and having £250k in the bank
Unfortunately, in trying to achieve my material/financial goals, I have been guilty in sacrificing far more important things in life - relationships (both mates & girlfriends)
Unfortunately, in trying to achieve my material/financial goals, I have been guilty in sacrificing far more important things in life - relationships (both mates & girlfriends)
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
You can never walk away. People enjoy making money.
Yes interesting topic. Having had my own business for a number of years I could of chose to pay off my mortgage first rather than buying fast cars, fast bikes and luxury holidays, but I chose not to as coming from a moderate background when I was younger having these things was even more of a novelty.
Now though as my body is buggered I wish I hadnt, as like you say hgodden I am on here more as neccessity more than a perk.
Problem is I feel that your needs change as you get older and also your size of pot of gold does to as things develop and unfold in your life.
To start with I had asperations that winning/earning millions would solve everything and yes of course it still would (if it ruins your life you can always give a it away) but in truth as I have been lucky enough to live in the country for a while now, own the flash car/bike and had the holidays (all of which are the normal things to do when people think of winning the lottery/pools)then why would I require millions now. Ok so what is my number now? £500k would suffice so I could pay off my mortgage and have a pot for emergencies (adulescent kids you see) and that is all. I could then work to exist instead of necessity to succeed. I suppose this is best explained by changing my numbers from the lotto to the thunderball recently. More chance of winning but a smaller amount
Now though as my body is buggered I wish I hadnt, as like you say hgodden I am on here more as neccessity more than a perk.
Problem is I feel that your needs change as you get older and also your size of pot of gold does to as things develop and unfold in your life.
To start with I had asperations that winning/earning millions would solve everything and yes of course it still would (if it ruins your life you can always give a it away) but in truth as I have been lucky enough to live in the country for a while now, own the flash car/bike and had the holidays (all of which are the normal things to do when people think of winning the lottery/pools)then why would I require millions now. Ok so what is my number now? £500k would suffice so I could pay off my mortgage and have a pot for emergencies (adulescent kids you see) and that is all. I could then work to exist instead of necessity to succeed. I suppose this is best explained by changing my numbers from the lotto to the thunderball recently. More chance of winning but a smaller amount
Ditto for me. No doubt I'll regret this later in life, especially social life & relationships.LeTiss 4pm wrote:Unfortunately, in trying to achieve my material/financial goals, I have been guilty in sacrificing far more important things in life - relationships (both mates & girlfriends)
I don't really have a specific number (but it has to be over a mil per yr, adjusted for inflation & monetary debasement).
Betfair trading isn't even going to scratch the surface, but my aim was always to use pre-off trading as free cashflow to pour into new business and investments.
While trading actively I'm gaining knowledge of markets (both sports & financials) and am also spending time learning about businesses.
Trading pre-off is simply a means to an end for me. Business & investments is where I want to end up.
I did actually have a number when I was young. I figured you are either a lender or borrower. Borrowers work for lenders, so I wanted to be a lender. Worked hard to pay off any debt and the number I wanted was enough capital that the interest would fund my day to day living.
Cue 300 year low interest rates, so now rates are pretty much zero my number has increased to infinity on the other side of the equation!
Cue 300 year low interest rates, so now rates are pretty much zero my number has increased to infinity on the other side of the equation!
Last edited by Euler on Sun Nov 03, 2013 9:05 am, edited 2 times in total.
Good subject - personally I dont have a figure. I actually enjoy what I do. It means something more than aquiring a bigger pile of dosh & walking away. I've been through periods where long hrs,stress, accepting PC have challenged me to find a better way of working or quit. Fortunately I found a better way, a way that makes it satisfying & fun - wouldnt now walk away from something I enjoy just to have a few extra quid in the bank 
When I was young I often thought about retirement when I had 'done enough'. But one of the things you realise is that as you reach those targets, it's not really about the money.
I wanted to hit a number of targets all of which I sailed through, so I think having a deeper purpose is the key to the long term and also to have the drive to see it through.
I wanted to hit a number of targets all of which I sailed through, so I think having a deeper purpose is the key to the long term and also to have the drive to see it through.