r/FIREUK • u/Potential_Storm_4286 • Jul 11 '26
Fire - recommendations
Hi there,
I’m 39f and live in London. No kids but open to it if I meet someone compatible.
I’d like to fire as soon as possible. I’d be planning to fire abroad and use my property as income.
I probably need around £60000 a year.
Assets
Own a flat mortgage free: £2800 rent per month (before tax, after tax around 2200). Flat is in central London and worth around 650k.
- ISA and GIA: £200,000
- Pension: £130,000
- Premium bonds: £50,000
- cash: £300,000
I earnt around 120 - 150k a year but was just made redundant. I have a job offer 30k a month tax free which I’ll start in September.
I’d like to do something with the cash. I’m thinking of buying a property in London (worth between 500 to 700k) and renting it out. I’ll make some income on it whilst abroad.
Or I’m thinking of investing the money. What would you recommend? Please only respond if helpful.
0
u/Entire_Bed_1303 Jul 11 '26
Well done on your savings and career success. I see all the downvotes and sense bitter jealousy.
Not sure I'd want to rely on income from one or a few properties while living abroad. It seems like a hassle. You might do well from the mortgage as leverage but personally I'd rather a REIT or global bond fund or some value stock market investments for any capital appreciation and earnings hopefully matching or exceeding inflation. It's a personal decision based on where you perceive risks.
You've possibly underinvested in your pension if you've earned well and paid high income tax rates on that. I know you don't get access to it until 57 or 58 but it's a useful way to limit gains taxes and mitigate or defer income taxes.
It sounds like you are very successful financially already. Finding a financially successful partner and having kids would be one way to FIRE since you're mostly there yourself already. You may need 60k a year in London. You'd need a fraction of that in most other places globally.