700 mile coast walk map

Do you want to start financing for a trip? Or a future goal? Let me delve into my past and explain to you the predicament I was facing. My pension pot was too low for me to be able to reach those goals, trips and dreams. I knew I had to do something to change it around. Below this blog will explore my pension predicament and will show you how I turned it around. Now I can truly start financing for a trip and future goals. Is this something you’d like to do too?

Like many other mums, I’ve not been able to top up my pension as much as I’d like to have over the last 20 years. This is due to working part time hours that have had to be done around bringing the children up.

What has made the situation worse are the restrictions that were initially in place when I started work at 17. The restrictions in pension contribution meant that I didn’t contribute until I was 24 to any company pension scheme. I then missed out on a couple of years later when I changed jobs. So, in total I missed out on seven years of my pension and the benefit of the compound effect of early investment.

How has my lack of pension funds from early adulthood affected me?

I have just 10 years left to go. Let’s explore how the lack of pension funds from early adulthood have affected me now. Now let me ask you a question.

How much pension would you like to have each month?

I think, like most people, we would like at least £1500-£2000 a month. So, if my pension pot was giving me 6% interest (if only!) to receive £2000 per month, I would need a pension fund of £400,000.

Now let’s cut back my expectations, with a mortgage paid off, perhaps I can live on just £1000 a month? At 6% (how much interest are banks giving now?) I would still need £200,000.

Slight problem.

Fairly recently my pension pot was £80,000. Hmmm! I’m just thankful that at least I had seven years into my pension, which was then consolidated by a pension advisor. But just think about how much that would’ve been if I’d had those extra seven years contribution when I first started work.

How can I improve my circumstances?

My plans are to travel, go for long distance walks, enjoy nature and outside activities as much as I can, whilst my body allows it. So, to get to £2000 a month to enjoy all of these activities, I would need to add to my pension at least £2500 per month for the next 10 years. This would give me an income of £2000 a month for the rest of my life. Only, there’s two problems:

  1. You can only put in up to 40% of your income each year so I need to be earning at least £130,000 a year
  2. I don’t earn £30000 a year let alone £130,000

So, what’s the alternative? Do I give up on my dreams and aspirations, or do I open my mind and look at alternative ways?

Great news- let’s start my own business! Again, slight problem:

  1. a) What do I feel confident in starting?
  2. b) Also, I need capital, money to buy goods, possible premises, although working from home is acceptable now, and marketing costs. I don’t have capital.

How I began financing for my trips and future goals

Like most, I have dreams and aspirations. I want time, time to walk, time to disappear in the wilderness, time to give to charity, but a conventional job or business won’t give me that time.

There are two quotes I like. One is from Robert Kayasaki, the author of ‘Rich Dad Poor Dad.’ He explains the difference between employees, the self-employed, a business owner and investor. Robert Kiyosaki says,

“The richest people in the world look for and build networks, everyone else looks for work.”

One way of building networks without the high initial investment is network marketing.

Have you ever looked at it? There are several types of companies, some product and some service orientated. Generally, there is a 3–5-year plan. By working the equivalent of an hour, a day for an extra 5 or 6 days a week, for 3-5 years, anyone can achieve this £2000 pound a month recurring income.

What’s even more exciting, is you don’t have to wait five years to benefit along the route!

Thankfully I was introduced to UW a few years ago and this is allowing me to top up my income. This means that I don’t have to cut back on my dreams and goals for the next few years. This year in April I am embarking on my 700 mile walk and I’m able to do this because of the recurring income I have generated through UW.

For more information on the benefits of network marketing click here. 

 I’ll leave you with another quote

richard branson quote

I love this quote from Richard Branson.

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