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After figuring out FI/RE I am less motivated.
Is this for real?
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Anyone looking at airline stocks or ETF play?
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Used car prices starting to come down?
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It will be bad but you’ll have a better work life balance as well as QoL and save a lot more. Take it from me who did the opposite and I’m kind of second guessing it.
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What do you mean, investments have to be structured in a compliant way? Do you mean a way to legally avoid the double tax?
Don’t you get a credit for tax paid to the UK on investments as well? Or is that only on income?
I plan on doing just this, but in the last year or so of my career in about a decade.
My company has a London office and I plan to ask to be assigned there at the end of my career. I’d be moving from a MCOL city, and I won’t even ask for a co o adjustment. I just want a reason to use a European city where English is the primary language as my base for weekend trips and a jumping off point for my 5 weeks of vacation.
I also imagine that in 10 years, remote work will be even more commonplace and it won’t be much of an issue.
Figuring out the tax consequences may be tricky though. I’ve heard horror stories about negative tax outcomes for the unaware.
FP1 that is infuriating
As an old 39 year old, my answer is, who cares? You’re young - live your life. Take risks. I quit my job at your age and travelled for a year. Then I did a useless graduate degree. Despite that, I’m still financially fine now and I wouldn’t change any of it.
Your “fine” is a consultant’s “poor”.
At 25 I was trying so hard to move to London, but it became too complicated to relocate with my company. At 27 I met my fiancé who is an attorney who can only really work in the US. And we bought a house - so the London ship has sailed! You never know when you’ll settle down - so I recommend taking some risks while you’re young & not tied down. Even if it might mean taking a little bit of a pay cut 😬 good luck!
Following (just moved to London)
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Retirement contributions are much better in the UK. Brit here who moved from London to nyc.
My Pwc pension was I put in 8% of salary and Pwc 12% for a total of 20% - so great.
My Pwc us pension match is like 1.25% - basically nothing
Also, free healthcare is worth 5-10k a year salary easy.
And I had more vacation (6 weeks) so that’s plus 5k salary
Just do it, London is awesome
To add to this, the government gives tax relief on contributions based on your marginal rate. If you earn more then £53,000 and pay 40% tax then you get 40% tax relief. For every £100 that goes into your pension pot it’s only costs you £60 as the government tops up £40 (it actually costs you less when you deduct employer contributions)
Follow-on question. Knowing that I may take a hit to my salary if I move to London, will li be able to jump back in line with my peers if I move back to NYC?
For those of you who have made a similar move was it still easy with vacation to see plenty? I’m debating a similar move as OP but am worried about the distance but hoping more vaca time would offset that
That’s a great pt. Problem with remote working is the tax issues between countries. Don’t know if companies have really solved for that
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Do you mean family? If so it will definitely be harder and you’ll probably only realistically do 2-3 US trips a year.
Yah I mean family. Ah that’s a bummer. Right now I’m an hour flight away and just really worried about the impact moving overseas would have on seeing them