Am I too old to increase my wealth?

My wife and I both ran successful businesses and retired early (50) with a small portfolio as income.

It is quite difficult at first to take your foot off the gas pedal and not look for the money-making opportunity in things. But with time it does get easier.

This video of comments made by Steve Jobs shortly before he died is food for thought.

https://youtu.be/3RaK1WKMcCQ

My comment would be to perhaps not concentrate on generating more wealth but rather look for things to do that you will enjoy. If it makes money then fine, but that shouldn’t be the reason to do it.

If you’re bored, perhaps try new ideas. Put £20 in an envelope and leave it on a bench for some stranger to find. They get £20 and feel great. You also feel great as you have helped someone with your generosity. You could make that into a game. Leave the envelope then watch from a distance to see who picks it up.

If you are bored, how about asking the question to readers about how to use your wealth to help others and still keep or grow it? Are there properties in your area that you could give a new lease of life too and rent through local authorities to refugees for instance? Is there a way to use your life experience to help others in other ways that don’t involve you buying and selling properties? Is there a hobby you’ve always wanted to take up? Sorry, but the tax and profit driven nature of the question and responses to date is not conducive to enhancing the image of PRS landlords.

Reply to the comment left by Tom Crispin at 21/03/2023 – 19:00
Hi Tom,
You have an interesting strategy and plan. I have 3 boys (a lot older than yours now), and followed a very similar plan. One slight change was that I opened pensions for them, LISA’s (for the 2 eldest), CTF for the youngest (now JISA) and contributed to those as well. My eldest was 10, middle 3 and youngest just born when I started their pensions and they now have a significant value. Also gear up to buy property in their names as soon as they hit 18 and reduce some of your IHT issues.

Regards the remortgaging strategy. You may not find this so easy to do. You will be asked why you’re raising the funds and they will certainly frown upon your plan if you disclose the real reason. Raising money to buy additional capital assets is ok, but for other personal reasons like yours, repaying personal loans, buying a boat etc. would be a red flag.
Another factor is cost, as each remortgage will be treated as a separate transaction.
Affordability is also quite tough to get through.

What I’m really saying is that even if your BTL portfolio is worth circa £1.5m with only a 10% LTV, don’t believe remortgaging will be a breeze!

Good luck

The Steve Jobs speech might have some worthwhile sentiments but it wasn’t said by Jobs!
https://www.snopes.com/fact-check/steve-jobs-deathbed-speech/
These days I don’t believe anything on the internet unless I check it with Snopes.

Reply to the comment left by Fred Lawless at 25/03/2023 – 09:59
I believe the Steve Jobs speech is fake.

Fake or not the point is all the wealth in the world can’t keep you alive….and ill health definitely makes you evaluate what is important.
John you obviously at a crossroads and in a strong place to make decisions. Those decisions ultimately need to be yours and from comments already posted there are plenty of options.
Good luck and good health.

Reply to the comment left by RoseD at 25/03/2023 – 11:04
Correct. A bad dose of covid in 2020 which forced me to stop working, my partner’s heart attack the same year, a feckless tenant who caused me so much stress [and financial loss], and the death of my sister last year, made me realise what’s important, and it’s not BTL.

Reply to the comment left by NewYorkie at 25/03/2023 – 11:19
And that’s the real point isn’t it. Any investment has risks and problems and then something happens to make you question what is really important whether it be health issues, boredom, increasing age, you get the drift.
I like the thread that recommends just sitting back and enjoying your wealth and be very grateful you have that as an option.
Whatever Steve Jobs did or didn’t say…all that wealth couldn’t buy life!

I agree with the later comments. What else would you like to do in your life?
You’ve already been successful money wise and clearly have “enough” money. After you’ve made provisions for your family and security for yourself, then what else do you want?

My personal dream is to have a retreat centre or two in the countryside, in UK and abroad – (I wouldnt run them, that would be a JOB and I highly value freedom).
Or bringing life back to big old abandoned properties, or travelling the world. Equally if none of that happened I would be fine with that.

What are your other dreams, even if it seems like a whim?

Reply to the comment left by KD South East at 25/03/2023 – 11:47
We’ve already been on a wonderfully relaxing cruise up the Norwegian coast, skiing, and have 3 more holidays already booked this year. And I haven’t yet booked to visit my son in Dubai. We are 70 and 65 next year, so we will be pushing the boat out.