TIL that by the age of 40 you should have saves 3x your annual salary if you plan to retire at 67 and live a similar lifestyle

I have a few contracts waiting that in theory I could borrow money and fulfil, but they're all 180-day payment terms and that can piss right off.

Over 300 of us were made redundant at the same time, but a friend -ish of mine went straight into starting his own business. Created and sold something alcoholic that a lot of quite posh people liked; had a small gin distillery in his house and all sorts. Seemed to be going well, until he accepted a supply deal for a large supermarket over here. He had a 90-day payment contract, which was then superceded after the first few weeks (which were a trial run, I think) by a 180-day one.

I don't remember all the details but it was something like he'd taken a loan to cover the expansion needed to fulfil the order, so needed the money to pay for that loan. The original deal was 'renegotiated' by the supermarket - AKA he was told he'd need to agree to change it to 180 days or they'd drop him as a supplier. However, he could keep it at 90 days if he agreed to a drop in price. Think the business collapsed within the year.

/r/todayilearned Thread Parent Link - cnbc.com