Fragilista - Part 1

<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody> <tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKbDYxlgTwvAiGjYpQbnH4mjq2ITL0w5qPX7CFqf37GN9NIWUfwsuJy1CeLcmyXlqQioTOue1F_909H7T-c-wKDzlDIzyTG13QCa78Cb2yhVVsziXREB9hfztL0E0kXCTk2Ji-8BJt-nTk/s1600/P1050243.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKbDYxlgTwvAiGjYpQbnH4mjq2ITL0w5qPX7CFqf37GN9NIWUfwsuJy1CeLcmyXlqQioTOue1F_909H7T-c-wKDzlDIzyTG13QCa78Cb2yhVVsziXREB9hfztL0E0kXCTk2Ji-8BJt-nTk/s320/P1050243.JPG" width="320" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Our very fragile sink - we are chucking everything at the <br /> kitchen sink of 2017 to make it as successful and <br /> anti-fragile as possible</td></tr> </tbody></table> <b>Welcome to a New Year of new opportunity ladders and slippery snakes. </b><br /> <br /> This year I am kicking off with the basics on how to achieve Financial Independence with a link to my <u><a href="https://sites.google.com/site/lifeplanltd/home/TimeLine_Financial.xls?attredirects=0&d=1" target="_blank"><span style="color: red;"><b>updated Financial Independence Timeline planner</b></span></a> </u>that allows you to create a basic budget, track spending and create a financial independence plan.<br /> <br /> I will cover a bit of <u><b>media bias</b></u> (plenty here;) in the wold of fake news and risk planning especially <u><b>focus on becoming anti-fragile</b></u> (Courtesy of Nassim Taleb)<br /> <br /> In part 2, that will be released later, I will<br /> <b> </b>discuss our anti-fragiliska actions and what you can do<b><i>.</i></b><br /> <h2> Early Retirement does not have to be a dream - maths 101</h2> <div style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"> I have read a lot of articles from the FIRE community and mainstream media. Some are very good at highlighting how it is possible to save what can bee seen as a daunting wad of money. Some talk of extreme "sacrifices" made at a young age to do this. In reality it is sensible to choose somewhere in between. <br /> <br /> A happy financial independence is possible with a reasonable wad. It is possible to avoid extreme living arrangements to get there. We "retired" at age 37 and still managed to have a great time along the way. How?<br /> <br /> Simply - we worked (at education to get good jobs where we put in the required effort) and saved hard all our lives (50%+ of our after tax income) - <a href="https://www.amazon.co.uk/Grit-Passion-Perseverance-Angela-Duckworth-x/dp/1785040189/ref=sr_1_1?ie=UTF8&qid=1484472770&sr=8-1&keywords=grit" target="_blank">See the book Grit</a>. Secondly live with a good standard of living but nothing extravagant which is the premise of the book "<a href="https://www.amazon.co.uk/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=sr_1_1?ie=UTF8&qid=1484472896&sr=8-1&keywords=The+Millionaire+Next+Door" target="_blank">The Millionaire Next Doo</a>r". <br /> <br /> A middle class lifestyle is a luxury and there really is no need to overstretch yourself with "luxury goods" trying to keep up with the "Joneses" or "Showing Off". A middle class lifestyle in this day and age means access to cheap world travel, indoor toilets and central heating. These are luxuries in their selves and were not available until recently. Obtaining financial independence just means understanding and applying the following maths:<br /> <blockquote class="tr_bq"> <b>The MAGIC of COMPOUNDING and the RULE of 72</b>. Divide 72 by the rate of return you obtain and this gives the time for the initial amount to double. If you have 50,000 saved and get a 10% return in 7 years you will have 100,000, 14 years 200,000, 21 years 400,000 etc. This is with no additional capital added! Sprinkle some in and this process speeds up dramatically.  <br /> <br /> The secret is that at first you don't see the nest egg grow much - the power of 72 is hidden.  Add in a sprinkling of the ups and downs of the business cycle and it is easy to see this as a deterrent - it is not working....persistence is the key.</blockquote> <blockquote class="tr_bq"> Secondly how much do you need to live off in FIRE 15,000 per year? This requires an investment pot of around 214,000 returning 7% a year........(too aggressive for me - but it is quite startling)<br /> <br /> 15,000! This surprisingly goes a very long way when you house is paid for, you live in a country that has good health coverage (providing you pay your taxes) and you have low living costs by SMART living choices. </blockquote> <blockquote class="tr_bq"> BIG IDEA: Do not be part of the heard, save as much as is reasonable and make sure the money is put to WORK providing an INCOME (<u><b>not a speculation or gamble</b></u>).</blockquote> To help you visualise how this all works I have updated my financial independence time line planner with new budget and spending tracking sheets (excel spreadsheet).<br /> <br /> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody> <tr><td style="text-align: center;"><a href="https://sites.google.com/site/lifeplanltd/home/TimeLine_Financial.xls?attredirects=0&d=1" style="margin-left: auto; margin-right: auto;" target="_blank"><img alt="TimeLine_Financial.xls" border="0" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTBQKRWQKsRKNedGhHOJJVCFo3JLHg5MPBwzo4ov_OUHZ1ieUjW1sDEzq68J1F1XIIADEn94hctjbwFeQyg-IH757skuxLaO31qey9E3L8Ja94n-zOFnS_pQ28QWxpyJis-uYshHwpvp7_/s400/Timeline.png" width="400" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Click on picture to download expense tracking, review, budget and financial time line*</td></tr> </tbody></table> <h2> Can it really be so easy - if so why don't more people do it? </h2> First up were are told it is not possible - daily. Retirement has been dolled up over the years as golf, beach, cruises. All of this is a massive sales job. Before you now it <b>big bucks</b> are needed in your pension plan (a million dollars or more in today's money). Don't believe this PROPAGANDA.<br /> <br /> These numbers are a natural brake on people retiring early. You get your pension projection in the post giving a pension estimation at 65. Usually falls short of your expectations and encourages you to add more funds. <br /> <br /> <b>Message:</b> Just keep on contributing (and paying all of those lovey fees that drive the pension industry)! This leads to<br /> <br /> <b>Behavioural change:</b> This perception management encourages irresponsible spending. <br /> <blockquote class="tr_bq"> "I am paying into a pension so I will spend the rest - this is fragile thinking"</blockquote> Saving slowly and squandering the rest on a consumerist lifestyle, of junk whose value generally returns to its intrinsic worth of zero over time as it becomes broken, worn or obsolete, keeps you on the treadmill of salary, taxes and fees. Don't FALL for it!<br /> <br /> This vicious circle sets high spending expectations in retirement hence the need to save more. We live VERY comfortably on what is deemed a poor family income in France as we have NO DEBT, NO LIABILITIES and LOW FIXED COSTS.<br /> <br /> Whats even worse is there no real guarantee of a good pension payment at the end of your working life (think low returns, unfunded liabilities and inflation). I firmly believe this will leave a lot of people in a bad position in the years ahead as we are starting to see in the <a href="https://en.wikipedia.org/wiki/Pensions_crisis" target="_blank">US with state pension funds in crisis</a>.<br /> <blockquote class="tr_bq"> <b>BIG IDEA</b>: <u>Everybody needs to be an active manager in their own pensions. Have a plan and a set of pension goals and accept these change over time.</u> </blockquote> Unfortunately this skill set is not part of the education system which is a topic for another day. I will just question why were are pushed out of the education door, to get on with it, without some basic life skills such as budgeting and planning.<br /> <br /> The only way you get these skills are if you are lucky enough to have parents who have filled in the gaps (financial and emotional intelligence to name but two). You have a fascination with making it big or have a mentor of some sort. Knowing the GAME early makes ALL the difference to your future.<br /> <h2> Hyper-Normalisation - is there a retirement trap brewing?</h2> To compound the issue that returns are not knowable in advance.<br /> <br /> Things could dramatically advance just think of free renewable energy for all, new industries crop up overnight that revolutionise the world economy and we all get an iRobot each, eliminating the need for hard work and the ability to fund a living wage for all. <br /> <br /> On the flipside to utopia we need to consider a few stumbling blocks (until we get our robot;).<br /> <br /> One potential issue is that current asset prices and projections are based on<b> perpetual growth</b> calculations. We buy productive assets to pay for our pensions whose price is determined by predicted growth as measured in GDP and profits. These projections are based on historical "norms".<br /> <br /> As we all know from history classes and current problems in countries; Argentina, Greece and Venezuela - upheaval can occur in any country devastating the "normal growth mantra", currency value and pension pots very quickly.<br /> <br /> Secondly we have no real <b>leadership </b>in the world - challenging the status quo and changing our path to a brighter future.  Leader holy grail is to keep inflation (confiscation) around 2 percent and growth in GDP of 3 percent and debt growing into an even bigger Godzilla than it is now......?). Nothing really changes. <br /> <blockquote class="tr_bq"> Growth has been great but time is running out on this model - back to the rule of 70 (divide 70 by the percentage growth rate to give the doubling time) - at 3% growth the GDP would double in 23 years. <u>Twice as much of everything</u>...!!! yet we live on one planet and there are some serious restrictions to this thinking.</blockquote> <br /> Considering most pensions are based on tracker funds which "diversify" risk buy owning a bit of everything surely this is a problem when we can't have everything when <b>scarcity </b>kicks in. Will luxury goods companies be top of peoples shopping lists? Will people pay for stuff they don't really need in this circumstance? Will society change where conspicuous consumption and keeping up with the Joneses is no longer seen as socially responsible? What happens when cheap debt is no longer available?<br /> <br /> Another potential car crash for pension promises is that we are all living longer. <b>Demographics </b>are terrible in major economies (ageing society, less workers per retiree). Populations are highly unlikely to grow at 3% a year....<br /> <br /> People stop spending in later years. They sell investments and assets to pay for their living costs - no GDP growth here then either.<br /> <br /> But wait we can just print GDP right.....It's just logical - we currently have already bankrupt public finances and pension entitlements to pay just <b>QE it</b> (the law of supply and demand does not apply), <b>NIRP it</b> (negative interest rates what the!) it to make people spend and soon to be <b>helicopter it</b> (give people the money directly).<br /> <br /> There is no real growth here just accounting tricks and boon dongles to keep us hyper-normalised. Slowly boiling the frog. <br /> <br /> We are looking at a step change in humanities approach to retirement and entitlements. A new deal will eventually be forced upon us. <br /> <br /> Future retirees need to be smart and understand their investments instead of a docile awaiting a check at the age of 65+. Their wad has to be structured in such a way to ride out risks and change to real future conditions of an ageing society consuming one rapidly depleting planet. It need to generate surplus instead of being "drawn down" only then can you be confident to splash out.<br /> <b><br /></b> <b>This is even more important for people considering FIRE (or FISH :)). Empires rise and fall, companies collapse and new ones are borne. We need to be </b><b><b>informed, </b>nimble, reactive, critical and opportunistic to have so many years not reliant on our labour. </b><br /> <br /> <blockquote class="tr_bq"> <b><b>BIG IDEA: "<u>Hope for the best and plan for the worst</u>" </b></b>Financial Independence must have INCOME above OUTGOING with continued SAVING and INVESTING. <br /> <br /> Seeking Happiness means RESILIENCE building and RIGHT SIZING ones LIFESTYLE to a changing society to survive many years free from working for the man or looking. HAPPINESS is NOT looking over your shoulder each day.<b><b> </b></b></blockquote> </div> <br /> <br /> <br /> <br /> <br /> <br /> <br /> I have a couple of people I want to mention who are doing great work in thearea of building resilience:<br /> <h2>  Fragile, Rhobust, Antifragile - Nicolas Taleb</h2> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody> <tr><td style="text-align: center;"><a href="https://images-na.ssl-images-amazon.com/images/I/31PyTZdiN-L._UX250_.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://images-na.ssl-images-amazon.com/images/I/31PyTZdiN-L._UX250_.jpg" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Source: Amazon</td></tr> </tbody></table> I have been a fan of Nicolas Nassim Taleb since reading his "Black Swan" book. He has followed this<a href="https://www.amazon.co.uk/Antifragile-Things-that-Gain-Disorder/dp/0141038225/ref=sr_1_1?s=books&ie=UTF8&qid=1484474288&sr=1-1&keywords=antifragile" target="_blank"><i><b>anti-fragile</b></i></a>. As I have read it it implies being able to make good by embracing risk and making sure shocks don't really hurt you.<br /> up with a book on a form of robustness which he calls <br /> <br /> I have a few takeaways from his work<br /> <ol> <li><b>Specialism </b>can be very dangerous - what if your job becomes obsolete - can you do other things \ have other skills?</li> <li>Having all your <b>eggs in one basket</b> is just waiting for someone to knock it over - "safe index low cost funds", stocks, bonds etc.</li> <li>Being <b>part of the herd</b> will lead you over the cliff - leading a debt based consumerist lifestyle makes you fragile</li> <li>Taking <b>calculated risks</b> makes you stronger </li> </ol> <ol> </ol> <h2> Peak Prosperity - Chris Martinson</h2> <ol> </ol> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody> <tr><td style="text-align: center;"><a href="https://images-na.ssl-images-amazon.com/images/I/514%2Bkx0vKaL.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://images-na.ssl-images-amazon.com/images/I/514%2Bkx0vKaL.jpg" width="213" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Source: Amazon</td></tr> </tbody></table> Secondly I have followed the work of Chris Martinson and his Crash Course which I highly recommend you watch on his website <a href="https://www.peakprosperity.com/" target="_blank">Peak Prosperity</a>. This shaped our thinking on early retirement, investing and the need for self sufficiency. After all stopping work at 37 and providing for our family until we pass can be a very long time and lots of "Black Swans" can be lurking in the shadows.<br /> <br /> Chris covers risks from the three E's. <b>Economy </b>(massive build up of debt). Reliance on depleting fossil <b>Energy </b>supplies (and resources in general) for day to day life. How we need to look after the <b>Environment </b>we live in which provides us with our nourishment (soil building, wildlife (bees) for pollination, water etc. His latest book <a href="https://www.amazon.co.uk/Prosper-Prepare-Future-Create-Inheriting/dp/1937832767/ref=sr_1_fkmr0_1?s=books&ie=UTF8&qid=1484474351&sr=1-1-fkmr0&keywords=prosper+chris+martinson" target="_blank">"Prosper"</a> is a great resource. <br /> <h2> More reasons to be ANTI FRAGILE in Retirement</h2> <b>External Surprises </b>- Life has a funny way of punching you in the face. All is fine then wham - the car is written off, you break an arm or lose big on your investments. There can be an external shock completely out of your control such as war, demographic crash, capital flight and times of deflation and inflation.<br /> <br /> <div style="text-align: center;"> <b>This is relying on MULTIPLE DIVERSE sources of income is a must.</b></div> <br /> <b>Challenge and happiness</b> - Taking FIRE to live in a modern villa with no way to be a bit self sufficient, the bills just covered and a rosy outlook for investment returns is anti fragile and can get you in deep trouble quickly. Sitting in the sun and going for your daily swim can become stale quickly, as humans we need to keep moving or wither.  <br /> <br /> <br /> <div style="text-align: center;"> <b>You make your own luck and happiness through hard work, continuous learning, making the hard choices. All of these must continue throughout life - its what life is about, makes you want to get up in the morning and puts a smile on your face. I did that!</b></div> <br /> <h2> Retirement - use it to build inter-generational Wealth</h2> Our aim is the continuous accumulation of wealth. We want to be able to pass on the knowledge we have to our children so they can do the same for their own. Why? Well the ability to control your freedom is in my opinion a major part of happiness - choosing what you want to do. Money and assets allow you to take risks, build a business out of a passion, make value for the people around you.<br /> <br /> Having a framework that makes sure you have real title to assets, legally avoid inheritance taxation (think farmland, 100+ year old antiques, passing assets on before they get taxed) is a real legacy for FI seekers. Building a business to hand over or sell in "retirement" provides a spark to your life, a reason to get out of bed, challenge yourself and keep your self healthy (heath is mental and physical and is WEALTH)<br /> <br /> Draw down of assets in retirement is what the state wants - not what you want! That way the next generation have to get to work for the man to pay their taxes.<br /> <br /> Why should we just accept this? This type of FIRE is not leaving a legacy behind. It is giving it to the state to squander on its latest pet project. By all means pay you fair taxes I have no problem with that but WILLINGLY give up your CAPITAL at the EXPENSE of your family is another issue all together. <br /> <blockquote class="tr_bq"> <b>BIG IDEA</b>: Financial independence is about leaving a legacy of inter-generational WEALTH and KNOWLEDGE.</blockquote> <br /> In <b>part 2</b> of this post I will go through the modest steps we are taking to be anti-fragile and build inter-generational wealth for our family. <br /> <br /> <ol> </ol> <ol> </ol> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody> <tr><td style="text-align: center;"><a href="https://sites.google.com/site/lifeplanltd/home/TimeLine_Financial.xls?attredirects=0&d=1" style="margin-left: auto; margin-right: auto;" target="_blank"><img alt="Finacial Time Line Planner" border="0" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1_UvAsfYu6nhtyt5mABN2Npg1FjvH88PiJ8ComrXLb1cG2MY_2x4Pw48UB7-d0r52ebSWoYMI3N2J1eno7QF4wgSfunnBecJPeV8LMRF84W3iuTxUFl2odOAG9h4QbAWb2GHhK_AiN39w/s400/Timeline.png" width="400" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Create a FI plan today*</td></tr> </tbody></table> Peace, prosperity and happiness<br /> <b>CoNTeNDeR</b><br /> <br /> <br /> <b>Welcome New Readers!</b> Please take a look around.<a href="http://getintheringwithme.blogspot.com/p/about-me.html" target="_blank">Click here</a><b> </b>to find out more about <b>THE.TriBe</b> and the blog is or perhaps browse the <a href="http://getintheringwithme.blogspot.com/p/all-posts-get-in-ring.html" target="_blank"><u>all posts list</u></a>, Please feel free to play with the <a href="http://getintheringwithme.blogspot.com/p/muff-tools-and-check-lists.html" target="_blank">planning tools and checklists</a>. If you liked this post can you please spare a few seconds to share it?<br /> <br /> * Inevitable legal disclaimer. Everything on this site is intended for entertainment purposes only. I take no responsibility for its use.

Fragilista - Part 1

Our very fragile sink - we are chucking everything at the kitchen sink of 2017 to make it as successful and anti-fragile as possible W...

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Earnymore V Frugalizm

<table cellpadding="0" cellspacing="0" class="tr-caption-container tr_bq" style="float: left; text-align: center;"><tbody> <tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGEtdP6mYX-UMyH2gi-MI5ba_cDcBR5VZB2rTnEcXUht2SwoO59Y-MWR_Xs00oRmWGHdOiM7SqZNpma3s_9d5lF2ewQA7c2RmOgpgzNOkmcIBVSyEyUDMFniGXKLGlnK9gZNRpOyzEYcqd/s1600/Chicago.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGEtdP6mYX-UMyH2gi-MI5ba_cDcBR5VZB2rTnEcXUht2SwoO59Y-MWR_Xs00oRmWGHdOiM7SqZNpma3s_9d5lF2ewQA7c2RmOgpgzNOkmcIBVSyEyUDMFniGXKLGlnK9gZNRpOyzEYcqd/s320/Chicago.jpg" width="320" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">View of Chicago from Sears tower on business trip – a great city,<br /> blues music and ice hockey </td></tr> </tbody></table> <h2> Should I Just Earn More and Carry On As “Normal”? </h2> I read a comment the other day stating it is not being frugal that will get you to financial independence early it is <u>earning more</u><br /> <blockquote> "I believe that wealth comes from creating more income, not reducing costs" <a href="http://www.alexisassadi.net/2014/05/23/became-financially-free-26-part-1/#sthash.TG3RMhje.dpuf">alexisassadi</a><br /> <br /> I’ve been focused on making passive income since I was in my early 20’s. When I was 24 years old, I became financially free and was making around $60,000 per year from my online businesses. <a href="http://projectlifemastery.com/become-financially-free-first-then-get-rich/">projectlifemastery</a></blockquote> Live normally and get rich has a nice sound to it. Being frugal on the other hand could alienate yourself from the people around you, you will miss out on a normal life? "<i>Live for today as there might not be a tomorrow</i>!" is very true; thankfully the odds are in your favor.<br /> <ul> <li>Should we earn more and carry on as 'normal'? </li> <li>What happened to the TRiBE when we became frugal crazed savers<b><br /></b></li> <li><b> Should we live like yesterday - a living cost comparison</b></li> <ul> <li>A look at average living costs - are they normal or wasteful?</li> <li>A look at the cost of housing - likely to be your biggest expense</li> <li>A look at wages, wage earning curve and taxes</li> <li>A comparison of the numbers between the TriBe and carrying on as average</li> </ul> <b> </b> <li>Why earning more, being partly frugal and adjusting your lifestyle may be a better approach to financial independence</li> <li><b>Some ideas to earn and save more </b></li> </ul> <h2> Being Frugal and Seeking Financial Independence did impact the Tribe</h2> From first-hand experience the Tribe understands that being frugal does impact relationships and the way you live day to day for instance: <br /> <ul> <li>We did not have our own property (read have a huge mortgage) in a desirable London location like friends with similar incomes. </li> <li>The rental property was not what we desired nor filled with furniture we liked and owned.</li> <li>We did not buy expensive things, making do with an old car "out of date" gadgets. </li> <li>We went on reasonable holidays that we planned and booked ourselves</li> <li>We did not pay for a nanny or private schooling. </li> </ul> What we had gained was: <br /> <ul> <li>We had no debt and shunned credit cards.</li> <li>We saved over 50% of our salaries</li> <li>We could afford to loose \ quit our jobs and still pay the rent </li> </ul> When we talked about why we "shunned" the expensive lifestyle and our plans to retire early we had some comments such as: <br /> <blockquote class="tr_bq"> “That is impossible and reckless.”<br /> “Why would you ever want to do that?” </blockquote> Conversation was quickly changed to the weather, kids or sports game. Ho hummm...and you have missed out on:<br /> <h2> Should we have lived like its 1999?</h2> <br /> Keeping to a modern lifestyle is very comfortable compared to the fairly recent past. We have access to exotic restaurants, films, gadgets, sports, designer goods etc. Everyone likes these things including us. <br /> <br /> Our modern living is easier. We buy meals instead of making them, rely on cars and services. Gas and electricity is piped to our homes helping us save amazing amounts of time. Washing machine anyone - possibly the biggest time saver ever?<br /> <br /> Our productivity and wages go much further and we spend it and boy do we know how to party. It is all so convenient and easy – just hand over money in exchange for stuff and experiences. <br /> <br /> All this comes at a cost as MONEY = TIME (working) and LIFE = FINITE AMOUNT OF TIME. There is a key trade off here about lifestyle and free time.<br /> <br /> So what does this consumer lifestyle look like: <br /> <h3> <b>Average Household Living Costs in the UK (multiply by ~1.5 for Dollars)</b></h3> <div style="text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjIkTSrbHz-Sk4pjg6G08Sz0Xq8ouSS_uzI71qiLsrq50vo-7HqK0vbxTI9g8lP5Biyx8TCPMo9jMR5Esx0pjdlSODucI2faSypX4jdtVhknsV2z_pRLYkWZn_e9TvvqZQMSP5FjQber6B/s1600/UK+Spending.JPG" imageanchor="1"><img border="0" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjIkTSrbHz-Sk4pjg6G08Sz0Xq8ouSS_uzI71qiLsrq50vo-7HqK0vbxTI9g8lP5Biyx8TCPMo9jMR5Esx0pjdlSODucI2faSypX4jdtVhknsV2z_pRLYkWZn_e9TvvqZQMSP5FjQber6B/s640/UK+Spending.JPG" width="400" /></a></div> Source: £531 per week (~$800): Source ONS and <a href="http://www.telegraph.co.uk/finance/personalfinance/12038850/How-much-does-the-average-household-spend-each-week.html" target="_blank">Telegraph </a><br /> <br /> Average household size (number of people): 2.37    Source: <a href="http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Household+Composition+and+Characteristics#tab-data-tables" target="_blank">ONS</a><br /> <h3> Average House Prices</h3> <img alt="See original image" height="400" id="il_fi" src="http://i.dailymail.co.uk/i/pix/2008/09/05/article-1052769-028A71EB00000578-610_468x668.jpg" style="padding-bottom: 8px; padding-right: 8px; padding-top: 8px;" width="280" /><br /> Source <a href="http://www.dailymail.co.uk/news/article-1052769/The-map-reveals-long-wait-house-price-recovers.html">http://www.dailymail.co.uk/news/article-1052769/The-map-reveals-long-wait-house-price-recovers.html</a><br /> <h3> Average Wages and Wage Curve</h3> <img alt="" height="457" src="data:image/png;base64,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" width="640" /><br /> <a href="http://www.ons.gov.uk/ons/dcp171778_385428.pdf">http://www.ons.gov.uk/ons/dcp171778_385428.pdf</a><br /> <h2> TRiBe Comparison </h2> In my <a href="http://getintheringwithme.blogspot.fr/2015/12/2-years-of-financial-independence.html" target="_blank">last post</a> I detailed the current spending costs of the TRiBe. There are four of us.<br /> <br /> <div style="text-align: center;"> <b>Living costs</b></div> <br /> - The <b>average cost of living</b> in the UK for a family of four (excluding rent \ mortgage) is 3,222 Euros per month<br /> <br /> <span style="color: #45818e;">- <b>Our cost of living</b> is around 1,200 Euros Per month.</span><br /> <blockquote class="tr_bq"> <i><span style="color: #45818e;">This is a <u>huge difference</u> due to these main factors: low transport costs (no work commutes and cheap runner), owning our property outright, efficient energy solutions, growing some of our own food (the fruit trees are amazing) living somewhere which is a holiday.</span> </i></blockquote> <br /> Using the crude calculation that you need 25 times your annual cost of living to retire (I would personally use a higher number) and the cost of buying a property you need these investment pots saved up:<br /> <blockquote class="tr_bq"> 25 times the UK cost of living (minus rents) to carry on as usual + House Purchase = 3,222*12*25+200,000 = 1,166,600 Euros<br /> <br /> <span style="color: #76a5af;">25 times the TRiBe cost of living + House Purchase = 1,200*12*25+200,000 = 560,000 Euros</span></blockquote> <div style="text-align: center;"> <b>Income, expenditure, saving rates and early retirement</b></div> <br /> If you carry on as is I would argue your saving rate would be more like 20% on average compared to a family careful with their money saving 50%.<br /> <blockquote class="tr_bq"> A crude calculations (assuming no investmet gain, compound interest and no inflation):<br /> <br /> Lets take average earnings of a family after tax = 39,000 Euros <a href="http://www.bbc.com/news/magazine-15197860" target="_blank">source</a> </blockquote> <blockquote class="tr_bq"> Saving 20% and carrying on spending as "normal" (3,222 Euros per month) would take 1,166,600 / (20%*39,000) = 150 years! </blockquote> <blockquote class="tr_bq"> Saving 50% and being careful (1,200 Euros spend per month) world take 560,000 / (50%*39,000) = 29 years</blockquote> <br /> So carrying on as usual in this case implies you have to work until the government set retirement age to take time out. Now lets double the income it now takes 74 years, trebling gives 50 years. In order to retire early you are reliant on a MUCH HIGHER income and INVESTMENT GAINS.<br /> <h2> Just earn more can have hidden costs</h2> As you are gathering I am struggling to see how just earning more is the right answer.<br /> <br /> Carrying on as normal includes purchasing lots of expensive non-essential stuff and services. Yet whatever we buy is not enough (we have been told so). So we earn, borrow and spend more to keep up with the social status of our income bracket.<br /> <br /> Earning more puts us further away from financial independence (TRUE FREEDOM).  <br /> <br /> Carrying on spending “as your social income group” can become like a drug habit that is impossible to kick. <br /> <br /> This ladder of property and stuff has to be paid for and usually at the cost of your health. It usually requires you to <b>work harder for longer</b>. Stress is added due to targets, people management and expectations. A poor diet can be encouraged "entertaining" clients, eating at the desk or a reward for working so hard. Vices (alcohol and cigarettes) are used to relax and socialize. <br /> <br /> <u>Working more takes your TIME away</u>. Time from your family. Time to rest and think.<br /> <br /> <u>MONEY cannot buy back this TIME or HEALTH</u>. <br /> <br /> Continuing to living the same way will not prepare you for true financial independence where your TIME is yours.<br /> <br /> There are many instances where people are too scared to retire because the HABIT and ROUTINE of work is ingrained \ part of who they are. Worse still many people retire followed quickly by kicking the bucket due to the dramatic change in lifestyle and meaning \ personal value.<br /> <br /> <a href="http://www.thisismoney.co.uk/money/pensions/article-3326936/British-workers-expect-retire-four-years-state-pension-age-20k-year.html" target="_blank">British workers expect retire four years before state pension age on £20k a year</a><br /> <a href="http://www.express.co.uk/news/uk/152016/Britons-will-enjoy-20-years-of-retirement" target="_blank">Britons will enjoy 20 years of retirement</a> <br /> <br /> So ask will I really stop? Perhaps I will be so indoctrinated into the system financial independence \ early retirement will be forgotten.<br /> <h2> Take Back Control </h2> Going with the system is easy. Be part of the herd. Don’t think go with the flow. This really weakens the control over your life. You have outsourced it to other interested parties, paying a fee for being serviced. Someone else is doing the thinking for you. <br /> <br /> Thinking for yourself on the other hand means taking responsibility for your life. Critical thinking and questioning the status quo will prevent you from handing over hard earned money (TIME) so easily. <br /> <br /> New friends will be made with similar mind-sets who will be there when you need them. You will be there in return. Conversation will be less superfluous (about things outside of your control), less negative and more purposeful. I AM free to do as I please. I AM able to make a difference. I AM happy and content. <br /> <br /> All of these changes reduce stress on mind and body as you become more resilient. <br /> <blockquote class="tr_bq"> So just earning more and carrying on may not be the best way. Start taking back control of your life straight away. Stop keeping up with the Joneses, spending all that hard earned capital that can be compounded for your benefit instead of being spent for someone else. Controlling this urge to spend is true freedom. It makes a resilient, content financial independence transition easier and <u><b>much earlier</b></u>! </blockquote> <h2> Earning and Saving More Ideas</h2> Earning more does not just mean a better job is can mean investing in income. For example if you can purchase some dividend paying stocks and get paid each year. Compound them up and you income will increase from your savings very quickly. <br /> <ol> <li>Make sure your savings are working for you – safely! interest in a cash account or invested in blue chip dividend paying stocks or bonds? Read, learn how to invest and be informed. You are the best person to make these decisions. There is a raft of advice out there but most of it is a sales job. Risk, diversification (types of investment and currencies) and fees are major drives of wealth generation. Speculation is just for a small part of a portfolio that you are willing to loose.</li> <li>If you have a hobby can you monetise it (renovation of old furniture for example)? What about a small home sales business – find a product, import it and sell it on line.</li> <li>If you have a skill such as DIY why not sell your services as a handyman at weekends and evenings? Just doing things yourself is the same as a salary…?? Make sure you do as much DIY for yourself as possible.</li> <li>Stand out in work – how can you make your bosses life easier? How can you make your team more effective? Be punctual and well dressed (quirky?). Be positive, helpful and workmanlike. There are many self help books - read.</li> <li>Ask for a pay rise – if you don’t ask you don’t get!</li> <li>Register your CV with work websites</li> <li>How can you maximise your work bonus (are you working on the right things)?</li> <li>Rent out a spare room </li> </ol> <blockquote class="tr_bq"> Earning more is always desirable. <br /> <br /> Getting ready for a change in lifestyle is beneficial to your sense of freedom, friendships and health You can earn more by spending less and investing in income generating assets <br /> <br /> Controlling your spending gives you more personal freedom </blockquote> <blockquote class="tr_bq"> MONEY = TIME <br /> <br /> FREE TIME = LESS STRESS + BETTER HEALTH + TIME TO THINK </blockquote> <br /> Just Do It! So what is stopping you from making a small change today? Most changes are not life threatening are they? If something goes wrong it is not the end of the world? Finally if it is not to your liking you are free to do something else. <br /> <br /> Related Posts<br /> <span style="color: blue;"><a href="http://getintheringwithme.blogspot.com/2012/09/fac51-10-reasons-while-frugal-is-cool.html">FAC51 - 10 reasons while frugal is cool - why the f*** not!</a></span><br /> <span style="color: blue;"><a href="http://getintheringwithme.blogspot.com/2012/11/30-rules-of-very-early-retirement.html">30 Rules of Very Early Retirement</a></span><br /> <br /> Peace, prosperity and happiness<br /> <br /> <b>CoNTeNDeR</b><br /> <br /> <b>Welcome New Readers!</b> Please take a look around.<a href="http://getintheringwithme.blogspot.com/p/about-me.html" target="_blank">Click here</a><b> </b>to find out more about <b>THE.TriBe</b> and the blog is or perhaps browse the <a href="http://getintheringwithme.blogspot.com/p/all-posts-get-in-ring.html" target="_blank"><u>all posts list</u></a>, Please feel free to play with the <a href="http://getintheringwithme.blogspot.com/p/muff-tools-and-check-lists.html" target="_blank">planning tools and checklists</a>. 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Earnymore V Frugalizm

View of Chicago from Sears tower on business trip – a great city, blues music and ice hockey Should I Just Earn More and Carry On As “...

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2 Years of Financial Independence

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0GVpCROTB0x3ZR4DgPEi9hAIeoEoRISidWAakk8I4_13mTkXxMObSmS52P09PpVVCtg3K0iEjE6Qbx8p_1sfvYl9eEBUYG6uzwQj-xQpngzahQQTPvmaUW2ECaB9kI_17aYMqR2n0oQtz/s1600/View.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0GVpCROTB0x3ZR4DgPEi9hAIeoEoRISidWAakk8I4_13mTkXxMObSmS52P09PpVVCtg3K0iEjE6Qbx8p_1sfvYl9eEBUYG6uzwQj-xQpngzahQQTPvmaUW2ECaB9kI_17aYMqR2n0oQtz/s320/View.jpg" width="320" /></a></div> It was easy to get carried away by our dream of financial independence but what about reality? What are the cold hard numbers? Are we any the wiser and have we made a good decision?<br /> <br /> Today I am giving you the actual living cost numbers and lifestyle trade offs for your consideration of a <b>Financial Independence Seeking Happiness</b><b> </b>lifestyle. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <ul> <li><b>A look at our current budget (and comparison to national statistics)</b></li> <li><b>Future cost reductions </b></li> <li><b>What do our investments look like after the house purchase. </b></li> <li><b>Lovin’ the new lifestyle </b></li> <li><b>Is it possible for you - a crude calculation and links to financial timeline planning tool? </b></li> </ul> <h2 style="text-align: center;"> Expenditure</h2> As some readers are interested in living costs in France. I thought I would outline our hopefully-settled-and-no-surprises FIRE costs here.<br /> <br /> <div style="text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFo6gvJiBekoR4-N6rad1ClJ9DaxefVp5dYnREiWaLq19JS-5grMNYo2sWlFIDMB_7PTxRL6xkACghSsiYlgZQPhDGeiLZi4HilfRYwmMbusFvhLknwneFWYQRNwFg3Kqn19s8fJVmsobk/s1600/Expenses.JPG" imageanchor="1"><img border="0" height="443" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFo6gvJiBekoR4-N6rad1ClJ9DaxefVp5dYnREiWaLq19JS-5grMNYo2sWlFIDMB_7PTxRL6xkACghSsiYlgZQPhDGeiLZi4HilfRYwmMbusFvhLknwneFWYQRNwFg3Kqn19s8fJVmsobk/s640/Expenses.JPG" width="640" /></a></div> <ol> <li>We have been spending <b>too much on food</b>. My waistline is a tell-tale sign. It is mainly due to a few parties all summer long (erg every other day) and little indulgences (542 vs budget of 480)</li> <li>We have more money in the budget for Entertainment than we had initially budgeted for (163 vs budget of 200). Continuous saving can be a means to an end but saving for saving's sake is not fun. This year we will use the savings for entertainment.</li> <li><b>Holiday was below budget</b> (202 vs budget of 300) even though we had 5 good trips to the mountains and to Paris.</li> <li>We used <b>extra fuel</b> (Petrol for clearing the garden and chainsaw work), electricity and water (had to fill the fosse septique for the first time, 5,000 litres of water) when renovating the house.</li> <li><b>Clothing </b>has been low as we are currently fully kitted out....for a few months as the kids grow! </li> <li>We are liable for part of our<b> healthcare costs</b> (averages 34 euros per month including minor surgery, a couple of hospital consultations and numerous visits to the GP).In order to have access to the health system in France it is not just good enough to pay your taxes (aren’t there a lot!). You have to contribute to the system through a job as well otherwise you just have to pay for private cover. </li> </ol> <br /> We like “working” a bit. Mrs C is lecturing at the moment. I am looking at options to generate an income as well so we both contribute to the system.<br /> <h3> What is not included and National Statistics?</h3> We could take out top up health cover for major medical issues which would require a long stay in hospital. Instead of this we are putting aside 100 Euros per month into an emergency health fund. (see the comment above that we are spending on average 34 Euros per month including visits to the hospital at the moment)<br /> <ul> <li><b>House maintenance </b>costs – as we are still renovating - we don’t really include these yet….. estimate 50-100 Euros per month</li> <li>No life insurance – we save and invest in different ways</li> <li>Saving for a <b>new car</b> would need to be about 100 Euros a month</li> <li>Saving for the<b> kids higher education</b> - 100 Euros each per month</li> </ul> <blockquote class="tr_bq"> Looking at these numbers we can be confident that our underlying costs are around 1,600 Euros per month (~£1,200, ~$1800). </blockquote> <blockquote class="tr_bq"> This can be compared to the <b>average monthly expenditure in the UK of £2,336 (3,200 Euros)</b>. Source <a href="http://www.telegraph.co.uk/finance/personalfinance/12038850/How-much-does-the-average-household-spend-each-week.html" target="_blank">Telegraph</a> and ONS (Office of national Statistics). </blockquote> <blockquote class="tr_bq"> Notable differences are Transport £330pm (<i>452 Euros versus our cost of 175 Euros per month</i>) Housing and Fuel £321pm (<i>440 Euros versus our cost of 198 Euros)</i> </blockquote> <blockquote class="tr_bq"> <i><b></b></i><br /> A couple of other categories that stand out from the ONS £187 on hotels and restaurants per month and £302 on Recreation and culture. (<i>670 Euros per month versus our cost of  353 <b>Euros</b></i>). </blockquote> <blockquote class="tr_bq"> <i><b>Just these four areas (Transport, housing, hotels and recreation) the total UK average per month is £1,140 versus our outgoing of £530 a huge difference.</b></i> </blockquote> <blockquote class="tr_bq"> These numbers from the ONS are <u>averages</u>. We know the South East of England is much more expensive than other areas. To this point a comparison of any average can be misleading. The average household has only 2.3 persons in the UK. What about a family with kids which will most likely be the composition of an early financial independence seeker? </blockquote> <blockquote class="tr_bq"> The best I have is<b> basic living costs for a couple with two children (deemed essential)</b> from this <a href="http://www.theguardian.com/uk/2008/jul/02/welfare" target="_blank">guardian article</a> and <b>are £1,914 pcm (2,622 Euros)</b></blockquote> <h2>  Further Cost Reductions </h2> <ol> <li>We purchase some seasoned <b>wood </b>each year. I am adding to this with wood from the property. The wood heating will cost considerably less than fuel, electricity or gas heating. The log gassification boiler we have installed is super-efficient and takes all types of seasoned wood.</li> <li>We should be using less <b>electricity</b>. The solar panels and the wood boiler are replacing the electric water heating we had last year.</li> <li>We will now reduce our use of the <b>car</b>. We had to travel around a lot to get items for the house renovation. The compact Eco Diesel sips fuel.</li> <li>Homemade tomato chutney is replacing tomato sauce (it’s a start ;). We have loads of homemade jam, soup and compote from the fruit trees.</li> <li>We have had a small <b>vegetable patch</b> but will have a very large one next year as we will have the time to plant and maintain one</li> <li>We have connected the natural spring to the vegetable patch to avoid using metered mains water.</li> </ol> <div style="text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeZ5aW8rFdgzheDWyYy_thYi4YbWuSihiAa5kIl2Nc2hGF3Xu-ACDEJnD3jZfz1v7_RFAXp0LI-djB_W-waefyRqZeMAYYEP62PuqGSXhr566Qm9AlqSjatkEY8OW4m07xFvIEf5IWe95N/s1600/Gardening.jpg" imageanchor="1"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeZ5aW8rFdgzheDWyYy_thYi4YbWuSihiAa5kIl2Nc2hGF3Xu-ACDEJnD3jZfz1v7_RFAXp0LI-djB_W-waefyRqZeMAYYEP62PuqGSXhr566Qm9AlqSjatkEY8OW4m07xFvIEf5IWe95N/s400/Gardening.jpg" width="400" /></a> </div> <br /> <b>NONE of these cost reductions are arduous</b> and many are beneficial to our health.So Is our income sufficient and has adequate safety to pay for the new cat?<br /> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody> <tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3frYbclNwi49saqjRcLpnv_ZtOOIVzbAP4A1KlzheZO63fAZ0k2C3zXl639aZyQWURrjcFhL4EWZJOocUCjcgOdyEhP5nNpzjy8HqHA8I0fsTQlEGu4e_9B4V4w5692C0nmjGiPhPfkT-/s1600/Smokey.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3frYbclNwi49saqjRcLpnv_ZtOOIVzbAP4A1KlzheZO63fAZ0k2C3zXl639aZyQWURrjcFhL4EWZJOocUCjcgOdyEhP5nNpzjy8HqHA8I0fsTQlEGu4e_9B4V4w5692C0nmjGiPhPfkT-/s400/Smokey.jpg" width="400" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Smokey the cat - our chief pest controller</td></tr> </tbody></table> <h2 style="text-align: center;"> Investment and Income</h2> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody> <tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRS9Cw0tLYqyQBhco5pDzZJFmIzwAKBNKkWC4bFfEKkvQI_evDPkGNQC43bvPOB5q4ggdC9GcEeCJ4GNLLsRId4SoU4Gyy1qINJmbb6DcuEEyV3RQAZWUCdVWI8zF2WPd9-qGnqUuRamdJ/s1600/Portfolios.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRS9Cw0tLYqyQBhco5pDzZJFmIzwAKBNKkWC4bFfEKkvQI_evDPkGNQC43bvPOB5q4ggdC9GcEeCJ4GNLLsRId4SoU4Gyy1qINJmbb6DcuEEyV3RQAZWUCdVWI8zF2WPd9-qGnqUuRamdJ/s320/Portfolios.JPG" width="320" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Three Investment Portfolios</td></tr> </tbody></table> We run 3 portfolios: <br /> <br /> <b>PROTECT (Emergency and opportunity portfolio)</b> – Cash related investments > emergency \ opportunity fund and money for the renovation project<br /> <br /> <b>HYP (High yield portfolio)</b> – Consists of dividend paying stocks and property REITs > this pays for our living costs <br /> <br /> We would like to maintain the capital until we are able to access our pensions. If it works out well, we will be able to help our kids out. The caveat being that they can stand on their own two feet, confidently and independently first! <br /> <br /> We have the safety net of the PROTECT cash in case of emergencies (and a worst case scenario we can sell the house \ downsize \ rent again). <br /> <br /> <b>GROW (Future proofing and speculation)</b> – Consists of our pensions. These are mainly equities UK, EU, WORLD and PRECIOUS METALS and one Final salary scheme. This portfolio is our inflation hedge. <br /> <br /> As you can see from the pie chart this (<b>pension</b>) is a significant part of our portfolio. We have been prodigious savers and always <b>maxed out our matching employer contributions </b>(e.g. we added 7% and the employer added a maximum matching 7%). We both started investing in our personal pensions plans very early in our careers.<br /> <br /> Due to the rising stock markets the pensions have performed very well averaging 7% per year (after fees). <br /> <br /> A notable exception is the <b>lack of bonds</b>. The final salary pension, which we do not control, does hold a substantial proportion in bonds. Any shortfall is made up by the company. It is “inflation” protected meaning the pay-out amount will increase in line with inflation.<br /> <br /> As we are close to our 40’s we have time to be aggressive (overweight stocks) before switching to bonds.<br /> <h2> Spare income</h2> We have some spare income each month and deploy it in the following way:<br /> <ol> <li><b>Save and invest part of our surplus in a Permanent Portfolio</b> approach in tax efficient savings accounts (PEA in France). The more I learn about investing the more I believe in full diversification and rainy day funds. Sticking to just stocks and bonds I believe would be highly risky for us. <i>There are many financial gurus warning of the drop in the business cycle so we need to prepare for it.</i></li> <li>We are going to<b> start a couple of small business </b>which need some money to start up. This will keep the brain cells ticking over and contribute to society. The French government needs all the money it can get its hands on ;)</li> <li>Have some more <b>fun and interesting trips</b>. We had great holidays this year, spending only just over 2,500 Euros. This included a trips to Paris, Strasbourg, Vulcania (a Volcano Park in the centre of France), visits to the beach (grandparents), a wedding and a trip to the Pyrenees mountains.<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody> <tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjobEOgTgEFsB4-FNnEDL5ZrY87P4M5cb2saIl8RoktzzEdis6qtgU4GN5Fw9zFGICJHhQ2wUICfG3FwrHV9w4tcJvfC-27KV9AYXm0LSMpfNo22ES00JOIQRRrTdUFDaebGSq42zaMyflD/s1600/Holidays.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjobEOgTgEFsB4-FNnEDL5ZrY87P4M5cb2saIl8RoktzzEdis6qtgU4GN5Fw9zFGICJHhQ2wUICfG3FwrHV9w4tcJvfC-27KV9AYXm0LSMpfNo22ES00JOIQRRrTdUFDaebGSq42zaMyflD/s640/Holidays.JPG" width="640" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">View from the Eiffel Tower, National Volcano Park and Pyrenees Mountains</td></tr> </tbody></table> </li> <li>Spend some money<b> improving the soil quality and irrigation</b> around the new property.</li> </ol> <h2 style="text-align: center;"> 2 Years in and Lovin’ it?</h2> Somehow we have achieved what we were looking for when we decided to ditch the day jobs. <br /> <ul> <li>We have a<b> more sustainable</b> living arrangement (food, heat and transport)</li> <li><b>More Freedom and a simpler life</b> (no landlord, no job commitments, less paperwork)</li> <li><b>Stability </b>– a base with no reasons to move (e.g. job \ landlord wants us out)</li> <li><b>Healthier </b>– we cook more food (some from our organic veg patch and fruit trees). We are less stressed (no one telling us what to do, no performance reviews, <u><b>but still the odd nightmares about corporate life</b></u>). We work outside on a daily basis. The Gers is one of the least populated regions of Europe and hence has fabulous air quality.</li> <li><b>Time </b>to spend with the kids, new friends and think!</li> <li>Great <b>holidays </b>do not have to be expensive – we have chosen a location where holidays are literally on our doorstop (~2hrs to Atlantic or Mediterranean beaches, the Pyrenees’ mountains and large cities of Bordeaux and Toulouse.)</li> </ul> It has not been all plain sailing:<br /> <ul> <li>Our <b>income </b>is not as high as expected (dividend cuts). </li> <li>Income <b>tax is higher</b> in France. </li> <li>We <b> could not find a property at a good pric</b>e in the local area so had to improvise and take on a renovation project. </li> <li>French <b> Paperwork </b>- A major advantage is that Mrs C is French. She has been amazing at cutting through the red tape and paperwork.</li> <li>We see less of of our old <b>friends</b> in the UK(but are making so mnay new friends here).</li> </ul> We can’t complain when we look at a list of Lifestyle improvements:<br /> Was it worth it? Too right. We have never been freer and less stressed. We have learnt new skills, spent quality time as a family and learnt a lot about what makes us tick.<br /> <br /> If it has to change in the future so be it. In the meantime we are enjoying the ride.<br /> <h2 style="text-align: center;"> What about you?</h2> <blockquote class="tr_bq"> We are spending around £1,200 per month ~$1800 for a family of four. This requires an invested amount of £288,000 @5% return per year. A really nice country house with land can be picked up for £150,000 in France.<br /> <br /> A <b><u>crude calculation </u></b>of Financial Independence<br /> <br /> If we take two young people with salaries of £35,000 each. In the UK ~10,000 is tax free and the rest is taxed around the 28% mark in this example. <br /> <br /> Your family after tax income would be £56,000. It should be EASY to save 50% of this per year £28,000.<br /> <br /> Considering NO interest, investment gains or salary increases it takes ONLY 15.5 years to accumulate the capital above. <br /> <br /> Save 70% and the number of years drops to 11.2 years ((288,000+150,000)/39,200).<br /> <br /> Now what if you add in investment gains, emergency funds, employer contributions to a pension, help from parent’s etc? Now financial independence really does seem like a real possibility quite quickly. Why not try some numbers out in the <a href="http://getintheringwithme.blogspot.fr/p/muff-tools-and-check-lists.html" target="_blank">Financial Timeline Planning Tool</a>?</blockquote> <h2> Key Learning's and Considerations </h2> <ul> <li>You need to have a good financial buffer \ emergency cash fund </li> <li>Your income should be well above your projected living costs (20%+) </li> <li>Your income must be inflation proof </li> <li>A simpler lifestyle is much less stressful and healthy </li> <li>What we have lost (access to amenities, concerts etc.) we have gained in other areas (access to countryside, quiet). </li> <li>Changing country is a challenge and your financial situation changes dramatically (our tax free ISA’s are not recognised in France). </li> <li>Financial independence can be obtained quickly but it is a discipline and has some costs that may not be negotiable. </li> </ul> Further reading: <br /> <span style="color: blue;"><a href="http://getintheringwithme.blogspot.com/2012/07/round-5-15-secs-muff-family-financial.html" target="_blank">Family Financial Independence in 7 Years! Almost FI this is how we got there</a></span><br /> <span style="color: blue;"><a href="http://monevator.com/how-to-live-off-investment-income/" target="_blank">How to live off investment income</a> </span><br /> <a href="http://www.telegraph.co.uk/finance/personalfinance/investing/shares/11466551/10-shares-you-should-be-able-to-hold-forever.html" target="_blank">10 shares you should be able to hold forever</a><br /> <br /> <span style="font-family: inherit;">Useful tool: </span><br /> <span style="font-family: inherit;"><a href="http://getintheringwithme.blogspot.fr/p/muff-tools-and-check-lists.html" target="_blank">Financial Timeline Pla<span style="font-family: inherit;">nner</span> </a></span><br /> <span style="font-family: inherit;"><br /></span> Peace and prosperity, <br /> <br /> Contender<br /> <br /> * Apologies I have been offline so long - since the move we have not had reliable internet at the house. This is being posted through a mobile phone... We have been promised it will be sorted out soon - all that French paperwork takes time!<br /> <mytubeelement data="{"bundle":{"label_delimitor":":","percentage":"%","smart_buffer":"Smart Buffer","start_playing_when_buffered":"Start playing when buffered","sound":"Sound","desktop_notification":"Desktop Notification","continuation_on_next_line":"-","loop":"Loop","only_notify":"Only Notify","estimated_time":"Estimated Time","global_preferences":"Global Preferences","no_notification_supported_on_your_browser":"No notification style supported on your browser version","video_buffered":"Video Buffered","buffered":"Buffered","hyphen":"-","buffered_message":"The video has been buffered as requested and is ready to play.","not_supported":"Not Supported","on":"On","off":"Off","click_to_enable_for_this_site":"Click to enable for this site","desktop_notification_denied":"You have denied permission for desktop notification for this site","notification_status_delimitor":";","error":"Error","adblock_interferance_message":"Adblock (or similar extension) is known to interfere with SmartVideo. Please add this url to adblock whitelist.","calculating":"Calculating","waiting":"Waiting","will_start_buffering_when_initialized":"Will start buffering when initialized","will_start_playing_when_initialized":"Will start playing when initialized","completed":"Completed","buffering_stalled":"Buffering is stalled. Will stop.","stopped":"Stopped","hr":"Hr","min":"Min","sec":"Sec","any_moment":"Any Moment","popup_donate_to":"Donate to","extension_id":null},"prefs":{"desktopNotification":true,"soundNotification":true,"logLevel":0,"enable":true,"loop":false,"hidePopup":false,"autoPlay":false,"autoBuffer":true,"autoPlayOnBuffer":true,"autoPlayOnBufferPercentage":42,"autoPlayOnSmartBuffer":true,"quality":"default","fshd":false,"onlyNotification":false,"enableFullScreen":true,"saveBandwidth":false,"hideAnnotations":false,"turnOffPagedBuffering":true}}" event="preferencesUpdated" id="myTubeRelayElementToPage"></mytubeelement><mytubeelement data="{"loadBundle":true}" event="relayPrefs" id="myTubeRelayElementToTab"></mytubeelement>

2 Years of Financial Independence

It was easy to get carried away by our dream of financial independence but what about reality? What are the cold hard numbers? Are we any ...

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Retirement Mis-direction and Tips

<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody> <tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE92ihM_B-ue5MbBH1eEX54Ig3a1Kl7JrYnABaZs6cBgaL3GuSHt6hVdoFxZRvrOveHDmjA8CqJwspJOp-addx4lUs5UNVGUAiiJNFT4bmQVh_pg0g_uCis1KJBrnJxnp-bi6XDYhQ_63u/s1600/Dont+do+it.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img alt="Mis - direction" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE92ihM_B-ue5MbBH1eEX54Ig3a1Kl7JrYnABaZs6cBgaL3GuSHt6hVdoFxZRvrOveHDmjA8CqJwspJOp-addx4lUs5UNVGUAiiJNFT4bmQVh_pg0g_uCis1KJBrnJxnp-bi6XDYhQ_63u/s1600/Dont+do+it.JPG" title="Financial Independence" /></a></td></tr> <tr><td class="tr-caption" style="text-align: center;">Warning Advert!</td></tr> </tbody></table> <ul> </ul> Our TRiBe still read the mainstream press (although the quality of the articles has been reduced in size and quality down the years). One <a href="http://www.bbc.co.uk/news/magazine-32974131" target="_blank">BBC article</a> that caught our attention was about a young couple desperate to spend quality time with their kids. They did this by selling their (mortgaged) house, quitting (great word quitter - very negative right?) full time teaching jobs and took off in a caravan for a year. They called their adventure the GO > DO LIFE.<br /> <br /> It was nice to read about people trying something different - seeking the good life for them and their kids. It was a reflection that the time spent as a young family is fleeting and easily lost to other commitments. Unfortunately for the family involved it was only a year, no income just spending - no sustainability, longevity or way out.<br /> <br /> I believe the article glamorises a one year rebellion (perhaps portraying it as a mini mid life crisis). Unfortunately the article was a missed opportunity. It was short with little advice on ways to take time out from from the coal face. There was NOTHING on how to REALLY getting out of the system for a sustained period of time.<br /> <br /> The family in question would have to go back to the grind and slowly re-build all of the capital they have spent. Additionally due to continuously raising house prices they would incur more mortgage debt to get back on the holy money cow that is the UK housing ladder.<br /> <br /> I felt the <a href="http://www.bbc.co.uk/news/magazine-32974131" target="_blank">article</a> was almost offering a subliminal message "<i>don't do it</i>".  Look they have no job, and living off the proceeds of the sale of their house. This has prompted today's post: <br /> <ul> <li><b>Mis-direction</b>: 8 Retirement nonsensical generalisations we are fed by the mainstream media</li> <li><b>Practical Tips</b></li> <ul> <li><b>Fighting back</b>: Re-learning rhetoric - asking why </li> </ul> <ul> <li><b>Planning for Freedom</b>: Basic steps to plan for financial independence \ retirement</li> </ul> </ul> <!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-GB</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> 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Accent 2"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 6"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6"/> </w:LatentStyles> </xml><![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-fareast-language:EN-US;} </style> <![endif]--> <br /> <blockquote class="tr_bq"> <div class="MsoNormal"> When you're young, your whole life is about the pursuit of fun. Then, you grow up and learn to be cautious. You look before you leap and sometimes you don't leap at all because there's not always someone there to catch you. And in life, there's no safety net. When did it stop being fun and start being scary? - Carrie Bradshaw</div> </blockquote> <h2> Selling the wrong life</h2> We are bombarded with media that says consumerism is good. Admittedly materialism \ consumerism brings some happiness and comfort <u>up to to a certain point</u>. It gives us some short term joy, excitement, at at a cost to you and a gain for someone else.<br /> <br /> <b><i>Media, big business and government all have an interest in consumption and you are their target. </i></b><br /> <br /> Powerful tools are available to groups interested in your money.<br /> <br /> Governments can engage in negative interest rates manipulating house prices higher, change taxation "rules".<br /> <br /> Companies use TV, film, magazines, bill boards and Internet pages to sell you a dream.<br /> <br /> We are poorly equipped to ignore all of their messages. It is so easy to spend money.<br /> <br /> They know we do not have to over spend. We have all we really need to be happy (especially in the West) at low, low prices. Instead of benefiting from increased incomes we chase house prices higher and gizmo's to fill the time we have fee from the treadmill to pay for the house.<br /> <br /> The strange thing about it all is that alot of the workforce are there to to encourage over consumption, waste and debt slavery actually being part of the problem. Doh!<br /> <h2> </h2> <h2> </h2> We are constantly fed titbit's of information and propagation aimed at our natural instincts to "hoard" and "protect us from danger": <br /> <ol> <li><b>Retirement is for old people</b> - <i>how old and who decides?</i></li> <li><b>You need loads of money saved ($1 Million +) to replace your current and future spending</b> - <i>How do they know this there are too many considerations such as personal living costs and return on investments \ business. This needs to be worked out by each family unit.</i></li> <li><b>You will lack meaning once you have retired</b> - <i>Where is their imagination? Besides they are still working so how could they know? </i></li> <li><b>Retirement too young is dangerous - your money will run out</b> - <i>did they forget to say you only live once so if you don't try you will never know?</i></li> <li><b>You must have a successful career to have achieved in life </b>- <i>First what is the definition of achievement? Achievement is what you want it to be not what someone tells you it is......</i></li> <li><b>Work provides a good role model for your children  </b><i><b>- I presume they mean a 9-5 job, get with the system</b>. This way the kids see you work and spend all your disposable income. Meanwhile they (the kids) will be well looked after like you have been in expensive childcare. A picture of normality and something to aspire to! Why would you wish that on your kids - the elite certainly don't. </i><i></i></li> <li><b>Early retirement means that you are molly coddling your children and they will turn into loafers</b> -<i> In our experience this is a load of rubbish. We have time to engage in real useful activities such as splitting wood, cleaning the car, painting a picture, making a model and playing chess. We help them with homework and take them to interesting places (we have just been down a cave). We have time to give them a real world education away from the system, idiot box, wired living.</i></li> <li><b>Every day is a Saturday - hence there is no Weekend</b> - <i>that is really a choice and a perception isn't it?</i> <i>Self discipline doesn't stop when you finish work. Get up and do your thing in the week as 'normal' and kick back at weekends.</i></li> </ol> see articles such as:<br /> <a href="http://www.canadianliving.com/life/money/5_reasons_not_to_retire.php" target="_blank">5 Reasons not to Retire</a><br /> <a href="http://www.dailyfinance.com/2014/03/14/5compelling-reasons-never-retire/" target="_blank">5 Compelling Reasons Not to Retire</a><br /> <a href="http://www.latimes.com/business/hiltzik/la-fi-mh-the-death-of-the-millionaire-next-door-dream-20150310-column.html#page=2" target="_blank">The Death of the Millionaire Next Door </a><br /> <h2> Practical tip: Always ask why</h2> Why do children always ask why but us adults have seemed to have forgotten this basic natural skill? Here is a process (widely used in business) to help clarify thoughts and actions:<br /> <br /> Take the big vague concern and break it down in to smaller concerns<br /> Ask why is it a concern several times until you understand the <br /> What is the cause of the concern<br /> How can you react to the concern<br /> <div style="text-align: left;"> <h3> E.g. - What if I lose my job I will not be able to save enough to retire</h3> </div> 3 concerns - lose job / not be able to save / want to retire<br /> <br /> - lose job<br /> - why would I lose my job?<br />         - Company fails <br />         - No longer have relevant skills<br />         - outsourced<br />         - illness<br /> - Take each one again and how would you react?<br />         - Failing company - stop procrastinating and hoping for redundancy and move company now.<br />         - Make sure you change roles on a regular basis in work<br />         - Outsourcing risk do you need to retrain \ change roles<br />         - illness - are you really looking after yourself<br /> <h2> Practical Tip: Planning for financial independence \ retirement</h2> Here are some steps to help to work out financial independence: <br /> <ol> <li>Consider all of the<b> large costs</b> you will make in your life and your expected income and its growth year on year. Take the number and multiply them all by 20% (random I know but you have to consider most of the expenses will be made in <b>THE.FuTuRe</b> and will be more expensive than now due to inflation)</li> <li>Find out <b>benefits </b>that are available to you (tax free savings, employer pension contributions) </li> <li>Work out how much you want to <b>save into a pension</b> such as 401K(US)\SIPP(UK) (taxed at a later date) or pay into a <b>tax free wrapper</b> such as a IRA(US)\ISA(UK) (taxed at source). This will dramatically impact the date at which you can take early retirement. <br /><br />For instance <b>NOT </b>contributing to a pension will result in a much earlier retirement (pensions cannot be taken to a set age such as 55) as you will be able to invest and grow a passive income stream quickly.<br /><br />Investing in a pension will provide a future safety buffer that you cannot access. Should early retirement go wrong you will have this net in the future and be able to go back to work until it is available. here are a few consideration:</li> <ol> <li><b>Save a pension.</b> If your employer offers matching contributions it will probably be wise to start a pension as soon as possible to the maximum matching amount. This IS part of your salary! It IS OPTIMAL to take it!!!!! Do not overlook this money dropped at your feet otherwise the only person laughing is the company and its shareholders. Others considerations are what if you cannot access it until later? What if the rules are changed e.g. the ability for a tax free lump sum on retirement or you have to invest in a government decreed way etc?</li> <li><b>No pension.</b> If you do not get any benefits from a pension perhaps you are better off <b>NOT </b>having a pension. By this I mean pay the TAX now and invest in tax exempt savings plans or other investments that provide an INCOME. </li> </ol> <li>Build a rough financial time line (<a href="http://getintheringwithme.blogspot.com/p/muff-tools-and-check-lists.html" target="_blank">try this tool and keep it up to date!</a>) - this really is key. If you cannot project your finances into <b>THE.FuTuRe</b> you are just guessing and will be flying by the seat of your pants - often with bad repercussions, not only for the pants.</li> <li>Build a budget tracking tool (capture all or expenses - have a look (monthly?) and criticise your spending - did you really need it, did it really make your life better?</li> <li>Learn to invest (diversify - such as the permanent portfolio, property, commodities) and build a passive income</li> <li>Re-visit you assumptions and financial plans (time line) on an annual basis</li> </ol> <div style="text-align: center;"> <i><b>THE.FuTuRe</b> "I'm gonna get ya! Retire you? You have no idea what is a commin your way so why waste your time chasing financial independence for the odd year or two. I will change the rules, wipe out your savings - you will be stuffed. Wake up and smell the Thyme and Rosemary MR.CoNTeNDeR" </i></div> <div style="text-align: center;"> <blockquote class="tr_bq"> <i><b>THE.PeSSiMiST</b>: "But..But... But  are you mad? Who in their right mind retires? Way too dangerous. You will be lifeless, a cast out, dead by 50, oh the horreur! I've must (been told) to work until I'm 70 otherwise I will not have achieved in life. My oh my besides they know much more than me I can't be that stupid and retire early</i>"</blockquote> </div> <div style="text-align: center;"> </div> Peace, prosperity and as always happiness,<br /> <br /> <b>CoNTeNDeR</b><br /> <br /> <b>Welcome New Readers!</b> Please take a look around.<a href="http://getintheringwithme.blogspot.com/p/about-me.html" target="_blank">Click here</a><b> </b>to find out more about <b>THE.TriBe</b> and the blog is or perhaps browse the <a href="http://getintheringwithme.blogspot.com/p/all-posts-get-in-ring.html" target="_blank"><u>all posts list</u></a>, Please feel free to play with the <a href="http://getintheringwithme.blogspot.com/p/muff-tools-and-check-lists.html" target="_blank">planning tools and checklists</a>. If you liked this post can you please spare a few seconds to share it?<br /> <br />

Retirement Mis-direction and Tips

Warning Advert! Our TRiBe still read the mainstream press (although the quality of the articles has been reduced in size and quality d...

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