FISH | Financial Independence Seeking Happiness: Finance

Fragilista - Part 1

Contender 0 Early Retirement, Finance, financial freedom, Inflation, Investing, Life 11:55

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<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 
kitchen sink of 2017 to make it as successful and 
anti-fragile as possible</td></tr>
</tbody></table>
Welcome to a New Year of new opportunity ladders and slippery snakes.  
 
This year I am kicking off with the basics on how to achieve Financial Independence with a link to my <a href="https://sites.google.com/site/lifeplanltd/home/TimeLine_Financial.xls?attredirects=0&d=1" target="_blank">updated Financial Independence Timeline planner</a> that allows you to create a basic budget, track spending and create a financial independence plan. 
 
I will cover a bit of media bias (plenty here;) in the wold of fake news and risk planning especially focus on becoming anti-fragile (Courtesy of Nassim Taleb) 
 
In part 2, that will be released later, I will 
 discuss our anti-fragiliska actions and what you can do. 
<h2>
Early Retirement does not have to be a dream - maths 101</h2>
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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. 
 
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? 
 
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". 
 
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: 
<blockquote class="tr_bq">
The MAGIC of COMPOUNDING and the RULE of 72. 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.  
 
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) 
 
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 (not a speculation or gamble).</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). 
 
<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 big bucks are needed in your pension plan (a million dollars or more in today's money). Don't believe this PROPAGANDA. 
 
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. 
 
Message: Just keep on contributing (and paying all of those lovey fees that drive the pension industry)! This leads to 
 
Behavioural change: This perception management encourages irresponsible spending. 
<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! 
 
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. 
 
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>. 
<blockquote class="tr_bq">
BIG IDEA: 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. </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. 
 
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. 
<h2>
Hyper-Normalisation - is there a retirement trap brewing?</h2>
To compound the issue that returns are not knowable in advance. 
 
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. 
 
On the flipside to utopia we need to consider a few stumbling blocks (until we get our robot;). 
 
One potential issue is that current asset prices and projections are based on perpetual growth 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". 
 
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. 
 
Secondly we have no real leadership 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. 
<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. Twice as much of everything...!!! yet we live on one planet and there are some serious restrictions to this thinking.</blockquote>
 
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 scarcity 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? 
 
Another potential car crash for pension promises is that we are all living longer. Demographics are terrible in major economies (ageing society, less workers per retiree). Populations are highly unlikely to grow at 3% a year.... 
 
People stop spending in later years. They sell investments and assets to pay for their living costs - no GDP growth here then either. 
 
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 QE it (the law of supply and demand does not apply), NIRP it (negative interest rates what the!) it to make people spend and soon to be helicopter it (give people the money directly). 
 
There is no real growth here just accounting tricks and boon dongles to keep us hyper-normalised. Slowly boiling the frog. 
 
We are looking at a step change in humanities approach to retirement and entitlements. A new deal will eventually be forced upon us. 
 
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. 
 
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 informed, nimble, reactive, critical and opportunistic to have so many years not reliant on our labour. 
 
<blockquote class="tr_bq">
BIG IDEA: "Hope for the best and plan for the worst" Financial Independence must have INCOME above OUTGOING with continued SAVING and INVESTING. 
 
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. </blockquote>
</div>
 
 
 
 
 
 
 
I have a couple of people I want to mention who are doing great work in thearea of building resilience: 
<h2>
 Fragile, Rhobust, Antifragile - Nicolas Taleb</h2>
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<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">anti-fragile</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. 
up with a book on a form of robustness which he calls 
 
I have a few takeaways from his work 
<ol>
<li>Specialism can be very dangerous - what if your job becomes obsolete - can you do other things \ have other skills?</li>
<li>Having all your eggs in one basket is just waiting for someone to knock it over - "safe index low cost funds", stocks, bonds etc.</li>
<li>Being part of the herd will lead you over the cliff - leading a debt based consumerist lifestyle makes you fragile</li>
<li>Taking calculated risks makes you stronger </li>
</ol>
<ol>
</ol>
<h2>
Peak Prosperity - Chris Martinson</h2>
<ol>
</ol>
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<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. 
 
Chris covers risks from the three E's. Economy (massive build up of debt). Reliance on depleting fossil Energy supplies (and resources in general) for day to day life. How we need to look after the Environment 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. 
<h2>
More reasons to be ANTI FRAGILE in Retirement</h2>
External Surprises - 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. 
 
<div style="text-align: center;">
This is relying on MULTIPLE DIVERSE sources of income is a must.</div>
 
Challenge and happiness - 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.  
 
 
<div style="text-align: center;">
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!</div>
 
<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. 
 
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) 
 
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. 
 
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. 
<blockquote class="tr_bq">
BIG IDEA: Financial independence is about leaving a legacy of inter-generational WEALTH and KNOWLEDGE.</blockquote>
 
In part 2 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. 
 
<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 
CoNTeNDeR 
 
 
Welcome New Readers! Please take a look around.<a href="http://getintheringwithme.blogspot.com/p/about-me.html" target="_blank">Click here</a> to find out more about THE.TriBe and the blog is or perhaps browse the <a href="http://getintheringwithme.blogspot.com/p/all-posts-get-in-ring.html" target="_blank">all posts list</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? 
 
* 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...

Earnymore V Frugalizm

Contender 0 Critical Thinking, Debt, Dividends, downshifting, Early Retirement, Finance, Planning 08:47

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<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, 
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 earning more 
<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> 
 
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? "Live for today as there might not be a tomorrow!" is very true; thankfully the odds are in your favor. 
<ul>
<li>Should we earn more and carry on as 'normal'? </li>
<li>What happened to the TRiBE when we became frugal crazed savers </li>
<li> Should we live like yesterday - a living cost comparison</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>


<li>Why earning more, being partly frugal and adjusting your lifestyle may be a better approach to financial independence</li>
<li>Some ideas to earn and save more </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: 
<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: 
<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: 
<blockquote class="tr_bq">
“That is impossible and reckless.” 
“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: 
<h2>
Should we have lived like its 1999?</h2>
 
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. 
 
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? 
 
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. 
 
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. 
 
So what does this consumer lifestyle look like: 
<h3>
Average Household Living Costs in the UK (multiply by ~1.5 for Dollars)</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> 
 
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> 
<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" /> 
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> 
<h3>
Average Wages and Wage Curve</h3>
<img alt="" height="457" src="data:image/png;base64,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" width="640" /> 
<a href="http://www.ons.gov.uk/ons/dcp171778_385428.pdf">http://www.ons.gov.uk/ons/dcp171778_385428.pdf</a> 
<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. 
 
<div style="text-align: center;">
Living costs</div>
 
- The average cost of living in the UK for a family of four (excluding rent \ mortgage) is 3,222 Euros per month 
 
- Our cost of living is around 1,200 Euros Per month. 
<blockquote class="tr_bq">
This is a huge difference 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. </blockquote>
 
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: 
<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 
 
25 times the TRiBe cost of living + House Purchase = 1,200*12*25+200,000 = 560,000 Euros</blockquote>
<div style="text-align: center;">
Income, expenditure, saving rates and early retirement</div>
 
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%. 
<blockquote class="tr_bq">
A crude calculations (assuming no investmet gain, compound interest and no inflation): 
 
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>
 
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. 
<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. 
 
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. 
 
Earning more puts us further away from financial independence (TRUE FREEDOM).  
 
Carrying on spending “as your social income group” can become like a drug habit that is impossible to kick. 
 
This ladder of property and stuff has to be paid for and usually at the cost of your health. It usually requires you to work harder for longer. 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. 
 
Working more takes your TIME away. Time from your family. Time to rest and think. 
 
MONEY cannot buy back this TIME or HEALTH. 
 
Continuing to living the same way will not prepare you for true financial independence where your TIME is yours. 
 
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. 
 
<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> 
<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> 
 
So ask will I really stop? Perhaps I will be so indoctrinated into the system financial independence \ early retirement will be forgotten. 
<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. 
 
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. 
 
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. 
 
All of these changes reduce stress on mind and body as you become more resilient. 
<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 much earlier! </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. 
<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. 
 
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 
 
Controlling your spending gives you more personal freedom </blockquote>
<blockquote class="tr_bq">
MONEY = TIME 
 
FREE TIME = LESS STRESS + BETTER HEALTH + TIME TO THINK </blockquote>
 
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. 
 
Related Posts 
<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> 
<a href="http://getintheringwithme.blogspot.com/2012/11/30-rules-of-very-early-retirement.html">30 Rules of Very Early Retirement</a> 
 
Peace, prosperity and happiness 
 
CoNTeNDeR 
 
Welcome New Readers! Please take a look around.<a href="http://getintheringwithme.blogspot.com/p/about-me.html" target="_blank">Click here</a> to find out more about THE.TriBe and the blog is or perhaps browse the <a href="http://getintheringwithme.blogspot.com/p/all-posts-get-in-ring.html" target="_blank">all posts list</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?

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 “...

Generational Imbalance

Contender 1 Critical Thinking, Debt, downshifting, Finance, financial freedom, financial independence, health, Investing, market analysis, Oil, Risk, stock screen 10:21

<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSSNKQivWXJ9XBSJftBikJ-2GoefB5r_MvVDDmcVEugrhMGSMhyphenhyphenlNSOvp7on_CCxr3iuKckb_BVxQcLBSykjgo6JCZI6wMwra9QPx06TeUtHb4-W8SeKR8Ro2p_m6Ycw96LrXQnEZD345a/s1600/P1030554.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSSNKQivWXJ9XBSJftBikJ-2GoefB5r_MvVDDmcVEugrhMGSMhyphenhyphenlNSOvp7on_CCxr3iuKckb_BVxQcLBSykjgo6JCZI6wMwra9QPx06TeUtHb4-W8SeKR8Ro2p_m6Ycw96LrXQnEZD345a/s1600/P1030554.JPG" width="240" /></a></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtIc6oSNcKRyE9han0R3j6birEGopTQqwO82B1OiWeeybw__clSkyOexBzAebOTxNuU6FbjvPzV6PvUQ5ZAJU76jeB14oMO43djG0U7Aj6pSe1AOqaZloNgEqWeMTSG5GYFIIZn2UoAUPN/s1600/DSC_0016.JPG" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a>THE.FuTuRe: "You are getting old Contender, you need someone to look after you like the government......." 
 
CoNTeNDeR: "Promises, promises, promises - all great on paper but they need to be backed up with real deeds and wealth" 
 
In the fields around us the farmers are already bringing in part of the harvest. Most of the farmers we have seen are in their golden years. 
 
Heirs are no longer interested in the family business. They are attracted to the bright lights of the cities. Is the void going to be filled by bigger machines and robots guide their way. Society is ageing... 
<ul>
</ul>
<ul>

<li>Does the natural generational cycle (ageing to renewal) pose problems to future investments </li>
</ul>
<ul>
<li>Where is capital currently being misallocated </li>
</ul>
<ul>

<li>What are the likely investment pitfalls in the years ahead </li>
</ul>
<ul>

<li>Do we need to change the way we allocate capital </li>
</ul>
<ul>

<li>What financial independence opportunities can arise from the boomer retirement and the natural redistribution of wealth to Generation X and Y and Millenials?  </li>
<ul>
<li>Latest Cyclically and Inflation Adjusted Market Analysis Graphs</li>
<li>Latest Dividend Value and Growth Dividend Stock Screen Results </li>
</ul>
</ul>
<ul>
</ul>
<h2>
A Generational Pyramid Gone Awry</h2>
The developed world has gone through dramatic economic and population growth. Vast numbers of jobs have been created to keep the cohort in pocket and spending. 
 
We thank them for Cheese in Cans, Pink Slime, Asbestos, Nuclear Accidents, Cities in the Desert, Mega bugs such as MRSA, Snout Houses, Dolly the Sheep, SAW films, The Benefit and Entitlement Society..... a benefit to society, get real. 
  
This population growth has had huge implications on the age distribution of society. We now have a more mature society due to improvements in life expectancy and lower birth rates. 
 
<a href="http://www.macrobusiness.com.au/wp-content/uploads/2011/12/ScreenHunter_02-Dec.-15-23.47.gif" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="217" src="http://www.macrobusiness.com.au/wp-content/uploads/2011/12/ScreenHunter_02-Dec.-15-23.47.gif" width="320" /></a>A smaller group of young people versus retirees  will be paying the benefits older society has bestowed on itself. 
 
<a href="http://www.rand.org/content/dam/rand/www/external/pubs/issue_papers/IP176/IP176.fig3.gif" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="282" src="http://www.rand.org/content/dam/rand/www/external/pubs/issue_papers/IP176/IP176.fig3.gif" width="320" /></a>The pyramid (see diagram below) now resembles an imbalanced Thai temple, precariously weak in places but never the less still standing...just....one more gold statue on the top and it is game over. 
 
"Boomers" born after the first world war are now retiring en-mass. They primarily hold the wealth of western nations as well as the important positions in society. They still have the majority of the vote - and they actually use it to their benefit(s)! 
 
Vast wealth and benefits have skewered in their favour from high property prices, ownership of shares / businesses, and cheap access to health care. 
 
It was possible to accrue this wealth as they also benefited from low taxes, free / cheap education, a booming economy (that 'paid for' infrastructure that helped to turbocharge the economy) had access to cheap resources such as oil and land. 
 
20 - 40 year olds are increasingly reliant on the bank of mom and pop to get started in life delaying their true freedom and independence. Their jobs are increasingly demanding, having been <strike>educated</strike> trained to keep the machines running, don't think, just do it in a very productive manner. While you are at it you will have to pay higher taxes for <strike>our</strike> your benefit(s). 
 
Fortunately there is light at the end of the tunnel with the changing of the guard. 
 
As the boomers have to draw down their assets and loose their high profile positions in society their influence will naturally wane. This transition will have significant implications on taxes and investments. 
<h2>
Boomer Misallocation of Capital</h2>
We have been blessed with the boomer improvement in technologies that have driven higher life expectancies, mass long distance transport and the marvel of the internet to name a few. At the same time huge waste (resources) and lost opportunities (free energy) slipped through our grasp in the last few decades. 
<blockquote class="tr_bq">
"the definition of insanity is doing the same thing over and over again, and expecting a different result." (Albert Einstein)</blockquote>
A forefront critic of the boomers way of life has been James Howard Kunstler. He correctly in my opinion highlights all of the literally stupid decisions that have been made by the boomer generation. Here are a few decisions that really make you go hummmm.... 
<ol>
<li>Too big houses - to many resources used to make them, too many resources to maintain them and too many resources to run them. Just consider all of the paint and termite protection, heating of empty spaces.<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="http://activerain.trulia.com/image_store/uploads/6/3/1/5/7/ar127547375975136.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="233" src="http://activerain.trulia.com/image_store/uploads/6/3/1/5/7/ar127547375975136.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">We used to live in much smaller houses in the US <a href="http://activerain.trulia.com/blogsview/1674255/top-5-new-home-trends" target="_blank">Source Activerain</a></td></tr>
</tbody></table>
</li>
<li>Too big heavy, inefficient cars to get to the too big house too far away from work. Literally burning capital (fuel) - what a waste? <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;"><div class="separator" style="clear: both; text-align: center;">
<a href="http://images.huffingtonpost.com/2010-05-20-oil%20production-Oildiscoveryvsproduction19302030.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" height="270" src="http://images.huffingtonpost.com/2010-05-20-oil%20production-Oildiscoveryvsproduction19302030.jpg" width="400" /></a></div>
</td></tr>
<tr><td class="tr-caption" style="text-align: center;">Peak Oil Production? Something wrong with this picture? <a href="http://www.huffingtonpost.com/matthew-stein/the-perfect-storm-six-tre_b_582779.html" target="_blank">Source Matthew Stein</a> </td></tr>
</tbody></table>
<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/AVvXsEjixcfMgPKV6-SV0R0tucQWnXKYC0DqyLylRJbZz8NLb5p2ZW7b55Yz9V6rpABTuIQhTbNbdvCiNYvHOmU0p51cgG0g63lCKUvpak9SvfNSkm1ddkuL9NVLY_l2srcjT-xN_ak6r8xokon5/s1600/AEO_fig_44.png" style="margin-left: auto; margin-right: auto;"><img border="0" height="316" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjixcfMgPKV6-SV0R0tucQWnXKYC0DqyLylRJbZz8NLb5p2ZW7b55Yz9V6rpABTuIQhTbNbdvCiNYvHOmU0p51cgG0g63lCKUvpak9SvfNSkm1ddkuL9NVLY_l2srcjT-xN_ak6r8xokon5/s1600/AEO_fig_44.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Gas Production is increasing - Time to Switch to a Natural Gas Car?</td></tr>
</tbody></table>
</li>
<li>Introduction of the consumer model - buy buy buy, throw away or get a bigger house to fill up!<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="http://www.algalita.org/blog/wp-content/uploads/2012/10/Annual-World-Plastics-Production-in-tons.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="315" src="http://www.algalita.org/blog/wp-content/uploads/2012/10/Annual-World-Plastics-Production-in-tons.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Plastic Fantastic until it breaks, degrades or is obsolete</td></tr>
</tbody></table>
</li>
<li>Creation of powerful self interest groups that are able to buy & erode democracy - keeping the status quo has been profitable for politicians and companies alike. </li>
<li> Accumulation of huge amounts of debt and benefits<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="http://www.ericgarland.co/wp-content/uploads/pix/2012/01/Total-Global-Debt.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="241" src="http://www.ericgarland.co/wp-content/uploads/pix/2012/01/Total-Global-Debt.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Rising faster than GDP - <a href="http://www.ericgarland.co/2012/01/16/a-quick-observation-on-total-global-debt/" target="_blank">Source Eric Garland</a> </td></tr>
</tbody></table>
</li>
<li>Health / sick care pillaging from the public purse and health. Yes we treat illnesses instead of preventing them. Advertising of known foods and products that damage our health are allowed Freedom of choice right? Where is the profit in selling good healthy food that you do not need to eat in huge quantities and contain addictive unhealthy ingredients.<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="http://healthcaretrends.files.wordpress.com/2010/12/oecd-spend-trends-gdp1.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="316" src="http://healthcaretrends.files.wordpress.com/2010/12/oecd-spend-trends-gdp1.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Health Care or Sick Care? <a href="http://healthreformtrends.com/2009/08/22/comparison-of-healthcare-spend-us-vs-world/" target="_blank">Source healthreformtrends</a> </td></tr>
</tbody></table>
</li>
</ol>
<h2>
So What Happens Next?</h2>
What will our ageing societies do with their accrued 'wealth'. Is it going to be sold, spent and squandered. Vegas here we come, exhausting trips to far away lands, Face lifts, Sports cars, Golf, Fishing, Bridge club pointless really. 
 
Perhaps wealth and knowledge (retirement is a terrible thing really - all that know how and wisdom consigned to the past) is going to be passed down, invested or given? 
<h2>
</h2>
Unfortunately I believe the former will happen. Party time for the old timers! You can't begrudge them some of their time in the sun we can just hope it leaves something left over of value for the future. 
 
Do consumption stocks do OK? They will be indiscriminately sold to 'pay' for the boomers retirement along with every other stock but their goods will still be required. 
 
Does the selling have a detrimental effect to the entire market and drive down the retirement income resulting in a death spiral with ultra low interest rates, ultra low bond rates, ultra low dividend returns and lower retirement payouts? 
<h2>
Boomers Change their Consumption Habits</h2>
<h3 style="text-align: center;">
Increases in consumption</h3>
<ol>
<li>More health care</li>
<li>More eating out</li>
<li>Continue to work longer to maintain current lifestyle</li>
<li>More luxury goods</li>
<li>Holidays</li>
<li>Retirement entertainment activities (golf, spar, tennis etc.) </li>
</ol>
<h3 style="text-align: center;">
 Decreases in consumption</h3>
<ol>
<li>No commute to work</li>
<li>Move to a smaller house</li>
<li>Selling investments to pay for retirement</li>
</ol>
<ol></ol>
<h2>
Younger Generations Deal with the Fall Out</h2>
So how will the boomer benefits be paid for in the mean time, unfortunately through higher taxes. Younger generations will be spending / saving / investing less not a good equation in anyone's book? 
 
Entertainment - less eating out / cinema 
Clothing - wearing out clothes before buying new / less designer brands 
Smaller, more fuel efficient cars 
Holidays closer to home 
Less investments / money to save in stocks / bonds etc. 
 
Does this cause a feedback loop into the ultimate middle class source of wealth - housing: 
<ul>
<li>Boomers want to downshift</li>
<li>Gen X / Y cannot afford to buy a house / apartment and have to rent</li>
<li>Larger sized properties drop in value - boomer that are late to the downsize party are loosing out</li>
<li>Boomers en mass stampede to sell their larger properties making the housing crash worse.</li>
<li>All housing starts to drop in value and finally finds an equilibrium at a fair price for society</li>
<li>Unfortunately this re rating of housing has the possibility to leave devastation in its wake destroying huge swathes of paper wealth.</li>
<li>What inheritance will be left? At least the housing is cheaper!</li>

</ul>
Perhaps this is why the financial system is being propped up with easy QE money to maintain the myth of asset wealth and the massive misallocation of capital that has taken place. 
<ul>
</ul>
<h2>
The Likely Winners in the Inevitable Reallocation of Capital?</h2>
We are going to redistribute capital whether we like it or not. The forceful destruction of debt and serfdom will cause a repricing of assets to their real world price / value. 
 
By this I mean the price of everyday needs (food, shelter and energy) over wants and desires (designer goods, gizmo's, luxury holidays). 
 
Knowing what we do where will the "<a href="http://getintheringwithme.blogspot.com/2013/10/stuck-generation.html" target="_blank">Hero Generation</a>" look to re-deploy this wasted capital creating a new boom in the global economy? A good starting point is to revert back to Maslow's pyramid of needs to get the basics right before wasting capital on silly items and activities. 
<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/AVvXsEhiPzhnQZKdXjs55FOa1tXDqnVAn0uoerYHiP_nkK6TnLLrAQrhb0UPQk4pJ9Vp7Jza3QkXwPo9_-bBvV7P6tbCT0MmzcdHHS3oNCGPMbpDqC6HfcR5ohiHv9hb3Yymxg8NGndjx_dOmIYd/s1600/Maslow.jpg" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiPzhnQZKdXjs55FOa1tXDqnVAn0uoerYHiP_nkK6TnLLrAQrhb0UPQk4pJ9Vp7Jza3QkXwPo9_-bBvV7P6tbCT0MmzcdHHS3oNCGPMbpDqC6HfcR5ohiHv9hb3Yymxg8NGndjx_dOmIYd/s1600/Maslow.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Maslows Pyramid of Needs</td></tr>
</tbody></table>
<ol>
<li>Energy efficiency -  there are very simple energy efficiency steps that can be taken. Smaller house, well insulated, smaller car, collect rain water, turn off unused electrical goods etc.</li>
<li>All new building needs new planning guidelines based on a community self sustaining design</li>
<li>All products should be built to last - laws can drive this change.</li>
<li>Working from home should be actively encouraged and rewarded</li>
<li>Consumption must be reduced - anything that could go digital should (books, magazines, newspapers, bills, certificates and the like.) </li>
<li>More food needs to be grown locally and exotic food should be taxed very highly to reflect the energy it consumes in transport.</li>
<li>Education needs to change focus to help develop the industrious, autonomous, gregarious, go getting individuals needed in for the rapid re-design of the broken system.</li>
</ol>
All this buys us time to correctly allocate capital into robust 
(Anti Fragile) living arrangements. This would have the following 
benefits 
<ol>
<li>Healthy living- reducing our need for health care</li>
<li>Cheap energy security - compressed air / electric cars run of solar arrays</li>
<li>Reduction in pollution - less packaging = less plastics =
 less toxins = less persistent waste that takes years to degrade = less 
landfill waste.</li>
<li>More biodiversity - just read about the die off of the bees - a very
 bad problem for our food security highly likely related to mono culture
 crops and pesticides.</li>
</ol>
<h2>
Choosing Prosperous Financial Independence Investments</h2>
Perhaps the ever grinding higher stock market indexes will hit a plateau or gradually decline for a prolonged period of time while a readjustment is made. By a re-adjustment I mean a re-allocation of generational wealth from the boomers to us youngsters. 
 
Once this adjustment has taken place a new freer and prosperous time is likely to appear with the rules of the game rewritten in a fairer economic system. 
 
In this is the case a stagnant / declining index is not viable for the 4% draw down rule, which has been fuelled by consistent growth in the world economy, may hit a wall for a period of years through the great reallocation of capital and generational wealth. 
 
Here are some inflation adjusted and <a href="http://getintheringwithme.blogspot.com/p/market-analysis.html" target="_blank">cyclically smoothed market and commodity data graphs</a> 
<iframe frameborder="no" height="500" scrolling="yes" src="https://docs.google.com/spreadsheets/d/1jVkZHm4bo-_dCoKwvayag7Sb-z8ZGpG3AV1uQoN-Tj0/pubhtml?widget=true&headers=false" width="750"></iframe>

In this period of time perhaps stock picking wins over index tracking. Perhaps due to the destruction of wealth of industries that rely on huge profit margins from brand loyalty, cheap resource inputs and frivolous spending - avoiding these sectors could be the difference between true financial independence or back to work.   
 
Going defensive by choosing dividend value growth stocks with lower yields in industries with goods and services people NEED may be the better approach to take. Have a look at this blogs <a href="http://getintheringwithme.blogspot.com/p/stock-screen.html" target="_blank">stock screen</a>*: 
 
<iframe frameborder="no" height="300" scrolling="yes" src="https://docs.google.com/spreadsheets/d/1rk_3w8cmIsy_vkeiH1W6AHpFpzXXMRnWwsq7HJPb1jE/pubhtml?widget=true&headers=false" width="750"> </iframe>

These companies could be bought at a current high price to the future as boomers indiscriminately sell off their stocks. The peace of mind is that you can live off the dividends alone that should be safe as the companies profits are derived from people's NEEDS. 
 
Cash equivalents can be kept on hand to wait for the inevitable stock pullback / crash to take advantage of opportunities. 
 
Trailing sell stops can be applied to your current portfolio (on non core holdings) to help preserve capital in the case of a crash. 
 
Peace, prosperity and happiness 
 
CoNTeNDeR 
 
* The stock screen and market analysis information is provided for entertainment purposes only. I have never worked in the financial industry and am self taught. Always do your own research and seek professional advice as required and refer to the big fat disclaimer that comes with this site. 
 
Welcome New Readers! Please take a look around.<a href="http://getintheringwithme.blogspot.com/p/about-me.html" target="_blank">Click here</a> to find out more about THE.TriBe and the blog is or perhaps browse the <a href="http://getintheringwithme.blogspot.com/p/all-posts-get-in-ring.html" target="_blank">all posts list</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?

Generational Imbalance

THE.FuTuRe: "You are getting old Contender, you need someone to look after you like the government......." CoNTeNDeR : "...

Financial Independence through Dividend Value Stock Investing

Contender 4 #financialindependence, Compound Interest, Dividends, downshifting, DRIP, Finance, financial independence, Inflation, Investing, Schiller PE10, stock screen 07:35

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#FinancialIndependence requires setting up multiple income streams to replace your income from your labour. 
 
#Downshifting may mean that you still work but rely on a smaller income from some work and possibly some investments. 
 
Today the focus is on dividend value stock investing to provide a passive income. 
 
Buying shares in a company has several advantages 
 
1. You have access to many companies in many different businesses 
2. Companies can grow their earnings and dividends rapidly 
3. Companies can be out of favour and cheap to buy 
4. Companies are strictly regulated and lots of information is available about them 
5. Companies can have a competitive advantage \ high barriers to entry 
<div style="text-align: center;">
<blockquote class="tr_bq">
"One of the biggest mistakes investors make 
is to focus on stock picking for 
capital gains. 
 
The reality is that if you're not looking at 
 
dividends when you buy a company... you're 
likely not going to make much 
AT ALL. 
 
Did you know that without dividends, stocks 
have actually 
UNDERPERFORMED bonds 
for the last 113 years? 
 
This is not hype, a 
study by the London Business 
School found that without dividends, stocks 
return 
a measly 1.9% per year... LESS than Treasuries!" Gains, Pains and Capital</blockquote>
</div>
To help identify companies that are of interest to invest in  I have been spending some time massively improving the stock screening tool  to find some cheap #dividend stocks out there. Here is a look at the new screen (The UK all share list as of the 6th April is available towards the end of the post): 
 
<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/AVvXsEjdKG1J-p6L6SRJAhMxH3yBS6dQ3HQd0HFDsBsbGKKdlG11TbNHV0-NzXhOELzI9oWs4T2CX4jPGva84VYnLW65sjurZHqtF68rg-X5Ig_AUuVFilaJc00iwAerwZV9CrpnUfvC8cLgqnAN/s1600/10YrScreen.JPG" style="margin-left: auto; margin-right: auto;"><img border="0" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdKG1J-p6L6SRJAhMxH3yBS6dQ3HQd0HFDsBsbGKKdlG11TbNHV0-NzXhOELzI9oWs4T2CX4jPGva84VYnLW65sjurZHqtF68rg-X5Ig_AUuVFilaJc00iwAerwZV9CrpnUfvC8cLgqnAN/s1600/10YrScreen.JPG" width="640"></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Sample from a stock screener created with 10 years worth of data</td></tr>
</tbody></table>
It has been made very visual with its colour coded formatting. 10 years worth of financial data is used for graphs and calculations. More of the major indices have been added. It has been made easier to use. Easy to personalise with your own portfolio of stocks. Backed by a large powerful data set and statistical data analysis. 
<ul>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHX_XuYh9NK5qtOnhOJ7BocXylAjDT-zl3CYmSLkMtSSNH35I31GoG26urt84z1VI677QX1YiyWTDYFK3Nd3QAbpPUwSltlg-npDAfSsgLPQA947E04TNMw3vrP4PtneB0NKsQFcbPQrt4/s1600/PG.JPG" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHX_XuYh9NK5qtOnhOJ7BocXylAjDT-zl3CYmSLkMtSSNH35I31GoG26urt84z1VI677QX1YiyWTDYFK3Nd3QAbpPUwSltlg-npDAfSsgLPQA947E04TNMw3vrP4PtneB0NKsQFcbPQrt4/s1600/PG.JPG" width="320"></a>
<li>Contains major market data (US, UK, EU) </li>
<li>Current data can be evaluated on the fly for the Value Screener and Dividend Value Screener by clicking the magic button</li>
<li>Stocks can be interrogated individually with 10 years worth of data in the graphical evaluation tool</li>
<li>10 years of financial performance is used to create the 10yr Value Dividend Screener to check the quality of the stock - has it made a regular growing profit and paid a regular increasing dividend?</li>
<li>"My Portfolio" can be setup to show the screener results for your stocks <table align="center" 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/AVvXsEhYIgQZ-EaJrZ7NJH1g0-aW4PDlIhsaiHrjFdZUnmXgD-CTQV0oWnDAVFvDoMqg7y-xDvuGxFB4GKB7SukMemE26DSlNCq0nYYwP0zvMbHeHO9PZu6FU_-O1vwDtpOX2AtvXQuNcZ4t0z6q/s1600/Portfolio.JPG" style="margin-left: auto; margin-right: auto;"><img border="0" height="116" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYIgQZ-EaJrZ7NJH1g0-aW4PDlIhsaiHrjFdZUnmXgD-CTQV0oWnDAVFvDoMqg7y-xDvuGxFB4GKB7SukMemE26DSlNCq0nYYwP0zvMbHeHO9PZu6FU_-O1vwDtpOX2AtvXQuNcZ4t0z6q/s1600/Portfolio.JPG" width="320"></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"> </td></tr>
</tbody></table>
</li>
</ul>
<div style="text-align: center;">
<blockquote class="tr_bq">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_Fe2TuX0Ec6bIb0Eytdx_T-yyKayX4tXgJq9x-XpES2vbkyBSiDs0zJMMrfqicwucnaN-JUD9bIGIkR5EaYaoqqa9j7DXyoEHtTozpMfC3rWVAu_AObPV2n7EN3gkzXl6vz1hUoC2LfIV/s1600/ValueStocks.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a>Markets no longer perform true market functions. In markets today, the dead hands of the academic and the rentier have replaced the invisible hand of the merchant or the entrepreneur. James Rickards  </blockquote>
</div>
Why Look at History 
 
The Value Stock Screener and Dividend Value Stock Screener allow the user to click a magic button to download the latest data from the web. The tool then allows individual stock evaluation. The screen looks for undervalued stocks based on the methodology of "The Little Book That Beats the Market". 
 
1. Stocks with a very high Return on Capital - are they a well run business? 
2. Stocks with  high earnings yield (i.e low PE) are they currently cheap 
 
Why a spreadsheet - there are loads of options on the web? So why use this tool instead of one of the numerous screeners out there? Well in my opinion spreadsheets are more personal with the data, you can add your own comments and keep them for reference. Websites have flexibility in the type of graphs and how the data is shown on the screen.  
 
This is great at looking at THE.PReSeNT but this is not the full picture. The stock may be cheap for a very good reason and can get cheaper. 
 
In order to avoid this trap further research is required. 
 
One part of the research is looking at THE.PaST and secondly can we be confident about THE.FuTuRe performance? How good is the stock really? Is the company solid, has solid earnings growth and good dividend cover? This needed to be added. 
 
Introducing 10 Year Dividend Value Screening 
 
Dividend champion investing is not new and numerous lists of stocks that have consistent dividend growth can be found across the web. What is more difficult to attain is weather you are paying too much for a champion share? 
 
<div style="text-align: center;">
We need to gain in capital and dividends overtime. That way buying lowly valued stocks that become expensive can be sold and re-invested to gain MORE income. </div>
 
 
The new screener has the ability to analyse 10 years worth of financial data for selected Markets (NASDAQ, NYSE, DJIA FTSE 100, FTSE 250, DAX, EURSTOX50). 
 
 Its purpose is to ask the following questions: 
<ol>
<li>Is the current PE ratio expensive for the share in comparison to its historical PE10 (10 year average PE      PE10 = 10 year average share price / 10 years average EPS </li>
<li>Is the company growing its EPS (Earnings per share) consistently?      What is the average EPS growth rate over 10 years?      How many years has the company made a profit?</li>
<li>Is the company growing its dividend?     What is the average dividend growth rate over 10 years?     How many years has a dividend been paid?</li>
<li>How much debt does the company currently have?</li>
<li>What overall score is the company on Quality, Income and Value? </li>
</ol>
All of this information is used to create a score and rank versus other companies. 
<ol></ol>
10yr Data Screen Benefits 
 
The screen can be looked at stand alone via Google spreadsheets however the excel spreadsheet has some distinct advantages 
<ol>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_9YEXBHqCTE9KtBxO-njGNrubmKJMA3F27OeD2ZoCm3jwf1j93FMnKamE5DFmPzs-6bWwEfZ_8m52kBJNY3vJvGfldpheVj39_1a8uwvv52XGuC_UZdcWGiIAl8C-FosQM6ZKHhjt7WzG/s1600/PG.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a>
<li>Enter your portfolio and watch stocks to see what the screen results are. Here is a screen shot with some well known companies:<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/AVvXsEhYIgQZ-EaJrZ7NJH1g0-aW4PDlIhsaiHrjFdZUnmXgD-CTQV0oWnDAVFvDoMqg7y-xDvuGxFB4GKB7SukMemE26DSlNCq0nYYwP0zvMbHeHO9PZu6FU_-O1vwDtpOX2AtvXQuNcZ4t0z6q/s1600/Portfolio.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="235" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYIgQZ-EaJrZ7NJH1g0-aW4PDlIhsaiHrjFdZUnmXgD-CTQV0oWnDAVFvDoMqg7y-xDvuGxFB4GKB7SukMemE26DSlNCq0nYYwP0zvMbHeHO9PZu6FU_-O1vwDtpOX2AtvXQuNcZ4t0z6q/s1600/Portfolio.JPG" width="640"></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A manually entered portfolio showing 10YR data quality results and current value result</td></tr>
</tbody></table>
</li>
<li>Query the data by bringing up a graphical interface. Here is a screenshot of Proctor and Gamble: <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_9YEXBHqCTE9KtBxO-njGNrubmKJMA3F27OeD2ZoCm3jwf1j93FMnKamE5DFmPzs-6bWwEfZ_8m52kBJNY3vJvGfldpheVj39_1a8uwvv52XGuC_UZdcWGiIAl8C-FosQM6ZKHhjt7WzG/s1600/PG.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="281" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_9YEXBHqCTE9KtBxO-njGNrubmKJMA3F27OeD2ZoCm3jwf1j93FMnKamE5DFmPzs-6bWwEfZ_8m52kBJNY3vJvGfldpheVj39_1a8uwvv52XGuC_UZdcWGiIAl8C-FosQM6ZKHhjt7WzG/s1600/PG.JPG" width="640"></a></li>
<li>Record reasons for investing in the stock in the spreadsheet for future use <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0Lq_hdZnY86jba5V6cMynqSfgWClSeoxuHyKTYBCy9WsKevQjjIft9HBXp2Dkdd7GwuEvZ-jBFRfpv9iQYJeudR6wFuQWwbkJkWjy7DN5q_GO00zvyM4bdFKi1HgPaJDy9tXvrugXDb_7/s1600/Comment.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="42" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0Lq_hdZnY86jba5V6cMynqSfgWClSeoxuHyKTYBCy9WsKevQjjIft9HBXp2Dkdd7GwuEvZ-jBFRfpv9iQYJeudR6wFuQWwbkJkWjy7DN5q_GO00zvyM4bdFKi1HgPaJDy9tXvrugXDb_7/s1600/Comment.JPG" width="640"></a></div>
</li>
</ol>
<ul>
</ul>
Please read on for the 10 Yr Data Screen for the United Kingdoms FTSE All Share index (Yahoo! ^FTAS):

Financial Independence through Dividend Value Stock Investing

#FinancialIndependence requires setting up multiple income streams to replace your income from your labour. #Downshifting may mean that...

Welcome to FISH !
You have come here looking for answers. How to get out of debt? How to save and invest? How to retire early and how you want to live in retirement.

Well this is the right place for you as out tribe has been through all of these steps. We no longer work for a corporate employer and have saved enough to retire early. How we did this is shared here on this site for you.

Our little tribe found out these secrets to financial independence in our late 20’s. Since then we have taken early retirement, in our late 30's, in just 7 years. We now live in the South West of France with our two young children.

Along the way I decided to share everything I learnt. My articles and tips on aggressive saving and compound investing are there to help you meet your financial goals fast. I discuss ways to help you decide what you want by building a life plan. This helps to work out how to get where you want to be whilst avoiding the pitfalls along the way.

My expertise was built up working in blue chip corporate jobs, extensive reading and putting it into practice. I have condensed this knowledge into simple strategies to help you meet your goals and not those of the bank or the place you work.

There are free planning tools on this site that help you make a life plan. A plan for your future. The tools calculate how to reach your financial goals in a timeline that suits you. The tools help set out your life goals, make them happen and how to exceed them.

There are tips on how to simplifying your life to remove day to day headaches. These include ways to pay off debt fast buy eliminating wasteful spending habits. How to reduce your monthly bills through choices that actually improve your health and wellbeing. Identifying things you don’t need that sap your time and wallet.

There are little sustainability projects to reduce your dependence on shops and utilities whilst saving money to spend on things you want.

All of these little steps will show you how save 50%+ of your salary so you can meet your goal whatever it is. This huge saving rate can be compounded for very early retirement. I am sure you will find something here for you.

Darren Lee (A.K.A the Contender as in my blog)

FISH | Financial Independence Seeking Happiness

Fragilista - Part 1

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Financial Independence through Dividend Value Stock Investing

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