Another lame month for net worth increase despite keeping up my 38% of gros income savings rate. We just have to keep reminding ourselves that we are in it for the long haul. this month my net worth increase is…
- basically 0!
Actions from last month
Investigate the DC part of my pension and do some scenario-ising around using it as a bridge between when I want to FIRE and taking my DB pension – avoiding at least some of the penalties of taking by DC pension early.
- I did sit down and do this but my analysis went a different way – basically I don’t think I have enough years to build sufficient funds to leave work and defer my pension for a year or two or three, however what I did look at was
- reducing the tax free lump some and increasing my annual pension by up to £1,500
- reflecting on the reality that if I did want to leave my job at 55/57 I could but if I want to do some big stuff like buy that camper van, big ole holidays and basically live full fat dream life I will need to earn an extra c8k pa before state pension
- So I need to reflect some more on
- how full fat I really do want
- what is the easiest / quickest / most fulfilling way to earn 8k a year
- the obvious of saving more!
- creating a passive side hussle based around converting our cellar into an airbnb
Selling on eBay
- Not as lucrative as I had hoped – netted about £25 instead of my goal of £60. I ‘ll carry on and sell the odd item I think has most chance of getting a decent return. But I thought for the effort and return I’d just take the stuff to my lovely local RSPCA charity shop, let them get the income and I can put this down as my charity donation for the month.
Personal Expenditure this month
Carried on monitoring my personal expenditure during October, and as month, most of it on entertainment / going out. I had some good times this month
- my partners birthday
- catching up with an old work colleague
- seeing Jeanette Winterson at the Manchester Lit Festival
- seeing my favourite singer Richard Hawley (cat nip for middle aged women!)
- having my old school friend J come down for a couple of days, to see some live music, have cocktails and a nice meal out
- my annual old college mates reunion / catch up in Leamington Spa
Will keep monitoring, its giving me a realistic baseline for what I need for FI if nothing else.
Action for this month
- Get someone in to do a high level quote on converting our cellar into a small apartment, then done a ROI / factor into my annual income when I FIRE
- Do some background reading on Match Betting as I aim to try it out in December
- Take some stuff to the charity shop