Brain Dump II – There’s Some Things You Should Know About theFIREstarter
Jan23
No time for formalities today friends, we have a lot to cover!
1. I Quit My Job
Boooooom! How do you like them apples!? 🙂
You might think that this big news deserves a post all of it’s own but it’s not quite as dramatic as it first sounds. I have managed to negotiate a “slow extraction” from my current company, I will be there full time until June time, then go down to 3 days a week, slowly dropping down to 1 day a week around December.
What will I do with my new found free time? Well I won’t be sitting on my laurels that is for sure. My nest egg is still more than a few short of a dozen so I still need to actually earn some money to buy goods, services, and fund my investments! I have to admit that my plan is not exactly concrete just yet but I have a few potential web development/app/software projects lined up through contacts, and have ideas of my own. The other options are doing some freelance projects, or if push comes to shove, looking for another full time gig that is more local so at the least I don’t have to endure the toxic commute. I spoke about the various options a few posts back here in case you missed it and wanted some more info!
Needless to say, making money out of this blog does not come into my plans, just in case anyone was wondering.
2. A New Direction for the blog
The above bombshell clearly impacts on my original plan I set out for the blog which was a five year plan to build up a pot of investments to around the £125,000 mark, which was to provide some income, and then work part time or on side hustles to top the rest of that up to whatever my living costs came to. In a sense, I’ve already achieved part of that goal, although I’ll be doing a hell of a lot more hustlin’ and not much 1 investment pot income withdrawin’. 🙂
So first things first, I needed to update my dear regular readers (you lot!) with the new situation, which I’ve just done. The second part of my obligations as blog owner is to make sure new people coming to the blog know the score, so I’ll be updating the welcome text with something a bit more relevant over the weekend. Comments by rodent on my expenses post alerted me to the fact that some people might be coming here, and getting the wrong impression of what is currently going on. If anyone else feels the same, then I apologise wholeheartedly.
A lot has changed since a starry eyed, younger and better looking version of theFIREstarter posted those first fateful few articles on a blog he didn’t know that anyone would ever even read, but reading it now, a lot is still as relevant as ever:
- As stated in my first post, my now public goal is to retire from my office drone job in five years or less – Check! I’ll be “retired” from my office job this time come December, 2.5 years ahead of schedule. 🙂
- Retirement to me simply means being able to quit my corporate office worker job, you know, quit working for “The Man” – OK, so this one is still up in the air, if I end up getting another full time job in December I will still be working for The Man. Even if I am doing proper freelance work through an agency, for corporations, I am still working for The Man. But if I manage to build a side hustle or a series of them into something that produces enough to live on, then I will have become The Man 🙂
3. What this blog is really all about
Continuing on from the above… what is this really all about? What are my goals for myself and the blog? For me, it was always about:
- Freedom – Getting some of my time back
- Ditching the 9-5
- Doing/building something that I can call my own
- Exposing new people to the idea of saving money, investing for your future freedom, and the concepts of FIRE
- Writing some (hopefully) helpful articles on a wide range of subjects, not just about personal finance but “how to” articles, philosophy/psychology, environmental and social challenges, frugal tasty recipes (ok, been slacking on that last one for a while!), or anything else that I find interesting at any given time.
- Challenging myself with ways to live a better life
- Documenting my progress
4. More about me
I’ve written a short amount of information about me but at the risk of coming across as an egotistical maniac I’ll divulge some more, slightly more personal info about what I’m like as a person. Actually, the motivation to provide more info here was driven again from rodents comments on the expenses article. I have no issue with the comments, but I don’t want to come across as misleading, inauthentic or pretend to be something I am not, so here is the dirt:
- Despite having no worries about not spending money on myself 2, I have a pathological fear of being labelled tight in social situations. This leads to many rounds bought which I don’t get back, and never questioning the classic old even splitting of the bill 3 when out with friends. I don’t think I am alone in this line of thinking, in fact I’m lucky that most of my closest friends are the same (or maybe they are just straight up generous :), which amounts the same thing at the end of the day). But when out with a larger group or not so close acquaintances, I’ll often end up coming off with the short straw or emptier wallet. This is not something MMM recommends but that is just the way I am, it may slightly affect the time it takes for me to reach FI, so be it!
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Following on from above it is important to realise (especially if you came here from MMM or have read some of his site first) that I am not MMM, or Jacob from ERE, and I am not trying to be like them. I may well mention those sites a lot, link to their articles and talk about their methods and philosophy, but I am not just trying to be a cookie cutter devotee that follows them to every word they write. I am a massive fan of both, but a lot of what they prescribe is not for me. So I do what any sane person should be doing which is thinking for yourself, taking what works for you and applying it to your own situation to make your life better. The same goes for you dear readers about my own little space on the internet, I am hoping a lot of it is useful but if not, then just ignore it/leave a comment to tell me your differing views, and move onto the next post.
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Following on from the friends point, it is unrealistic for
someonemost people to just cease every facet of their former consumerist lifestyle at the drop of a hat. The likelihood is that one of the hardest parts of this is simply that all of our friends and family are still living that lifestyle and are still inviting you out to places, talking about what useless gadget they’ve just bought, and so on. Barring dropping out of society and living in a mud hut, or moving away from friends and family and starting your life afresh (something that Ermine quite rightly points out is not something most of us, especially UK folk, are wont to doing), you are generally stuck with a bit of a battle on your hands with, as TEA succinctly puts it, global capitalism and peer pressure. - Compounded onto the points above, I will fully admit that I am a slow learner, and possibly an even slower mover. I like to procrastinate on things for a long time. Upon hearing this, you might think that the original 5 year plan was more than just a little bit insane 4, but as they say reach for the stars and if you miss, at least you won’t come up holding a pile of mud.
- I would just like the re-emphasize that I love golf and I will not be giving it up any time soon. I think golf gets a bad rap in personal finance and especially FI circles. It seems to be the sport that epitomises wastefulness, showyness and fanciness, what with exclusive membership, expensive fees and equipment, and BMW’s in the club car park. But let me tell you it costs as much as you want it to cost, and my crappy old Pug looks just as good in the car park (IMO) 🙂 – I am budgeting £100 a month for this going forward, and this is a realistic estimate from past years, which when I reach FI will take a pot of £30,000 to sustain. I am more than happy with this fact.
- As I mention in my about me page, I do spend too much on beer and socialising. This is slowly trending in the right direction and I look forward to cutting down on the spending in this category in the coming months and years… Work in progress!… watch this space! et-bloomin-cetera! 🙂
5. FFS Stop Whining Man!
All of the above could come across as complainy-pants whining of why I haven’t stuck to the original goal, and well maybe it is. But I’d like to look at the massive positives that have come out of running the blog so far:
- I’ve received some great advice from many commenters, other blog owners, and learnt a lot on the way
- I’ve got some money sitting investment accounts, whereas before all my excess cash was simply devoted to spending
- I’ve learnt the basics of running a website and self-employment, and that along with the cash buffer mentioned above has given me the confidence to quit my job way before the five years were up anyway!
- There are so many others but that will have to do for today
Wheew! My brain is well and truly dumped for today. Once it’s clogged up with some more thoughts I’ll dump again in a few days time.
If you managed to read through all of it then thanks a bunch and do let me know your thoughts below.
Starter question: Am I mental for quitting my job..!?
Or just dump some random thoughts of your own if you so wish!
Welcome to TFS group therapy, yea! And it’s all gratis! 🙂 )
Cheers!
TFS.x
Brief update: Just wanted to say in the body of the article thanks for all the positive comments below. You guys are “awesome” – to use the lifestyle bloggers word of choice 🙂
Notes:
- in fact any, hopefully! ↩
- And to a certain extent the long suffering Mrs TFS… sorry dear…! ↩
- In fact that is something that really winds me up! I often find that the people who suggest not to evenly split the bill are the ones who will come out better off on that given occasion, and are the very same ones suggesting a even split the next time, when they’ve over indulged. Convenient that, isn’t it? I’d rather just split it every time without question, and trust that it will all even out over the long term, which it probably does. ↩
- And let’s face it, you’d have been right ↩
Discussion (30) ¬
Don’t beat yourself up 🙂 You’re doing fine – you are integrating experience. And above all else, don’t give up what really matters to you. If golf really matters to you, and is worth the cost (monetary and opportunity cost) then live your values. Golf is part of your values, there’s nothing inherently wrong in that, as long as it is a considered decision. Know who your are, and what you stand for!
Thanks ermine. You really are a top bloke with a lot of wise stuff to say! 🙂
Cheers!
Hi TFS
Well, after your post about your overspending, I certainly wasn’t expecting to read that you were quitting your job, but good on ya – that commute has just been continuing to grind you down!
Don’t worry about your blog and your goals changing – it’s a fact of life that things change, circumstances change and it would be daft for you to continue soldiering on with your original 5 year plan with so many other changes in your life taking place.
It was after discovering your blog (and Huw’s) that inspired me to start my own.
Your goals may change but I’ll still be reading cos I want to find out ‘what happens next!’
PS – please come to the UK Gathering that Huw’s organising in March – after what you’ve just said, I’m expecting you to get the rounds in lol 😉
Ha ha, bit out of leftfield that one maybe. But it’s been brewing in the back of my mind for a while now and finally got the balls to confront my employers with my plan. Luckily they went for it!
Thanks for reading and glad to hear you’ll be sticking around!
Bad news on the UK Gathering, I am busy that weekend (golf weekend planned, oh the irony… right!?)
I’m very keen to meet up with people though so will do all I can to make the next one.
Nice work. It’s a beautiful thing to see a fellow FI blogger take a significant step toward FI. I’m looking forward to reading about the lifestyle adjustments that lie ahead!
Cheers UTMT. It will be a scary yet interesting 12 months ahead of me! Will I crash and burn, who knows! 🙂
You’d be mental for not leaving you job. You just need to live and simplify. Joy and love.
Love this comment. If I ever have any doubts over the coming year, I will just come back and read this. Brilliant. Thanks Bridget!
I really like the slow pull away from work I think that is the best option if available to start the early retirement process.
Cheers Steven. Seemed like the best idea to me yep, although obviously I won’t be retiring in the traditional sense, but rather transfering to a much more flexible, self employed working schedule (if the all goes well).
Thanks for the update and don’t feel too down by comments left previously. You (and indeed I) are nowhere near MMM or ERE levels.. however that’s not to say that we’re not far ahead of a huge huge majority in this country. It seems every time I post a disappointing (~35%) savings rate for a month I tend to knock myself down by it.. fortunately someone like Jason from Dividend Matra will come along and remind me that even 35% is a hell of long way above most young professionals.
I think having these pie in the sky dreams are important.. as it is equally import to reassess the situation and re-adjust the goals from time to time.
I’ve been a particular fan of your blog as it is clearly written by a real person trying to run a real life. Some of the other early retirement blogs can come across too corporate or written by completely flawless saving machines with achievements we can only dream about reaching.
All the best my friend.
Hi ER Guy!
Don’t worry I didn’t feel down as such but it did highlight the fact that I needed to update everyone on what is going on and possibly some of the blogs posting / main messaging (still need to get round to doing that… gah)
You are doing very well with a 35% savings rate at your age, and I know you have your own house as well. That deserves a big pat on the back for sure, not exactly sure how old you are but you are well ahead of me at your age I am certain of that.
Thanks for the kind comments, cheers mate and glad to hear people enjoy reading all the crap I like to write about, hah! 🙂
Wow that’s exciting! Good luck with all your plans!
Thanks Zoe! 🙂
Hi TFS,
Your plan is your plan and your blog is your blog. You are completely free to change both as they evolve.
Readers should take the time to read the whole if they want the full story – really get to know you. One of the things I love about your writing is that you are very open with no attempts to “say the right thing” PFwise. That makes for a very engaging read, worth far more than a formulaic attempt to give the reader what you think they want and say what you think you should according to some plan you put down in the past.
Great news on running down the hours at work. That’s a pretty major achievement and way ahead of goal too, 🙂
Hi Cerridwen,
Thanks for the kind comments as usual 🙂
I don’t say the right thing because I don’t know what is the right thing to say most of the time I think… hah 🙂
It’s a bit of a risk, although a calculated one. Hopefully I’ll be posting an update in roughly one years time that hasn’t involved me getting another full time corporate gig, but we’ll just have to wait and see 🙂
As EarlyRetirementGuy said, I’ve enjoyed your blog because you’ve always come across as a real person trying to do his best. MMM, ERE, Dividend Mantra etc are all amazing people who’ve clearly outdone the rest of us when it comes to FIRE, but you, with your successes and shortcomings, have always been someone I can relate to. Like you, I’ve certainly been in the position of having big plans for the future, and then not quite managing to pull them off.
But, again like you, I am in a far better position for trying and failing, than if I’d never tried at all. With regards to financial independence, compared to the clueless consumer I was in my twenties, I now, in my thirties, have much less debt, far fewer expenses, far more savings, and a small but not insignificant (for me at least!) investment portfolio. I also understand the basic principles of personal finance.
There is a quote from one of the Stoics, Seneca I think, where he says (paraphrasing slightly as I can’t remember the exact wording), “I may not be perfect, but I am content if I go to bed each day with more of my virtues and fewer of my vices.”
So don’t feel bad because people criticise you for changing your goals. Keep us updated on how things go, and keep being honest about your successes and your shortcomings. Good luck!
Hi manofonezerg,
What a nice comment! That made me feel a bit warm and fuzzy inside. 🙂
Glad to hear you are making progress despite occasionally failing as well. It’s been said many a time that we learn more from our failings than our successes anyway ay? I like the fact that people like to read about people failing as well as suceeding, I don’t see the point in sugar coating everything and making it all sound easy (which I think MMM in particular does, guess it’s just his optimist gun firing at full force though) when clearly it is the harder things in life that are generally the ones that will improve your lot and happiness the greatest.
Love the quote, thanks for posting that, I will try to remember that one!
All the best to you as well, and thanks again.
Love this post. And as Li Ka- Shing (one of the richest men on the planet) says, you should spend money on buying people lunch, etc. Proportion out your spending so you’re saving some, blessing others with your generosity, and spending some on your own self-improvement.
I would like to add giving to charity, we can save and save as much as we like for ourselves, but there are many in the world with nothing. We can help them with our time, skills, or money.
And golf is cool.
Great comment M. There is definitely more for me to do on the charity camp going forward. With more free time and (probably) less income coming in, I could offer my services to them for cheap or even free. I’ve heard of other web guys doing this and it sounds pretty cool.
If you are ever in the Sussex/Surrey area and fancy a round, let me know 🙂
Well done mate. And it sounds anything but a slow extraction to me; down to 1 day a week by the end of the year. Did you read Raptitude’s post last week about questioning ‘do I like who I am while I’m doing this?’ The same point goes for your golf and drinking as well (my drinking spend is similar to yours and I spend more on surfing in warm seas than you do working on your handicap).
I think I was first searching the net for UK early retirement blogs around the time you made your first post and linked into you on my blog feed. I’m (together with my Mrs) planning on 4 more years working a 9-5 which seems doable. I went down to 4 days a week last year and am planning on reducing it to 3 days later this year. I’m steadily building up on-line work that I could happily do from a beach in Barbados with The Man nowhere in sight.
Best of luck with the plans.
Hi FrugalSurfer!
Thanks! Good point about the not so slow extraction. I have to say that was quite alot quicker than I’d originally imagined when I first put the idea to my employers. But now they’ve suggested that, I think I may as well go for it.
I missed that Raptitude post, I will have to find it now, sounds like it is pretty relevant so thanks for the heads up!
Your plan sounds like a good one and pretty robust. If you ever want to share some ideas on the online work feel free to drop me a line.
Cheers again and same to your good self.
Boom! Sounds like a positive thing to me! Ease yourself into it mate. Who knows where it will lead.
A step towards FI, even a surprise one, is a superb thing 🙂
Just keep blogging and let us know what happens 😀
Random Thought Brain Dump: Spongebob the movie was a great film
Cheers Mr Z.
I have not seen Spongebob. I will make sure that the first thing I will do on my first midweek day off after 1st July is to watch it to mark the occasion. 🙂
I so agree with you about how difficult it is–though ultimately so rewarding–to change our relationship to money, saving, being frugal, etc. As you write, it’s not easy for most people to “just cease every facet of their former consumerist lifestyle at the drop of a hat.” Agreed!
As Ermine says above, no need to beat yourself up. It sounds like you are doing great if you can slowly “extract” yourself from work and fully retire by December 2015. Good luck!
Cheers Julie and Will!
The plan has changed again since this post was made and I am just going part time now, read here for more info!
http://thefirestarter.co.uk/all-change-again-and-has-my-cover-been-blown/
Thanks for the well wishes!