Hello and welcome back to Mortgage Advisor on FIRE. This week I discuss how to deal with people who don’t understand FIRE. Also, a look back at my second week in a new job.
Weekly Update
It’s the end of my second week in the new job and I’m tired. The training is intense but in a good way, and it’s fascinating to see how the intermediary world works when all my experience has been in banking.
What I like about this new role is that everyone I’ve met in the business is focused and driven. There’s a real sense of wanting to get things done. It feels professional, and there’s a vibe I’m finding refreshing.
My attitude towards work is simple but to some, controversial. Employment is a business transaction. You get my time and I get your money. There are terms of employment laid out, and that’s it. You do the job you are paid to do, and both sides treat each other with respect. That’s how it should work.
When a business starts going on about being a family, or a fun place to work, I view that as a red flag. Fun is not the primary goal; earning money is. That’s what I work for – money. What I’m willing to put up with correlates with how much I’m paid. As soon as that equation becomes unbalanced to my detriment, I’m out of there.
I explained this during my interview with this company, and the person interviewing me said he heard nothing controversial in what I outlined. Business should not be personal. There should be a basic level of respect and consideration. However, we’re not paid to think of each other as family or to be anything other than cooperative colleagues. If you make lasting friends, it’s a bonus.
Amazing Lunches
Oana has been doing her part to look after me whilst I’ve been working. She’s made me some amazing lunches, with my favourite being inspired by a burger I once had in Malta; chicken, peanut butter, fried egg, and chillis.
It may have been missed in the week but I published a bonus post about the gamification of FI. You can check it out here.
Groke
A new cafe, Groke, has opened in our development and we tried it for lunch the other day. The inside of it is cool and nicely designed. The food was a bit of a let down though.
I had chicken and waffles and it was underwhelming. The chicken felt like it had been oven-cooked from frozen. Whether it was or not, I don’t know. Fried chicken has a distinct texture, and when a place does it right it’s a thing of beauty. Oana had their version of huevos rancheros and it was pretty bad. There was a huge chunk of gristle in the sausage, and the beans had a strong smokey taste that was, if I’m being polite, unappealing.
Oana’s Thoughts…
I’d be tempted to try again and eat something else off the menu, but Oana was less charitable in her review;
“We had the misfortune of trying Hggye in Castle Sq last year, which is possibly in the top 3 of worst plates of food I have ever been served (Turkish eggs, if you can call them that).
Groke today was a step up from that, so, not great. I ordered huevos rancheros and there was little to nothing that took me to that part of the world when tasting the dish. The beans felt like they had been thrown into a pot of cumin seeds or something similar, and were far from pleasant. The egg was ok, but, at the risk of sounding gross, I despise when the slimy part on top of the yolk isn’t fully cooked and left on the plate, it makes me gag.The added sausage I ordered separately seemed to be made from some sort of tasteless mush rather than actual meat.
It was presented nicely, and the crockery was nice too, but sadly that’s where it starts and ends. Oh, actually, the bread was ok.
Sorry Groke, but I won’t be coming back. Shame, as the way it’s been designed and set up inside is inviting.”
Baker’s Yard Bakery
At the other end of the spectrum, we have Baker’s Yard Bakery which is awesome. It’s expensive, there’s no denying that, but I’ve yet to have a bad bit of food or drink from them. Their range of breads, cakes, and savoury bakes is extensive and changes weekly. I would happily have their aubergine flatbread every day, as well as their cheese and marmite buns. The staff are always friendly and it’s just an inviting place in general.
What I’m Doing
Listening: Tools of Titans by Tim Ferriss
Watching: Godzilla Minus One.
We watched Godzilla Minus One last Sunday and it was brilliant. I love my Kaiju movies generally but this was something special. Set in the dying days of the Second World War the story follows a young Japanese pilot who returns home to find his country devastated from the war. As they try to rebuild they’re faced with the titular creature.
The effects in this movie are incredible, and the setting is refreshing as most monster movies are set present day. I don’t want to say too much about this film for fear of spoiling it, and I would highly recommend it. As I write this it has 99% on Rotten Tomatoes, and I don’t think that’s too far off.
I’m about halfway through listening to Tools of Titans and it’s ok, but not really grabbing me. There are some cool stories but a bit too much woo-woo bullshit in general for my taste. I’ll finish the book, but I’m already looking forward to my next series.
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DonateDonate monthlyDonate yearlyFinancial Update
Assets
Premium Bonds: £30,000.00.
Stocks and Shares ISA: £92,533.54.
Fuck It Fund: £6,566.54.
Pensions: £94,602.90.
Residential Property Value: £237,228.00.
Total Assets: £460,930.98.
Debts
Residential Mortgage: £184,200.23.
Total Debts: £184,200.23.
Total Wealth: £276,730.75.
There’s not much to report on the finances for now. There are still a few weeks until the ISA allowance renews, and it’s just a case of ticking along until then. My first wage in this new job will not be a full one, and I’m supporting myself, Oana, and Poppy from it.
When I get my full, normal, monthly pay it will be enough to cover the basics but not really any investing. When Oana finds something we’ll then be laughing.
Our priority for this year is to hammer the mortgage down because we’ll need a new rate in November/December time.
I’ve been thinking about changing how I report my figures, and possibly binning off my Fuck It Fund. The savings allowance for UK taxpayers is very low, and there’s a good chance I’ll finish the financial year 25/26 in the higher rate tax bracket. At that level, the savings allowance is £500p/a, and that doesn’t allow for much to be held in cash.
Assuming an interest rate between 3%-4%, I would have to keep no more than £12,500 in cash, and that’s not even taking into account cash Oana and I keep in savings for service charges, ground rent, vet bills for Poppy, and other household expenses.
The way forward would be to keep the money in Premium Bonds, as they’re fairly easy to access, and just rely on credit for any emergencies which can then be repaid from Premium Bonds or household savings as appropriate.
How to Handle People Who Don’t Understand FIRE
One of the biggest challenges on the journey to Financial Independence, Retire Early (FIRE) isn’t just saving money or investing wisely. Rather, it’s dealing with the reactions of friends, family, or colleagues who don’t understand (or even actively oppose) your goals.
Why People Struggle to Understand FIRE
The traditional path involves working until 65, relying on a pension, and retiring only when deemed ‘acceptable’ by society. FIRE disrupts that narrative. Getting people to buy into FI isn’t just as simple as going through the numbers. It’s as much an emotional argument as a data-driven one.
Another point that comes up is the fear that money will run out if you don’t have a regular income. Many people worry that early retirement isn’t sustainable and that when the cash runs out, they’ll struggle to get by. Thorough planning can mitigate this risk. Early retirement isn’t just deciding you’ve had enough and then walking out of work. It’s a systematic approach to building the financial foundations that will provide the funds for life for decades.
Some oppose FI because they are too scared to go for it themselves, and they feel resentment because they’re stuck in a job they dislike. There’s not much you can do about this. As the saying goes, you can lead a horse to water…
Much of this doubt comes from a lack of financial education and literacy. People learn about money from their parents. If your parents held certain opinions about money, you’ll probably have those opinions as well. I had to overcome a certain level of mental resistance when I first started down this path, and I know other people have too.
“That’s not realistic.”
Some will dismiss FIRE as an unrealistic dream. Instead of arguing, you can lead with facts and personal experience. You can explain how compound interest works, how you’ve optimised expenses, and how many people have successfully done it. In the end, though, some people will still scoff and walk away. The only thing to do is stick to your guns and prove them wrong.
“Won’t you get bored?”
This is something that makes me, and a good friend of mine, laugh and shake our heads. How can one get bored when there’s a whole universe out there? We have access to almost the entirety of human knowledge, and we live in an age where technology is advancing at lightning speed. Yes, there are concerns and challenges facing our world, but there’s also so much to do, see, and experience. If work is the only thing keeping boredom at bay, then in the words of Obi-Wan Kenobi, “You need to go home and rethink your life.”
Early retirement is not about doing nothing all day. It’s about having the freedom to do what you want without having to answer to an employer.
“What if the stock market crashes?”
I don’t mind questions like these because it’s a valid concern, and it signifies genuine curiosity. The stock market could crash but these downturns are built into FI planning. If your FI plan fails, it shouldn’t fail overnight assuming it was well-designed. One should not go from a comfortable early retirement to zero funds like flipping a switch. Course corrections may need to be considered, and if you have to pick up a part-time job to supplement retirement, it’s no big deal.
“You’re just being cheap.”
FI doesn’t have to be about frugality or deprivation. Mindful spending should be a core part of FI planning, but it’s not about sitting in the cold and dark while eating beans out of a tin. I would say it’s more about avoiding impulsive spending, and really thinking through spending habits.
For example, do you need the latest iPhone, or will the previous year’s model suffice? Do you need a flashy car, or will something more basic do the job?
“Must be nice to be rich.”
When I’ve been featured in the media, I’ve had some of these comments aimed at me. I wasn’t born into money; I come from a lower working-class background. My parents worked hard to make sure I had a solid education, and they’ve given me all the emotional support I could ask for.
Financially though, I’ve earned my wealth. I’ve done it through research and discipline. I’m not going to criticise other people’s life choices, but every person who has expressed negativity about my wealth accumulation has had cars, kids, and some form of expensive habit like weekly binge drinking, drugs, or something similar.
If you want to prioritise these things, I have no problem with it. I am where I am because of the choices I’ve made, as are we all.
There will always be haters and doubters, but remember you are under no obligation to keep those people in your life. I think it was Jim Rohn who said you are the average of the five people you spend the most time with. Which five people do you spend the most time with? Do you like them? Do you share the same core values? Do you celebrate each other’s successes, or are you envious and bitter?
If you look at the five people you spend the most time with and you are unhappy with those people, find new people.
Not everyone will understand or support your FIRE journey, and that’s okay. What matters is staying focused on your goals while maintaining healthy relationships. Have you faced scepticism about FIRE? How do you handle it? Let me know in the comments.
DISCLAIMER
The views and opinions in this blog are my own, and do not represent the views or opinions of my former, current, or future employers, nor should they be considered advice.
If you want personalised financial advice, seek an appropriate professional. If you are in financial difficulty, seek advice via the resources below:
Biolink
You can now find all my social media pages by checking out my Biolink:
bio.link/davidscothern.
I honestly don’t understand the “won’t you get bored” angle and it feels like an excuse people make to themselves to justify why they shouldn’t take control of their life.
And I genuinely mean take control. An interesting thought process / question to ask someone who is part of the “won’t you get bored” brigade would be to ask why they work the 37.5/40 hours a week they currently do? Was it by a design that you asked your employer to work these hours as that perfectly hits the amount of entertainment you need from work, or was it because nearly 100 years ago Henry Ford chose that amount of hours for his employees and employers have stuck to that idea ever since?
And do you want to work until your mid to late 60s by design, because by that age you’ll have some how figured out how to avoid being bored and it would be impossible to work it out before then, or is it because politicians in Germany designed that to be the age when someone has outlived their usefulness and need be to be paid to not work so that job can go to someone younger and more productive which benefits the wider economy?
The fact that people ask that question actually shows how little they understand about the lack of control they have taken within their life, and highlights the lack of planning and foresight they have given to their existence.
It genuinely does frustrate me when people give that response and shows such a level of shortsightedness over their options.
In reality, I ask these people if they get bored on the weekend, in their annual leave etc. I ask if they enjoy the crammed shops and restaurants outside of standard office hours, or if they’d prefer to do these things when less people are around.
I also find it fascinating people say about getting bored, when out of a year, assuming 40 hours a week like Henry Ford said, that a person works 2080 hours out of the total of 8736 hours, and that ignores annual leave and public holidays. That means a full time worker taking zero leave works 23.8% of their year. The real question to ask someone who says that, do you get bored in the circa 76% of the year you’re not at work? Does that 24% of the year light you up more than anything else and are you sad that you don’t work more than 1 in every 4 available hours each year?
On the “it must be nice to be rich” my actual response is “yes, yes it is. It gives such a high level of contentment and security.”
My final point of what is a lengthy comment is, most people want to be rich so they can spend themselves poor. The amount of people who I’ve mentioned about having money and they say something along the lines of “you could buy x” or “if I was you I’d spend more on y” is incredible. That is the very reason you’re not in the financial position I am, because you would spend money and I wouldn’t.
Fantastic comment. Agree with every point.
“When a business starts going on about being a family, or a fun place to work, I view that as a red flag.”
Haha, that’s interesting as to many, this would be a green flag. Of course, earning money is the primary goal but you may as well have some fun while you’re doing it!
You would probably run a mile from the company I work for – there’s always something ‘fun’ going on throughout the year. Participation is optional but pretty much everyone takes part. The youngsters particularly love it. Through running some of the fun stuff myself (Fantasy Football league), I’ve gotten to know many people around the business and developed good relationships with them. People do work and people need good relationships. Not saying that you need fun to form good relationships but just from my own experience, it seems to help.
I’m not saying that a business shouldn’t be a fun place to work. In my experience, if a company boasts about that front and centre, it often means they’re lacking in other areas. I go to work to have systems, processes, support, and all the other things necessary to do my job. Being a fun place to work is the cherry on top.