Hello and welcome back to Mortgage Advisor on FIRE.
Another One Bites The Dust
If you’ve been following Mortgage Advisor on FIRE for any length of time, you’ll know there are a few recurring themes:
Financial independence.
Autism.
Cats.
LEGO.
Coffee.
Questionable life decisions.
Highlighting yet another Tory clusterfuck.
And changing jobs.
Well, dear reader, it is with a mixture of amusement, resignation, and the sound of a certain Queen bassline playing in the background that I can announce that I have once again left a job.
“Another one bites the dust.”
Before anyone starts sharpening their pitchforks or speculating wildly in the comments, let me be clear: there is no scandal, no dramatic falling out, and no tale of corporate espionage.
Sometimes things simply don’t work out, and that’s ok. In truth, I started feeling a little bit of regret at taking the role a while ago, but tried to push that down and make a success of it. However, the realisation that I was living as an example of the Sunk Cost Fallacy brought me to my senses. Once that mental switch was flipped, I gave notice minutes later.
I’ve spent the last few years on what can best be described as a tour of the UK mortgage industry. After more than thirteen years at Lloyds, I have sampled various flavours of mortgage advice, each one teaching me something new about the industry, about business, and about myself.
What I have learned is that there is a huge difference between being able to do a job and finding an environment where you can thrive doing it. If I do something, I want to be successful at it. In the mortgage industry, a major factor in success is finding the right environment and support structure. For many years at Lloyds I had that, with some amazing managers and colleagues. My time at Lloyds came to an end because it just all went a bit stale after more than 13 years doing the same thing in the same way.
The older I get, the more I realise that success isn’t just about income. It’s about culture. It’s about values. It’s about whether you wake up on a Monday morning thinking, “Let’s do this,” rather than, “How many years until retirement?” I really, truly, started my time at my most recent role with the former but I found myself thinking more about the latter as time went on.
Thankfully, financial independence gives me options. Not enough options to retire tomorrow and spend my days cycling around Yorkshire listening to the latest Jeremy Robinson book, but enough options to make decisions based on what is right rather than what is merely necessary.
There’s a reason it’s called FU Money, and that is a position I never take for granted.
So, what happens next?
At the time of writing, I’m exploring my options. The mortgage industry remains a career that I enjoy, and there are still plenty of avenues left to investigate. The story is far from over.
I’ve already had a number of recruiters reach out to me, and I’ve heard that a few people have been fighting my corner in the background. I’m not massively concerned as things stand, but for now I find myself standing at another crossroads.
What’s the phrase, “man plans, god laughs”?
After all…
“Another one bites the dust.”
The Freedom Dividend
Now that I’ve left another role without having anything else lined up, I’ve encountered the same sort of question from several people;
“Aren’t you worried?”
The answer is “not particularly”.
Don’t get me wrong, I don’t have unlimited money and although I’m not far from being able to retire, I can’t just retire now. I’m not at the point where I have zero financial concerns, but what I do have is time and breathing space. I have choices. I have freedom.
This freedom was not created by a single stroke of genius or lucky win. It is the end result of years of financial discipline and solid investing habits. Every ISA contribution, every instance of delayed gratification where I could have spent on something but didn’t, it’s all built the foundations for being able to sit where I am now.
For many people employment feels like a trap. It’s something that you simply have to do because there is no other option. This is the beauty of FI: you can reverse that scenario.
I mentioned FU Money before, and it’s not to sound arrogant or flippant. It’s not just about being able to tell someone where to go if you’re in an uncomfortable situation. It’s about knowing that when a situation becomes intolerable, you can simply leave. It’s negotiating from a position of strength.
There are a couple of things I’ve told many people over the years who have been struggling with a work situation. The first is that any employer/employee relationship is never going to be fair. It’s not about fairness. By its very nature, it’s an unfair relationship, so you need to stop thinking about it in those terms.
The second thing leads on from that point about fairness. In order to rebalance the scales when it comes to negotiating with an employer, you need leverage. I’m going to say it again just for emphasis; stop thinking about what is fair. That will not get you anywhere. The key word is not fairness but leverage.
Leverage can take many forms.
If you’re an exceptional performer who would be difficult to replace, that’s leverage.
If you possess specialist skills that are in high demand, that’s leverage.
If you have an extensive professional network that can open doors elsewhere, that’s leverage.
However, one of the most powerful forms of leverage is financial. The less dependent you are on your next payslip, the more options become available to you.
This is one of the reasons I find it strange when people dismiss saving and investing as simply being about retirement. Retirement is merely one possible destination. The real benefit is the flexibility that financial security provides throughout your working life.
Imagine two employees sitting in the same meeting. Both dislike what is happening around them. Both disagree with the direction of travel. Both are unhappy with how they are being treated.
One has no savings, significant debt, and relies entirely upon their next monthly salary. The other has built up a substantial emergency fund, investments, and enough financial resilience to withstand a period out of work if necessary.
Although they appear to be in the same position, they are not.
The first employee has very little room to manoeuvre. Every decision is constrained by financial necessity. They may know they should leave, but they cannot afford to. They may want to challenge something, but they fear the consequences.
The second employee still has responsibilities, bills to pay, and risks to consider, but they possess something incredibly valuable.
Choice.
That choice changes the dynamic of every conversation.
It changes how you negotiate salary and working conditions.
It changes how willing you are to challenge poor decisions and how much nonsense you are prepared to tolerate.
Most importantly, it changes how afraid you are. Fear is often the hidden force behind many workplace decisions. Fear of losing income. Fear of uncertainty. Fear of not finding something else. Fear of the mortgage payment. Fear of what happens next.
Financial independence doesn’t eliminate fear entirely, but it reduces its influence.
When you know that you could survive for months, or even years, without employment if necessary, you stop approaching every workplace disagreement from a position of vulnerability. You begin negotiating from a position of strength.
Ironically, this often makes people better employees, not worse ones. They become more willing to speak honestly. More willing to challenge assumptions. More willing to walk away from situations that are unhealthy or unsustainable.
That’s why I believe one of the greatest benefits of building wealth is not the ability to buy more things. It’s the ability to say no.
No to bad opportunities, poor treatment, environments that are damaging your wellbeing.
No to situations that are taking you further away from the life you actually want.
The person who can say no possesses leverage, and leverage, far more than fairness, is what shifts the balance of power.
Sheffield Wednesday Football Club
Few football clubs have experienced a season quite as turbulent as Sheffield Wednesday.
The months during the 2025/26 season have been dominated by uncertainty, frustration and, at times, genuine concern about the future of the club. Administration, financial difficulties, the departure of much of the playing squad, protests against our previous owner, and an atmosphere of instability around Hillsborough that wasn’t just emotional with very real concerns that the stadium was unsafe for supporters. For many fans, it felt as though the club had reached a crossroads.
Now that the season has finished, with a record low points total and relegation to the third tier of English football, you would be forgiven for assuming that the club was on its knees and ready to be put out to pasture. Instead, the club is under new ownership and the message is one of rebirth. All clubs think that their fans are the best, but even with the blue tinted glasses off it’s hard to argue that Wednesdayites are not up there with the best in the world. They turn out in numbers regardless, and have only boycotted games as part of a campaign to remove the previous owner.
Sheffield Wednesday have endured a campaign that will live long in the memory for all the wrong reasons. Results on the pitch were dismal, confidence was shattered, and optimism was in short supply. Against that backdrop, the new leadership team set themselves an ambitious challenge. Their target was to sell 21,000 season tickets, a figure that would represent one of the highest totals in the club’s history and a powerful demonstration that the bond between club and supporter remained intact despite everything that had happened.
Many outside Sheffield may have viewed that target with scepticism. After all, football supporters are often portrayed as consumers. When the product deteriorates, the theory goes, customers simply take their money elsewhere. It is a neat and tidy explanation, one that works perfectly well in most industries.
Football, however, has never operated according to normal rules.
A football club is not merely a form of entertainment. It is part of a city’s identity, a repository of memories, traditions and shared experiences that span generations. Supporters do not simply choose to support a club in the same way they might choose a streaming service or a favourite restaurant. For many, their football club becomes intertwined with family history, friendships and some of life’s most significant moments.
That is why the achievement of reaching 21,000 season ticket sales deserves recognition beyond the headline figure itself. Yes, Wednesday have smashed that target.
This was not a fanbase responding to success. There had been no promotion to celebrate, no cup run to inspire renewed optimism, and no promise of instant transformation. Instead, supporters were being asked to commit their money and their faith after a period in which both had been stretched to breaking point, and they responded.
In doing so, Sheffield Wednesday supporters have demonstrated something that those outside football often struggle to understand. Loyalty is not measured when times are good. It is measured when there are perfectly rational reasons to walk away and people choose not to.
The easiest decision this summer would have been to wait. To hold back. To demand proof that the club was moving in the right direction before committing hard-earned money. Nobody could have blamed supporters for taking that approach. Indeed, many clubs in similar circumstances have seen significant declines in attendance and season ticket sales as disillusionment takes hold.
Instead, Hillsborough will once again be populated by thousands upon thousands of supporters who have chosen to believe that better days lie ahead.
That belief should not be mistaken for blind optimism. Wednesday supporters have seen too much over recent years to be naïve. They understand the challenges that remain. The club still faces a lengthy rebuilding process, both on and off the pitch. Trust must be restored, stability must be established, and the foundations for long-term success must be laid carefully and deliberately.
What the season ticket figures demonstrate is not that supporters believe the work is complete. Rather, they show that supporters are willing to play their part in ensuring that the work can begin. There is something profoundly encouraging about that.
In an era where football is increasingly dominated by discussions of broadcasting revenues, sponsorship deals and commercial growth, it is easy to forget that clubs ultimately derive their strength from the communities that support them. Owners come and go. Managers arrive and depart. Players move on. What remains are the supporters who continue to turn up year after year, carrying the history and identity of the club with them.
Our previous owner balked at the claim he was simply a custodian of the club. Our new owners have embraced that assertion. The sale of 21,000 season tickets is therefore about far more than revenue. It is a statement about resilience. It is evidence that Sheffield Wednesday remains deeply woven into the fabric of the city and the lives of those who follow the club.
Most importantly, it sends a message at the conclusion of one of the most chaotic periods in the club’s history. Despite everything that has happened, the supporters remain.
For all the uncertainty that still exists, that may prove to be the most important foundation upon which Sheffield Wednesday’s recovery is built.
I’ll be there next season with my Dad as we, hopefully, watch this great and historic club regain former glories.
What I’m Doing
Listening: Parallax by Jeremy Robinson.
Watching: Rescue Me (Netflix).
Reading: Leviathan Wakes (Expanse Book 1) by James S. A. Corey
Financial Update
Assets
Premium Bonds: £250.00.
Stocks and Shares ISA: £145,367.03.
Fuck It Fund: £321.16.
Pensions: £122,942.63.
Residential Property Value: £242,113.00.
Total Assets: £510,993.82.
Debts
Residential Mortgage: £173,797.96.
Total Debts: £173,797.96.
Total Wealth: £337,195.86.
Top Ten Countdown – The Best Financial Advice
Last week I covered number 10 in my countdown. This week, we move on to number 9.
10. Know Where Your Money Actually Goes
9. Avoid Lifestyle Inflation
One of the most dangerous financial traps isn’t a market crash, a recession, or even a bad investment. It’s success, or rather what happens after success.
If you ask a group of people what the answer to their financial problems is, most will reply “earning more money.” To an extent, this is correct. Earning more money can reduce financial stress and free up more disposable income. The problem, or the danger, is when people increase their spending in line with their extra income.
I’m thinking of people who get a significant pay raise and decide to get a more expensive car, or upgrade their Sky package. Their income increases, and their spending follows suit.
The term for this is “lifestyle inflation”, and it’s a major reason why high earners complain of living month to month, with little in the way of savings or investments. Their pay goes up, and suddenly they need a bigger house with a bigger mortgage.
All of this comes with associated increases in spending. You have a bigger house, and suddenly you need more furniture and a bigger television. You have the extra costs for insurance, utilities, and keeping up with your neighbours as they plant elaborate gardens.
None of these purchases are necessarily bad in isolation. The problem is that they become permanent. Every upgrade becomes the new normal, and the prospect of stepping back to a previous standard of living seems scary. What was once considered a luxury quickly turns into a necessity. The nicer car that felt extravagant six months ago now feels ordinary. The larger house becomes simply “home”. The upgraded lifestyle stops feeling special and starts feeling expected.
This creates a strange situation where someone earning twice as much as they did ten years ago may not actually feel any wealthier. Their income has increased, but so have their obligations. Their financial freedom hasn’t improved because every extra pound has already been assigned a job.
Lifestyle inflation is particularly dangerous because it often arrives disguised as progress.
Society actively encourages it. We are constantly told that success should be visible. If your income rises, surely your car should improve. Surely your house should get bigger. Surely people should be able to see that you’ve done well.
But genuine wealth and the appearance of wealth are not the same thing, and the difference is often invisible from the outside.
One of the most eye-opening lessons in personal finance is realising that many wealthy people don’t look wealthy at all. They aren’t trying to impress anyone. They’re busy accumulating assets rather than status symbols.
Meanwhile, some people who appear affluent are financing that appearance with debt, leases, monthly payments, and a constant need to maintain a lifestyle that consumes every penny they earn.
This is why avoiding lifestyle inflation can have such a profound impact on your long-term finances. Every pay rise presents a choice. You can spend all of it, some of it, or almost none of it.
Imagine receiving a £3,000 annual pay rise after tax. If you immediately absorb that into your lifestyle, nothing really changes. You’ll likely enjoy some nicer things, but your overall financial position remains much the same.
If instead you invest most of it, that same pay rise can become the foundation of future financial freedom.
Repeat that process several times throughout your career and the results become remarkable. The person who consistently saves a portion of every pay rise often ends up in a dramatically stronger position than someone who earned the same income but spent every increase.
I’m not arguing that people should not enjoy their earnings. Like with most of the advice I go through in this blog, the reality is nuanced and personal. If you get a significant increase in income, by all means treat yourself but do so in a mindful way. You could even have a 50/50 system, for example. For each increase in pay you commit to investing half the increase whilst using the other half on something enjoyable. It doesn’t even have to be 50/50. It could be 60/40, or 30/70.
There is a strain of personal finance advice that treats every purchase as a moral failing and every pound spent as a missed investment opportunity. That’s not a life; it’s becoming a slave to your finances when you are supposed to be working for financial freedom.
Again, for emphasis, the goal isn’t to avoid improving your lifestyle. The goal is to improve it consciously. Spend more on the things that genuinely matter to you. Upgrade the areas of your life that bring lasting happiness or meaningful convenience. Just be careful not to let every increase in income automatically become an increase in spending.
Financial independence is often portrayed as something achieved through extraordinary sacrifice. In reality, for many people it is simply the result of allowing income to rise faster than lifestyle.
The next time you receive a pay rise, ask yourself a simple question.
Do I want this money to improve my lifestyle today, or my freedom tomorrow?
There is no right or wrong answer. But making the choice deliberately is far more powerful than letting lifestyle inflation make it for you.
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.
