Part 298: Cryptobro? Nah, Cryptono.

Hello and welcome back to Mortgage Advisor on FIRE. This week, I discuss crypto and explain why I think it’s a load of rubbish. Also, thoughts on an idea I’ve wanted to discuss for a while: Competence Porn.

Weekly Update

I feel like I’ve not had a spare second this week.  My days have been taken up with work, then walking, then sleep.  My Diabetes UK Step Challenge is in full swing, and I’m trying to make up for the lack of steps I completed at the start of the month when I had Covid.  

The goal is to hit 1,700,000 steps between July 1st and September 30th.  This works out at just under 18,500 steps each day.  However, because of the slow start, my current daily target stands at 19,245 steps.  I’m hoping to smash through the steps at the front end to get back ahead of the game.  I want to be in a position where, should something crop up, missing a day or two isn’t a big problem.  

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Getting the steps in is a challenge when you work at a desk for nine hours a day, Monday to Friday.  I have a treadmill at home which I use on breaks and lunch, and in the evening I’ll either go for a walk with Oana or go on the treadmill whilst we watch something or as I listen to a book or podcast.  I’ve learned that my treadmill times out at 99 minutes and 59 seconds and automatically shuts down.  To hit the daily target, I generally need to be walking for three hours a day.  

If you want to keep up to date with my progress, or even donate, you can do so here:

https://step.diabetes.org.uk/fundraising/davids-fundraising-page1055

On Friday evening, Oana and I went for a nice, long walk around the city.  We left our apartment just after 22:00 and returned after midnight.  The temperature was finally comfortable, and with the city being quiet, it was a relaxing time.  I didn’t hit my step target for the day, but I more than made up for it on Saturday.  

Oana went for a bike ride, and I did a little walking around the area.  Then, after lunch, we walked along the canal to Meadowhall.  By this point, I’d done over 20,000 steps, but we still had more to do. We jumped on a tram back to Kelham Island to complete our volunteering duties.  On one of the bridges into Kelham Island, there’s a series of large planters which were installed during Covid.  There’s a group of volunteers who work on a rota to make sure the plants are all watered.  This is done by lowering a bucket from the bridge into the water, before pulling it up and using that water to fill the watering can.  

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Last time we did this, it was early morning on a weekday, and so we didn’t have many watchers.  This time, it was early evening on a Saturday, and all the bars near the bridge were open with groups of people scattered around having drinks.  So, we had an audience.  Plenty of people stopped to check out what we were doing and had nice things to say.  Some people were curious and seemed to think it was funny, for some unknown reason.  At one point, two young women who were a little tipsy stopped me as I was pulling up the metal bucket and lifting it over the barrier.  

Woman: What’s that? *pointing at the bucket*

Me: It’s a bucket.

Ok, maybe she was a little more than tipsy.  

Anyway, it’s a nice thing to do and was a decent workout lifting large buckets of water from the river several meters below. As Saturday drew to a close, I had completed over 22,500 steps.

Competence Porn: The Deeply Satisfying Allure of Watching Experts at Work

There’s a particular kind of story I keep coming back to. It’s not driven by spectacle, or even emotion, though those elements might be present. At its heart, it’s about people doing their jobs really well. Stories where characters face a problem, often a seemingly impossible one, and solve it not through luck or brute force, but through skill, intelligence, and calm determination.  Maybe I’m enjoying this type of story more now because, well, *gestures at everyone in power fucking things up*

It’s not an official genre, but it has a name: competence porn.

The term is slightly tongue-in-cheek, of course. It doesn’t refer to anything graphic in the usual sense, and there’s no nudity or scandal here. The “porn” part is shorthand for indulgence. Just as “food porn” is about luxuriating in mouthwatering visuals of perfectly plated meals, competence porn is about revelling in scenes where talented people get things done. It scratches a very specific itch: the thrill of mastery.

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This is storytelling that says, “Don’t worry, we’ve got this.” And there’s something deeply comforting about that.

Why Do We Crave Competence?

In a world that often feels chaotic, unpredictable, and frustratingly inefficient, competence porn is a balm. It offers a fantasy, not of power, not of perfection, but of capability. These stories aren’t about superheroes or fate. They’re about knowledge, experience, teamwork, and the kind of thinking that cuts through panic.

Watching competent characters at work is oddly calming, especially after watching another bewildering Trump rant. It reminds us that problems can be solved, and that there are people out there who know what they’re doing. Whether it’s saving lives, fixing spacecraft, or solving a mystery, the pleasure is in the process as much as the outcome.

And it’s not just about individual genius. Some of the most satisfying examples are ensemble stories, where each member of the team brings a specific skill to the table. Think of it like a well-rehearsed jazz band where each soloist is brilliant in their own right, but made even better by the way they harmonise.

I think part of this attraction is because many jobs are so restrictive in what you can and can’t do.  The ability to showcase individual ability and expertise is often pushed down, and company policy takes over.  In a sense, watching competence is escapism from daily life and the utter stupidity we seem to be fighting against.  

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The Starship Bridge and the Medical Drama

One of the clearest examples of competence porn is found in Star Trek: The Next Generation. Captain Picard doesn’t solve crises by punching anyone in the face; that’s the realm of Benjamin Muthafuckin’ Sisko. Instead, he listens to his officers, weighs the ethical implications, and makes careful decisions. When a problem arises, be it an alien threat, a spatial anomaly, or a diplomatic incident, each member of the crew contributes their expertise. Worf handles security, but gets beaten up a lot. Data analyses. Troi interprets emotions. Blazin’ Bev offers the medical perspective. It’s like watching a high-functioning committee where every voice matters, except Worf (see the compilation of all the times his suggestions are ignored).

It’s not about perfection. It’s about function.

The same appeal runs through House, M.D., though in a more abrasive flavour. Dr. House is often unpleasant, even cruel. But he’s a diagnostic savant. The pleasure of watching House isn’t in seeing a warm and fuzzy doctor help people.  It’s in watching someone drill down into an unsolvable case with raw, obsessive intellect. He’s not guessing; he’s working through layers of possibility, one hypothesis at a time. Even when he’s wrong (and he often is, at first), the path to the answer is always meticulous.

You’re not just watching a character, you’re watching a mind at work.  These are the same sort of reasons why Sherlock was so popular; it follows the same sort of format of House, and it should be no surprise that House was inspired, to some degree, by the original Sherlock Holmes stories and the clues are hiding in plain sight; House and Holmes; Wilson and Watson.  

When Science Saves the Day

Few films embody this better than The Martian. Mark Watney, left for dead on Mars, doesn’t give up. He doesn’t weep or pray or wait to be rescued. He gets to work. Armed with a potato, some Martian soil, and his own ingenuity, he sets about staying alive using pure scientific problem-solving. “I’m going to have to science the shit out of this,” he says, and we, the audience, settle in for the ride.

The stakes couldn’t be higher. One mistake means death. But that just makes his calm, methodical approach all the more satisfying. There are no miracles here. Just physics, chemistry, and a relentless refusal to quit.  There aren’t many things I find more attractive, endearing, or inspiring than the indomitable will to succeed.  

Andy Weir, who wrote The Martian, taps into something primal: the joy of watching someone figure it out. His follow-up novel, Project Hail Mary, takes that to an even grander scale. Once again, we follow a stranded man, this time in deep space, who must solve interstellar-level problems with little more than logic, maths, and duct tape. What makes these books so engaging isn’t the action, but the thinking. The sense that the universe can be understood, if only you try hard enough.

Competence in Alternate Histories

That same joy of mastery runs through Mary Robinette Kowal’s Lady Astronaut series. Beginning with The Calculating Stars, the books imagine an alternate 1950s where a climate catastrophe accelerates the space race. Elma York, a former WASP pilot and brilliant mathematician, becomes one of the world’s first astronauts not through luck or charm, but because she’s the best person for the job.

The series is filled with technical details regarding rocket mechanics, navigation, and atmospheric science, but also human nuance. Elma isn’t just smart; she’s part of a larger machine filled with experts, from engineers to psychologists. Watching them navigate not only the physics of spaceflight but the politics and prejudices of the time is both uplifting and deeply satisfying.

It’s competence porn with heart.

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The Emotional Core of Competence

What makes these stories resonate isn’t just that the characters are good at what they do, it’s how they do it. They’re not infallible. They make mistakes. They struggle with doubt, frustration, and fear. But what sets them apart is their ability to focus. To tune out the noise, draw on their training, and trust their judgement.

And that, I think, is why competence porn matters.

In an age of misinformation, performative incompetence, and systems that often seem broken, it’s comforting, hopeful, even, to see characters who care about getting it right. Whether it’s diagnosing a rare disease, rerouting a starship, or landing a rocket, these stories remind us that skill still matters. That intelligence, collaboration, and dedication are not only admirable, they’re vital.

They remind us of what’s possible when people do their jobs, not just with talent, but with integrity.

Do you have a go-to show or book that scratches the competence itch? Something that makes you want to sit up straighter, take notes, or dive back into learning something new? I’d love to hear about it, so please let me know.

We could all use a little more brilliance in our lives.

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This Blog

I get fairly regular feedback from readers, both public and private, and I wanted to throw this question out there.  I’m assuming most people read this blog primarily because of the FI journey I’m on, but that is only part of this blog.  I regularly discuss politics, science, pop culture, customer service, and more. So, what do you enjoy the most in this blog?

What I’m Doing

Listening: The Martian Contingency by Mary Robinette Kowal.

Watching: Nothing at the moment.

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Financial Update

Assets

Premium Bonds: £19,000.00.

Stocks and Shares ISA: £115,274.88.

Fuck It Fund: £500.29.

Pensions: £98,098.61.

Residential Property Value: £239,368.00. 

Total Assets: £472,241.78.

Debts

Residential Mortgage: £177,949.31. 

Total Debts: £177,949.31.

Total Wealth: £294,292.47.

I’m so close to several milestones now and I’m impatient to finally reach them.  I’m just a few thousand short of hitting £300k total wealth for the first time, and less than £2k from hitting £100k in my pensions.  

These milestones are purely emotional, as there’s not much practical difference between having £299,999 total wealth and £300,000.  We measure our progress through these milestones, though, and it’s a nice boost when FI seems a little while off.

Crypto Is Bullshit

What do a vegan, a CrossFitter, and a crypto bro have in common?

They all walk into a bar… and argue over which one gets to lecture you first. The crypto bro tries to explain Web3 before you’ve even ordered a pint. The vegan’s holding tofu and shouting “meat is murder”. The CrossFitter’s already done three burpees. But only one of them wants you to buy a digital coin he made in his garage last Tuesday. And he swears it’s going to the moon.

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This is the level of absurdity we’ve reached.

Let’s cut through the hype: crypto is, at its core, a giant confidence scam dressed up in tech jargon and libertarian daydreams. We’ve been sold the idea that it’s revolutionary, decentralised freedom from the shackles of the corrupt traditional financial system. In reality, it’s just another speculative asset class that lives and dies on public perception.  It’s this century’s Greater Fool asset of choice.

It’s Just Money, But Worse

One of the most glaring ironies of the crypto world is that you need traditional fiat currency to buy into it in the first place. Nobody is paying for their rent, groceries, or council tax in Ethereum. Instead, people exchange pounds, dollars, or euros, actual legal tender (oh, don’t we just love that phrase), for crypto in the hope that someone else will one day pay even more for it.

This exposes the central lie: crypto isn’t a replacement for fiat. It’s a derivative of it. Its value is entirely propped up by people’s willingness to convert real money into digital tokens. If people stop doing that, the whole thing collapses. It’s confidence all the way down.

Confidence is a Fragile Thing

Crypto evangelists often claim it’s “decentralised” and “trustless.” But that’s misleading. Crypto depends on confidence just like traditional currencies. The difference is that national currencies are backed by governments, central banks, and (whether you like it or not) regulation. If the pound starts to wobble, the Bank of England intervenes. There’s a framework.

Crypto has no such safety net. When confidence in a coin dies whether through a rug pull, an exchange collapse, or a tweet from Elon Musk, or some version of a Pump and Dump, it vanishes into the digital ether. And when it does, there’s no one to call, no ombudsman to appeal to, no compensation scheme. Just a lot of people wondering where their “decentralised wealth” went.

But Isn’t the Tech Interesting?

Yes, let’s be fair, blockchain technology has some genuinely fascinating applications. Distributed ledgers, smart contracts, and tokenisation all hold promise in certain niches: supply chain verification, digital rights management, maybe even some clever uses in finance.

But here’s the thing: you can be interested in the tech without believing in the hype. You don’t need to buy a cartoon monkey JPEG or invest in Dogecoin to appreciate the underlying mechanisms of blockchain. Just like you don’t need to invest in every dot-com stock to acknowledge the internet’s potential.

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The Cult of Belief

What really stinks about crypto is the way it preys on hope. It markets itself as financial liberation while functioning more like a zero-sum game. For someone to win big, someone else has to lose, and it’s usually retail investors who got in too late, too naively, or too broke to take the hit.

It’s not just flawed. It’s predatory. And it’s wrapped up in memes, FOMO, and half-baked promises of decentralisation. In the end, it’s not a revolution. It’s a con job built on buzzwords and blind faith.

So no, I’m not buying it. Not the coins, not the hype, and definitely not the narrative. Crypto, for all its digital glitter, is still just a confidence game. And that confidence can vanish with the next market crash, tweet, or bankruptcy filing.

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:

StepChange

MoneyHelper

Biolink 

You can now find all my social media pages by checking out my Biolink:

bio.link/davidscothern.

Part 297: How FI being simple puts people off.

Hello and welcome back to Mortgage Advisor on FIRE.  This week I discuss the simplicity of FI and how this can put people off following it. Also, why the whole idea of “being the bigger person” is rubbish.

Weekly Update

Covid sucks.  Yep, Oana and I have both come down with Covid, and we must have caught it on the cruise.  We arrived back in the UK on 28th June, and by Monday 30th, Oana was in a really bad way.  She was dizzy, lightheaded, having hot and cold spells, and all the usual ENT issues.  I started feeling rough on Tuesday, 1st July, and had to finish work early on Wednesday.  This is my fourth or fifth time having Covid and it’s completely kicked my ass.  Much of Thursday and Friday has been spent in bed with a fan blasting air on me almost constantly.  As I write this on Saturday, I’m feeling better but not 100%.  Thankfully, I’m vaccinated and had my last booster in October last year.

Oana has not been able to get a recent booster as she doesn’t fall within the criteria, which just seems crazy.  Surely everyone should be able to get the vaccine if they want it?  I’ve had it rough, but when Oana was at the peak, she was much worse.

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Diabetes UK Step Challenge

The timing of this is frustrating because on July 1st I should have started my Diabetes Step Challenge.  I’ve got until the end of September, but because I’ve missed the first few days, those missed steps get rolled into the remaining days, which bumps up the daily total needed to hit the target.  

I’m afraid that, due to Covid, I don’t have much else to say about this week apart from the fact that we had our delivery of our Bricklink order for the Merchant Boat.  The Bricklink Designer Program allows people to submit designs for Lego sets, which are then assessed and voted on through several stages.  At the end, a few designs are chosen to be crowdfunded and then built and packaged by Lego.  This is our first Bricklink set, but we’ve since ordered another, which should arrive in a few months.  Normally, we would have smashed this set, but we can only do a bag at a time before the headache and dizziness take hold.  

“Be the Bigger Person” — Why That Advice Is Bullshit

It’s one of those phrases that gets thrown around like a badge of honour:

“Just be the bigger person.”

You’ve probably heard it after being disrespected, lied to, mistreated, or let down. It’s always said with good intentions; the kind of advice that sounds wise and mature. Rise above it. Don’t stoop to their level. Take the high road.

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But here’s the problem: the high road can feel like hell when you’re the only one walking it.

This kind of advice often disguises itself as virtue, but in reality, it’s a shortcut; a way of keeping the peace by putting the emotional burden on the person who’s already hurting.

It’s Always the Hurt One Who Has to Be “Bigger”

Have you noticed that? The person who did the damage rarely gets told to reflect, apologise, or grow. The spotlight isn’t on their behaviour; it’s on your reaction to it. You’re told not to be angry. Not to speak up. Not to make things awkward.

You’re told to move on, even if they haven’t changed. Even if they’ve never once acknowledged the harm.

And somehow, if you don’t “rise above it,” you become the problem. You’re the one holding a grudge. You’re the one making things uncomfortable. Never mind the original offence; let’s just focus on how inconvenient your boundaries are for everyone else.

Politeness Over Principles

We live in a world that values harmony over honesty. Confrontation makes people uncomfortable, even when it’s necessary. So instead of encouraging accountability, we wrap everything in polite packaging.

We tell people to let things go. Keep the peace. Don’t make a fuss.

But there’s a cost to that kind of emotional appeasement. And too often, it’s paid by the person who was already carrying the weight of someone else’s actions.

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Let’s be clear: being the bigger person shouldn’t mean tolerating mistreatment. It shouldn’t mean downplaying your feelings or pretending something didn’t matter just to keep others comfortable.

Sometimes, “being the bigger person” is just a socially acceptable way to silence people.

Growth isn’t One-Sided

Forgiveness, empathy, and maturity – all these things are powerful. But they should never be expected unconditionally. Real growth is reciprocal. It involves owning your impact, making amends, and doing the uncomfortable work of change.

Telling someone to “just be the bigger person” skips that part. It bypasses the messy, necessary stage of accountability and goes straight to emotional closure. But closure isn’t something you can demand from someone else. It has to be earned.

Otherwise, what you’re asking for isn’t peace, it’s passivity.

Why This Hits Even Harder for Autistic People

For autistic people, including myself, this whole dynamic can be even more difficult to navigate. Many of us have a strong, almost hardwired sense of justice, fairness, and right vs wrong. It’s not about being inflexible or difficult; it’s about being wired to care deeply about integrity and truth. So when someone behaves unfairly or causes harm without accountability, it creates an internal dissonance that’s incredibly hard to ignore.

We’re not wired to brush things off “just because it’s easier.”
We don’t do social games, emotional loopholes, or pretend-for-peace politics.
We value authenticity. And when the world rewards the opposite, when it expects you to keep quiet so someone else can save face, that cuts deep.

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Being told to “be the bigger person” feels like a request to betray yourself.

To deny what you know to be wrong.

To abandon your moral compass just to avoid awkwardness.

And that doesn’t just feel unfair.  It can feel unbearable.

Autistic people are often described as rigid or sensitive when we refuse to let things go. But what’s actually happening is that we’re responding to a breach in trust or values, and it’s not something we can just override for the sake of social ease. Our reactions are not overreactions; they’re proportional to the harm done and the meaning behind it.

So when someone hurts us and others expect us to take the high road without ever seeing the other person held accountable, it’s not just frustrating: It’s invalidating.

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For us, justice is not a luxury; it’s a need. And being denied that in the name of politeness isn’t maturity. It’s emotional neglect.

Holding Boundaries Is Not Immaturity

There’s this idea that if you set a firm boundary, or refuse to forgive someone who hasn’t changed, you’re somehow being petty or stuck in the past. But the truth is, holding people accountable is a sign of self-respect, not weakness.

You don’t owe anyone your silence. You don’t have to make yourself smaller just to appear “bigger.” You’re allowed to say, “That wasn’t okay,” and mean it.

You’re allowed to walk away from people who hurt you, even if others think you should stay.

You’re allowed to want more than a hollow apology or a quiet sweep under the rug.

Being the bigger person isn’t always the noble thing it’s made out to be. Sometimes, it’s the emotionally exhausting path of least resistance, dressed up as virtue. Sometimes, it’s a way to let someone off the hook, just so everyone else can avoid discomfort.

And sometimes, the strongest thing you can do isn’t to rise above, it’s to stand your ground and say, “This far, no further.”

Because integrity isn’t about being agreeable. It’s about being honest.  Even when that honesty makes people squirm.

What I’m Doing

Listening: The Relentless Moon by Mary Robinette Kowal.

Watching: Spaceman (Netflix).

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On Thursday night, we were not well enough to do anything, and so it was a microwave dinner and a film on TV.  We picked Spaceman.  It was different.  

Adam Sandler and a giant telepathic spider – in space.  

Now, I know that sounds batshit crazy, and the first 20-30 minutes are full of clumsy exposition, but if you stick with it you get a beautiful exploration of human relationships, loneliness, and friendship.

Visually, the film is stunning, and the only slight issue with the CGI relates to some scenes with the spider.  

Overall, I enjoyed the film.  Had the exposition not been quite so in-your-face, and with a bigger budget for CGI, this had the potential to be a sci-fi classic.

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Financial Update

Assets

Premium Bonds: £19,000.00.

Stocks and Shares ISA: £114,601.80.

Fuck It Fund: £500.29.

Pensions: £97,437.15.

Residential Property Value: £239,368.00. 

Total Assets: £470,907.24

Debts

Residential Mortgage: £177,949.31. 

Total Debts: £177,949.31.

Total Wealth: £292,957.93.

I’m edging closer to hitting the second part of the FI Trinity; £100k in ISA, pension, and property equity.  As things stand, it could only be another month or so before my pension value crosses into six figures.

We came back from the cruise with a fair bit of spare cash, but it’s not something we feel comfortable investing just yet.  We’re waiting on an updated report on the fire safety for our apartment block, and from what we’ve heard on the grapevine, some remedial work is likely.  Hopefully, it’s not going to come with an insane cost.  

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No Magic Bullet: Why People Overcomplicate Financial Independence

Everyone wants the magic bullet. The silver-lining shortcut. The “one little trick” that will unlock early retirement, six-figure side hustles, or a passive income empire. We’ve all seen the ads, the reels, the promises. But here’s the truth: 

Financial Independence isn’t complicated.

It’s boringly, almost offensively, simple.

Spend less than you earn.
Invest the difference into low-cost, global index funds.
Repeat for a decade or two.
Done.

But simplicity doesn’t mean easy. And it definitely doesn’t mean popular. Because, despite how straightforward the concept is, most people still don’t do it. They don’t even try. Instead, they go looking for gurus, secrets, quick wins, anything that avoids actually sitting down and looking at the numbers.

People Want Recipes, Not Ingredients

I’ve lost count of the number of people who’ve asked me where to start with FI. I point them to a blog post, a book, or a podcast, all of which are freely available. Most of the time, they’ll nod, thank me, and do absolutely nothing.

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It’s not because they’re lazy or stupid. It’s because they want to be told exactly what to do. Not just the “what,” but the “how,” the “when,” the “in what order,” and preferably in a ready-made app with pretty colours. They want recipes. But FI is all about ingredients. And you have to learn how to cook for yourself.

That’s the difference between consuming information and taking responsibility.

The Truth is Too Boring for Social Media

Spend less than you earn? Save consistently for 10–20 years? Max out your pension? Live in a smaller house than you can “afford”? That’s not going to go viral. You’re not going to get 50,000 likes for saying, “track your spending for a month and cancel your unused subscriptions.”

What does go viral? Some guy telling you to remortgage your house and put it all into crypto. Or the girl on TikTok who made £8k in a week selling AI-generated calendars. None of that is replicable. But it’s exciting. And that’s what people chase.  

We’ve Been Taught to Outsource

Part of the problem is mindset. We’ve been raised to think money is too complicated for us to handle. “Leave it to the experts.” “It’s all too risky.” “Pensions are a scam.” It’s easier to keep your head in the sand and hope something, anything, will rescue you from the nine-to-five grind.

But if you can manage a Netflix account, do your weekly shop, plan a holiday, or use online banking, you already have the skills to manage your financial life. You just have to care enough to get started.

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No One Is Coming to Save You

This might sound harsh, but it needs saying: no one is coming to save you. Not your employer, not the government, not a financial influencer. The sooner you accept that, the sooner you’ll realise that you can do this and you don’t need to wait for permission.

You don’t need to understand the ins and outs of the FTSE All-World Index to start investing. You don’t need to live on lentils and cut your own hair to make progress. You just need to take the first step. And then the next.

The Basics Work. If You Do.

FI isn’t a secret club. It’s not gated behind £1,000 courses or 6am cold plunges. The core message has been around for decades, and it works. Thousands of ordinary people with kids, mortgages, full-time jobs, and average incomes, have followed the path. Slowly. Quietly. Successfully.

The reason most people don’t get there isn’t because they don’t know what to do. It’s because they never start. Or they give up when it gets boring.

So, What Now?

If you’ve read this far, you probably already know what needs to happen. Track your spending. Build a buffer. Pay down high-interest debt. Start investing in low-cost index funds. Avoid lifestyle inflation. Keep going.

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No, it’s not exciting. But it works.

There’s no magic bullet. But there is a map. The question isn’t whether it works, it’s whether you’re willing to stop searching for a shortcut and start walking the path.

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:

StepChange

MoneyHelper

Biolink 

You can now find all my social media pages by checking out my Biolink:

bio.link/davidscothern.

Part 296: Coming Home

Hello and welcome back to Mortgage Advisor on FIRE.  I’m back home following my fifteen days at sea.

Weekly Update

Our Norwegian adventure is now over.  We arrived back in Southampton at 7am on Saturday, and our cab was scheduled to pick us up at 10:30.  We woke early and went for breakfast on the ship, before finishing up our packing and preparing to disembark.  

For the most part, this has been a great holiday.  When you’re away for fifteen days it’s not realistic to expect it to be 100% perfect, but it was a pretty damn good holiday.  It was awesome being able to bring my Dad along on his first cruise and to get to show him Norway, as we’ve been raving about it for years.

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The biggest negative of the trip came during our last hour on board.  I mentioned earlier in the trip that we had a bad experience at the steak restaurant.  We managed to speak with one of the senior restaurant managers, who promised us a full refund of the dining costs ($55 per person, plus service charge), and a meal on the house at the Italian premium restaurant on board.  We were very happy with this resolution.

We had the meal at the Italian and enjoyed it, but the refund did not show up on my credit card or on-board account.  As we went to disembark, I approached the Guest Services desk to ask about the refund.  They didn’t know anything about it.  There was no record of the refund, or that we had been promised one.  Also, they could not authorise a refund to a credit card as it had to come from someone senior, and there was no one around.  Altogether, we were talking about $219.30; 3 x $55, and 3 x $8.10.

The service at this help desk was poor, and by this time, the driver, who had contacted us to see if he could pick us up at 9:45 instead of 10:30, was almost here.  The representative at Guest Services ended up clearing our whole on-board account, which between the three of us came to maybe $800-$900.  

On one hand, great – saves us a lot of cash.  On the other hand, I feel bad for the staff who lost out on their “crew appreciation” payment; $17 per day, per person; $765.  All things considered, Princess Cruises lost out on so much money just because they couldn’t authorise a refund they’d already promised for a single meal.  Crazy stuff.  

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What’s frustrating is that the final hour of a fifteen-day cruise left a bitter taste. I can’t repeat enough, though, that the rest of the trip was amazing.

Last week of the cruise…

Following on from my previous updates on the cruise, we left Tromso on June 22nd and had two days at sea before arriving in Aalesund on the 25th.  Oana and I had visited this port back in 2023 and had a good time.  The only bit that bummed us out was that the cafe we enjoyed last time has since closed, as has the toy shop which stocked some retired Lego sets. 

The best breakfast you will ever have, at a cafe/wine bar in Tromso; Helmersen.

We opted against taking the train up the mountain and instead walked up.  There are just over four hundred steps in a spiralling staircase up the side of the mountain, and from the top, there are some incredible views of the city.  I swear, if I don’t see another staircase for a month, it will still be too soon.  

It’s amazing when you get groups of people together because it seems like each extra person you add brings the overall intelligence of the group down.  The number of people who, when walking up the steps in Aalesund, have seemingly never seen stairs before is quite something.  Yes, you put one foot on the next step and bring your trailing foot up after.  It’s like when people get on a plane and try to find their seats.  Traditionally, aircraft seats are a number and a letter, which follow a predictable pattern with the first row followed by the second row, and so on.  Yet, the sheer number of people who will stop at a row and look at the sign, then their ticket, then back to the sign, and back down at their ticket, makes me want to cross myself.  

Anyway,  Aalesund does not feel like a Norwegian city.  It has more of a Dutch, or possibly German feel to it.  This isn’t that surprising, as back in 1904, there was a huge fire that destroyed much of the city.  One of the main benefactors who funded the rebuild was Kaiser Wilhelm II, and it explains why the main road in the city is named after him.  The rebuild effort is an interesting story as it was headed up by a small group of architects who had the opportunity to rebuild from the ground up.  The city is colourful and chilled, at least once you get away from the docks.  

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The steps to the lookout point start just after a statue of Rollo.  After we made the summit, we had an explore before making our way back down via a different path – none of us were in the mood to deal with people using steps for the first time.  

We had a restaurant in mind for lunch, which Oana and I tried in 2023.  The same people served us, and we ordered the same food as before, and it was still up to standard.  My Dad wasn’t too impressed with the burger, but this was a personal taste issue rather than there being anything wrong with the dish.

During our time in Aalesund, our ship, the Sky Princess, was joined by another massive cruise ship, the Aida Nova. We were due to depart at 5pm, with the Nova leaving at 4pm. It didn’t exactly work out this way.

When I got back on board the ship, I went to shower. The curtains from our cabin on deck 17, to our private balcony were closed. I came out of the shower like a Norse God with water dripping off me, and my wet hair falling across my shoulders. I strode through the curtains into the light, and the sight of thousands of people on the Aida Nova staring at me from a much shorter distance than I expected.

I quickly worked out that the Nova was reversing out of port alongside us, and seemingly everyone on board had come to that side of the ship to wave and stare at us, and there I was standing with a towel wrapped around my waist. I did the only thing I could in that situation, and started to dance. Sadly, I couldn’t get the sound loud enough to really blast out HBKs theme song (IYKYK).

To the passengers and crew of the Nova, I regret nothing.

Haugesund

There are many interesting and beautiful places in Norway.  Haugesund is not one of them.  

Oana and I visited in 2019 but spent the whole day on an incredible excursion at a waterfall, and a family farm where we were fed a great meal of locally sourced food.  This time, we thought we’d explore the port. 

We allocated six hours for this and a walk around a nearby lake.  Once we finished exploring the city centre, we still had five hours and forty-five minutes left.  We all felt a bit disappointed with the city and abandoned our plans for the walk as we weren’t feeling on top form.  We made our way back to the ship and saw hundreds of other passengers doing the same thing.  We were back on board in time for second breakfast.

Of all the places I’ve travelled to, Haugesund was one of them. 

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Best Moment of the Cruise

It really was a fantastic trip overall. One of the things we talked about near the end of the cruise was our favourite moments, and we all agreed on the number one spot: climbing the mountain in Honningsvåg. It was challenging and would have been very easy to give up, but we stuck at it and felt a real sense of achievement. It might not be that hard for experienced hikers, but for three relatively unfit people, it was hard work.

Journey Home

Boarding a cruise ship is so much more chill than going through an airport.  The stress is at the end when you are in a lengthy queue to disembark, and then waiting at the pick-up point, which is just chaos.  At one point, we were ushered three meters down the side of the road as it was “unsafe”, but none of us could figure out why the new position was “safe”.  Seconds after we were moved, more people came and stood where we were moved from.  When our driver arrived, we were almost blocked from crossing the road by staff who said it was not safe.  I just looked around and shook my head before carrying on.  The whole experience was crazy.

The car journey home was decent enough, but far too warm.  At one point, the internal thermometer read 29.5.  We had the aircon on before, but it was too cold, so we just did the British thing and politely pretended everything was fine.

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I can’t complain about the driver, though.  Oana lost a ring in the car, and the driver came back that evening to drop it off.  We gave him £30 for his trouble, and Oana was relieved to get the ring back.  

Mid-Year Review

It’s not been the year I was hoping for as I’ve ended up back in work sooner than planned.  With Oana losing her job and not having much luck finding another, I had to bring some money in to keep us ticking by.  Now that the cruise is in the rear-view mirror, Oana can resume her job search.

The silver lining to this situation is that I’ve ended up in a great job with excellent pay and benefits.  I want to make that count towards our FI plan, though, rather than just using the funds to tread water.  Oana understands this as well, in that I’ve had over a decade of working more or less full on, whilst she has had several lengthy breaks during that time.  

My first task is to complete this year’s diabetes step challenge.  Last year, I initially set out to complete the 1,700,000 target before dropping it to 1,000,000 instead.  This time, I want to complete the bigger goal of 1.7 million steps through July, August, and September. 

I’m looking forward to this challenge even though it will be tough.  I enjoy walking and listening to podcasts or audiobooks, and this should also help me lose a bit of weight and stabilise my blood sugar.  

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My calculations suggest I need to average 18,479 steps a day to hit the 1.7 million step target by the end of September.  For those who would like to donate, you can do so here:

https://step.diabetes.org.uk/fundraising/davids-fundraising-page1055

By the end of the year, I am hoping to have lost 20kg, and I’m hoping that we are once more a DINK couple: Double Income, No Kids.  It will help speed things up massively.  

It’s not all bad so far in 2025.  My total wealth has gone from approximately £276k to just over £290k.  That’s a great increase in just six months or so.  Getting over £300k by the end of the year will feel like a huge milestone, as at 6% growth, that’s an extra £18k per year.

In short, the two main goals for the remainder of 2025 of losing weight and hitting the accelerator on our FI journey.  

What I’m Doing

Listening: The Relentless Moon: Lady Astronaut Book 3 by Mary Robinette Kowal.

Watching: Trainwreck: Poop Cruise.

The fourth book in the Lady Astronaut series was released recently, so I’ve gone back to the start whilst on the cruise.  I love sci-fi, and I love alt-history, and this series blends both incredibly well.  

The premise is that in the 1950s, a meteorite hits the Atlantic just off the east coast of the US.  The result of this is, obviously, widespread and in the long term will make the Earth unsuitable for human life.  So, the race is on to try and find a way to get humankind off the planet.  I enjoyed the series the first time I listened to it, and I think I’m actually enjoying it more the second time around.  

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Financial Update

Assets

Premium Bonds: £19,000.00.

Stocks and Shares ISA: £113,329.38.

Fuck It Fund: £100.02.

Pensions: £96,363.44.

Residential Property Value: £239,368.00. 

Total Assets: £468,160.84.

Debts

Residential Mortgage: £177,949.31. 

Total Debts: £177,949.31.

Total Wealth: £290,211.53.

Whilst I was on the cruise, a friend sent me a FI calculator to have a play with.  The results from it are very positive, suggesting I could potentially FI at 45.  That would be amazing, but like with all calculators, they can’t account for the stupidity of world leaders.  So, while it is nice to look at the output of the calculator, it’s more of an estimate than a guarantee.  

If FI is actually that close, then there’s the oft-asked question in personal finance circles: Is it worth working an extra year for a better quality of living in retirement?

I don’t think there’s a universal right answer here.  I think a lot depends on your mental and physical health, your feelings towards your job, and also how your plans fit into your wider family life.  

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Another thing to consider if you’re retiring early and hoping to get the full UK State Pension is whether you have enough NI contributions.  You need 35 years of contributions to get the full state pension.  Anyone looking to retire before their early 50s may run the risk of not getting the full pension.  There are ways and means to legally get more qualifying years, but that’s a question for a pension expert.  

Norway FI

I can’t emphasise enough just how much I want to live in Norway.  To be surrounded by the fjords, mountains, fresh air, and clean cities.  It’s the dream, but what about the reality?

According to some Google-fu and help from Numbeo.com, it looks like it would cost the equivalent of £4,000 per month for Oana and me to get by at a level of comfort we would like in Norway.  So, we’re looking at £48k per year, or based on a 5% withdrawal rate, a pot of £960,000.

We need to get our heads down and focus on building that FI pot if we want to live there.

That’s all for this week.  Thank you for reading and for your understanding over the last couple of weeks with the disruption to my posting schedule.

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:

StepChange

MoneyHelper

Biolink 

You can now find all my social media pages by checking out my Biolink:

bio.link/davidscothern.

Apologies for another slight delay…

Hello all, and thank you for checking in. My regular Sunday morning post will be delayed into the evening. I’ve just returned home from my Norwegian cruise, and I’m exhausted. I have most of the post ready, but couldn’t get it completed in time, and my eyes are closing.

Please check back later in the day, and I hope to have the post live by 9pm.

Part 295: Norway – Chapter 2

Olden, Norway

Hello and welcome back to another impromptu post.  We’re still at sea, and as I type this on the morning of the 20th June, we are somewhere in the Arctic on our way to Honningsvåg.  This will be our second time as we also stopped here in 2023.  It’s the most northern of Norway’s cities, and has some stunning scenery.  

In my last post I discussed our time walking the llamas in Skjolden.  Since then we have visited two other ports; Olden and Trondheim.

Note: I wanted to add many more pictures but my internet connection is poor.

Olden

Olden may be the most stunning and beautiful place I have ever seen.  It is a small settlement of scattered houses spread across the various mountain sides at the end of the fjord.  The way the mountains rise and curve up on either side can give the illusion of being inside an O’Neil cylinder; a vast rotating drum in which the spinning produces gravity.  I’ve now been to Olden three times and each time I’m there I’m reminded of a line from Star Trek II: The Wrath of Khan. 

When Kirk looks at the newly created Genesis planet he says, “I feel young again.”  When you have vast mountain ranges, clear waters from the fjord, and waterfalls cascading down from the snowcapped peaks, it’s impossible to feel any other way.  If I was to build a house in Norway, Olden would be high on the list of places I would consider.

Those of you who have been with me since the beginning will remember that it was on my first cruise to Norway that my FI ambitions started to take form.  Back then, in 2019, I was on a TUI cruise around Norway and I spent some of the downtime between ports listening to various FI related audiobooks.  I had already been investing for a few years but it was a scattergun approach, rather than anything focused and organised.  

The only downside to Olden this year was that I was feeling pretty rough.  It took me quite a while to come around but I was still able to enjoy the surroundings.  As we left the ship, the small trains that run on the road were waiting to pick up tourists.  A guided tour is offered which runs for around 80 minutes, and takes you round some of the points of interest in Olden.  There’s an audio commentary as well, and there’s something endearing about the Scandinavian accent; it’s one of those I could listen to all day.

Once the tour was over we spent some time in the shops which make up the town, and then went for a mini hike up some of the roads up the mountains to get a better view of the fjord.  One thing you notice about Norway is just how clean it is, and how well maintained the towns and cities are.  Norway has a fantastic standard of living, much of which is down to the responsible way the country has managed its finances.  Whole books could be written on the subject, but the long and short of it is that Norway has the biggest sovereign wealth fund on Earth.  It equates to something like $3.5M for each citizen.  With such wealth, they are able to offer incredible infrastructure and public services.  The reach of their fund is long and diverse, and they even own the major shopping centre, Meadowhall, in my home city of Sheffield.

Trondheim

The day after Olden we arrived in Trondheim which was the first large Norwegian city we have seen on this cruise.  We first visited Trondheim in 2023 and not much has changed.  The only difference between then and now is that it was hot and sunny in 2023, whereas this time it was raining pretty much constantly.  

I was looking forward to this port as I knew there was good coffee available.  The coffee on board the ship is… well… how do I politely say it tastes like stale dumpster juice?  There’s a small chain of coffee shops in Norway called Espresso House.  The three of us homed in on it like laser guided missiles and got coffees and a carrot cake muffin.  Now, I must stress that this place does an amazing carrot cake muffin, and even Oana likes it and she doesn’t normally go for carrot cake.

Trondheim feels as though it could be in any of the western European countries, as it’s vibrant and full of interesting architecture.  Once again we were impressed by the cleanliness of the city and the friendliness of the people.  One thing that surprised me was how much we saw Norwegians communicating with each other in English.  I’m assuming they were Norwegian, but we saw this several times in different places so it can’t have just been a one off. 

Once we were caffeinated we visited a church in the centre of town.  Oana and I have been there before but we wanted to show my Dad.  None of us are religious but we have an appreciation for history and art.  This church was basic and lacking any of the tacky, in your face, opulence that the Catholic church is guilty of.  Just inside the entrance there is an area where volunteers prepare fresh food and hot drinks for those in need.  I’m not quite sure if it’s just for the homeless, the poor, or simply for anyone wanting company, but it’s still a nice thing to see that the people are treated with dignity and compassion.

We then made our way to the Starbucks to acquire more of their mugs.  I had a Norway one from our first cruise but back then I used these mugs to drink from.  I’ve become a bit more serious about collecting them since, and my Norway mug was faded from the dishwasher.  I couldn’t find one on my last visit but I was in luck this time.  So far on this trip I’ve added Edinburgh, Scotland, and Norway mugs to my collection.

Once we had secured the mugs we wanted we walked over to Nidaros Cathedral; the largest cathedral of its type in the world, which took over 250 years to complete.  The stone work is incredible, and although the inside had some art, sculptures, and incredible stained glass, it was much more tasteful than the pound-shop looking atrocities that some cathedrals have.  

Our next item of business was trekking up to the Kristiansten fort.  Oana and I recalled a lengthy climb up several roads that left us winded.  It was a scorching hot day back then, whereas it was rainy and cool this time.  As a result, the climb was not so hard.  The wet weather made the visit a little uncomfortable but we still had fun, especially inside the fort as we read up on the history of the place, and climbed up to the higher floors of the fortress itself.

After finishing up at the fort we had seen everything we wanted to see in Trondheim, and had left some time to just have a stroll and see where the day took us.  Unfortunately, due to the weather, it took us back to the ship.  We tried finding somewhere to eat but no where took our fancy.  Time was against us so we couldn’t go anywhere too out of the way, and so we made our way back to the ship.

Sky Princess

The Sky Princess is a massive ship.  Not quite the biggest cruise ship in the world, but it’s definitely up there.  It has 19 decks, although 18 and 19 are partial decks.  On the subject of which, can anyone tell me why some ships have their decks in ascending order and some in descending order?  Our cabin is on deck 17, in the forward-starboard area.  

There are several restaurants, bars, and dining rooms on board.  Our usual haunt is the marketplace on deck 16, but on the day we left Trondheim we decided to give the dining room a try.  Oana and I had tried this on our last cruise and it wasn’t good.  Sadly, it’s not improved since.  For those who don’t know the difference between a restaurant and a dining room on this ship; the dining rooms are included in your package.  Some items have a surcharge, but most of the menu is included.  It’s a more traditional, sit-down, restaurant-style service.  The food seems tailored to the elderly and is often soft, and bland.  It’s one of those where the spiciest seasoning they use is seemingly plain flour.  

None of us finished our food and instead went back to deck 16 for a little something else.  Two highlights for food onboard are the pizza place on deck 16, which serves by the slice, and The Salty Dog which serves burgers, hot dogs, fried chicken, and fries.  Their burgers and hot dogs are very decent and it’s always popular at lunch time.  

After leaving Trondheim we set sail for Honningsvag which left us with a day at sea.  We had booked for the steak restaurant on board, Crown Grill, which you pay $55 extra per person.  The food was, pardon my language, dogshit.  For starter there were four options; a tartare, two salads each containing either blue cheese or fish, and a crab cake.  Oana doesn’t do fish and my Dad doesn’t do most fish or blue cheese.  So, tartare all around.

A good steak tartare should be finely diced, but some people will use mince or ground beef.  It’s always better with diced beef though as you want the meat to retain some texture.  The tartare we were served had the texture of pureed beef, and that’s the only way I can think to describe it.  This wasn’t the worst problem with the dish though.  Although not stated anywhere on the menu (we double checked after) the dish contained caviar.

Two of the tartare were sent back and returned without fish eggs, but the texture of the dish was just wrong and gross.  Some of the best ones I’ve had, have been where the plate is prepped at the table so you can add your own ingredients to taste.  The closest thing I could compare this to was dog food.

In fairness the steaks were good.  On a scale of 1-10, where 1 is rare and 10 is cremated, I tend to prefer my steak around 4.  Mine was maybe a 3-4 but it was still good.  The side dishes were underwhelming, and in some cases missing completely.  

For dessert we ordered the triple chocolate treasure but it tasted like soap, or dishwasher liquid.  It was bizarre.  All in all, I’d say at least a third, maybe more, of the food we were served went back.  We were asked about our food precisely once, and the waitress left before we could answer.  When our plates were collected there was not a single question about the large amounts of food left. 

Overall the service was poor from the moment we arrived, so we made our complaints to guest services.  Whether anything comes of it, we will have to wait and see. 

Honningsvag

We arrived in Honningsvag in the midmorning of Saturday, and after a chilled breakfast onboard we left to explore the area.  Honningsvag is the most northern settlement in continental Europe, and has a population of roughly 2,000.  Our plan was to have a walk through the town, and then climb the mountain, Storfjellet, to get views over the mountains.  It was a tough climb over uneven rocks until we hit the Sherpa Steps which were finished in 2023.  It’s a series of approximately 3,000 steps set down on a path up the mountain.  Just when you think you’ve reached the summit, you realise it was a false alarm and there’s another few hundred steps ahead.  Eventually, we made it to the summit and had a brief rest.  The journey back down was, in many ways, more difficult.  Your steps have to be more precise, and it’s a different strain on the leg muscles.  

Those who know me well understand that I like to troll people from time to time.  It occurred to me on the way down that I should have placed a sign around 85% of the way up to the top simply stating; “Halfway”.

Once we made it back down we went back to the ship to freshen up and have some lunch, before venturing back out to the town to wander around some more.  We went out on a little pier, and strolled some of the residential streets.  We were all aching and tired, and decided to stop for a coffee and cake at a little cafe we had seen earlier.  We went in and it was empty except for a young woman working on a laptop, and a dude in the back behind a glass partition who was preparing some pastries.  He glanced up a few times as we waited at the counter, and again as we waited some more, but he seemed content to ignore us whilst he worked in the back..  After five minutes Oana popped her head around the partition and asked if they were actually open.  They were, but the person prepping the pastries said the woman serving was in the bathroom. I mean, I get it when nature calls. No issue with that whatsoever. All it would have taken was the guy to acknowledge us with a quick hello and to tell us to take a seat and someone will be with us shortly. That’s literally all it would have taken. We ended up leaving.

Just to emphasise, we didn’t leave just because someone was in the bathroom.  It was the complete lack of any acknowledgement or greeting as we were just left waiting at the counter. 

I’m now picking up writing this on Saturday evening at 19:20 Norwegian time.  We are due to leave the port within the hour as we head for Tromso.  Last time we were in Tromso we had an amazing breakfast at a deli-cafe, and we reserved a table for our next visit before we left the UK!

This cruise has been much better in many respects that our last cruise.  On the whole, the food and service have been much better.  There’s been some hiccups but when you’re talking about 15 days, three meals a day plus snacks, having more hits than misses is a good record.  

On the subject of good service, we had marked down a special occasion for this cruise.  For my Dad, this is partly a gift from Oana and me for his 60th.  For us, it’s a celebration of Oana taking my name and going no contact with almost her entire family.  There’s a story to tell there, but it’s not mine to tell fully.  People don’t cut their family off for no reason, and this is something that has helped Oana immensely.  It just so happened that the cruise dates matched up with the one year anniversary of her name change becoming official.  

Anyway, for the special occasion they decorated our cabin with balloons and a nice card, as well as a $50 voucher to the spa.  Considering that A) we have no interest in the spa, and B) the cheapest thing in the spa is a short massage coming in at $350(ish) we were never going to use it.  We thanked them for the gift and asked if we could exchange it for a voucher for a restaurant or something.  They said that wasn’t possible but that they’d try and come up with something else.  A few days later we returned to our cabin to find it covered with flower petals, with a few little goodies waiting for us.  We were very happy and impressed.  

Tromso

I’m now writing this bit shortly after we set off from Tromso.  We arrived here at just after 9am, and we had booked tickets for the shuttlebus into the city, as the dock is 4km out.  The last time we were in Tromso, Oana and I stumbled across a great cafe and bar called Helmersons.  When we realised we would be back in Tromso we made sure to reserve a table for brunch.  

Brunch was amazing.  We were worried it would not live up to the hype and that my Dad would be disappointed.  Well, for once we found somewhere that not only lived up to the hype but surpassed it.  Our meal was superb, and each of us left extremely happy.  The meal might sound a little strange, but it just works.  The “large plate breakfast” includes some slices of fresh bread, a soft boiled egg, some manchego-type cheese, a few slices of ham, fresh yoghurt and granola, some jam, and flakes of salt. It just works.  The yoghurt and granola is my favourite part of the dish.  

After brunch we walked along the bridge in Tromso to get to the Arctic Church.  The bridge is just over 1km long, and at its tallest point is 38m above the water.  We had a look around the outside of the church and then made our way back across the bridge.  As it was Sunday there was not much else happening in the city so we caught the shuttlebus back to the ship for a quick freshen up.  Then we walked over to the Botanical Gardens.  The ones in Tromso are small, and simple, but calming and peaceful, and very well designed.  It’s the sort of place you can just relax in, and everyone seems to just slow down.  

The Water

There’s something that seems to be innate in most people, and that’s a yearning to be near the water.  It can be calming, peaceful, and a giver of life, but on the flip side it can be terrifying and destructive.  It is vast and mysterious, and much of it remains hidden to us with the difficulties of exploring the depths being greater than exploring space in many ways.  

Being at sea brings about a sense of peace and freedom.  There’s something about waking up in a different place each day.  This world is so huge that I often feel impatient to get out there and see more.  This is where FI becomes key.  Everything I’m working towards is directed to an end point which isn’t wealth for wealth’s sake, but rather the freedom that wealth can purchase.  Every penny directed to FI is another penny that is buying my freedom; my freedom to travel and experience what this world has to offer.  It’s impossible to look at these mountains, forests, and fjords and not feel an almost ancient call to return to a simpler life.  The possible future of living in a house on the side of a fjord, waking up each day looking out over calm waters sounds much more appealing than living in a busy city with lots of stuff.  The older I get, the more I yearn for peace.

Financial Update

With the difficulties of typing this up on an iPhone I hope you will forgive me for not having the usual format.  I was able to gather together information for my assets as follows:

Premium Bonds: £19,000.00

ISA: £113,006.69

Pensions: £95,306.27

Once we finish up this holiday it will be back to drawing board for Oana with her job search.  I’ll need to get my head down and start pushing forward in my job, as I’m still fairly new and this is the first break I’ll have had.  Once we have two incomes coming in we can really start motoring forward.

Why FI Demands More Than Frugality

There’s a common misconception I come across both in my work and through my blog: the idea that if you just budget well enough, financial independence will somehow take care of itself.

Let me be clear: budgeting is important. It’s the foundation. But it’s not the full structure. You don’t budget your way to financial independence, you invest your way there.

Budgeting Is Defensive. Investing Is Offensive.

I’ve known so many people who claim to be great with money, yet have no investments despite respectable salaries. If you are spending more than you are earning, it doesn’t matter how much you are earning. You need the income figure to be bigger than the outgoing figure.

“Ok, I’ve done that. Now what?”

That’s brilliant, and it’s a crucial step. You can’t build wealth if you’re haemorrhaging cash on takeaways, subscriptions you’ve forgotten about, or impulse purchases. Budgeting gives you control. But it doesn’t give you growth.

Budgeting is the financial equivalent of eating healthy in that it stops things from getting worse. But if you want to get stronger, fitter, faster? You’ve got to train. You’ve got to move. You’ve got to build. That’s what investing does.

You’re Not Saving – You’re Losing (Thanks, Inflation)

Let’s say you’ve done the hard part. You’ve got a solid budget. You’re regularly putting aside £500 a month. Over 10 years, that’s £60,000.

But what does £60,000 actually buy in 10 years?

If inflation runs at an average of 3% per year, not unrealistic, your money’s buying power shrinks considerably. £60,000 in today’s money might only be worth £44,000 in real terms by the time you need it.

That’s not wealth building. That’s treading water with a slow leak in the lifeboat.

This is something I struggled with earlier in my own FIRE journey. I was saving well, budgeting hard, but I wasn’t really building anything. It took time and a lot of reading, trial and error, and mindset shifts to get comfortable with investing. Especially as someone who likes control, the idea of volatility felt like a threat, not an opportunity.

Investing Is the Engine That Drives FIRE

If you’re serious about FIRE, you need your money to work as hard as you do.

Let’s go back to that £500 a month example. If you invest that money and achieve an average return of 7% (which is around the long-term average for global stock markets), after 10 years you wouldn’t have £60,000. You’d have closer to £86,000. Over 20 years? Around £260,000.

That’s the magic of compounding. It’s not magic at all, actually. It’s maths but it feels magical when it works in your favour.

And here’s the thing: you don’t have to be Warren Buffett. You don’t need to pick winning stocks or time the market. In fact, you probably shouldn’t. A simple, diversified, low-cost index fund strategy, something like a global tracker in a stocks and shares ISA, is more than enough for most people.

I’ve talked about this on my blog before: the paradox of investing is that doing less often achieves more. The hard part isn’t technical. It’s emotional. It’s about consistency. Staying invested. Riding out the bumps. Trusting the long-term picture.

Why Don’t More People Invest?

There are two big blockers I’ve seen:

1. Fear: The market feels intimidating. It fluctuates. Headlines scream about crashes. But short-term dips are the price of admission for long-term growth. I’ve had years where my portfolio dropped five figures. I didn’t sell. And I’m still here, closer to FIRE than ever.

2. Mindset: Many people still see investing as something “other people” do. Rich people. Experts. Not ordinary savers. But investing isn’t exclusive. It’s not a secret club. You can start with £25 a month. You don’t need to be perfect, you just need to begin.

For those of us who are neurodivergent, like myself, investing can feel particularly risky. The loss of control, the uncertainty, it’s uncomfortable. But FIRE is as much about psychological resilience as it is about maths. Building systems that work for you like auto-investing, staying informed but not reactive, can make it manageable, even empowering.

Budgeting Keeps the Lights On. Investing Gets You Out of the Rat Race.

If you’re budgeting, great. Keep doing that. It’s the foundation for everything.

But if you’re not investing; if you’re just letting your cash pile up in a savings account earning 4% while inflation quietly eats it, you’re missing the crucial step.

FIRE isn’t just about cutting back. It’s about building up. Building a portfolio, building passive income, building freedom.

Because ultimately, financial independence isn’t about being “good with money.” It’s about letting your money be good for you.

Part 294: Norway – Chapter 1

Blog

Hello and welcome back to Mortgage Advisor on FIRE.  A different type of post this time, as I’ve written this in chunks over several days. Some of it was on the North Sea, and some in the port of Skjolden, Norway.

I apologise in advance for any typos because I’m using my phone for this, rather than my Mac.

The Journey Starts….

Our preparation for this cruise started on Thursday as we got ready to take Pops to the cattery, which always makes us sad.  We’ve said that this will be the last trip we take where she has to stay somewhere overnight.  Pops is not getting any younger, and in the last couple of years she has become increasingly stressed each time we’ve had to take her anywhere, like the vet or cattery.

The cattery we have chosen is not our usual one, which is now closed.  Last time we left Pops there, she was not herself for several days after coming back.  It more or less destroyed our trust in that place. 

Once we had Poppy dropped off we headed home to do the last few bits of packing before our cruise.  The last couple of times we’ve gone for a cruise, we’ve departed from Southampton and travelled down the day before.  The numbers worked out better when it was just Oana and I travelling.  This time we were going with my Dad, and because it was now three of us it made more financial sense to get a cab instead.  

It was a smooth journey down to Southampton and our driver was friendly, and didn’t try to engage us in conversation which was what we all wanted.  I don’t like small talk at the best of times, and 4-5 hours of it would have stressed me.  We stopped at some services and I bought him a coffee, and then we continued on. 

Southampton is not the most interesting of places.  There’s a few nice old buildings, and a decent mall.  That’s about it.  This is another reason why travelling down on the day made sense. If you had an hour to see all the interesting parts of Southampton, you’d have 55 minutes left to fill with something else.

Checking in for a cruise is so much more chill than the process of boarding a plane.  Your luggage is collected outside the terminal and you go to a desk to have your passport checked.  Security is very efficient in Southampton, and within fifteen minutes of having our luggage taken from us, we were in line waiting to board the ship.

SKY PRINCESS

We sailed on Sky Princess in 2023 and although we enjoyed the trip as a whole, the on board experience was not great.  The food was awful and some of the staff were rude.  The only reason we booked again was because it was the only ship sailing on the route we wanted; Norway, at the time we wanted.  

The pic I chose for my profile on the ship. This is what the crew see when I scan my medallion.

I have to say that the difference between then and now is incredible.  The food is great.  We are a few days into the trip and have not had a bad meal.  There was a roast beef meal that was fantastic.  The meat had been seasoned and cooked with care, and you could cut through it with a spoon if you wanted to.  

The first day of the cruise saw us depart Southampton late in the afternoon, with the second day being entirely at sea.  There’s lots to do on the ship with a range of shops, restaurants and bars, and plenty of quiet areas to chill out.  There’s also a running track on the top deck with is roughly 380 steps long.  When I need to get some steps in to help bring my blood sugar come down, I go up there and put my headphones on.

I love the views from the upper deck.

On the first night we were treated to a spectacular thunderstorm.  The sky was lit up from horizon to horizon with huge forks of lightning.  It was great to watch, and seeing the flashes light up the sea so we could briefly see other ships was like something from a horror or thriller.  

Our first port was Edinburgh and we had booked to see the castle with an entry window from 11:00 to 11:30.  We arrived at South Queensferry in the early hours of the morning and our only major complaint of the cruise so far was on this issue.  There was almost no communication from the ship about the arrangements for disembarking and making our way to Edinburgh.  We had a letter dropped on us last thing the night before explaining that there was a selection of buses and taxis that would take us to Edinburgh, with a journey time of approximately 30-40 minutes.  Ok, that’s not so bad.  The real kicker was the arrangements for leaving the ship.

We were ready to leave the ship a little after 8am.  We headed down to deck 4 where the shuttles were ferrying people to and from the ship.  The three of us, and many others were asked what our group number was and we all had blank faces.  We were told to go back to deck 7 to get our group number.  Up to deck 7 we went and were given the group number 42.  They were currently taking group 24.  

This is one of those situations where, if it was just the three of us who had made this mistake, we’d take it on the chin and acknowledge we fucked up.  However, there were many, many people as confused as we were.  Once we had our group numbers we sat at a cafe of deck 5 and chilled out.  It was now 8:30am and several people walking by stopped to ask where we got our group number cards from.  We heard other guests complaining about the lack of information and organisation.  It clearly wasn’t just us.  

At approximately 9:50am our group was called and we made our way back to deck 4 and boarded the shuttle.  By the time we got underway and made it to shore, it was a little after 10:10, and then we had to get on a bus.  There were crowds everywhere and we all found it stressful.  It was just after 11am by the time we arrived in Edinburgh, and 11:34 by the time we got to the castle, just four minutes after our entry window closed.  Luckily, we were allowed entry.

The castle was, surprisingly, underwhelming.  I think we all felt tired and stressed after the morning we’d had, and we felt like the day had gotten away from us.  We went to a local cafe that had great reviews, Deacons House, and sat in the inner courtyard.  It’s named after Deacon William Brodie who was a councillor and cabinet maker by day, but by night he was a burglar.  In the 18th Century he led a life of luxury funded by his nighttime activities, and his life was the inspiration for the story of Jekyll and Hyde.

The cafe was great.  The staff were friendly and the surroundings were interesting.  Oana ordered a hot chocolate and a fruit scone with jam.  My Dad ordered a latte and a chocolate, pistachio, and orange slide.  I went for overnight oats with a latte.  We all really enjoyed what we had.  My oats were amazing, served with roasted almonds, almond butter, fresh raspberries, and chia seeds.  Oana’s scone was massive, and very well made.  My Dad said his cake was tasty and not the slightest bit dry.  All good, and it came to less than £30.

We had a little wander around Edinburgh, visiting Greyfriars Kirkyard, before searching out a Starbucks to add more mugs to our collection.  On the way I glanced up some steps hidden between two walls and saw a young woman crying.  I told Oana and we decided it was best if she approached her as, with me being a dude I didn’t want to intimidate her.  Oana went back and had a chat.  It turns out she had spent her first night on the streets and was starving.  Oana asked what she wanted, and we went and got her a sandwich, drink, and some snacks.  It’s not much, but there wasn’t realistically anything more we could do.

We picked up our mugs, and whilst waiting for them to be packaged some American guy made me want to burst out laughing when he ordered a “venti, quad, iced, vanilla, soy milk latte.”  I half expected the barista to reply, “we don’t serve cocktails here.”

On the subject of Americans, there are many good people in that young nation.  I have many American friends who are intelligent, considerate, thoughtful people; completely unlike many of the ones I’ve encountered on this cruise.

One fellow traveller asked a confused crew member, “Where are the biscuits at?”  A female American loudly asked another confused crew member about the location of “the noodles!”, only to be directed to the Asian food station.

There are certain words and turns of phrase that can spike my blood pressure from one second to the next, and referring to any and all pasta as noodles is near the top of the list.  

On our way back from Edinburgh we waited in a lengthy queue to board the shuttle and once boarding was complete we found ourselves squished in between some off duty crew and an older American couple.  The three crew members were two Indian men, and a young woman who we learned was from Zambia.  The American woman, from Virginia (How do you know where an American is from? Don’t worry, they’ll tell you).

The American woman kept asking them where they were from, but no answer seemed to satisfy her.  It was impossible to ignore the conversation because the woman was sat next to me and the crew directly across from me.  It was pure cringe though.  I felt bad for the crew as they clearly just wanted to enjoy their day off work.  Having spoken with other crew members briefly, I know they don’t get much free time.  The bit where I had to turn away was when she was trying to ascertain whether this clearly Indian man was not, in fact, Jamaican.  No, I’m not joking.

Our second port was Skjolden where we spent the morning with llamas from a nearby farm.  We were greeted by a British man who moved to Norway in 2002.  He now farms sheep and llamas, and it seems like a nice life.  Between Oana, my Dad, and myself, we were given control of two llamas; Kevin, and Leif.

Leif. My new llama buddy.

My Dad was entrusted with Kevin and I was assigned Leif.  You remember that scene in The Two Towers where Aragorn calms the horse, Brego? Well, my efforts with Leif were nothing like that.  We had a slightly rocky start where he just stared at me and refused to do anything.  So, I spoke with him and let him get used to me.  Then, I started walking away with my back to him, and he started walking after me.  I realised that these llamas didn’t like to be pulled, but they did like to follow.  

We settled into a nice pace as we walked through the fields and down to the side of the fjord, before following the water towards a pasture where the llamas like to graze.  I got a few pics and videos of us spending time together, and he definitely had a personality of his own.  

My Dad had a similar experience with Kevin, and they happily marched off towards the front of the pack.  Oana would have liked to walk the llamas as well, but her umbrella made them a bit uneasy, and it was raining fairly steadily.  The time came to hand our llamas over to a new handler, as we took charge of our new partners.  I took Toby and my Dad took Pernille.  Old Toby was the finest llama in the South Farthing (LOTR reference).  He was a little nervous but I approached him slowly and held my hand out so he could clearly see it.  I slowly moved my hand to his fur and started to stroke him and he became much more at ease with me.  My Dad, on the other hand, was not having much joy with Pernille who steadfastly refused to do anything.  We swapped llamas and Pernille and I got on ok.  

Now gather round and sit beneath my learning tree as I explain the secrets of animal husbandry.  The secret, you see, is bribing them with food.  During the day the son of the farm owner dropped some food pellets in my hand to feed the llamas.  I had thought they’d be a little rough in taking the food, but they were gentle.  

Once we brought the llamas back to the farm, we unhooked them and said our goodbyes.  A little later as we were walking along the side of their enclosure, Leif spotted us and came bounding over to say a final goodbye.  If I could have stolen him I would have.

Skjolden is a nice little settlement with a population of approximately 200. It sits on the Sognefjord, which is the longest navigable fjord in the world, and the deepest in Norway. It is beautiful and surrounded on all sides by mountains which, whilst we were there, were shrouded in mist. It was like something from a fantasy story.

That’s all for now. We are back underway and heading to our next destination, Olden.

Part 293: The True Cost

Hello and welcome back to Mortgage Advisor on FIRE.  This week, I look at the true costs of owning a car and of raising a child. Also, thoughts on the newest financial clusterfuck at Sheffield Wednesday, and lazy writing in science fiction.

Weekly Update

I’m now firmly in a routine for work, and despite the long hours, I’m hanging in there.  In so many ways, this job is better than Lloyds, with much more freedom to manage my own time and vastly more freedom when it comes to actually giving mortgage and protection advice.  I actually feel like an advisor rather than someone working with a flowchart.  The things I miss from Lloyds are the people.  Some of the people.  Ok, a few people.  

In all seriousness, I did work with some great colleagues, some of whom are still in my life several months on from leaving the business.  I miss some of those interactions and having random calls through the day where we’d just shoot the shit.  Many of those relationships came about through working together in person, but following Covid, I’ve worked almost entirely from home.  I wonder how new work friendships develop in a completely remote working world.  

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The horrors persist, but so do I…

I ended the week with an appointment with a consultant about my elbow, and the outcome is that they don’t know what’s causing the pain.  I’m now giving up trying to get to the bottom of it.  I’ve seen several surgeons, consultants, and physios, and no one can work it out.  The pain is real, and I guess I’ll just have to live with it.

The problem started in the summer of 2022 when we refurbed our apartment.  Over a few weeks, we had all our flooring taken up and replaced and with just two exceptions, a bookcase and our TV unit, we replaced every other piece of furniture.  It was hard work, and on top of that, I was lifting weights.  I felt something in my arm go, for lack of a better term for it.  Since then, it’s just never felt quite right.

Sheffield Wednesday

The main thing I’ve been tracking this week is the chaos at Sheffield Wednesday football club.  Wages have not been paid in full again.  The non-playing staff are having to make do with a small amount of money being paid, with the rest possibly arriving at some point.  How did it come to this?

When we were first bought by Chansiri, it all seemed pretty positive.  We had a group of respected advisors to help on footballing matters: Glenn Roeder, Paul Senior and Adam Pearson.  Within a few months, they had all left.  This, perhaps, should have been the first red flag.

In the first couple of seasons under Chansiri’s ownership, the club did great, finishing 6th and then 4th in the Championship and qualifying for the play-offs.  There were those of us who started having doubts about where all this was going, though.  

There is a major difference between building a club and throwing money at players.  When you build a club, you instil a philosophy from top to bottom.  You recruit players in a strategic way to improve your squad.  It takes a detailed, analytical approach.  We did the opposite.

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In the second season under Chansiri, we had some great attacking talent, with Fletcher, Hooper, Forestieri, and Atdhe Nuhiu.  We signed Sam Winnall, in what seemed a shrewd bit of business.  Then we did something bizarre; we spent a reported £8M-£10M on Jordan Rhodes, even though we were crying out for players in other parts of the squad.  

Well, well, well… If it isn’t the consequences of our actions…

It did not turn out well as the club lurched from crisis to crisis, and it was clear the funds were drying up.  We’ve since gone through managers and coaches at a scary rate before ending up with a talented young manager in Danny Röhl.  Now, we appear to have fucked that up as he’s seemingly desperate to leave for a club that’s not a complete basketcase.  If you were at a club with multiple instances of wages not being paid, you’d probably be looking to jump ship as well.  

The amount of money that has been wasted since Chansiri took over is frankly embarrassing.  According to Transfermarkt.co.uk, we have spent approximately 50 million Euros on transfer fees.  On top of that are vast amounts of wages for players who contributed little or nothing.

I’ve only covered a fraction of what has gone on at Hillsborough since 2015, but there’s an excellent timeline available here.

I’m all for banter in football, but when working-class people who are probably on minimum wage are not being paid, I think rivalry should be pushed to one side.  As someone said recently, I forget who, if you want a rivalry, you have to have rivals.  People deserve to be paid the agreed wage for doing their job.  That’s just the absolute fucking minimum expected, and if/when Chansiri does make up the difference he shouldn’t be congratulated for it.

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Poppy

I just wanted to take a minute to show you all how amazing Poppy is.  For a senior lady of 15 years, you would not expect her to be as playful as she is.  One thing her years have given her is crazy skills to manipulate us to do her bidding.

What Poppy has trained us to do;

Breakfast; 1st, 2nd, and 3rd

Poppy eats like her life depends on ingesting the food in front of her as fast as possible.  She will not slow down.  She is relentless.  When finished, she will then wander off and regurgitate the food.  The only solution is to feed her the food in smaller portions.  As such, her breakfast is served over three courses.

Placing her food in the precise spot for maximum comfort

If you place the food down a millimetre too far or too close to her, you have failed.  If you place the food down too quickly, you are being hostile.  If you place the food down too slowly, you are being an asshole.  No, you have to place the food down in the precise spot with just the right amount of deference.  

It’s also important to realise when Madame wants to dine in the lounge and when she wants to dine in her room.  We are expected to know this with no signs to guide us.  

Hallway Time

Around the same time every evening, we are beckoned to our front door, where Pops waits for us to open up to the hallway outside our apartment. However, the door is too heavy for us mere humans, and so she uses her front paws to pull the door open herself.  She will then patrol the corridors before plonking herself down and cleaning her belly.  Occasionally, she will sniff at other doors.  Once she has finished, she will guide us back home.  Once we have put our shoes away, she will often decide to go out again.  

Shoulder Time

The most important time of the day.  When Pops feels like she needs to rest on you, she will let you know.  The other day, I was working and she leapt onto my desk and headbutted my mouse out of my hand before climbing up on me and resting on my shoulder.  To be honest, it’s my favourite part of the day.  She will lie down on my chest with her head on my shoulder and purr away until the purring turns to gentle snores.  There are few feelings better than when an animal decides that you are the safest place to sleep, assuming that the animal is not a bear high on cocaine.

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Protecting us when we are most vulnerable

It’s not all take with Poppy as she will rush to our aid when needed. Not like Gondor when the Westfold fell, Poppy is there in our hour of need. Whenever we are in the bathroom, she will stand guard outside and from time to time, we will see a paw reach under the door, accompanied by a yowl to ward off evil spirits.

What I’m Doing

Listening: You Are Not So Smart by David McRaney.

Watching: The Eternaut (Netflix).

Alien invasion stories can be intense, interesting, and good fun.  They can also be lazy.  

**SPOILERS**

The laziest thing in alien invasion stories is when the aliens are actually humans, or are represented by humans under their control.  I facepalmed at the 2019 version of War of the Worlds for this very reason.  I’m convinced the reason many shows revert to this is because of budget; they don’t have the money to realise convincing aliens on the small screen.  It can be done, though, and you just have to look at all the sci-fi shows that have graced television in recent decades: Star Trek, Star Wars, Babylon 5, Space: Above and Beyond.  All these have interesting and well-designed alien species.  Any story that says it’s an alien invasion but it’s just other people can get in the bin.  

Anyway, The Eternaut is ok.

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Financial Update

Assets

Premium Bonds: £19,000.00.

Stocks and Shares ISA: £112,583.16.

Fuck It Fund: £100.02.

Pensions: £94,716.86.

Residential Property Value: £239,368.00. 

Total Assets: £465,768.04.

Debts

Residential Mortgage: £178,228.08. 

Total Debts: £178,228.08.

Total Wealth: £287,539.96.

Mortgage Daily Interest

The other day, when I was bored, I decided to have a look at how much the daily interest is on our mortgage.  On the Halifax app, I could go back a year, and I looked at the interest charged each month and then divided it by the number of days in that month.  It told me this:

June’24: £20.43

July’24: £20.39

August’24: £22.73

September’24: £22.00

October’24: £21.96

November’24: £21.93

December’24: £21.89

January’25: £21.86

February’25: £21.89

March’25: £21.94

April’25: £21.91

May’25: £21.52

When you frame it as a daily cost, it seems crazy that this is how much interest is being charged.  There’s not really much to be done other than switching to a lower deal if possible, or overpaying to bring the debt down.  Sadly, neither is a possibility at the moment.  Rates aren’t significantly lower than what we already have, and we don’t have the spare cash to make meaningful overpayments.  Any overpayment is a bonus in the long term, but I’m thinking more about short-term benefits.  

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EWS1 Worries…

I did consider remortgaging, but there’s the whole EWS1 issue hanging over our heads.  Our previous safety certificate has been ripped up because of the signature forging scandal that broke last year.  I dread to think what work may be needed.  Our complex doesn’t have cladding, but there are wooden parts here and there.  The assumption amongst some other residents is that there will be work needed, it’s just no one knows how much it will cost.  

Our apartment is located in an amazing part of the UK, but the actual construction of the building leaves much to be desired.  The placement of heaters is awkward, as is the fact that it doesn’t ventilate properly from the bathrooms or kitchen.  Then, there are the windows that open at strange angles, and the whole issue when we had to have our whole balcony door and window unit ripped out and replaced.  

I really hope we aren’t hit with a massive bill for repairs.  

The Cost of Recurring Expenses

A few weeks ago, a friend and I went to an event hosted by the Donegans, a married couple who have embraced FI and now teach the basics to other people.  We didn’t expect to learn much because FI is, in reality, very simple.  We thought we might be able to meet like-minded people, but not so much.  Anyway, my friend sent me a link to something from the Donegan website where they explain two rules: the rule of 840 and the rule of 194.  These rules are meant to show the impact of recurring expenses.  If you have a weekly expense, the idea is to multiply the cost by 840, and the result is what you could have in ten years if you redirected that amount to a low-cost global index fund.  The rule of 194 is the same, but with monthly expenses.

Some “rules” in finance are great, like the rule of 72; if you want to know how long it will take your money to double, divide 72 by the rate of growth, and that’s how many years it will take.  For example, a 6% growth rate will double your money in 12 years.  It’s not an exact rule; it’s more of a quick reference guide.  It’s good because it’s simple.  I don’t think the 840 and 194 rules are quite there.

They just seem a little clunky.  The idea is good and it’s something more people should be mindful of, in that impulsive spending has an opportunity cost in that you lose the potential growth over time.  When you order in instead of cooking, that extra £30, as a one-off, could grow to £100 after 20 years.  In isolation, it’s not a big deal, but when it becomes a regular occurrence, i.e. £30 twice a week for several years, it starts to add up to much higher amounts lost in future.  £60 per week over 20 years growing at 6% will end up at over £110,000.  

Children and Cars

The two big, easily avoidable factors, that generally cripple people financially.  Before I go any further, I just want to make it clear that I’m not judging everyone who has a car or who has children.  The people I am judging are those who do these things without adequately considering the long-term impact., and who then bitch about the fact they have no money and are always tired.  Children are a massive responsibility and not something that will repair a relationship.  Children are beings in their own right, and not an accessory.  I thought I’d be a parent at some point, but over time, I have come to realise that my line will end with me (sounds cooler than saying I don’t want kids).  

Anyway, back to my original point.  According to Google, the average monthly cost of raising a child in the UK is anything from £900-£1,000.  That is insane.  If you put £900pm into a low-cost global index fund, through an investment ISA, at 6% growth over 18 years, you could end up with over £330,000.  I’m not saying “don’t have children.”  I’m saying it should be a considered decision, and not just something you do because it’s expected of you.  The planet is overpopulated as it is.  

Car finance is something that gets me angry and frustrated in equal measure.  I understand that, for some people, cars are a necessity.  There are way too many people for whom they’re a luxury disguised as a necessity.

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An expensive luxury

The typical car in the UK will spend 95% of the time parked up doing nothing.  Despite this, it’s often the third biggest expense after mortgage or rent, and then children.  According to some Google-fu, we’re looking at around £320pm to run and pay for a car.  £320 every month for something that spends 95% of the time doing nothing except depreciating.

Cars are tools, but to some people, they seem to be an extension of their personality.  I just don’t understand it.  Putting to one side things like safety, size, and range, cars are designed to get you from one place to the next in relative comfort.  You can choose to spend tens or even hundreds of thousands, or you can go for something that’s basic.  You’re still driving the same roads.  You’re still limited to maximum safe speeds.  If you choose an expensive BMW over a Dacia, for example, a large part of it is that you want to be seen driving a BMW.  

If you want to pay thousands more just to be seen by strangers for an hour or so a day driving a BMW, it is your choice.  If you bitch to me about not having money though, there’s a good chance I will physically shake you and yell “What did you expect!”

Extra points if you bought the Chelsea Tractor because you need to drive your kids to school and back.  

That’s all for this week.  Next week’s post will be a little bit different, but I’ll let you find out why next Sunday.  Have a great week, and please remember to like, comment, and share this post on your social media of choice.

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:

StepChange

MoneyHelper

Biolink 

You can now find all my social media pages by checking out my Biolink:

bio.link/davidscothern.

Part 292: House Prices and Index Valuations

Hello and welcome back to Mortgage Advisor on FIRE.  This week, I discuss house prices and lender index valuations. Also, thoughts on withdrawal rates, and a busy week.

Weekly Update

I had the first part of the week off work with the bank holiday, and because I booked the Tuesday off to help my Dad move home.  For the last couple of years, he has lived in the same apartment complex as us, but he was renting, and he wanted to be a homeowner once again.  

After a few false starts and hurdles to overcome, he got a deal over the line for an apartment just across the river.  I can stand on our balcony and, if he pops his head out of the window, we can wave to each other.

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Moving day was busy and stressful.  The removal firm was on the scene first thing and quickly emptied his flat.  There was then a delay of several hours whilst we waited for something to be completed with the solicitors and estate agents.  After some lunch at ours, and roughly five hours after the removal company had emptied his old place, my Dad was told he could collect the keys to the new place.

After a quick cab journey to the agent and back, he had the keys and was able to give the go-ahead to the guys to start unloading the van.  

Whilst this was happening, I walked over to a local locksmith and home security company to see about getting someone out to change his locks.  It was an extremely frustrating experience.  

Bizarre Service

I asked if they change locks on residential properties.  This question seemed to confuse them from the off.  I explained that my Dad had just bought a new apartment across the river and wanted the locks changed.  He wanted someone to come out and complete the job for him.  The guy serving me said it was easy to do yourself, and started asking what type of lock it was.  I didn’t have much clue, but I showed him a picture of the lock mechanism.  He dithered around for a while trying to decide if it was something they could do or not.  Eventually, he said they knew the type of lock it was, and again, that I could do it myself.

Once more, I explained that we would rather have someone come and do it who knew what they were doing.  Reluctantly, the guy went into the back and came back with a woman who was carrying some sort of diary.  She said she could get someone out next Thursday.  My exact words were, “Thank you, but I’ll leave it.” and I walked out.  I’d spent the best part of half an hour trying to get something relatively simple organised.

I went on Google and looked up emergency locksmiths and dialled the first hit.  A woman answered and took the details.  A few minutes later, the locksmith called and said he’d be there in 30-60 minutes.  

Great Service

Pretty much bang on time, the guy arrived, and I went down to meet him.  I recognised his accent as Romanian, so we got chatting about the country and all the places I’ve visited.  Eventually, we made it up the stairs, which was my sixth or seventh time that day, climbing all three flights.  This guy was great.  He got to work and explained clearly all the different options.  He had the work done and dusted in less time than I spent in the other place.  If I’d caught his name, I’d give him a shout-out.  The contrast in service between the two businesses was like night and day.  

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It’s going to suck not having my Dad in the same building as the three of us would often hang out and shoot the shit, but I’m happy for him as he’s wanted his own place for a few years now.

“We’re going to see the shelves!”

We have a ritual whereby each time we go to Ikea, I have to exclaim this, much to Oana’s frustration.  What can I say, my sense of humour is too sophisticated for some people.

This week we’ve had to hit Ikea three times.  Do I like Ikea?  I’ll let Bilbo Baggins answer:

It seems that every time we go, we end up surrounded by people who’ve seemingly never been inside a shop before, and they don’t understand that blocking the way and letting their crotch goblins run wild is not conducive to a positive shopping experience.  

Canal Walk

On Saturday, Oana and I walked from Kelham Island to Ikea along the canal.  It’s a nice walk and we always enjoy it.  We took plenty of bird seed and stopped to feed the geese and ducks.  About two-thirds of the way there, we encountered a pigeon sitting in the canal next to the grassy bank.  We approached it slowly and offered it some seeds, but it got scared and tried to get away, and then we noticed it was injured.  It couldn’t get onto the bank, and it couldn’t fly despite flapping its wings.  I suspect its feathers were too wet.

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One thing Oana and I can’t do is ignore an injured animal.  We tried to figure out how to rescue it, because it was not going to survive forever in the water.  The problem was that each time we tried to approach it, the poor thing panicked.  We had some snacks in a food bag, and we emptied the contents into my backpack and then Oana tried to use the bag as a glove to try and pick the bird up.  It didn’t work.  

Reinforcements Arrived

After a few minutes, a group of people walked up to us to see what we were doing.  They then gave us another bag, and Oana was able to pick up the pigeon and place it away from the water.  We left some of the seeds and let it be.  I hope it’s ok, but there wasn’t anything else we could do.  I doubt that, where we were, any animal charity would come out for a pigeon.  

Anyone who thinks, “it’s just an animal” can fuck right off.  As Gandhi was believed to have said; 

“The greatness of a nation and its moral progress can be judged by the way its animals are treated.”

If we had left the pigeon as it was, it would have died.  Maybe we saved it, but at least we tried.

On a more positive note, a little further along the river, we came across two dogs: a collie and an older dog that was possibly a lurcher.  They were splashing about in the water and having lots of fun.  In the distance, we saw a woman walking towards us, and we got chatting.  These were her dogs, and they were out for walkies.  The collie loves playing with sticks and asking people to throw them.  Sure enough, for the next half an hour or so, as we walked, the dogs followed us, and the collie was asking us to throw the stick.  We would, and she’d come racing back and drop the stick in front of us for another throw.

We didn’t catch the lady’s name, but she obviously loved her dogs.  They were rescues, and she was living on a barge.  We parted company when she got back to her boat with her third dog waiting for her.  

What I’m Doing

Listening: Sum of Us: A History of the UK in Data by Georgina Sturge.

Watching: Daredevil: Born Again.

We have just finished Daredevil: Born Again, and for the most part, I enjoyed it.  It helps that the main cast all absolutely know their characters inside and out.  There are some differences from the original Daredevil show that ran for three seasons on Netflix, and some of them land better than others.  

The new intro theme is great.  It’s an evolution from the previous one, but it’s still similar enough to be the same show.  The style of filming and directing is different.  There’s an almost animated quality to some shots, and there is much more gore.

I also liked the little nods and winks to the wider MCU.  It didn’t feel forced and added to the feel that this all takes place inside a wider world.  That being said, if you live by the sword, you die by the sword.  You can’t have links to the wider MCU and not mention what other heroes are doing whilst the events of Daredevil are going down in New York.

It was left on a cliffhanger, and the second season is due out in March 2026.  I’ve read that there’s a Punisher show or film in the works as well, which I hope is good.  Jon Bernthal was born to play Frank Castle.

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Financial Update

Assets

Premium Bonds: £19,000.00.

Stocks and Shares ISA: £112,013.63.

Fuck It Fund: £100.00.

Pensions: £94,459.89.

Residential Property Value: £239,368.00. 

Total Assets: £464,941.52.

Debts

Residential Mortgage: £178,228.08. 

Total Debts: £178,228.08.

Total Wealth: £286,713.44.

My total wealth is inching closer and closer to £300k.  It’s insane to think that in late 2019, I only had £6k in my ISA.  Six years later, and it’s over £110k, and that doesn’t include the thousands I’ve taken out of the ISA during that time.  Investing in the stock market, using index trackers, might not be flashy or exciting, but it’s a solid way to build long-term wealth.  

Withdrawal Rates

I was sent an interesting article about withdrawal rates and the 4% rule by a good friend who is also following a FI plan.  We discuss the 4% rule often, and both believe it to be too cautious for our circumstances.  This led to the idea, discussed in the article to some degree, that your withdrawal rate can be broken down to account for different areas of spending.

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We all have different categories of spending.  There are some expenses which are necessary, such as utility bills, food shopping, and potentially rent or mortgage costs.  Then, there are expenses which are not necessary but desirable.  I’m thinking about things like Netflix or a gym membership.  Following this are luxuries, like holidays or expensive Lego sets.  What if you create a withdrawal rate for each category?

Breaking it down…

I had a look at how Oana and I spend money.  We are currently a one-income household.  I broke it down into four categories: debts, investments, household/bills, and spending money.  I then created a pie chart, because we all love pie charts, to show what percentage of our income goes to each category, both now and for when Oana is back in work.

Some calculations seem obvious, but then there are some which make you pause for a second.  I was thinking about what our finances will look like when Oana is back working, and just assumed that our investment category would see double the amount.  I was wrong.  It multiplied by more than four.  

The reason for this is that a double income means the other expenses are halved.  Rather than me paying for our mortgage, food shopping, utilities, and so on, just from my salary.  My contribution to them is halved, which frees that money up to be invested.  It’s one of those things that, when you spend a second to just stop and think, makes perfect sense.  

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So, what withdrawal rate could I use to cover my half of these categories, and what pot would be required at that withdrawal rate?

Approximate Annual Spend

Debt (mortgage): £6,000.

Investing: £0 once retired.

Household: £9,600.

Spending: £6,000.

Withdrawal Rate and Required Fund Value

Debt (mortgage): 4% – £150,000

Investing: 0% – £0.00

Household: 4% – £240,000

Spending: 6% – £100,000

Total Fund Value Required: £490,000

The above is, I think, quite conservative still.  The idea is that the spending category can be pulled back when the market is not performing, and increased when the market is surging.  It allows more flexibility.  It also requires a smaller pot of money than if I just assumed 4% for everything; £540,000.

What if I was a little more adventurous?

Debt (mortgage): 5% – £120,000

Investing: 0% – £0.00

Household: 5% – £192,000

Spending: 6.5% – £92,308

Total Fund Value Required: £404,308

These figures hammer home just how close, relatively speaking, we are to FI.  If I were to coast from now until 58 years of age, with an assumed growth rate of 6%, I’d achieve a total fund value between my ISA and pensions of over £500,000.

I don’t want to coast, though.  I want FI sooner rather than later.  The next few years are going to be vital, as I’m in a position to potentially earn very well.  If we can hammer our mortgage down, we can cut the total amount needed to retire.  

All of the above figures are just for my half of the expenditure.  To account for Oana as well, it’s not necessarily the case that all costs have to be doubled.  Some things cost the same whether it’s one or more people doing them; building a Lego set, for example, or buying a new book to read or a movie to watch.  I would think that multiplying the figures by 1.75 would be sufficient to account for the two of us.  A total fund value of roughly £857,500 should work for us, assuming we have literally zero income coming in from other sources.  If we were both earning just £500pm, that £857,500 figure drops by a couple of hundred thousand.

House Prices

When you are a mortgage and protection advisor, everyone wants to have a chat about property.  It’s just one of those things.  I was chatting with an acquaintance the other day, and they asked about borrowing more money to do this and that.  They wanted to know how to go about doing this with their mortgage.  Well, the can of worms was opened, and I don’t think they were happy with how the conversation went down.

A major part of mortgage lending is the loan-to-value of the property in question.  The LTV is the debt as a percentage of the property value.  A £50k mortgage against a £100k property has an LTV of 50%.  A mortgage of £86k against a property worth £125,000 has an LTV of 68.8%.

The lower the LTV, the easier it is to get the mortgage, as it is less risky for the lender.  Interest rates are lower, and other eligibility criteria might be more flexible.  The thing to remember here is that house prices are not objective.  Something is worth what someone else is willing to pay.  This is why an estate agent will give a different valuation than a bank, which is more concerned with risk.  All valuations are subjective.

What the lender said…

Anyway, this person had been told by their lender that they estimated the value of their property to be £375,000.  With a mortgage of just over £250,000, their LTV is still quite healthy at 67%.  There’s one major problem with all of this, though.  I have no idea where the lender got the value of £375,000 from.  No disrespect intended to my acquaintance, but I’ve seen their house and I don’t think £375,000 is realistic.  I checked the sold prices for similar houses in the area, and in the last few months, another house on the street with the same spec sold for £298,000.

There is a big difference between £375,000 and £298,000; £77,000 to be precise.  

Let’s assume that my acquaintance, whom I’m going to call Bob, as I’m sick of trying to spell acquaintance, applies to borrow an extra £60,000.  Their new LTV, with the lender’s valuation of £375k, would be 83%.  This is not unrealistic, and I know they’re earning enough to get the mortgage.  However, let’s say that Bob’s wife leaves him, and then Bob loses his job.  Suddenly, he can’t pay the mortgage.  The obvious thing to do would be to sell the house.  However, how does one sell a house when the outstanding debt is £310,000 and people are only paying £298k for houses like this?

Banks have to do better when it comes to valuations on properties.  For most people, much of the time, this will not be a problem.  I do wonder how many people are in this hidden state of negative equity up and down the UK, though.  It’s not an issue if you can pay your mortgage and have no plans to sell, but I can’t help thinking of the phrase, “Man plans, God laughs.”

Do your own research…

I would suggest that everyone with a mortgage look at their lender’s valuation and compare it to sales figures for similar properties in their area.  I wouldn’t look too far back, as prices do change over time.  Just because a lender states you have loads of equity, it doesn’t make it true.  

Decision Making

I want to finish up this week’s post with a little rant about decision-making.  I’m very much a logical, practical thinker.  Sometimes in life, there is no good choice to be made.  Things happen, and you can be left with many bad choices.  Just because the choices are all bad, it doesn’t mean you can just not make a decision.  Doing nothing is still a decision, and doing nothing will probably make the situation worse.  

For example, if you are unable to meet your financial obligations because you have more going out than coming in, burying your head in the sand will not solve the problem.  A decision has to be made because the problem is not going away.  Often, people say they will “think about it.”  What they actually mean, most of the time, is that they will try to forget about it.  

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Life can be shitty at times and if you need to take a bit of time to mope or process, that’s understandable.  At some point, you have to face these things head-on and deal with them because financial problems don’t just go away.

If you are struggling financially, please do reach out to one of the great services out there, such as StepChange or MoneyHelper, for which there are links at the end of this post.

That’s all for this week.  Thanks for reading, and I hope you have a great week.

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:

StepChange

MoneyHelper

Biolink 

You can now find all my social media pages by checking out my Biolink:

bio.link/davidscothern.

Part 291: The State Pension Crisis

Hello and welcome back to Mortgage Advisor on FIRE.  This week, I look at the looming crisis with the state pension. Also, another exhausting week at work, and an amusing weekend of football.

Weekly Update

It’s been another exhausting week, but it’s another week closer to FI.  In many ways, this new job is better than Lloyds, but it’s more tiring.  I’m hoping that, as I get used to it, it will become a little less draining.  The days are already an hour longer than in my previous role, and on Friday, I ended up working from 9am to 7pm, and by the time I logged off, I was done.  I went through to the living room and collapsed on the sofa.  The next thing I know, I’m being woken up by Oana with my dinner.  

On the subject of dinner, we made an amazing veggie bolognese with mushrooms and lentils.  Well, I say it was veggie, but that’s not technically true.  I’ll explain as I run through the recipe.

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The first step was to make a soffritto: chopped carrot, onion, and celery, gently cooked in oil.  Then, I added some garlic, chopped mushrooms, beef stock, marmite, passata, and lentils.  Then we let it simmer for a while.  As it was simmering, we added the rind from the parmesan and let that melt a little into the sauce.  I added some balsamic vinegar to the sauce during cooking as well.  We served it with some penne and grated parmesan, and it was amazing.

So, although it was mostly veggie, the beef stock and the parmesan disqualified it from being totally vegetarian.  Yes, parmesan, as well as other cheeses such as gruyere, are not vegetarian as they use an enzyme from the stomach lining of cows and other ruminant animals. The number of people I’ve encountered who claim to be vegetarian and still eat these things was surprising, until I realised I gave the average person too much credit.

Veggie or not, this was a very tasty meal, and we had enough to see us through a couple of days.  

On Saturday morning, we went for a haircut.  I’ve not had a haircut in something like three years, partly because I don’t like having it done, but also because I’ve been growing my hair.  It didn’t get off to the best start when we rocked up to find the place had closed down.  A quick Google search explained that they’d just moved down the road – crisis averted.  

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Their new location is much better with more space and natural light.  Also, one of the guys there had his dog, Pippa, keeping him company.  She was friendly, but a little nervous.  She wouldn’t let me pet her, but she kept booping my hand with her snout.  Her owner brought me a snack to feed her: a big piece of dried meat, and she wolfed it down.  These cats and dogs are great, and we don’t deserve them. 

After our haircuts, we walked through the city centre to try the food market, but it was tainted a little by opposing protests.  On one side was a crowd supporting Tommy Robinson and the Far Right.  On the other side was a Unity Rally organised by Sheffield Stand Up To Racism.  All I’m going to say is that if I had to identify which group was which, it would have been incredibly easy.  It’s also heartening to see so many people stand against fascism and racism.  The two groups were shouting at each other with the police in between.  

I fear that the right-wing extremists will grow in popularity because, in general, their leaders seem to shout louder and longer.  Reasoned debate and critical thinking are not traits one would relate to Trump, Farage, Johnson, or Vance.  When I think of these people, a quote from Angel comes to mind:

“Is pathological idiot an actual condition?”

Once we made it through the protests, we had a look at what the market had to offer.  We snapped up some cookies from one stall, and some pakoras from an Indian street food vendor we like, and saved both to take home.  We wanted some lunch though, and we decided on a Venezuelan vendor and went for the Alabama; fries, fried chicken, garlic mayo, cheese, and crispy onion.  It was great, and we would have had more, but it was quite rich.  

Saturday Laughs

As a lifelong Sheffield Wednesday fan, I don’t think I could have written a better, or funnier, end to the season for Sheffield United.  They bottled their attempt at automatic promotion, and were winning the play-off final 1-0 with 75 minutes played, and they managed to pull defeat from the jaws of victory and end the game 1-2.  Truly, the club that keeps on giving.

No doubt they’ll take this defeat with their usual lack of class and grace.

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What I’m Doing

Listening: Sum of Us: A History of the UK in Data by Georgina Sturge.

Watching: Daredevil: Born Again.

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Financial Update

Assets

Premium Bonds: £19,000.00.

Stocks and Shares ISA: £111,909.72.

Fuck It Fund: £4.00.

Pensions: £94,149.69.

Residential Property Value: £239,368.00. 

Total Assets: £464,431.41.

Debts

Residential Mortgage: £179,200.56. 

Total Debts: £179,200.56.

Total Wealth: £285,230.85.

My pensions are edging towards £100k, which will complete the second part of the FI Trinity.  Other than building up my pensions and paying down our mortgage, there’s not much I can do until the ISA window reopens next year.  It’s almost certainly going to be the case that when I have spare cash, it will go into my Premium Bonds or as an extra payment on my mortgage.

The Updated 4% Rule: 4.7%

The man behind the original 4% rule, Bill Bengen, has updated his guidance and suggests now that 4.7% is a safe withdrawal rate.  To be honest, 4% does feel a bit low for my risk tolerance, but I understand why some people may feel more comfortable with a lower withdrawal rate.  

Moving from 4% to 4.7% is huge, though.  For someone who is aiming to retire with an income of £24,000p/a, the required fund value goes from £600,000 to £510,638.  The thing is, I view the whole idea of a SWR as a guide rather than a commandment that must be religiously adhered to.  If you’re planning to use a bridging fund to take you to pension age, then SWRs are probably more important once you access your pension.  

Increasing Retirement Age

One more time for those at the back, there’s not a set retirement age.  You can retire whenever you want if you have the funds.  What we have, instead, is an age at which you can access your pensions, and that system may need to change…

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Why the State Pension Needs to Change Sooner Than You Think

We talk a lot in this space about planning for retirement and building long-term security. But today I want to look at something a little bigger than just personal finance: the future of the UK state pension and why it may be time to stop counting on it as a guarantee.

A Demographic Time Bomb

Let’s start with the basics. The UK, like most developed nations, is facing a demographic crisis. Fewer children are being born, while more of us are living longer. That sounds like a win for medicine and quality of life, and in many ways, it is, but it comes at a cost.

The state pension system is funded by those who are currently working. It’s not a savings pot; it’s a transfer system.  You don’t have your own state pension savings account, you have a record of national insurance payments.  Those payments are then transferred to those in receipt of the state pension.  But what happens when the ratio of workers to pensioners drops?

UK Dependency Ratio Over Time

A few decades ago, there were 4 workers for every pensioner, but that ratio has been steadily dropping.  Estimates vary, but most agree that in the next 20-30 years, it could drop to 2 workers for every pensioner. That means fewer people paying in, and more people drawing out.

The result? Pressure on government spending, higher taxation, and an unsustainable pension promise.  It’s not just the impact on the state pension, but the impact on other services, like the NHS, which will be under increased strain with an older population profile.

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What Might Change?

Here are some realistic, and already rumoured, ways the system could evolve:

Raising the State Pension Age

Your state pension age depends on your date of birth.  For me, it’s 68. For my parents, it is 67.  It’s not unreasonable to think that for children now, it could easily be at least 70 before they can access a state pension.  Back in the day, when you got to 65, you would expect to live a further 15 years or so.  Now, we have more people but those people are also projected to live longer.  

Means-Testing the Pension

A controversial move, but one that’s gaining traction. This would remove the universal aspect of the pension and give it only to those deemed to “need” it, eroding its reliability for middle-income retirees.  I think this would be a disaster as it would disincentivise people to take control of their finances through private pensions and investments.  After all, why bother if the government will just bail you out?

Changing NI Contributions

Expect pressure for younger generations to contribute more, while possibly receiving less. The “generational unfairness” is only likely to deepen.  One thing that could work would be to offer different levels of national insurance contributions in return for different benefits.  For example, a higher rate of payment to achieve a higher level of benefit in retirement.  Another option would be to roll up NI and PAYE into a single tax structure, with reworked income brackets.  

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Indexing Payments Differently

The triple lock may not survive indefinitely, but it would be political suicide for whichever government seeks to scrap it.  

Maybe We Need More Fundamental Change

Perhaps the state pension needs to change in the context of even greater change.  I’m a believer in universal basic income, and perhaps this should be tied to the state pension in some way.  Everyone would receive a UBI, but those who then contribute more to society can earn credit towards a greater state pension.  Those working in the NHS, emergency services, the military, or in jobs that help society function, like refuse collectors or teachers, could earn credits based on length of service that give them a greater state pension entitlement.  

What This Means for FIRE

If your retirement plan depends on the state pension, ask yourself this: What if it’s reduced, delayed, or removed entirely?

I treat it like a wildcard. Nice to have if it’s still around, but not part of my essential calculations.

Here’s how I’m responding:

  • Building a larger ISA buffer and Premium Bonds pot
  • Treating my pension contributions as a future tax shield, but not a lifeline
  • Considering the healthcare and housing costs that may hit harder in later life
  • Trying to stay healthy now to keep long-term costs down

FIRE isn’t just about wealth. It’s about independence.  Independence from employers, from markets, and yes, even from the state.

The state pension system was built in a world that no longer exists. It’s been incredibly valuable for millions of people, but the writing is on the wall.

Hope for the best, plan for the worst. If the pension is still there for us, brilliant. If not, at least we’ll be ready.  Either way, it’s going to be more important than ever to make sure the children of today receive a proper financial education.  

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:

StepChange

MoneyHelper

Biolink 

You can now find all my social media pages by checking out my Biolink:

bio.link/davidscothern.