The Financial Dashboard – July 2019

The goals for July were:

  • Plan healthy weekly dinners
  • Exercise at least 3x a week
  • Get two more blogposts out (slipping off the bandwagon!)
  • Clear last of credit card debts

Checking the assets and liabilities:

July AssetsJuly Liabilities

These are taken, as always, from my Beast Budget spreadsheet. This month my net worth grew by 4.33%. By sheer fluke it was the exact same net figure as last month. My savings rate, not including mortgage repayment, was 28.99%, nudging up my 2019 average rate to 16.28%.

Goals:

Goal failed: Plan healthy weekly dinners

The last two months have been properly hectic. There was a solid four week block at the end of June/ start of July where I was only at home for 8-12 hours every 2-3 days, through combination of some horrendous shift patterns, work trips and conferences. It’s therefore been pretty difficult to actually eat a healthy diet. I found myself snacking or having whatever was convenient. The last two weeks of July have been better, with proper healthy meals cooked using decent ingredients. The goal now is to set an actual meal plan for the week that we can stick to.

Goal failed: Exercise at least 3x a week

This is part of an ongoing goal/ battle to maintain some semblance of fitness. Same reason for failure as above, same excuse. When you’re working 12-16 hour days, plus commute, how to find time to exercise. One of the big issues was that the main gym I go to has very limited hours for the classes I do. I absolutely love it, and find it difficult to achieve dem gainz without going to these classes. I can probably manage two a week if I prioritise, but it’s a steep £55/month. I know from experience that on my own I lack the motivation to achieve my fitness goals. On top of this I pay £20/month to a sports club to go one-two times a week. This isn’t just exercise, but also a hobby and an interest, so I’m reluctant to give it up. So I’m left with £75/month for classes which sometimes I can only attend once or twice a week.

I could drop one of the above and go somewhere else. The logical option is to drop one. The emotive, irrational, behavioural driver of my decisions said no. Again from experience, exercise is incredibly important for my mental wellbeing. My self-image, self-confidence and tension/ stress levels are all tied to my exercise frequency. Instead I joined another (very local, very cheap) gym. It adds £26/month, but means I can exercise pretty much 24/7. I’m up to £101/month for my exercising choices.

How do you put a price on improved wellbeing?

How do you do a cost-benefit analysis for the spending choices you make?

Most of my cost-benefit spending choices are emotive. I write pros/ cons lists. I challenge myself- “Will I regret not making this spending”. But it’s not logical. So how to lay it out as cold hard facts.

In the medical world we use Quality-Adjusted Life Years (QALYS) to make utilitarian decisions about whether a healthcare intervention is cost effective. QALYS are defined by NICE as:

A measure of the state of health of a person or group in which the benefits, in terms of length of life, are adjusted to reflect the quality of life. One QALY is equal to 1 year of life in perfect health.
QALYs are calculated by estimating the years of life remaining for a patient following a particular treatment or intervention and weighting each year with a quality-of-life score (on a 0 to 1 scale). It is often measured in terms of the person’s ability to carry out the activities of daily life, and freedom from pain and mental disturbance. (1, 2)

It’s a pretty rough and ready system. It boils down a host of human experience to binary outputs. It’s led to a lot of complaints as exorbitantly expensive therapies are not supported by the NHS, because the cost does not outweigh the cumulative population benefit. E.g. spending a million quid to give a cancer/ cystic fibrosis/ MS patient an extra year, or spending a million quid to give 50,000 people with high blood pressure a 10% lower chance of a heart attack. Because it’s working on a population level it’s not really applicable to an individuals choices, but I wondered if there I something similar for individual wellbeing. EQ-5D-5L

The measure expected by NICE for the calculation of QALYS is the EQ-5D-5L (see above) (3). It’s brief, easy to answer, and primarily assess function. There is a push from the MRC towards developing a wellbeing-adjusted life year (WELBY) (4, 5). Some scales and tools are already being trialled, including the Warwick-Edinburgh Mental Wellbeing Scale (6). They have emerging evidence, but primarily function as an adjunct to existing disability measures (7). Trying to quantify functional happiness resultant from choices is something I’ll come back to in the future to flesh out as a separate post. Suffice to say I haven’t got an answer to my utilitarian question, so the heart will continue to rule.

Goal failed: Get two more blogposts out

Really struggled with this too. I’ve fourteen (count ’em) posts sat in my drafts box in various states of preparation, but had no time to actually finish any off. We’ll try this month.

Goal achieved: Clear last of credit card debts

I forgive myself my month of failures because for the first time in (I think) six years I’ve cleared all my credit card debt. Not since I started university have I had no unsecured debts. It’s a good feeling.

Short-Term Debt Q2

N.B. Eagle-eyed readers will note the £150 on my credit card in the liabilities dashboard above. I forgot to change some payment details on an online account, so that appeared after I had been at £0. 

Budgets

  • Groceries – Budget £300, spent £254, last month £139.65.
  • Entertainment – Budget £150, spent £186, last month £75. Turns out we didn’t spend nothing last month, my spreadsheet was out of whack. Now updated and we overspent this month by having a few dinners out and buying gifts for friends.
  • Transport – Budget £460, spent £618.29, last month £631.07. Lots of driving to different sites, plus a service means another expensive month.
  • Holiday – £150, spent £103.50, last month £0. We had a short break away.
  • Personal – £100/ £130.76/ £198.43. Saved much more this month.
  • Loans/ Credit – £350/ £493.30/ £890
  • Misc – £50/ £168.31/ £314.37. Soft furnishings mainly.

In the garden:

Overflowing with tomatoes (little cherries mainly), dwarf french and runner beans, courgettes and cucumbers. Onions going off, and some other bits going to seed. Pumpkins and squashes starting to really spread, and I’ve got some little cucamelons on the way.

Goals for next month:

  • Plan healthy weekly dinners
  • Exercise at least 3x a week
  • Get two more blogposts out
  • Recheck my budgets as I change jobs and drop my income by 1/4 (gotta love the NHS)

What’s in the pipeline: (Life continues to get in the way of blogging)

  • Stoicism and the finance world
  • Should I buy an electric car?
  • Q2 2019 – Green Credentials
  • Property Renovation Lessons Part III
  • Plus the usual Full English Accompaniments and other drivel…

Happy August everyone,

The Shrink

  1. https://www.nice.org.uk/glossary?letter=q
  2. https://en.wikipedia.org/wiki/Quality-adjusted_life_year
  3. https://euroqol.org/wp-content/uploads/2016/09/EQ-5D-5L_UserGuide_2015.pdf
  4. https://mrc.ukri.org/documents/pdf/improving-cross-sector-comparisons-using-qalys-and-other-measures-a-review-of-alternative-approaches-and-future-research/
  5. https://concepts.effectivealtruism.org/concepts/measuring-healthy-life-years/
  6. https://warwick.ac.uk/fac/sci/med/research/platform/wemwbs/
  7. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5016960/
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The Full English Accompaniment – Sticking my head in the sand

What’s piqued my interest this week?

As per the last Full English (wow it’s been some time) I’m pretty fed up with the news. It’s just one long tirade of the world going to hell in a handbasket. I guess because doom sells much more than positivism. Everyone’s a critic. I also try to keep this blog fairly free of market commentary or news analysis, but it’s hard when everything currently seems to be dominated by Brexit. The whole situation leaves me teetering between tearing my hair our in frustration and a sort of savage karmic justice. Just in the news in the last fortnight we’ve heard that house prices have stalled due to Brexit, Brexit has decreased living standards by more than the last recession and we’ve watched the pound tank as investors start to actually take No Deal seriously (1, 2, 3). Almost as if the experts in ‘project fear’ knew what they were talking about.

The rise of populism, and popular, non-expert opinion political decisions is going to have consequences. We’re leaving our level-headed reputation behind (4). Sarcastic/ sardonic responses to ineffectual elected officials are everywhere:

Plus we’re left with a pretty weird field of economic play (I’ve been listening to a lot of Test Match Special). The pound offers little source of cheer, and it seems unlikely to stop falling in the short-term, but it’s long term direction depends upon… Brexit (5). The FTSE100 will likely go up due to global holdings increasing returns on a weaker pound, but long term… who knows? The wider FTSE might tank if the economy stalls, but… who knows? The global markets, driven mainly by the FAANG stocks (and otherwise largely treading water) could falter; there’s lots of calls and warning signs out there about the longest ever bear market, but… who knows? We live in exciting/ perilous/ infuriating times.

Now if you’re a good investor, wise to behavioural mechanisms and carefully plodding on with your long-term plan this should make no difference. You will buy wide and ride the rollercoaster. It’s only your physical life that will be stuck yo-yo-ing in the current political/ economic climate. The pound in your pocket, not in your platforms, is the one that leaves you wondering if sterling/ economy collapses and it’s going to be pulses for dinner for the forseeable. FIRE theoretically will allow you to ride it out, but that’s no consolation if you’re not there yet.

And why the savage karma? Well the No Deal course is properly uncharted territory. The great economic tides that have carried UK finance are turning. UK prosperity has risen with high waters of international plunder (straight up colonialism), international plunder through companies (East India Co etc), global industrial powerhouse, and most recently global financiers. I have a dark optimism that, like some bedraggled phoenix, the UK might rise from the ashes in decades to come. Our national culture values creativity and inventiveness. But just as the 50s-70s saw thousands lose jobs as the economic juggernaut was set on a new path, so No Deal offers a gaping chasm of redundancies and poverty as the track is laid. And No Deal offers it on a scale that dwarfs the miners’ strikes and Three Day Week. At least there was a plan then. Who suffers most in that scenario? The less-educated, less-wealthy and less-informed. Who voted for Brexit?

Have a great week,

The Shrink

Other News

Opinion/ blogs:

The kitchen garden:

What I’m reading (affiliate links):

Food Of The Gods: The Search for the Original Tree of Knowledge: A Radical History of Plants, Drugs and Human Evolution – Terence McKenna – An ethnobotanist explores humanitys’ fascination with hallucinogenics, and the role of altered states of consciousness on the development of human society.

References:

  1. https://metro.co.uk/2019/07/15/house-prices-stall-brexit-hits-buyers-confidence-summer-10312534/
  2. https://www.independent.co.uk/news/business/news/brexit-economy-uk-living-standards-household-income-recession-a9007821.html?gclid=EAIaIQobChMIvref-8e74wIVS7TtCh33LwBvEAAYASAAEgIBUPD_BwE
  3. https://www.ft.com/content/dfab58d2-b512-11e9-bec9-fdcab53d6959
  4. https://simplelivingsomerset.wordpress.com/2019/07/08/schools-not-even-out-and-the-silly-season-is-well-underway/
  5. https://www.theguardian.com/business/nils-pratley-on-finance/2019/jul/16/for-the-pound-there-is-little-or-no-short-term-cheer
  6. https://www.theguardian.com/business/2019/jul/15/jaguar-land-rover-offered-500m-loan-to-develop-electric-cars
  7. https://www.bbc.co.uk/news/business-48995511
  8. https://www.theguardian.com/environment/2019/jul/16/true-cost-of-cheap-food-is-health-and-climate-crises-says-commission
  9. https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-crash-latest-usd-prediction-value-facebook-libra-a9007761.html?gclid=EAIaIQobChMIvref-8e74wIVS7TtCh33LwBvEAAYASAAEgIBUPD_BwE
  10. https://www.thetimes.co.uk/article/long-term-savings-rates-raised-n08jb9f0h
  11. https://www.theguardian.com/society/2019/jul/17/renting-millennials-homelessness-crisis-retire
  12. https://www.thetimes.co.uk/article/pcp-car-buyers-in-negative-equity-3j0drpq9c
  13. https://www.independent.co.uk/environment/scotland-wind-power-on-shore-renewable-energy-climate-change-uk-a9013066.html
  14. https://www.theguardian.com/business/2019/jul/25/uk-solar-power-pioneer-solarcentury-profit-grows-860-in-a-year
  15. https://www.thisismoney.co.uk/money/mortgageshome/article-7305237/Virgin-Money-launches-Brexit-proof-15-year-fixed-rate-mortgage.html
  16. https://moneytothemasses.com/news/best-sunday-papers-money-sections
  17. https://www.theguardian.com/business/nils-pratley-on-finance/2019/jul/25/cobhams-demise-could-herald-a-flood-of-private-equity-takeovers
  18. https://www.reddit.com/r/UKPersonalFinance/comments/ceaqne/zoopla_estimates_how_accurate_are_they_an_analysis
  19. https://www.theguardian.com/lifeandstyle/2019/jul/24/millionaire-retired-30s-kristy-shen-bryce-leung-fire
  20. https://simplelivingsomerset.wordpress.com/2019/07/24/fire-is-for-the-few-not-the-many/
  21. https://www.thisismoney.co.uk/money/pensions/article-7240513/Should-fake-divorce-wife-split-pension.html
  22. https://monevator.com/weekend-reading-how-are-you-setting-your-table/#more-46828
  23. https://monevator.com/scared-by-a-share-split/
  24. https://www.mrmoneymustache.com/2019/07/20/estate-planning/
  25. https://theescapeartist.me/2019/07/18/op-loaded-getting-rich-in-the-military/
  26. https://theescapeartist.me/2019/07/31/living-low-cost-in-a-high-cost-city/
  27. http://www.retirementinvestingtoday.com/2019/08/refire-and-2019-half-1-review.html
  28. https://earlyretirementnow.com/2019/07/31/rising-equity-glidepath-4-percent-safe-withdrawal-rate-60-year-retirement/
  29. https://youngfiguy.com/working-to-work/
  30. https://cashflowcop.com/avoid-failure-to-launch-into-adulthood/
  31. https://tuppennysfireplace.com/how-to-go-green-thrifty-lifestyle/
  32. http://diyinvestoruk.blogspot.com/2019/07/my-concerns-about-investing-in-fossil.html
  33. http://diyinvestoruk.blogspot.com/2019/07/greencoat-uk-wind-portfolio-addition.html
  34. https://firevlondon.com/2019/07/24/why-the-markets-about-to-drop-and-what-im-doing-about-it/
  35. https://firevlondon.com/2019/07/30/angel-investing-1-10-top-tips-for-a-virgin/
  36. https://firevlondon.com/2019/08/04/july-2019-3rd-best-month-yet/
  37. http://quietlysaving.co.uk/2019/07/20/adjustments-to-my-investment-strategy/
  38. http://quietlysaving.co.uk/2019/08/02/july-2019-other-updates/
  39. https://ditchthecave.com/cheap/
  40. https://firehub.eu/bloggers-on-fire-dr-fire/
  41. https://drfire.co.uk/july-2019-report/
  42. https://www.msziyou.com/using-housesitters/
  43. https://www.msziyou.com/portfolio-july-2019/
  44. https://www.msziyou.com/net-worth-updates-july-2019/
  45. https://awaytoless.com/all-change/
  46. https://awaytoless.com/a-frugal-engagement/
  47. https://awaytoless.com/monthly-spending-july-2019/
  48. http://www.thefrugalcottage.com/july-2019-a-month-in-review/
  49. https://gentlemansfamilyfinances.wordpress.com/2019/07/29/back-to-airbnb/
  50. https://gentlemansfamilyfinances.wordpress.com/2019/08/01/month-end-accounts-july-2019/
  51. http://thecannycontractor.com/passive-income-quarter-2-2019/
  52. https://asimplelifewithsam.com/2019/08/02/july-review/
  53. https://www.iretiredyoung.net/single-post/2019/07/19/Difficult-early-retirement-question-%E2%80%93-what%E2%80%99s-next
  54. https://www.iretiredyoung.net/single-post/2019/07/26/Early-retirement—whats-next-Take-2
  55. https://www.iretiredyoung.net/single-post/2019/08/02/Early-retirement-costs-targets—July-2019
  56. https://firethe9to5.com/2019/07/22/things-i-havent-done-since-i-retired-early-and-a-few-i-have/
  57. https://indeedably.com/retirement/
  58. https://indeedably.com/on-the-margin/
  59. https://indeedably.com/a-very-british-fire/
  60. https://youtu.be/rzmOYU5Wpdk
  61. https://www.jackwallington.com/google-is-the-best-plant-id-app-and-it-will-only-get-better/
  62. https://www.jackwallington.com/allotment-month-45-salad-harvest-colourful-potatoes-and-rainbow-tomatoes/
  63. https://agentsoffield.com/2019/07/28/the-new-kitchen-garden/

Q2 2019 – Green Credentials

Quarterly return posts supplement my monthly Financial Dashboard, covering investments in detail and looking at my yearly targets. Here I track purchases and sales, document progress against my (in progress) investment strategy, and discuss re-balancing and changes over time.

Q2 Returns:

Q2 Net Worth

  • Cash Savings Accounts £3200 (+£400)
  • Investments £1550 (+£1000)
  • Property £33,300 (-£1000)
  • Cars £3000

My net worth now sits at £~35,400, an increase of £2.2k over the past three months, which is a little less impressive than the previous quarter. This makes my rolling twelve month increase £14,900. Cannot complain.

Yearly Targets:

Goal 1: Build an emergency fund

My first 2019 goal was to build an emergency fund, as per the r/UKpersonalfinance flow chart (1). My goal emergency fund is three months total household expenses (£6k) in my name, plus a further three months (£6k) held jointly. I now currently hold £2650 in my name, and £300 held jointly. Some way to go.

My Santander 5% saver matured, so those funds were moved into a new high interest Nationwide current account. I used the excellent Bank Account Savings website plus Money Saving Expert to select another regular saver, opening a joint current account with First Direct for their switching bonus and then a linked 5% savings account (2, 3). I’ve also started squirreling cash into a Starling pot. The intention is to have liquid savings spread across three or four independent banks, with different card providers (MasterCard vs Visa). Protection against business and liquidity risk.

Goal 2: Pay off short-term debts

Short-Term Debt Q2

This has been the area of greatest progress. At the start of 2019 my short terms debts stood at £1.25k to family and £2.6k on 0% interest credit cards, then £250 and £2k respectively at the end of Q1. Those figures are now £0 and £650, and the credit card should be cleared this month. This will leave me free of unsecured debt for the first time in (I think) four years. Once the debt is clear, my money is free to be channelled into…

Goal 3: Save 25% of my earnings

Savings Rate Q2

I calculate my savings rate using this formula:

Savings rate as % = ((Income – spend) + Cash savings + Investments + Pension contributions) / (Income + Pension contributions)

My current mean savings rate for 2019 is 18.4%, short of my goal. I had a March outlier thanks to a tax refund, and in May my effective savings rate was close to zero due to work-related bills (exams, course fees etc). Worth noting in the NHS it’s expected you pay for your exams, courses and training yourself. You can claim it back through tax, but only certain elements. The rest you take on the chin.

Goal 4: Live more sustainably

I’ve been pretty crap at keeping track of what we’re using from the garden rather than purchasing. With summer in full swing we’re getting at least two dinners a week just from home-grown produce. We’ve also made lots of little changes around the house to move away from plastic. These have included:

  • Switching toilet roll

We looked into the brand ‘Who Gives A Crap’, but I was pretty pissed off to find out all their recycled/ bamboo eco loo-roll comes on a slow ship from China (4). Not exactly sustainable. Instead we used The Ethical Consumer, an amazing website that ranks consumer products by multiple ethical/ sustainable/ fairtrade measures, to find Ecoleaf by Suma (5). Suma are a co-operative in the UK who have been producing sustainable, fairtrade products since the 80s.

  • Shampoo bars

Again we tried to use The Ethical Consumer. We actually found the Lush ones are pretty good, and despite costing £8.50/each, they seem to last a couple of months (6).

  • Washing powder ball

The Ecozone Eco-balls we bought are supposed to last 1000 washes (7). A recent change, so we’ll wait to reserve judgement.

  • Switching cleaning products to Method

Nice and easy as they’re stocked in mainstream supermarkets.

There’s loads of guides and blogs out there with tips on how to live with less plastic. I’d recommend starting off with the 100 Steps to a Plastic-Free Life (8).

Goal 5: Commence investing

I’ve not been very disciplined investing this quarter. In April I topped up my existing holding, but in May I held cash back to open a crowdfunding investment (still pending). My cash savings are calculated towards my Personal Allowance, whilst my investments are held in my Vanguard ISA. I have managed to get my investment portfolio spreadsheet at a stage I’m happy with (for now), so here’s a few example graphs:

Tax Efficiency Q2

Region Allocation Q2Country Allocation

Because I’m contrary, I’ve decided to actually try to calculate my worldwide exposure on a country by country basis. I currently just hold Vanguards Developed World Ex-UK Fund. I’m far more exposed to the US than I’d like, and so I’ll be opening some new holdings to diversify over the next two quarters.

Until next time,

The Shrink

References:

  1. https://www.reddit.com/r/UKPersonalFinance/
  2. https://bankaccountsavings.co.uk/
  3. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
  4. https://myplasticfreelife.com/2017/09/who-gives-a-crap-recycled-or-bamboo-toilet-paper-without-plastic/
  5. https://www.ethicalconsumer.org/home-garden/shopping-guide/toilet-paper
  6. https://www.independent.co.uk/extras/indybest/christmasgifts/fashion-beauty/shampoo-hair-soap-plastic-free-green-beauty-environmentally-friendly-a8505026.html
  7. https://www.ethicalsuperstore.com/products/ecozone/eco-balls/
  8. https://myplasticfreelife.com/plasticfreeguide/

The Full English – Media narratives

What’s piqued my interest this week?

Recently I’ve pretty much stopped listening to/ watching the news. This is not just down to the ongoing spin-doctoring in the Tory leadership election/ geopolitical elite, which frankly makes me so disenfranchised I feel like burying myself in soft peat.

No, what’s really getting my goat, is the descent of the media into a selection of soundbite opinions amongst a race to be first on the scene to a news story. This is even at the expense of editorial correctness or narrative structure. There’s a few exceptions to this: certain broadsheets (The Guardian, The FT, The Independent) appear to still be pursing the long read investigative journalism route. On the whole, and with finger squarely pointed at the BBC, the media seems to constantly be chasing a story first circulated on Twitter/ Reddit. In the days of social media, everyone is the first reporter on the scene. They share online, and whatever gets shared gets picked up, even if it runs counter to the print media’s planned direction. The print media then has to sprint to keep up, and has to include irrelevant people’s opinions to appear relevant to the common man. What does the common man think about this niche piece of technical news of which he has no understanding?

Case in point one: The NHS and Doctors’ pensions.

I’ve written about this before, as it hits close to home. Mr YFG did a far better job at explaining the technicalities, and the ins and outs of the Lifetime Allowance (1, 2). The nub of the issue is that many consultants are breaching the LTA when working extra shifts to make-up for the shortfall in NHS staff. Yes they’re paid well, but because these extra shifts, which the NHS requires in order to meet targets like the 2-week-wait for cancer referrals, are over the LTA the effective tax rate can be >100% for the shift. They’re effectively paying to work extra hours. Rather than working the extra hours they’re opting out. So the NHS is short-staffed. Which it has been for years, partly due to the hostile working environment created by the current government (despite their rhetoric). The Financial Times has been reporting very clearly on this for months, and within the health service Doctors’ reps (e.g. the BMA) have been banging on about it all year (3, 4). So why can’t the Guardian get its head round it? The article they’ve put out in the last week is titled something about “working to rule”, with a tagline:

“Doctors warn health services in danger of meltdown and facing ‘existential threat’” (5)

They can’t seem to decide where to take the piece. How do they make it relevant? Oh, I know, lets make it about the Tories dooming the NHS… ish. With a bit of confusing information about potential solutions for good measure. They can’t just report it with explanations. There has to be an angle. And they can’t compete with the likes of the Daily Mail, who appear to be on a one-way crusade against those vicious, spiteful, mean doctors. After all ‘waiting lists have doubled in three months as doctors refuse to work’ (6). How could they refuse to pay to work, to pay to take on responsibility for people’s lives (7). See here; Steve the welder from Leeds interviewed as a bloke off the street stating doctors should be forced to work. Why hell does Steve’s opinion matter?

Case in point two: PCP contracts on cars

I included two links to this last week. My god it does my nut. If you can’t afford a fancy car with simple maths, why the hell do you expect to get one when the maths is more complicated? Despite this there’s a slew of whinging Karens’ in the media, complaining that they were sold things they can’t afford (8). That they didn’t understand their contract (9, 10). Why is that anybody’s responsibility other than your own? A fool and his/her money are easily parted.

Ohh righhtttt, people don’t like being told they’re fools. Especially when sharks wearing lawyer suits are telling them that they’re owed compo, backed up by tit-rags (11). Because as the PPI gravy train ends those sharks are looking for a fresh meal, and they follow idiots to mis-selling like blood to an injured baby seal (12). They’ve already missed out once, when they waited with baited breath for the FCA to adjudicate mis-selling (13). All they got was tighter regs. Now they’ll be damned if they can’t find another way to that mis-selling cold-call (14). Never mind the fact it’s just people being idiots. I’ve talked before about how I think PCP is the next financial bubble, despite whatever wonky statistics the car industry share (15). In my opinion, the mouth-breathing hordes clamouring for compo because they can’t afford their finance deal are just the storm-clouds on the horizon. The fact the media follows their narrative of misery is just one more reason for my loss of respect.

Have a great week,

The Shrink

P.S. A bit late getting this out, what a day of sport!

Other News

Opinion/ blogs:

The kitchen garden:

What I’m reading (affiliate links):

Food Of The Gods: The Search for the Original Tree of Knowledge: A Radical History of Plants, Drugs and Human Evolution – Terence McKenna – An ethnobotanist explores humanitys’ fascination with hallucinogenics, and the role of altered states of consciousness on the development of human society.

References:

  1. https://youngfiguy.com/nhs-pension-scheme-and-doctors/
  2. https://youngfiguy.com/the-lifetime-allowance/
  3. https://www.ft.com/content/e6d3e03c-4e12-11e9-b401-8d9ef1626294
  4. https://www.theguardian.com/society/2019/jul/08/nhs-faces-existential-threat-as-senior-doctors-work-to-rule
  5. https://www.hsj.co.uk/topics/pensions
  6. https://www.dailymail.co.uk/news/article-7223053/Hospital-waiting-lists-DOUBLE-three-months-doctors-refuse-overtime-NHS-pension-reform.html
  7. https://www.telegraph.co.uk/news/2019/07/07/nhs-waiting-lists-soaring-consultants-refuse-work-overtime/
  8. https://www.bbc.co.uk/news/business-your-money-48776454
  9. https://www.thisismoney.co.uk/money/cars/article-7140919/Can-modify-car-finance-dangers.html
  10. https://www.thisismoney.co.uk/money/cars/article-4469742/Why-won-t-car-finance-let-hand-PCP-vs-HP.html
  11. https://www.thesun.co.uk/money/8673492/drivers-owned-compensation-car-finance-deals/
  12. https://www.gladstonebrookes.co.uk/blog/2019/03/29/pcp-compensation-new-car-buyers/
  13. https://www.am-online.com/news/finance/2018/09/13/ppi-lawyers-ready-to-react-to-fca-s-verdict-on-pcp-car-finance
  14. https://www.confused.com/car-finance/finance-options/car-finance-mis-selling-scandal
  15. https://www.independent.co.uk/money/spend-save/new-car-buy-consumers-finance-on-credit-diesel-registrations-drop-income-a8246106.html
  16. https://www.bbc.co.uk/news/business-48926232
  17. https://www.bbc.co.uk/news/business-48941011
  18. https://www.investing.com/news/stock-market-news/futures-push-higher-on-rate-cut-optimism-1922051
  19. https://www.thisismoney.co.uk/money/markets/article-7241921/Trump-fires-broadside-Facebooks-online-currency.html
  20. https://www.thisismoney.co.uk/money/markets/article-7240443/Lookers-shares-tumble-25-car-dealership-warns-profits-reverse.html
  21. https://www.bbc.co.uk/news/business-48954323
  22. https://monevator.com/why-your-pension-wont-be-plundered/
  23. https://www.ukvalueinvestor.com/2019/07/3-high-yield-bargains.html/
  24. https://theescapeartist.me/2019/07/10/how-to-own-the-world-and-how-to-move-the-world/
  25. http://www.retirementinvestingtoday.com/2019/07/pf101.html
  26. https://cashflowcop.com/financial-freedom-by-making-decisions-like-a-police-commander/
  27. http://earlyretirementextreme.com/preliminaries-to-retiring-in-5-years.html
  28. https://indeedably.com/the-red-pill/
  29. https://simplelivingsomerset.wordpress.com/2019/07/08/schools-not-even-out-and-the-silly-season-is-well-underway/
  30. https://www.iretiredyoung.net/single-post/2019/07/12/Is-normal-life-better-than-FIRE
  31. https://gentlemansfamilyfinances.wordpress.com/2019/07/08/why-lending-to-people-who-need-to-borrow-is-a-bad-idea/
  32. https://gentlemansfamilyfinances.wordpress.com/2019/07/11/a-12-year-review-of-zopa/
  33. https://gentlemansfamilyfinances.wordpress.com/2019/07/13/ski-holiday-2020-booked-fire-snow/
  34. https://www.msziyou.com/appeal-quits-working/
  35. https://www.msziyou.com/enough-funds-retire/
  36. https://thesavingninja.com/the-10-commandments-of-fire/
  37. https://thesavingninja.com/update-a-thought-experiment-about-happiness/
  38. https://drfire.co.uk/june-2019-report/
  39. https://ditchthecave.com/work-less-hard/
  40. http://www.frugalwoods.com/2019/07/12/a-vacation-and-other-june-2019-expenditures/
  41. http://quietlysaving.co.uk/2019/07/12/timing-of-fire/
  42. https://lovelygreens.com/blackcurrant-rum-infusion-recipe/

The Financial Dashboard – June 2019

The goals for June were:

  • Finish my portfolio spreadsheet
  • Compare current insurance rates
  • Look into further financial planning: wills and income protection
  • Plan healthy weekly dinners
  • Exercise at least 3x a week

Checking the assets and liabilities:

Assets June

June Liabilities

These are taken, as always, from my Beast Budget spreadsheet. This month my net worth grew by 6.54%. I’m very close now to clearing my credit card debt, and I’ve been quietly saving cash into emergency funds. I invested a bit in a CrowdFunding round (more on this in my Q2 update), so didn’t top up my ISA which has been merrily growing. The wonders of compounding!

Goals:
Goal achieved: Finish my portfolio spreadsheet

Pretty much there. Think I’ll be adding to it in the future, but for now I’ll be sharing some screenshots of it in my Q2 update.
Goal achieved: Compare current insurance rates

My car and house insurance both came due this month. I took advice from Money Saving Expert; renewing three weeks before time, optimising my job title and using multiple comparison sites (1). The usual comparison sites turned up some likely suspects, and like any good frugal bod, I did a bit of switching and saving. Perhaps most amusingly, Hastings Insurance quoted me £150 less through Confused.com than on my renewal document. They were cheapest and agreed to honour their online quote. That pays for a few drinks!
Goal achieved: Look into further financial planning: wills and income protection

I’ve been listening to a few podcasts lately, and it’s a big feature and recommendation of Meaningful Money and Money To The Masses that you should get proper financial planning for the worst as foundations for building wealth (2, 3). Shouldn’t be surprised really, given they’re mainly Chartered Financial Planners. I don’t have a will, but all my assets would go to MrsShrink and there’s no complicated stuff to deal with. I have some income protection through my job and life insurance to pay off my mortgage. MrsShrink is a different story, so we may get some professional advice to head-off difficult discussions in the future.
Goal failed: Plan healthy weekly dinners

Trying my best for this, but been working away a lot or on horrible hours. No excuse, so going to double down next month.
Goal failed: Exercise at least 3x a week

Again failed this for the reason above. Pause for thought considering I’m paying £75/per month on gyms/ sports clubs. I tell myself if I can go twice a week to both then it is cost effective. Need to look at my schedule and work out how I can sort this.

Budgets

  • Groceries – Budget £300, spent £102, last month £264.72. Eating whilst away a lot, hence spending little
  • Entertainment – Budget £150, spent £0, last month £139.47. I feel like this is incorrect, but turns out we’ve actually not done anything. How dull!
  • Transport – Budget £460, spent £631.07, last month £119.25. Car insurance!
  • Holiday – £150, spent £0, last month £0
  • Personal – £100/ £198.43/ £15. Spent some cash on new clothing, which was saved last month in a Starling ‘space’.
  • Loans/ Credit – £350/ £700/ £407.40
  • Misc – £50/ £14/ £59. Misc payments this month:
    • £14 for student membership

In the garden:

All going great guns now. Early potatoes eaten and feasted upon, maincrop trimmed back. Tomatoes and cucumbers doing well. Courgettes planted out and spreading. Dwarf french and climbing runner beans overwhelming sunflowers. Peas cropping and tasty alongside spinach beat, salad veg and early Chantenay carrots.

Goals for next month:

  • Plan healthy weekly dinners
  • Exercise at least 3x a week
  • Get two more blogposts out (slipping off the bandwagon!)
  • Clear last of credit card debts

What’s in the pipeline: (Life continues to get in the way of blogging)

  • Stoicism and the finance world
  • Should I buy an electric car?
  • Q2 2019 – Green Credentials
  • Property Renovation Lessons Part III
  • Plus the usual Full English Accompaniments and other drivel…

Happy July everyone,

The Shrink

References:

  1. https://www.moneysavingexpert.com/car-insurance/
  2. https://meaningfulmoney.tv/
  3. https://moneytothemasses.com/

The Full English – Sparking joy

What am I blathering on about this week?

We’ve been watching a lot of Marie Kondo on Netflix in our house. If you’ve not seen it, it’s a bit of a weird sell. A tiny japanese woman with a penchant for organising sorts out hoarders houses. Here she is (1):

Now she’s made a profession (and massive cash) out of perfecting tidying up. She’s sold millions of books, and sparked plenty of knock-offs (2). Her key points are fairly simple, and revolve around attacking things in a certain order, with a future goal in mind, and only keeping items which ‘spark joy’ (3). There’s no point having 20 photo albums you never look at. Keep one or two collated versions somewhere you can see them regularly, etc…

This floats pretty close to minimalism for me. It’s an easy to digest, more accessible, less elite version (4). After all, minimalism aims to:

  • Eliminate our discontent
  • Reclaim our time
  • Live in the moment
  • Pursue our passions
  • Discover our missions
  • Experience real freedom
  • Create more, consume less
  • Focus on our health
  • Grow as individuals
  • Contribute beyond ourselves
  • Rid ourselves of excess stuff
  • Discover purpose in our lives (5)

It’s a counter-cultural push against the consumerism of general life (6). And as such it sits well with the FI community, in the general ‘buy less shit’ stakes. I’ve always liked the idea of minimalism. It fits a Manhattan loft/ bourbon and grubby nightclubs life-direction which is never likely to be achieved. I’m just fairly shit at it. I own a lot of stuff. Much of the stuff is fairly tatty. We’ve lived like students for 10 years and many items have been bought as ‘do-fers’; they’ll do for now. 5-10 years on they’re still doing. I’ve been de-cluttering over the last six months, but I’m still left with a sense that a lot of stuff with remain. I will never be minimalist. Marie Kondo tells me it’s okay if my stuff sparks joy. So my garage full of tools which spark joy when I have the right tool for the job is okay. The ‘do-fers’ don’t spark joy, so they’ll be replaced with items which do. Ultimately I think that boils down to an intentionalism approach to items, as we try to be more intentional with the choices we make in our lives. Why fill your life with shit that makes you miserable.

“Wealth consists not in having great possessions, but in having few wants.” -Epictetus

Have a great week,

The Shrink

Other News

Opinion/ blogs:

The kitchen garden:

What I’m reading (affiliate links):

Food Of The Gods: The Search for the Original Tree of Knowledge: A Radical History of Plants, Drugs and Human Evolution – Terence McKenna – An ethnobotanist explores humanitys’ fascination with hallucinogenics, and the role of altered states of consciousness on the development of human society.

 

References:

  1. https://en.wikipedia.org/wiki/Marie_Kondo
  2. https://konmari.com/
  3. https://www.goodhousekeeping.com/home/organizing/a25846191/what-is-the-konmari-method/
  4. https://en.wikipedia.org/wiki/Minimalism
  5. https://www.theminimalists.com/minimalism/
  6. https://www.becomingminimalist.com/what-is-minimalism/
  7. https://www.thisismoney.co.uk/money/cars/article-7140919/Can-modify-car-finance-dangers.html
  8. https://www.theguardian.com/business/2019/jun/26/uk-economy-cliff-edge
  9. https://www.bbc.co.uk/news/business-48820573
  10. https://www.theguardian.com/science/2019/jul/05/bury-bodies-along-uks-motorway-to-ease-burial-crisis-expert-suggests
  11. https://www.bbc.co.uk/news/business-your-money-48776454
  12. https://www.bbc.co.uk/news/business-48776125
  13. https://uk.finance.yahoo.com/news/hargreaves-lansdown-just-removed-nick-085637525.html
  14. https://www.cityam.com/freetrade-to-close-7m-in-second-crowdfunding-round/
  15. https://monevator.com/passive-fund-of-funds-the-rivals/
  16. https://monevator.com/defined-benefit-to-defined-contribution-pension-transfers/
  17. https://monevator.com/the-slow-and-steady-passive-portfolio-update-q2-2019/
  18. https://www.ukvalueinvestor.com/2019/07/selling-vodafone-lessons-learned-from-one-of-my-first-defensive-value-investments.html/
  19. https://www.ukvalueinvestor.com/2019/06/ftse-100-ftse-250-valuations.html/
  20. https://theescapeartist.me/2019/06/25/why-capitalism-is-better-for-your-pet-dog-than-communism/
  21. https://earlyretirementnow.com/2019/06/26/does-a-4-percent-withdrawal-rate-survive-a-60-year-retirement/
  22. https://cashflowcop.com/when-to-buy-a-house-if-you-have-student-loans-debt/
  23. https://tuppennysfireplace.com/how-to-drastically-cut-expenses/
  24. http://diyinvestoruk.blogspot.com/2019/06/aquila-european-renewables-trust-new.html
  25. http://diyinvestoruk.blogspot.com/2019/07/half-year-portfolio-update.html
  26. https://indeedably.com/independence/
  27. https://indeedably.com/indeedably-meta-redux/
  28. https://indeedably.com/inflection-point/
  29. https://firevlondon.com/2019/07/01/doubling-party/
  30. https://firevlondon.com/2019/07/03/june-2019-q2-review/
  31. http://quietlysaving.co.uk/2019/07/07/june-2019-other-updates/
  32. https://ditchthecave.com/30s-and-40s-financial-independence/
  33. http://fiukmoney.co.uk/june-19-net-worth-and-monthly-update-11-514218-9687/
  34. https://thesavingninja.com/twelve-months-later-savings-report-12/
  35. https://www.msziyou.com/true-love-never-smooth/
  36. https://awaytoless.com/monthly-spending-june-2019/
  37. https://gentlemansfamilyfinances.wordpress.com/2019/07/05/cashback-success-saving-30-100-on-car-insurance/
  38. https://gentlemansfamilyfinances.wordpress.com/2019/07/04/wild-strawberries-and-wild-gardens/
  39. https://gentlemansfamilyfinances.wordpress.com/2019/07/01/month-end-accounts-june-2019/
  40. http://eaglesfeartoperch.blogspot.com/2019/07/investment-review-june-2019.html
  41. https://financeyourfire.com/2019/07/02/portfolio-update-june-2019/
  42. https://financeyourfire.com/2019/06/28/adventures-in-cryptospace/
  43. https://www.earlyretirementguy.com/summer-2019-networth-update/
  44. https://www.iretiredyoung.net/single-post/2019/07/05/Early-retirement-costs-targets—June-2019
  45. https://asimplelifewithsam.com/2019/07/02/june-review-and-spending/
  46. https://www.1500days.com/uk-chautauqua-fi-peeps-scarce-sleep-and-lots-of-sheep
  47. https://sharpenyourspades.com/2019/07/07/allotment-jobs-for-july/

 

 

 

 

 

 

 

The Full English – Tech bubble or Tech revolution?

What am I buggering on about this week?

This week we’ve seen Slack join ranks of tech startups on the stock market (1). It’s price surged immediately after listing and remained up, a distinct difference to the Uber IPO in May and the Lyft IPO in March (2). Perhaps due to the state of Uber and Lyft’s respective balance sheets (3, 4). Perhaps due to the methodology of the listing, with Slack following in Spotify’s footsteps in utilising a direct stock listing rather than an IPO. This model means that current investors are allowed to list their stock for sale, but no new stock is offered, and the positive uptake of Slack and Spotify is spurring other companies to consider this model (5, 6).

It’s been a big year for new tech listings, with Pinterest, Zoom, Beyond Meat and Fiverr also coming to the market, and AirBnb, WeWork, Palantir Tech and Peloton all touted to be in the pipeline (7, 8). This is inevitably raising the spectre of the last time we had lots of tech companies listing… the late 90s (9). So what’s to set the current market apart from the dot-com bubble, and what comparisons can we draw (10).

The Similarities

These are fairly obvious:

  • Loss-making tech companies making well over valuation at initial IPO. Promising dot-com companies that make millions going public but never turn a penny profit was a hallmark of the dot-com bubble, and we’ve yet to see Uber or Lyft make money…
  • Linked to the above, 84% of companies going public last year were not turning profits, the highest % since 2000 (11)
  • A market that is (depending on your measure) over-valued (12)
  • Economists are predicting a recession, as they did in fear of the millenium bug
  • Investors are chasing returns through new startups as the traditional markets slow

The Differences

A defining trait of humanity is it’s ability to learn, so you would hope we’ve learnt from the dot-com bubble and won’t repeat the mistakes. Let’s not do a Nathan Barley (a Charlie Brooker masterpiece) (13).

Looking at the recent tech listings there are some differences:

  • The internet is more mature

The internet in the nineties was still a thing of wonder. It’s potential seemed limitless, so valuations naturally followed. It wasn’t yet clear how this could be translated into a money-making machine, and that was a partial cause of the downfall. The internet has matured in the intervening 20 years, and the FAANG stocks in particular have demonstrated how to capitalise on it. They now dominate the market with eye-watering profits. Their growth may be slowing but they’re unlikely to collapse given their hoarded cash reserves (14).

  • Companies funding streams are more complex, but also more transparent and under greater scrutiny

Many of the companies being listed are not the fully VC-backed start-ups of old, selling a fairly unspecific dream. Companies are staying private for longer, with pressure for their finances to be under public scrutiny. Others are utilising P2P/ crowdfunding streams like CrowdCube and Seedrs. You can’t just pitch any old crap with a domain name!

  • Companies are disrupting traditional models (IMO)

Arguable this one, but I think many of the companies that went bust in the dotcom years were basically trying to take a traditional economic model and translate it to an online format with minimal idea on how to gain market presence or be profitable; see Pets.com and eToys.com. Compare this to the current round of stock offerings.

The global tech revolution

Here’s where I see the real difference. Amazon, Netflix, Google etc are massive global players, making profits around the world. They developed their own markets. AirBnB, Spotify, Slack, Uber etc are all doing or have done the same. Their founders have identified a niche or a gap, and placed a product which is a natural fit. Why else would they become so ubiquitous if they were not so obvious. Improvements in the infrastructure of technology has made this possible, and will continue. Starling and Monzo, which I talked about last week, are also disruptive, but banking still has further to go.

We’ve seen wholesale changes in almost all aspects of our lives. There are apps for pretty much everything you do; shopping, leisure activities, work, investments and loans, sleep, music, etc. What hasn’t changed? Banking and central economics. Governments and central banks still set interest rates, still co-ordinate and oversee financial structures and currencies. Which is where Libra, the new cryptocurrency backed by Visa, Mastercard, PayPal, Uber and Facebook comes in (15).

There’s plenty of arguments against Libra (I’m looking at you Ermine), not least security and the prospect of having Facebook digging through your earnings (16). But it’s backed by lots of major players, and could be truly disruptive. Like all blockchain cryptocurrencies it’s decentralised, beholden to no central bank (17). This has got the regulators in a right tizz; if it’s globally decentralised who can/ would regulate it (18). How will government lobbyists get their greasy mitts on it?!?

The clever move that puts Libra over and above Bitcoin and other blockchain cryptocurrencies (beyond it’s big industry support) is asset-backing (19). Backing with physical assets (probably cash/ bonds, but interestingly also could be equities) removes the wild price swings seen with Bitcoin. If it’s globally backed then you suddenly have a currency which tracks global inflation automatically, can be accepted in any country, and allows you to purchase across borders without incurring currency conversion costs. No wonder Mark Carney reckons it could be ‘systematically important’.

We live in the age of a global economy. Corporations are multinational, straddle borders and look to leverage international differences to increase earnings (moving jobs offshore for lower wages for instance). I don’t think central governments/ banks are about to relinquish their stranglehold on economic policy, but Libra offers a window into a future where this might be the case. Where your earnings are paid in a global currency by a global company, wherever you are. Where geoarbitrage becomes the norm, forcing international parity. Where interest rates on your loan are not set based on a baseline from central government, but by global market inflation, or a combination of your credit score and what a credit union of your Facebook contacts are willing to lend. Governments and global banks (Rothschilds etc) have long held a hegemony on money. Now there’s a chink in their armour.

Have a great week,

The Shrink

Other News

Opinion/ blogs:

The kitchen garden:

What I’m reading (affiliate links):

Food Of The Gods: The Search for the Original Tree of Knowledge: A Radical History of Plants, Drugs and Human Evolution – Terence McKenna – An ethnobotanist explores humanitys’ fascination with hallucinogenics, and the role of altered states of consciousness on the development of human society.

References:

  1. https://www.bbc.co.uk/news/business-48707622
  2. https://www.bbc.co.uk/news/business-47741990
  3. https://www.bbc.co.uk/news/business-48451339
  4. https://marketrealist.com/2019/05/why-lyft-stock-has-declined-21-since-its-ipo/
  5. https://www.bloomberg.com/news/articles/2019-06-21/with-slack-sitting-pretty-its-bankers-eye-more-direct-listings
  6. https://markets.businessinsider.com/news/stocks/slacks-direct-listing-bill-gurley-says-startups-call-morgan-stanley-2019-6-1028298641
  7. https://www.marketwatch.com/story/slack-listing-comes-during-banner-year-for-tech-ipos-despite-uber-and-lyfts-troubled-debuts-2019-06-20
  8. https://www.vox.com/recode/2019/6/20/18650993/tech-ipo-tracker-uber-lyft-slack-zoom
  9. https://www.barrons.com/articles/chewy-fiverr-and-crowdstrike-ipos-recall-the-dot-com-bubble-51560553067
  10. https://en.wikipedia.org/wiki/Dot-com_bubble
  11. https://www.vox.com/recode/2019/6/20/18650993/tech-ipo-tracker-uber-lyft-slack-zoom
  12. https://eu.usatoday.com/story/tech/2019/06/17/goldman-sachs-says-technology-stocks-overvalued/1483689001/
  13. https://www.digitalspy.com/tv/tube-talk-gold/a399600/nathan-barley-is-10-looking-back-at-charlie-brookers-debut-tv-series/
  14. https://marketrealist.com/2019/01/the-tech-sector-is-finally-slowing-down/
  15. https://www.forbes.com/sites/panosmourdoukoutas/2019/06/22/libra-could-make-or-break-bitcoin/
  16. https://simplelivingsomerset.wordpress.com/2019/06/18/all-you-cash-belong-to-zuck/
  17. https://www.wired.co.uk/article/facebook-libra-startup-privacy-analysis
  18. https://www.bbc.co.uk/news/technology-48688359
  19. https://www.theguardian.com/business/2019/mar/20/lorraine-kelly-theatrical-artist-tax-tribunal-judge-rules
  20. https://www.theguardian.com/business/2019/jun/19/consumers-being-badly-advised-on-pensions-says-regulator-fca
  21. https://www.cam.ac.uk/employmentdosage
  22. https://www.independent.co.uk/money/spend-save/help-to-buy-house-prices-loans-first-time-buyers-savings-a8958056.html
  23. https://indeedably.com/marriage-of-ultimate-doom/
  24. https://indeedably.com/ownership/
  25. https://simplelivingsomerset.wordpress.com/2019/06/20/playing-with-fire/
  26. https://monevator.com/visualizing-investors-emotions/
  27. https://www.ukvalueinvestor.com/2019/06/royal-mail-dividend-yield-is-13pc-but-i-still-wouldnt-invest.html/
  28. https://cashflowcop.com/best-guide-to-selling-on-ebay/
  29. https://cashflowcop.com/maternity-leave-for-men-tips-for-dads/
  30. http://diyinvestoruk.blogspot.com/2019/06/sipp-drawdown-year-7-update.html
  31. https://firevlondon.com/2019/06/17/ive-paid-for-my-dream-home-in-less-than-4-years/
  32. http://quietlysaving.co.uk/2019/06/20/crowdfunding-road-trip/
  33. https://ditchthecave.com/may-2019-update/
  34. https://thesavingninja.com/what-is-fire/
  35. https://www.msziyou.com/net-worth-updates-april-2019/
  36. https://www.msziyou.com/bros-scared-me/
  37. https://awaytoless.com/a-way-to-less-what/
  38. http://www.thefrugalcottage.com/my-updated-porfolio-june-2019/
  39. https://gentlemansfamilyfinances.wordpress.com/2019/06/19/green-money-greencoat-uk-wind-share-offer-success/
  40. https://gentlemansfamilyfinances.wordpress.com/2019/06/18/hard-lucks-and-let-down/
  41. https://gentlemansfamilyfinances.wordpress.com/2019/06/21/booze-and-babies/
  42. https://www.earlyretirementguy.com/summer-2019-networth-update/
  43. https://www.iretiredyoung.net/single-post/2019/06/21/My-early-retirement-or-midlife-crisis
  44. https://twothirstygardeners.co.uk/2019/06/interview-urban-foraging-whiskey-cocktail-making-john-rensten-bushmills/