The Full English Accompaniment – The Thick of Brexit

What’s piqued my interest this week?

In the last month a couple of don financial bloggers have again weighed in with their opinions on Brexit. First as Brexit entered the terrible twos TI reflected on his opinions and public opinions of it during that time (1). If you want a case example of the arguments that result check out the comment section.

Then Ermine gave us a post in his usual semi-satirical fashion on how to prep for B-day (2). This was both informed on his financial prepping, and amused on the end-is-nigh front.

So here’s my opinion, in the form of a Malcolm Tucker quote.

I’m just fed up to the back teeth of it all. In fact, beyond the back teeth. Brexit is the acidic backwash dissolving my oesophagus so I can’t feel when I’m swallowing whatever witches brew bitter pill this coalition of the inadequate and unelectable cook up.

This week the white paper on what the government would like from the EU as a deal finally arrived (3). Boris postured and buffooned his way out of the door looking for a front page splash. Rees-Mogg said something Dickensian. Trump weighed in with his usual bleached orangutang demeanour in The Sun (4). The. Bloody. Sun. Proving once again he’s Zaphod Beeblebrox incarnate.

I actually thought the white paper represents a decent compromise. Mujtaba Rahman’s opinion piece in the Guardian hits the nail on the head (5). Brexit is such a divisive premise that no one political party can agree on what to do. It is one last political hand grenade lobbed as a ‘look that-away’ by the arch-distracter Cameron. Danny Dyer has the right of it (6):

Lloyd’s have followed other companies in suggesting that Brexit will hasten or push them to move abroad (7). There’s been so many companies threatening Brexit-related doom that I take it all with a pinch of salt. No-one knows what’s going to happen, as no-one adequately explained or researched what could. Brexit is such a nebulous concept everyone wants something different, and some lack the ability to articulate what they want anyway. Because of this, a government who’ve basically followed whatever the prevailing populous wants (or shouts loudest for) are paralysed, dithering. So much for leadership.

Have a great weekend,

The Shrink

Side Orders

Other News:

Opinion/ blogs:

What I’m reading:

Eric by Terry Pratchett – light relief

Religio Medici by Sir Thomas Browne – the theological and psychological reflections of a C17th doctor

Enchiridion by Epictetus – Bedside reading for a bad day

References:

  1. http://monevator.com/weekend-reading-brexit-enters-the-terrible-twos/
  2. https://simplelivingsomerset.wordpress.com/2018/06/28/battening-hatches-opportunities-brexit/
  3. https://www.theguardian.com/politics/2018/jul/12/brexit-white-paper-seeks-free-movement-for-skilled-workers-and-students
  4. https://www.thesun.co.uk/news/6766531/trump-may-brexit-us-deal-off
  5. https://www.theguardian.com/commentisfree/2018/jul/13/soft-hard-brexit-no-commons-majority-theresa-may
  6. https://youtu.be/-W77154J0-w
  7. http://www.bbc.co.uk/news/business-44805565
  8. http://www.bbc.co.uk/news/business-44807281
  9. https://www.bbc.co.uk/news/business-44819007
  10. https://www.bbc.co.uk/news/business-44823466
  11. https://www.moneywise.co.uk/news/2018-07-13/britons-too-scared-to-invest
  12. https://www.moneysavingexpert.com/news/family/2018/07/customers-urged-to-cut-water-usage-to-avoid-hosepipe-bans
  13. https://www.moneysavingexpert.com/news/shopping/2018/07/tesco-bank-customers-unable-to-use-online-and-mobile-banking-again
  14. https://www.theguardian.com/money/2018/jul/13/stoke-is-debt-capital-of-england-and-wales-followed-by-plymouth
  15. https://www.bbc.co.uk/news/business-44817930
  16. https://www.theguardian.com/money/2018/jul/07/heres-how-scammers-get-away-with-it
  17. https://www.nybooks.com/daily/2018/07/12/how-the-bbc-lost-the-plot-on-brexit/
  18. http://monevator.com/any-money-in-shares-is-better-than-none-at-all/
  19. https://www.ukvalueinvestor.com/2018/07/3-high-yield-capital-light-compounders.html/
  20. http://diyinvestoruk.blogspot.com/2018/07/my-strategy-is-evolving.html?m=1
  21. http://www.thefrugalcottage.com/dividend-income-june-2018/
  22. http://thefirestarter.co.uk/matched-betting-how-to-make-money-betting-each-way-horse-racing/
  23. http://thefirestarter.co.uk/matched-betting-how-to-make-money-betting-each-way-horse-racing-part-2/
  24. http://quietlysaving.co.uk/2018/07/14/holiday-toilet-rolls-2/
  25. https://www.mrmoneymustache.com/2018/06/30/tinyhouse/
  26. https://theescapeartist.me/2018/04/19/theres-something-you-need-to-know-about-fairness/
  27. https://firevlondon.com/2018/07/08/june-2018-the-liquidity-of-treacle/
  28. https://youngfiguy.com/p2p-lending-a-review-of-the-market
  29. https://youngfiguy.com/an-interview-with-david-at-lets-automate-your-money
  30. https://youngfiguy.com/financial-challenges-millennials-face-and-how-to-beat-them
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The Full English Accompaniment – Beginner’s guides to investing

What’s piqued my interest this week?

Over the last few weeks, in the breaks between sanding, painting, filling, sawing, strimming and all the other fun that comes with a new house, I’ve been reading lots of basic investment guides. Not the ‘you should invest here’ type, but general overviews of the mechanisms. Tim Hale’s Smarter Investing is of course in my reading pile (second, behind an exam textbook), but blogs and videos are excellent for five minute tea (or beer) stops.

My attempts at being more frugal, and aiming for some sort of FI life, started by lurking on the UKpersonalfinance subreddit. A long forgotten post pointed me to Monevator. The Investing for beginners guides there got me started (1). I was pointed to the MoneyMustache, and Weenie’s Quietly Saving. DiyInvestorUK and UK Value Investor have taught me more in depth about passive and active options.

Monevator’s weekend reading this week highlights a millenial-focussed investing and financial advice series from the FT (2,3). A more cynical person than I would say that millenials are more finance savvy out of necessity rather than choice.

Lately I’ve been really enjoying The Plain Bagel, a YouTube series by a young guy called Richard Coffin (4). As he’s based in Canada, a lot of the tax-reducing products discussed are Canadian or American, however it’s great for the basics. His ‘fundamental series’ consists of 13 <10 minute videos covering investment mechanisms, vehicles and psychology. Here’s a little sample:

Hopefully he gets support to keep producing great videos.

Have a great weekend,

The Shrink

Side Orders

News:

Opinion/ Blogs:

What I’m reading:

Eric by Terry Pratchett – light relief

Religio Medici by Sir Thomas Browne – the theological and psychological reflections of a C17th doctor

Enchiridion by Epictetus – Bedside reading for a bad day

References:

  1. http://monevator.com/investing-for-beginners-why-do-we-invest/
  2. http://monevator.com/weekend-reading-thrifty-business
  3. https://bit.ly/2m07LHQ
  4. https://youtu.be/I81xqr8HzBE
  5. https://www.theguardian.com/business/2018/jun/25/countrywide-property-sales-uk-estate-agency-profit
  6. https://www.moneywise.co.uk/news/2018-07-03/savings-update-rates-the-rise
  7. https://www.telegraph.co.uk/business/2018/07/04/savings-crisis-uk-households-8bn-red
  8. https://www.moneywise.co.uk/news/2018-07-06/japanese-knotweed-ruling-could-lead-to-more-claims
  9. http://diyinvestoruk.blogspot.com/2018/06/brexit-vote-revisited.html
  10. https://www.moneywise.co.uk/news/2018-06-25/buy-to-let-the-elephant-the-room-the-housing-crisis
  11. https://www.theguardian.com/environment/2018/jun/27/gestation-crates-farming-cheap-bacon-how-shops-and-shoppers-let-down-our-pigs
  12. http://www.schroders.com/en/uk/the-value-perspective/blog/all-blogs/five-famous-market-gaffes/
  13. https://www.wealthsimple.com/en-gb/magazine/money-diary-hector-bellerin
  14. http://aswathdamodaran.blogspot.com/2018/06/twists-and-turns-in-tesla-story-boring.html
  15. https://www.ukvalueinvestor.com/2018/06/uk-shares-uk-property-better-value.html/
  16. http://monevator.com/does-the-passive-label-put-people-off-index-funds/
  17. https://www.fool.co.uk/investing/2018/06/23/why-there-could-be-huge-opportunity-to-build-an-income-stream-with-ftse-250-dividend-stocks/
  18. https://simplelivingsomerset.wordpress.com/2018/06/22/the-concept-of-financial-freedom-is-an-unattainable-chimera/
  19. https://www.mirror.co.uk/money/money-saving-expert-martin-lewis-12766455.amp

The Financial Dashboard – June 2018

Apologies to regular readers (hello? anyone? awake at the back?) for the lack of Full English Accompaniment last week. MrsShrink and I have been moving home, which occupied all our time.

The goals for June were:

  • Set up a Starling/ Revolut/ Atom/ Monzo account – Achieved
  • Sell five items from my hoard – Fail
  • Reduce daily living (groceries and lunch out) and entertainment expenses to budget – Achieved (ish)
  • Eat out a maximum of once a week – Fail
  • Repair or purchase a new bike – Fail

That didn’t go so well. Oh dear.

Net worth fell. Moving house is expensive.

June 2018 Dash

The value of my assets derived from my residence increased (bigger house) but my cash assets fell as we spent our emergency budget/ spare cash moving house. I’ve added data from our joint account now, as although it doesn’t generally feature on these pages, it does explain where some of my cash ends up parked. I also finally tracked down my life insurance figure, but I’m not including that in asset calculations:

June 2018 Assets
Goal achieved: I set up a Starling account, putting my money where my mouth is. I’ve talked in previous blog posts about Starling and it’s relative benefits. Once the dust settles from the house move I intend to move all my spending money into the Starling account, and use it’s ‘pots’ feature to split off money in that account (1).

The liabilities took a big jump this month with my increased mortgage. The credit card debt continues to reduce regularly, and we took a small amount of equity from the house sale to pay back wedding loans to family:

June 2018 Liabilities

Goal failed: Sell five items from my hoard. Everything I own is in boxes. Haven’t even begun to look.
Goal achieved (ish): Reduce daily living (groceries and lunch out) and entertainment expenses to budget

I have managed to reduce my outgoings in part. We’ve finally completed on our house sale 150 miles away, and have moved into our new home. This means we’re no longer paying rent and mortgage, so my costs for this have fallen.

I spent much less on eating out, having friends over for dinner rather than going out. I also tried to make more lunches or take things from home, but this remains an area to be worked on. I celebrated by paying nearly a thousand pounds for a professional exam. #thuglife. Daily driver insurance also fell this month, biting a hole into my finances where the absent emergency fund should have been.

I’m going to keep this goal on here, as I think I can keep improving.
Goal failed: Eat out a maximum of once a week – improving, as mentioned above, but I still ate out more than once a week.
Goal failed: Repair or purchase a new bike. Found a repair shop. Haven’t set foot in it. I can hear the tutting of mustachioed frugal community members from here.

Goals for next month:

  • Rein in spending on the automotive hobby by setting a budget
  • Sell five items from my hoard – carried over
  • Reduce daily living (groceries and lunch out) and entertainment expenses to budget
  • Eat out a maximum of once a week
  • Repair or purchase a new bike

Happy July everyone!

The Shrink

References:

  1. https://www.starlingbank.com/blog/6-ways-move-spending-saving/