Here Goes Nothing………

[Rags2Freedom]

Firstly, hello all! I hope you're all safe, healthy, and posts. However, in recent years, my savings rate has drastically decreased, and I have struggled to regain it. See below , it’s bad.

Like everyone else, I intend to share my financial and personal situation with the hope of inspiring others to open up and take action.

About Me /
-Male
-In my 30s
-British born and raised, currently living in Hong Kong
-Athletic, outdoorsy, and sporty
-Construction Project Manager
-Married with three children (two Queens and one King)

Finances
-Net Worth: $525k (down 40% from the all-time high 24 months ago - growth stock decline)
-Earnings: $190k basic + 8% guaranteed bonus
-Savings rate: 9-10% (I know, it's horrific, more details will follow) + bonus. Wife is a stay at home mother.

Goals
-Live comfortably without financial pressures
-Have options for work (part-time or change of industry/start a business)
-Spend more time with my children
-Live a fit, healthy, and non-materialistic life
-Provide my children with the best possible start without spoiling to much (buy first home?)

Brief History
Since my first job, I have been a saver with a 25-30% saving rate throughout my 20s. I have always been intentional about my future planning. I have an addictive personality and do what is necessary to achieve success. I played sport too a high level from a young age, I was semi-professional through my 20’s. I believe this is where my work ethic and leadership skills originated (I have captained a successful team from a young age).

I married a wonderful woman from a different culture and background. She is the kind of mother that everyone dreams of, amazing with children's moral education and upbringing. However, she leads a life opposite to mine in terms of materialism and intentional living.

I moved to Hong Kong 10 years ago and have been successful both in work and financially. The impact of COVID-19 in Hong Kong was brutal, and in December 2020, I made the decision to leave my job, move back to the UK, and take a year off to help raise our three young children (all under 3.5 years old). Having time as a luxury was amazing, and I could happily live that way for the rest of my life.

Unfortunately, the stock market went in the opposite direction! I have a large growth stock position that plummeted without capital to take advantage of it. Nonetheless, I learned a lot, stayed strong, and got through it.

I have learned a lot from this "mini-retirement" experience, which I will share in the future.

For now, I'll leave it at that.

Speak soon, friends.

[DutchGirl]

Err, to make things clear: is your net worth below one-thousand dollars, or are you missing a "k" there and are you over halfway towards a million?

[Rags2Freedom]

@dutchgirl - thankfully I missed the ‘k’. Updated now.

p.s. wonderful blog you have, hopefully i can repeated something similar. Hope all is well

[fingeek]

Welcome! Yes there's a lot to be said about being a "time millionaire". Ultimately it's about getting that "stuff" -vs- balance right isn't it

[DutchGirl]

Thanks for the compliments.

I'm happy to hear that you forgot the "k". While some people, for example those with a lot of student debt, would be happy to start with a net worth of $525... I'm glad yours is higher, at your current age and with a couple of kids to take care of.

[Veronica]

Incredible Net Worth at your age! Especially considering that you already have a family.
I'm sure that it helps that you have an exceptional income and a supportive partner.

I'm hopeful that I will be able to make up somewhat for lost time and reach your level soon!

What do your spending habits and liabilities look like? For me, 500k would essentially be already retired, but not everyone has the same situation or plans for the future.

[Rags2Freedom]

Thanks for the kind words and comments all.

@vernonia - as you’ll find in my next post my outgoings are currently a horrible sight. I live in a HCOL area (Hong Kong) and in years gone by I’ve used this to my advantage to save a lot…… however in recent times the budget has gotten WAY out of control for my liking.

I plan to post weekly for the short term and will give an update tomorrow.

[theanimal]

A belated welcome! I’d be interested in hearing about your mini retirement experience if you are still willing to share.