Are you not impacted by the tapered thresholds? One of my biggest pet peeves with the U.K. system is the tapered nature of pension contributions (vs the US where everyone has access to the same cap).
Kipling's Journal
Re: Kipling's Journal
@ take2 - yes, I am heavily impacted by the tapering. You can normally get a tax deduction for putting up to 60,000 a year (in 2023/24) into your pension fund if you are unaffected by tapering. I am affected by tapering so I could only get a tax deduction for about the first 20,000 in tax year 2023/24. I will only get a tax deduction for the minimum 10,000 in tax year 2024/25 because my income is rising. The UK taxes high earners very heavily - I pay about 47% net.
Re: Kipling's Journal
I'm struck by something whitebelt wrote in biscuits & gravy's journal:
Compartmentalizing in the moment is great to get through something in the short term, but disastrous over the long term if you don't ever dedicate time to process all of the things that you pushed aside during those times. If one doesn't ever process that, then life just becomes about chaining along distractions or doing everything you can to not think about those things. Similarly, relationships struggle when you can't process your emotions because you're so accustomed to pushing anything emotional to the side in order to focus on the present moment.
There's a lot in there for me to think about.
I am absolutely exhausted and really need a break. I am packing for a week-long trip to Pennsylvania. I am looking forward to a long plane ride when no one can email me and I can lose myself in couple of good operas.
Compartmentalizing in the moment is great to get through something in the short term, but disastrous over the long term if you don't ever dedicate time to process all of the things that you pushed aside during those times. If one doesn't ever process that, then life just becomes about chaining along distractions or doing everything you can to not think about those things. Similarly, relationships struggle when you can't process your emotions because you're so accustomed to pushing anything emotional to the side in order to focus on the present moment.
There's a lot in there for me to think about.
I am absolutely exhausted and really need a break. I am packing for a week-long trip to Pennsylvania. I am looking forward to a long plane ride when no one can email me and I can lose myself in couple of good operas.
Re: Kipling's Journal
Enjoy the time off. But…why PA..?
Re: Kipling's Journal
@ take2 - visiting an old friend who read ERE, retired at the age of 49, got married, and moved here.
Did a tour of Fallingwater which I’ve wanted to do for thirty years. Went to a car cruise. Took a road trip to see some other friends in Grand Rapids. Experienced the standard American diet.
Now packing for return to UK, and salad.
Did a tour of Fallingwater which I’ve wanted to do for thirty years. Went to a car cruise. Took a road trip to see some other friends in Grand Rapids. Experienced the standard American diet.
Now packing for return to UK, and salad.
Re: Kipling's Journal
Assets and liabilities check 02/05/24
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £961,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £4,000
Gross assets- £2,502,000
Liabilities
Credit cards - £7,000
Loans - £30,000
Mortgage - £578,000
Professional loans - £260,000
Gross liabilities- £875,000
Net - £1,627,000.
Solid month. NW went down very slightly, as pension fund went down, but at least I didn’t spend everything I earned.
Pension fund 1 down £9k despite £2k additional contributions. It's just market chatter, I'm entirely happy with my asset allocation.
Pension fund 2 is unchanged, net present value of a small final salary pension (bond equivalent).
Pension fund 3 (state pension, also bond equivalent) is unchanged, but I miscalculated its NPV last month. I need to make another four years of contributions to max it out.
Credit card debt is just a revolving balance paid off each month.
I am chipping away at loans and mortgage.
April: 12,432 steps average, 9 exercise sessions, 0 yoga sessions, £8,077 spent, with the big spending being some wine futures I had contracted for months ago and now had to pay for (£1,134) replacing some worn out clothes and having other repaired (£1,111), having my hi-fi speakers refurbished (£900), mortgage interest (£834), several dinners out mainly while abroad (£564), and driving lessons (£390). Didn’t buy any new wine in the month but drank some really lovely wines with lovely people. I am very lucky to have generous friends in that regard.
Had a week in Pennsylvania. Was good to see an old friend from the UK happily settled in the US, and was sociologically interesting, but the sheer volume of food was terrifying.
I am helping my mother with the logistics of buying a second, smaller, property in the centre of a town, that is less challenging for her to live in and allows for her to walk more and to have more social interaction without driving. The family home is a bit isolating for her; I guess she will sell it eventually, but she is not yet ready to let it go – which is fine, it's her money and her choice.
Have been through year end – a great year for me and for my team – so probably some more money for me next year – but I've been working way too hard and so my life has been short of enjoyment; am now instead working hard at institutional changes that will mean I don’t have to work so many hours, and that therefore enable me to carve out the time for exercise, and for serendipitous fun.
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £961,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £4,000
Gross assets- £2,502,000
Liabilities
Credit cards - £7,000
Loans - £30,000
Mortgage - £578,000
Professional loans - £260,000
Gross liabilities- £875,000
Net - £1,627,000.
Solid month. NW went down very slightly, as pension fund went down, but at least I didn’t spend everything I earned.
Pension fund 1 down £9k despite £2k additional contributions. It's just market chatter, I'm entirely happy with my asset allocation.
Pension fund 2 is unchanged, net present value of a small final salary pension (bond equivalent).
Pension fund 3 (state pension, also bond equivalent) is unchanged, but I miscalculated its NPV last month. I need to make another four years of contributions to max it out.
Credit card debt is just a revolving balance paid off each month.
I am chipping away at loans and mortgage.
April: 12,432 steps average, 9 exercise sessions, 0 yoga sessions, £8,077 spent, with the big spending being some wine futures I had contracted for months ago and now had to pay for (£1,134) replacing some worn out clothes and having other repaired (£1,111), having my hi-fi speakers refurbished (£900), mortgage interest (£834), several dinners out mainly while abroad (£564), and driving lessons (£390). Didn’t buy any new wine in the month but drank some really lovely wines with lovely people. I am very lucky to have generous friends in that regard.
Had a week in Pennsylvania. Was good to see an old friend from the UK happily settled in the US, and was sociologically interesting, but the sheer volume of food was terrifying.
I am helping my mother with the logistics of buying a second, smaller, property in the centre of a town, that is less challenging for her to live in and allows for her to walk more and to have more social interaction without driving. The family home is a bit isolating for her; I guess she will sell it eventually, but she is not yet ready to let it go – which is fine, it's her money and her choice.
Have been through year end – a great year for me and for my team – so probably some more money for me next year – but I've been working way too hard and so my life has been short of enjoyment; am now instead working hard at institutional changes that will mean I don’t have to work so many hours, and that therefore enable me to carve out the time for exercise, and for serendipitous fun.
Re: Kipling's Journal
Assets and Liabilities Check 04/06/24
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £974,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £5,000
Gross assets- £2,516,000
Liabilities
Credit cards - £9,000
Loans - £25,000
Mortgage - £574,000
Professional loans - £260,000
Gross liabilities- £868,000
Net - £1,648,000.
Good month financially. NW went up more than £20k. Debts down. Main pension fund up more than £13k. A good month on the stock market is a very heartening thing one you have built a decent stash.
12,638 steps average, 10 exercise sessions, 2 yoga sessions. 216 pounds. Have booked myself into a boot camp at the end of the month to kick start motivation there...
£13,737 spent. The majority was on work on the house. Standard painting of walls and woodwork I can, and do, do well because I enjoy work that shows results. But preparing and painting high ceilings and stairwells that haven't been touched for 20 years, repairing ceiling mouldings, and replastering whole rooms where the existing lath and plasterwork is 190 years old... not my forte. Also replaced a whole load of worn out work and leisure clothes. A long weekend in Frankfurt. A course of sessions with my personal trainer. A new-to-me refurbished classic pre-and power amplifier combo to go with my refurbished speakers. Mortgage interest. Driving lessons. Didn’t buy any wine, again, third month in a row. Still have lots of it to drink!
Worked very long hours in May, putting systems in place to make things a bit easier for myself at work in future. Have promised myself to take June easier. I am managing that so far.
DW has gone to see her parents for the weekend. I have had a low-pressure day and have mainly pottered - sat with the cat on my lap and read a novel for an hour after breakfast, went for a 'utility run' to the bank and then to the farmer's market, made a salad for lunch, did a couple of hours of work that wouldn't wait until Monday (while listening to the superbly refurbished hifi - I get great joy from a good classical recording), booked a good cat-sitter for while we are on summer holiday, cleaned out the freezer and catalogued its contents, decided on a few menus for the next week. I think I'll go to the gym now for a gentle weights session. Is this what early retirement is like? It's good.
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £974,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £5,000
Gross assets- £2,516,000
Liabilities
Credit cards - £9,000
Loans - £25,000
Mortgage - £574,000
Professional loans - £260,000
Gross liabilities- £868,000
Net - £1,648,000.
Good month financially. NW went up more than £20k. Debts down. Main pension fund up more than £13k. A good month on the stock market is a very heartening thing one you have built a decent stash.
12,638 steps average, 10 exercise sessions, 2 yoga sessions. 216 pounds. Have booked myself into a boot camp at the end of the month to kick start motivation there...
£13,737 spent. The majority was on work on the house. Standard painting of walls and woodwork I can, and do, do well because I enjoy work that shows results. But preparing and painting high ceilings and stairwells that haven't been touched for 20 years, repairing ceiling mouldings, and replastering whole rooms where the existing lath and plasterwork is 190 years old... not my forte. Also replaced a whole load of worn out work and leisure clothes. A long weekend in Frankfurt. A course of sessions with my personal trainer. A new-to-me refurbished classic pre-and power amplifier combo to go with my refurbished speakers. Mortgage interest. Driving lessons. Didn’t buy any wine, again, third month in a row. Still have lots of it to drink!
Worked very long hours in May, putting systems in place to make things a bit easier for myself at work in future. Have promised myself to take June easier. I am managing that so far.
DW has gone to see her parents for the weekend. I have had a low-pressure day and have mainly pottered - sat with the cat on my lap and read a novel for an hour after breakfast, went for a 'utility run' to the bank and then to the farmer's market, made a salad for lunch, did a couple of hours of work that wouldn't wait until Monday (while listening to the superbly refurbished hifi - I get great joy from a good classical recording), booked a good cat-sitter for while we are on summer holiday, cleaned out the freezer and catalogued its contents, decided on a few menus for the next week. I think I'll go to the gym now for a gentle weights session. Is this what early retirement is like? It's good.
Re: Kipling's Journal
TL/DR: Doing fairly well. Net worth growth:
September 2012 - 500k
October 2013 - 600k
February 2014 - 700k
March 2015 - 800k
July 2016 - 900k
May 2017 - 1000k
June 2019 - 1100k
September 2020 - 1200k
April 2021 - 1300k
February 2023 - 1400k
January 2024 - 1500k
March 2024 - 1600k
September 2012 - 500k
October 2013 - 600k
February 2014 - 700k
March 2015 - 800k
July 2016 - 900k
May 2017 - 1000k
June 2019 - 1100k
September 2020 - 1200k
April 2021 - 1300k
February 2023 - 1400k
January 2024 - 1500k
March 2024 - 1600k
Re: Kipling's Journal
I know I am not the only one of us here who needs 'alone time' to process their life. Dealing with my late father's affairs means that I have not had enough alone time for the past year. This weekend alone has been truly restorative.
As @whitebelt said in a post on @biscuitsandgravy's journal
"Compartmentalizing in the moment is great to get through something in the short term, but disastrous over the long term if you don't ever dedicate time to process all of the things that you pushed aside during those times. If one doesn't ever process that, then life just becomes about chaining along distractions or doing everything you can to not think about those things. Similarly, relationships struggle when you can't process your emotions because you're so accustomed to pushing anything emotional to the side in order to focus on the present moment"
I went for a slow solitary 8 mile run this morning and have been benefitting from the endorphins since. So, after the lunchtime salad, I have been completing my spending analysis from last year, which is not a wholly pleasant thing to face into, no matter how unique and pleasurable the underlying experiences were.
January 2023: 11,000 steps average, 9 exercise sessions, 1 yoga session, £34,235 spent, £25,379 of that on honeymoon bookings, £3,726 on wine, £2,848 on household expenses, £692 on meals out, £641 on food.
February 2023: 10,897 steps average, 6 exercise sessions, 4 yoga sessions, £6,570 spent, £3,019 of that on household expenses (mainly light fittings for rewiring), £941 on wine, £919 on travel expenses (mostly driving lessons).
March 2023: 11,857 steps average, 3 exercise sessions, 2 yoga sessions, £20,283 spent, £15,682 of that on household expenses (mainly £13,893 relating to the rewiring)), £1,600 on wine, £855 on a new will, £711 on holiday expenses.
April 2023: 9,863 steps average, 6 exercise sessions, 4 yoga sessions, £7,050 spent, £3,281 of that on honeymoon, £1,569 of household expenses, £771 on wine.
May 2023: 9,685 steps average, 8 exercise sessions, 2 yoga sessions, £5,038 spent, of that £1,681 on household expenses, £1,592 on wine, £981 on meals out and concerts, £845 on food.
June 2023: 8,936 steps average, 4 exercise sessions, 0 yoga sessions, £8,898 spent, of that £4,339 on household expenses, mainly renovations, £1,053 on a brief holiday, £924 on domestic travel, £775 on food, £555 on meals out and concerts.
July 2023: 10,291 steps average, 12 exercise sessions, 0 yoga sessions, £8,322 spent, of that, £3,054 on household expenses, again renovations, £1,297 on holidaying, £1,015 on wine, £748 on food, £636 on meals out and concerts.
August 2023: 10,846 steps average, 10 exercise sessions, 0 yoga sessions, £8,361 spent, £3,252 on household expenses, again renovations, £1,360 on wine (picking up things in the US after the wine holiday), £1,047 on holidaying (it ran over the month end from the previous month), £992 on things relating to my hobbies, £683 on other meals out.
September 2023: 11,933 steps average, 8 exercise sessions, 1 yoga session, £8,938 spent, £1,659 relating to the car and domestic travel, £1,451 on household expenses, £1,093 on meals out, £972 on wine, £757 on food.
October 2023: 13,062 steps average, 12 exercise sessions, 0 yoga sessions, £7,589 spent, £1,626 on household expenses, £1,608 on wine, £1,543 on things relating to my hobbies, £674 on food, £490 on meals out.
November 2023: 12,979 steps average, 9 exercise sessions, 2 yoga sessions, £18,401 spent, £10,762 on the replacement car and other domestic travel, £2,464 on household expenses (some more works), £1,844 on future holidays, £1,721 on wine, £727 on food.
December 2023: 11,540 steps average, 5 exercise sessions, 1 yoga session, £8,343 spent, £2,621 on household expenses (emergency plumbers are expensive) £1,283 on wine, £1,100 on meals out, £1,025 on food, £495 on travel.
There's a sort of social round of obligation one has to do with colleagues, clients, and friends in December. Every year I dislike more the pressure to over-indulge. I recall I basically felt slightly poisoned by all the food and wine by the time Christmas came.
On a similar note, last weekend my wife and I went out for a celebratory dinner in a Michelin-starred restaurant. It was good but ultimately, we decided, the food was too rich - everything had a specific sauce or reduction (or in some cases both). I had two further dinners out this last week but they, happily, consisted of excellent food, relatively plainly served (and were also relatively inexpensive).
Which meant, when Saturday morning came, I felt up to going for a run rather than needing a morning in bed with a bottle of water.
As @whitebelt said in a post on @biscuitsandgravy's journal
"Compartmentalizing in the moment is great to get through something in the short term, but disastrous over the long term if you don't ever dedicate time to process all of the things that you pushed aside during those times. If one doesn't ever process that, then life just becomes about chaining along distractions or doing everything you can to not think about those things. Similarly, relationships struggle when you can't process your emotions because you're so accustomed to pushing anything emotional to the side in order to focus on the present moment"
I went for a slow solitary 8 mile run this morning and have been benefitting from the endorphins since. So, after the lunchtime salad, I have been completing my spending analysis from last year, which is not a wholly pleasant thing to face into, no matter how unique and pleasurable the underlying experiences were.
January 2023: 11,000 steps average, 9 exercise sessions, 1 yoga session, £34,235 spent, £25,379 of that on honeymoon bookings, £3,726 on wine, £2,848 on household expenses, £692 on meals out, £641 on food.
February 2023: 10,897 steps average, 6 exercise sessions, 4 yoga sessions, £6,570 spent, £3,019 of that on household expenses (mainly light fittings for rewiring), £941 on wine, £919 on travel expenses (mostly driving lessons).
March 2023: 11,857 steps average, 3 exercise sessions, 2 yoga sessions, £20,283 spent, £15,682 of that on household expenses (mainly £13,893 relating to the rewiring)), £1,600 on wine, £855 on a new will, £711 on holiday expenses.
April 2023: 9,863 steps average, 6 exercise sessions, 4 yoga sessions, £7,050 spent, £3,281 of that on honeymoon, £1,569 of household expenses, £771 on wine.
May 2023: 9,685 steps average, 8 exercise sessions, 2 yoga sessions, £5,038 spent, of that £1,681 on household expenses, £1,592 on wine, £981 on meals out and concerts, £845 on food.
June 2023: 8,936 steps average, 4 exercise sessions, 0 yoga sessions, £8,898 spent, of that £4,339 on household expenses, mainly renovations, £1,053 on a brief holiday, £924 on domestic travel, £775 on food, £555 on meals out and concerts.
July 2023: 10,291 steps average, 12 exercise sessions, 0 yoga sessions, £8,322 spent, of that, £3,054 on household expenses, again renovations, £1,297 on holidaying, £1,015 on wine, £748 on food, £636 on meals out and concerts.
August 2023: 10,846 steps average, 10 exercise sessions, 0 yoga sessions, £8,361 spent, £3,252 on household expenses, again renovations, £1,360 on wine (picking up things in the US after the wine holiday), £1,047 on holidaying (it ran over the month end from the previous month), £992 on things relating to my hobbies, £683 on other meals out.
September 2023: 11,933 steps average, 8 exercise sessions, 1 yoga session, £8,938 spent, £1,659 relating to the car and domestic travel, £1,451 on household expenses, £1,093 on meals out, £972 on wine, £757 on food.
October 2023: 13,062 steps average, 12 exercise sessions, 0 yoga sessions, £7,589 spent, £1,626 on household expenses, £1,608 on wine, £1,543 on things relating to my hobbies, £674 on food, £490 on meals out.
November 2023: 12,979 steps average, 9 exercise sessions, 2 yoga sessions, £18,401 spent, £10,762 on the replacement car and other domestic travel, £2,464 on household expenses (some more works), £1,844 on future holidays, £1,721 on wine, £727 on food.
December 2023: 11,540 steps average, 5 exercise sessions, 1 yoga session, £8,343 spent, £2,621 on household expenses (emergency plumbers are expensive) £1,283 on wine, £1,100 on meals out, £1,025 on food, £495 on travel.
There's a sort of social round of obligation one has to do with colleagues, clients, and friends in December. Every year I dislike more the pressure to over-indulge. I recall I basically felt slightly poisoned by all the food and wine by the time Christmas came.
On a similar note, last weekend my wife and I went out for a celebratory dinner in a Michelin-starred restaurant. It was good but ultimately, we decided, the food was too rich - everything had a specific sauce or reduction (or in some cases both). I had two further dinners out this last week but they, happily, consisted of excellent food, relatively plainly served (and were also relatively inexpensive).
Which meant, when Saturday morning came, I felt up to going for a run rather than needing a morning in bed with a bottle of water.
Re: Kipling's Journal
Assets and Liabilities Check 08/07/24
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £984,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £0
Gross assets- £2,521,000
Liabilities
Credit cards - £5,000
Loans - £39,000
Mortgage - £571,000
Professional loans - £260,000
Gross liabilities- £875,000
Net - £1,646,000.
A challenging month financially with a lot more money going out than coming in. Financial resources accordingly somewhat constrained and I'll be living on the credit card this month. Thankfully another periodic lump of money lands at the end of August.
14,170 steps average, 19 exercise sessions, 1 yoga session. 211 pounds. Went on a fitness break at the end of the month, very successful in terms of kickstarting my health and general wellbeing. I am feeling pretty healthy and eating better than I was.
£17,487 spent. Major categories were £5,437 on comprehensive exterior redecoration of the house and getting the roof leaks fixed. £2,693 on paying for the summer holiday. £2,110 on household and car insurance. £1,336 on the fitness break. £1,075 on wine I committed to purchasing 6 months ago en primeur - didn't buy any more wine, fourth month in a row, still have lots of the good stuff although starting to get to the point where I am running out of 'wine that is not for special occasions'. £864 on interest.
Worked more sensible hours in June, the previous hard work starting to pay off in terms of automation of processes. Had a really good win on a case after trial that, although not involving hundreds of millions, is nevertheless very important to the client group. So that is a pretty sweet feeling. More than 90% of what I do I settle before trial because there is always risk, but pushing this one all the way was the right decision.
Helping my mother arrange her affairs is going well. Mostly there on the purchase of the smaller house in town, contracts for purchase should be exchanged next week. Now, after six months of trying, I have a reasonable quote for the repair of the larger house in the country which, having discussed with her, I intend to agree. A further tranche of my father's possessions are going to auction and so there will be more money flowing to her from that; but actually she's doing pretty well financially. Filled another big skip with rubbish from the house in the country of which there is an almost inexhaustible supply - I reckon I am no more than half way there on that after eleven months of work. But I will keep pegging away to sort it out. At least it provides functional fitness exercise hefting four tons of rubbish into a skip every time I go up there.
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £984,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £0
Gross assets- £2,521,000
Liabilities
Credit cards - £5,000
Loans - £39,000
Mortgage - £571,000
Professional loans - £260,000
Gross liabilities- £875,000
Net - £1,646,000.
A challenging month financially with a lot more money going out than coming in. Financial resources accordingly somewhat constrained and I'll be living on the credit card this month. Thankfully another periodic lump of money lands at the end of August.
14,170 steps average, 19 exercise sessions, 1 yoga session. 211 pounds. Went on a fitness break at the end of the month, very successful in terms of kickstarting my health and general wellbeing. I am feeling pretty healthy and eating better than I was.
£17,487 spent. Major categories were £5,437 on comprehensive exterior redecoration of the house and getting the roof leaks fixed. £2,693 on paying for the summer holiday. £2,110 on household and car insurance. £1,336 on the fitness break. £1,075 on wine I committed to purchasing 6 months ago en primeur - didn't buy any more wine, fourth month in a row, still have lots of the good stuff although starting to get to the point where I am running out of 'wine that is not for special occasions'. £864 on interest.
Worked more sensible hours in June, the previous hard work starting to pay off in terms of automation of processes. Had a really good win on a case after trial that, although not involving hundreds of millions, is nevertheless very important to the client group. So that is a pretty sweet feeling. More than 90% of what I do I settle before trial because there is always risk, but pushing this one all the way was the right decision.
Helping my mother arrange her affairs is going well. Mostly there on the purchase of the smaller house in town, contracts for purchase should be exchanged next week. Now, after six months of trying, I have a reasonable quote for the repair of the larger house in the country which, having discussed with her, I intend to agree. A further tranche of my father's possessions are going to auction and so there will be more money flowing to her from that; but actually she's doing pretty well financially. Filled another big skip with rubbish from the house in the country of which there is an almost inexhaustible supply - I reckon I am no more than half way there on that after eleven months of work. But I will keep pegging away to sort it out. At least it provides functional fitness exercise hefting four tons of rubbish into a skip every time I go up there.
Re: Kipling's Journal
Assets and Liabilities Check 05/08/24
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £987,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £0
Gross assets- £2,524,000
Liabilities
Credit cards - £10,000
Loans - £35,000
Mortgage - £568,000
Professional loans - £260,000
Gross liabilities- £873,000
Net - £1,651,000.
17,026 steps average, 21 exercise sessions, 1 yoga session. 213 pounds. A fitness break at the end of June helped with the numbers. Has a medical checkup last week which had me in pretty comprehensively good shape other than the excess poundage.
£9,310 spent. Major categories were £1,736 on the next two holidays (including £210 on a new rucksack – at least that should last 20 years), £1,154 on wine (again, stuff committed to acquiring 6 months ago, I still haven't ordered any more since February), £1,002 on picture framing for art I've had waiting a long time (in some cases, I find, almost 20 years), £900 on interest, £904 on cat maintenance (mainly dentistry; ouch; but the poor little mite feels better now).
Was very busy at work, with a two week trial, but still had time to tick off some of 'irritatingly hasn’t been done yet' tasks which felt good. Things are now winding down a bit at work (the civil courts in the Uk are mainly closed in August). Looking forward to the summer break myself.
Spent this last weekend with an old friend in Devon who retired a decade ago. Now 69, he is fit as a fiddle, 5'10 and 150 pounds, cycles 60 miles twice a week, continues to innovate in relation to his health and wellbeing (for example, has just got himself a hanging bar) – he is really keeping on top of things. But his wife isn’t in such a great way, she has neglected her health a bit, and is now getting very forgetful, and that's starting to cause real difficulties. Hmmm. Nota bene, Kipling.
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £987,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £0
Gross assets- £2,524,000
Liabilities
Credit cards - £10,000
Loans - £35,000
Mortgage - £568,000
Professional loans - £260,000
Gross liabilities- £873,000
Net - £1,651,000.
17,026 steps average, 21 exercise sessions, 1 yoga session. 213 pounds. A fitness break at the end of June helped with the numbers. Has a medical checkup last week which had me in pretty comprehensively good shape other than the excess poundage.
£9,310 spent. Major categories were £1,736 on the next two holidays (including £210 on a new rucksack – at least that should last 20 years), £1,154 on wine (again, stuff committed to acquiring 6 months ago, I still haven't ordered any more since February), £1,002 on picture framing for art I've had waiting a long time (in some cases, I find, almost 20 years), £900 on interest, £904 on cat maintenance (mainly dentistry; ouch; but the poor little mite feels better now).
Was very busy at work, with a two week trial, but still had time to tick off some of 'irritatingly hasn’t been done yet' tasks which felt good. Things are now winding down a bit at work (the civil courts in the Uk are mainly closed in August). Looking forward to the summer break myself.
Spent this last weekend with an old friend in Devon who retired a decade ago. Now 69, he is fit as a fiddle, 5'10 and 150 pounds, cycles 60 miles twice a week, continues to innovate in relation to his health and wellbeing (for example, has just got himself a hanging bar) – he is really keeping on top of things. But his wife isn’t in such a great way, she has neglected her health a bit, and is now getting very forgetful, and that's starting to cause real difficulties. Hmmm. Nota bene, Kipling.
Re: Kipling's Journal
Assets and Liabilities Check 1/09/24
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £1,042,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £15,000
Gross assets- £2,594,000
Liabilities
Credit cards - £9,000
Loans - £30,000
Mortgage - £568,000
Professional loans - £260,000
Gross liabilities- £867,000
Net - £1,727,000.
Finances had an absolutely stellar month, Spent a lot, but got paid even more, so able to chip a bit off the debt mountain. And, pension fund up more than 5%, smashing though the £1m barrier. This has been an absolutely great year to be in the stock market - last period I remember like this was back in late 2013 / early 2014.
Anyway, the combination of lots coming in, less going out, and a rising stock market, has taken my total NW up a startling £76,000 in a month. There's a pleasant (and I am sure temporary) sense of my net worth being in runaway mode. It's certainly a pretty stark demonstration of the way in which monthly variation in the value of the stash can dwarf your earnings once the pot is big enough. No doubt there will be a 10%+ correction at some point, but in the meantime it sure is fun.
Also went through the £1.7m NW mark, 12 years after I went through the £500k mark (September 2012 was that point and coincidentally when I started tracking NW in earnest). I am glad to have 'caught up' on progress. Back in the days when I was saving 60% of what I earned, into a rising market, I got used to clicking through another £100k of NW approximately yearly, and the time gaps between £100k increments between May 2017 and June 2019, and between April 2021 and February 2023, were quite emotionally wearing.
£6,605 was the spending figure. Major categories of expenditure were holiday spending at £1,739, wine £1,125, interest £903. [Also had an old briefcase repaired. Took me 18 months to find someone to do it, and cost £190 to get it done, but I like the case and they aren't made any more. I hate throwing away things that are good and fixable so it is an outsize emotional victory.]
16,596 steps average, 16 exercise sessions, 0 yoga sessions. 211 pounds. Had a lovely active summer holiday in the Dolomites. Ate well, drank some inexpensive nice wine, did lots of walking up hills, didn’t put weight on. Actively working on my health, watching my workload more carefully, and sort of actively trying to 'enjoy the ride' a bit at work is really making me feel better. Have booked myself in for a half marathon in November and a marathon in January.
Completed on the purchase of the smaller house in town for my mother. Insured it for her. Repair of the larger house in the country is now ongoing. After my holiday I had an excellent functional fitness weekend at the larger house, filling yet another skip with rubbish, and cutting back the vegetation that was pulling the drainpipes off the walls. Further tranches of my father's possessions are scheduled for auction in October, December, January and March which will provide additional cash for the repair works. Need to do my mother's tax return next. Even though it means progress on my own house is slow, I am glad to be able to help her with this stuff. When presented with clearly articulated options for resolving the things she has identified as problems, she will usually make decisions, as opposed to putting her head in the sand as my father used to do, so it's not terribly stressful to deal with now the way forward is set.
September 2012 - 500k
October 2013 - 600k
February 2014 - 700k
March 2015 - 800k
July 2016 - 900k
May 2017 - 1000k
June 2019 - 1100k
September 2020 - 1200k
April 2021 - 1300k
February 2023 - 1400k
January 2024 - 1500k
March 2024 - 1600k
August 2024 - 1700k
Assets
Property - £992,000
Saleable collections - £42,000
Car - £10,000
Pension 1 - £1,042,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £15,000
Gross assets- £2,594,000
Liabilities
Credit cards - £9,000
Loans - £30,000
Mortgage - £568,000
Professional loans - £260,000
Gross liabilities- £867,000
Net - £1,727,000.
Finances had an absolutely stellar month, Spent a lot, but got paid even more, so able to chip a bit off the debt mountain. And, pension fund up more than 5%, smashing though the £1m barrier. This has been an absolutely great year to be in the stock market - last period I remember like this was back in late 2013 / early 2014.
Anyway, the combination of lots coming in, less going out, and a rising stock market, has taken my total NW up a startling £76,000 in a month. There's a pleasant (and I am sure temporary) sense of my net worth being in runaway mode. It's certainly a pretty stark demonstration of the way in which monthly variation in the value of the stash can dwarf your earnings once the pot is big enough. No doubt there will be a 10%+ correction at some point, but in the meantime it sure is fun.
Also went through the £1.7m NW mark, 12 years after I went through the £500k mark (September 2012 was that point and coincidentally when I started tracking NW in earnest). I am glad to have 'caught up' on progress. Back in the days when I was saving 60% of what I earned, into a rising market, I got used to clicking through another £100k of NW approximately yearly, and the time gaps between £100k increments between May 2017 and June 2019, and between April 2021 and February 2023, were quite emotionally wearing.
£6,605 was the spending figure. Major categories of expenditure were holiday spending at £1,739, wine £1,125, interest £903. [Also had an old briefcase repaired. Took me 18 months to find someone to do it, and cost £190 to get it done, but I like the case and they aren't made any more. I hate throwing away things that are good and fixable so it is an outsize emotional victory.]
16,596 steps average, 16 exercise sessions, 0 yoga sessions. 211 pounds. Had a lovely active summer holiday in the Dolomites. Ate well, drank some inexpensive nice wine, did lots of walking up hills, didn’t put weight on. Actively working on my health, watching my workload more carefully, and sort of actively trying to 'enjoy the ride' a bit at work is really making me feel better. Have booked myself in for a half marathon in November and a marathon in January.
Completed on the purchase of the smaller house in town for my mother. Insured it for her. Repair of the larger house in the country is now ongoing. After my holiday I had an excellent functional fitness weekend at the larger house, filling yet another skip with rubbish, and cutting back the vegetation that was pulling the drainpipes off the walls. Further tranches of my father's possessions are scheduled for auction in October, December, January and March which will provide additional cash for the repair works. Need to do my mother's tax return next. Even though it means progress on my own house is slow, I am glad to be able to help her with this stuff. When presented with clearly articulated options for resolving the things she has identified as problems, she will usually make decisions, as opposed to putting her head in the sand as my father used to do, so it's not terribly stressful to deal with now the way forward is set.
September 2012 - 500k
October 2013 - 600k
February 2014 - 700k
March 2015 - 800k
July 2016 - 900k
May 2017 - 1000k
June 2019 - 1100k
September 2020 - 1200k
April 2021 - 1300k
February 2023 - 1400k
January 2024 - 1500k
March 2024 - 1600k
August 2024 - 1700k
-
guitarplayer
- Posts: 1683
- Joined: Thu Feb 27, 2020 6:43 pm
- Location: Scotland
Re: Kipling's Journal
I finally found a precedence of someone accounting for their state pension when talking of net worth, thanks for that! It just seems too unreasonable not to count it in some form. Please could you share how you derive net present value?
ETA: Never mind, I see you already explained this.
ETA: Never mind, I see you already explained this.
Re: Kipling's Journal
@ guitarplayer - absolutely is a value in the calculation albeit not a big one. The calculations I make assume a normal UK male lifespan for my socioeconomic cohort. ERE is an exercise in actuarial studies but at an individual human level.
(If I die before I retire I have life insurance that pays all my debts and delivers substantially my entire net worth to my wife. I am literally worth more dead than alive right now.)
It seems odd to me not to include something that is a legal right in your jurisdiction that is going to provide value if you make it to the age you assume. Obviously if I don’t make it it is worthless. But if so, see above analysis.
(If I die before I retire I have life insurance that pays all my debts and delivers substantially my entire net worth to my wife. I am literally worth more dead than alive right now.)
It seems odd to me not to include something that is a legal right in your jurisdiction that is going to provide value if you make it to the age you assume. Obviously if I don’t make it it is worthless. But if so, see above analysis.
Re: Kipling's Journal
Assets and Liabilities Check 3/10/24
Assets
Property - £973,000
Saleable collections - £38,000
Car - £10,000
Pension 1 - £1,026,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £4,000
Gross assets- £2,544,000
Liabilities
Credit cards - £7,000
Loans - £28,000
Mortgage - £561,000
Professional loans - £260,000
Gross liabilities- £856,000
Net - £1,688,000.
Values of assets went down a bit so total net went down but it's basically chatter - still second highest total ever. Knocked a few quid off the debts.
£5,514 was the spending figure. Major categories of expenditure were wine £1,923, interest £892, food £766, household expenses £526, shoe repairs £475.
13,609 steps average, 10 exercise sessions, 1 yoga session. 217 pounds. Flat out with work. Too many takeaways. Lots of meals out on a series of work trips. Caught Covid again towards the end of the month into the bargain, and have felt pretty dreadful for the last fortnight as a result. Will need to start again on the running and exercise this weekend.
Repairs to my mother's house in the country are ongoing. There are going to be some unpleasantly substantial extra expenses – a circa £4,000 roof repair has become a circa £25,000 repair - it's a slate roof so specialist stuff. Spent last weekend up there, filling yet another skip with rubbish and cutting back some overgrown trees. Total number of 8 cubic yard skips which will have been filled by the time we are finished dealing with the rubbish now probably 25 – 15 down, 10 to go.
Covid makes me extremely depressed. I feel that this was a month that was largely endured rather than enjoyed.
Assets
Property - £973,000
Saleable collections - £38,000
Car - £10,000
Pension 1 - £1,026,000
Pension 2 - £95,000
Pension 3 - £138,000
Professional assets - £260,000
ISAs - £0
NS&I - £0
Cash - £4,000
Gross assets- £2,544,000
Liabilities
Credit cards - £7,000
Loans - £28,000
Mortgage - £561,000
Professional loans - £260,000
Gross liabilities- £856,000
Net - £1,688,000.
Values of assets went down a bit so total net went down but it's basically chatter - still second highest total ever. Knocked a few quid off the debts.
£5,514 was the spending figure. Major categories of expenditure were wine £1,923, interest £892, food £766, household expenses £526, shoe repairs £475.
13,609 steps average, 10 exercise sessions, 1 yoga session. 217 pounds. Flat out with work. Too many takeaways. Lots of meals out on a series of work trips. Caught Covid again towards the end of the month into the bargain, and have felt pretty dreadful for the last fortnight as a result. Will need to start again on the running and exercise this weekend.
Repairs to my mother's house in the country are ongoing. There are going to be some unpleasantly substantial extra expenses – a circa £4,000 roof repair has become a circa £25,000 repair - it's a slate roof so specialist stuff. Spent last weekend up there, filling yet another skip with rubbish and cutting back some overgrown trees. Total number of 8 cubic yard skips which will have been filled by the time we are finished dealing with the rubbish now probably 25 – 15 down, 10 to go.
Covid makes me extremely depressed. I feel that this was a month that was largely endured rather than enjoyed.
Re: Kipling's Journal
Thanks for your journal update. I love to read about spending my monthly budget on wine 
Your cash reserves seem low at two months of wine? I keep 6 months of all expenses in cash.
Your cash reserves seem low at two months of wine? I keep 6 months of all expenses in cash.Re: Kipling's Journal
@ delay - not all of it is to drink this month! I have just ended a six month wine buying moratorium.
Yes visible cash reserves are low. But there is an additional invisible cash reserve, of about £125,000 in net earnings, tied up in the business (over and above my £260,000 partnership capital), that will pay out over the 18 months after our financial year end. I don't count that as 'mine' until I get it, but in fact it is a known and quantified buffer. Obviously that reserve would evaporate if my firm went pop, but we are extremely conservative about distributions, much more so than the average, so that is very unlikely.
Yes visible cash reserves are low. But there is an additional invisible cash reserve, of about £125,000 in net earnings, tied up in the business (over and above my £260,000 partnership capital), that will pay out over the 18 months after our financial year end. I don't count that as 'mine' until I get it, but in fact it is a known and quantified buffer. Obviously that reserve would evaporate if my firm went pop, but we are extremely conservative about distributions, much more so than the average, so that is very unlikely.
-
guitarplayer
- Posts: 1683
- Joined: Thu Feb 27, 2020 6:43 pm
- Location: Scotland
Re: Kipling's Journal
Hope you're feeling better post covid @Kipling! I'm lucky never to have gotten it, don't even want to think how I'd feel with it given how I normally feel even with a regular flu.
Re: Kipling's Journal
@ guitarplayer - thank you. I am feeling better and I am back to regular exercise which really helps. 8k this morning before breakfast - set the day up nicely.
Re: Kipling's Journal
I just had a few days up at my mother’s house on my own. I cut up quite a lot of wood to replenish supplies for the fires there, filled another skip with rubbish from the garden (16 down, probably 9 to go, feels a bit like the Augean stables at times but I AM making progress),fixed a whole bunch of small irritating things (stuck curtains, missing curtain rings, drawers that weren’t opening smoothly). I realised I am again over-scheduling my life. I do need to spend a couple of weekends a month with nothing particular planned, awaking naturally, pottering around sorting things out, spending the evening reading books or listening to music; otherwise life becomes unliveable really quite fast.