One year closer to Financial Independence
This month sees the first anniversary of www.EarlyRetirementGuy.com and with it.. 1 year closer to financial independence!
I can’t believe it’s been a year since beginning my online journey to detail the financial ups and downs of a 20-something trying to retire early in the UK. Since then so much has happened, so much has changed and I’m now so much closer to the dream of financial independence. Now very much in my late 20s, I’ve been extremely fortunate this past year to see significant networth growth and personal development. This time last year I wouldn’t have imagined that I’d be quitting my job. getting my first car and making substantial mortgage overpayments. All of this was done with the end goal of an early retirement in mind and bringing us one step closer to that finishing line.
It hasn’t all be smooth sailing this past year though. There’s been some real tough decisions to make, as I spent a long time trying to decide whether to make the jump and give up my extremely comfortable job for a new high stress but high reward option. Ultimately now that I’ve fully settled in I think it was the right call and the compounding effect of pay % rises on a higher initial salary will make a big difference in the long run.
This first year of Early Retirement Guy has been a pretty awesome one, and there are a few key areas that have helped to contribute to the site the most:
The Financials
At the end of this month will be the final year Income/Expenses and from that I can begin properly estimating annual expenses and calculating a potential retirement date. I’ve said it many times before, but it really is important to keep a track of your income/expenses so that you can identify issues and make future calculations. I’ve listed mine for all to see over in the newly created category.
Also important to track has been my networth. I’ve fallen into the trap in the past of just imagining my savings disappearing into a deep hole without any appreciation of where they’re going and how it#’s all stacking up. With automated pension deducations and mortgage overpayments; it can be easy to feel that the money is literally disappearing without any immediate gain. I’ve therefore been tracking the networth and have created a new page to easily list it.
The Company
A few years ago I was happily swimming along in the normal 45 year career timespan, spending and saving in the normal sort of areas and all the while oblivious to the real options available to me. Through a weird combination of google keyword searches and forum links, I found myself reading some of the excellent material produced by other financial writers out there who opened my eyes to the possibility of not working all my life!
Over the years since then, many of the blogs and writers behind them have come and gone.. however several continue to produce excellent advice and though provoking articles which really help me along on the journey. I’ve listed many of these on the UK Blogs and Other Blogs pages. Without these people, I’d still be working until I was 67, up-sizing my house at every opportunity and taking several foreign holidays a year.
Also I’d like to say a huge thank you to everyone who has commented, emailed, private messaged or even argued over a point on the forums with me. Being on this journey can seem lonely at times when everyone else around us is out spending money and living for the current. It’s this community of fellow like-minded individuals like you reading this who help me keep on working away at achieving my goals.
The Writing
Back in secondary school I was pretty terrible at any form of creative writing. I could put together a pretty sweet business proposal.. but structuring my own thoughts or musings was almost impossible. By creating this site and continuing to maintain it over the years, I’ve written tens of thousands of words to share my experiences and views with others. I’m honoured every time anyone else mentions my site or writings within their own site, and it’s certainly never something I thought would ever happen!
The Future
Now I’ve had a whole year recorded online from which I can now look back on, it’s clear that Financial Independence is possible and far sooner than many would imagine. I’d love to continue contributing to the site, to share my thoughts and experiences with you and to continue hearing your own comments back. It seems the number of UK Personal Finance blogs is growing every month and this can only be a good thing as more people realise they can join the journey as well. I’m proud to be a part of this community and believe we could and should make it bigger and stronger. People like Huw over at Financially Free by Forty have started organising UK gatherings to bring the community together while I know people like Ermine at Simple Living in Suffolk continue to reach out to potentially new members through thought provoking forum contributions.
I think we’re still a long way off having a UK version of the FinCon blogger’s area, but with the growing number of people here becoming interested in personal finance beyond the minimum pension contributions.. it’s something we might see here eventually?
Another thought I had would be the possibility of hosting a dedicated UK Personal Finance forum with an emphasis on Early Retirement and Financial Independence. I know MSE hosts excellent Savings/Investment and Retirement sections, however the advice there seems too be to generalised on the normal “Save 5% of your income” media message. Would this be something my fellow UK readers would be interested in?
Finally, all that’s left to say is thank you for being part of my journey so far and I can’t wait to see what’s coming next.. it’s going to be an interesting ride!
17 thoughts on “One year closer to Financial Independence”
Congratulations on the first of many years blogging I hope. Definitely think a UK forum with FI focus has merit. Agree that while an amazing resource, the FIRE view isn’t really mainstream enough there. Talk of a specific forum for FIRE has been discussed but met with some resistance from the stalwarts of the board.
Keep up the great blog. It’s one I visit regularly
Thank you GF! I did see the discussion around creating an ER forum on MSE and the idea being shot down rather promptly. Perhaps such a mainstream site like that isn’t the right audience for it. Indeed I often cringe when reading some of MSE’s financial advice which comes across as a rehash of the same old ‘save 5% rules’ while missing many of the other possibilities.
Hi Guy,
Great post all around.
It’s amazing how quick a year flies by. Yet it’s comforting to know how quickly FI will be upon us and reassuring how quickly we adapt to new things like writing. I don’t know about you, but stopping Blogging completely right now would feel weird. Like I’m missing something and I’ve only been going less than 18 months.
You have a huge amount to proud of over the last 12 months. Congratulations on the progress you’ve made on those many areas. You are helping to inspire others with the actions you’re taking. Keep up the good work!
Like you, I hope to continue raising the awareness of Personal Finance, Investing, Budgeting, Early Retirement, FI etc, as it can be a taboo subject for many and it needn’t be. Who know’s, perhaps we’ll have a UK FinCon someday.
Here’s to many more progressive, challenging, and fun years!
Cheers
Huw
Thank you Huw,
It has indeed gone so fast. I’m finding that as I get older, the years start going along quicker each time. I guess that’s because when you’re 10; a single year is 1/10th of your whole existence however as you get older each year becomes less and less.
You’ve done a great job so far with organising the first meet ups. Personal finance is such a taboo subject in the UK especially and so it helps to spread the word as much as possible that it is okay to talk and ask questions about.
Congrats on hitting the one year mark!! I have not been blogging quite as long as you but I love it and will definitely keep it going.
Thanks for sharing your life on the other side of the pond. Keep up the great work
ADD
Thank you ADD. Always good to hear from others outside of the UK and thanks for sharing your own experiences too.
One year! Well done. It has been great following you so far. Here’s to the next year and beyond!
I think you’re right. You can definitely feel a momentum in the UK towards personal finance blogging and financial independence. It is encouraging. The real test is how robust this community is in the face of a financial meltdown! But it is looking good at the moment.
There is so much more that can be done to publicise and broaden the appeal of the community. But, obviously, the more members and the more visible they are the better!
Keep up the good work, Guy!
Thanks DD, it’s been great having you along for the ride.
I’ve been really enjoying reading this blog (and all the other UK FIRE blogs). I don’t have my own yet, but I am just starting out. I also feel quite lucky to have stumbled across the FIRE movement.
Where can I find more information on a meetup? It would be funny meeting face to face with the people behind all these words I’ve been reading :) – I read somewhere that a York trip is being organised. I happen to live in York, so it would be nice to pop along :)
Hello Benno,
Thanks for commenting and getting involved. If you’re considering starting a site then I’d definitely recommended it.. if only as a place to keep records of income/expenses. If you’re interested in any of the meetups, Huw is your man. Details of the next meetup are over at http://financiallyfreebyforty.blogspot.co.uk/2015/04/summer-uk-gathering-2015-york-dates.html
Hi Benno
I live in York too, so if you fancy meeting up for a pint and a discussion about how we might start something in our fair city, let me know!
> It seems the number of UK Personal Finance blogs is growing every month and this can only be a good thing as more people realise they can join the journey as well.
If there’s one thing that I’m glad to observe since the GFC it is the increasing awareness particularly among younger people earning well that they have options. There’s nothing wrong with working for The Man for 45 years, but there is something wrong with doing that on autopilot. You only have one life, and 45 years is a big chunk of it.
Dunno if a forum would work. Part of the issue is that the fight with oneself and consumerism is a lonely one, because the opponent isn’t really the admen or consumerism i general but the balance between jam today and jam tomorrow, and that battle lies between your ears. On the other hand there’s good sense of common cause so perhaps it would work. Monevator asked this question a while ago – there’s a case to be made that things are sufficiently different now (!) to merit consideration.
Congratulations on your anniversary, progress and using the awareness. and here’s to the next year, and to the sunlit uplands of FI. Beats working any day ;)
It’s exactly that autopilot mindset that I found myself in. Funnily enough, almost all mainstream financial advice I’ve seen has actually encouraged the autopilot route towards savings both inside and outside of retirement funds: Setup the percentages/auto-transfers and then just completely forget about it for 45 years. Indeed.. there’s nothing wrong with that if you actively choose to cruise along however people ought to know that there are other options available.
I agree with the lonely battle point, indeed Ive mentioned it before.. however taking a look over at the MMM forum shows just how valuable some of the contributions there can be. A place to bounce ideas around and get feedback from others who might have tried similar things. I’ve read through Monevator’s post and he raises some good points about potential issues however I think the gain might outweigh the risks. Obviously for something like this to work it would need active contribution from knowledgeable people such as yourself.. and that’s the main area I think we may struggle as the pool of people who have actually achieved financial independence in the UK who would be willing to discuss it openly seems very limited.
Congratulations on your birthday! I’d encourage you wholeheartedly to keep it up because I’m always looking for good FIRE bloggers based in the UK. Much as I like and appreciate Mr Moustache, Jacob Fisker, Financial Samurai et al, their discussions sometimes don’t feel to relevant or in tune to our cultural outlook in the UK. Much as I admire Martin Lewis of Money Saving Expert, he’s a bit too manic for me and Early Retirement isn’t something he’s focused on either. Right now, I’m “Living the Dream” of FIRE having had it enforced on me at fifty through redundancy and am thinking about blogging my way through the experience because it isn’t all sweetness and light! But the goal of getting to FI is more than a worthy one and the things that you need to do to achieve it deserve much more publicity and discussion than they receive here in the UK.
Anyway, keep up the good work and good luck on the journey!
Thank you Jim, I agree that it can sometimes be hard to relate to the US bloggers.. especially those earning huge incomes and with much much cheaper housing over there. Congratulations of reaching FIRE even if it was thrust upon you!
Congratulations on your first anniversary, Guy!
Well done – I have enjoyed reading your updates and following your journey to FI. It’s fantastic to see young people like yourself bucking the trend and taking control of their finances. Here’s to another year! :-)
I would be interested in a dedicated UK Personal Finance forum. I tend to avoid the MSE forums for the reason you cited. I think it’s great for people who are not very financially savvy but for those who already have a plan and are saving/investing for FI or early retirment, we could do with a different kind of forum.
Congrats on hitting the 1 year milestone Guy!!
Wade