Good Reads

Photo of Todd Wenning
During this year's Berkshire Hathaway annual meeting, Warren Buffett discussed the importance of his eventual successor as CEO having ‘a money mind': “People have to have a money mind. They can be very smart but make very unintelligent money decisions; their wiring works that way… A money mind will know what needs to be done.” Though I was in attendance, the importance of this commentary didn't register right away. The more I thought about it, however, the more I realised it's a great mental model for evaluating your financial skill set, as well as those of others such as fund managers and financial [...]
Thu, Jul 27, 2017, Continue reading at the source
The animal spirit of investing
When I first looked into investing, it was like staring across the Atlantic Ocean. All I could see was a vast, churning deep, full of danger that could swallow my wealth whole. I needed help to sail these seas, and among the competing offers I found a trusty vessel named index investing.While you can make the journey in expensive luxury liners like actively managed funds or in a one-man skiff tossed hither and thither by your own stock picking, here are five reasons why a more modest seeming vehicle – a portfolio of index funds – makes the most sense: 1. Index [...]
Tue, Jul 25, 2017, Continue reading at the source
The worst landlord horror story will make you never want to own rental property
Real estate is wonderful isn't it? You get to buy a property with other people's money at a dirt cheap interest rate. Your costs are largely fixed while rents keep on going up thanks to inflation. You get plenty of tax deductions. And you get to earn a $250,000/$500,000 tax free profit upon sale in America, depending on if you are single or married. No wonder why real estate is my favorite asset class to building long term wealth. But I haven't done a good enough job over the past eight years telling you about the negatives of owning real estate. [...]
Mon, Jul 24, 2017, Continue reading at the source
Financial Samurai original passing income projection for retirement 2012
After five years of early retirement, I realized I made a serious mistake that cost me between $500,000 – $1,000,000. Let me tell you what happened so you don't do the same. When I left Corporate America at the age of 34, I thought I was done earning more money for good. Below is the income budget I put together in 2012 to support us for the rest of our lives. Expenses are not listed because we've never spent more than we've made. But perhaps I'll do a thorough analysis in a future post. First passive income projection for retirement 2012 Our base [...]
Fri, Jul 21, 2017, Continue reading at the source
Last year I was contacted through this site by a journalist who wanted to speak to me about potentially becoming involved in an upcoming pilot for a television program about early retirement. I agreed and we had a lengthy phone conversation where she discussed what the show was going to be about (People retiring byThe post How to retire at 40 appeared first on . [...]
Sun, Jul 16, 2017, Continue reading at the source
The first half of 2017 required a few decisions to be made and we spent a bit like drunken sailors to make them. Average monthly spending was £2,404 which is well up on 2016's £2,250 average. When I look at the detail the story is all holiday/relocation research where we had a monthly average spend of £544. At least we were able to decide on Cyprus over Spain although I freely admit there is [...]
Sun, Jul 16, 2017, Continue reading at the source
Just time for a brief review before I settle down for my annual tennis-fest! There's not much quality live sport available on Freeview these days. I well remember the many years when life was dominated by work and earning a crust - watching the tennis was limited to the evening highlights and the finals at the weekend. I really do appreciate now having the time to please myself. Tomorrow I will be off to explore the canals of Cheshire with a few friends.Following on from my end of 2016 review, I have just reviewed my actual investment portfolios - sipp [...]
Sun, Jul 02, 2017, Continue reading at the source
So when are you taking early retirement I hear you ask? Before answering let me first provide some musings of how the world of somebody who has been financially independent for just shy of one year is playing out.In short life is good, no I mean life is great and I mean really great. We were fortunate enough to be able to spend some more time back in Cyprus and this time around it really did [...]
Sat, Jul 01, 2017, Continue reading at the source
In its final report (pdf over 100 pages) into the UK's financial asset managers, the FCA has raised a number of concerns about the way the industry is failing investors.Here are a few aspects from the report which may be of interest.1 The asset management industry plays a vital role in the UK's economy. Asset managers manage the savings and pensions of millions of people, making decisions for them that will affect their financial wellbeing. The UK's asset management industry is the second largest in the world, managing around £6.9 trillion of assets. Over £1 trillion is managed for UK [...]
Wed, Jun 28, 2017, Continue reading at the source
One of the advantages of being an employee is that The Man usually air-conditions your cubicle. Well, for knowledge workers, anyway, rather than, say, brickies or landscape gardeners. And the heat is on in England at the moment. Way back when, in the 2003 heatwave DxGF and I bought a standalone air conditioner and we thrashed that unit, but it used a horrific 3kW to sort of chill one room. It seems to take far more energy to cool something down through a certain temperature difference than it does to heat it up by the same difference, I guess these things [...]
Wed, Jun 21, 2017, Continue reading at the source
If you've been keeping an eye on the US economy in recent years, you might notice that things are looking pretty darned rosy. Unemployment is at its lowest level in 40 years, wages are rising, and house prices have not only recovered from their fiery crash of 2009 – they have had several years of record breaking prices in most regions, just like the stock market. A current snapshot of how expensive the stock market is – not in sticker price, but in the more instructive price-to-earnings (P/E10) ratio. In all of US history, it has only exceeded this expensiveness once [...]
Wed, Jun 21, 2017, Continue reading at the source
Be afraid, people, be very afraid. Saga 1 tells us the over 50s are big spenders. It's the beyond retirement that I'm intrigued by, have these profligate silver surfers found a way of borrowing from their own cold dead hands? I'm sure the intergenerational foundation would have something to say about that, but Saga? I'm sorry, but by the time you've gotten over 50. you shouldn't be in the business of borrowing for frippery, For sure, you shouldn't be paying down your mortgage if there are better things you can be doing with your money, like socking it into a pension [...]
Fri, Jun 16, 2017, Continue reading at the source
Some of Houston's cool and under-appreciated bike infrastructure. In this extremely wealthy country of ours, the chief barrier to wealth is often the information, or misinformation that gets stuck inside our own heads. People with the right knowledge can develop the right habits, and these habits lead them to accumulate wealth very quickly. Meanwhile, the majority of people pick up incorrect financial ideas and bad habits, leading to permanent debt. But they mingle mostly with their own type, so the failure habits keep spreading. Sometimes, to break out of the Herd Mediocrity Mindset, you just need to see an example to learn what [...]
Thu, Jun 08, 2017, Continue reading at the source
We are back! Thank you to everyone who commented or emailed over well wishes for the wedding & honeymoon. We had a lovely day which absolutely flew past and a nice long honeymoon out in the baking Florida sun experiencing all the theme parks and unhealthy food. We've came back tired, fatter and quite aThe post Financial Thoughts From Florida appeared first on . [...]
Mon, May 22, 2017, Continue reading at the source
To pay off the mortgage or to invest? That is the question. It's an often debated question in the world of financial independence and one thats been done to death in blogsphere several times over. In this article I won't go in depth into all of the pros and cons of each side of the argument but instead focus on describing what I do and why. If you're currently debating this issue internally here's a good look at the subject from the ever reliable Monevator. For the lazy amongst you here is a quick summary: Arguments to Overpay Your Mortgage It is equivalent to [...]
Thu, Apr 27, 2017, Continue reading at the source
Fruits of some night time labour
Deep down inside i'm a procrastinator. A phaffer. A delay artist. I like to take my time so much so that I usually take far too long. However as I've found out over the last couple of years, once you have a child you suddenly find yourself running out of time altogether. A friend once described kids as being ‘time sponges'. If you're aiming to do a good job at his parenting thing then that's a pretty accurate description. Trying to be a truly excellent parent and devoting as much non work time as possible to the task means I've had to [...]
Fri, Mar 31, 2017, Continue reading at the source
Edited post:This blog has been moved from Blogger to WordPress.The new website can be found at Quietly SavingThanks for stopping by. [...]
Sat, Dec 12, 2015, Continue reading at the source
Unbelievable yes, but I got another premium bond win, my second this year! Yay!Ok, so I only won £25 but prior to my win in February, I hadn't won anything in years!It could well be just a massive coincidence that I've started winning ever since I've been regularly buying more premium bonds - my holding is tiny though, only £2,135 and according to this premium bond calculator, if I have 'average luck', I would expect to win just £25 over a year. Let's hope I'll be VERY lucky at some point in the future! In the meantime, I will chuck [...]
Wed, Dec 09, 2015, Continue reading at the source
On Thursday morning my boss handed me The Letter.My application for Voluntary Redundancy has been accepted and all the playing with spreadsheets and financial wheeling and dealing I've been doing over the last 2 years turns out to have been completely unnecessary. Early retirement landed on my plate, courtesy of Government cuts, and I finish on 31st March 2016.The group of us who got letters immediately ticked the box and delivered our acceptances to HR en masse. There was something of a party atmosphere going on. We're virtually all long serving older people able to access our pensions early, with [...]
Sat, Dec 05, 2015, Continue reading at the source
This time last year I finally gave in and decided to do some Christmas shopping on amazon. (I know the FiRe community is very down on "stuff" but everyone has to spend a little on it at Christmas don't they?) This capitulation followed several months of trying to do the right thing and boycott them due to their tax avoidance (their treatment of employees being allegedly none too great either.)I had been buying at local independent bookshops and feeling much better for it, but Christmas loomed, time was short, amazon deliveries are generally timely and prices competitive. I took [...]
Sat, Nov 21, 2015, Continue reading at the source

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