Author: Mr Way

The Skill of Life Design

On By Mr WayIn Optimisation4 Comments

‘Life Design’ is something we’ve mentioned in a few posts now. But what do we mean? 

Since we started this journey, we have hugely improved our lives in a lot of different areas. This hasn’t happened by luck. It has been a process of research, planning and execution. As we like to say, we have learnt to CHALLENGE EVERYTHING!  

This whole process was kick started when Mr Way discovered the world of personal finance. The first step was reading Rich Dad, Poor Dad by Robert Kiyosaki. This started a money journey including property investment seminars, individual stock picking and (thankfully) finally discovering the FIRE world through Mr Money Mustache. 

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Productivity Systems

On By Mr WayIn Optimisation2 Comments

The biggest barrier to productivity is finding the motivation to get started. Motivation can often be hard to come by in a modern world, full of distractions. This is particularly relevant to those of us still working full time. Juggling hobbies, alongside a full time career, can make it seem almost impossible to keep on top of the most simple of tasks in life. 

In order to ensure progress is made in all aspects, I find it important to have a productivity system in place. This allows me to keep track of my short and long term goals. 

I’ve always had a relatively poor long term memory. This means I find it difficult to remember outstanding tasks and goals. This can quickly become overwhelming. Because of this, it is vital for me to have a logical and easy to use system for keeping track of this information.  

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Bodyweight Fitness

On By Mr WayIn Fitness, Optimisation1 Comment

As Miss Way mentioned in Frugal Fitness, bodyweight fitness (BWF) is a form of strength training. I wanted to create this separate post to give you a bit more detail on BWF, because I love it so much! 

So What Actually Is Bodyweight Fitness?!

Essentially, BWF involves using your own bodyweight to perform resistance training. This type of training can accommodate anyone – from absolute beginners to Olympic level athletes. Exercises range from simple push-ups, squats and dips to advanced movements like the planche, front lever or one arm pullup. 

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In Defence of the 4% Rule

On By Mr WayIn Finances, FIRE3 Comments

What is the 4% Rule?

The 4% rule was created based on historical market returns data. Simply put, it showed that a typical retiree could withdraw 4% of their portfolio while keeping the initial pot intact. The withdrawn amount would increase by inflation each year.

The rule came about from work by Bengen and later, the Trinity study. Both were based on the same data.

This rule of thumb has been widely adopted in the FIRE movement as a way of calculating the required pot to fund early retirement. It is the basis of Mr Money Mustache’s famous article The Shockingly Simple Math Behind Early Retirement

Negativity

There have recently been a lot of articles criticising the 4% rule. I still think this rule provides a great initial estimate for anyone considering FIRE. That’s why I wanted to create an article giving the other side of the argument.

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Thought Experiment 5

On By Mr WayIn FIRE, Thought Experiment10 Comments

What Will I Do When I Retire?

This is the first time we’ve participated in one of SavingNinja‘s Thought Experiment posts so we’ll add a little explanation.

This is an idea to get bloggers to immediately respond to a question and all post their answers on their blogs. You have to write the first thing you think of and can’t pre-plan or do any major editing.

We’re joining in at Thought Experiment 5 because we only recently started our blog! If you want to see previous versions see SavingNinja’s archives.

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My Money Journey

On By Mr WayIn Finances, FIRE2 Comments

The Beginning 

It all started normally enough.  

I grew up in a comfortable lower middle-class household. We never really discussed money. My parents weren’t flashy by any means, but they saw it as a matter of personal pride that we never went without. 

Looking back, it’s fairly clear that there wasn’t any significant money being put into savings (other than for holidays and new cars!). I now know that any savings my parents did have was all held in cash. My Dad has a fear of the stock market – he has a very conservative approach to money!

The conservative version of a money journey - a wallet clamped shut!

The mindset I had been encouraged to adopt was that of the majority of people in my scenario; work hard at school, get a good job, settle down and have a family in a nice big house with a shiny car. After all, it’s not surprising when that’s exactly what my parents have achieved.  These examples were the start of my money journey.

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How Do You Save for ‘FIRE’ in the UK?

On By Mr WayIn Finances, FIRE, Optimisation9 Comments

As somewhat of a personal finance geek, I (Mr Way) have learnt a fair amount over the last few years. As a result, I wanted to share my specific take on saving for FIRE in the UK with you. I am not a qualified financial advisor and nothing in this article should be considered financial advice! This is simply a log of my own findings/opinions in the hope they may help you to do your own research!

Most of the information in this article will be based on my own situation as a full time employed basic rate tax payer. The advice will differ depending on your circumstances so do your own research.

You may well have more efficient ways of saving than I mention below. If so, please let me know!

Mr Way

There are many resources out there on how to save for financial independence. In my experience, most of these are US centric with their own tax and savings implications (401k, Roth IRA, healthcare etc). The general principles are very similar and can be broadly followed. But what about the UK FIRE saving nuances?

Obviously saving for FIRE differs from ‘traditional’ savings techniques because you need to access your money much earlier than traditional retirement dates (55+). If you aren’t planning to retire early, the best course of action will be very different.

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A Way to Less……. Cars!

On By Mr WayIn Finances, Frugality, Mental Health, OptimisationLeave a comment

My Experiences from a Car Free Lifestyle

Being car free can be a pretty difficult lifestyle choice to make. It goes against the ‘ideals’ of most people in our society. But the potential benefits are huge. And it goes much further than just the financial gain! 

I’m lucky in that I have an office based job. Currently there is no requirement from my employer to own a vehicle. As such, it’s fairly easy for me to walk to work each day. 

Walk and bike commuters in the park

I’ve chosen to walk rather than cycle for a number of reasons but it mainly comes down to the length of journey. I can walk to work in 25 minutes, whereas cycling would take me 15-20. Allowing extra time for unlocking and locking the bike up and getting changed into suitable clothes, they work out the same. As I’ll discuss below, I get many other benefits from walking which, for me, make it the better option in my situation. However, if my commute was further, cycling would start to look like a much more attractive option. You should weigh up your options but first and foremost, do whatever you prefer. That way you’re more likely to stick to it! 

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What is FIRE?

On By Mr WayIn Finances, FIRE2 Comments
FIRE means different things to different people…..

FIRE, or Financial Independence, Retire Early, is a fast-growing movement of people looking for a different way in life.

Saving a high percentage of your earnings allows you to retire significantly earlier than traditionally possible. The percentage of your earnings which you save is known as your savings rate. A popular target is to aim for the 50-70% savings rate bracket, allowing you to retire after roughly 9-17 years of work.

This opens a whole world of opportunities for the rest of your life.

So how could you possibly save so much?

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Welcome!

On By Mr WayIn UncategorizedLeave a comment

Is this another one of your bright ideas?

That was the response from family when we mentioned an interest in moving abroad for work. 

This response seems symptomatic of the general apathy shown towards anyone willing to do something a bit different in life. Imagine if we had shared our desire to achieve financial independence!!

The vast majority of modern society are fed the typical story throughout childhood of:

Get good grades, go to uni, get a good job and work hard

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