All posts filed under personal finance

What Financial Advice Would I Give My 20-Year-Old Self?

It is so easy to pass judgment or have regrets about the past. We are all well-trained at dissecting our past mistakes and decisions, and I used to excel at that type of self-criticism. But I don’t want this post to sound like I’m bashing myself for my past mistakes and unconscious, uneducated choices because I’m not. The time when I felt guilty about my …

Things I’m Not Buying in 2024 to Boost My Investments and Heal My Budget

2023 was financially challenging for a lot of us. Budgets, savings, and at times even investments (depending on what you invested in) took a hit with new heights of the persistent and stubborn inflation rates globally. Despite the inflation kind of stabilising in the UK in the last couple of months of 2023, British prices have obviously not gone back to the pre-inflation times. By …

What Does Financial Freedom Mean in 2023? 

The bleak economic situation that stems from the housing crisis, soaring food prices, shortages of supplies of everything, stagnated wages, and interest rates going through the roof (at least in the UK) got me wondering how one could start on the path to financial freedom in 2023. Taking into consideration the political, economic, social and environmental upheavals we have been going through since the pandemic …

Practical Tips to Keep Your Spending in Check Before the Christmas Gift Craziness Begins

The Christmas Holiday period is already upon us. I noticed that many shops opted out of Halloween this year and focused their energy and efforts on Christmas sales instead. For many years the consumer trend was to splash on Christmas gifts and Christmas Holidays get aways. The corporate messaging, we have been exposed to for generations always implied that the bigger the gift, the more …

10-Year Plan to Financial Independence According to JL Collins

JL Collins is a financial blogger and an author, who was the most influential force behind my desire to seek financial independence. Do check out his blog to learn more about his exceptional and life-changing work. In his book “The Simple Path to Wealth”, he says that if individuals follow the below-listed tips in the next ten years, they will be on their way to financial independence. …

The Treasures I Found in My Mum’s House

In the past year, I’ve visited my parents’ house three times. Each visit included cleaning one of the bedrooms, which gradually had become storage for all the unwanted stuff we all have gathered over the years. Last year I found so many items of clothing that it made me cry just to think how hard I had to work to buy those things, only to …

Decreasing the Amount of Money, You Need to Be Happy

I believe that one of the biggest offenders on the journey to FI is an inflated lifestyle, which doesn’t give long-term happiness, adding instead to the number of financial obligations we have. Decreasing the amount of money we need to be happy, is a long-term lifestyle choice, not a quick fix that can make people feel better for an hour or two. In my 20’s I …

What Does the 4% Withdrawal Rule Mean?

Wikipedia says “The 4% refers to the portion of the portfolio withdrawn during the first year (of retirement); it is assumed that the portion withdrawn in subsequent years will increase with the consumer price index (CPI) to keep pace with the cost of living.”  Your investments will pay dividends and appreciate in price over time on average at 7% per year before inflation. The inflation rate …

Life Is About Learning to Adapt

On the way to financial freedom, many of us will have to learn how to adapt our mindset, spending, our goals, adjust to new lifestyle choices, adapt to new priorities, and to a financially independent lifestyle (when financial independence finally happens). Throughout the history of humanity, to be able to survive we all had to learn how to adapt. Unfortunately, the more comfortable people become, …

Establishing Good Financial Habits in Kids

Over the years, I’ve asked many people I considered good with money or who worked in the financial sector how to teach kids about investments. The best I got was “Open a savings account and add some money each month to show your son how the money compounds.” WHAT?!?! Well… that sounds really boring even for an adult, not to mention a child. First of …