Menu Close

Tag: cars

Tips for Reaching the Pillars of FI in the UK

As you can see from my bio, I’m currently living in London, England. In the UK, there appears to be less of a FI presence than in the US, but it is growing as the meetups show (the picture above is me at one of the FI London meetups). That said the overwhelming amount of FI resources are for the US, and I thought I’d take a stab at trying to take a starting point of FI and make it more UK friendly, that starting point being the Pillars of FI.

I’ve talked about the pillars of FI from a personal stand point, but today I want to try to approach them from a person living in the UK. Please note though, that as an American citizen living anywhere else in the world, there are complications, so this post is not for them. Next week, I will write up one a post on being an American and trying to achieve FI in the UK. For now though, let’s go through the Pillars of FI in order and see what they are like in the UK.

Car Ownership: The True Cost and Why I Sold My Car

car - black mercedes benz

Let’s face it: you probably need a car, but you probably don’t need your current car. If you commute to work, run errands, or do anything else, then a car makes your life significantly easier. But do you need a flashy, expensive car to accomplish those things? Having said that, do you really know how much your car is costing you? If you knew, would you still be driving it? Would you downgrade?

Look, I am not going to tell you to sell your car and only ride your bike everywhere. I am also not here to shame you for owning a car. Financial Independence is about creating the life you want to live. If cars are one area of your life you do not want to change, then that is ok! All I hope to do is expose you to some of the hidden costs to car ownership. This post aims to give you my perspective on car ownership, what it truly costs to own, through specific examples from my life. My hope for you, dear reader, is that my experience will help you evaluate your current car situation.

If I had to summarize this post in one little TL;DR blurb, it would be the following: your car’s hidden expenses are costing you much more than the obvious expenses. With that, let’s dive in!

Intro: Allen’s 2018 New Year’s Resolution

Welcome to Thefiguys.com. I started documenting my personal FI journey on my personal blog in 2018. Now that I am documenting it here, I’m reposting my 2018 New Year’s Resolution: Achieve the Pillars of Financial Independence though slightly altered (and probably improved).

Achieve the Pillars of FI

So I’ve been blessed to be able to make and save a decent amount of money. It has allowed me to live comfortably in a new country for a bit of time. However, I started to wonder what else I could do with my money. It doesn’t make sense to spend it on things I don’t need or want, but I felt like there were better ways to save it too.

I had read about personal finance before. I then started reading more advanced finance techniques with goal of achieving Financial Independence or FI for short. As I’ve read more and more about what people have done to achieve FI, I realized I stumbled upon a rather big topic. Luckily I found the Choose Fi podcast and found an episode they did called The Pillars of FI. This episode summed just about everything that needs to be accomplished to achieve FI.

Since I heard it right around New Years, I decided to make achieving all the pillars my new year’s resolution for 2018. Yeah, I think I’m kind of cheating a bit, because I’ve already done a few of these things. And no I won’t achieve FI this year, but I think putting these things in place will get me closer to that goal. However, I felt like I should just try to put these steps in place for a good foundation now. Let’s review shall we: