Another month over and the end of 2022, which I am somewhat glad about.
After the tenant moved out the other month, I have had the property on the market and it has sold. Good News to end the year on. I am now in the process of getting the solicitor to sort out the sale and in the meantime I have the bills to pick up and keep checking the property periodically to comply with insurance conditions. With the Royal Mail strikes I have been hand delivering paperwork to try and get the sale process moving. It will stall over the christmas and new year break but hopefully I can get the sale completed quickly. I did not expect the property to sell as quickly as it did, there are other properties up for sale in the local area and although the mortgage market is tough there appears to be some buyers out there. I was not expecting any viewings or any offers until the new year kicked in. I will be glad when the sale completes and I can pay my CGT and get the remaining money reinvested. I will keep some back to get some work completed on my own house next year. I am hoping I can get the sale completion to happen in this tax year so I can use a higher CGT allowance as it drops by half in the new tax year.
I have been looking at job vacancies but nothing entices me back into the rat race. A company I had an interview with a while ago has gone into administration. I did think it was fighting for survival given the job role I was applying for which was related to putting a cost cutting IT system in to boost their balance sheet and enable them to reduce staffing levels using automation.
The jobs available are limited and do not suit me. Mainly delivery driver and full time shifts in warehouses. I just don’t see any good jobs going. I know the media has been hyping on about the over 50s need to go back to work but the jobs on offer are just not suitable. When I was in my 20s I worked with people who were down shifting their roles in their 50s and moving towards retirement and were able to have ‘cushier’ jobs with less stress and pressure, even shorter hours. These jobs just do not exist any more. You are expected to work the same long stressful hours as the 20yr olds and cannot downshift or cut your hours. Employers just seem to want full on productivity and push people to breaking point. If you cannot keep up then rather than respecting your age and experience they would rather sack you and bring in a younger worker and lose the experience and knowledge of the older worker. It seems that long service is now seen as a detrimental characteristic of an employee rather than an asset. If you have long service you seem to be viewed as a hinderance and not worth employing any more. Sometimes you may be seen as a blocker to change – but normally that is when it is obvious due to experience showing that the change being proposed will not work. I have seen this where changes have been brought in, the older workers have said it will not work as it does not suit the operation. The change was attempted and did not work resulted in the company folding. People then saying they should have listened to the older workers as they were correct.
I have spent the last few weeks of December catching up with friends and family and generally trying to enjoy myself. I have looked at things and although my net worth has dropped by 13% this year and my investments and pension funds are decreasing, I am surviving. If I can keep living without a job that will do me fine at the moment. Quite a few people I have spoken to are looking at ways to cut costs and give up their jobs. The number of people out there who are just unhappy with life seems to be growing. I met someone who is in the process of moving out of the area as they have bought a property on the coast and want to downshift and they gave notice to their boss who then tried to keep them on saying they could work remotely. They are going to do that over the winter then leave in the summer. A bit of extra money during this cost of living crisis has been their view for now.
I am living within my budget and trying to forget that my FI funds are dropping in value at the moment. I am hoping the new year will be better. Others have said how I am lucky to be not working at the moment and although I currently have a bad cold (I have tested for the you-know-what but keep coming back as negative) I am trying to keep healthy. They have been telling me about others who have illnesses that have forced them to give up work and I am glad I am healthy at the moment. It gives me an incentive to try and remain healthy too. I feel blessed that I can at least survive at the moment and enjoy doing a few things, pay my bills. heat my home and buy food.
Income
I received another premium bond win, so that is 5 consecutive monthly wins and some dividend income. not enough to cover my actual monthly expenses but when added to the annual total, my passive income does cover my outgoings so far. If dividend yields drop and investments do not grow, I will start to feel the pressure.
I have to wait until the end of next year before I can access my SIPP which I could start to use as an income stream. I could take the equivalent of the lost rent out as an annual sum and that would support me.
Expenses
I am having to cover the BTL while I await its sale. I am tracking my spending on a spreadsheet and also have one to process the sale and determine my CGT and final sale proceeds. I have my normal Christmas expenses and some additional spend going out and enjoying myself. I need to feel happy as I do not find this time of year very good. I think I suffer from SAD and the lack of sunlight is making me feel down. That and the cost of living crisis and cold weather is casting doom and gloom everywhere. I am avoiding the News media as much as possible.
Month End Summary
My net worth is down, I am now -13% down from last year. I am just scraping above the ending value for 2019!
2019 was when I decided to quit and thought I had ‘Enough’. Whether it will be is now starting to be questioned. I will try not to panic and focus on enjoying my time.
I am worried I am suffering from sequence of return risk and that I will run out of money in the years to come if my income does not pick up and my expenses increase.
I just need to keep plodding along and think positive thoughts. I hope 2023 will be better for all!
Happy New Year everyone!
Sparkle Bee's Journey to FI 