Summer 2021 Update – Freedom & Self Isolation, Crypto Punt & More

Hey everyone. Hope you are all doing well as we now start to emerge into so called Freedom in the UK or England at least. It’s certainly a good time now for me to give you an update on what I have been up to the last couple of months 😀 from fun away and isolation 😮, to some crypto FOMO…

Let’s start with a good old summary review of my finances.

Finance Review

Financial Update – End of July

The below figures are taken from 25th July.

  • Monthly investment (May 21 to July 21) – £1500 each month 
  • Savings rate (May 21 – July 21)– 55% average each month
  • Investment portfolio – £220,351.52
  • Cash is king fund – £6500
  • Crypto Punt – £2005
  • Emergency fund – £1151.64
  • Big expenses / holiday fund – £1331.16

Total Liquid Funds = £231,334.32

My finances are still moving nicely in the right direction. I have maintained my £1500 monthly investments whilst still spending a good amount of money on living life well, which is the most important balance I focus trying to maintain – living for both now and the future. 

I still feel that now my portfolio is over £225k and is often above £230k. It feels so close to a quarter of a million that I often now tell myself when focusing on gratitude for what I have, that I have a quarter of a million in liquid investments as it’s so close to that now. It feels great psychologically as I don’t think it would feel that much different now at all even if I were to hit it exactly.

For those eagle eyed out there that have noticed a crypto financial figure in these numbers, I will now discuss this with a tail between my legs so to speak 😅…

Crypto Punt

What can I say? I’m now a billionaire! I didn’t think it would ever happen if I am honest but I now have over a billion….magic coins. Yes that’s right, I hope you are envious of this fact. I finally succumb even myself to FOMO and got involved in crypto.

I really don’t like crypto if I am honest, I have talked about it before on this blog. I certainly don’t believe in it long term, I don’t think it’s better than fiat currency as I think there’s so many negatives around it which I won’t go into now. Needless to say, I am not a fan. I have however been following crypto for a long time on and off and I have to be honest, there’s been lots of shadenfreude when it’s been tanking and then slight annoyance when it’s been rising.

A couple months ago I had the chance to invest in DOGE when it was 0.04cents and I was tempted on a few separate occasions to take a punt but decided against it in the end. I did partially regret missing this afterwards but when this was combined with the massive cryptomarket bull where Bitcoin reached $60k, an epic FOMO storm was created within me when the possible next DOGE was put forward, I won’t name it for now… I didn’t want to miss out on another opportunity, I felt the need to scratch the itch I’ve had with cryptocurrency and having read somewhere where it was suggested sin simple terms – would you be more annoyed having not taken a punt with an amount you can afford to lose versus annoyed with missing the chance of a large gain. I thought yeah why not, take a punt with less than 1% of your portfolio that would then still give you a nice risk reward ratio but would not change your life in anyway were you to lose it all. I would then have a small bit of skin in the game as it were and maybe this was the best compromise for me. I wanted to ride the wave of hype and collective FOMO and be able to get off before it came crashing down, easier done than said yeh?

Well fast forward to now, I got in about 3 days before crypto went on a downward spiral to where it is now. Superb timing no doubt on my part. I am now 43% down but I will not sell because of course I would risk missing out on a future rise which is certainly possible and that would be too annoying plus in a strange way it’s been pretty exciting along the way I have to admit. I did the old thing of checking the balance daily, reading Reddit, watching YouTube videos etc to now having graduated to only having some price alerts set on my phone and checking once a week or so manually. Will I lose it all or will it 10x, 100x? Who knows. All I can say is to people who have done similar to this, see you on the ******* Moon! – A cold desolate wasteland that doesn’t support life and that costs a lot of money to get to.

Liverpool weekend trip

Me and my partner really love going to Liverpool and we now almost make it a legal yearly requirement to at least go twice. We like to go once in the spring/summer and once in November/December for the Christmas winter market. I originally had booked Liverpool when Boris announced when Phase 4 freedoms would come into effect so if there hadn’t been a month delay (which I fully support) we would have been there during minimal to no restrictions and at a time what I thought would be with very low COVID numbers like last summer especially now that we have so many vaccinated, I certainly was wrong on that one!

We really had a great time as to be fair since the restrictions loosened on May 17th in England and you could once again go in doors in pubs/museums and restaurants etc, things felt normal enough minus the lack of being able to dance perhaps. We did lots of walking, shopping around, drinking & eating and saw some live music once again which was lovely.

Self Isolation 

We had a great time in Liverpool but it did come at a cost. After being home for 3 days we both got a message from the NHS app saying to isolate as we had come into contact with someone who went onto get COVID on the Sunday whilst away. This could have been from when we were queuing to get into a few pubs on the Saturday night (technically Sunday early hours) or maybe the train journey on the way back but who knows for sure. Up until this time, we had only had to isolate for one day previously when waiting for a test result of another member of the household but this time around we would need to isolate for 6 full days. 

I went back home to my house to reduce the risk in case I had got COVID but she hadn’t as I didn’t want to affect anyone else. I must say this was very strange at first to be truly under house arrest fully on my own, well I did have my cat but he isn’t the most talkative to be fair. I quickly ordered in some food shopping and a friend dropped a few odd bits around and then it was just me on my lonesome. 

This self isolation was to be put to good use though. I finally had absolutely no excuse to declutter my home once again and this time more thoroughly than I had ever done before. I planned to go through every draw, every wardrobe and all cupboards. I wanted to act as though I was moving home and even made up some cardboard moving boxes where I would put valuables of my own that were sentimental, a box for my late moms sentimental items and also boxes of other things that I would not be leaving in their final home so to speak. Everything else was to be put in my garage ready to be taken to the tip! This was the clean out of all clean outs. 

I am thrilled to report that I fully succeeded in this. It was a very mixed experience as I found many things from my childhood, many things belonging to my mother such as diary’s, pictures I had never seen, things she had kept from her youth and valentines cards my dad had sent to her, cards that I had wrote to her when I was very very young. It was half upsetting, half fascinating but was so rewarding. I felt a huge weight had lifted as I had been needing to do it for such a long time but would always find it hard to start. It was very heart warming to see my mother as being a teenager, a young woman in love and someone now my age. I found the whole thing put me in a deep reflective mood that lasted a good few days. I am so so grateful for the self isolation as strange as that sounds as it finally allowed me to get this done.

Otherwise during this isolation, my work carried on as normal as I could of course do this from home. I had to cook more for myself that I’ve been used to in the last year which was interesting too, I felt like a student again- beans on toast 🤣. I also got to play a little bit more of my PlayStation 5 so it can’t be bad can it…and most importantly, neither of us actually had COVID in the end.

Manchester weekend trip

When I booked the Liverpool trip a couple months previously, I also booked a weekend away in Manchester 2 weeks after Liverpool. Thankfully, our isolation ended before this so we could still go. We had only been once before on a day trip and we wanted to give it a proper visit by staying overnight and for a whole weekend. 

I must say, we really enjoyed it far more than we thought we would. The night life was really good and we went to an Irish bar and saw some quality live music, there was loads to do around Piccadilly gardens and with the tram so close to our hotel, Wetherspoons so close and the train station – it was all so effortless. Apart from just drinking and eating, we went to the Manchester museum and the saw that lovely T-Rex fellow in the picture who was called Stan. We also really liked the amount of shops and especially liked the Arndale centre. My only regret is not arranging to meet up with weenie who I have no doubt wasn’t all that far away ☺️. This time around, we did not get any pings to isolate when we got home thankfully.

Freedom and Dancing

So as I write this it’s almost been a week since freedom day in England. This of course has been fear day in equal measure for many people. My own thoughts on this is that I do get the argument of ‘If not now, then when?’ And that it would be worse if we did this going into the winter but I just think personally that we should have still mandated masks in supermarkets, public transport and public buildings and perhaps still limited very large events to reduced capacities. I think this would of been very important psychologically at the least in making people not forget that we are not through this yet and also to help make many people feel safer and to still reduce some risks to people no doubt without much inconvenience felt.

I could not resist however myself going out on the freedom Friday to Birmingham so that we could finally get to have a dance and some normality if just for a few hours. We stopped over night and danced for almost 3 hours straight in a cocktail bar. It was absolutely brilliant but did feel a bit strange and perhaps invoked some nervousness or Feelings of – is it right to do this? We wore masks on the trains and in other pubs until we got to the table but in the dance club, it wasn’t practical to wear masks whilst dancing so we had a few hours where it felt again like 2019. We won’t be doing it again for a while but it was great and thankfully no pings yet and for now our lateral flow tests are negative still!

Work

There really is no change on the work front. The rules haven’t changed for the NHS which I think is the right thing so we still have to have the 2 metre rule and masks whilst in the office. I still go into work on a rota 2 or 3 times max a week which continues to be a great balance.

I am very conscious now though for our hospital that the next couple of months may be very delicate and difficult for our staff. With the numbers rising and expecting to rise higher and higher we will see more patients hit our hospital which we are already seeing now. I can only hope the gamble pays off and we manage to cope until we reach the peak and then it gets better from then. Here’s to hoping for all our sakes!

Well, I hope you have enjoyed reading my update, let me know your thoughts and what you have been up to, Any dancing or is it just me that’s a bit mad?

TFJ

April FY End Update – Finance, Spending Review & More

Hey everyone. Hope you are all doing well and that you are starting to slowly but safely enjoy more freedoms now we are coming out of a full lockdown. Have fun irreversibly raising that pint just as Boris has…

What follows is a post that is rather finance review focussed with this being a FY End update post and all. As always though I will provide a personal and work update too. Let’s start with reviewing my current finances at the end of FY 20/21.

Financial Year End 2020/21 Review

Well, this has been the year of COVID and due to this, there was a huge crash followed by a huge rally. I lost £27,000 at one point which really did test my nerve in this game of FI. I passed the test for sure as I didn’t sell and I kept on investing as per normal. I am very very pleased that I did.

Financial Update – April FY End 2021

The below figures are taken from 25th April.

  • Monthly investment (Jan 21 to Apr 21) – £1500 each month 
  • Savings rate (Jan 21 – Apr 21)– 55% each month
  • Investment portfolio – £206,975.18
  • Cash is king fund – £10,000
  • Emergency fund – £1002.89
  • Big expenses / holiday fund – £2448.62

Total Liquid Funds = £220,426.69

Price difference from Predicted to Actual Finances (Late Dec 20 to April 21 = -£3.28

As I track my expenses to the penny, when it comes to reviewing my finances more in depth twice yearly at FY and Calendar Year Ends, I do a check to see how accurate my predicted finance portfolio is compared to reality. There is always a chance I have missed the odd coffee, gift or any random expense or of course simply have added things up wrong.

It turns out that I was only £3.28 down which I am happy with. It was actually £4.28 at first but then I found a pound coin when I was cleaning out my car 😀. I won’t fret over this loss that’s for sure.

FY End 2020 to FY End 2021 Comparison:

End of FY End 2020 = £169,347.41
End of FY End 2021 = £220,426.69

Increase = £51,079.28

Calendar year End 2020 to FY YE 2021 Comparison:

End of 2020 Calendar Year = £210,056.25
End of FY End 2021 = £220,426.69

Increase = £10,370.44

I am absolutely thrilled my Portfolio is as high as it is. It feels so close to that quarter of a million Base FI target of mine that I can almost taste it…and it tastes darn good. The £51k large increase year to year is partly down to the portfolio dropping substantially right at the end of last FY20/21 but still with what’s going on in the world, I am still shocked it’s recovered so well and so fast, surely a crash is coming? Yeah well if there is or isn’t, I can’t pretend to be able to predict such things. I will carry on investing and holding (Diamond hands💎 in a good rational way). 

Spending Review – My expenses 

I thought It would be good to do a mini spending review to show how some of my monthly outgoings have changed from last FY pre COVID to this FY just gone.

Monthly Average Outgoings – Select Categories

A lot of this change in spending makes sense with this last year being the COVID lockdown year. I have spent much less on fuel but perhaps not as less as some as I still have had to go into the office a couple days of the week. I have spent more money on takeaway and alcohol which is the food/drink out category whilst spending less money on going out. Most of the spend for going out was done in the summer to early autumn when things were much better and you could actually in fact legally go out.

I have saved money due to COVID in some categories but because my gift category outgoings has increased a fair bit along with smaller increases in food/drink out and purchases categories, this has resulted in balancing out my spending broadly speaking to be the same from year to year.

Disposable / Non bills monthly spending Average

I thought I would include a chart showing my disposable/non-bills average monthly spend over the last 5 years. You can see how the last 2 years have seen a big jump on the previous three. This is mostly due to me loosening up a bit and spending more money on going away on more weekend trips and just spending more money in general on activities and gifts. This has certainly been money well spent for me and I won’t be changing this any time soon.

Total Expenses monthly spending Average

Building on the last few charts, you can see how the last 2 years have seen an increase in my monthly spendings and how even with COVID happening, my overall expenses have remained pretty much the same. I am starting to confidently now think I have hit a sweet spot in my spending where any question of depriving myself whilst on the journey has certainly been quashed for now.

Post 2235 Project Thinking

In my last few update posts, I have had some musings on Post Project 2235 and this post is no different. I wanted to update you with my latest spreadsheet contents to show my further thinking on this:

I have added extra details on how long it would take me to reach £600k which I consider to be my main FIRE number whilst also adding rockstar levels of £900k and £1,000,000 FIRE 🔥. I have also noted down how much money I would have left for Big expenses spending each year at these amounts. This is on top of £1200 that is reserved for Bills/Disposable income which matches what I spend now which is where I feel comfortable at.

To recap on Post Project 2235, I currently invest £1500 a month and aim to reach £250,000 in Dec 2022 (formally known as Project 2235). After this time, I now intend to lower my investing from between £500 to £750 so that I can have my Big expenses fund topped up so I can live well along the journey. I want to fully enjoy the next 14 years so there has to be some extra money which I will also put towards doing my house up inside as well as for annual holidays and buying the odd iPad Pro etc. 

I have previously used matched betting winnings to secure this big expenses income but I have no interest in that anymore and unless there is a very very low risk, low effort way of earning the extra £500 a month then I don’t think I am interested. This also goes for pursuing a new promotion with more stress and pressure or simply getting a second job (technically third as I still have a 2nd semi permanent side hustle). I have to balance the cost of being possibly less happy at work, losing more personal time if I got a third job versus how long extra I will have to work if I invest less each month.

If I invest £500 less each month for example then this will give me £6000 big expenses money each year but will mean instead of hitting £600k at 45 years old and 1 month, I will hit it 1 year and 10 months later at 46 years old and 11 months. Now to be honest, if I can secure £6,000 a year without then needing to get promoted to a job I hate more (likely be management level where I am now) or changing jobs entirely (I really like my current job) then delaying FIRE by nearly 2 years would be worth it if the quality of those 11-12 years was far higher. This is even less of an issue when my plan is to try to work until at least 50 so I can secure a state and public service pension of £24k equivalent (£600k FIRE) as a backup or so I can use my actual £600k FIRE as a bridge into that, it helps me sleep better at night for sure.

With this in mind, if I invested £750 less each month which meant reducing investing by half then I would get £9,000 a year for big expenses which would match my £9,600 post FIRE big expenses amount which would mean I know the money I live on is the same before and after I FIRE, no deprivation at all. I would reach £600k at 48 and then work another 2 years to get my more guaranteed £600k backup FI.

I have not settled on any of this yet, I know so much could change all these plans and I am fully aware of that but it’s really fun to think about none the less 😁…

Personal & Work

And finally, a brief personal and work update. So what have I been doing? Well, things are starting to open up a bit now but really I won’t be going properly out until May 17th when you can go to pubs and restaurants and so many other places in doors. I have visited a few friends out doors but that’s about it, oh I also have been to a shopping retail park.

I have had to delay my Amsterdam trip for the third time now to September as this was planned for May 17th but you can’t currently travel to the Netherlands and with that country likely to be amber rated it’s just not worth it even if we allow travel and they do by then. I had to pay the difference in new airline and hotel rates but it only cost an extra £90 so can’t complain too much.

I have lost 6 pounds in 3 weeks as part of a six week plan to get back to my ideal weight before May 17th. I have done really well with this so far, only Fat Friday exists where I eat more and drink as well but otherwise being I am being very healthy with what I eat and also I am working out daily still at home.

As for work, things are very busy lately and I am still in the office twice a week, sometimes three and then home the other days on a rota. I am still liking this arrangement as I find it’s the perfect balance for me. The hospital is in a much better place right now thankfully, the lockdown and very successful vaccine rollout thus far has changed things so much for the better and we have very few COVID patients now and are resuming normal services.

I would love to hear from you all, let me know what you thought of this post and what you have been up to, any trips to beer gardens?

TFJ

Get Rich Quick versus Get Rich Slowly…

What with the recent GameStop events and Bitcoin reaching almost $60,000 per coin. I thought a good subject to discuss would be my own thoughts on getting rich quick, sometimes very quick. I also wanted to make the post a bit broader to include other methods that are perhaps not exactly get rich quick approaches but could no doubt result in getting to FI quicker than my current get rich slow approach.

I am writing this post as much as anything to also help get down my own thoughts on paper so to speak, in a structured way to help myself work through my own recent FOMO feelings and to as always get much valued opinions from my friends in the FI community. 

My current position & plan (Get Rich Slowly)

First to lay down the foundation here. I myself am in a very fortunate position to have a good opportunity to end up becoming financially independent in my life. I have a shot at reaching close to 1 million in liquid portfolio terms perhaps by my mid 50s and to achieve Base Bare Bones FI at 35.  It will take me another 20 years or so to get to this Full Fat FIRE stage and I am already several years into my FI journey thus far. I feel immense gratitude for even having a shot at this to begin with which I have discussed here before.

To recap, I am taking the following broad approach to achieving FI:

  • Have a decent good professional main income
  • Have a side hustle earning a little extra income per month
  • Own a mortgage free home
  • Have £10,000 in a Cash is King Fund at all times 
  • High savings rate (50%+ Plus)
  • Invest monthly into Vanguard funds with a mixture of stocks/bonds (LifeStrategy)
  • Essentially my strategy is Investing into the continued growth of humanity through being invested in all major companies and governments (Their failure would likely be bad for all of us irrespective of whether you are invested or not)  
  • Using the 4% SWR with plenty of buffer available monthly so I can take less money when large bears appear
  • The insurance policy if the above didn’t work will be having State and Public pensions that would kick in at 68+
  • The additional insurance policy would also be of a likely inheritance at some point

Two friends seeking Get Rich Quick plans

The reason for this post as mentioned has in large part been from the recent huge gains in cryptocurrency and the increased awareness by many of communities online like wallstreetbets. These events in particular have rubbed off on people I know personally. I have two good friends who have been discussing at length with me of their journey towards riches – one of which is a very good friend of mine who has been studying get rich quick schemes in general and who really really wants to become a multi-millionaire at some point in his life. 

The other friend is an ex boss who is obsessed with all things crypto and who is, it seems currently strapped on top of a rocket heading for the moon no less. (Why you would want to go to a cold and desolate land devoid of life is odd to me but still…)

Crypto moon landing ex boss

This ex boss of mine who I consider a good friend has been chronicling the journey of crypto for me for a few years now. I first got to know him just before the crypto bull-run in late 2017. He had always been bullish on crypto before this but during this rise, he insisted that I get into it and ride the money train as he called it then. From memory he tried to encourage me daily to invest when it was around $10,000 and with it going to $20,000 before a collapse I would of indeed made some money if I had sold at the right time however I had a feeling that it would certainly crash and I simply didn’t want to join in on something that firstly, I didn’t really understand, and secondly what appeared to me something that was only rising due to people wanting to make money. I didn’t want to follow the crowd at the time.

Fast forward to when Bitcoin was at $5,000 just over a year ago. My boss almost begged me to invest my money as he assured me Bitcoin would be at $100,000 within a year or 2. He said it was pretty much a guarantee but then occasionally would advise not to go all in but you should put lots on the table he said. I set up an eToro account and created a virtual fund comprised of Bitcoin and Etherium to the value of over half of my money at the time which was £100,000. I did this to show him what might have happened if I listened to him and held (diamond hands 💎💎). I checked this account at various times and saw that it had doubled and then went up to £400,000 sometime last year. I recently checked and saw that the value was now stood at £1.1million.

EToro Virtual Wallet


Original Investment£100,000.00
Increase %1018.6%
Holdings£1,108,012.98

I’ll be honest, I was a little bit annoyed at this no doubt but I found it amusing to be fair. I was expecting to prove to him that it was a bad idea to listen to him at that time but the reality is that its still hindsight to me as at the time when he told me it would go up and I’d make loads of money, just in the same way as if someone would right now say it will go to $500,000 a coin I’m a year from now. It would not be a rational move with my current goals or mindset to invest £100,000 of my hard earned money into something so speculative and volatile as this. That was the case then and is still the case now. It’s the same reason I wouldn’t be frustrated if I didn’t invest £100,000 on Liverpool beating Man City 2-0 when I now know that was the actual result later on.

Also, If you are wondering if he became a millionaire out of this? Well no he didn’t as he was trying to make money from other alt coins instead and was trading Bitcoin rather than buying and holding, he should have listened to his own original advice perhaps 🤔. The fact is, if I had done this. I would have been taking a ridiculously huge risk that goes against my nature and goals and even if I had done it, I would have probably sold when it doubled and not held all the way to the current heights. I can only laugh at this now though, it’s the only way to make the pain more bearable 😄.

Any Get Rich Quick scheme will do friend

The next friend of mine to talk about seems to be obsessed with wealth creation strategies. He has researched heavily into get Rich quick schemes during the last year via YouTube and online via various websites and by reading countless books. He has been very tempted to dabble with cryptocurrency but hasn’t as of yet. He doesn’t really have that much money available or a clear easy route to FI as it currently stands and I think he is representative of many people who are pursuing Get Rich Quick ideas.

He is by no means fully gullible and naive don’t get me wrong, he does indeed question schemes claims but believes he only needs to find one small nugget in an otherwise sea bed full of sand and rocks. He often talks to me about the latest method he is looking at and is even now tempted to try and stock pick the next Amazon or invest in the next meme stock. This stems from him following the GameStop story very closely and wanting to benefit from momentum investing. He certainly has a large dose of FOMO running through his veins at all times lately.

Methods of getting Rich


Whilst being a close witness to my two friends who are seeking getting rich quick and sometimes very quickly. I have also done some of my own thinking on this subject and have detailed some of the ways I or others could look at getting rich quick or quicker and what I personally think of them. For obvious reasons, I have excluded any illegal methods :D.

Get Rich Quick

  • Receive a large inheritance 
  • Play the lottery or similar big win competitions
  • Gamble on betting sites and/or casinos
  • Gamble on speculative investing (Including day trading/options – YOLO – Diamond hands baby! 💎💎)
  • Find an unknown or rare strategy that reliably earns large sums of money

When it comes to the ways above for getting rich quick. I think the speculative risky investments or actions such as sports betting and casinos are simply pretty much all essentially gambling where you are very unlikely to succeed especially in the long term. Also when it comes to stock picking the next Amazon or day trading, I think I know myself very well and that risking my own money and possibly chasing losses might be the undoing of me similar to my very close to dangerous experience with matched betting was that I have talked about before.

As for playing the lottery or entering competitions for me are just so unlikely to result in a big win, I personally wouldn’t waste time with them and as for getting a large and perhaps unexpected inheritance, well there’s not too much you can do to invoke that.

I think the final method about finding some unknown or rare method to making lots of money is certainly possible and no doubt is being done by people out there. I just feel that being able to find these methods and to engage in ones that are not illegal is such a hard thing to do and that along the way you are likely to end up burning through so much cash for little if any reward. If you find any methods though, be sure to hit me up yeh? Oh wait you mean, you want to keep it to yourself so as to not undermine the method? That’s mean, share the wealth man!

Get Rich Quicker

  • Pursue career advancements whether through management or specialisation/contracting
  • Get a side hustle or two
  • Create and run a successful business that can grow
  • Find an unknown or lesser known strategy and or skill that reliably earns modest sums of money
  • Become a highly skilled stock picker like Warren Buffet

I think get rich quicker strategies are when compared with get rich quick methods far more likely to pay off and are more achievable in a probability sense. I think the best way to get rich quicker will be to either further your career as far as you can go or become very specialised in your role that can then earn you far more money than you may currently earn. If you can work on a side hustle to earn extra money then this is also no doubt a more realistic way of earning extra money. These methods will of course require hard work and effort and will not result in overnight riches but can certainly help fast track the journey to FI if you are committed and retool/learn as required.

The other option of running a very successful business is also certainly a credible way of getting rich quicker but this will require substantial effort and a good dose of luck along the way to become a success. This luck of course many people will deny is needed. After all you cannot mention luck in the presence of a self made man!

Similar to the getting rich quick method of finding an unknown or rare strategy to make lots of money, there can be ways to make extra money that are not as well known or understood. These ways certainly exist however and one clear example of matched betting comes to mind. This method albeit time limited for most seemed too good to be true for me and yet turned out to be a good side hustle for a number of years. I think being able to find methods that are not time limited or limited to a finite amount of profit are also very hard to find and require some luck to achieve. People will often get scammed out of their money or simply lose money when carrying out speculative investments and/or methods. Also, If you find that you can reliably make decent money from stock picking like Warren buffet then huge respect to you.

Why I Choose Get Rich Slowly Over Get Rich Quick

I used the words VERSUS instead of OR in this post as of course, I would love to get rich quick or quicker instead of slowly if it was otherwise a like for like comparison. Its very similar to would I like to earn more, such as perhaps an extra £500 at work per month. Well of course I would take that money if there was no negative change to my work life or circumstances as a result. It’s all about the consequences and likelihood of success almost in a cost / benefit analysis sense.

When it comes to the getting Rich quick methods I detailed. I think that almost everyone will need an enormous amount of luck to achieve getting rich quick via those. I feel it’s going to be very hard or unlikely for any reliable quick legal get rich quick method to work. I don’t want to waste my time looking for a needle in a very large haystack where I may well get burnt along the way.

I have however employed some of the get richer quicker strategies as I outlined. I have had a 3 year stint at a matched betting side hustle and have another side hustle I have been doing for nearly 16 years that brings some extra money in monthly. I also am in a decent professional position at work that I am happy with. I know there would be room for making more money where I work through promotions but I just don’t think the extra work pressure/stress and management meeting involvement would be worth the extra few hundred a month I’d get. I also certainly wouldn’t want another side hustle taking more of my time as I value having the free time more. I also don’t think contracting suits me currently either but I will never say never.

I admire those that start a business and I have friends that have done this successfully. I think though that the method is just not a fit for my personality. I don’t want to run or own my own business. Maybe it’s just being lazy but I just don’t want to go through all the hard work and long hours for something that may not actually pan out. That’s just me though, I have nothing against it and for those that want to give it a try, best of luck!

When it comes to ways similar to matched betting for making extra money to help get rich that bit quicker, I will always be interested in finding these. I just don’t spend loads of time hunting for them as I am in no desperate need for extra income if I am honest. I think I am at a happy place income wise. If it’s low effort and low risk though, sign me up! 

Finally, with regard to just general stock picking and speculative investments in start ups or penny stocks or the next GameStop YOLO craze. Do I still get FOMO? Yes there is a twinge for sure. I know other people in the FI crowd have put aside some of their portfolio, perhaps 5 or 10% for fun investments etc that they are then happy (to an extent) to lose. I feel though that for now at least, I will just carry on sticking to my get rich slowly approach along with some get rich quicker enhancements and if It means I miss out on what I consider low chance big gains then so be it, I am also missing out on more likely what would be losses! My previous experience with matched betting also makes me wary of my own vices.

I think to summarise:

  • Getting rich quick for almost everyone will require enormous luck and isn’t usually achievable
  • Getting rich quicker requires hard work and some amount of luck along the way for almost all and is usually achievable 

I would love to know your thoughts on this topic, have any of you managed to strike it rich following any methods listed or not listed here?

TFJ