September 2024 Update

There’s been a lot of talk about ’the rich’ leaving the UK in the media. I guess when a business owning multi-millionaire talks, people listen. Presumably the motive is an attempt to influence government policy. Whether they actually carry out their threats, we’ll see. This in itself is not a great problem to have, but what if this isn’t the correct thing to worry about? What if there was something worse?

I enjoy watching quite a selection of wildly disparate YouTube channels. Twice in the last 12 hours, I’ve watched videos where the quietly spoken, unassuming, mostly anonymous hosts (not full-time creators) are, in one case actually leaving in the next two weeks and in the other case, considering it in the next year or so. One of these is on a little watched travel channel, the other an interior design/renovation channel. My point is, these aren’t loud, shouty, jumping-on-the-latest-bandwagon type channels, just ordinary people weighing up their options.

I personally know 14 people that have emigrated in the last 2 years.

The world is smaller now than at any time in history. Information is now more available than ever. Getting a realistic idea of life in another country is just a simple YouTube search away. Getting a step-by-step breakdown of exactly how to emigrate to a specific country, same again. List of expenses, yep, no problem. Anyone with ambition and a bias for action can easily try living somewhere else. If you’re qualified, smart, but with an average salary and spending a large percentage of your salary on rent, there’s nothing to lose. Better weather? Better lifestyle? Better pay? Less tax? A little bit of everything? Pick your priority and select accordingly.

If this starts to become a ’thing’ this could become quite the exodus. As a fellow apprentice was keen on saying, tell two friends, they tell two friends, they tell two friends. It’s the same exponential characteristic as thermal runaway or compound interest, e.g. powerful. It may be nothing . . but you heard it here first.

Interesting Watch

Talking of wildy disparate YouTube channels, this summary of the UK situation on the UK Economics Help channel is worth a watch. As a bonus, it concentrates on one of my favourite subjects, short termism.
https://youtu.be/ghcFb3k0iPQ?si=0tqQUBvBilzbv0ma

pair with this article: https://archive.is/Er2zg
referencing this absolute corker . .

By the most optimistic scenarios from the government itself, there’s no way they are going to have new nuclear come on stream until 2021, 2022. So it’s just not even an answer
– Nick Clegg, 2010

And if you want something completely different, check out this review of Dire Straits, Brothers In Arms by a classical musician listening to it for the first time.
https://youtu.be/68GFSVJ9SKg?si=xCC6wh6v7zaRyUJQ

Net Worth Comments

VWRL hit an all time high this month after some flatness between the previous two months. This results in a nice little vertical kick on the NW chart below. With all the drama going on in the world, US elections, Ukraine, the Middle East, I guess this must be markets climbing that wall of worry?

Interest rates are starting to fall and along with it, the attractive 5%+ rates on cash are starting to reduce. My cash position is starting to increase again, but at <10% it’s not out of control. This will reduce before the end of the year no matter what, but I’ll be ready to invest on any slight, but psychologically encouraging dips.

This month sees another milestone met. My net worth can now support my yearly spending with only a 3% withdrawal rate. My target when I started paying attention to net worth, was 4% by the end of this year, so I’m ahead of schedule. However, with the new job and location invigorating my enthusiasm for work, coupled with the associated increase in earnings, I feel no need to stop now, so it’s probably time to enjoy the moment and relax just slightly. That, or update my future-life targets.

Talking of which, keen readers will remember I’ve been considering the idea of purchasing a new watch. To celebrate the 3% threshold, I’ve decided to indulge. I’ll be taking delivery of my new £25 Casio very soon :)