Life Update

Morning / Afternoon / Evening folks!

Apologies for the late blog post update. It’s been on of those months just about in every direction.

Overall life is continuing to churn on and work is continuing to expend a lot of my time >> Working on ensuring I get some work life balance back as it is unfortunately relatively stressful at the moment.

It feels like we’ve still got some downturn to come in regards to the COVID-19 pandemic (from other business owners I speak to), but of course all speculation.

The markets have also been pretty pants and a bit of a ‘stall’ in regards to the growth we’ve seen over the last few years. But we muscle on and shoulder on through!

The Business (Selling)

We do have the paperwork (finally) crafted by the Business Broker. It looks absolutely fab and we love it. Our EBITDA is coming up to be around just below £400,000 at the moment, so depending on the multiple that someone is willing to offer, the business has been valued from anywhere between £2,800,000 to £3,800,000. Remembering of course, I do have a business partner so I own 50% of the business. 

After tax, if the business was to sell for the higher end figure, I’d end up with around £1,500,000 in the bank. Ontop of my current savings which is around £300,000 this would be a total of £1,800,000. 

I would then naturally like to pay off my mortgage (not so much from a financial decision, but interest rates are amazingly low at the moment, but ‘peace of mind’ decision) but we shall see. It wouldn’t make sense to, because the potential of an extra £300,000 to gain in growth in investments instead of utlising it the mortgage (of which the interest rate is below 1%). But would I be saying the same thing when / if interest rates do rise?

The Garden! (Autumn is coming)

September is a bit of a strange month in the gardening world I find. It’s that period of time where you’re harvesting like mad but knowing that soon it’ll all be ‘put to bed’ for the garden to ‘re-awaken’ coming early spring next year.

This year my tomatoes have been particularly pants, with most of them catching a common disease called blight.

However my butternut squashes have done fantastic! It’s my first time I’ve grown them and off of 2 plants, I managed to get 4 butternut squashes. I’m quite pleased with that, especially the size of them as well!

Financial Update | September 2021

So how have those financials been looking for the month of September?

Income | £8,451

Income has continued to relatively stable and averaging around £8,000 per month.

Expenses | £3,018

Expenses were a little higher this month with some tax bill payments and new double glazing installed in our dining room! Plus a few expenses around the holiday that we had.

Savings | £5,275

Equalling a savings rate of 62% – A little below my usual, but given that I had a few credit card bills to pay, not too bad!

Investment Growth | £561

Ooooof – considering the month previous (August) was a bumped month, September’s figures aren’t quite so hot. I invested over £5,000 into the pot but my investments only grew by £500, meaning that the other £4,500 was essentially losses! (But a quick peep at October’s figures shows that the gains back up and running again).

Investment Graph

Chart by Visualizer

Ending

In October I’m mainly going to be focusing on ensuring we start the various ‘proceedings’ with the business / sale side of things, continuing to keep my head down on various house based projects and ensure I get ‘Octobers’ blog post out a little earlier than Septembers!

Overall, same old same old this end > Hope everyone’s FIRE journey is going well!