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Weekend reading: A journey to financial freedom from the shop floor

What caught my eye this week.

How much does your upbringing affect your attitudes towards money?

Quite a bit, says new-ish UK money blogger Little Miss Fire, who has what she calls [1] the Shop Floor Mentality.

She defines this as:

… looking at your money in terms of having it where you can see it. i.e in the till (or rather in the bank).

You set your budgets and strive to stick to them no matter what, such as buying food day to day or week to week just so you don’t go over budget. It’s seeing money in the here and now and not planning for the future.

I suppose it could be described as a a step up from poverty but whilst still having a poverty mindset.

It’s well worth reading the insightful post [1] in full. It offers a perspective seldom heard in the financial blogosphere.

I’m looking forward to seeing how Little Miss Fire’s journey proceeds – both as a blogger and a financial independence seeker!

From Monevator

Our Q1: 2018 Slow and Steady Passive Portfolio update – Monevator [2]

From the archive-ator: Personal time management for fun and profit – Monevator [3]

News

Note: Some links are Google search results – in PC/desktop view these enable you to click through to read the piece without being a paid subscriber.1 [4]

UK regulator sets out steps to improve competition in asset management – T.E.B.I. [5]

MPs’ proposals would ‘destroy spirit of pension freedoms’ – Telegraph [6]

The 2018/2019 tax year is underway: Here are the main changes – Guardian [7]

Pay all UK 25-year olds a £10,000 inheritance, proposes IPPR – Guardian [8]

Threat to fintech industry, as young coders shun London over Brexit [Search result]FT [9]

HSBC whistleblower who revealed a massive tax avoidance is arrested on way to whistleblowing conference in Spain – ThisIsMoney [10]

[11]

(Click to enlarge)

You can tell a lot about an American city by who is leaving it – Slate [12]

Products and services

Monevator Reader @bob discovered several US-listed funds and ETFs have been pulled following MIFID II – Comment [13]

Virgin Money to overhaul its ‘wealth destroying’ £2.7bn tracker fund – Telegraph [14]

How to manage the step-up in auto-enrollment pension payments – Telegraph [15]

Fixed-rate savings accounts reach two-year high – Telegraph [16]

Virgin unveils two new credit cards that earn points for Virgin flights – ThisIsMoney [17]

RateSetter’s £100 sign-up bonus offer ends on April 11th. You need to put £5,000 away for a year. Follow the link for more information (and note I get paid £50 for referring you). This is peer-to-peer lending, so your capital is at risk, though no investors have yet lost any money – RateSetter [18]

Dealers offer big discounts to new car buyers – ThisIsMoney [19]

How to invest in property without becoming a buy-to-let landlord – ThisIsMoney [20]

Comment and opinion

The ‘future’ of retirement planning – The Retirement Cafe [21]

How to talk to people about money – Morgan Housel [22]

Recognizing and preventing financial trickery – Of Dollars and Data [23]

Is 56 too late to start a pension? – Telegraph [24]

Why we investors fail to learn from history – Novel Investor [25]

How one frugal 24-year old is on track for £50,000 in savings – Guardian [26]

The limits of data – The Irrelevant Investor [27]

Self-employed: Pay into a pension or work until old age? [Search result]FT [28]

Unanswered questions [US perspective but relevant]The Humble Dollar [29]

An unconventional (and cheap) wedding – Young FI Guy [30]

Developing financial resilience – Get Rich Slowly [31]

Spring cleaning dusty corners of the portfolio – SexHealthMoneyDeath [32]

Reviewing what ‘President Chump’ did to a portfolio in Q1 – FireVLondon [33]

Reasons to remain confident about US markets – Investing Caffeine [34]

A pithy comment on Bitcoin under $7,000 – Joseph Young [35]

Kindle book bargains

Side Hustle: Build a Side Business and Make Extra Money – Without Quitting Your Day Job by Chris Guillebeau – £0.99 on Kindle [36]

The Millionaire Next Door by Thomas J. Stanley Ph.D.– £0.99 on Kindle [37]

ReWork: Change the Way You Work Forever by David Fried – £0.99 on Kindle [38]

The Growth Delusion: The Wealth and Well-Being of Nations by David Pilling – £3.59 on Kindle [39]

Off our beat

What if Mark Zuckerberg was your Facebook friend? [Search result]FT [40]

What about The Breakfast Club?The New Yorker [41]

And finally…

“The grim irony of investing, then, is that we investors as a group not only don’t get what we pay for, we get precisely what we don’t pay for. So if we pay for nothing, we get everything.”
– John C. Bogle, The Little Book of Common Sense Investing [42]

Like these links? Subscribe [43] to get them every Friday!

  1. Note some articles can only be accessed through the search results if you’re using PC/desktop view (from mobile/tablet view they bring up the firewall/subscription page). To circumvent, switch your mobile browser to use the desktop view. On Chrome for Android: press the menu button followed by “Request Desktop Site”. [ [45]]