Our expected net annual income is about £56,979.36.
(£4,615.28 + £133) * 12 months = £56,979.36
My income is a combination of dividend and salary taken from my IT consulting business totalling about £4,075 monthly. I also have to account for future tax liability of roughly £3,000 per annum or £250 a month. £4,075 less £250 of tax liability is around £3,825 net monthly income.
Income from the UK
Dividends (from Business)
Combined Monthly Income
Mrs. Chuffed2Bits’ post-tax income is about £790.28 from her part time job. Rental properties in the Philippines under her management are netting roughly P9,000 monthly. This is around £133 a month in passive income with the current exchange rate of P67.50 to £1.00.
Income from the Philippines
I’m not counting dividends from our stock portfolio for time being as dividends received will be re-invested and should be reflected in the total portfolio value.
So there we have it! That’s all our income sources accounted for.
Properties or Real Estate (house, rental properties, farm land, lot)
Stocks, Bonds, ETF, Mutual Funds and Trust Funds (based on mark-to-market valuation)
Business (based on valuation)
Vehicles (Cars, motorbikes)
P2P lending account
Business / Start-up Investments (based on market value)
What you owe (liabilities)
Credit Card Debt
I’ve done my best to estimate our net worth as of 03 May 2019. Here is the number £249,296.87
I’ve ignored electronics, furniture and jewelries. I have also excluded my business’ liquidation value (I’m 100% shareholder). There’s roughly £242,886.17 cash and equivalents in my IT consulting business.
I am in my mid 30s originally from the Philippines, currently residing in London, UK. I am a software engineer. I have been in this industry for over 12 years now. The first 7 years as a permanent employee and the last 5 years as a contractor. My wife is a home-based part time freelance admin. We have one child, he is about 9 yrs of age.
I am not revealing my identity yet as I don’t want my family, relatives, friends and co-workers to know about my plan to F.I.R.E myself (financial independence retire early). It will definitely raise some eyebrows when they find out. It’s not the norm – go to school, get a decent degree, find a good job and retire at 67. Sod that! I can’t imagine another 30 years of my life stuck in a cubicle. I’m not built for that, I never was.
Most FIRE blogs I read are US and UK based. I may be the first UK-based Filipino FIRE blogger, so if there are others, please do let me know 🙂
I created this blog as way for us to keep track of our finances and set realistic and achievable financial goals that will hopefully lead us to our ultimate goal – simple and sustainable lifestyle and more time with my family without worrying about money.