“I have no idea when the next post will be.” – post no. 074 on 12/02/2023
In February, it will be three years since my last post. When my hosting renewal reminder arrived this year, I was tempted to just let the blog quietly rest in peace. But curiosity got the better of me. I started reading through some of my earlier posts, and beneath the cringe and clumsy writing, I found something worth keeping, a record of our family’s financial journey.
Even if my kids never read it, I know I’ll be glad to have this to look back on one day.
Another thing, when I migrated to a cheaper host, I lost all my subscribers. Rather than add them all back manually, if you would like to be notified of new posts (could be months or years!), then feel free to re/subscribe.
Family
Our boys are now 3, 6, and 8. The sleepless nights are behind us, but they’ve been replaced by sibling squabbles and endless whinging. Still, the moments when they’re getting along, playing, exploring, laughing together are pure joy. Those moments make everything worthwhile.
The youngest is in nursery three days a week and spends another day with a childminder. That’s brought our childcare costs down dramatically: from a peak of around £1,500 a month to roughly £50 now.
We’ve also settled into what we believe will be our “forever home”. The kids are making friends, and we live on a small hill with a glimpse of the sea. The beach is less than five minutes walk away and we love it here.
Work
Mrs CC has now left the MoD. Over the past few years, she’s gone from full-time motherhood to working one or two days a week as a nurse for a charitable foundation. Next week, she joins the NHS as a nurse, working three days a week, around 33 hours. She’s genuinely looking forward to it; a welcome change of pace from full-time parenting.
As for me, I left policing as a relatively senior officer this year after 18 years. When I began our financial independence journey, my projections suggested that 2025 could be a pivotal point. As we reached various milestones and I turned 40, it felt like a now-or-never moment.
It was a difficult decision, more so than I’d like to admit. On one hand, it meant more time with family. On the other, so much of my identity and self-worth was tied to what I’d achieved in policing, and to what I felt I might be leaving behind.
I’ve always been open about using coaching and counselling to help navigate transitions. Sometimes professional help brings clarity. During one session, my coach said something that’s stayed with me:
“Remember that you evaluate life in reverse, but we live going forward. As a result, you can never guarantee not regretting a decision, but you can only make a decision in the now based on the knowledge you currently have.”
That line helped me move forward with peace.
Business
The 10-bed property development I mentioned in my last post has been fully let for a while now, generating around £103,200 a year in gross rental income.
The 9-bed property that was still in conveyancing back then completed soon after, and this year we implemented planning permission to convert it into 13 beds. It’s also fully let, generating £113,124 annually.
Both are held in an SPV (special purpose vehicle) through a 50/50 joint venture with a business partner. Combined, they bring in £216,324 gross, with my share (before tax and expenses) at £108,162.
Our operating costs are fairly high since we target the mid-to-high end of the HMO market, which means all rooms are studios or en-suites, with co-working spaces, CCTV, and a commercial-grade internet mesh system etc. I only invest in Article 4 areas because supply of new HMO’s will be limited. This project probably deserves a dedicated post of its own.
The properties held personally bring in another £59,140 in gross rental income before expenses and tax.
My JV partner also owns a letting and property management company. We’ve known each other since childhood, but our paths didn’t cross again until about six years ago, when we explored the idea of working together. I’m now a 50/50 owner in that business too.
I draw a salary of £48,000, and the company contributes £36,000 directly into my SIPP. The rest of the profits are being reinvested back into the company, as we’re still in our growth phase, currently managing over 550 units.
I now work entirely from home, averaging about 30 hours a week, a stark contrast to my policing days of 50–60 hours and four nights a week away from home. I still remember my eldest standing at the window in tears, waving goodbye at 4 a.m. as I set off for another three or four nights away from home. Working for myself has its own kind of stress though, and it takes real discipline to switch off.
Next on my list is setting up a holding company to give me more flexibility with income tax and dividends distributions.
As for the Renter’s Rights Bill, I could write an essay on it. In short: where there’s fear and change, there’s opportunity.
Are we FI?
For me, I’m no longer convinced that’s the right question to ask. Technically, if we liquidated everything, I could stop working altogether. But that’s not what I want or need but didn’t realise it at the time when I started on this journey.
My wife recently called me an overachiever. I’d never thought of myself that way, but when I told my coach, he just smiled knowingly. Maybe she’s right. If she is, it’s both a gift and a burden.
“Financial independence or no financial independence. In me is this drive to always be productive or to feel like I am adding value. If or when I leave policing, the time I save will be filled with something else. So, around I go again.” – post no. 074 on 12/02/2023
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