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Tag: car ownership

Tips for Reaching the Pillars of FI in the UK

As you can see from my bio, I’m currently living in London, England. In the UK, there appears to be less of a FI presence than in the US, but it is growing as the meetups show (the picture above is me at one of the FI London meetups). That said the overwhelming amount of FI resources are for the US, and I thought I’d take a stab at trying to take a starting point of FI and make it more UK friendly, that starting point being the Pillars of FI.

I’ve talked about the pillars of FI from a personal stand point, but today I want to try to approach them from a person living in the UK. Please note though, that as an American citizen living anywhere else in the world, there are complications, so this post is not for them. Next week, I will write up one a post on being an American and trying to achieve FI in the UK. For now though, let’s go through the Pillars of FI in order and see what they are like in the UK.

Car Ownership: The True Cost and Why I Sold My Car

car - black mercedes benz

Let’s face it: you probably need a car, but you probably don’t need your current car. If you commute to work, run errands, or do anything else, then a car makes your life significantly easier. But do you need a flashy, expensive car to accomplish those things? Having said that, do you really know how much your car is costing you? If you knew, would you still be driving it? Would you downgrade?

Look, I am not going to tell you to sell your car and only ride your bike everywhere. I am also not here to shame you for owning a car. Financial Independence is about creating the life you want to live. If cars are one area of your life you do not want to change, then that is ok! All I hope to do is expose you to some of the hidden costs to car ownership. This post aims to give you my perspective on car ownership, what it truly costs to own, through specific examples from my life. My hope for you, dear reader, is that my experience will help you evaluate your current car situation.

If I had to summarize this post in one little TL;DR blurb, it would be the following: your car’s hidden expenses are costing you much more than the obvious expenses. With that, let’s dive in!