tag:blogger.com,1999:blog-69257293930970712132024-02-21T10:30:10.281-08:00Brian's Money ChallengeI was £28k in debt excluding mortgage.
I have used this blog to track my progress of paying that down and now I am using it support my dividend investing strategy for wealth creation.Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.comBlogger116125tag:blogger.com,1999:blog-6925729393097071213.post-72045939105254074272023-09-20T07:10:00.000-07:002023-09-20T07:10:10.047-07:00Blog to Think<p> I have not written on this blog in several years. However, I have many things going around in my head, financially, and believe it will help to write them down. Using this as a journal almost. </p><p>Today, I will simply get down my list of topics. </p><p>1) PATH TO MORTGAGE FREE - My wife and I recently decided that we couldn't afford the additional borrowing that we had intended to use to finance an extension to our house. This has created a fantastic financial opportunity for us we realise.. we are both now in agreement that paying off the mortgage, by the time our youngest child goes to secondary school, would be just as amazing and something we are both getting behind. </p><p>I didn't expect my wife to be on board with this. I will now need to work out the financial aspect to this. Having so far only played with, very optimistic, numbers on a calculator. </p><p>2) COMPANY CAR? - We have the opportunity to take a 'benefit-in-kind' electric company car. Should we? </p><p>3) SAVE BETTER - Our savings are in a myriad of places... where should they be? </p><p>4) SPEND LESS - What 'fat' can we cut from our lifestyle spending? </p><p>5) SAVE BITS AND PIECES - What could I do to earn little bits and pieces extra? </p><p>6) MOTIVATION - Can writing a journal help me re-gain my discipline and motivation for my work, my health and my general well-being? </p><p>7) READING - I've been reading a lot. I think providing reflections, possibly in the way of a top 5 list would be a positive way for me to re-enforce my learnings and 'enjoy' the great books again.</p><p>Step 1 should be a review of where we are now. </p><p>Glad to be back. Hopefully it's not a flash in the pan. </p><p>Thanks</p><p>Brian </p><p><br /></p><p><br /></p>Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-44649315525282309152021-01-04T07:04:00.003-08:002021-01-04T07:04:50.301-08:002021 Plans<b>2020 was pretty crazy on a personal note;</b><div><ul style="text-align: left;"><li>I completed the first of three stages (years) on a Henley MBA course</li><li>I have been leading the biggest project/programme of my career at work</li><li>We cashed in all shares and stockpiled cash as we targeted purchasing a holiday-let house in Cornwall</li><li>I became co-Chairman of my local village youth football club</li></ul></div><div>I have learnt a lot, including realizing I have an appetite to learn much more about the world of business, and have been very busy at work. Our attempt to purchase a house for the purpose of letting it out as a holiday-let fell through when someone came in last minute and offered more on the one property we found that ticked all of our - quite-specific- boxes. The co-Chairman role came out of nowhere in December, but youth football is something I have a lot of passion for and the club has struggled with a lack of leadership. So I am hoping I can be an asset and improve what is a pretty poorly run club at present and also use it to try out areas of business I have little experience in, eg strategy setting.</div><div><br /></div><div>Financially it has been a good year. Having paid off all loans exc mortgage in previous years we were in a position to save the two windfalls (Bonus and Sharesave maturity) that came our way in 2020.</div><div><br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCz45H0IZLNxGFxCKHgz9CJKiu6A56IOqwYp1URouLLpSnIaFBZ8XmDh9ijDn47mu_XqqxJLvlJnYbtFmV8uTuLCyCZTJIbsiWp5SGVvC0Nj-uiRx3Vd09j1qjbM1osXRK1C-meeCwa7o/s809/1.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="547" data-original-width="809" height="432" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCz45H0IZLNxGFxCKHgz9CJKiu6A56IOqwYp1URouLLpSnIaFBZ8XmDh9ijDn47mu_XqqxJLvlJnYbtFmV8uTuLCyCZTJIbsiWp5SGVvC0Nj-uiRx3Vd09j1qjbM1osXRK1C-meeCwa7o/w640-h432/1.PNG" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjf208CBRbnj2k4DuSsr_KZUSH2r3O75Lkcq08NGgVn6uHuoh8vICSzWq1r_89sD-iQcoJl59Trb54a9N3Fbj9LJAP2FA_INGIW3mtezzo35mXDdfajUB2qflVkMzLHAl7OSyG8ugsR2cE/s796/2.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="545" data-original-width="796" height="438" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjf208CBRbnj2k4DuSsr_KZUSH2r3O75Lkcq08NGgVn6uHuoh8vICSzWq1r_89sD-iQcoJl59Trb54a9N3Fbj9LJAP2FA_INGIW3mtezzo35mXDdfajUB2qflVkMzLHAl7OSyG8ugsR2cE/w640-h438/2.PNG" width="640" /></a></div><br /><div><br /></div><div>We started Jan 2021 with just over £34k in equities, cash or Sharesave investments, which is a whopping great more than the £20k we ended 2019 with.</div><div><br /></div><div>This growth has predominantly been realised from the bonus and Sharesave maturity rather than saving more and spending less. Our variable spending has had a very up and down year, it dropped considerably low during the first national lockdown, but then bounced back to higher levels with October holiday and some pretty extravagant Christmas present purchasing. </div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7pa4ILQ_47RuQ977-pdqb6TfneNMWljpW4Ch5cHX0FqoqSn7B2rdD2DWbJKpn-a8zjMnRVnAQNfVvET7JOzwdD1OhUWXQxHz1XjklTAC7cXo8paEKFWJJQTd5uypRdpSH2Vw8IT68H_M/s718/3.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="455" data-original-width="718" height="406" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7pa4ILQ_47RuQ977-pdqb6TfneNMWljpW4Ch5cHX0FqoqSn7B2rdD2DWbJKpn-a8zjMnRVnAQNfVvET7JOzwdD1OhUWXQxHz1XjklTAC7cXo8paEKFWJJQTd5uypRdpSH2Vw8IT68H_M/w640-h406/3.PNG" width="640" /></a></div><br /><div><br /></div><div><b>Expectations for 2021</b></div><div><br /></div><div><ol style="text-align: left;"><li>I expect to carry on an complete the second stage (year two) of my MBA. Continuing to invest time and effort to maximise the amount I learn is the primary aim here.</li><li>I expect my 'big' project to complete around Q3 at work. This project has taught me a lot, given me the opportunity to try new things and also provided me the opportunity to build relationships with senior leaders. The big question for me to get clear for myself is.. what next. What do I want to do and why when this project completes and over the coming years. </li><li>We are trying for a baby, which will be our 4th and last, and thus have put the previous plans for a holiday let on hold. </li></ol><div><br /></div></div><div>One of the reasons for picking up the proverbial pen and paper to write this post is because I find it helps me distill my thoughts for big decisions in our personal and financial life. </div><div><br /></div><div>Having a 4th baby is going to introduce a number of changes to our current lifestyle which will be expensive to resolve. </div><div><br /></div><div>Firstly, our car isn't adequately 'safe' to have 6 people in so that will need to be upgraded to a larger car. My early research points to something like a Volvo XC90. But this will be circa £30k being spent on a car that is already 3 or 4 years old. This type of financial spend on a car, which is a depreciating asset, really doesn't sit well with me at all. </div><div><br /></div><div>Secondly, our house is a bedroom short if/when the family increases to 6. We can accept a sharing of rooms on a temporary basis but not medium/long term. Moving out of the location isn't something we wish to do. Moving to a bigger house is almost certainly too expensive. Luckily we bought this house as it has potential to extend, so we will need to look at this.</div><div><br /></div><div>As discussed early in this post, we have cashed out all shares that I had previously purchased. So now we have a big pile of cash but no current investments other than pension and Sharesave, and no monthly investing for us or the children. Given the financial uncertainty I expect to keep it like this so that we can move quickly and adapt if needed, but I don't like it.</div><div><br /></div><div>So in 2021 I just need too.... </div><div><br /></div><div>Successfully deliver the biggest project of my career whilst forming a clear vision on my aspirations and targets...</div><div>...Whilst completing a challenging MBA and maximising my learning potential through this...</div><div>...Whilst having another baby to 'complete' our family...</div><div>...Hopefully without spending every penny, that we have saved and scrimped over, on a flashy new car</div><div>...And come to a conclusion on how we should increase the living space when this little on does come along.</div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div>Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-24302944922653812032020-05-01T23:58:00.001-07:002020-05-01T23:58:30.877-07:00#114 April Money Update<b>Income & Spending</b><div>
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<b><span style="color: black; font-family: "Arial",sans-serif; font-size: 10.0pt;">Apr '20<o:p></o:p></span></b></div>
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<span style="color: black; font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">In<o:p></o:p></span></div>
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<span style="color: black; font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Gross Income<o:p></o:p></span></div>
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<span style="color: black; font-family: "Arial",sans-serif;">$7,047.88<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Out<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Tax and NI<o:p></o:p></span></div>
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<span style="color: black; font-family: "Arial",sans-serif;">$2,068.68<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Variable Spending<o:p></o:p></span></div>
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<span style="color: black; font-family: "Arial",sans-serif;">$1,443.10<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Fixed Spending<o:p></o:p></span></div>
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<span style="color: black; font-family: "Arial",sans-serif;">$1,794.59<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Short Debt Repayment<o:p></o:p></span></div>
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<span style="color: black; font-family: "Arial",sans-serif;">$0.00<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Pre Fixed Savings<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Net Income pre Fixed Savings<o:p></o:p></span></div>
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<span style="color: #6aa84f; font-family: "Arial",sans-serif;">$1,741.51<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Savings Rate (%) pre Fixed
Savings<o:p></o:p></span></div>
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<span style="color: #6aa84f; font-family: "Arial",sans-serif;">25<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Post Fixed Savings<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Fixed Savings<o:p></o:p></span></div>
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<span style="color: #6aa84f; font-family: "Arial",sans-serif;">$1,305<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Net Monthly Cash<o:p></o:p></span></div>
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<span style="color: #6aa84f; font-family: "Arial",sans-serif;">$437<o:p></o:p></span></div>
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<span style="font-family: "Arial",sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Cash Savings Rate (%) Post
Fixed Savings<o:p></o:p></span></div>
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<span style="color: #6aa84f; font-family: "Arial",sans-serif;">6 <o:p></o:p></span></div>
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Well, due to Covid we are spending a fair bit less. In fact this month we had the lowest 'variable' spend since I began tracking in that format over 2 years ago.</div>
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<b>Wealth Building</b></div>
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Equities + Cash, excludes money we put aside for holidays (once the world returns to normal) and so is my best indication of money we expect to have for some time. We're up to £15.3k which is £400 off of our best ever.. expecting to keep ploughing money into this to grow our wealth.</div>
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Equities - which is a split between Global Index tracker and my dividend based portfolio - increased to £5.8k. This is the most I have ever held in equities.</div>
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When including the holiday savings (£10.1k) and pension (£50.9k) we currently have wealth of £76.3k which is a) £5.9k higher than last month and b) the most we've ever had.<br />
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Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-81766135107061928002020-04-29T02:15:00.000-07:002020-04-29T02:15:53.466-07:00#113 Portfolio AdditionWith the addition of NXT last time round my portfolio has increased to 12 companies.<br />
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ABF - BATS - BNZL - BWY - CCH - DGE - JMAT - LGEN - MNDI - NXT - SSE - ULVR<br />
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After some shortlist reviewing today I am looking at Moneysupermarket.com (MONY).<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsBEtHntm2grsjC9M4nlOtMigH9Ktvyds4HT0aYbyz9DzgLa8zZtNsfJ43uJFDBfkVRd6TKSTV_yoUKrkt18tiLe1-3yagCLHQ_V6cNCoepJ5kzVYUdUnSpzQjrCJAw2hjVlbyYAaSM4s/s1600/111111111111111.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="556" data-original-width="647" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsBEtHntm2grsjC9M4nlOtMigH9Ktvyds4HT0aYbyz9DzgLa8zZtNsfJ43uJFDBfkVRd6TKSTV_yoUKrkt18tiLe1-3yagCLHQ_V6cNCoepJ5kzVYUdUnSpzQjrCJAw2hjVlbyYAaSM4s/s320/111111111111111.PNG" width="320" /></a></div>
Well known comparison and insurance site. Within a sector (Media) that I currently do not have exposure too.<br />
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With a current share price of 315p, currently sitting squarely in the middle of the 52 week high (419) and the 52 week low (210).<br />
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Market Cap of £1.7bn puts it in the top quarter of the FTSE250.<br />
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<b>Dividends</b><br />
<b><br /></b>
Current potential yield is 3.72%<br />
Continuous dividend increases for the last 10 years. Averaging 8% yoy growth over the last five years.<br />
Div cover of 1.55 currently.<br />
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<b>Financials</b><br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year</i></li>
<ol>
<li>Yes they've grown YOY for the last ten years. 👍</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>The average payout ratio for the last 5 years is 69%. This is trending down though.</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18</i></li>
<ol>
<li>16.81 👍</li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>👍Gross average is above 70%, Net above 30%</li>
</ol>
<li><i>Debt levels? Current Ratio >1 & Debt:Equity <1</i></li>
<ol>
<li>1.32 and 0.15 respectively 👍</li>
</ol>
</ol>
My only concern here is the payout ratio is above 60%, but it is trending down quite consistently and in 2019 was only 63%<br />
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What I've been looking for is a company that is consistently growing YOY and providing a good return via dividends. MONY tick all of those boxes.<br />
MONY EPS over the last 10 years vs the average of my portfolio...<br />
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So far I am convinced. The obvious concern is has the growth already happened.<br />
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The last check is vs the sector because 'Media' encompasses quite a few other candidates. From the FTSE100 we have<br />
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AUTO - too low yield for further analysis<br />
INF - earnings performance isn't as strong<br />
ITV - earnings performance isn't as strong<br />
PSON - earnings performance isn't as strong<br />
REL - too low yield for further analysis<br />
RMV - I would really like to be invested in but the current yield is too low for my strategy ~1.3%<br />
WPP - potentially but 10% yield raises flag<br />
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On that basis I am going to go with my instinct and add £200~ of MONY to my dividend portfolio, to take me up to 13 companies....<br />
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70 MONY shares purchased for £228.61 an average of £3.27 per share.<br />
This equates to an expected yield per share of 3.59%<br />
This increases the total forecast annual dividend of my portfolio to £90.17<br />
MONY now makes up 9% of my portfolio weighted by holding value<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-86413630956849112352020-04-15T01:22:00.003-07:002020-04-15T01:22:43.050-07:00#112 Portfolio AdditionMy long term strategy remains to invest in global index funds via my SIPP and ISA account.<br />
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In parallel, and mainly because I find it fun and therefore motivating I will continue investing additional funds into my Dividend producing portfolio.<br />
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The portfolio currently consists of 11 companies from the FTSE 350.<br />
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ABF - BATS - BNZL - BWY - CCH - DGE - JMAT - LGEN - MNDI - SSE - ULVR<br />
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I currently have a shortlist of 14 potential companies to add. I am aiming for a minimum of 15 companies within the portfolio before I consider increasing my investments in any of them.<br />
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The shortlist nominees are:<br />
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BAG - BRBY - CPG - CRDA - CWK - DCC - DPLM - HLMA - NXT - PRU - RB. - RMV - SMIN - SPX<br />
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However, based on current prices 6 are excluded because the yield is below 2.5%.<br />
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Excluded (6): CRDA - CWK - DPLM - HLMA - RMV - SPX<br />
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Remaining(8): BAG - BRBY - CPG - DCC - NXT - PRU - RB. - SMIN<br />
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Given I still have a relatively small portfolio I am also excluding companies which are within sectors where I currently own another company. I expect that in the future some of these may well be considered but for now they will be removed.<br />
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Excluded (4): CPG - DCC - PRU - RB.<br />
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Remaining (4): BAG - BRBY - NXT - SMIN<br />
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~~~~~~~~~~~~~~~~~~~~~~~<br />
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I reviewed SMIN in my previous #109 post and concluded that they were a possible but that the EPS lacked growth which was a cause for concern.<br />
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Let's see how BAG - BRBY and NXT weigh up.<br />
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<b>Info:</b><br />
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BAG - the makers and providers of Scotlands famous Irn-Bru. £570m FTSE250<br />
BRBY - luxury, fashion designer, manufacturer and retailer. £5.8bn Market cap. FTSE100<br />
NXT - clothing retailer. Market Cap of £6.3bn. FTSE100 incumbent.<br />
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<b>Dividends:</b><br />
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BAG - yield 3.3%, have 17 years of increasing dividends and a div cover of 1.92.<br />
BRBY - yield 3.35, have 10 years of increasing dividends and a div cover of 1.95.<br />
NXT - yield 3.55, have 1 year of increasing dividends and a div cover of 2.68. They were held previously but had many specials delcared which makes them slightly harder to compare.<br />
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<b>Financials:</b><br />
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All three have either 3 (BRBY) or 4 (BAG & NXT) years EPS growth out of the last 5.<br />
NXT has the lowest Payout Ratio (35%), followed by BAG (45%) and BRBY (55%)<br />
All three have strong Operating margins.<br />
NXT PE Ratio (9.17) is almost half that of BRBY (15.02) and BAG (16.08)<br />
re: Debt, NXT are the only one with a warning light, their Debt:Equity is 1.63 where I am usually looking for <1.<br />
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<b>Conclusion:</b><br />
<br />
I've just noticed that I missed that BRBY operate in the Personal Goods sector and thus I should really remove them... they looked a good option, so one for the future.<br />
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That leaves BAG, NXT and SMIN.<br />
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Given my concerns about SMIN EPS growth I mapped the previous 10 years for each potential and added the average of the 11 companies within my portfolio already.<br />
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It re-enforces that I will stay away from SMIN for the time being.<br />
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On this extended horizon it also paints NXT in a very positive light. If I was to use a 5 year horizon it would not look as strong growth.<br />
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I will however, on this time, side with NXT as my portfolio addition. They are a strong, consistent dividend payer, tick almost all of my screen requirements and on-top of that are a brand that I know and like very much - as does the wife.<br />
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<b>Purchase Details</b><br />
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<ul>
<li>5 NXT shares were purchased for a cost price including fees of £243.48, ave cost per share of £48.70.</li>
<li>NXT now form 10% of my portfolio by value.</li>
<li>This adds an expected £8.25 in expected annual income, taking the total forecast annual income to £86.61. This has dropped recently due to the dividend cuts to BNZL, BWY and MNDI.</li>
</ul>
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-10062174621175755772020-04-04T02:04:00.001-07:002020-04-05T03:01:56.477-07:00#111 First Annual FI Review - April 2020Whilst not targeting RE it's nice to track when we might be FI.<br />
<br />
As is said <i>"What gets measured, gets improved </i>"<br />
<br />
<b>In 2018 I built a 'model' based on the below assumptions.</b><br />
<br />
Workplace Pension value £31,800<br />
Contributions of £10,800 per annum, with contributions growing 2% per annum<br />
<br />
SIPP value £0<br />
Contributions of £1200 per annum, with contributions growing 5% per annum<br />
<br />
Other Equities (ISA etc) value £1,500<br />
Contributions of £2,400 per annum, with contributions growing 2% per annum<br />
<br />
Assumed annual growth for all of these is 5%<br />
<br />
<b>How have we progressed vs the forecast?</b><br />
<b><br /></b>
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Value<o:p></o:p></div>
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Forecast<o:p></o:p></div>
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Actual<o:p></o:p></div>
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<br /></div>
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Apr-20<o:p></o:p></div>
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Apr-20<o:p></o:p></div>
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+/-<o:p></o:p></div>
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Workplace Pension<o:p></o:p></div>
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£45,000.00<o:p></o:p></div>
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£44,000.00<o:p></o:p></div>
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<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.4pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="bottom" width="85"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-£1,000.00</span><o:p></o:p></div>
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SIPP<o:p></o:p></div>
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£2,620.80<o:p></o:p></div>
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£1,900.00<o:p></o:p></div>
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<span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-£720.80</span><o:p></o:p></div>
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Other Equities (Eg ISA)<o:p></o:p></div>
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£6,657.49<o:p></o:p></div>
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£4,100.00<o:p></o:p></div>
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<span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-£2,557.49</span><o:p></o:p></div>
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*New* Cash<o:p></o:p></div>
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£0.00<o:p></o:p></div>
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£10,000.00<o:p></o:p></div>
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£10,000.00<o:p></o:p></div>
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<b>Total<o:p></o:p></b></div>
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<b>£54,278.29<o:p></o:p></b></div>
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<b>£60,000.00<o:p></o:p></b></div>
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<b>£5,721.71<o:p></o:p></b></div>
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My contributions into Workplace Pension, SIPP and Other Equities have not been as high as expected plus with the recent market turmoil the values have dropped.<br />
<br />
With the addition of the Cash buffer though it's nice to see that I'm ahead of where I had forecast, even taking the turmoil into account.<br />
<br />
<b>How much do we need to be FI?</b><br />
<b><br /></b>
Our annual spend in 2019 minus Tax/NI and Mortgage was £36k<br />
<br />
If we use the 4% draw-down rule that means we'll need a minimum 'pot' of £913k~<br />
<br />
<b>Other Changes...</b><br />
<b><br /></b>
I had previously forecast an annual growth rate of 3%. I think this was being too conservative. Generally, it seems the historical annual growth for the major indexes is anywhere between <a href="https://www.thesimpledollar.com/investing/stocks/where-does-7-come-from-when-it-comes-to-long-term-stock-returns/" target="_blank">7%</a> and <a href="https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp" target="_blank">12%</a>, and <a href="https://www.nerdwallet.com/blog/investing/average-stock-market-return/" target="_blank">10%</a> in between.<br />
<br />
However, I also did not take into account inflation which will erode the spending power of that pot.<br />
<br />
The average annual inflation amount is roughly 2%. 2% is also the <a href="https://www.bankofengland.co.uk/monetary-policy" target="_blank">Bank of England's target</a>.<br />
<br />
Given that I need to understand how this can be modelled more accurately I'll simply use a lower level of expected growth to account for the erosion by inflation. Using the lower of the growth estimates minus inflation average = 5%, which I what I am now using for the model.<br />
<br />
<b>What does all this mean?</b><br />
<br />
Updating with actuals plus increasing the expected growth to 5% has suggests we'll be FI in 2045, when I am 59.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0KbROmawCqPYEO8SzYTuJOx-XvP69AuRbcKQEEVpqf4tXvYHhCi1sQlGHNOHCYgGd1TBlixcEmjpoSkLAQ8RUNJ72WcVtNRI6NpWF08p8Yo5CSXK0kQA4v5PY3mOXtHQ9sj8pa1T4dBw/s1600/111111.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="652" data-original-width="1125" height="370" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0KbROmawCqPYEO8SzYTuJOx-XvP69AuRbcKQEEVpqf4tXvYHhCi1sQlGHNOHCYgGd1TBlixcEmjpoSkLAQ8RUNJ72WcVtNRI6NpWF08p8Yo5CSXK0kQA4v5PY3mOXtHQ9sj8pa1T4dBw/s640/111111.PNG" width="640" /></a></div>
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As I said at the start "what gets measured, gets improved". So keeping an eye on this and using it for my annual targets and goals should stand me in good stead. My intention isn't to keep on top of this too regularly, an annual review and inclusion in annual goal setting should be enough.<br />
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I have also not included any mention of the state pension. I worry about the pension situation that looms in this country and am not relying on that in any shape or form.<br />
<br />
The second significant assumption I should remind myself of, is that this assumes we are mortgage free. For today I'll leave that assumption as it is, but possibly one to review in the future.<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-31453129169279664862020-04-01T00:01:00.000-07:002020-04-01T00:01:27.038-07:00#110 March Money Update<b><u>March Income vs Spending</u></b><br />
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<br /></div>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">Mar '20<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Gross Income<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£21,960.67<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Tax and NI<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£8,271.00<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Variable Spending<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£2,360.85<o:p></o:p></span></div>
</td></tr>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Fixed Spending<o:p></o:p></span></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£1,587.64<o:p></o:p></span></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 6;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Short Debt Repayment<o:p></o:p></span></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£0.00<o:p></o:p></span></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 7;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<br /></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div class="MsoNormal">
<br /></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 8;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Net Income pre Fixed Savings<o:p></o:p></span></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£9,741.18<o:p></o:p></span></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 9;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Savings Rate (%) pre Fixed Savings<o:p></o:p></span></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">44%<o:p></o:p></span></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 10;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<br /></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div class="MsoNormal">
<br /></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 11;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Fixed Savings / Investments<o:p></o:p></span></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£1,102<o:p></o:p></span></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 12;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Net Monthly Cash<o:p></o:p></span></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: arial, sans-serif;"><span style="font-size: 13.3333px;">£8,640</span></span></div>
</td></tr>
<tr style="height: 14.4pt; mso-yfti-irow: 13; mso-yfti-lastrow: yes;"><td nowrap="" style="border: 1pt solid; height: 14.4pt; padding: 0cm 5.4pt; width: 223pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Cash Savings Rate (%) Post Fixed Savings<o:p></o:p></span></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 14.4pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: arial, sans-serif;"><span style="font-size: 13.3333px;">39%</span></span></div>
</td></tr>
</tbody></table>
<br />
<u>Commentary:</u><br />
<b><br /></b>Bonus month. <br />
<br />
I've spoken about what we will do with the excess cash previously, so won't dwell on that. But I will take another second to appreciate a) the income and b) the fact that we are short-term debt free and thus we can invest in wealth building rather than seeing this money go straight out.<br />
<br />
Still £8,271 on tax is steep! I once listened to a podcast where a 'taxman' was explaining a hypothesis that if we all looked at tax as charity donations then it would give us a positive feeling upon reflection rather than a negative. I am therefore choosing to think of all the good work this tax will do, and think of it as a charitable donation to our society.<br />
<br />
Obviously because of the bonus our savings rate, both pre and post our monthly fixed investments, was significantly higher than previously.<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIOfUbOn_nxTiq1y8rQamKATJxvoAAN-V1uKTi9FM3cunJyo4CuBHYMA9uFWF6bDGtvTZJ4hWK6V1Ay1VQHhvzslfNVlFWUcQxcA1oex-5u3PzTl_60USONPDsJgYunP8nAkPDuSS7G0I/s1600/q.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="407" data-original-width="749" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIOfUbOn_nxTiq1y8rQamKATJxvoAAN-V1uKTi9FM3cunJyo4CuBHYMA9uFWF6bDGtvTZJ4hWK6V1Ay1VQHhvzslfNVlFWUcQxcA1oex-5u3PzTl_60USONPDsJgYunP8nAkPDuSS7G0I/s400/q.PNG" width="400" /></a></div>
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Variable spending was actually our lowest for six months. The second - and final for the year - month without council tax meant that our fixed spending was slightly lower than average too.</div>
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The result of not having to pay back any short-term loan as we have done in previous years is shown well in this graph... in 2017, 2018 and 2019 we made significant payments and in 2020 we didn't</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf_m208wY9JSN8kEowFofhc12fFdH_KAtNDynd4dxBIQE1u6xhyphenhyphenisVa1Wgz4e5GE9L3ynfNiIwQXVTlYRt31m8VnDqwuWa1GAhyphenhyphenaMxTfyZ6amjpjtQSzmwH8IVp_iMqA7ndfzbJTL0NeA/s1600/qq.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="460" data-original-width="729" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf_m208wY9JSN8kEowFofhc12fFdH_KAtNDynd4dxBIQE1u6xhyphenhyphenisVa1Wgz4e5GE9L3ynfNiIwQXVTlYRt31m8VnDqwuWa1GAhyphenhyphenaMxTfyZ6amjpjtQSzmwH8IVp_iMqA7ndfzbJTL0NeA/s400/qq.PNG" width="400" /></a></div>
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<b><u>March Wealth Update</u></b></div>
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</div>
<ul>
<li>£351.62 paid into workplace pension</li>
<li>£100 paid into SIPP</li>
<li>£500 paid into workplace sharesaves (current Share Price £72.88)</li>
<ul>
<li>£100 into 2021 maturity (£100 for holiday) </li>
<ul>
<li>Option Price £57.87</li>
</ul>
<li>£200 into 2022 maturity (£100 for holiday, £100 for savings)</li>
<ul>
<li>Option Price £54.68</li>
</ul>
<li>£200 into 2023 maturity (£100 for holiday, £100 for savings)</li>
<ul>
<li>Option Price £59.56</li>
</ul>
</ul>
<li>£150 paid into kids JISAs for the first time - global index funds</li>
</ul>
<br />
Bonus money<br />
<br />
<ul>
<li>£5k added to emergency cash pile</li>
<li>£1,400 into my Dividend portfolio - not all of this has been invested yet</li>
<li>£1,200 into my Global Index ISA - not all of this has been invested yet</li>
</ul>
<div>
I also found out I have been awarded some additional shares as part of a retain and incentive plan. This results in receiving, as long as I remain at the company;</div>
<div>
<ul>
<li>76 shares in October 2021</li>
<li>76 shares in October 2022</li>
</ul>
</div>
<div>
These seem like a long way off, and a lot can happen in between then, both personally, my role and the share price. So I'm going to forget about these now until closer to the date. It is very rewarding to have been provided with my first incentive shares though.</div>
<div>
<br /></div>
<div>
<b>Milestones</b></div>
<div>
<ul>
<li>Short-term debt free for 8 months</li>
<li>Equities investments (outside of pension) now above £4k</li>
<li>Emergency cash amount is now £10k</li>
<li>Including house equity our Net Worth has increased above £220k</li>
</ul>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFwDxTDAzuSCdHvZx_KSf9VPjJCuZkNoKjjPX6YASkA-1SsYqSa-PVztYSZEscjTs5UUa7M7xpJPrFMMgEW8gYiBVFvtDdl9B0WnPSJ8rP7Ner8MmUZJAs97S-ocJmbG8htB6PFY90CvA/s1600/qqq.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="559" data-original-width="802" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFwDxTDAzuSCdHvZx_KSf9VPjJCuZkNoKjjPX6YASkA-1SsYqSa-PVztYSZEscjTs5UUa7M7xpJPrFMMgEW8gYiBVFvtDdl9B0WnPSJ8rP7Ner8MmUZJAs97S-ocJmbG8htB6PFY90CvA/s400/qqq.PNG" width="400" /></a></div>
<i>Should always enjoy this view as it took a lot of hard work and discipline to get to where we are now.</i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgI2b4iXPVNn3j2wgUsZDMr_Lkv1b2k2h9uau-RF3kP39ES68c9wxcXc1PdSN0m9tCxAU0-8naQobo31r7eKwj3JTDYQCqkpLpyWBrfby5tqE2Uz9h3kK2r2zc5jBNR8PZJla6c-ehnWzg/s1600/qqqq.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="558" data-original-width="762" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgI2b4iXPVNn3j2wgUsZDMr_Lkv1b2k2h9uau-RF3kP39ES68c9wxcXc1PdSN0m9tCxAU0-8naQobo31r7eKwj3JTDYQCqkpLpyWBrfby5tqE2Uz9h3kK2r2zc5jBNR8PZJla6c-ehnWzg/s400/qqqq.PNG" width="400" /></a></div>
<i> Even though pension contracted a fair bit with the global crisis good to see this still moving forward</i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJIpyctLhvIi5J0P4C_gD19SS8VSIM5zfiAHux5jgXwczCw3BCivgPArxI58tM4gJ6JYBaMTwTqILg1zVEOWs1W3eJ3Mbvz4CGDzAt_OziRhJuUHUICDpBStj9Vh-JS0EJqKJepk9349U/s1600/qqqqq.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><i><img border="0" data-original-height="550" data-original-width="767" height="286" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJIpyctLhvIi5J0P4C_gD19SS8VSIM5zfiAHux5jgXwczCw3BCivgPArxI58tM4gJ6JYBaMTwTqILg1zVEOWs1W3eJ3Mbvz4CGDzAt_OziRhJuUHUICDpBStj9Vh-JS0EJqKJepk9349U/s400/qqqqq.PNG" width="400" /></i></a></div>
<i>One of my old favourite graphs. Excluding Holiday Savings means we exclude money which is committed to being spent. So this is the money we have invested or put aside that I expect to keep, </i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimGCO4uPmUNSZE8Iks5TCKYyGfSDNsAnE2gmVz01KQdK9wYixYhioOSvMvP50BRLMUCEEQkUh_ylKoD4RfeLrvSB_VaaYHmTZ3Ou8M_gFs5efLv4PWthLLt8d0r1j_db5lLxkxK-y5mII/s1600/qqqqqq.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="542" data-original-width="800" height="270" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimGCO4uPmUNSZE8Iks5TCKYyGfSDNsAnE2gmVz01KQdK9wYixYhioOSvMvP50BRLMUCEEQkUh_ylKoD4RfeLrvSB_VaaYHmTZ3Ou8M_gFs5efLv4PWthLLt8d0r1j_db5lLxkxK-y5mII/s400/qqqqqq.PNG" width="400" /></a></div>
<i>Always good to see the YOY growth of all money. Amazing to think that it's not actually been that long - about 4 years since I started tracking.</i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjxEpZTrNYYhOgX5b4xgtUBTtMFd8d4V_YiCEMQVxyrnejeLWDPLPLLhuZSr3FY-ALs9LBWS6u6DTfoY40UZOr1jKMQNcy_7OxdeCCnjqLMJsLYJwHfohDr9sosAA_hY60cHDjZbB2fsw/s1600/qqqqqqq.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><i><img border="0" data-original-height="525" data-original-width="734" height="285" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjxEpZTrNYYhOgX5b4xgtUBTtMFd8d4V_YiCEMQVxyrnejeLWDPLPLLhuZSr3FY-ALs9LBWS6u6DTfoY40UZOr1jKMQNcy_7OxdeCCnjqLMJsLYJwHfohDr9sosAA_hY60cHDjZbB2fsw/s400/qqqqqqq.PNG" width="400" /></i></a></div>
<div>
<i>Very happy to see the first payments for the kids included here. </i></div>
</div>
<div>
<i><br /></i></div>
<div>
<i>They all have cash savings which are not expected to be added to an further. Now I'm investing £50 each into global index fund.</i></div>
<div>
<i><br /></i></div>
<div>
<i>The oldest is about to turn 8 so that's at the very least a decade of compound growth and TIME in the market for my little angel.</i></div>
Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-9658557186439546492020-03-31T10:13:00.002-07:002020-04-01T02:50:48.623-07:00#109 Portfolio Purchase I thought Brexit was the 'big' thing that we'd live through for a while... well Covid-19 certainly tops that doesn't it.<br />
<br />
Dividends are being cut left, right and centre. However, I am going to plough on in the hope that the companies I invest in remain solvent and return to earnings and dividends growth in a few short years.<br />
<br />
Tomorrow I will invest the next £200 from my bonus 'dividend portfolio' cash. A new purchase will follow every 2 weeks until that money has used.<br />
<br />
Focus remains on building the size of the portfolio, in terms of quantity of companies, until I have a minimum of 15 (currently 10 - although 1 of those is significantly smaller and purchased prior to all of this. So 9 in reality).<br />
<br />
I've got 9 stocks on my watch list.<br />
<br />
AHT / BRBY / CPG / DCC / MGGT / MNDI / PRU / RB. / SMIN<br />
<br />
6 of these are ruled out at the moment as I own companies within their sectors already<br />
<br />
AHT, CPG, DCC = same sector as BNZL<br />
RB. = same sector as BWY<br />
PRU = same sector as LGEN<br />
BRBY = same sector as ULVR<br />
<br />
Obviously, some of these have a higher degree of overlap than others. However, for simplicity sake, and whilst I have other options, I am putting them to one side.<br />
<br />
That leaves MGGT, MNDI and SMIN<br />
<br />
~~~~~~~~~~~~~~~~~~~~~<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG72tsIAKRG2xRfQN06PICgSPyIjwOF65f_rLaSSsXVfyJFdcK4emv0WvhtILeF-JhuGo6K3C2sGdubNEAeP4HmKXB27-Q_YkW-MHU-kmOn_479-rGVrXJOSFe8SSgssN3JXLm4b2Il1E/s1600/MGGT.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="183" data-original-width="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG72tsIAKRG2xRfQN06PICgSPyIjwOF65f_rLaSSsXVfyJFdcK4emv0WvhtILeF-JhuGo6K3C2sGdubNEAeP4HmKXB27-Q_YkW-MHU-kmOn_479-rGVrXJOSFe8SSgssN3JXLm4b2Il1E/s1600/MGGT.PNG" /></a></div>
Meggit (MGGT). Aerospace and Defence sector, one where I hold no shares.<br />
<br />
High performance engineering company supplying predominantly to aircrafts.<br />
<br />
Obviously available (283p) at a massive discount to 52-week high (701p) with 196p the 52-low.<br />
<br />
Market cap of £2.2bn means it's 98th on the FTSE100 rankings and a possible relegation looms.<br />
<br />
<b>Dividends</b><br />
<br />
Potential yield at current price is 6%<br />
Dividends paid since 2000 with 11 years of consecutive annual growth. Growing at over 4.9% per annum over the last 5 years.<br />
Div Cover is a more than healthy 2.05<br />
<br />
<b>Financials:</b><br />
<b><br /></b>I don't really know what I'm doing in this area. But lots of reading over the years has led me to focus on a couple of core things.<br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year</i></li>
<ol>
<li>Grown in 2 of the last 5 years. 👎</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>56% 👍</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18</i></li>
<ol>
<li>7.21 👍 </li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>👍Gross average is above 40%, Net above 14%</li>
</ol>
<li><i>Debt levels? Current Ratio >1 & Debt:Equity <1</i></li>
<ol>
<li>1.8 and 0.49 respectively 👍</li>
</ol>
</ol>
<br />
<b>Conclusion:</b><br />
<br />
A solid potential, ticking every box other than EPS growth. Perhaps the yield on offer would make this a worthwhile risk.<br />
<br />
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Mondi (MNDI). In Forestry and Paper sector, where I currently have no shares. To be honest I wasn't aware this was a sector.<br />
<br />
Manage forest and produce pulp, paper and plastic films.<br />
<br />
Current price is 1,383p<br />
52-high 1,861 and 52-low, 1,156<br />
<br />
Market Cap of £6.71bn, 50th~ in the FTSE100<br />
<br />
<br />
<b>Dividends</b><br />
<br />
Potential yield at current price is 5.4%<br />
Dividend paid since 2008, 11 years of consecutive dividend growth. Growing at over 13% per annum.<br />
Div Cover is a more than healthy 2.06<br />
<br />
<b>Financials:</b><br />
<b><br /></b>I don't really know what I'm doing in this area. But lots of reading over the years has led me to focus on a couple of core things.<br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year</i></li>
<ol>
<li>Grown in 4 of the last 5 years. 👍</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>40.8% 👍</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18</i></li>
<ol>
<li>8.78 👍 </li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>👍Gross average is above 43%, Net above 14%</li>
</ol>
<li><i>Debt levels? Current Ratio >1 & Debt:Equity <1</i></li>
<ol>
<li>1.05 and 0.37 respectively 👍</li>
</ol>
</ol>
<br />
<b>Conclusion:</b><br />
<br />
Literally, MNDI tick every box on my screen and coupled with a 5.4% yield and a history of really impressing dividend growth, going to take something to beat this.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjc1QryBaJGkitLObbZJKG4BVA7Cbi_fgPdNGruXd6Lmtidn-VHRUD-yiJYdze8pAdvLqJd9vbSFQV05ZVrBnG4BpGj3mCgyCWeKGDizq1z5hHAxZGxgPqDErpM7EnoNgkDFq_8poZP6sU/s1600/SMIN.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="66" data-original-width="170" height="124" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjc1QryBaJGkitLObbZJKG4BVA7Cbi_fgPdNGruXd6Lmtidn-VHRUD-yiJYdze8pAdvLqJd9vbSFQV05ZVrBnG4BpGj3mCgyCWeKGDizq1z5hHAxZGxgPqDErpM7EnoNgkDFq_8poZP6sU/s320/SMIN.PNG" width="320" /></a></div>
Smiths (SMIN). General Industrials sector. I do not own.<br />
<br />
Tech firm for Medical tech, Aerospace, Energy, General & Security.<br />
<br />
Current price is 1,126. 52-high is 1778 and 52-Low is 790.<br />
<br />
Market Cap of £4.86bn putting them 80th~ in the FTSE100<br />
<br />
<b>Dividends</b><br />
<br />
Potential yield at current price is 3.76%<br />
Dividend paid since 2000, 10 years of consecutive dividend growth. Growing at 2.6% per annum.<br />
Div Cover is a 1.49<br />
<br />
<b>Financials:</b><br />
<b><br /></b>I don't really know what I'm doing in this area. But lots of reading over the years has led me to focus on a couple of core things.<br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year</i></li>
<ol>
<li>Grown in 3 of the last 5 years. 👍</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>55% 👍</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18</i></li>
<ol>
<li>16.31 👍 </li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>👍Gross average is above 45%, Net above 15%</li>
</ol>
<li><i>Debt levels? Current Ratio >1 & Debt:Equity <1</i></li>
<ol>
<li>2.94 and 0.64 respectively 👍</li>
</ol>
</ol>
<br />
<b>Conclusion:</b><br />
<br />
I like SMIN. The EPS over the last five years, whilst grown 3 out of the 5, does appear to be trending down which is a cause for concern. Low dividend growth over the previous 5 years too coupled with a lower starting yield.<br />
<br />
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~~~~~~~~~~~~~~~~~~~~~~~~<br />
<br />
<b>Decision</b><br />
<br />
Tomorrow morning I will purchase MNDI as my 10th main company for my dividend portfolio.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE1H69cpGYHpDc_AXBb-LyXP5FC2CiUhmwwoBqnsyu7zjgAIHtZbMWUcgh6RZqB2s9FRlA0euzQufS8AWD5aWL_IBxb-YYkArnXdjVeKXzwlrubizhdpYzEcq09pGaEZNZei3EU9zaGwk/s1600/MNDI.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="162" data-original-width="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE1H69cpGYHpDc_AXBb-LyXP5FC2CiUhmwwoBqnsyu7zjgAIHtZbMWUcgh6RZqB2s9FRlA0euzQufS8AWD5aWL_IBxb-YYkArnXdjVeKXzwlrubizhdpYzEcq09pGaEZNZei3EU9zaGwk/s1600/MNDI.PNG" /></a></div>
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This graph of historical EPS growth across the 3 companies particularly impressed me.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTQkFBxeLQgRJamP93rqN7C5ReQCMlzy1nyR6vFoCXipuUjSn2beAwf1zFYjO-OIhGpt0D39Ebc3K21mx0xTyK4yHh8fPS0daMDOUtvR5aDdkFuFT37P-kLa5OVGmIdZO6cbptebM6hX4/s1600/EPS+Growth+pic.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="351" data-original-width="581" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTQkFBxeLQgRJamP93rqN7C5ReQCMlzy1nyR6vFoCXipuUjSn2beAwf1zFYjO-OIhGpt0D39Ebc3K21mx0xTyK4yHh8fPS0daMDOUtvR5aDdkFuFT37P-kLa5OVGmIdZO6cbptebM6hX4/s400/EPS+Growth+pic.PNG" width="400" /></a></div>
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*Update*<br />
<br />
<ul>
<li>15 shares were purchased in MNDI for a total price of £208.41. </li>
<li>Average cost per share of £13.89.</li>
<li>MNDI now make up 10% of my portfolio by holding value</li>
<li>And add £10.95 in potential annual dividends, taking the portfolio annual expected dividend over £100 to £102.95</li>
</ul>
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-29148307832730576792020-03-25T07:22:00.000-07:002020-03-25T07:22:01.125-07:00#108 Dividend Portfolio UpdatesAim is to have a portfolio of at least 15 companies, therefore reducing the weighting/risk on any individual company to below 10% of value of portfolio.<br />
<br />
Therefore, given the size of my portfolio I will not be looking at topping up existing holdings, even though some prices look very tempting, but instead will add in 7 more holdings with the £1,400.<br />
<br />
Let's rattle through what I've reviewed so far, and the shortlist...<br />
<br />
First off, those big or often touted companies I am not currently going to invest in...<br />
<br />
<b>Why not? Average Payout Ratio Too High over last 5 years;</b><br />
BAE Systems BA.<br />
Vodafone VOD<br />
<div>
Standard Life Aberdeen SLA</div>
<div>
Centrica CNA</div>
<div>
Imperal Brands IMB</div>
<div>
Royal Dutsh Shell RDSB</div>
<div>
BP BP.</div>
<div>
GlaxoSmithKlein GSK<br />
<br /></div>
<b>Why not? Broken Dividend Payments in previous years;</b><br />
Persimmon PSN<br />
<br />
So who am I considering..<br />
<br />
Have looked into in detail and almost happy to proceed...<br />
AHT - if yield is above 2.5%<br />
JMAT<br />
DCC<br />
BATS - if I can get over investing in Tobacco and am happy with debt (current ratio)<br />
HLMA - if yield is above 2.5% (unlikely)<br />
<div>
<br /></div>
<div>
Appear promising but haven't gone into enough detail...</div>
BRBY<br />
RMV - if yield is above 2.5% (unlikely)<br />
SMIN<br />
MGGT - if I am happy with EPS history<br />
NXT<br />
VCT<br />
RB.<br />
WPP<br />
BT.A<br />
<br />
Today I'll only focus on the one's I've looked into in detail, and so max I'll do is 5 investments out of the 7.<br />
<br />
However, on todays prices both AHT (2.4%) and HLMA (0.89%) are below my minimum target yield of 2.5% and so the max is 3 out of 7 purchases.<br />
<br />
BATS - yield of ~8.4%<br />
<br />
High yield, great dividend history (20 years+ increasing dividends), low PE ratio, good Payout ratio, good EPS growth history, great operating margins... 2 fly's in the ointment 1) Tobacco is surely dying out and 2) current ratio debt is high.<br />
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However, I'm going to be a bit more risky than normal and proceed with this based on the fact that if it wasn't Tobacco this would be a sure-thing and I'll put faith in the size and scale of the business being able to adapt.<br />
<br />
Purchased 8 shares for a cost (inc fees) price of £25.89 per share producing a yield on cost of 8.11% and adding £16.80 to my expected annual dividend, taking the total too £82.61.<br />
<br />
DCC - yield of ~2.9%<br />
<br />
Whilst it looks very good it is within the Support Services sector, of which I already own BNZL. I am not too precious about over-weighting this way, but I think it makes sense to spend more time reviewing this before proceeding.<br />
<br />
No purchase.<br />
<br />
<br />
JMAT - yield of ~4.5%<br />
<br />
Operating in Chemicals sector. They break themselves down into 4 global areas; clean air, efficient natural resources, health and new markets.<br />
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Great dividend history (20 years+ increasing dividends), nice low payout ratio and PE, operating margins are lower than I'd like, but the have good dividend cover and low debt.<br />
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No real concerns about these guys, will purchase.<br />
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Purchased 11 shares for a cost (inc fees) price of £19.18 per share producing a yield on cost of 4.46% and adding £9.41 expected annual income to my portfolio, taking the total to £92.01.<br />
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<i><br /></i></div>
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<i>Not far from £100 expected annual income. However, we'll see how Covid-19 decimates the dividends. Have to remember I am investing for the long game.</i></div>
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<i>Getting closer to the 15> portfolio and have made great strides in March.</i></div>
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-89331260714427116982020-03-25T06:20:00.002-07:002020-03-25T06:20:54.689-07:00#107 Bonus UsageThe world is going through an immense battle with Covid and everywhere it is all I can see or hear. I fear for a lot of things, but truly believe we can come out of this better.<br />
<br />
To distract myself - and I realise how fortunate we are to be considering this - I am reviewing my options for what to do with the annual bonus.<br />
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Luckily, I am right at the outset of my investing journey and so this is probably an opportunity to invest at a comparative bottom of the markets.<br />
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Tomorrow I will receive my bonus of £8,666.<br />
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£1k of that will be given to the wife for her to do with as she pleases.<br />
<br />
£5k of that will be added to our emergency fund. Coupled with the £4.7k that was put aside for our summer holiday - no longer going to happen - that will take us to £14.7k cash in our emergency fund. Coupled with the fact that I've got a 3 month notice period which would be tax free.. any concerns about redundancy following the economic affects of all of this should be minimal now. Very lucky.<br />
<br />
So what to do with the remaining £2,666....<br />
<br />
My initial thought was to plow it all into my dividend portfolio. However, I do thoroughly believe that over time global index funds will be the best place for my long term investments. So I want to stick to at least 50% of my equity investments in that.<br />
<br />
Currently I have a dividend portfolio worth £1,200~. It is entirely likely or possible I will not be in a position to add in any further cash over the next 12 months.<br />
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My Global Index fund currently has 0 invested, but a monthly direct debit of £200, with the 1st installment coming in April. Therefore in 12 months I expect to have invested £2,400.<br />
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So currently I am over-weight on my dividend portfolio, but expect to have twice as much within the Global Fund in 12 months time.<br />
<br />
Maybe it's best to just split it in 2. £1,300 for the dividend portfolio and £1,300 to be drip fed into Global fund.<br />
<br />
With my current approach of investing £200 per position in the Dividend portfolio, this would allow me to buy into 6 more companies, 7 if I took £1,400. That would take me 14 companies which is roughly what I am looking to get too (between 15-20) to spread the risk.<br />
<br />
So £1,400 into dividend portfolio... and £1,200 into the Global Fund it is then....<br />
<br />
I'll drip the £1,200 Global Fund money in 6 £200 installments every month, sandwiched between my current direct debit.<br />
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Now to decide on where and when to put that £1,400...<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-19969202897800341912020-03-11T08:38:00.004-07:002020-03-11T08:38:57.292-07:00#106 New Company; ULVRShopping spree continues. I have £400 left from my unexpected expenses. This feels like I'm just splashing the cash on fun items, but it's certainly better to invest it this way rather than spending on headphones (my other idea) !<br />
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I quickly scanned 20~ companies and decided to do a deep-dive on Unilever, ULVR.<br />
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<b>Info:</b><br />
A stock I don't own in a sector (personal goods) I do not own.<br />
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It's brands include Dove, Magnum, Lipton, Hellmans.<br />
<br />
The largest company on the FTSE100 by Market Cap. About 1/10 the size of Apple.<br />
<br />
Sounds like a very defensive company and quarterly dividends sounds aligned to that.<br />
<br />
Share price 52-week high is £53.33 per share. 52-Low is recent £40.21. Currently available just under £41.27.<br />
<div class="separator" style="clear: both; text-align: center;">
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<b>Dividend Record: </b><br />
<b><br /></b>Over 20 years of consecutive dividend growth. Growing at over 5% per annum. Whist the Div Cover dropped below my threshold last year, it was above for the previous four.<br />
<b><br /></b><b>Financials:</b><br />
<b><br /></b>I don't really know what I'm doing in this area. But lots of reading over the years has led me to focus on a couple of core things.<br />
<br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year</i></li>
<ol>
<li>Grown in 4 of the last 5 years.</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>Was lowest in 2019 than for a long time, has in most prevoius years been jsut above 60%, which I wouldn't like. However, it does seem this is fairly normal for a defensive stock.</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18</i></li>
<ol>
<li>On the money, would prefer them to be cheaper, but 18.24 is within acceptable bounds. </li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>✅Gross average is above 40%, Net above 16%</li>
</ol>
</ol>
<br />
<b>Conclusion:</b><br />
<br />
The scale of the company and the position they are in, coupled with the consistency of their dividend track record makes me feel this one is a fairly low risk decision to BUY.<br />
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~~~~~~~~~~~~~~~~~~~~~<br />
<br />
So ULVR were added to my portfolio, bringing the total up to 5 decent companies.<br />
<br />
5 shares were added for a cost including fees of £212.48, an average price per share of £42.50. A yield of 3.84%<br />
<br />
This adds £8.15 expected annual dividends to my portfolio, taking the total annual expected dividends too £42.44.<br />
<br />
ULVR now represent 20% of my portfolio based on Value and 19% based on income.<br />
<br />
I'll receive dividends on a quarterly basis, starting in June.<br />
<br />
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FYI<br />
I use this website for financial date review; <a href="http://financials.morningstar.com/ratios/r.html?t=xlon:ulvr">http://financials.morningstar.com/ratios/r.html?t=xlon:ulvr</a><br />
And this one for the historical dividend date review: <a href="https://www.dividenddata.co.uk/dividend-history.py?epic=ULVR">https://www.dividenddata.co.uk/dividend-history.py?epic=ULVR</a><br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-6588670721407756642020-03-10T02:35:00.003-07:002020-03-10T02:35:44.183-07:00#105 2 Additions to the PortfolioFollowing my recent review and recommended BUY for BWY, BNZL and DGE and my subsequent purchase of BWY. I decided to put more money into my portfolio.<br />
<br />
I have convinced myself that this is because the sooner I get my portfolio up to 10+ companies I'll have lowered the risk because it will reduce the weighting of any one company to circa ~10%~<br />
<br />
In reality this is probably because a) I'm excited by increasing the size of my portfolio and b) because I had an extra £1k come to me from old work expenses which I had completely forgotten about :)<br />
<br />
So I invested in the remaining two companies that I had decided I would BUY; BNZL and DGE.<br />
<br />
Currently, based on the amount of available cash I have and expect to have going forward I'm starting with intitial purchases of £200~ per company.<br />
<br />
Here's the data behind the deals and update to my portfolio.<br />
<br />
I completed these two purchases on Monday 9th March - ie the day that the markets crashed due to the oil price and continued coronovirus.<br />
<br />
<b>BNZL </b><br />
<br />
Purchased 12 shares for £218.15 including fees. This averages out at a cost of £18.18 per share.<br />
<br />
Pretty happy with this price. Their 52-week high is £25 and 52-week low is £17.48.<br />
<br />
This adds £6.16 expected annual dividend to my portfolio. It'll be nice when these numbers are more significant. I have to accept I am at the very beginning of a long journey.<br />
<br />
That expected £6.16 annual dividend equates to 18% of my expected portfolio annual income.<br />
<br />
At the cost price and expected annual dividend this purchase provides a yield of 2.82%<br />
<br />
I will first benefit from a dividend in July this year.<br />
<br />
<b>DGE</b><br />
<br />
Purchased 7 shares for £189.18 including fees. This is an average cost of £27.03 per share.<br />
<br />
Again this is far closer to the 52-week low (£25.69) than it is the 52-week high (£36.33) so happy with price.<br />
<br />
This adds £4.80 to my expected annual returns. Which equates to a 14% weighting within my portfolio expected annual returns.<br />
<br />
At the cost price and expected annual dividend this purchase was at a yield of 2.54%<br />
<br />
The first dividend I'll receive will be in October this year. Sadly I missed the ex-div for their April payment by a matter of weeks.<br />
<br />
<br />
<b>Overall Portfolio</b><br />
<br />
I have now invested £1,035 in purchasing shares.<br />
<br />
My RPC shares were sold for £190.32, crystallizing an £8.75 loss exc received dividends. This was because the company was taken over, disappointing but I'm sure I'll have bigger lows to come on this journey.<br />
<br />
The remaining 41 shares I own are currently valued at £842.50. This is <span style="color: red;">-£2.18</span> than I purchased them for.<br />
<br />
My total expected annual dividend is £34.29. This equates to a yield on the portfolio purchase price of 3.31%<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-2432365029560362462020-03-05T05:15:00.000-08:002020-03-05T05:15:08.904-08:00#104 March Dividend Portfolio DecisionExciting times. I'm buying shares again!!<br />
<br />
Last time out I reviewed BNZL, DGE and BWY.<br />
<br />
All three ticked the box and were recommended to buy.<br />
<br />
BNZL wins the dividend history.<br />
BWY wins the best recent increases in EPS.<br />
Dividend cover and payout ratios are all positive and drawn.<br />
BWY wins with the lowest (almost half) for the Price to Earnings ratio.<br />
DGE trumps the others with significantly the largest operation margins.<br />
<br />
They all have HL Broker consensus of Buy.<br />
<br />
In the end I'll probably purchase all three fairly soon. So it's a case of if the underlying businesses are buy-able, which one offers the best return now.<br />
<br />
According to my spreadsheet, based on current yield and average dividend growth in the last 5 years BWY offers significantly higher returns over the next 10 years.<br />
<br />
I have a slight concern that their market is UK property whereas the other two are global and more diversified. But that really isn't part of my screening and shouldn't cloud my judgement.<br />
<br />
<span style="font-size: large;">So BWY were purchased. </span><br />
<br />
I purchased 5 shares at a total cost, inclusive of charges, for £190.91. Working out at an average per share cost of £38.38.<br />
<br />
This takes my forecast annual dividend payments from £15.83 up to £23.33.<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-15953016339893440462020-03-05T03:04:00.000-08:002020-03-05T03:04:03.886-08:00#103 March Dividend Purchase Review<i>It seems rather grandiose of myself to say this, but if anyone reads this - this is for my own purposes, it is my own research, and frankly I have no idea what I'm doing. So please don't take this as financial advice or sue me when everything goes Pete Tong. </i><br />
<br />
3 stocks reviewed for my first dividend portfolio stock purchase since March 2018.<br />
<br />
Bunzl - BNZL<br />
Diageo - DGE<br />
Bellway - BWY<br />
<br />
<br />
<span style="font-size: x-large;">#1 BNZL</span><br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgou2WbFYzg-5AZ2e_KNjyJYtCicaNm8C9ix4IJ-KJJY8NptsxzyrZKYoXmcY2LPMwoKoX9rFkKoTerfV40nfT4czE_PmDSCqA-HjGx83bNEsLgTxmE0kXl_Lwmo-oFOpWyR6EFTqhyHIg/s1600/1111.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="232" data-original-width="261" height="177" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgou2WbFYzg-5AZ2e_KNjyJYtCicaNm8C9ix4IJ-KJJY8NptsxzyrZKYoXmcY2LPMwoKoX9rFkKoTerfV40nfT4czE_PmDSCqA-HjGx83bNEsLgTxmE0kXl_Lwmo-oFOpWyR6EFTqhyHIg/s200/1111.PNG" width="200" /></a><br />
<b>Info:</b><br />
A stock I don't own in a sector I do not own, hardly surprising though as I have a portfolio of 2 currently.<br />
<br />
Support services sector. Global company. Products distributed include machinery & safety and hygiene equipment for food processors and chemicals, packaging and disposable tableware for caterers and retailers.<br />
<br />
So sounds boring as hell. Delightful. Never previously reviewed.<br />
<br />
Share price 52-week high is £25 per share. 52-Low is recent £19.80. Currently available just under £20.<br />
<div class="separator" style="clear: both; text-align: center;">
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<br />
<b>Dividend Record: </b><br />
<b><br /></b>
This is what drew me to them in the first place.<br />
<br />
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27 years of consistently paying and increasing their dividend. With an average annual growth of 7.7% over the last 5 years, although 2019 was their lowest with only a 2.19% growth.<br />
<br />
A current yield of 2.6% is just above my guide of 2.5%. Overall 👍<br />
<b><br /></b>
<b>Financials:</b><br />
<b><br /></b>
I don't really know what I'm doing in this area. But lots of reading over the years has led me to focus on a couple of core things.<br />
<br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year</i></li>
<ol>
<li>✅ They've grown YOY for the last 7 years.</li>
</ol>
<li><i>Do they have sufficient Dividend Cover? Div Cover 1.5></i></li>
<ol>
<li>✅ 2.6</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>✅ Averages 48% over last 7 years. Never been above 53%</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18</i></li>
<ol>
<li>❌Share price has been a bit up and down lately, mainly due to Coronovirus probably. Unfortunately, currently sitting at 19. </li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>✅Averages of 24% and 5.7% for the last 3 years. So not massively over, but ticks the box.</li>
</ol>
</ol>
<br />
<b>Conclusion:</b><br />
<br />
Strong dividend history, no reason to expect this to change based on cover and payout ratio.<br />
Financials all look good, if the margins are only just above the guide I've set myself. PE ratio slightly above too<br />
But in the end a big 👍 for BNZL from me. This is a recommended BUY for me.<br />
<br />
<br />
<b><span style="font-size: x-large;">#2 DGE</span></b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUOPvWv-GXPq5UHVTtOTC44e3EAb1ztMGb-W_htn_pPdYpO4kgKW6uDliL0gzcc0-UyV3FIqI5gprQYYoP6s-kDodQZULBdCUjGhmpWSi_owMhkIengpNnB_z0U9WOXDwgAlhK4-DJgKs/s1600/v1.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="462" data-original-width="914" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUOPvWv-GXPq5UHVTtOTC44e3EAb1ztMGb-W_htn_pPdYpO4kgKW6uDliL0gzcc0-UyV3FIqI5gprQYYoP6s-kDodQZULBdCUjGhmpWSi_owMhkIengpNnB_z0U9WOXDwgAlhK4-DJgKs/s200/v1.PNG" width="200" /></a></div>
<b>Info:</b><br />
A company I don't own within a sector (Beverages) I don't own.<br />
A global alcoholic drinks company with brands such as Smirnoff, Johnnie Walker & Guinness.<br />
Previously reviewed in March 2018 and marked as WATCH. I was aiming for higher yields back t✅✅✅hen.<br />
<b><br /></b>
<br />
<b>Dividend Record:</b><br />
<b><br /></b>
Dividends have increased YOY since 1998, 22 years at present.<br />
<b><br /></b>
Over the last 5 years averaging an increase of 5.4% annually.<br />
<br />
Price is currently £27.81 which is the lowest it's been for 14 months. 52 week high is £34.58<br />
<br />
Current yield is 2.5% so meeting the guide in my screen.<br />
<b><br /></b>
Overall very positive. 👍<br />
<b><br /></b>
<b><br /></b>
<b>Financials:</b><br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year.</i></li>
<ol>
<li>❌They've increased YOY for the last 4 years. 2015 saw a slight decline from 2014.</li>
</ol>
<li><i>Do they have sufficient Dividend Cover? Div Cover 1.5></i></li>
<ol>
<li>✅2019 was 1.91 but consistently above 1.5 for previous 5 years.</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>✅In the last 2 years no. But they have in 2 of the previous 5 years paid out >60%. 62 and 66% so not hugely over.</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18 </i></li>
<ol>
<li>❌ currently at 21.66</li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>✅This is where they trump BNZL. Gross is on average 60% over last five years. Net 30%.</li>
</ol>
</ol>
<b><br /></b>
<b>Conclusion:</b><br />
<br />
Really strong dividend history, which based on cover and payout ratio appears sustainable. Really good operating margins. EPS and PE ratio only negatives.<br />
But in the end 👍 I'd be more than happy to invest here. Recommended a BUY for me.<br />
<br />
<span style="font-size: x-large;">#3 BWY</span><br />
<br />
With 2 recommended buys can Bellway make it a hat-trick and make my decision even harder for where to invest next?<br />
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<b>Info:</b><br />
A company I do not own, in a sector I do not own. A UK residential property developer.<br />
Previously reviewed by me in March 2018, with a BUY recommendation.<br />
<b><br /></b>
<b>Dividend Record:</b><br />
<br />
Dividends increased YOY for the last 12 years. However, they were reduced in 2008 and 2009. Unlike the DGE and BNZL.<br />
<br />
YOY increases for the last 5 years has averaged nearly 25%. However, this has tailed off to only 5% in the previous year.<br />
<br />
Share price is currently £36.77. 52 week high is £43.36 and 52 low is £26.56.<br />
<br />
Current yield is the highest of the 3 reviewed today @ 4.1% nearly two thirds higher than the other two. Overall 👍<br />
<b><br /></b>
<b><br /></b>
<b>Financials:</b><br />
<ol>
<li><i>Are Earnings Per Share (EPS) consistently growing? YOY EPS growth 5+ year</i></li>
<ol>
<li>✅ Increased YOY for last 10 years.</li>
</ol>
<li><i>Do they have sufficient Dividend Cover? Div Cover 1.5></i></li>
<ol>
<li>✅ Average is 2.9 over last three years.</li>
</ol>
<li><i>Are they paying out too much on dividends? Payout Ratio <60%</i></li>
<ol>
<li>✅ Averages 30% over the last five years.</li>
</ol>
<li><i>Is the ratio of share price to earnings sufficiently low enough? PE ratio <18 </i></li>
<ol>
<li>✅ Very low, 8.60</li>
</ol>
<li><i>Is the Gross and Net Operating profit high enough? Gross 20%> Net 5%></i></li>
<ol>
<li>✅Gross margin averages 25% for last 5 years. Operating margin around 21% </li>
</ol>
</ol>
<b>Conclusion:</b><br />
<br />
Somehow I've got a hat-trick it seems. Good dividend history and solid financials. The only one of the three companies to tick all 5 of my financial questions.<br />
Decision: recommended a BUY. 👍<br />
<br />
~~~~~~~~~~~~~~~<br />
<br />
So I end the review with 3 companies I'm recommending to buy. Great news I'm happy to invest. Now to decide where....<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-76684564641875492212020-03-03T10:25:00.001-08:002020-03-03T10:25:38.606-08:00#102 February Spending & Money Update<b><u>February Income vs Spending</u></b><br />
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">Feb '20<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Gross Income<o:p></o:p></span></div>
</td>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£6,912.71<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Tax and NI<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.4pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.0pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£1,995.94<o:p></o:p></span></div>
</td>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Variable Spending<o:p></o:p></span></div>
</td>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£2,533.28<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Fixed Spenging<o:p></o:p></span></div>
</td>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£1,497.41<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Total Short Debt Repayment<o:p></o:p></span></div>
</td>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£0.00<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Net Income pre Fixed Savings<o:p></o:p></span></div>
</td>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£886.08<o:p></o:p></span></div>
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<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.4pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 223.0pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Savings Rate (%) pre Fixed
Savings<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.4pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.0pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">13%<o:p></o:p></span></div>
</td>
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<br /></div>
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<br /></div>
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<tr style="height: 14.4pt; mso-yfti-irow: 11;">
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Fixed Savings<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif; font-size: 10pt;">£941.38<o:p></o:p></span></div>
</td>
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<tr style="height: 14.4pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.4pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 223.0pt;" valign="bottom" width="297"><div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Net Monthly Cash<o:p></o:p></span></div>
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<span style="color: red; font-family: "arial" , sans-serif; font-size: 10.0pt;">-£55.30</span><span style="font-family: "arial" , sans-serif; font-size: 10pt;"><o:p></o:p></span></div>
</td>
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<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Cash Savings Rate (%) Post
Fixed Savings<o:p></o:p></span></div>
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<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.4pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.0pt;" valign="bottom" width="104"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: red; font-family: "arial" , sans-serif; font-size: 10.0pt;">-0.01<o:p></o:p></span></div>
</td>
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</tbody></table>
<br />
<u>Commentary:</u><br />
<b><br /></b>
Variable spending slightly too high so need to keep an eye on that, especially with known increases for the monthly fixed savings due to start in March (Kids ISAs etc).<br />
<br />
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<br />
Income boosted by £85 in train compensation and company returns.<br />
<br />
Tax and NI same as usual.<br />
<br />
Variable spending of £2,533 was £282 over the average for the last 12 months (£2,251).<br />
<br />
This seems mainly due to a number of bills landing and us spending about one big shop more than usual on groceries.<br />
<br />
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<br />
<br />
No cancel tax this month, or in March, so fixed spending down slightly.<br />
<br />
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<br />
<br />
<b><u>February Wealth Update</u></b><br />
<br />
<br />
<ul>
<li>£341.38 paid by me into my workplace pension.</li>
<ul>
<li>Value dropped a bit with the markets, currently £48.8k</li>
</ul>
<li>£100 added into my SIPP</li>
<ul>
<li>Value also dropped a bit with markets, currently £2.1k</li>
</ul>
<li>£500 paid into my workplace sharesaves, of which £300 is ring-fenced for holidays.</li>
<ul>
<li>Currently values;</li>
<ul>
<li>£1.9k in equity investments</li>
<li>£5k emergency cash savings</li>
<li>£9.5k in rolling accounts for holiday spending for 2020,21,22 & 23</li>
</ul>
</ul>
</ul>
<br />
<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-22882323996767554402020-02-21T07:21:00.000-08:002020-02-21T07:21:01.734-08:00#101 Goals for 2020At work I have become a big believer in having a handful of really clear goals.<br />
<br />
Let's see what I can put together to allow me to shape 2020 financially.<br />
<b><br /></b>
<b>First off, where do I expect us to be based on current commitments / funding.</b><br />
<br />
By the end of 2020, as it currently stands...<br />
<br />
<ul>
<li>Workplace Pension value will likely be around £58k </li>
<li>SIPP value will likely be around £3.5k</li>
<li>We will have £3.8k within workplace share-save, this is addition to money committed to holdays</li>
<li>Global index fund will have zero invested</li>
<li>Dividend portfolio will remain around £350, pounds not thousands of pounds </li>
<li>Emergency savings will remain £5k assuming not used nor added too</li>
<li>Each child will have around £2k invested in cash ISAs </li>
<li>Mortgage will be reduced to roughly £381k</li>
</ul>
<div>
<br /></div>
<div>
<b>What do I want to most improve?</b></div>
<div>
<ol>
<li>Global index fund to have more money invested for wife and I</li>
<li>The kids to have investments in a global index fund</li>
<li>Dividend portfolio to be of greater value</li>
<li>SIPP value to be higher</li>
<li>Mortgage value to be lower</li>
<li>Emergency savings to be higher</li>
<li>Workplace pension to be higher</li>
</ol>
<div>
<b>What options do I have to make this happen?</b></div>
</div>
<div>
<ol>
<li>Monthly savings investments. I guess about £300 available to invest if we are sensible</li>
<li>Bonus of roughly £7k - post tax - due in March</li>
</ol>
</div>
<div>
<b>Therefore what shall I do, and what are the targets?</b></div>
<div>
<ol>
<li>Provide an update each month to detail monthly spend and wealth.</li>
<li>Set up a direct debit of £200 per month to go into Global Index Fund. Target £2k by the end of 2020. This is half of what we had invested in this fund at our peak in 2019. <b>DONE</b></li>
<li>Set up a direct debit of £50 per month each for the kids to invest into a Global Index Fund. Target to have £550 invested each by the end of 2020. <b>DONE</b></li>
<li>Although I've prioritsed the SIPP, Mortgage and Emergency savings over the Workplace Pension, when it comes to my bonus I think it's safest, so we dont just spend it all, to transfer 50% directly into my workplace penson. This would add £7k and therefore the target would be concluding 2020 with £65k invested in my workplace pension. <b>TO DO</b></li>
</ol>
That would leave £3.5k post tax from my bonus. </div>
<div>
<br /></div>
<div>
If I split that with the wife it gives me £1,750. </div>
<div>
<br /></div>
<div>
My current plan is to split this into 8 £200 chunks, and allow myself to make one £200 dividend portfolio purchase per month until it runs out.</div>
<div>
<br /></div>
<div>
This should allow me to focus on investing it rather than spending. Force me to use it slowly. And provide me with enough motivation to become re-interested in that side of investing... which I feel is really important to maintain a semblance of control over our money.</div>
<div>
<br /></div>
<div>
Goal 4 would then be to go from having £350 invested in dividend portfolio to having £2k invested. </div>
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Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-21695148074218028712020-02-21T06:38:00.002-08:002020-02-21T06:39:35.913-08:00#100 Rekindled MotivationI lost track of managing our money.<br />
<div>
<br /></div>
<div>
Thinking about the cause of this, I concluded it was because we had moved from a re-active "we need to clear this debt" to a pro-active "how do we now generate wealth" which, it seems, was a demotivator. Sadly.</div>
<div>
<br /></div>
<div>
Last year, in 2019 </div>
<div>
<ol>
<li>I stopped updating this blog - which serves mainly as a way for me to organise my thoughts and make more conscious decisions - and f</li>
<li>I stopped tracking all spend </li>
<li>I only sporadically updated where our money was and how it was doing</li>
<li>I believe we became too easy with having available money and probably allowed lifestyle inflation to hack away at the financial opportunity our previous hard work in paying off all debt had provided us. </li>
</ol>
</div>
<div>
<b>What's changed to bring me back?</b></div>
<div>
<br /></div>
<div>
The wife and I have started to discuss quite significant possible changes in the future. A bigger house, another(4th) child, which would require a new car and I have been mildly considering a new job.</div>
<div>
<br /></div>
<div>
And I've realised we are wasting the opportunity to grow our wealth, by simply being happy we have no debt.</div>
<div>
<br /></div>
<div>
I spent much of 2019 convinced I was going to follow my child-hood dream and get on the BTL property ladder, but by the end of the year, countless hours research and a trip to Manchester I have decided it is not the best thing for us right out, and it probably wont be for a long while without sector changes.</div>
<div>
<br /></div>
<div>
With the talk of potential big changes and realization that, without BTL, I had no plan for how to make our money work for us and create wealth I have become motivated again to spend time on our personal finances.</div>
<div>
<br /></div>
<div>
<b>Where are we now in financial terms?</b></div>
<div>
<ul>
<li>Monthly spending, I've lost track of this. Our mindest has shifted to spending more and need to get back on top of that</li>
<li>We have £5k put aside for emergency savings</li>
<li>Our annual family summer holiday is effectively paid for each year by a rolling holiday saving fund using my work sharesave. </li>
<li>We have £2k in stocks savings - mainly through company sharesave</li>
<li>Pension value is up to £54k</li>
<li>We have no debt excluding our mortgage</li>
<li>Our mortgage is £347k</li>
</ul>
<div>
My current salary is £82k</div>
</div>
<div>
<br /></div>
<div>
<b>How do I feel?</b></div>
<div>
Really happy we have no debt.</div>
<div>
Really happy we have a structured approach to pay for our summer holidays.</div>
<div>
<br /></div>
<div>
I'm happy with the pension contributions.</div>
<div>
I'm happy with the amount we have put aside for emergency savings. This is the largest safety net we've ever had in this regards.</div>
<div>
<div>
<br /></div>
<div>
I'm disappointed we withdrew our small holding in global index funds and currently have £0 invested.</div>
</div>
<div>
I'm disappointed that I have lost track of our monthly spending.</div>
<div>
<br /></div>
<div>
<div>
I feel like we are missing an opportunity by not investing in index funds for my children now.</div>
</div>
<div>
<br /></div>
<div>
<b>What's the priority?</b></div>
<div>
<ol>
<li>February onwards, monthly spend and money data needs to be updated and reported on here</li>
<li>Set goals to have achieved by end of 2020</li>
<li>Start investing in Global Index Fund personally</li>
<li>Set-up monthly investment in Global Index Fund for all 3 kids</li>
<li>Find joy in finances again with dividend investing</li>
<li>Simplify the process of updating spend or keeping track of money</li>
<li>Back date Aug 2019 >Dec 2019 monthly spend so that I have a complete picture for comparison for the full 2019 year</li>
</ol>
</div>
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Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com1tag:blogger.com,1999:blog-6925729393097071213.post-83151166416240560102019-03-18T05:54:00.000-07:002019-03-18T05:54:02.903-07:00#99 February SummarySpending<br />
<br />
Fixed spending down because of a lack of Council Tax, variable spending up because of replacement car tyres following an MOT.<br />
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Overall, happy with the consistency though and recording our 6th straight month of spending less than we earnt.<br />
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Spending levels are in line with previous years so far.<br />
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Total wealth topped £50k for the first time.<br />
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Difference between what we owe (exc Mortgage) and our savings (exc Pension and exc our holiday savings) increased very slightly again. Expecting to see a much more significant change in this next month.<br />
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Finally, it's always good to see how far we have come in terms of our savings including pension in the last few short years.<br />
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And then very sobering to see how much we actually owe compared to this...<br />
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<br />Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-14754424310698633672019-02-27T02:30:00.000-08:002019-03-18T03:56:13.562-07:00#98 January SummarySpending<br />
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<ul>
<li>Tax the same as usual, £2,100~</li>
<li>Variable spending lower than the previous 3 months at £1,700~</li>
</ul>
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<ul>
<li>Fixed spending stayed fairly static at £2k~</li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrY8LHyki4yZa92HXixoTXxiJNX7Gv9pXEc5TZkkwZsfcSqP3KxxcD3WKWwCuEClQUBpt9wBtx3C5LnKKB3iv9OwLdQ5l0qQpe5Vf-8EkupD-m0KtEJBJgWukWuRuQ9k_kxW08p5JldBY/s1600/2.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="435" data-original-width="715" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrY8LHyki4yZa92HXixoTXxiJNX7Gv9pXEc5TZkkwZsfcSqP3KxxcD3WKWwCuEClQUBpt9wBtx3C5LnKKB3iv9OwLdQ5l0qQpe5Vf-8EkupD-m0KtEJBJgWukWuRuQ9k_kxW08p5JldBY/s400/2.PNG" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEionuv_0UwIp6Xx80QQ0Vu5SrwzByCpnYgDhzRnhAduSpkF-8f6SC8MKKOSr7XhiVx52CifLNDZ6gNn4dL5Gg5AyYRVwAYwH2P5XbjuWGvOMU1Cu9IxzpQ40yoLpBRaouJxs5nNRB7s1cA/s1600/3.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="451" data-original-width="745" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEionuv_0UwIp6Xx80QQ0Vu5SrwzByCpnYgDhzRnhAduSpkF-8f6SC8MKKOSr7XhiVx52CifLNDZ6gNn4dL5Gg5AyYRVwAYwH2P5XbjuWGvOMU1Cu9IxzpQ40yoLpBRaouJxs5nNRB7s1cA/s400/3.PNG" width="400" /></a></div>
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<li>for the first time we have more money saved (exc pension and money put aside for holidays) than we have debts (excluding mortgage). Really happy with this.</li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheFBuGbxU-9dvITyKysoH2EFzVPEMYDCsURmXeD8Dy94XQcDUfxu2MDfBqYXljM8dSVQN7eyeWPO5qUMbb5XGKIeJRla5COBzSYXpV6SiU-U8E04dUUJC0-OC4FQWMdv28-SafLWSfU_Q/s1600/4.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="545" data-original-width="776" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheFBuGbxU-9dvITyKysoH2EFzVPEMYDCsURmXeD8Dy94XQcDUfxu2MDfBqYXljM8dSVQN7eyeWPO5qUMbb5XGKIeJRla5COBzSYXpV6SiU-U8E04dUUJC0-OC4FQWMdv28-SafLWSfU_Q/s400/4.PNG" width="400" /></a></div>
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<li>our YOY savings including pension is up nearly £10k</li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnANJBFrZ2MYfa4Xm_ds6xDeg7gi5TVKFaYqskf-nnDT9Tn0dbT6m_j5Ry1lD-Dwoj_wNxYhdgTg3q4r_5rgm_gNHnjQVQZpqUAjJ6nzQSciayYcVZ-yV81XLYJTRdxMBovO1_diMAghQ/s1600/5.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="539" data-original-width="804" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnANJBFrZ2MYfa4Xm_ds6xDeg7gi5TVKFaYqskf-nnDT9Tn0dbT6m_j5Ry1lD-Dwoj_wNxYhdgTg3q4r_5rgm_gNHnjQVQZpqUAjJ6nzQSciayYcVZ-yV81XLYJTRdxMBovO1_diMAghQ/s400/5.PNG" width="400" /></a></div>
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Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-13274603079009326872019-01-10T07:53:00.002-08:002019-01-10T07:53:42.927-08:00#97 2018 Reviewed with graphs2018 Reviewed<br />
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The highs (financially)<br />
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<ul>
<li>Total debt has decreased over £10k, now standing at £361k</li>
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<li>Debt Exc Mortgage has decreased over £3k, now standing at £5.6k</li>
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<li>Total savings have increased by £18k, now standing at £46k</li>
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<li>Pension increased by £13.8k, now standing at £36k</li>
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<li>Net worth has increase by £35.6k, now standing at £192k</li>
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The misses (financially)</div>
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<li>The purchase of the car and the loan this required meant that we didn't finish 2018 with as much cash saved up as I'd hoped. Our emergency funds currently stand at £2k.</li>
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What does 2019 hold in store for us?</div>
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<ul>
<li>At the moment I am contemplating jumping back into a plan to get us in a position to buy-to-let. But I know that this is a feeling/desire I've had for many years - since I was a child - and so will give it time to see if it looks like something we truly will put our all into.</li>
<li>I need to keep up the matched betting motivation as this has the opportunity to bring in good additional income.</li>
<li>This is the last year that we're required to save up additional money for a family holiday - from 2020 on-wards the savings we've been making into my work sharesave will give us a minimum of £3,600 per year to spend on a holiday on a rolling basis. So priority is to make sure we a) have a great time and give the kids some awesome memories but also b) dont get into additional because of it</li>
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Finally, some graphs to top off the year.</div>
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<i>Can see the affect of lifestyle inflation over the last 3 years. The big jump from 2016 > 2017/18 is due to the larger mortgage payments in part, but still one to watch over 2019.</i></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEje_Y4zzWYkosYJ8dh1ztq00WuwKM54frkFvykW0tiMIk2-3g3-n2UE16nCnHnQRa_lW_d24LlbdpGKSceT6lR2_zQ42PlnVcKlmz2N3Sxc5emAlT7pSiF6S90CD0X883gr6LyFPV0kWak/s1600/1.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="451" data-original-width="743" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEje_Y4zzWYkosYJ8dh1ztq00WuwKM54frkFvykW0tiMIk2-3g3-n2UE16nCnHnQRa_lW_d24LlbdpGKSceT6lR2_zQ42PlnVcKlmz2N3Sxc5emAlT7pSiF6S90CD0X883gr6LyFPV0kWak/s640/1.PNG" width="640" /></a></div>
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<i>Shame about the addition of the car loan really, but getting there.</i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK98PtHD_RPXomnOizKshdt-qUJoV5QLa7cXHuthjjhvvfOVVPzfgB06E_KYRkYzdzE_Mo-AlWclDyBON-ruqr0azwVwktuBxVYor5sQfZL7xT4zrMdx7w2lcSFYEJYXoJX_5bdS8GpIM/s1600/2.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="562" data-original-width="842" height="425" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK98PtHD_RPXomnOizKshdt-qUJoV5QLa7cXHuthjjhvvfOVVPzfgB06E_KYRkYzdzE_Mo-AlWclDyBON-ruqr0azwVwktuBxVYor5sQfZL7xT4zrMdx7w2lcSFYEJYXoJX_5bdS8GpIM/s640/2.PNG" width="640" /></a></div>
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<i>A steady upwards curve for the equities, cash has been a bit all over the place. The large spike was when we had the loan sitting in our account but before we actually purchased the car, so that's not really relevant. Looking for an increase in the solid gains here in 2019.</i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGTIqsXMhD5xuqZye268dnaA3OWSKslFPr4L_sI-fvdpDTM5sCChtM-eClAmIQWKCC5E-DwOWeMJN59CEnfaGajqzAzDcSWZhcVRzxrWKa6qUkd3QdJPmfp_oCv3JjL4gzB5zzHq0FyxI/s1600/3.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="556" data-original-width="752" height="472" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGTIqsXMhD5xuqZye268dnaA3OWSKslFPr4L_sI-fvdpDTM5sCChtM-eClAmIQWKCC5E-DwOWeMJN59CEnfaGajqzAzDcSWZhcVRzxrWKa6qUkd3QdJPmfp_oCv3JjL4gzB5zzHq0FyxI/s640/3.PNG" width="640" /></a></div>
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<i>I was happy back in August when including our Holiday Savings we finally had more money saved than we owed (exc mortage and pensions) but given we've committed to spending that I've recently excluded that so we're chasing the debt tail again. SO close to tipping this over and sailing on up in 2019 though.</i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP5BibqRyjajs8RvjsdjrqHXQr1lReCs9ubX1mXKGUj5Xt8lXQv7IQVmvO1Ju9XlDawjt7C647hfeP4oeynjR75Vid_k-XD4m8NVG_PmaN-6PT4bh53uC0chxZyAHCyNh5KQ3rXb7qD6E/s1600/4.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="551" data-original-width="813" height="432" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP5BibqRyjajs8RvjsdjrqHXQr1lReCs9ubX1mXKGUj5Xt8lXQv7IQVmvO1Ju9XlDawjt7C647hfeP4oeynjR75Vid_k-XD4m8NVG_PmaN-6PT4bh53uC0chxZyAHCyNh5KQ3rXb7qD6E/s640/4.PNG" width="640" /></a></div>
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<i>Look where we were in March of 2016 - when I started focusing on managing our money properly. </i><br />
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Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-54947844167245296252018-11-30T02:27:00.001-08:002019-01-10T07:27:44.896-08:00#96 Matched Betting with a goal in mindI made a lot of money (£1k+) Matched Betting during the World Cup but it also took a fair bit of time and effort.<br />
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I found I quickly lost motivation to carry on afterwards because a) I needed a break and b) I'd made so much so quickly that the potential returns for the offers available just didn't excite me.<br />
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This has carried on for the months since, where I've only really done a handful of promotions and mainly just the Bet365 50, 50 deals.<br />
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I listen to a lot of music, audio podcasts and watch Netflix when travelling.<br />
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For a good couple of years now I've wanted some good headphones and had been toying with the idea of buying some this christmas again.. but have never made the jump as I just can't stand by paying hundreds of pounds for them, for something which I dont really NEED.<br />
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So... coupling my lack of motivation for Matched Betting with my desire to have some good headphones but not spending my hard earned salary on them... I'm now working through MB again with a specific aim of earning enough money prior to Christmas to treat myself.</div>
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How am I getting on?</div>
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I've set myself a very healthy budget target of £350 for the headphones - a lovely pair of wireless, noise cancelling pair will do very nicely thanks.</div>
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I started on 23-Nov. Exactly one week ago.</div>
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Unsurprisingly, my motivation is back :)</div>
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In that week I've taken part in 13 offers, and have made a profit of £161.</div>
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Now this was helped largely by another random B365 bet 50 get 50 on the Liverpool game, but I have also started picking up new sign offers and some of the spins deals.</div>
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With this good start I'm confident I'll reach £350 pre-christmas and will be enjoying my new headphones.<br />
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<b>UPDATE 10-JAN:</b><br />
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I certainly found my motivation is back for matched betting. Since I re-started this on the 23-Nov, 48 days ago I have...<br />
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<li>Partaken in 251 offers</li>
<li>Earnt £1,218.42</li>
<li>..at an average of £4.85 per offer</li>
<li>And only had 7 days where I have not partook in an offer</li>
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With this additional income I've been able to pay off the credit card and have -today - earnt enough to also by the long-awaited headphones.<br />
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However, I've found that having the carrot of the heaphone purchase has been a massive motivator.<br />
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So I've given myself 2 more challenges.<br />
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1) I need to go out running for 15 straight days - no more planning and rest days, I dont run enough as it is. After these 15 days I will allow myself to buy the headphones.<br />
2) And I will carry that on for a further 15 days - at which point I will allow myself to open the box and use them :)<br />
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Next - via matched betting - I am going to save up £100 each for two friends of mine.<br />
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Other ideas I have are<br />
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<li>funding to increase my dividend portfolio - currently at 2 company's and with a expected annual income of £22 lol</li>
<li>pay for a 12 month subscription to </li>
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<li>Premium Spotify</li>
<li>A Gin club :)</li>
<li>A craft beer club</li>
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<li>Pay off some of the car loan</li>
<li>Increase our cash savings (tried this in the past and lost motivation)</li>
<li>Begin saving again for a potential BTL adventure... a very long road... but one which I have kept coming back to the thought off since I was about 10 years old</li>
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For now, I'm just going to concentrate on what it immediately in front of me and raise the £200 to pay the friends.<br />
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Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com2tag:blogger.com,1999:blog-6925729393097071213.post-58872771230405743582018-09-17T07:11:00.000-07:002018-09-17T07:11:23.866-07:00#95 Back from a breakA lot has happened since I last updated here.<div>
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<li>New son was born :) We are now officially in the lack of sleep phase.</li>
<li>We went on holiday to Cornwall and had an amazing time. Massively recommend Charlestown and also the Minack Theatre.</li>
<li>We've spent a fortune. </li>
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<li>The holiday cost us about £1000.</li>
<li>Wife crashed the car which cost us the £550 excess charge.</li>
<li>Car insurance jumped up to £500 (from £190) because of this</li>
<li>Vacuum cleaner broke. Replacement was £250.</li>
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<li>This is on top of the dishwasher, washing machine, hair dryer and timble-drier all going this year! at least there shouldn't be anything left to break next year (...looks terrified at the fridge and the TV)</li>
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<li>I got a promotion and salary hike from £72k to £80k</li>
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I'm pretty proud of the promotion and it's re-invigorated me within the workplace more that I thought it would. I can't talk about salary in person with everyone except the wife so it's nice to be able to put it out there here and be proud of it.</div>
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Here's the updated graph showing my earnings (and potential bonus) since I started my career in 2009.</div>
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<img height="395" 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" width="640" /></div>
<div>
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<div>
So what's are we doing financially at the moment?</div>
<div>
<br /></div>
<div>
Lots has changed in the previous months I've been away but really also nothing has. We're looking to a) pay down debt and b) divert some money into savings.</div>
<div>
<br /></div>
<div>
In terms of debt, we have £1400 on a credit card following the holiday and purchases I alluded too. That's the priority.</div>
<div>
<br /></div>
<div>
We then have the car loan which is a smidge over £5k.</div>
<div>
<br /></div>
<div>
In terms of savings - this is focused on the additional income my promotion will provide.</div>
<div>
<br /></div>
<div>
We've decided that the salary sacrifice share shave schemes I'm in will be used to provide us with a yearly holiday from 2020 onward. So I'm going to put £100 of my expected additional £300 into this.</div>
<div>
<br /></div>
<div>
The remaining £200 I am currently deciding whether to also invest additionally in the share save or look to put that cash straight onto the credit and then car loans. Undecided yet.</div>
<div>
<br /></div>
<div>
I've also got lax about matched betting since the world cup so trying to pick this up again and perhaps the two go hand in hand.</div>
<div>
<br /></div>
<div>
Divert additional income straight into savings and use this as the stick to force me back into matched betting to earn the money to pay down the debt that I desire. Maybe that's the decision made there. Just needed some time to think about it structurally.</div>
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Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com3tag:blogger.com,1999:blog-6925729393097071213.post-20440747731417568732018-05-01T08:40:00.000-07:002018-05-01T08:40:32.839-07:00#94 April SummaryThis months check-in isn't going to be as positive as last months saving bonanza.<br />
<br />
During the month our oven, dishwasher and washing machine all broke down!<br />
<br />
<b>Summary</b>:<br />
<br />
Other than almost every appliance we own breaking we also bought a 30th birthday experience for the brother-in-law and a 60th birthday present for the mother-in-law, along with our own daughters 6th birthday present AND pre-paying for a photo shoot for when baby 3 comes along this month AND paying for spending money for our couple of nights away with friends.<br />
<br />
All in all it was an expensive month and we ended up spending more than I earnt and having a savings rate of -17% :(<br />
<br />
<b>Milestones:</b><br />
<br />
<ul>
<li>Our carpet loan dropped below £1k.</li>
<li>Pension value surpassed £33k</li>
<li>Equities, Cash + Pension surpassed £40k</li>
<li>Current Assets minus Current Liabs difference is below -£1k. </li>
</ul>
<div>
<b>Numbers:</b></div>
<div>
<b><br /></b></div>
<div>
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="127"></col><col width="199"></col></colgroup><tbody>
<tr style="height: 21px;"><td style="background-color: #efefef; border-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="{"1":5,"2":"mmmm yyyy","3":1}" data-sheets-value="{"1":3,"3":43191}" style="background-color: #efefef; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">April 2018</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Gross Salary"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Gross Salary</td><td data-sheets-formula="='Spending (Data)'!R[18]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":6071.51}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$6,071.51</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Other Income"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Other Income</td><td data-sheets-formula="=sum('Spending (Data)'!R[18]C[39]:R[27]C[39])" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":720.9000000000001}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$720.90</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Total Income"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Total Income</td><td data-sheets-formula="=R[-3]C[0]+R[-2]C[0]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":6792.41}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$6,792.41</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Tax & NI"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Tax & NI</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1904.42}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$1,904.42</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Variable Spending"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Variable Spending</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":3965.0200000000004}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$3,965.02</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Fixed Spending"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Fixed Spending</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1777.56}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$1,777.56</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Short Term Debt Repayment"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom; word-wrap: break-word;">Short Term Debt Repayment</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":303}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$303.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Total Spending (exc Investments)"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom; word-wrap: break-word;">Total Spending (exc Investments)</td><td data-sheets-formula="=sum(R[-5]C[0]:R[-2]C[0])" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":7950}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$7,950.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Net Income"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Net Income</td><td data-sheets-formula="=R[-9]C[0]-R[-2]C[0]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":-1157.5900000000001}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-$1,157.59</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,2,"0",1]" data-sheets-value="{"1":2,"2":"Savings Rate (%)"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Savings Rate (%)</td><td data-sheets-formula="='Spending (Data)'!R[-7]C[39]" data-sheets-numberformat="[null,2,"0",1]" data-sheets-value="{"1":3,"3":-17.04240468405176}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-17</td></tr>
<tr style="height: 21px;"><td style="background-color: white; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td style="background-color: white; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Pension Payments (Inc employer)"}" style="background-color: white; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom; word-wrap: break-word;">Pension Payments (Inc employer)</td><td data-sheets-formula="=485.72+121.43" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":607.1500000000001}" style="background-color: white; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$607.15</td></tr>
<tr style="height: 21px;"><td style="background-color: #efefef; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td style="background-color: #efefef; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Equities"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Equities</td><td data-sheets-formula="='Money Data'!R[20]C[50]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":4567.26}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$4,567.26</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Cash"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Cash</td><td data-sheets-formula="='Money Data'!R[19]C[51]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":2891.2200000000003}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$2,891.22</td></tr>
<tr style="height: 21px;"><td style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Total Liquid Assets"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Total Liquid Assets</td><td data-sheets-formula="=R[-3]C[0]+R[-2]C[0]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":7458.4800000000005}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$7,458.48</td></tr>
<tr style="height: 21px;"><td style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Student Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Student Loan</td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":0}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$0.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Everyday Credit Card Balance"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom; word-wrap: break-word;">Everyday Credit Card Balance</td><td data-sheets-formula="='Money Data'!R[14]C[21]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1027.32}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$1,027.32</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"HMRC Debt"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">HMRC Debt</td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":0}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$0.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Carpet Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Carpet Loan</td><td data-sheets-formula="='Money Data'!R[12]C[23]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":990.3799999999999}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$990.38</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Car Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Car Loan</td><td data-sheets-formula="='Money Data'!R[11]C[24]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":5825.24}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$5,825.24</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Pram Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Pram Loan</td><td data-sheets-formula="='Money Data'!R[10]C[25]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":474.83}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$474.83</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Total Liquid Liabs"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Total Liquid Liabs</td><td data-sheets-formula="=sum(R[-7]C[0]:R[-2]C[0])" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":8317.77}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">$8,317.77</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Net Liquid Assets"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Net Liquid Assets</td><td data-sheets-formula="=R[-11]C[0]-R[-2]C[0]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":-859.29}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-$859.29</td></tr>
</tbody></table>
</div>
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<b>Graphs</b>:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2liGi8FloeIV1TafHtRtee8TPPQmVgOaL2_k0wwylrjESoSGcLGg_onyDpP6NT36AqxK8q5NXBvhUy1379F2VVB6XNvq2cIDNZSkuxEs4ak71n4Q_R_NiVciljLY_qaKJ-ngmd17ChWw/s1600/1.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="359" data-original-width="584" height="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2liGi8FloeIV1TafHtRtee8TPPQmVgOaL2_k0wwylrjESoSGcLGg_onyDpP6NT36AqxK8q5NXBvhUy1379F2VVB6XNvq2cIDNZSkuxEs4ak71n4Q_R_NiVciljLY_qaKJ-ngmd17ChWw/s400/1.PNG" width="400" /></a></div>
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<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style>Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com0tag:blogger.com,1999:blog-6925729393097071213.post-49368973514727346422018-04-01T01:59:00.000-07:002018-04-01T01:59:32.639-07:00#93 March SummaryFavourite time of the month again, especially after a bonus month AND the Cheltenham bonanza.<br />
<br />
<b>Summary</b>:<br />
<br />
A great one-off month, we managed a 40% savings rate from the bumper pay. If you removed the short term debts we're repaying this would be closer to 60%!<br />
<br />
Came to an agreement with the Mrs that in return for the purchase of one very expensive new pram - for our third child due in May - I could play football next season :) . So about £400~ was put down on the pram for this month and a 12 month 0% loan added to the liabilities.<br />
<br />
Really happy with the decision to split the bonus 5050 between direct pension contributions and cash. The pension contributions should filter through to my assets by next month and the cash went towards paying down the car loan, knocking nearly 2 years off the 5 year repayment plan.<br />
<br />
In terms of current assets and liabilities so excluding pension and mortgage, we currently owe £1,500 more than we have saved. Coupling debt decreasing by monthly debt repayments with normal monthly investments I'd expect to turn this into a positive probably not next month but in June.<br />
<br />
<b>Income:</b><br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="127"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; border-top: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,5,"mmmm yyyy",1]" data-sheets-value="{"1":3,"3":43160}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">March 2018</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Gross Salary"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Gross Salary</td><td data-sheets-formula="='Spending (Data)'!R[18]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":20906.510000000002}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$20,906.51</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Other Income"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Other Income</td><td data-sheets-formula="=sum('Spending (Data)'!R[18]C[39]:R[26]C[39])" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1652.43}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$1,652.43</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Total Income"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Total Income</td><td data-sheets-formula="=sum(R[-3]C[0]:R[-2]C[0])" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":22558.940000000002}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$22,558.94</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Tax & NI"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; color: black; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Tax & NI</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":5103.370000000001}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: red; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$5,103.37</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Variable Spending"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; color: black; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Variable Spending</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":3039.55}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: red; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$3,039.55</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Fixed Spending"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; color: black; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Fixed Spending</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1544.5599999999997}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: red; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$1,544.56</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Short Term Debt Repayment"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; color: black; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Short Term Debt Repayment</td><td data-sheets-formula="='Spending (Data)'!R[-4]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":3759.8900000000003}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: red; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$3,759.89</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Total Spending (exc Investments)"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; color: black; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Total Spending (exc Investments)</td><td data-sheets-formula="=sum(R[-5]C[0]:R[-2]C[0])" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":13447.370000000003}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: red; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$13,447.37</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Net Income"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Net Income</td><td data-sheets-formula="='Spending (Data)'!R[-7]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":9111.57}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$9,111.57</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":2,"2":"0","3":1}" data-sheets-value="{"1":2,"2":"Savings Rate (%)"}" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Savings Rate (%)</td><td data-sheets-formula="='Spending (Data)'!R[-7]C[39]" data-sheets-numberformat="{"1":2,"2":"0","3":1}" data-sheets-value="{"1":3,"3":40.39006265365305}" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">40</td></tr>
<tr style="height: 21px;"><td style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Pension Payments (Inc employer)"}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 2px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Pension Payments (Inc employer)</td><td data-sheets-formula="=485.72+121.43+7427.5" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":8034.65}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">$8,034.65</td></tr>
</tbody></table>
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<div>
<b>Current Assets:</b></div>
<div>
<br /></div>
<div>
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="127"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td style="background-color: #efefef; border-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,5,"mmmm yyyy",1]" data-sheets-value="{"1":3,"3":43160}" style="background-color: #efefef; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">March 2018</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Shares ISA"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Shares ISA</td><td data-sheets-formula="='Money Data'!R[19]C[37]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":81.11}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$81.11</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Sharesave 2019"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Sharesave 2019</td><td data-sheets-formula="='Money Data'!R[18]C[38]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1700}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$1,700.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Sharesave 2020"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Sharesave 2020</td><td data-sheets-formula="='Money Data'!R[17]C[39]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":500}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$500.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Global Fund ISA"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Global Fund ISA</td><td data-sheets-formula="='Money Data'!R[16]C[40]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1376.34}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$1,376.34</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Dividend ISA"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Dividend ISA</td><td data-sheets-formula="='Money Data'!R[15]C[42]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":388.33}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$388.33</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"SIPP"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">SIPP</td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":0}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$0.00</td></tr>
<tr style="height: 21px;"><td style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Cash"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Cash</td><td data-sheets-formula="='Money Data'!R[12]C[52]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":2433.31}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$2,433.31</td></tr>
<tr style="height: 21px;"><td style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Total Liquid Assets"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Total Liquid Assets</td><td data-sheets-formula="='Money Data'!R[10]C[53]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":6479.09}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$6,479.09</td></tr>
<tr style="height: 21px;"><td style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Student Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Student Loan</td><td data-sheets-formula="='Money Data'!R[8]C[20]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":0}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$0.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Everyday Credit Card Balance"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom; word-wrap: break-word;">Everyday Credit Card Balance</td><td data-sheets-formula="='Money Data'!R[7]C[22]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":388.34}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$388.34</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"HMRC Debt"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">HMRC Debt</td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":0}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$0.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Carpet Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Carpet Loan</td><td data-sheets-formula="='Money Data'!R[5]C[24]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":1089.4299999999998}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$1,089.43</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Car Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Car Loan</td><td data-sheets-formula="='Money Data'!R[4]C[25]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":5986.02}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$5,986.02</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Pram Loan"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Pram Loan</td><td data-sheets-formula="='Money Data'!R[3]C[26]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":518}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$518.00</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Total Liquid Liabs"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Total Liquid Liabs</td><td data-sheets-formula="='Money Data'!R[1]C[27]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":7981.79}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">$7,981.79</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":2,"2":"Net Liquid Assets"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-right-width: 2px; font-weight: bold; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Net Liquid Assets</td><td data-sheets-formula="=R[-11]C[0]-R[-2]C[0]" data-sheets-numberformat="[null,4,"\"$\"#,##0.00"]" data-sheets-value="{"1":3,"3":-1502.6999999999998}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); color: red; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-$1,502.70</td></tr>
</tbody></table>
</div>
<div>
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<div>
<b>Charts:</b></div>
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<b><br /></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgETbWiFSebbUu8HG-ShK2geskIUtadPyEWuCTNSFeSsIkURhFweA99bmQ6VGxkBvma_pVU1ApWCR4O_LLIOOEfAdh7hMInrTIqRG7JmTyrIx76IvGVCEOdEEDiV0OAS0MWDkU3i0BfNQ0/s1600/1.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="378" data-original-width="594" height="406" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgETbWiFSebbUu8HG-ShK2geskIUtadPyEWuCTNSFeSsIkURhFweA99bmQ6VGxkBvma_pVU1ApWCR4O_LLIOOEfAdh7hMInrTIqRG7JmTyrIx76IvGVCEOdEEDiV0OAS0MWDkU3i0BfNQ0/s640/1.PNG" width="640" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQIjolzwlusSi1LeNbX3QhpO6fxh17qLbN7jvy5i9Q6Tr2YQWQzx5xd0hEP5-FvFhaLGmapXkqfIu-nJ7sPqkRhA7ociG6fu1G_w3L_3EEkRiMc9f6uqeB0BYUdzCLt-3NpLc78IUEy3w/s1600/3.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="333" data-original-width="588" height="361" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQIjolzwlusSi1LeNbX3QhpO6fxh17qLbN7jvy5i9Q6Tr2YQWQzx5xd0hEP5-FvFhaLGmapXkqfIu-nJ7sPqkRhA7ociG6fu1G_w3L_3EEkRiMc9f6uqeB0BYUdzCLt-3NpLc78IUEy3w/s640/3.PNG" width="640" /></a></div>
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<b><br /></b></div>
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style>Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com4tag:blogger.com,1999:blog-6925729393097071213.post-23907199802655732552018-03-19T02:06:00.000-07:002018-03-19T02:06:08.899-07:00#92 March Dividend Stock PurchaseMy <a href="https://mrmoneyinterest.blogspot.co.uk/2018/03/89-march-updated-approach-to-yield.html" target="_blank">screen v3</a> returned quite a few stocks so I've picked a handful to look at more deeply.<br />
<br />
I've chosen to narrow down this list by looking at the stocks with the:<br />
<br />
<ol>
<li>highest average dividend growth over 5 years</li>
<li>highest current yield</li>
<li>longest period of dividend growth</li>
<ol>
<li>I chose two here as there was little difference and one was quickly ruled out</li>
</ol>
</ol>
<br />
~~~~~~~~~~~~~~~~<br />
<br />
Stock #1 has the highest average dividend growth over the last 5 years. <b>Bellway (BWY)</b><br />
<b><br /></b>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhr5gtB8qVlp1x26qXz0QhAbWU599YqDIxmWWTQMgah23_N05uSJzmJXS5SltDasQGtf_ntN0gT3pfOtgPN9YbF3ZWJi8khsuoFYnQDKHTHzU2iFnteyvzP1NxXMTmlw8jdsM9Xg_Fkrr4/s1600/BWY.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="90" data-original-width="1111" height="51" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhr5gtB8qVlp1x26qXz0QhAbWU599YqDIxmWWTQMgah23_N05uSJzmJXS5SltDasQGtf_ntN0gT3pfOtgPN9YbF3ZWJi8khsuoFYnQDKHTHzU2iFnteyvzP1NxXMTmlw8jdsM9Xg_Fkrr4/s640/BWY.PNG" width="640" /></a></div>
<b><br /></b>
<br />
<br />
<br />
<br />
Why would I buy?<br />
<br />
It ticks all my screening requirements, has a great average dividend growth over 5 years and the payout ratio remains particularly low. They've increased operating profit year on year for 5 years whilst increasing net assets. 0/8 brokers suggest a sell, 5 a buy.<br />
<br />
What concerns or considerations do I have?<br />
<br />
The dividend has been cut twice - in '08 and '09. Plus the more recent annual dividend was significantly lower than the previous 5 - pointing to the dividend growth wave slowing down.<br />
<br />
Summary<br />
<br />
The div was indeed cut, but at least it was maintained during a horrible time for companies in this sector. If indeed the dividend wave has been ridden it was still a double digit increase last year and with the current yield this company still meets my requirement of return on capital via dividends only within 18 years with a div growth as low as 4%.<br />
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<div>
Stock #2 has the highest yield @ 6.9% = Greene King (GNK)<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzrhqTzE5EiFLt6pHXrg7i056UK5xKeKZv1sEcf9xs2jNZJ3moEog3N-tKpkbE2d9NKdVk947DDE8qZe6443yXGD67YtPdPID0DLb5o2V1Mt_u1GP8JdYqoTK4PF4hI25I-lEzqfLelAM/s1600/GNK.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="90" data-original-width="1112" height="50" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzrhqTzE5EiFLt6pHXrg7i056UK5xKeKZv1sEcf9xs2jNZJ3moEog3N-tKpkbE2d9NKdVk947DDE8qZe6443yXGD67YtPdPID0DLb5o2V1Mt_u1GP8JdYqoTK4PF4hI25I-lEzqfLelAM/s640/GNK.PNG" width="640" /></a></div>
<br />
<br />
Why would I buy?<br />
<br />
It ticks all v3 screen requirements and has a very high current yield with decent dividend growth. Although they've only had 7 years consecutive dividend increases the two cuts in '09 and '10 were both small reductions (13% and 4%) compared to most other cuts I have seen which when the decision is taken to cut quite a chunk (40%+) is removed.<br />
<br />
What concerns or considerations do I have?<br />
<br />
Whilst revenue has increased year on year for the past five years, operating profit, profit before tax and EPS have all reduced in at least one of the 5 years.<br />
Reading the <a href="http://www.hl.co.uk/shares/shares-search-results/g/greene-king-ord-12.5p/share-research" target="_blank">HL research view </a> provides explanations for this. In a nutshell they are in an ever competitive market and are being driven down on price and up on investment which has resulted in the higher revenues but reductions in profits.<br />
<br />
Summary<br />
<br />
If the concerns about the competitive market were not there this would not be at the current yield.<br />
The fluctuations in the profitability of the company need to be weighed up against the high yield.<br />
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~~~~~~~~~~~~~~~~~~~~~~<br />
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<br /></div>
<div>
Stock #3 has longest unbroken years of increasing the dividend = <b>Spectris (SXS)</b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_R8sCIFWhx-ilB1e_Pu8DAcMD8JRsDX_Yy9Ewgt0IAvT8xH0-8fSBx0l6uNOzzYNNL4Bv9mJ-M9dYL1_B8frk0R4ujWKw_g1L6kbIbwKslT-INdPvIY9EtIXLqZ_97Plk7SUf_epK8Ug/s1600/SXS.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="90" data-original-width="902" height="62" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_R8sCIFWhx-ilB1e_Pu8DAcMD8JRsDX_Yy9Ewgt0IAvT8xH0-8fSBx0l6uNOzzYNNL4Bv9mJ-M9dYL1_B8frk0R4ujWKw_g1L6kbIbwKslT-INdPvIY9EtIXLqZ_97Plk7SUf_epK8Ug/s640/SXS.PNG" width="640" /></a></div>
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<br />
Yield only 2.2%, ave growth over 5 years is 5%, which is outside of the timeframe (23-25 years instead of 18) for dividend return on capital I have been considering. Given this I won't be investigating any further for now.<br />
<br /></div>
<div>
~~~~~~~~~~~~~~~~~~~~~~<br />
<br />
Stock #4 has the second longest continuous streak of raising dividends = <b>RPC Group (RPC)</b><br />
<b><br /></b>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfv23KgDrbcEE7DsTZfxIgpRiqXfdF0-aBHunUUreux6_Luy_zUasvvzRtN02gtmOi-N33p3-02K8kLxfyahF_egYpOMztMY1fP4IEGeiN1J5tB82s2ue-Ij4JlN1Gvk0xVN9mhTbzA9Q/s1600/RPC.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="96" data-original-width="1116" height="55" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfv23KgDrbcEE7DsTZfxIgpRiqXfdF0-aBHunUUreux6_Luy_zUasvvzRtN02gtmOi-N33p3-02K8kLxfyahF_egYpOMztMY1fP4IEGeiN1J5tB82s2ue-Ij4JlN1Gvk0xVN9mhTbzA9Q/s640/RPC.PNG" width="640" /></a></div>
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</div>
Why would I buy?<br />
<br />
It ticks all the requires for my v3 stock screen and has 25 years of increasing dividends. Revenue, profits and net assets have all increased annually over the last 5 years, and 5/6 brokers recommend a buy, the other is a neutral.<br />
<br />
What concerns or considerations do I have?<br />
<br />
Yield at 3.6% is lower than the 4% target I had buy coupled with ave dividend growth of 18% over 5 years it easily fits within the return on capital via dividends only period.<br />
<br />
*Update* However, I've just found out that the dividend history from <a href="https://www.dividendmax.com/united-kingdom/london-stock-exchange/general-industrials/rpc-group" target="_blank">DividendMax </a>website is different to that on <a href="http://www.hl.co.uk/shares/shares-search-results/r/rpc-group-plc-ordinary-5p-shares/dividends" target="_blank">HL </a>and the <a href="http://shares.telegraph.co.uk/fundamentals/?epic=RPC" target="_blank">Telegraph</a>. So then updating the dividend growth returns a an ave growth of 14%. However, this is based on one giant increase last year by 61% and the remaining 4 years grew at a rate of 3% which would bring it below my return threshold target.<br />
<br />
~~~~~~~~~~~~~~~~~~~~~~~~~<br />
<br />
Decision<br />
<br />
I'm happy to invest in BWY & RPC.<br />
<br />
Given the amount I've learnt and the updates to my stock screen, my initial purchase of SSE looks considerably more riskier than I initially envisaged. For that reason for this stock purchase I'm going to opt for the one which I deem less risky - RPC - I'm particularly impressed by the 20+ years of consecutive dividend increases.<br />
<br />
However, I do like what I saw with BWY and expect this to be a contender in April.<br />
<br />
Here's the purchase...<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEk8t2X5jfNRQiZT7PJvUZf-yoDo3uqsNUTuUQdClZnY7WtjO8hP3wlVztYAntZANF2lo-FAAa5f4YAs3esdGO0Rgkilmnz8G-xf9WYbAQwKPN3jagPd5lF9KVKDXfboV0goItFR3n4DU/s1600/1.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="83" data-original-width="882" height="60" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEk8t2X5jfNRQiZT7PJvUZf-yoDo3uqsNUTuUQdClZnY7WtjO8hP3wlVztYAntZANF2lo-FAAa5f4YAs3esdGO0Rgkilmnz8G-xf9WYbAQwKPN3jagPd5lF9KVKDXfboV0goItFR3n4DU/s640/1.PNG" width="640" /></a></div>
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<br />
<br />
<br />
This adds £6.96 to my expected annual income, bringing it to a total of £22.36 expected in dividends each year.<br />
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<br /></div>
Brian Roperhttp://www.blogger.com/profile/08184939333400001093noreply@blogger.com1