The last 6 weeks have been quite negative in terms of spending money on my rentals. Not only that, I have had a few bills that needed trimming.
Like the house insurance that I have avoided for years, regularly going through my bank statements has been something I have avoided. I have sort of had an idea of what is going out but not really.
Again, this is not good enough and this complacent attitude towards my personal finances has cost me.
The Sky bill that I thought was around £100 had crept up to £140. So I have got a reduction with a better deal and to get it further down, I have even cancelled the Sports package. The bill is now at £82 pcm so that is a decent saving per month.
If I want to watch the football, I will have to drag my tight ass down to my Mam’s or when the pubs properly open, I can go and watch the games in the local club (if Mrs Duffy lets me…).
A few years ago when I started to watch the UFC I decided to get BT Sport at £10 pcm. In 4 years, I have watched 3 Connor Mcgregor fights and have hardly viewed the channel.
What makes it worse is that this subscription had gone up to £30 pcm. So them 3 fights that probably lasted 30 minutes in total, have cost me £1440. It is clear that I am very consistent with my poor personal finance.
Over the last few weeks, I have been all over my bank statements and made all the necessary changes. This is another piece of the puzzle towards finally getting my financial house in order.
It has been 6 weeks since coming home from Oman. After 11 weeks in the desert, coming home was brilliant and it felt like the best Christmas ever coming home to my little squad. What wasn’t brilliant was spending more money on boilers.
When it rains it pours comes to mind, as I have had to pay for x3 new boilers over the last 6 months. Two of those have been replaced in the last 6 weeks.
That is £4500 spent on boilers in a very short space of time. This was an inconvenience but luckily I didn’t allow the dark cloud to appear and drag me down.
No self-pity, no feeling negative towards my rentals. I can now happily accept that this is part of being a landlord. Sometimes things go wrong and need replacing and as the Landlord it is my responsibility to sort problems out for my tenants.
What I am slowly starting to realise as I get a little bit older and a little bit wiser, is that everything is about perspective. My new perspective is that I feel lucky to be a Landlord. My new perspective is that I want to provide a service to my tenants as well as making a regular monthly income. I am more than happy to do what I can for my tenants (within reason) and would love to be a property investor / landlord full time.
Within reason means I am still not willing to wipe a tenants ass. I know what I am legally responsible for and keeping things right at my end is no issue.
I will replace a boiler (or three boilers) without hesitation. Or make sure the Electrical installation is safe and meet’s the necessary British standards. What I won’t do is go round to unblock a toilet when there is a 99% chance of it being blocked by wet wipes or kitchen roll.
The way I am psychologically is a big step in the right direction from where I was 2-3 years ago. I was a miserable 35 year old and this sort of thing would have brought a dark cloud and my usual anxiety over money. I am nowhere near where I want to be but I feel I am starting to head in the right direction.
My relationship with money has improved massively and this has helped reduce my anxiety around my money work situation.
A couple of the podcasts I have listened to lately feature Ken Honda who refers to himself as the little happy millionaire. Ken talks a lot about money EQ.
Money EQ is a reflection of your personal beliefs and thoughts about money. Your emptions when you think about money. Your emotions when you think about money. And how your subconscious mind makes financial decisions on autopilot.
Although my emotions are improving, I know I can always improve, as being a stress head, a little bit negative and anxious over money are traits I have really struggled to move past. Or as my 8-year old put’s it, “you are a ginger, bald, tall and depressed man.”
‘Happy Money’ is one of Ken Honda’s many books on finance and this is going to be my next book. With a bit of luck, it will improve my emotions and my relationship with money further still.