Although much of the thinking on TheCornerEnd is around the subjects of work, self, FFC and the world, there are some topics which are ubiquitous and cut across them all. Perhaps the most prominent is money, a subject that can be as simple or as complex as you wish and evokes a vast array of opinions.

For most of us, money is a commodity in limited supply and as such forces us to make choices. Some of our aspirations never materialize due to its shortage. Quite often the approach to money is shaped by our upbringing and early life experiences. My parents circumstances definitely shaped my approach.

My parents grew up and married when money was scarce. Little was passed on from generation to generation and credit was not freely available. My father was simplistic – he would only spend money that was in his pocket. The notion of debt was anathema. He also knew the only way to accumulate money was through work. He lived his life – which was rich and satisfying – within his means. He was interested in horse racing, studied the form, made his selections and checked the results in the paper the next day – he never placed a bet in his life. It was a painless hobby.

Our mother was the budget master – managing the money so that my sister and I would enjoy one holiday a year – some of our happiest memories. There was a roof over our heads and food on the table. My father supplemented our fare with fruit, vegetables and eggs from the allotment. They only ever had one bank account – joint.

My father in law brought another perspective to our thinking – the notion of value. Like my father he was a very hard worker but he also put as much effort into spending money it as he did acquiring it. The first hurdle to be passed was that of purpose and utility. If something was still working, fulfilling its purpose, why would you replace it? Visiting my wife’s family home, some 47 years after my first visit, the dinner vegetables were cooked in the very same pan – it was still fit for purpose. The greater the value of the purchase the more research went into the product – the appropriate specification, its sourcing and subsequent negotiation. Only when value had been established was the transaction completed. Again, a very happy and satisfying life achieved through living within their means.

Both our sets of parents knew what was important to them and what areas of their lives, with a bit of money spent, would yield great pleasure.

Against this background it was not surprising that my wife to be and I had a similar approach to money and life. Before tying the knot, we talked about our life’s strategy and agreed on how we would manage money.

• we were both impressed at the team work of our parents so we agreed to own assets jointly – no his or hers, we were in this together and going to succeed together.
• we would aim to be debt free when we retired and make provision for a pension that would allow us to be comfortable retirees. We were living and spending for today but with an eye very much on the future.
• active dialogue about money so we could jointly agree priorities. Starting with nothing meant we could not live without debt but it was managed actively within agreed limits – no new debt for non- essential items if our debt situation was not under control. We made better decisions working together.
• we learned how to enjoy ourselves for very little money. We played team sports, enjoyed walking and cycling, learned how to make delicious picnics ( our parents were masters of this), found friends who were like us and happy to share a bottle of wine in each others gardens ; holidays were enjoyable without being exotic ……and we enjoyed each others company.
• at some time in our early years together we worked out how to save some money for a rainy day.
• when children came along, introduced them to the art of having fun in a simple way – digging for worms, looking for caterpillars, the joy of crayons and paper, the imagination of the ‘dress up box , a bat and ball, a kite …..

We made mistakes but learned from them.As our earning power grew so did our aspirations. Over time there was an evolution from necessities to ‘ nice to have ‘ to luxuries, but always with an eye on value. The balance between earning, spending and saving was never lost.

So to the current world, what has changed ? What would it be like if we were starting out today?

The world has become more expensive, the cost of living escalating faster than wage growth. Housing costs have sky rocketed and fiscal rules changed so that just saving for a deposit on property is a real challenge. The cost of renting has risen dramatically.Corporations have become more aggressive and cunning at fragmentation, upselling, and profit escalation, contributing to inflationary pressures. “The internet” has brought us the mirage of what a cool life is supposed to look like and that if we accept anything less then we are failing – success is not defined by ourselves but by a bunch of abstract, unattributable notions that flourish in the ether. There is a real cost to trying to bridge the gap between reality and this fantasy lifestyle.

No matter how you look at it, life today is much more challenging than in our era. However, on the other side of the balance sheet things have not changed too much. Unless you are fortunate enough to get help from the family, all the tools at your disposal are pretty much the same as they were 50 years ago. Skill acquisition, hard work and career progression to generate income – balanced by a sensible spending strategy all within the framework of building a satisfying life. The acquisition of uncontrolled debt, gambling and speculation, get rich quick schemes all come with increased risk with concomitant anxiety and stress.

Some age old cliches to finish with – or perhaps they are truisms? Life is a marathon – it is positive to have ambition, hopes and aspirations – it is even better if these exist within a time bounded plan to achieve them. Life is a journey (not a destination) so it is important to enjoy it along the way, but the path you take is yours alone. The world does not owe you a living – be industrious and try to be happy in your work ( that one is a courtesy from my father in law). “Can’t buy me Love” – money is essential but not everything it buys brings satisfaction and happiness.

Your life, your choices, your responsibility.
C’est la vie.