Elizabeth Gilbert On Taking Back 30 Minutes A Day For Yourself

zen_rhodes

Right this second, there are probably 37 different things vying for your time and attention. Are you letting the right things get through? Elizabeth Gilbert is best known for her bestselling memoir Eat, Pray, Love. In a recent Facebook post, she credits turning off the Sopranos with giving her the time to write her seven books (and become wildly rich and successful). Here are selected parts of her post, I left out some parts for brevity:

Yesterday I posted a message about not giving up on your daydream, and a lovely follower of this page asked what you should do if you have “too much family stuff” going on in order to live your dream? […]

But what if you could find 40 minutes a day? What if you could borrow those minutes from the time that you normally spend watching your favorite TV show, or hanging out on social media?

Back in my twenties, I once complained to a successful older woman artist that I had no time to write, and she said, “What’s your favorite TV show?” I replied, “The Sopranos!” She said, “Not anymore, it isn’t. Give yourself back that time. Turn off your TV.”

She was right. So I turned off my TV. And I STILL haven’t seen the last three seasons of The Sopranos. But since that conversation, I have written seven books.

By the same token, I must admit that I always smile when somebody gets on this Facebook page to tell me that they don’t have any free time in their lives to be creative. As much as I LOVE to see you all on this page, my first reaction to such a statement is always to say, “Why don’t you start by signing off Facebook right this minute?”

If you have enough free time to get on Facebook and tell me that you don’t have any free time, then you have some free time.

What would happen if you committed yourself to that time? What if you used it to create, or to meditate, or to exercise, or to volunteer, or to dream…or even to just devote some serious single-minded attention to the process of making an escape plan — such that, five years from now, your life looks entirely different than it looks today. In other words — what could YOU make out of your life in an extra forty minutes a day? Might that be worth exploring?

She also directs people to read a beautifully-drawn Zen Pencils comic by Gavin Aung Than (shown above) that was based on an article by James Rhodes, a largely self-taught concert pianist. Here’s the original Rhodes piece and here’s a short excerpt:

What if for a couple of hundred quid you could get an old upright on eBay delivered? And then you were told that with the right teacher and 40 minutes proper practice a day you could learn a piece you’ve always wanted to play within a few short weeks. Is that not worth exploring?

(Also see: Another Zen Pencils comic about Alan Watts.)

Regular readers may recall that Charlie Munger of Berkshire Hathaway also tells people to work for yourself for an hour each day.

The takeaway is that these are not coincidences! Not everyone has a little voice inside them, telling them something is missing. But if you do, read all the full versions above, get inspired, and take some of your time back.

Financial Freedom and The Parable of the Mexican Fisherman

mexfishIn the rush of our everyday lives, it’s easy to lose sight of the real reasons why we work and toil every day. Money is a tool, not the end.

I’ve seen several versions of this parable in various books and blog posts (like here and here), but haven’t been able to pin down the original source. Here’s my favorite variation:

An American investment banker took a vacation to a small coastal Mexican village, on doctors orders due to his stress-related health problems. Unable to sleep, he took a walk along the pair and saw a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “Only a little while.” The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to consumers, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

I also use this story to remember to live and enjoy things now and not focus solely on the future.

Image credit: gogeid of Flickr

Your Financial Plan & The Importance of Getting Started

onepage0I’m currently reading The One-Page Financial Plan by Carl Richards, who also writes for the New York Times. Given the title, I thought it would be a quick read but it turns out to cover a variety of topics over its 200+ pages. So far, I like that it comes from the point of view of an experienced financial planner who spends his days talking with clients.

A valuable observation is that the most common financial mistake most people make is simply doing nothing. Either they are scared of what they might find, or they are overwhelmed by how hard it is to plan for something with such uncertainty. Future jobs and/or income? Uncertain. Childcare/Healthcare/Retirement costs? Uncertain. Future investment returns? Uncertain.

As a financial planner, his job is get people over this hurdle. Guessing is okay! You can always correct your course as you go along, but as long as you are facing the problem and doing something, you are much more likely to have a good result. Carl Richards is also known as “The Sketch Guy” and this one from the book illustrates things well:

onepage1

However, you could replace “investment” with any decision that you have been putting off. Don’t worry about making mistakes (you will). Don’t worry about making the perfect or optimal decision (you won’t). Financial planning is not an exact science.

Here’s another take from inspirational speaker and writer James Clear in Why Getting Started is More Important Than Succeeding:

I can’t think of any skill more critical to the active pursuit of a healthy life than the willingness to start. Everything that signifies a happy, healthy and fulfilled existence — strong relationships, vibrant creativity, valuable work, a physical lifestyle, etc. — it all requires a willingness to get started over and over again.

Take note: being the best isn’t required to be happy or fulfilled, but being in the game is necessary.

Get started and correct your course as needed. In terms of personal finance, so many people have never drilled down to the real reasons why money is important to them, they have never calculated their net worth, never tracked and broken down their monthly expenses, and thus never properly prioritized their time, energy, and money accordingly. But that’s okay, as now is still a great time to get started! I have finished the book yet, but apparently you can fit an entire plan on one page. :)

The Position of F- You and Financial Independence

In the recent movie The Gambler, a loanshark named Frank explains the Position of F- You to gambler Jim Bennett. (Played by actor John Goodman.) Warning: Lots of explicit language ahead!

(Embedded YouTube video above. Direct link.)

If you can’t view the video, here is a partial transcript:

Jim Bennett: I’ve been up two and a half million.
Frank: What you got on you?
Jim Bennett: Nothing.
Frank: What you put away?
Jim Bennett: Nothing.
Frank: You get up two and a half million dollars, any asshole in the world knows what to do: you get a house with a 25 year roof, an indestructible Jap-economy shitbox, you put the rest into the system at three to five percent to pay your taxes and that’s your base, get me? That’s your fortress of fucking solitude. That puts you, for the rest of your life, at a level of fuck you. Somebody wants you to do something, fuck you. Boss pisses you off, fuck you! Own your house. Have a couple bucks in the bank. Don’t drink. That’s all I have to say to anybody on any social level. Did your grandfather take risks?
Jim Bennett: Yes.
Frank: I guarantee he did it from a position of fuck you. A wise man’s life is based around fuck you. The United States of America is based on fuck you. You have a navy? Greatest army in the history of mankind? Fuck you! Blow me. We’ll fuck it up ourselves.

I found this via the ERE Facebook page but saw that Nassim Taleb also commented on it:

This is a critical 1 min lecture to understand independence, antifragility, “f** you money”, selfownership, and many things.

I’ve written about the concept of F- You Money before as discussed by Dilbert and Humphrey Bogart. Here’s that Dilbert comic again.

dilscott

Financial independence, financial freedom, early retirement, whatever you want to call it… Why do some people yearn for it? Perhaps you recall the most common regret on our deathbeds:

#1. I wish I’d had the courage to live a life true to myself, not the life others expected of me.

In my view, that is what it is all about. Having “f-you money” can help. You don’t need a million bucks or anywhere near that. Even a small sum of money tucked away can make a big difference in your mood and outlook on life.

Alan Watts: What If Money Didn’t Matter?

Alan Watts was a “British-born philosopher, writer, and speaker, best known as an interpreter and populariser of Eastern philosophy for a Western audience.” I actually stumbled upon his readings via a trailer for Days of Our Youth, a movie about people who grew up to be professional skiers.

Anyhow, he turns out to be pretty popular but if you haven’t heard of him before, I think listening to his voice is the best way to experience it:

Here is a transcript of the YouTube video above:

What makes you itch? What sort of the situation would you like? Let’s suppose, I do this often in vocational guidance of students: they come to me and say well, we are getting out of college and we haven’t the faintest idea what we want to do. So I always ask the question: What would you like to do if money were no object? How would you really enjoy spending your life? Well it’s so amazing as the result of our kind of educational system, crowds of students say ‘Well, we’d like to be painters, we’d like to be poets, we’d like to be writers’ But as everybody knows you can’t earn any money that way! Another person says ‘Well I’d like to live an out-of-door’s life and ride horses.’ I said ‘You wanna teach in a riding school?’

Let’s go through with it. What do you want to do? When we finally got down to something which the individual says he really wants to do, I will say to him ‘You do that! And forget the money!’ Because if you say that getting the money is the most important thing you will spend your life completely wasting your time! You’ll be doing things you don’t like doing in order to go on living – that is to go on doing things you don’t like doing! Which is stupid! Better to have a short life that is full of what you like doing then a long life spent in a miserable way. And after all, if you do really like what you are doing – it doesn’t really matter what it is – you can eventually become a master of it. It’s the only way of becoming the master of something, to be really with it. And then you will be able to get a good fee for whatever it is. So don’t worry too much, somebody is interested in everything. Anything you can be interested in, you’ll find others who are.

But it’s absolutely stupid to spend your time doing things you don’t like in order to go on spending things you don’t like, doing things you don’t like and to teach our children to follow the same track. See, what we are doing is we are bringing up children and educating to live the same sort of lives we are living. In order they may justify themselves and find satisfaction in life by bringing up their children to bring up their children to do the same thing. So it’s all retch and no vomit – it never gets there! And so therefore it’s so important to consider this question:

What do I desire?

Alternatively, Gavin Aung Than of Zen Pencils turned the quote into a very cool comic:

alanwatts_zenp

Stuff like this is always controversial. Too dreamy? Too hippie? My current opinion is that it all depends on the person. Some people don’t have a strong affinity towards anything, they may value safety or prestige other things. (Is that really wrong if that’s what they want?) But to some people, they do have a latent desire, and reading such stories is like a wake-up call. Yes! That thing that you always think about in the shower, or right before you go to bed? Yes you should try that!

In the end, I think if you are going to spend a huge chunk of your life doing anything, then it should be at least be aligned with your personal beliefs. Only you can decide if that is currently the case, or if a change must be made.

Must, Should, and Financial Freedom

mustIf you struggle with your inner compass at times like I do, definitely read this thought-provoking and inspiring article The Crossroads of Should and Must by Elle Luna:

Should is how others want us to show up in the world — how we’re supposed to think, what we ought to say, what we should or shouldn’t do. It’s the vast array of expectations that others layer upon us. When we choose Should the journey is smooth, the risk is small.

Must is who we are, what we believe, and what we do when we are alone with our truest, most authentic self. It’s our instincts, our cravings and longings, the things and places and ideas we burn for, the intuition that swells up from somewhere deep inside of us.

When reading biographies and interviews of notable people, those who made seemingly bold decisions often remark that it really wasn’t. They just did it. It was a Must. I always wonder if it was also scary for them.

Looking back, I wonder if my own moves were by choice or not. Did I choose to quit my stable job with the bi-weekly paycheck and instead go back to school while supporting myself with online projects? Was I scared? Probably. Did I have any other choice? I only remember that I couldn’t do the job anymore.

Whenever I start feeling like others are controlling my destiny instead of me, I start to panic and plan my escape. I believe this fear of losing control is why I like to hoard money. Money gives you time to work towards a Must:

Money can be a bridge to the freedom of exploring Musts. And it often doesn’t require much. But it does require determination. Money can be used to buy you a day, a week, month of time to work on a Must, which may amount to nothing. Or it can be used to buy a sweater, a suit, a car — the value of which is obvious and low risk.

The article speaks of aligning your everyday actions to your dreams. Your job should be your calling. An artist. A tech start-up. A food truck.

That is a worthwhile goal and while it is important for me to like what I do each day (which I do), I feel differently. Not needing money from a job at all and having absolute freedom to do whatever I want (paid or not), that is what I crave. That is what I think about in the shower. Achieving financial freedom is my Must.

Book Review: Wide-Eyed Wanderers by Richard and Amanda Ligato

wideeyedbookA couple of weeks ago I wrote about the non-traditional retirement story of Richard and Amanda Ligato, which was highlighted in a Nationwide Insurance commercial. Usually TV commercials are too busy convincing you to buy buy buy, so the idea that people who saved half their incomes were shown was amusing.

I ended up buying a copy of their book Wide-Eyed Wanderers: A Befuddling Journey from the Rat Race to the Roads of Latin America & Africa* which covers their journey through Mexico, South America, and Africa. For simplicity and frugality, they bought a 1978 Volkswagen camper-van and basically lived in it the entire trip, driving to all of their destinations (besides being shipped from Panama to Ecuador, and then Chile to South Africa). They cooked their own meals and slept nearly every night in the van.

The Ligato’s are one feisty couple. There are multiple stories about them being shaken down by police officers, customs officials, and other government workers for bribes and how they refused to pay any of them. (I think it helped that Amanda is a native speaker of Spanish.) In another incident, they actually tackled a woman who was trying to pickpocket them and ended up arrested in an Argentinian police station (they were eventually released). They weren’t as lucky when they reached the bottom of South American and tried to talk their way into a cheap ticket to Antarctica, as they ultimately had to give up as the price was too high.

Me being me, I wanted to learn more about the economics of how they saved, planned, and budgeted for their journey. Unfortunately, they really don’t cover this in the book. The topic is only mentioned briefly when they have to hang out with what you might call the “average American traveler”. For example, on the Inca Trail in Peru, they wrote about how a fellow hiker realized that the Ligatos had spent as much on their last 15 weeks coming through Mexico and into South America as she alone had spent on her 2-week packaged tour.

For the most part, the book consists of journal entries, each from a different town or city. The stories were nice, although as a whole I wouldn’t say the book was exceptionally funny (although there are light moments) or enthralling (although there are some exciting moments). What I’m trying to say is that they aren’t professional writers and you shouldn’t expect the humor of Bill Bryson or the romanticism of Peter Mayle. This is just a true journal of real people who had a life-changing journey that most people can only dream about.

I highlighted this quote from Rich Ligato, expressed while watching a ceremony to remember the dead in Patzcuaro, Mexico:

If I were to die now would I go without regret? Have I really lived? Unlike many of those who created these ancient traditions, I’ve been given the free will to choose my path. Have I?

If are reading this, it is likely that you have more freedom in your life than most. Books like this remind me to ask myself: Are you consciously living or just passively getting by?

* I bought a physical copy, but this title should also be included for free if you are part of the Kindle Owner’s Lending Library or Kindle Unlimited. It is self-published which is probably why I couldn’t find it at my library, but you could still check.

Non-Traditional Retirement Story: 50% Savings Rate and Year-long Vacations

Rarely are people who achieve a non-traditional retirement profiled on mainstream media, and when they do it’s usually with a “omigosh look at these crazy people” type of article. So I was surprised when I ran across this couple who talk casually about saving 50% of their income and taking year-long vacations every few years on a Nationwide Insurance commercial. Via ERE Facebook page.

Further digging revealed their full names as Richard Ligato and Amanda Bejarano-Ligato, who run their own website and wrote a book Wide-Eyed Wanderers: A Befuddling Journey from the Rat Race to the Roads of Latin America & Africa in 2005. Here’s another brief description of their story from a USA Today article:

“The key is living like you did when you were a student,” says Rich Ligato, 45, who lives in San Diego. While not completely financially independent, Ligato and his wife, Amanda, stopped working steady jobs more than a decade ago. Their goal is working for three years, taking odd jobs, saving their money, then enjoying a year-long vacation break, doing something such as living in India or biking along the Western coast of the U.S. When they return, they take entirely different jobs.

Rich is currently teaching biking classes and managing an apartment, while Amanda is teaching yoga. “It’s not about money, it’s about freedom,” he says. “If you’re just driving to make things secure and safe, think about what that means. There’s nothing interesting in life. You might as well die.”

(Updated to add: I haven’t read the financial particulars of their situation, but given their 50% savings rate alone the math would say they could work one year and take the next year off if they just kept their spending rate constant. But they work 3 and take 1 year off. So even if they spend double what they do when working, then they could put away 1 year of savings for retirement, and then spend the other 2 years on their year-long vacation. That’s still more than the average person puts away (1 full year of expenses every 4 years, or 25% of their combined annual salary every year). This may be off, but roughly how I imagine it working out.)

I always get excited by stories like this; they may not be “retired” but they are living consciously and achieving their dreams. (I’m really looking for one of these stories where they have kids and travel the world.) I still bought their book and starting reading it already. Not sure how new this is, but Amazon does this neat thing now when you order a physical book, they let you start reading the beginning on the Kindle while you wait for it to arrive. Nice for us who prefer physical books but are also impatient. 😉

Reader Story: Early Retirement by Age 40 with Income-Focused Portfolio

The following is a guest post contributed by reader Bob, who started getting serious about financial freedom about 10 years ago and plans to reach early retirement next year at age 40. Thanks Bob for candidly sharing about your personal experiences and income-oriented portfolio.

monodiv_220I started following Jonathan’s blog about five years ago because I shared the same interest in personal finance and the goal of early retirement. I’ve made a lot of investing mistakes over the years, but with my 40th birthday coming up later this month I thought I’d share my approach which had the primary goal of income generation and capital preservation.

My initial goal was to cover my fixed expenses each month (housing, transportation, utilities, etc) from investment income. Once I had covered my fixed costs I expanded the goal to full income substitution for an extended period of unemployment (24 months), and later to full income substitution for 10-15 years. I’d like to say I was focused on a fixed target, but as with everything targets changed based on circumstances.

I started focusing on saving in the summer of 2005. I had graduated with an MBA and took a position at an Investment Bank in New York. I completed my MBA at the University of Texas at Austin largely because the tuition was low and I could graduate debt free. Looking back, this decision turned out be a very good one as I was able to secure a high paying job while investing relatively little in my education. In my view, maximizing revenue and minimizing costs is what personal finance is all about. However in life’s little ironies, I ended up paying through the nose for my wife’s graduate degree at UT in 2013-2014 but at this point we are far more capable of supporting this investment.

One thing I learned early on was that I did not want to be working in investment banking beyond ten years. The job takes a lot out of you and while the money is good and you learn a lot, it can be a very volatile business. Given the volatility in the markets and our annual bonus I decided I’d invest largely in fixed income and as a single guy in New York it made sense to look at tax-free munis. I don’t pretend that I had the foresight into the real-estate and financial crisis of 2008-2009 but I did witness a lot of risk taking and leverage deployed in the pursuit of returns.

I will not go into all details of my portfolio rather I’ll just go over the highlights.

$800,000 in taxable accounts which generate about 6.5% yield through investments in closed-end funds, utilities, and REITs. The vast majority is in muni bond funds as I’d prefer tax free income but qualified dividends also enjoy a lower tax rate. REIT income offers no tax advantage but I hold them as until recently we always rented our home. There is obviously a high degree of interest rate risk in my portfolio, but given I have deployed leverage in other part of my portfolio I’m comfortable with it. Overall I think taxes will go higher and so I’d much prefer munis to treasuries. I also hedge my bond holding by selling naked puts on the TBT (leveraged short treasury ETF). This has the positive impact of boosting my cash returns and hedging my long bond position.

$100,000 in LendingClub which generates a 7-8% return inclusive of defaults. I was hoping for a returns closer to 9% but given the institutional money chasing loans and tepid demand for loans it is not a surprise returns are lower than expected. Hopefully LendingClub does not relax underwriting standards in pursuit of loan growth. I still like this asset as the loans are short-term, payments include interest and principle, and you can invest as little as $25 at a time but I’ll moderate my contributions in the future.

$200,000 in direct real-estate investments through RealtyMogul and Fundrise. I only started investing nine months ago, but I have aggressively added to this asset class. I get geographic diversification across the country and by assets class (residential, commercial, debt, equity) and you essentially cut out the fees paid to fund managers and REITs so I see this as a win-win. It is still too early to estimate returns, but I’m hoping to generate 7.5% on a cash on cash basis and any capital appreciation would be a bonus. Most of the investment promise IRR’s north of 10% so I think the 7.5% is reasonable. I also think this asset class will prove to be better than LendingClub given these are secured investments and debt financing is cheap. On the downside there is zero liquidity, lead times are very long, and the minimum investments are very high.

Overall I’m generating about $6200/month in tax advantaged income and my goal is to eventually get this up to $7000. My savings suffered over the last 12 month as we incurred costs for my wife’s graduate degree, we relocated from Berkeley, CA to Austin, TX and we purchased our first house. I feel confident in ramping up savings over the next months and hitting full income substation before my 41st birthday next year.
I’m sure other will ask how I intend to offset the impact of inflation I also have $500K in tax deferred retirement (IRA, 401K) accounts but these are broadly diversified across domestics and international index funds so not much to say. I think continuing to invest in tax deferred accounts along with real estate investments will help offset the impact of inflation.

If you have constructive questions or feedback, please leave them in the comments. Please remember to be respectful! If you’d like to share your own story, please contact me.

Stefan Sagmeister: Things I Have Learned

Designer Stefan Sagmeister did another TEDtalk titled Happiness by design where the best part was when he shared the list below of “Things I have learned in my life so far” (which later became a book of typographic artwork).

  • Complaining is silly. Either act or forget.
  • Thinking life will be better in the future is stupid. I have to live now.
  • Being not truthful works against me.
  • Helping other people helps me.
  • Organizing a charity group is surprisingly easy.
  • Everything I do always comes back to me.
  • Drugs feel great in the beginning and become a drag later on.
  • Over time I get used to everything and start taking it for granted.
  • Money does not make me happy.
  • Traveling alone is helpful for a new perspective on life.
  • Assuming is stifling.
  • Keeping a diary supports my personal development.
  • Trying to look good limits my life.
  • Worrying solves nothing.
  • Material luxuries are best enjoyed in small doses.
  • Having guts always works out for me.

Non-Traditional Retirements, or DIY Sabbaticals

NPR Morning Edition featured a story today about non-traditional retirements: Seeing The (Northern) Light: A Temporary Arctic Retirement. Instead of waiting until 65, Winston Chen decided to stop working for an entire year mid-career and moved his family to a small Norwegian island in the Arctic Circle with only 180 residents.

The whole family got to do many things they’d never do otherwise. Financially, they offset their mortgage by renting out their Boston home completely as-is for a year to another family on a temporary work assignment. His wife Kristin was able to get a job teaching elementary school in Norway for a year, as it was a remote area that needed teachers. They could keep expenses low as the tiny village had no need for a car, no malls, and no restaurants. One of his pursuits ended up being an iPhone app that took off and now supports their entire family, although that wasn’t the goal.

The inspiration came from the TEDtalk “The power of time off” by designer Stefan Sagmeister. Here’s a screenshot (sorry for the poor quality) illustrating the traditional working timeline: learn for 25 years, work for 40 years, then retire for 25 years.

A commenter pointed out that this shows that our society seems to feel that education is for the young, work is for the middle-aged, and leisure is for the elderly. But what if you decided to snip 5 years from those retirement years and sprinkle them between your working years? This is essentially the idea of sabbaticals, usually associated with tenured professors taking a paid year off from their usual teaching and research duties. Every 7 years, Sagmeister completely shuts down his popular design shop for an entire year.

Both Sagmeister and Winston Chen add that if you do this, you shouldn’t just give yourself a year of nothing and expect to figure it out along the way. At the minimum, you should make a list of all the things that you want to try and/or accomplish (Chen’s included oil painting, photography, reading, learning Norwegian, and learning how to play the ukulele). Both broke it down into a daily schedule as well (Chen’s is below).

[Read more…]

David Foster Wallace “This is Water” Commencement Speech

Graduation season is here again, making it the perfect time for The Glossary to create a short film out of a great commencement speech by the late writer David Foster Wallace. It has great application to life, and thus great application to those seeking financial freedom.

Consciousness. Conscious living. Conscious spending. All things that sound simple but are so hard to actually do on a daily basis.

The speech is abridged above, I enjoyed reading the full version.