FIRE Starters (Financial Independence, Retire Early)

Hopefully, his net rental income went up, looking at his monthly expenses plus divorce and the kids

 

"Joey spends about 100k a year"
"I'm spending a lot more than I anticipated"
He needs to get a loan to pay the ex wife for her share of the portfolio.
"stay at home parent scrambling to not die" lol
He's still got 10 yrs to go...

And the biggest destructor of wealth which is taboo to talk about...divorce.

 

Really enjoyed reading this...and I love the simplicity of how this guy did it.

Reader Interview: A Real Life Millionaire Next Door | Strong Money Australia

 

I reckon charity is in trouble

 

I too enjoyed it reading it, thank you for sharing!
So many aspects resonated with me, just amazes me the similarity in values, goals, discipline, learning, knowledge, reading similar materials, trying other things, business.

 

I've enjoyed Dave's posts over the years and his evolution (LICs to ETFs) he's never detailed the exact numbers, but it works for him, he and his wife are enjoying FI

He's done an awesome job and is living his best life

Pete Wargent, author of Get a Financial Grip

- Owen Raszkiewicz, founder of Rask

 

Dave Gow has a book out, which you might not realise from Redwings post above. There is another thread on it here somewhere. I am nearly finished it and think it is a great read for anyone wanting to retire early

 

I've followed Dave's blog for a long time and still do. He's message is great and he has always been transparent enough about his financials.
Not everyone needs a 100k of passive income to retire.

 

I've seen this pop up in a few different sites

ProjectionLab - Simulate your financial future and plan for financial independence.

A review below

 

‘Very interesting. A risk I see is attempting to return to the work force after a long absence. This guy is very young with so many years of expenses still to cover. His children are only going to cost more as they get older. Has he costed extra curricular activities, education costs etc, etc.
I doubt it.

 

Just out of curiosity, why do you doubt he would have costed the ongoing expense of his children's activities, education etc?

Seems to me someone who has put in the analysis, budgeting, saving, and investing required to reach financial independence is likely to have factored in such simple forward projection costs as those you mention.

 

‘As per Redwing’s post above. ‘Rental income is $60,000. Expenditure is over $70,000 with mention of childcare and pre-school costs along with entertainment which potentially covers schooling/extracurricular costs etc.

All power to him. Perhaps he has accumulated a buffer along the way and he can sell assets if needed.

Would be interested to read an update in 20 years and see if he remained retired as such or went on to some other income producing venture or even back to work.

 

Of course they have!
They budgeted 50-60k a year for 2 parents + 3 kids
And now he's spending over 100k just him...
I did see an article where he said they had 15 rental IPs.

 

‘Oh I see.
Not to mention rising interest rates, inflation, property repairs, vacancies. I’d say his early retirement hasn’t lasted very long.

 

The latest fire blogger accounting trend is calling locked up retirement fund returns "passive income".
"xxxx passive income this month" read the titles, most of which is in the super account they can't touch for 15-20yrs.
I may have to start a blog, and be poor. Well i actually have no job or wage income.
Open a bank account and show how I make money with silly saving "hacks" & "secrets".
And then issue a press release saying I retired in 2 years with my secret money saving hacks and side hustles.
Zero income to FIRE! How I built a 500k share portfolio from nothing (I don't actually have one).
No lies, fully transparent, and what is not known can't hurt anyone.

And of course the inheritance..."how I invested my inheritance" makes for great click bait.

 

For a few years I attended investing and property exhibitions and presentations, acquiring a number of books in the process for an excellent cost, zero. One is Secrets of stock market traders exposed. This is part of a series, secrets of male entrepreneurs, property millionaires, great success coaches and more. It would be interesting to see where the people in these books are now. My vague recollection is that there were a number of experts citing their skills and seminars, only to be doing not so well later, or charged with offences. They get banned and then find a way around the ban. There are two property people, convicted, land banking, banned, still trading last time I looked. One offered to buy shares for a pittance, paying over time.

Most of the successful people on this forum quietly achieve their goals, not advertising come to my seminar or "Look at moi!" Obeying the law is high on the list too.

 

I did that in the 90s when I first started futures.
I'd go to these free seminars where the guru would point at a chart and say "you buy here...you sell there...you follow the trend....and make XXX% ROI per year". More curious than cynical I would start asking "how did you execute that trade", "did you trade the fake out before it" and all the rambling excuses would come out. Wasn't long till I realised none of these people traded and if they did they lost their $$$. Cause if they hadn't it would've splashed all over the world.
None would ever say "buy here" or "sell here" in advance, none would ever show trading statements.
Modern day gurus are the same, be it bitcoiners or firers. Ask "how did you do that?" and the answer is "that's private".
The easiest way to make money is telling others how to make money, without ever telling them how you did it. Greed is deaf dumb and blind.

 

I remember about 24 years ago I went to this 5 day seminar which cost $5,000 with a day on options trading. It was a huge waste of time and I took advantage the money back guarantee. I recall the options trader had a name like claus

 

What a lovely form of words. You made me think, always risky, but I cannot help that. This forum seems to me to be less about making money than answering questions and giving general advice, peer reviewed and with good moderation. Greed is also lazy. There is no simple, fast, easy, certain way to wealth. My investing started in 1985, lots of good investments and too many setbacks, limited to a total loss in some cases - companies went bust. Bitcoin looked to easy, so many success stories. i do not understand Bitcoin, so I stayed away - shares and property suit me just fine.

One wit said that the best way to double your money was to take $100 in $20 notes and fold it once.

 

Paychecks, Not Portfolios: Why Income is the Key to Financial Success