In this episode, Michael covers his 12 FIRE rules. In part one, he covers his 7 rules related to managing expenses. Since 2018, Michael has actually decreased his annual expenses, even with rising inflation. He lists his 7 rules related to how his family have reduced expenses overtime. He also provides a quick personal update on his FIRE journey, which has hit a significant milestone in May 2023. Show Notes: Subscribe to the newsletter: https://www.firepodcast.ie/newsletter Track Michael's Month...
May 05, 2023•14 min•Ep. 75
In this episode, Michael gives his five key takeaways from the book 'Die with Zero', which has because a bit of a stable for FIRE enthusiasts. He lists his five main takeaway points from the book and gives his own take on how he has implemented changes after listening to the book. Show Notes Listen to the book: https://www.youtube.com/watch?v=nCsfH3U51jA Sign up to the newsletter: https://www.firepodcast.ie/newsletter...
Apr 21, 2023•13 min•Ep. 74
In this episode, Michael discusses one of the hidden secrets of the FIRE movement - the element of luck, or chance! Luck (both good and bad) plays a huge role in one's ability to hit FIRE and is often underrated. Michael gives examples of those in the FIRE community that have experienced good luck on their journey, as well as giving examples of his own good luck from the last 5 years. Show Notes: March blog update: https://www.firepodcast.ie/march-2023-portfolio-update Example of typical Market ...
Apr 07, 2023•13 min•Ep. 73
In this episode, Michael talks about how his perception of work as changed as his progress towards FI has progressed. He mentions that there is a great sense of irony that the closer he moves to early retirement, the more he is enjoying work. He talks about why this is and how work can still play an important part of your life in early retirement. Show Notes Blog Article One on Money Flamingo: https://www.moneyflamingo.com/the-many-paths-that-lead-to-fi/ Blog Article Two on Money Flamingo: https...
Mar 24, 2023•13 min•Ep. 72
In this episode, Michael provides insights into his thinking around how to plan for withdrawals in early retirement. He discusses the challenge of working out whether to pay down current mortgages on investment properties, or continue to buy new properties. He also provides a work update as he looks to scale back him working hours in 2023. Show Notes The Die with Zero Calculator: https://www.moneyflamingo.com/how-to-die-with-zero/ Case study on Michael on the Money Flamingo Blog: https://www.mon...
Mar 10, 2023•21 min•Ep. 71
In this episode, Michael asks the question, is the traditional FIRE movement dead? With so many great FIRE alternatives available now, he considers if the traditional route of work hard and retire is no longer applicable, especially in a post COVID world, where so many other income alternatives are available. Show Notes: Read the Money Flamingo Blog Article on the real definition of early retirement: https://www.moneyflamingo.com/what-does-fire-really-stand-for/ Follow my monthly updates & subsc...
Feb 24, 2023•14 min•Ep. 70
In this episode Michael talks with Anders Skagerberg, AKA The Coast FI Guy. Coast FI is the concept of building a smallish portfolio and let it compound in the background, while you work part-time and wait until your portfolio grows enough large enough to fully retire. Quotes from the episode: "I don't have to do work that I hate for the rest of my life." "I think some of the most important work I have to do in my life, is to spend time with my kids and be a good Dad." "Coast FI just means that ...
Feb 10, 2023•45 min•Ep. 69
In this episode, Michael shares his reasons why he has been buying rental properties. He explains that while landlords are currently leaving the property market, he is buying and his reasons for doing so. Quotes from the episode: "I think landlords are forgetting that a tenant is paying down a mortgage. Landlords fail to release the difference between cashflow and profit." "I remember looking at property back in 2013 when property prices were half of what they were today... there were still good...
Jan 27, 2023•15 min•Ep. 69
In this episode, Michael discusses the great myth or lie about the FIRE movement, the notion of early retirement. He mentions that most people that achieve FIRE don't actually retire in the traditional sense and continue bringing in some form of income. While they might retire from the traditional corporate world, chances are income will still come in one way or another, so we should plan for this when looking at our own early retirement planning. Show Notes Living a FI: https://livingafi.com/20...
Jan 13, 2023•17 min•Ep. 68
In this episode, Michael talks with Jesse Borst from Money Principles. Jesse is a professional investor and has his own Youtube Channel, where he shares tips on financial freedom, personal finance and covers topics such as generational wealth. In this interview, Jesse talks about investing in 2022/23, the importance of building an investing strategy and offers great advice on how to think like a professional investor. Show Notes: Jesse's Youtube Channel: https://www.youtube.com/@MoneyPrinciples ...
Dec 30, 2022•27 min•Ep. 67
In this episode, Michael discusses how he goes about buying investment property in Ireland. He lists the requirements from the banks, to working with auctioneers, to the in's and out's of putting a property deal together in Ireland. He highlights the 9 steps he takes when it comes to working through a property deal and shares his experience of buying property in Ireland. To sign up for the newsletter visit: https://www.firepodcast.ie/newsletter...
Dec 16, 2022•18 min•Ep. 66
In this episode, Michael has a conversational style catch up with Alva Damon, who last appeared on the podcast back in early March 2020. We talk everything FIRE from: - FIRE strategies - Investing strategies - Property VS Index Funds - FIRE alternatives - Travel Hacking & Travel Tips - Enjoying the FIRE journey & more. Show Notes: Flight Deals: www.kiwi.com Apply for a European Health Card: https://www2.hse.ie/services/schemes-allowances/ehic/apply/ Subscribe to the newsletter at: https://www.fi...
Dec 02, 2022•41 min•Ep. 65
In this episode, Michael reflects on his FIRE journey over the last 5 years and lists the top 10 regrets that he has had to date. From Peer to Peer Lending, too much money in his pension, Forex Trading, Passive Income, Scalable Businesses, having to many companies and more! Show Notes Check out the Co-Op I Co-Founded: https://www.andulra.ie Company Strike of Services for €200 or so: https://www.closedforbusiness.ie/strike-off-services Subscribe to the newsletter: https://www.firepodcast.ie/newsl...
Nov 18, 2022•17 min•Ep. 64
In this episode, Michael gives an update on his overall FIRE progress and explains why semi-retirement will likely be the best path for his FIRE journey. Michael has spent the last 12 months increasing his savings rate considerably and with that, he has been focusing on FIRE shortcuts. However, in 2022 with high inflation, it has made it more and more difficult when it comes to planning for early retirement. Michael explains why semi-retirement could be the best path for most, especially as it g...
Nov 05, 2022•13 min•Ep. 63
In this episode, Michael describes daily working life for him. He briefly described what has happened to him work life over the last 12 months or so and explains how he handles getting through the daily grind. He discusses how he views work and how he comes up with early exit strategies in the event that he decides that the daily grid isn't worth it. Show Notes Follow the Newsletter at: https://www.firepodcast.ie/newsletter
Sep 21, 2022•12 min•Ep. 62
In this episode, Michael shares a list of 12 ideas to help reduce expenses. With inflation running at 40 year highs, reducing expenses can be a great way to tackle the impact on inflation. Be sure to subscribe to the Monthly Newsletter to keep up with Michael's latest portfolio updates: https://www.firepodcast.ie/newsletter Show Notes Article on upgrading to a more economic car: https://www.firepodcast.ie/march-2022-portfolio-update Article on Solar Panel Investment: https://www.firepodcast.ie/j...
Aug 26, 2022•16 min•Ep. 61
In this episode, Michael shares his story of buying an investment property in 2022. He shares his high's and low's of activity looking for an investment property in Limerick - and explains what has changed in 2022 when buying a property. Show Notes Join The Irish FIRE Newsletter by visiting: https://www.firepodcast.ie/newsletter
Jun 10, 2022•16 min•Ep. 60
In this episode, Michael talks to the author of the Money Flamingo Blog. Tina is originally from Europe and is now living in Australia. She become "Flamingo FI" in 2020 and has been living a semi retired lifestyle since then. Tina tells her own story, and shares her wisdom of why she adopted Flamingo FI. As she mentions, "the real goal is the happiness that you can achieve along the path [to FI]". Show Notes: Check out Tina's blog at (and join her newsletter): https://www.moneyflamingo.com Coast...
Apr 23, 2022•33 min•Ep. 59
In this episode, Michael takes a moment to reflect on the Ukraine War. He mentions that it is hard to discuss personal finance when there is a war going on in Europe. He talks about luck and the impact that that has on one's FIRE journey. He mentions that it has become difficult to try to forecast investment returns over the next number of years and this makes planning for early retirement nearly impossible. He touches on interest rates and the impact this will have on housing, as well as specul...
Mar 22, 2022•13 min•Ep. 58
In this episode Michael discusses the three phases for FI. Michael shares how he is currently at a full throttle FIRE stage, where he is looking to maximise his income potential. He mentions that working hard for a full months can be worth it, if it helps you move along quickly in your FI journey, or helps to secure another significant asset, such as an investment property. He mentions concept of the semi-retirement phase, where we look to cut back on making portfolio contributions and enjoy mor...
Feb 14, 2022•13 min•Ep. 57
In this special two year anniversary episode, Michael interviews Andrew. Andrew has been investing for a number of years and is well on his way to FI. In the interview, we talk about Investment Trusts, which are a great way to get around the horrid Deemed Disposal tax that exists in Ireland. Invest Trusts are taxed at 33% and dividends are taxed at your Income Tax Rate - so they are a tax efficient way to invest in Ireland. Disclaimer: This interview is not financial advise - please take opinion...
Jun 05, 2021•35 min•Ep. 56
In this episode, Michael discusses The Barista FIRE Approach - the concept of building a small portfolio and letting compounding grow the portfolio while not withdrawing from the portfolio until when you retire. Barista FIRE is a great approach to FIRE in Ireland, as its an extremely tax efficient way to approach early retirement, and still allows for an early retirement age of 55. Subscribe to the newsletter to stay in touch with regular monthly updates: https://www.firepodcast.ie/members...
May 25, 2021•13 min•Ep. 45
In this episode, Michael discusses the options around what he invests in 2021 and provides an update on how his investments has changed over the last 3 years. He answers questions such as: - Do I still invest in Peer to Peer Lending? - What is the best way to save for my children's college fund? - What is the most tax efficient way to invest as a sole trader? - Why do I say that Cryptocurrency looks like a better investment than ETFs in Ireland? To keep up to date with Michael's journey, subscri...
Apr 16, 2021•19 min•Ep. 44
In this episode, Michael answers a question from Sinead, who has recently sold up her property in Ireland and has moved to the Canaries. Michael works through the numbers, to see if it is possible for Sinead to be financially independent within 5 years. To keep up to date with Michael's journey, subscribe to the monthly newsletter at: https://www.firepodcast.ie/members
Mar 24, 2021•11 min•Ep. 43
In this episode, Michael interviews Sean and Sinead from The Irish Savers Action Group (ISAG) Interview. They are on a mission to promote financial literacy and to push positive progressive changes in the Irish investment tax rates. You can learn more about ISAG at the following places: ISAG Website: https://isag.ie ISAG Facebook Page: https://www.facebook.com/groups/255087048882194 Join The Irish FIRE Monthly Newsletter at: https://www.firepodcast.ie/newsletter...
Feb 20, 2021•31 min•Ep. 42
In this episode, Michael explores an alternative way to becoming financially independent - by building passive income streams. Michael defines passive income as any income that isn't generated directly to your time (e.g. selling your time for money). Michael compares some recent passive income that he has started to generate for himself against a traditional FIRE portfolio, to show how passive income can play a vital part towards your FI journey. Show Notes: Things mentioned on the show: Wholesa...
Jan 28, 2021•12 min•Ep. 51
In the first episode of 2021, Michael announces that the format of the show for 2021 will change slightly. Michael will answer questions he gets on financial independence from listeners this year - typically answering two or three questions per episode. Michael gives a quick update on his own financial journey, before answering the following questions in this episode: 1. Should I set up a company to use as a vehicle for my investments? 2. Should I fear market crashes? 3. When it comes to calcula...
Jan 16, 2021•23 min•Ep. 50
In this episode, Michael discusses the strategies he has adopted to reduce his tax bill. He explains how he is able to reduce his actual effective personal tax rate to less than 9% living in Ireland (a high tax country). He also gives an update on his investment portfolio as at December 2020. Show Notes: Learn more at: https://www.firepodcast.ie
Dec 07, 2020•13 min•Ep. 49
Michael interviews Dave G, a co-host of the Limerick FI meet up group. Dave is based in Newcastle West, in Co. Limerick. Dave is originally from the UK and is a PAYE earner. He has a unique FIRE journey is looking to become FI through real estate investing. During the interview, we talk mindset, investing and how Dave keeps motivated on this FIRE journey. Show Notes: Check out Dave's website at: https://www.firedave.com Limerick FI Meet Up Group https://www.meetup.com/financial-indepdence-limeri...
Nov 06, 2020•41 min•Ep. 48
In this episode, Michael mentions how his family embraced frugality and how they were able to reduce their expenses by a significant amount. He gives specific examples and leaves the episode with a challenge for you to take with you on how you can start embracing frugality. Show Notes: Pete Adeney (Mr. Money Mustache) - Full Talk at WDS 2016 https://www.youtube.com/watch?v=8BDWih309wc Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register...
Oct 22, 2020•17 min•Ep. 47
