The FIER Australia blog is first and foremost about money.
We’re going to cover a lot of ground. Undoubtedly we’ll end up in some unfamiliair and unomfortable places. In addition we will be exploring many topics that may not seem financial in nature on the surface. Some of these topics will be amusing, weird, and (hopefully) fun tangents into the topics of lifestyle, cultural, and political issues. But when it boils down to it we will be talking about money and how our relationship with it can either give freedom or chain us down.
Money can be incredibly powerful; both positively and negatively. Most imprtantly, if you have a good relationship with it, it can give you freedom. Freedom from worry. Freedom to live your life as you choose. Freedom to stick your middle finger up at your boss, quit your job, and to know that you will be ok financially (if this is what you want).
Me? I like my job, and my journey towards Financial Independence and Early Retirement is far from over. I imagine if you are reading this, yours isn’t over either: otherwise, you’d be sipping Mojito’s in Hawaii and I’d be writing a blog about the ‘Best ways to invest your capital for a comfortable retirement’ while I trek around the globe riding all of the best mountain bike trails. In addition, I’m not going to ‘teach’ you how ‘I retired at 30 with an investment portfolio of $30 million’. I wish I could, but my journey, like yours has just begun.
I’m inviing you along for the ride.
Well, what is the point of the blog then?
The purpose of this blog is to serve as a learning resource (both for me and for you) as I experiment with different wealth building strategies. It will be a no bullshit, and completely transparent looking glass into my financial life. Through documenting my trials and tribulations, this will serve as a resource for what does and doesn’t work for building wealth and working towards Financial Independence and Early Retirement (FIER) in the unique financial environment that is Australia.
It will serve as a guide and reminder to what wealth building strategies are worthwhile, and others that you should avoid like the plague.
Who Are You?
Now lets talk about you. Where do you sit on ‘the ladder’ of financial independence and early retirement (FIER)? Which of the below best describes you?
1. Retired. My capital is in diverse investments earning me a steady income.
2. I’m still working, but I choose to work as the income from my investments actually pays for my day-to-day living expenses.
3. Still working a 9-5 job (more or less). Have some savings, have paid off the mortgage and I am working at building my investment portfolio. I also have a side-hustle where I am making some extra money.
4. Same as above, but I have a mortgage. I also have a small amount saved in a rainy day fund.
5. Same as above, but I have other loans (credit cards, personal loans, car loans) as well as the mortgage, and no additional savings.
6. Just scraping by. Working a 9-5 job, but my expenses eat up every last penny of my income each week.
7. Scraping by. In and out of work (casual work maybe) and spending more than I earn.
8. Desperate. I’m on the verge of bankruptcy (or have declared bankruptcy). ‘How did I get myself in this mess?’. ‘I can’t even afford groceries’. More money leaves my bank accounts than is going in and I can’t see my way out of this mess. Multiple credit cards and loans, and I can’t find work.
You can do it!
No matter where you sit on the ladder, there are certain things you can do to move to the step above. Moving to the next step creates momentum. It creates new better habits; habits that if maintained can lead you down the path to financial freedom quicker than you realise.
You’re goal (like mine) should be to move up on the list until you reach your stopping point. You have to be committed to take control of your financial future and make the necessary changes to get there. Yes, you might have to make some sacrifices, and if you aren’t willing to, I can’t help you. Additionally, we all have different goals, and your goals from this might well be different from mine. It might be to pay off all of your credit cards. But, I reckon that once you start the ball rolling that you might not be happy with just being debt free; and you will aim for something much higher. Think about what your goals are (we will come to this again and again over time).
My long-term goal, for example, is to reach the second top wrung of the ladder. Ask yourself, where would you like to get off?
Everybody can move up the ladder to FIER. You just need to take control of your financial future, stop playing the blame game and blaming external forces for your problems, get off your ass and do something about it. I can’t stress this enough; to become successful, YOU need to own your problems and (excuse the pun) take the bull by the horns. You have to make the choice. Do you want to grind away for the rest of your life at a job simply to pay the bills? Or do you want to have the freedom to choose to do what you want?
By extreme frugal living, increasing earnings, and maximising savings, I will be able to become financially independent sooner rather than later.
Become a regular reader of this blog, and come along on the journey with me to Financial independence and early retirement (FIER).