The Irish FIRE Podcast: Recent Episodes
Michael Houghton
Michael discusses financial independence in an Irish context. Join him as he shares stories of his own journey towards financial independence, interviews others on FIRE related topics and tries to work out the best path to early retirement in Ireland.
Tom was last on the podcast in early 2024, when he shared his journey of going all in on property as a route towards financial independence.
In this episode, Michael catches up with Tom to hear what has changed, how his portfolio and FI plans have progressed, and whether his definition of financial independence has evolved along the way.
The conversation then turns to one of the most difficult questions on the FI journey: when is enough, enough?
At what point have we built a portfolio that is genuinely sufficient? When should we stop focusing so heavily on accumulating more wealth and start putting more of our time, energy and attention into actually living?
Michael and Tom discuss the temptation to keep moving the goalposts, the difference between financial security and endless accumulation, and the importance of understanding what all this wealth-building is ultimately for.
Are you building wealth so you can live your best life now - or simply creating a future inheritance tax problem for your children?
This is an informal and honest conversation about property, financial independence, defining enough and learning when it might finally be time to take your foot off the accelerator.
Show Notes
Tom's first podcast episode:
https://www.firepodcast.ie/the-gen-z-fire-blue-print
Subscribe to the Irish FIRE Newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
This episode has also been sponsored by Moneycube. Moneycube is regulated by The Central Bank of Ireland.
In this episode, Michael marks seven years of The Irish FIRE Podcast with a personal update on how his own FIRE journey has progressed and evolved. He shares the latest developments in his property investing strategy, including the purchase of another buy-to-let property in Limerick, the use of refinancing and equity release, and how he thinks about leverage, risk and long-term financial independence.
Michael also reflects on what it actually feels like to reach financial independence. Rather than a clean break from work, he talks about the slower transition towards more freedom, seasonal work, taking more time off, and the challenge of deciding what “retirement” really means when you still enjoy the work you do. He also shares an update on the podcast itself, including reaching 400,000 lifetime downloads and welcoming Moneycube as a new podcast sponsor.
Finally, Michael explores one of the biggest lessons of the past year: time freedom only matters if you protect it. After taking on a major hockey coaching commitment, he reflects on the impact it had on family life, the importance of learning to say no, and why FIRE is ultimately about creating more space for the things that matter most - family, freedom, calmness and time.
Show Notes:
Subscribe to the Irish FIRE Newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
This episode has also been sponsored by Moneycube. Moneycube is regulated by The Central Bank of Ireland.
In this episode of The Irish FIRE Podcast, Michael speaks with Alan and Katie Donegan, who reached financial independence and retired in 2019. Since then, they have built a life around freedom, travel, creativity and purpose, living as digital nomads while continuing to teach others about money, business and lifestyle design.
Michael talks to Alan and Katie about their own journey to financial independence, how they approached saving, investing and building a life that was not dependent on traditional employment. They also discuss what life has looked like after reaching FI, including the realities of early retirement, travelling full-time, and finding meaningful projects after stepping away from conventional work.
This episode is a great listen for anyone interested in financial independence, lifestyle design, digital nomadism, or simply hearing from people who have actually reached FI and are living life on their own terms.
Show Notes:
Alan’s previous interview from 2020:
https://www.firepodcast.ie/financial-independence-with-alan-donegan
Rebel Finance School:
https://rebeldonegans.com/finance/rfs/
Rebel Business School:
https://therebelschool.com
Subscribe to the Irish FIRE Newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
In this episode, Michael sits down with Paul Overy from Ask About Wealth - a highly experienced financial planner with decades in the industry and a growing following across social media and YouTube.
Paul shares his journey into financial planning, the lessons he’s learned along the way, and how his approach differs from traditional financial advice in Ireland. With a strong focus on transparency and client-first thinking, Paul explains how a fee-based model can align incentives and lead to better long-term outcomes.
The conversation also explores what people are really chasing when it comes to money. While early retirement often grabs the headlines, Paul makes the case that financial freedom - having control over your time and choices - is the goal that truly resonates with most people.
Finally, Michael and Paul dive into the often-overlooked topic of estate planning - how to ensure your wealth is passed on efficiently and in line with your wishes, and why this is a critical part of any long-term financial plan.
What We Cover:
- Paul’s journey into financial planning and building his platform
- The difference between financial planners and traditional financial advisors
- How fee-based financial planning works (and why it matters)
- Financial freedom vs early retirement — what are we really aiming for?
- Estate planning: protecting and passing on your wealth
Show Notes:
Ask About Wealth website:
https://askaboutwealth.ie
Ask About Wealth on Youtube:
https://www.youtube.com/@AskAboutWealth
Ask About Wealth on Instagram:
https://www.instagram.com/ask.about.wealth
Paul's Youtube video on Inheritance tax:
https://www.youtube.com/watch?v=3WYamFXk928
Michael's original interview with Paul:
https://www.youtube.com/watch?v=Hwo_Z_UswlI&t=2813s
Join The Irish FIRE Podcast newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
In this episode, Michael talks with Robert Whelan, from Rockwell Financial. Originally from Carlow and now living in Dublin, Robert shares his family background, from working with his Dad as a milkman, to working in hospitality, to eventually launching his own business in 2009 as a financial advisor.
Robert answers some tough questions around how those pursuing financial independence can work with a financial advisor to make the journey easier.
He also shares his wisdom around starting his own business and discusses typical advice he would give for those in the “boring middle”.
Show Notes:
Rockwill Financial:
https://rockwellfinancial.ie
FollowRockwell on Tiktok:
https://www.tiktok.com/@rockwell_financial
Follow Rockwell on Instagram:
https://www.instagram.com/rockwellfinancialmanagement/
Connect with Robert on Linked In:
https://www.linkedin.com/in/robert-whelan-3baa4120/
Join the newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
In this episode, Michael shares the full story of his journey to financial independence - from moving to Ireland from New Zealand in 2011, to building a life with more freedom, less money stress, and far more intention around how he lives. What started as a normal middle-class life of earning and spending gradually changed after meeting a friend living a very different kind of life - one built around time freedom rather than consumerism. That experience opened his eyes to the FIRE movement and set him on a very different path over the next 8 years.
Michael talks about the mistakes he made early on, from poor pension decisions to chasing high returns through unregulated investments that ultimately cost him time, money, and peace of mind. Looking back, one of the biggest lessons was that investing does not need to be exciting to work. The more he chased shortcuts, the more complicated things became. Real progress came when he focused on the basics: tracking spending, saving consistently, automating where possible, thinking long term, and keeping investing simple.
He also reflects on what life looks like today, how money stress affected relationships in the early years, and how even reaching the first stages of financial independence can transform your life long before retirement. This conversation covers the hard lessons, the funny stories, the mindset shifts, and the practical habits that shaped his journey. If you’re new to The Irish FIRE Podcast, this is the perfect place to start.
Show Notes:
Money Bootcamp with Justin:
https://www.moneybootcamp.com
Get the monthly newsletter with updates on Michael's FIRE journey:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
In this episode, Michael shares why he refuses to get dragged into bidding wars and how that approach has shaped his property investing journey from accidental landlord in 2020 to closing on property number seven.
What started with refinancing a three-bed semi-D instead of selling it became the beginning of a much bigger strategy: buying carefully, focusing on yield, staying unemotional, and walking away when the numbers stop making sense.
Michael breaks down why the Irish property buying process is stacked against buyers, why he now makes one strong offer only, and why “coming second” can often be the smartest move in the market.
He also explains the key metric he uses to assess every deal - rental yield - and why purchase price alone tells you very little about whether a property is actually good value.
Along the way, he shares:
- why ex-rentals often no longer work for investors
- how RPZ rules distort buying decisions
- why owner-occupied properties can now make more sense for landlords
- how rising rents and rising prices in Limerick have broadly kept yields steady
- the frustration of painfully slow finance approvals
- why leverage and refinancing are central to his current strategy
- what recent rental law changes mean for larger landlords
- and why respecting a deal once you go sale agreed really matters
This is a property episode about discipline, patience, and resisting the pressure to “win” at all costs.
Show Notes:
Get notified when The Irish Property Podcast launches - https://www.propertypodcast.ie
Get the monthly newsletter with updates on Michael's FIRE journey:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
It had been eight years since Michael was last in New Zealand - the country where he grew up before moving to Ireland in 2011. When he left, New Zealand felt significantly more expensive than Ireland. So when he returned for a three-week family trip, he decided to do what any personal finance nerd would do… he kept a money diary.
This episode breaks down his experiences with spending in New Zealand and whether his long-held assumptions about the cost of living in both countries still hold true.
Show Notes:
Join the newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
In this episode, Michael walks through the thinking and habits behind his family’s journey from having nothing saved in 2017 to building a €800,000 investment portfolio in eight years.
This episode is based on his recent article for The Irish Independent and expands on the real mechanics behind wealth-building: saving first, avoiding lifestyle creep, investing consistently, and letting time do the heavy lifting.
If you've ever felt that FIRE sounds unrealistic, extreme, or only achievable for high earners - this episode is for you.
Show Notes:
The original article:
https://www.independent.ie/business/money/21-tiny-habits-that-will-help-you-build-wealth-in-2026/a2046147432.html
Join the newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
What if FIRE wasn’t about retiring early... but about living a better life?
In this personal end-of-year episode, Michael reflects on what Financial Independence has actually delivered in 2025 and it's not what he originally expected. Rather than quitting work completely, FIRE has unlocked something far more powerful: choice, abundance, and the ability to say yes.
This episode explores how FIRE quietly transforms everyday life - from paying the bill without stress, to redefining work, supporting family, buying coastal property, and embracing opportunity without fear.
Show Notes
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
Brian and Izabela have been active members of the Limerick FI Meet-Up Group since 2019. Recently married, they’re a fantastic example of a couple pursuing FIRE together. In this episode, Michael visits them in their home in Limerick to talk about their FIRE journey, how they work as a team on the path to financial independence, the low-stress lifestyle they’ve intentionally built, their passive, low-cost home design, and how they managed to save thousands of euro on their wedding.
Show Notes:
Brian and Izabela's Passive Property Builder:
https://www.facebook.com/ktgriffinltd
Join the Limerick FI Meet Up Group:
https://www.meetup.com/financial-indepdence-limerick/
Sign up for the newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
In this episode, Michael reflects on the difference between financial independence (FI) and financial freedom through his own post-FI transition. After reaching FI in late 2024, he eased into a seasonal work schedule in 2025 and discovered that while his basic lifestyle was fully funded, larger, less-frequent expenses (big trips, renovations, car upgrades) weren’t comfortably covered. He unpacks why FI felt like a bit of a let down and shares the mindset and practical adjustments he’s making so compounding can carry him from FI toward true financial freedom.
Show Notes:
Interview with Paul Overy - Ask About Wealth:
https://www.youtube.com/watch?v=Hwo_Z_UswlI
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
This episode has been sponsored by KennCo Insurance. KennCo Underwriting Ltd T/A KennCo Insurance is regulated by The Central Bank of Ireland.
In this episode, Michael shares the story of Anne, a woman working 65-hour weeks with a two-hour commute who came to a FIRE meet-up looking for reassurance that her grind was worth it. Instead, she walked away with a new perspective and within weeks, she handed in her notice. Anne has since transitioned into a lower-stress, family-friendly job that gave her back her time and quality of life.
Anne’s journey prompted Michael to reflect on his own. Having reached financial independence himself, Michael explains why he has chosen not to walk away from work. He discusses the benefits of public sector contracting, how flexibility and balance have transformed his relationship with work, and why sometimes continuing to work on your own terms can be more rewarding than leaving altogether.
FIRE, Michael argues, isn’t about never working again. It’s about freedom, balance, and choice. For Anne, that meant walking away. For Michael, it means staying but in a way that no longer feels like a grind.
Show Notes
Join the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael republishes his interview on the Freedom Before FI podcast which covers his journey to financial independence and what life looks like along the way. He shares his story of moving from New Zealand to Limerick, raising a family of five, and how he’s built up a €700k+ investment portfolio split between property and stocks. Michael also talks about lifestyle design, seasonal and part-time work, and how keeping a 75% savings rate was possible while still enjoying life.
The interview also considers the human side of FI - how financial freedom has improved family life, the way he teaches his kids about money and investing, and what purpose looks like once work is optional. Michael shares what it’s like writing for The Irish Independent, filling his days with meaningful projects, and the habits and lessons that have shaped his path. Stick around until the end for a fun quick-fire round where Michael reveals the book that changed his perspective, the small things you can do this week to start investing, and the lessons he wishes he’d known ten years ago.
Show Notes:
Here are the links to the original interview:
https://open.spotify.com/show/0XxPgEeuGayTqaEwUE19mk
See the interview on Youtube:
https://www.youtube.com/watch?v=ndeNIEUwtn0
Become an Irish FIRE newsletter subscriber:
https://www.firepodcast.ie/newsletter
In this episode, Michael shares what life really looks like after reaching Financial Independence. Spoiler: it's not all hammocks and golf rounds.
From repainting rental properties and managing guilt over working less, to the emotional weight of holding a full time job post-FI, this episode explores the unexpected complexities that come once you hit your FI number - and why "freedom" sometimes brings more questions than answers.
Michael unpacks:
- The emotional cost of being a “nice guy” landlord
- Delegating property tasks and embracing manual labour
- Feeling out of sync with the 9-5 life (even when it’s “flexible”)
- The surprise guilt of working less - and still feeling overcommitted
- The temptation and reality of buying a holiday home
- Lessons learned from an entrepreneurial brother-in-law
- Why retirement isn't the answer - and FIRE is more about framework than finality
Show Notes
Subscribe the the monthly newsletter
In this anniversary episode, Michael invites you into the heart of the Limerick FI community, sharing real stories from local members on their own FIRE journeys. You’ll hear how the Limerick WhatsApp and Meetup groups have helped people from all walks of life openly talk about money, investing, and intentional living - free from judgment or taboos.
Show Notes
Join the Limerick FI Meet Up Group:
https://www.meetup.com/financial-independence-limerick
Subscribe to the monthly newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael shares what a typical Tuesday looks like in his life now - not filled with long workdays or dramatic financial spreadsheets, but with meaningful work, family time, fitness, golf, and sunshine. He reflects on what FIRE really means to him: not quitting work, but having the freedom to design an extraordinary life on his own terms. Michael also responds to some recent criticism of their FIRE journey and offers his honest thoughts on what FIRE is really about.
Show Notes:
Join the newsletter at:
https://www.firepodcast.ie/newsletter
In this episode, Michael shares how a disagreement with his wife over a €9 cupcake sparked a deeper conversation about budgeting and money spending. He reflects on his evolving perspective on FIRE now that he’s technically financial independence, and how his life is gradually transitioning into semi-retirement.
He also discusses insights from a recent financial review with Ronan from Metis Ireland and answers a question he received in a WhatsApp group about being financially independent as a landlord.
Show Notes:
Follow Alan & Katie's Youtube Chanel:
https://www.youtube.com/@rebeldonegans
Become a newsletter subscriber:
https://www.firepodcast.ie/newsletter
In this episode, Michael talks with Shane O'Brien, author of From Bucket List to Best Self.
Shane, originally from Clare and now living in Castleconnell, Co. Limerick, recently wrote a book about the power of using a bucket list as a template for personal development. In the episode, he shares how FIRE and personal development go hand in hand and explains how developing a bucket list can support your journey to financial independence.
He also opens up about overcoming a childhood tragedy and how his bucket list played a key role in helping him learn to swim”
Show Notes
Buy the book here:
https://www.amazon.co.uk/Bucket-List-Best-Self/dp/B0DVS1L6WK
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael explores whether his family has officially reached financial independence. He breaks down their investment portfolio, rental income, and expected expenses to assess if they can sustain a €40,000 annual budget. He also considers different strategies for managing withdrawals, potential risks, and what financial independence truly means beyond just the numbers. Finally, he reflects on the next steps in his post-FI journey, balancing work, purpose, and leisure.
Show Notes:
Michael on Ireland AM (about halfway through):
https://play.virginmediatelevision.ie/watch/vod/52791801/ireland-am-fri-21-feb
Sign up for the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael sits down with Sjoerd Bak, founder of BAMillionaire.com. Originally from The Netherlands, Sjoerd moved to Ireland in 2006 and worked in the tech industry before becoming a qualified financial advisor. Today, he provides financial coaching to help professionals in the tech sector build financial literacy and achieve their financial goals.
We dive deep into Sjoerd's own FIRE journey, and he shares valuable insights and advice that he offers to his clients on how to become financially independent.
Show Notes:
Connect with Sjoerd on Linked In:
https://www.linkedin.com/in/sjoerdbak/
Visit Sjoerd's Website:
https://www.bamillionaire.com/
Get Sjoerd's tracking template by subscribing to his newsletter:
https://bamillionaire.kit.com/template
Subscribe to The Irish FIRE Podcast Newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael shares the news that he has been asked to write regularly on personal finance for The Irish Independent and how writing on a main stream newspaper has meant that his near FI status is now being shared on a national scale! He discusses the challenges and joys of transitioning to semi-retirement, from embracing flexibility in his work schedule to tackling more household tasks. Looking ahead, Michael outlines his family’s plans for 2025, including a long-awaited trip to New Zealand and paying off a personal loan for solar panels and vehicle upgrades. He explains the financial balancing act of covering these expenses, working less, and managing higher taxes while letting his FI portfolio coast.
Show Notes
Read The Irish Independent article here:
https://archive.ph/NDQLZ
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael discusses how embracing a low-cost lifestyle has helped him and his family move closer to Financial Independence. He shares updates on his portfolio, his transition into semi-retirement, and the conscious trade-offs he's made to prioritise time freedom over material wealth.
Show Notes:
The Three Phases of FI
https://www.firepodcast.ie/three-phases-of-fi
Limerick FI Meet Up Group:
https://www.meetup.com/financial-independence-limerick/
Subscribe to the monthly newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael celebrates episode 100 of The Irish FIRE Podcast by looking back over the last 7 years of his FIRE journey, and giving his reflections on a year by year basis since he started his journey in 2018.
Michael is now only a few months away from hitting FI, and Michael shares his thoughts on both how his journey has panned out, but also what he expects from the future once he reaches FI.
Show Notes
Subscribe to the monthly newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael dives into the Playing with FIRE documentary and explores the balance between achieving financial independence and living a fulfilling life in the present. He discusses the Rieckens' journey, the challenges they face, and whether the sacrifices they make are truly aligned with their core mission of spending more time as a family.
Show Notes
Learn more about An Dúlra Co-Op (planting native forests):
https://www.andulra.ie/co-op
Youtube "Playing with Fire Full Documentary" to find the Playing with Fire Documentary
Mr Money Mustache FIRE video:
https://www.youtube.com/watch?v=8-Li_sFNc4Q
Join the newsletter and keep in touch with monthly updates:
https://www.firepodcast.ie/newsletter
In this episode, Michael explores some of the ideas from Ramit Sethi and his book, podcast and TV program 'I will Teach You To Be Rich' and 'How to Get Rich'.
He challenges some of the idea's that Ramit presents when it comes to personal finance, and factors in some of the things which Ramit tends to overlook about the FIRE movement.
Show Notes
Mad Fientist interview with Ramit:
https://www.madfientist.com/ramit-sethi-interview/
Carl & Mindy interview with Ramit:
https://www.youtube.com/watch?v=Fm3jlsW7W34
Ramit's website:
https://www.iwillteachyoutoberich.com/
Ramit's Netflix show:
https://www.netflix.com/title/81410436
Subscribe to the newsletter & following my FIRE progress:
https://www.firepodcast.ie/newsletter
In this episode, Michael explains and introduces the philosophy of 'The Simple Life' - a concept that his wife sold him on back in 2010. It is a philosophy that ensures that his family can maintain a low cost lifestyle, while ensuring maximum happiness and contentment.
If you ever wondered how Michael and his family are able to live in Ireland on approximately €40,000 euro per year - then this is the episode for you!
Show Notes:
Link to the Limerick FI Meet Up Group:
https://www.meetup.com/financial-independence-limerick/
A breakdown of Michael's family monthly budget:
https://www.firepodcast.ie/monthly-budget.png
Subscribe to the monthly newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael concludes a 3 part series on his FI calculations. He talks about how the Die with Zero Calculator is actually an improvement on the 4% rule and discusses the art of subtraction once one reaches (or gets close to) FI.
Show Notes
Link to Die with Zero Calculator:
https://www.moneyflamingo.com/free-resources/
Link to my FI calculations:
https://www.firepodcast.ie/img/fi-number-calculation.png
Link to online meet up on 31st July 2024:
https://www.meetup.com/financial-independence-limerick/events/301861738/
Link to Mad Fientist Article:
https://www.madfientist.com/happiness-through-subtraction/
Become a subscriber to the monthly newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael covers the 7 steps to financial independence. He also gives a personal portfolio update, as well as gives his own definition of financial independence.
Show Notes:
The Die with Zero Calculator:
https://www.moneyflamingo.com/free-resources/
The Money Flamingo Update:
https://www.moneyflamingo.com/is-this-still-semi-retirement/
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
It has been 5 years today since The Irish FIRE Podcast launched - what better way to celebrate with a personal update from Michael, sharing his thoughts on defining enough, as he is looking to adopt early retirement.
Show Notes
Mad Fientist Bill Perkins Interview:
https://www.madfientist.com/bill-perkins-interview/
Join the newsletter for monthly updates:
https://www.firepodcast.ie/newsletter
In this episode, Michael continues his conversation with Kel, AKA Mrs Smart Money, who embarked on a "No Spend Year™" in 2019. She reduced her family's expenses by over €27,000, leading her to write a best-selling book, Mindful Money: More Money, More Freedom, More Happiness, became QFA qualified and became a money coach. Since her no spend year, she has harnessed her scientific background to create a powerful coaching formula to help others build the lives they deserve.
In part 2, Kel shares details of what happened after her no spend year and how she was able to follow her passion to help more people take control of their finances.
Show Notes
Learn more about Kel at her website:
https://www.mrssmartmoney.com
Or you can catch up with her daily insights over on Instagram:
https://www.instagram.com/mrssmartmoneyhq
Or on Linked In:
https://www.linkedin.com/in/kel-galavan-money-mindset-coach/
Subscribe to The Irish Fire Podcast Newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael talks with Kel, AKA Mrs Smart Money, who embarked on a "No Spend Year™" in 2019. She reduced her family's expenses by over €27,000, leading her to write a best-selling book, Mindful Money: More Money, More Freedom, More Happiness, became QFA qualified and became a money coach. Since her no spend year, she has harnessed her scientific background to create a powerful coaching formula to help others build the lives they deserve.
In part 1, Kel shares details of what led her to adopt the no spend year and how things played out as she embarked on this unconventional path.
Show Notes
Learn more about Kel at her website:
https://www.mrssmartmoney.com
Or you can catch up with her daily insights over on Instagram:
https://www.instagram.com/mrssmartmoneyhq
Subscribe to The Irish Fire Podcast Newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael takes a close look at intentional money spending. He explains how becoming good at spending money is a skill and gives examples of good and bad money spending habits.
Show Notes
Join the newsletter at:
https://www.firepodcast.ie/newsletter
In this episode, Michael talks to Stephen about travel and FIRE. Stephen is originally from Ireland but has spent time in Canada as well as countries all over the world. Stephen spent 6 and a half years back packing around the world, while saving for FIRE. Stephen works in hospitality, picking up jobs as he travels, traveling on a budget and saving for FI at the same time.
These days, Stephen is semi FI and he talks with Michael about how he built this lifestyle, how he will adapt with children, offers travel advise and how he defines his FIRE lifestyle.
Show Notes:
Follow Stephen at:
https://www.youtube.com/@outoftheboxtraveler
https://www.instagram.com/outoftheboxtraveler
JL Collins new book:
https://www.amazon.co.uk/Pathfinders-Extraordinary-Stories-Financial-Independence/dp/B0CKWFWF95/
https://mrsmoneyhacker.com/
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael talks with Andrew, who was last on the podcast in 2021 talking about Investment Trusts. This time, Michael and Andrew compared property VS stock. Likely the most discussed topic on many FIRE groups, what is the better investment, property or stocks?
Andrew looks at the pros and cons of each and makes a conclusion about the better investment.
Disclaimer: Michael and Andrew are not professional investors and nothing in this episode should be considered financial advise.
Show Notes:
Andrew's previous podcast episode:
https://www.firepodcast.ie/investment-trusts-with-andrew
Join the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael continues his conversation with Tom, a 26 year old pharmaceutical salesperson based in Wexford.
In part two, we cover:
- Tom discussed the power of the flexible work place and reasons not to worry about retiring early if you love your job.
- Why the real journey from FIRE is to build a life you around work, rather than trying to escape from work.
- Why the RE of FIRE is really just about leaving the 9-5 grind, more so than retiring in the traditional sense.
- Michael compares his life from 2017 to today - to highlight how FIRE has changed his life.
- Tom discusses how he plans to adjust his life for potentially having a family one day.
- Tom discusses his financial education and how he discovered the FIRE movement.
- Tom discusses property and why he likes investing in property
- Tom and Michael give their opinion on cryptocurrency
- Tom and Michael discuss compound interest.
Show Notes:
If you missed part 1 of the interview, go back and have a listen:
https://www.firepodcast.ie/the-gen-z-fire-blue-print
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
Tom, a 26 year old pharmaceutical salesperson based in Wexford, shares his FIRE story with Michael. Tom was able to save €40,000 by the time he was 25 and purchase his first house aged 26.
Tom's story is inspiring as he managed to avoid so many of the common financial pitfall's from such a young age. His story shows what it possible when making sound financial decisions from a young age and is a blue print for anyone looking to pursue financial independence at any age.
There will be more to come in part two of this interview.
Show Notes:
Follow Michael's process at:
www.firepodcast.ie/newsletter
In this episode, Michael pays tribute to the Money Flamingo website (https://www.moneyflamingo.com). He mentions how Tina's work has been a huge motivator for him, especially since 2021 and explores how many attributes from the Money Flamingo website are starting to apply to his own FIRE journey.
Show Notes:
Link to the Money Flamingo Article:
https://www.moneyflamingo.com/time-to-semi-retire/
The Die with Zero Calculator:
https://www.moneyflamingo.com/free-resources/
The Money Flamingo Podcast Interview:
https://www.firepodcast.ie/flamingo-fire-the-money-flamingo-interview
Subscribe to The Irish FIRE Podcast Monthly email:
https://www.firepodcast.ie/newsletter
In this episode, Michael answers a few questions that he has received over the last few weeks from podcast listeners.
These questions include:
- What are the best broker accounts in Ireland?
- What are the top two things Michael recommends when pursuing FIRE?
- What are some of my options around travel expenses when self employed?
- Questions around refinancing property to buy an investment property.
Show Notes:
Investment Trusts with Andew:
https://www.firepodcast.ie/investment-trusts-with-andrew-driver
Legal Deductions when you own your own company episode:
https://www.firepodcast.ie/legal-tax-deducations-when-you-own-a-company
Revenue guidelines on travel expenses:
https://www.revenue.ie/en/employing-people/employee-expenses/travel-and-subsistence/index.aspx
Mortgages with Laura Mansbridge:
https://www.firepodcast.ie/mortgages-with-laura-mansbridge
Sign up at the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael discusses the basic things that one needs to do to become a property investor. He covers the ins and outs of looking for the right property to buy, to negotiating through the sales process. The episode covers things such as the Rent Pressure Zone in Ireland, but is also suitable for listeners overseas.
Show Notes:
Episode with Ken:
https://www.firepodcast.ie/talking-financial-independence-with-ken-from-the-humble-penny
Previous Episodes on Property:
https://www.firepodcast.ie/mortgages-with-laura-mansbridge
https://www.firepodcast.ie/buying-an-investment-property-with-no-deposit
https://www.firepodcast.ie/buying-property-in-2022
https://www.firepodcast.ie/my-property-strategy
https://www.firepodcast.ie/why-i-buy-property
Rent Pressure Zone Calculator:
https://www.rtb.ie/calculator/rpz
Subscribe to the Newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael adds another chapter to his original episodes released back in 2019 on income. He reviews various additional methods of potential ways to increase your income, including some of the recent methods being adopted by some members of the FIRE community. Some of these methods are extreme, so please do your own research and take your own circumstances into account before pursuing any of these.
Show Notes:
Join the newsletter:
https://www.firepodcast.ie/newsletter
In this episode, Michael introduces the 20:20 rule. A simple concept that is a great starting point for anyone new to the FIRE movement. He also gives some quick starting points on how to reduce expenses and increase income.
Show Notes:
Interview on RTE with Brendan O'Connor: https://www.rte.ie/radio/radio1/clips/22285693/
Subscribe to the Newsletter: https://www.firepodcast.ie/newsletter
In this episode, Michael discusses some strategies around how he and his family grocery shop. He mentions some of the traps that he see's when shopping for food and shares some tips on how you can reduce your grocery bill.
He also shares the one item in Aldi that hasn't gone up in price for many years, as well as another item which has increased in price by 500% over the last year or so!
Show Notes:
Come along to an online or face to face meet up: https://www.meetup.com/financial-independence-limerick
Watch How to Get Rich on Netflix: https://www.imdb.com/title/tt27206017/
Join the newsletter: https://www.firepodcast.ie/newsletter
In this episode, Michael discusses everything solar panels related! He goes through his own experience of having solar panels installed 12 months ago and lists the pro's and con's of installing solar panels. Solar panels can be a great investment, but what factors should you consider before installing solar panels? Michael looks to answer these questions in this episode.
Show Notes
Subscribe to the newsletter: https://www.firepodcast.ie/newsletter
Solar Panel Installers worth getting a quote from: Eco Green Resources - https://www.egr.ie Dolphin Utilities - https://dolphinutilities.com Open Solar - https://www.opensolar.com
In this episode, Michael is interviewed by Joshua from The Art of Money and Communication Podcast. The interview covers various aspects, from trying to FIRE with children, embracing FIRE in a high inflation environment, discussing other FIRE influences and discussing some of the core aspects of FIRE - such as being uncomfortable and compounding your ability to earn, save and reduce expenses.
Show Notes:
The original recording can be found at: https://podcasts.apple.com/ie/podcast/high-inflation-high-ambitions-unlocking-financial-independence/id1508117788?i=1000616927112
Subscribe to the monthly newsletter: https://www.firepodcast.ie/newsletter
In this episode, Michael interviews Joshua from The Art of Money & Communication Podcast.
Joshua is originally from Wales and now living in London. He is an Opera Singer and has been pursing FIRE for a number of years.
Michael & Joshua talk about a range of FIRE topics, from happiness in your career, trying to FIRE in the arts industry, following a simple investment strategy, how to decide to a job, to getting your partner onboard with FIRE.
Show Notes:
Listen to Joshua's Podcast at: https://podcasts.apple.com/gb/podcast/the-art-of-money-communication/id1508117788
Subscribe to the Newsletter: https://www.firepodcast.ie/newsletter
In this episode, Michael responses to a listener email. The email asked Michael why he doesn't look to apply more moderation and consistency to his FI journey. Michael responses by talking about the elephant in the room - that FIRE is extreme and that to make it work long term, it often needs to be done in phases.
He also talks about how compounding not only investments, but also our ability to earn income and reduce expenses, ultimately is what makes ones FI journey not a linear thing.
Show Notes:
Download and try The Die With Zero Calculator: https://www.moneyflamingo.com/free-resources/
Subscribe to the Monthly Newsletter: https://www.firepodcast.ie/newsletter
In this episode, Michael talks with Laura Mansbridge, a mortgage broker based in Limerick. Michael and Laura talk everything mortgages, including mortgages for first time buyers, equity release, buying property through a company and a pension, advantages of using a mortgage broker and associated costs.
Show Notes:
Laura can be reached at: Email - laura@mortgageabc.ie Phone - 087 942 1243
Disclaimer: Information in this episode is for education purposes only. When it comes to mortgages, all situations are different. Please consult your own mortgage broker or contact Laura directly to answer any specific questions.
Subscribe to the monthly newsletter: https://www.firepodcast.ie/newsletter
In this episode, Michael covers the second part of his 12 FIRE rules. In part two, he covers his 5 rules related to income and investing. Michael shares his advise around why income is the most important FIRE attribute, the importance of an emergency fund, why keeping investing simple is the best approach and that average market returns are OK!
He also provides a quick personal update on his FIRE journey in life post Flamingo FIRE!
Disclaimer: Michael is not a financial advisor and any investment advise in this episode is for entertainment purposes only.
Show Notes:
Subscribe to the monthly newsletter at:
www.firepodcast.ie/newsletter
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 Monthly Progress:
https://www.firepodcast.ie/progress
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
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 Watch article with an early retiree who was nothing but lucky
(in this case, they borrowed significant money from his in-laws)
https://www.businessinsider.com/real-estate-investing-passive-income-teacher-retires-early-2021-2
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
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://www.moneyflamingo.com/the-many-paths-that-lead-to-fi-part-2/
Money Flamingo Facebook Group:
https://www.facebook.com/groups/semiretirement
Subscribe to the newsletter:
https://www.firepodcast.ie/newsletter
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 NotesThe Die with Zero Calculator:https://www.moneyflamingo.com/how-to-die-with-zero/Case study on Michael on the Money Flamingo Blog:https://www.moneyflamingo.com/the-many-paths-that-lead-to-fi/Article on Building Cashflow with Mortgages:https://www.firepodcast.ie/september-2022-portfolio-updateSubscribe to the monthly newsletter:https://www.firepodcast.ie/newsletter
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 & subscribe to the newsletter:https://www.firepodcast.ie
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 saving is optional. That doesn't mean that you cannot save money while coasting to financial independence.""There are no true rules when your designing a custom FI strategy that works for your lifestyle."Show NotesWhat is Coast FI?https://www.moneyflamingo.com/coast-fi/Coast FI Calculator:https://walletburst.com/tools/coast-fire-calc/Get in Touch with Anders:
Facebook: https://www.facebook.com/anders.skagerberg LinkedIn: https://www.linkedin.com/in/anders-skagerberg-631089158/Twitter: https://twitter.com/The_CoastFI_GuyWebsite: https://www.coastfiguy.com/
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 deals, there were still bad deals""As I see it, I'm not worried about what the property market is doing... what I care about, is can I find a deal I like.""No one will ever feel rich having a million euro broker account, but buy a few properties and you will feel rich in far more ways than just financially."Show Noteshttps://www.irishtimes.com/property/2023/01/21/landlords-have-their-say-investors-are-not-in-the-game-at-the-moment/https://www.firepodcast.ie/buying-an-investment-property-with-no-deposithttps://www.firepodcast.ie/my-property-strategySubscribe to the monthly newsletter:https://www.firepodcast.ie/newsletter
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 NotesLiving a FI:https://livingafi.com/2021/03/17/the-2021-early-retirement-updateMr Money Mustache:https://www.mrmoneymustache.com/2012/05/14/first-retire-then-get-richMadfientisthttps://www.madfientist.com/third-year-of-freedomMr Money Mustache - Definition of Retired:https://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police1500 Dayshttps://www.1500days.com/thankful-to-be-thankfulChoose FI Quote:https://money.com/married-couple-fire-million-financially-independentSavoteurhttps://savoteur.com/are-fire-bloggers-truly-chasing-fireMoney Flamingohttps://www.moneyflamingo.com/the-retirement-lie
Follow my FI Progress:
https://www.firepodcast.ie/newsletter
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/@MoneyPrinciplesInstagram:https://www.instagram.com/money.principlesTikTok:https://www.tiktok.com/@money.principlesSubscribe to the Monthly Newsletter:https://www.firepodcast.ie/newsletter
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
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.firepodcast.ie/newsletter
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
Subscribe to the newsletter: https://www.firepodcast.ie/newsletter
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 gives a balanced approach to early retirement.
To subscribe to the newsletter, visit: https://www.firepodcast.ie/newsletter
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
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.
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
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 FI Grid https://www.moneyflamingo.com/coast-fi
Join The Irish FIRE newsletter at: https://www.firepodcast.ie/newsletter
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 speculates on what might happen in the economy over the next year or two.
Show Notes:
https://www.youtube.com/thedogecoinmillionaire
Sign up for the newsletter: https://www.firepodcast.ie/newsletter
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 more time freedom. He mentions the concept of Flamingo FIRE.
He also discusses strategies in relation to inflation, and strategies to help dealing with high inflation.
Show Notes
CPI Calculation: https://www.cso.ie/en/interactivezone/visualisationtools/cpiinflationcalculator
Flamingo FIRE: https://www.moneyflamingo.com
Sign up for the newsletter: https://www.firepodcast.ie/newsletter
The Irish FIRE Podcast is back! Michael gives a very quick update on the plans for the podcast in 2022, as well as a very quick update on how his own journey is progressing overall since recording the previous episode back in mid 2021.
Show Notes:
Join the newsletter: https://www.firepodcast.ie/newsletter
Learn more about An Dulra (tree planting project): https://www.andulra.ie
Come along to the next Meet Up: https://www.meetup.com/financial-indepdence-limerick/
In the final episode of the podcast, Michael gives his final thoughts on achieving FI in Ireland.
He explains that given the structure of Irish tax system, we are forced to take a longer term approach to FI and realistically early retirement in Ireland is more likely to take place when one is in their 50's.
Quotes from the episode:
"The FIRE movement has been a great thing to get me thinking about my retirement, however I think there is a fine line between education and obsession."
"The past always feels like it was yesterday and the future always feels so far away. 10 years ago wasn't so long ago, but 10 years time feels like its a lifetime away."
"There are so many great things about the FIRE movement, but at the core it is about spending less than we earn."
"Financial Independence can sometimes feel like your trying to dig yourself out of a hole."
"FIRE is ultimately a time freedom movement, money is simply the tool to get us there."
Show Notes:
View my latest portfolio update here: https://www.firepodcast.ie/june-2021-portfolio-update
Join the newsletter list and lets keep in touch: https://www.firepodcast.ie/members
In this special two year anniversary episode, Michael interviews Andrew Driver. 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 opinions on the interview for education purposes only.
Show Notes:
https://www.itinvestor.co.uk https://money-makers.co/money-maker-podcasts https://www.theaic.co.uk https://www.amazon.co.uk/Financial-Times-Guide-Investment-Trusts/dp/1292232544
Where to buy investment trusts: https://www.interactivebrokers.ie https://www.degiro.ie
Come and Meet Andrew at the Next Limerick Meet up Group - https://www.meetup.com/financial-indepdence-limerick
Subscribe to the newsletter to stay in touch with regular monthly updates: https://www.firepodcast.ie/members
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
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, subscribe to the monthly newsletter at: https://www.firepodcast.ie/members
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
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/members
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:
Wholesale Directory Website: https://www.wholesaledirectory.ie
Choose FI - Interview with Mad Fientist: https://www.choosefi.com/mad-fientist-ep-288
To member a FIRE Podcast member for free (and subscribe to the newsletter), visit: https://www.firepodcast.ie/register
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:
-
Should I set up a company to use as a vehicle for my investments?
-
Should I fear market crashes?
-
When it comes to calculating your FI number, how do I handle extra expenses in the future? Does this just mean that FI is pushed out further down the track, or is there another way of dealing with this?
Email me your FIRE questions to michael@firepodcast.ie.
Show Notes:
Take a look at the "Irish Savers Action Group" - who are actively talking to TDs to change and encourage tax incentives on savings and investments: https://www.facebook.com/groups/255087048882194
Become an Irish FIRE Member at: https://www.firepodcast.ie
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:
Become an Irish FIRE Member at: https://www.firepodcast.ie
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
Dave and I both took part in the FIRE HQ event: https://www.firehq.ie
Limerick FI Meet Up Group https://www.meetup.com/financial-indepdence-limerick
Be sure to visit: https://www.firepodcast.ie
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
In this episode, Michael discusses the sacrifices one needs to make when pursuing financial independence. He relates it back to his own decision and mentions why he realised that his time freedom movement was taking him away from his ultimate goal of becoming FI.
Show Notes
Fire HQ - Online FIRE Event: https://www.firehq.ie
Mad Fientist - FI Laboratory https://lab.madfientist.com
Savings Calculator https://calculator.me/savings
Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register
In this episode, Michael talks with Ken, who runs the blog "The Humble Penny".
Ken is based in the UK and become financially independence at aged 34. Topics covered in the interview include:
- How Ken and his family were able to become financially independence within 10 years, through investments, multiple cashflow streams and businesses.
- How can you use two hours per day to create a dream life.
- How do you keep your get up and go and learn from your mistakes?
- How do you deal with fame and finding the courage to put yourself out there?
- Is your house an asset? Should you pay off your mortgage, or invest?
Show Notes
The Humble Penny - https://thehumblepenny.com
Ken's Youtube Channel - https://www.youtube.com/channel/UCkAPVmQ4JF4ZWKVazSOmGFQ
Gathering Dreams - https://gatheringdreams.com
Financial Joy Academy - https://financialjoyacademy.com
Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register
In this episode, Michael provides specific details about how he was able to put a deal together to use equity from his home to purchase an investment property in Ireland.
Show Notes:
The Mortgage Broker: Hugh Mulcahy - https://www.fcfs.ie/team/hugh-mulcahy/
Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register
In this episode, Michael talks with Gavin J Gallagher about property. Gavin owns and operates the East Point Business Park in Dublin, but has also worked on hundreds of property deals over the last 25 years.
Quotes from the Episode:
"If you go into it blind, you can lose your shirt in this [property] business"... "I wouldn't rush into this with your eyes closed."
"Be the Dealmaker."
"This [property] is a team business."
"The first deal is the best you will do, because of the tight learning curve."
Show Notes:
Gavin's Website: https://gavinjgallagher.com
Gavin's Podcast (Behind the Facade): https://podtail.com/en/podcast/behind-the-facade/
Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register
In this episode, Michael shares his recent experiences (in story telling format) of some of his failed investments and ventures and the outcomes and downsides from dealing with the consequences.
He explains how he over-engineered financial independence and how while he initially freed up time by working part time, that free time was quickly taken away by over committing to too many ventures.
The episode provides some good advise - hopefully you can learn from his mistakes!
In this episode, Michael reflects on how financial independence ties into success and how wealth is only 25% of deemed success.
Michael discusses why one needs to target all four pillars of success to find true happiness and reflects on his own story about how he is applying the four pillars.
Show Notes:
Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register
In this special first anniversary episode, Michael talks with Alan Donegan, a 41 year old entrepreneur from the UK, who became financially independent 18 months ago.
Alan runs the Pop Up Business School and has helped teach thousands of people how to get started in the business world.
This is a raw, honest interview with Alan, where he explains how he was able to become financially independent and what life is like for him now.
Show Notes:
Tony Robbins - Notes from a Friend: https://www.amazon.co.uk/dp/074340937X/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1#ace-g1653177716
JL Collins - A Simple Path of Wealth https://www.amazon.co.uk/Simple-Path-Wealth-financial-independence/dp/1533667926/ref=sr_1_1?crid=1AW50L0NBSZG2&dchild=1&keywords=jl+collins+simple+path+to+wealth&qid=1591262032&s=books&sprefix=jl+collins%2Cstripbooks%2C139&sr=1-1
Quit like a Millionaire https://www.amazon.co.uk/Quit-Like-Millionaire-Gimmicks-Required/dp/0525538690/ref=sr_1_1?crid=NA1CUG0DQBOA&dchild=1&keywords=quit+like+a+millionaire&qid=1591262055&s=books&sprefix=quit+like+a+%2Cstripbooks%2C147&sr=1-1
Alan's Blog https://www.alandonegan.com/
Pop up Business School https://www.popupbusinessschool.co.uk/
Listen to more of Alan's podcast - The Rebel Entrepreneur Podcast https://podcasts.apple.com/ie/podcast/rebel-entrepreneur/id1506404790
Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register
In this episode, Michael reveals his realisations of 2020 and the changes he has made in response to learning from COVID 19.
Apologies again for the sound quality on this episode, will have it fixed for the next episode.
Show Notes:
Open an account with Coinbase and get a €9 bonus: https://www.coinbase.com/join/hought_o2
Latest Update on Forestry Crowd: https://www.forestrycrowd.com
Mortgage Broker - Get in touch with Hugh First Choice Financial Services https://www.fcfs.ie/team/hugh-mulcahy
To become a Irish FIRE Member: https://www.firepodcast.ie/register
In this episode, Michael talks with Andy Edstrom, who is an expert on everything Bitcoin. He is a been a financial adviser for 7 years and was working in investors before then.
We talk:
- What its like to work on wall street.
- Wolfe of Wall Street!
- How a financial adviser turned to Bitcoin!
- The advantages that Bitcoin has over other asset classes.
- How Bitcoin can be a real life currency.
- Why invest in Bitcoin
Apologies for the sound quality of Michael's microphone in this episode!
Show Notes
Ray Delio - How the Economic Machine Works https://www.youtube.com/watch?v=PHe0bXAIuk0
Square Cash App https://cash.app
Buy Andrew's Book: https://www.amazon.co.uk/Why-Buy-Bitcoin-Investing-Tomorrow/dp/1733219609
Swan Bitcoin https://www.swanbitcoin.com
Get in Touch with Andy:
Twitter: https://twitter.com/edstromandrew
Website: http://www.andyedstrom.com
In this episode, Michael talks with former Irish Rugby International Jamie Heaslip. Jamie provides insights into what hes doing after rugby, but we also talk about the processing of success when playing rugby.
Jamie talks about how he manages his investments, knowing that his rugby career was going to finish in his 30s.
He talks about how he looks to create wealth, through investing in assets
We talk about how Jamie is dealing with the COVID 19 crisis, based on how he dealt with the highs and lows on the rugby field.
We talk about the process of beating the All Blacks in 2016 - and how the Irish were able to work backwards to work out a plan to beat the All Blacks.
We talk about what success means to Jamie and how he goes about the process of achieving success.
We talk about his involvement with Flender and how he sees the future of the P2P Industry in Ireland and the future of Flender.
Quotes from the episode:
"To create financial wealth, you need to own something"
"Don't stick your head in the sand.... address things straight on."
"Hard work beats talent a lot of the times"
"People are very quick to pass over wins.... you need to get comfortable not being able to control everything"
Follow Jamie on social media:
https://twitter.com/jamieheaslip https://www.instagram.com/jamieheaslip
Sign up to Flender & Get behind Irish Business: https://bit.ly/2xgAVeR
In this episode Michael talks about how he is investing during a downturn. He talks about some of the mistakes he has made and how he is looking to invest going forward.
He also gives an update on what happens in Grupeer and how he is thinking about managing his P2P portfolio moving forward.
Show Notes
FIRE Dating: https://firedating.me
Irish P2P Platforms:
Flender https://www.linkedfinance.com https://www.propertybridges.com
JL Collins - A Simple Path to Wealth https://www.amazon.co.uk/Simple-Path-Wealth-financial-independence/dp/1533667926
In this episode, Michael looks into the history of money and how the economy works.
Mentions in the episode: - Coming off the gold standard - Fractional banking system - Understanding why central banks are printing money - Understanding that most of the money in our society is actually debt, not physical cash.
He talks about how he is trying to leverage debt and is actively looking for new deals to generate income by leveraging debt, particularly with his new venture Forestry Crowd.
Show Notes:
How the Economic Machine Works - Ray Dalio https://www.youtube.com/watch?v=PHe0bXAIuk0
The History of Money: https://www.youtube.com/watch?v=2nBPN-MKefA
Interested in learning about Forestry Crowd, visit: https://www.forestrycrowd.com
In this episode, Michael gives an update on life in Ireland since the Coronavirus outbreak. He mentions how he is taking new opportunities with the change of market conditions and what changes he has made since the Coronavirus.
Michael talks about his edge that has allowed him to work 12 hours per week - he mentions that people who are on an FI journey typically find an edge that allows them either to make extra money or give themselves extra time (or both).
He reveals his own edge and how he was able to adapt to make more money from his edge.
Finally, Michael reveals a final thought on the current market crash and why it isn't always as easy to buy when there are so many great bargains out there!
Become a FIRE podcast member for free at: https://www.firepodcast.ie
In this episode, Michael chats with Alvar Damon, who provides a follow up interview (Alvar originally appeared on episode 36).
Alvar lists some of the active investing and money saving tips, and also discusses how he manages time and energy.
Show Notes:
https://www.bonkers.ie/ https://www.reddit.com/r/beermoney/
https://www.joinhoney.com
Episode Sponsor - Mintos. Cash back bonus: https://www.mintos.com/en/l/ref/MINTOSCLUB.2BBCK1
Become a member (free registration) https://www.firepodcast.ie/register
In this episode, Michael talks about how he might just be a bad investor! In the last two years, he has been involved in so many investment scams, that he is now looking at ways to change direction when it comes to investing.
He talks about his own definition of what financial independence is for him and announces his new investment plan going forward - as well as a new organisation he is establishing.
Show Notes
Link to An Dulra - https://www.andulra.ie
Become a member (free registration) https://www.firepodcast.ie/register
In this episode, Michael shares the story of the Envestio scam, which he unfortunately got caught up in.
He also shares some feedback from the last episode, and gives his advise on how best one should plan their investment portfolio, based on his experience with Envestio.
Show Notes
Become a member (free registration) https://www.firepodcast.ie/register
In this episode, Michael shares the story of the day he lost €6,000, caused from being over leveraged in his trading account.
The story details how he reacts to some huge mistakes he made when trading the markets and the lessons that he learned from losing such a large amount of money in a short space of time.
Show Notes
Become an Irish FIRE Podcast Member at - https://www.firepodcast.ie/register
In this episode, Michael explores the energy that one puts into various tasks - from work, personal projects, investing and life in general. He noticed that while he had cut down his working hours to as little as possible, he still found himself without enough time.
Michael then came to the realisation that it wasn't time he was lacking - but energy. Michael discusses the concept of how one needs to manage their energy as well as their time - as there is only so much energy we have in one day.
Michael also gives an update on how life has been going since moving down to semi retirement hours and his goal for 2020.
Show Notes
Become a member (free registration) https://www.firepodcast.ie/register
Michael makes a big announcement in this episode. Michael has made the decision to start living in a "semi-retired" status. He talks about how the story of "The Mexican Fisherman" inspired him to work towards reducing his working hours as much as possible.
Michael talks about how a couple of his projects which he has been working on are now at a stage where he can step into them more and as a result, is able to cut back on his web development hours and effectively has become semi retired as a result - working around 10 hours per week.
Quotes from the Episode:
"Forever has to start one day. We are so prone to look so far into the distance, we forget we need to make the leap at some point into retirement."
"The FIRE Movement is more of a time independence movement."
Show Notes:
The Mexican Fisherman on the Informed Decisions Podcast: https://www.informeddecisions.ie/podcast97-the-mexican-fisherman/
Recent article about Michael developing hockey clubs in Munster: https://www.irishexaminer.com/breakingnews/sport/munster-mission-is-to-grow-hockey-based-on-irelands-success-965845.html
Become a member (free registration) https://www.firepodcast.ie/register
In this episode, Michael explores what can happen when you start to take opportunities, and the long term impact that that has when you start to take opportunities. He gives examples from his own hockey coaching business, as well as other examples.
Quotes from the episode:
“Probably some of the best things that have ever happened to you in life, happened because you said yes to something. Otherwise things just sort of stay the same.” ― Danny Wallace, Yes Man
“The only time you have no opportunities is when you decide to stop taking them.” ― Danny Wallace, Yes Man
Become a member: https://www.firepodcast.ie/register
In this episode, Michael lists the common errors he sees when it comes to starting a business. He lists some of the common errors, and then gives his advise on how to start a business quickly and more effectively.
He gives his own examples of how he has been able to start projects quickly.
Show Notes
Become a member (free registration) https://www.firepodcast.ie/register
In this episode, Michael talks with Robert White. Robert is in his 30's and he and his wife Emma became financially independence in 2015.
Robert is from Romania originally, but worked in Germany for a few years on his path to FI.
In the interview, we talk about how Robert & Emma were able to become financially independent, we talk about how he was able to start side hustles and earn extra income. Robert gives away his secret to how he was able to launch so many side businesses so quickly.
We talk in the interview about what Robert is doing now - and how life is different to him now since he became financially independent.
Show Notes:
Money Club - Free event on the 12th of November: https://www.eventbrite.ie/e/money-club-networking-event-in-dublin-tickets-77078839885
Robert White Facebook Page: https://www.facebook.com/mrwwlcb
Contact Robert at: wlcbblog@gmail.com
Checkout FIRE Hub: https://firehub.eu/
Facebook page: https://www.facebook.com/firehub.eu/
Facebook Group: https://www.facebook.com/groups/fire.europe/
Become an Irish FIRE Podcast Member at: https://www.firepodcast.ie/register
In this episode Michael looks at some of the lessons that Robert Kiyosaki teaches and compares them against the FI movement.
For example, Robert says:
"Saving is for losers." "The sharemarket is nothing but a ponzi scheme." "Debt is good if its good debt."
Michael explores this against what others in the FI community say, and then gives his own story about what he is trying to do based on Robert Kiyosaki's advise.
Show Notes:
Money Club - Free event on the 12th of November: https://www.eventbrite.ie/e/money-club-networking-event-in-dublin-tickets-77078839885
Money Mindset event: https://www.firepodcast.ie/event/money-mindset-november-2019
Link to purchase Rich Dad Poor Dad: https://amzn.to/3225dLK
Link to updated portfolio: https://www.firepodcast.ie/portfolio
Episode Sponsor - Mintos. Cash back bonus: https://www.mintos.com/en/l/ref/MINTOSCLUB.2BBCK1
Become a member (free registration) https://www.firepodcast.ie/register
In this episode, Michael talks with Meagan from Mrs Money Hacker. Meagan covers loads of great information, including:
- Her own background and how she is potentially 5 years away from FI.
- How her family is dealing with FI with a new baby and how she is reducing her expenses with a family.
- The environment and FI. How Meagan tries to reduce her carbon footprint while saving money!
- Being an employee VS being a contractor - and the advantages and disadvantages of both.
Show Notes:
Meagan's Blog: https://mrsmoneyhacker.com/
Cork FI Meet up: https://www.meetup.com/Financial-Independence-Ireland-Cork
Quit like a Millionaire Book: https://amzn.to/2PzeWXk
Episode Sponsor - Mintos. Cash back bonus: https://www.mintos.com/en/l/ref/MINTOSCLUB.2BBCK1
Events: https://www.firepodcast.ie/events
In this episode, Michael provides feedback from what he learnt at the Madrid FIRE 2019 conference.
Quotes from the episode:
"Financial Independence isn't about money. Money is a tool to give you freedom with your time."
"Financial Independence is about spending all your money!"
"The best thing I can be doing for my kids, is not leaving them my money... but teaching them how to become financially independent."
In this episode, Michael talks to Alvar Damen. Alvar is a co host of the Financial Independence Europe podcast, is 26 years old and originally from The Netherlands, currently living in Scotland.
Alvar talks about how he is trying to archive FI as an employee. He talks about some travel hacks that he has and touches on how important side projects are for him. He gives some examples of various side hustles that one could start.
He also talks about his FI number and the types of investments he has and how him and his girlfriend work together on their FI journey.
Show Notes:
Mad Fientist Spreadhsheet: https://www.madfientist.com/financial-independence-spreadsheet/
MMM - Spreadsheet to rule them all: https://docs.google.com/spreadsheets/d/1T6RgJnzZo1bdGHA0a5JBQqqSSEPX2xDrCT5zioWr9z8/edit
Getting in touch with Alvar at FI Europe Podcast: Website: https://financial-independence.eu/ Facebook Page: https://www.facebook.com/financialindependenceeurope/ Facebook Group: https://www.facebook.com/groups/financialindependenceeurope/?ref=FIeuropetopnav Twitter: https://twitter.com/fieurope Instagram: https://www.instagram.com/fieurope
Events: https://www.firepodcast.ie/events
In this episode, Michael lists the three potential paths to financial independence in Ireland. He explores a new path which he hasn't considered before, after talking to a person at the Limerick FI Meet Up who had recently retired by pursuing this method.
Show Notes
The Money Mindset November Webinar: https://www.firepodcast.ie/event/money-mindset-november-2019
Limerick FI Ireland Meet Up Group: https://www.meetup.com/financial-indepdence-limerick/
In this episode, Michael talks with David Jelly from Property Bridges. David founded Property Bridges in 2018 and has seen it grow to over 2,000 investors.
David shares his knowledge of the peer to peer lending space - both in Ireland and within Europe.
David also shares about an exciting development that Property Bridges is working on - which will allow Irish investors to invest in Property Bridges through a pension!
Show Notes: Link to Property Bridges: https://www.propertybridges.ie
Social Media Accounts: https://www.facebook.com/propertybridges https://www.linkedin.com/company/property-bridges/ https://twitter.com/PropertyBridges https://www.youtube.com/channel/UCuaAVhgCb2JllZSj64arrwQ
Link to the Money Mindset Webinar Event: https://www.firepodcast.ie/event/money-mindset-november-2019
In this episode, Michael explores the idea that happiness and financial independence is a trade off.
He challenges the listener to start living their life as if they were retired, and to start doing the things that they want to do now - rather than waiting until retirement.
Show Notes:
Mad Fientist Article: https://www.madfientist.com/best-and-worst-about-fi
Events: To book in for the Pension Aware event, visit: https://www.firepodcast.ie/events
In this episode, Michael explores a concept known as cruise FI - where you focus your energy on building a large pension pot which you can then access in retirement. Once you have that retirement saving, you can then relax, knowing that you have the large pension available.
Michael crunches the numbers when it comes to putting €500 per month into a pension from the age of 30. He also gives a summary of how he plans to cruise his way to FI through using a pension.
Show notes: To view free events that you can attend visit: https://www.firepodcast.ie/events
In this episode Michael lists the 7 steps that he followed when he started pursuing financial independence. Michael tackles the "how" to FI, and gives practical steps for you to get started on your own FI journey.
Show Notes:
Rich Dad Poor Dad: https://amzn.to/2mEsgxG
A Simple Path to Wealth: https://amzn.to/2nsaKwX
Money Master the Game: https://amzn.to/2o6RIw0
Come and join Michael at an event: https://www.firepodcast.ie/events
In this episode, Michael talks to Aoife Gaffney, AKA Prudence Money Penny. Aoife is a Certified Behavioural Money Coach (CMC), Accredited Business All Stars Thought Leader, professional speaker and writer and former financial adviser.
Michael interviews Aoife about a person's relationship with money, how you can improve your view point with money and just share general tips and advise when it comes to managing money!
Quotes from the episode:
"The different between an opinion and a pizza, is you opt for a pizza."
"A bargain is only a bargain if you needed the thing in the first place and you had planned to pay full price for it."
"The word budget doesn't sit right with me.... we call it a personal spending plan."
"Make spending decisions based on a plan, not whats in your bank balance."
"I see money as a friend... if you only spoke to them once a year, they're not going to hang around... "
Show Notes:
Cork Financial Independence Meet Up Group: https://www.meetup.com/Financial-Independence-Ireland-Cork
Link to Aoife's books on Amazon: https://www.amazon.co.uk/Prudence-Moneypenny/e/B00VDGJMG8?ref=sr_ntt_srch_lnk_1&qid=1569489209&sr=1-1
Email Aiofe: askpru@prudencemoneypenny.com
For events and webinars visit: www.firepodcast.ie/events
In this episode, Michael shares how he uses credit cards to manage his daily cash flow.
He gives a history of how he found himself in €30,000 in credit card debt 12 years ago and what he learned from that experience.
Today, Michael uses two credit cards to pay for his day to day expenses. He discusses how this strategy can be useful to improve cash flow and decrease bank charges.
Show Notes
Peer to Peer Lending Webinar: https://www.firepodcast.ie/events
In this episode, Michael talks to Ralph Benson from Moneycube.
Ralph is on a mission to add more transparency to pensions and investment products.
Pensions are a fantastic way to invest in an extremely tax efficient manner. For many in Ireland, especially those who are PAYE earners, a Pension is the most tax efficient route to invest.
Ralph is looking to make pensions "cool again". He is going out on the road as part of the "Pensions Awareness Week". He is hosting various free events where you can learn more about how you can utilise a pension as part of your financial freedom journey. I am speaking at the event in Cork on the 24th and the Limerick event on the 25th of September.
Show notes:
Pensions Awareness week website: https://pensionsawarenessweek.ie/
Pension Events:
Evening Events: 24 September - Cork - https://www.facebook.com/events/897840190582191/ 25 September - Limerick - https://www.facebook.com/events/2015051725262092/ 26 September - Dublin - https://www.facebook.com/events/2751097374910233/
Morning Events: 24 September - Cork - https://www.facebook.com/events/1438264073016438/ 25 September - Limerick - https://www.facebook.com/events/2479754678782411/
Ralph can be contacted at hello@moneycube.ie and https://moneycube.ie
For other events and webinars visit: www.firepodcast.ie/events
In this episode, Michael tackles the question of should you focus of paying debt (or your mortgage) quicker by making extra repayments, or should you invest.
He looks at different options, such as: - Clearing off high interest debt. - Invest in cash producing assets. Once the cash flow from the investments pays for your mortgage, you will be effectively mortgage free. - Start making extra repayments on your debt and track it as an investment. Effectively borrow against your investment portfolio, with a promise to pay it back, plus interest.
Show notes:
Meet up Groups coming up:
12th September - Dublin meet up group: https://www.meetup.com/Financial-Independence-Ireland/events/263068469/
18th September - Limerick meet up group: https://www.meetup.com/meetup-group-chEBAcCR/events/263383580/
In this episode, Michael talks with Guy Davis. Guy is a long time friend who Michael meet back to 2004.
Guy started his financial Independence journey when he was 18 (he is in his mid 30's now.) What makes his story special, is that he began investing before the 2008 financial crisis, so has survived a recession and came out the other side better for it.
Guy has always had this amazing ability to put time and freedom ahead of material possessions. This hasn't stopped his doing what he loves (such as traveling), but at this same time he has this vision to life his life in a relaxed, low cost life style.
Guy is originally from Brisbane in Australia, but is currently living in Auckland, New Zealand, and has two kids aged 7 and 4. We touch on his financial education approach with his kids during the interview.
Quotes from the episode:
"When there is blood on the streets, that's when you need to be buying stocks."
"If it is truly going to be the end of the financial system, the money in the bank is probably no good to you... so you may as well put it in equities as there is a very good chance your close to a bottom."
"Financial Independence is delaying the short term gratification, knowing that your going to get a better pay off down the track."
In this episode Michael discusses the trap between time and money. He mentions that there is no magic number and that what we are ultimately looking for when we aim for financial Independence, is time freedom.
He mentions to start micro managing your FI journey and focus on yearly goals, rather than focusing on the final "big number".
In this episode, I am interviewed by Alvar Damen from the Financial Independence Europe podcast. We discuss various FI topics, from trying to be financially independent in Ireland to trying to be financially independent with kids.
This episode originally appeared on the Financial Independence Europe podcast: https://financial-independence.eu/podcast/061-enjoying-the-road-to-fi-michael-playing-with-fire/
In this episode, Michael talks with Stephen Somers from Marketplace Super Heroes. Stephen talks about how he built a scalable business selling products on Amazon.
Stephen covers topics such as how it is possible to set up a business selling directly on Amazon and how to go about that process, from finding a product to sell, finding the supplier, to using the Amazon FPA system where Amazon will ship the product on your behalf, including dealing with the customer service and shipping.
Show Notes:
Market Place Super Heros Website: https://marketplacesuperheroes.com
Youtube: https://www.youtube.com/channel/UC0vPu0MpUQucAnZukUbtJuw
Stephen's Instagram Account https://www.instagram.com/stephenjsomers/
In this episode, Michael looks at some of the tax deductions available for corporations. The episode covers expenses which can be claimed for both international listeners, as well as expenses specific to Ireland. He highlights that company owners can take advantages of so many tax reducing methods that are not available for PAYE earners.
Show Notes: Ireland Revenue Mileage Rates & Civil Servant Rates Ireland International Civil Servant Rates
In this episode, Michael explores the concept that financial independence is as much about your mindset and enjoying the journey of financial freedom. He suggests that perhaps there is no "pot of gold at the end of the rainbow" and explains why his decision to cut down to part time work was to help enjoy the journey to financial independence.
Show Notes:
Here is a link to the Mexican Fisherman episode by Paddy Delaney which I mention in the episode: https://www.informeddecisions.ie/podcast97-the-mexican-fisherman/
In this episode, Michael talks with Rob O'Donohue from the 1% Better Podcast. We discuss many aspects of financial independence, but the big take away from the interview is adapting your lifestyle to start living like your financially independent!
The original episode can be found on the Rob of the Green website at: https://robofthegreen.ie/episodes/michaelhoughton-ep122
In this episode, Michael explores the idea around what the information age means to the new way to earn money and challenges some of the traditional conventions, such as:
- 9-5 working hours
- The 8 hour work day
- Working 5 days a week
- Working in an office
He challenges the listener to think about their own career choice to ask is there another way that you could be considering to make money?
In this episode, Michael gives an update on his own personal financial independence journey, from talking about the scalable businesses he is developing, giving an update on his causal work hours experiment and discussing his overall investment portfolio.
In this episode, Michael explains how to increase your income by building scalable businesses.
He gives specific examples by explaining about some of the scalable businesses he is developing and challenges you to see if you could start your own scalable business
To sign up for the Playing with F.I.R.E members area mentioned in the episode, visit: https://www.playingwithfire.ie/register.
In this episode, Michael explores the option of being a contractor or freelancer by invoicing through a corporation. He discusses the various ways of invoicing and how changing to a "value based" billing model had significant advantages to the traditional time billing model. He also discusses the tax advantages of contracting through a corporation VS the traditional PAYE employee model.
In this episode, Michael discusses the best ways to increase your income, while avoiding paying excess tax.
It can be very difficult in Ireland to get ahead financially when the personal tax rates hit 50% on only a very average income. Michael discusses ways to minimum your tax liability, while giving you a vehicle to increase your income in a tax efficient structure.
This is part 1 of a 3 on ways to increase your income.
To sign up for the newsletter, visit www.firepodcast.ie/newsletter
On this episode Michael has an interview with Vince Doherty. Vince has been interested in financial independence for the last 3 years and is the founder of the 'Financial Independence Ireland' meet up group. Vince shares his own story, explains what he invests in and shares details about his meet up group.
You can follow Vince at his blog at Ignite my FIRE.
To join the Dublin Financial Independence meet up group click here.
What has really changed between now and the recession? Michael explores the differences between the hard times and now and asks the question "are you really any better off?".
While the externals have changed, have things fundamentally changed for you personally? Michael discusses a few observations and challenges the idea that things are radically any different than they were a few years ago.
Michael gives us his background about moving to Ireland in 2011 and explains about how he is planning on being financially independent, by cutting expenses, investing for monthly income, leaving the rat race and taking more opportunities.
He explains how in September 2018 he made the decision to cut down to part time work and that the best thing that money can buy is time freedom.
To register for any events, visit: https://www.firepodcast.ie