In this episode, we discuss the crackdown on financial content by the regulator ASIC.We share our thoughts on these issues and how it affects what bloggers and podcasters are able to say to their audience. The restrictions are so frustrating that we have decided to end the show.We've both enjoyed making FIRE & Chill over the last two years and we truly hope you've gotten value from the content. Thanks so much for your support and understanding.More info...ASIC Guidelines Information SheetMoney Magazine's Summary of the ChangesSenator Jane Hume Contact PageDave's Article on the 'Finfluencer' Crackdown
In this episode, we talk about the different taxes we face on our financial journeys. We discuss taxes on our income and investments, different options for reducing tax, including tax deductions and negative gearing. We also break down examples of what taxes look like when you're living off a portfolio.Discussion points...Intro chat (01:10)Employment taxes (03:26)Salary sacrificing and salary packaging (07:45)Capital gains and dividend taxes (16:19)Reducing tax on investments (28:15)Negative gearing and debt recycling (39:47)Taxes in early retirement (47:08)Some thoughts on trusts and structures (53:13)Where do our taxes go? (59:11)Resources and stuff mentioned...How we track our investments: SharesightKey Investment Principles for Long Term SuccessUsing Debt to Invest in the SharemarketMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this episode, we discuss the huge overlaps between Minimalism and the pursuit of financial independence. We talk about the benefits of Minimalism, the possible drawbacks, and how to put these lessons into practice in our everyday lives.Resources and stuff mentioned...How we track our investments: SharesightLow-cost share investing platform: PearlerFurther reading on Minimalism: The MinimalistsFurther reading on Minimalism: Becoming MinimalistWhen Novelty is the New NormalBeing Green And Building Wealth Discussion points...Intro chat (01:10)What is minimalism all about? (03:32)Examples of minimalism in practice (09:38)The benefits of minimalism (26:35)The possible drawbacks (35:46)Misconceptions about minimalism (40:41)Our experiences (45:13)Conclusion and takeaway (50:43)More from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this episode, we do a thought experiment. What if we woke up as 18 year old's and had to start our wealth-building journeys all over again?What first steps would we take? What would we do differently? Discussion points...Intro chat (01:10)Would we study or start work immediately? (05:32)Would we try to earn extra income? (13:36)Buying vs renting for us starting now (18:50)Our expected living expenses, savings rate and timeframe to FI (26:02)Would we be more frugal than we are now? (36:24)Semi-retirement or full FI? (41:12)How would we invest? (45:48)Would we put extra into super? (52:32)What if we started at age 40 instead? (55:20)What if we were single? (1:05:46)Overall, would it be easier or harder? (1:09:37)Resources and stuff mentioned...How we track our investments: SharesightLow cost share investing platform: PearlerHistory of interest rates in AustraliaEarly Retirement CalculatorDHHF & VDHG: Is One Fund All You Need?Why Financial Independence is Getting EasierThe Future of Financial IndependenceMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this week's episode we open the mailbag and answer a bunch of listener questions. Hope you enjoy!Discussion points...Intro chat (01:04)Can index funds drop even if shares rise? (05:16)Should I keep investing or start a business? (10:01)How do I stay strong during a market downturn? (14:16)I'm self-employed, should I still put money in super? (25:05)Can you turn liabilities into assets? (32:47)I keep investing my cash buffer, help! (40:14)Resources and stuff mentioned...How we track our investments: SharesightLow cost share investing platform: PearlerDave's Post During the Coronavirus Sharemarket CrashDave's Post on Short Termism and Market MadnessPat's Poorly Timed Investing Post ;)Pat's Post on Market Timing During March 2020More from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this episode, we tackle a topic that has received countless media coverage over recent years. In one way or another, most financial commentary implies that the future is bleak, and young people are screwed since there's so many factors working against us.In fact, most casual observers would agree with this statement without even questioning it. But is this true? We unpack the arguments today and share our thoughts.Discussion points...Introduction (01:10)Jobs are less secure than they used to be (04:00)Wages aren't growing (11:55)Young people probably won't get a pension (18:48)Generational inequality (27:21)Lower investment returns (32:46)Expensive housing (39:45)Final thoughts (53:48)Resources and stuff mentioned...How we track our investments: Sharesight (save 33% off a premium plan)Low cost investing platform: Pearler (free brokerage on your first 2 investments)Podcast: Basics vs Luxuries - 120 Years of PerspectiveArticle: How Do House Prices Affect Financial Independence?Article: Best Paying Jobs Without A DegreeABS average full-time income dataABS median full-time income dataCapital city rental growth last 10 yearsRBA inflation calculatorInheritances and family wealth More from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
This week's episode is all about using leverage in the sharemarket. We look at the different borrowing options, the pros and cons of using debt to buy shares, and the things you need to consider before diving in. We also share thoughts on which options are the most attractive and whether we'd do it ourselves.Discussion points...Follow-ups on insurance and the pension (1:34)The benefits of borrowing to buy shares (06:33)Downsides of using debt to buy shares (09:47)How does tax work when we use leverage (15:23)Working out your profit margin on the borrowed money (18:08)Using home equity to buy shares (21:36)Margin loans (24:10)NAB Equity Builder (35:40)Leveraged ETFs (41:26)Should you invest differently with borrowed money? (51:18)Other considerations and reminders (55:03)How debt can affect early retirement (57:36)Which option we like the best and final thoughts (1:01:00)Resources and stuff mentioned...How we track our investments: SharesightRecommended broker for buying shares: PearlerArticle: Should You Borrow to Invest in Shares?Article: The Ultimate Guide to Debt RecyclingPodcast: Key Investment Principles For Long Term SuccessPodcast: How to Manage An Investment PortfolioMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In our first episode for 2022, we highlight some key personal habits and traits that help us build a happy and prosperous future. These things not only help us reach our goals, but keep our lives balanced and healthy too!Discussion points...Quick catchup (1:18)Be action oriented (4:30)Gratitude and perspective (12:06)Keep your wealth and spending in proportion (19:40)Prioritise investing (26:11)Health and relationships (32:09)Resources and stuff mentioned...How we track our investments: SharesightRecommended broker for buying shares: PearlerArticle: Internal Locus of ControlPodcast: The FIRE PhilosophyBook: Enlightenment NowBook: Extreme OwnershipBook: 7 Habits of Highly Effective PeopleMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this episode, we break down each of the main insurances and share our thoughts on whether they're worth having. We also discuss strategies for optimising the cost of insurance, other ways to protect yourself, and tailoring it to your own situation.Discussion points...The truth about insurance (03:34)Home insurance (09:26)Contents insurance (13:06)Car insurance (18:55)Health insurance (28:14)Life/TPD/Disability (37:56)Pet insurance (44:24)Travel insurance (48:55)Creating your own cover (50:55)Psychological aspects of insurance (55:31)How to optimise and reduce the cost (1:04:04)Final thoughts (1:08:58)Resources and stuff mentioned...How we track our investments: SharesightRecommended low cost broker: PearlerCar Insurance: Budget DirectPodcast: Emergency Funds & Short-Term SavingsPodcast: Superannuation and Early RetirementMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this episode, we answer a bunch of questions sent in by listeners. A really nice variety of questions with something for people at every stage of the FI journey. Hope you enjoy! Discussion points...Would you still invest aggressively inside super past age 40? (05:42)What podcasts do Pat and Dave like listening to? (16:37)What do you think of the changes to Vanguard Personal Investor? (20:00)Case study - How can I optimise further? (28:24)How would you get started investing as a teenager with $500? (35:05)Resources and stuff mentioned...How we track our investments: SharesightVanguard Personal InvestorYouTube - EinzelgangerYouTube - The CompoundPodcast - Rational ReminderPodcast - Making SenseArticle - VDHG & DHHF: One Fund PortfoliosPodcast - Superannuation and Early RetirementMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this episode we discuss the idea of using a 'robo-advisor' to handle our investments. We cover how they work, their investment strategies, how much they cost, the pros and cons of using a robo-advisor compared to investing by yourself and much more.Discussion points...Introduction (01:12)What is a robo-advisor and how do they work? (05:22)Portfolio options and Six Park/Stockspot investment allocations (12:51)How do the fees stack up? (18:30)Benefits of using a robo-advisor platform (21:26)The downsides of robo-advisors (25:07)Our overall thoughts on these platforms (29:09)Alternatives to Six Park and Stockspot (33:15)Summary and final thoughts (40:53)Resources and stuff mentioned...How we track our investments: SharesightLow cost broker with automation: PearlerArticle: DHHF & VDHG - One Fund PortfoliosPodcast: Why Fees MatterSix ParkStockspotMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this week's podcast we share some savings ideas which help you sharpen your finances and give you more cash to invest, as well as plenty of other life-enhancing benefits!Discussion points...A follow up on the Barefoot Investor (01:41)Learning to cook and make our own food (09:19)Making greener choices (23:08)Living a more local lifestyle (33:56)Tips for saving while socialising (44:42)Creating your own gym (49:10)Resources and stuff mentioned...How we track our investments: SharesightRecommended low-cost broker: PearlerPodcast: Solar Energy with Finn PeacockPodcast: Big Wins to Boost Your Savings RatePodcast: Basics vs Luxuries - 120 Years of PerspectiveArticle: Frugality & Food - The Grocery StrategyArticle: How Being Green Builds WealthArticle: Frugality & FitnessMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this podcast, we discuss whether outsourcing anything financial makes sense, or whether we should strive to do it all ourselves. We cover planning, investment portfolios, paying for advice, accounting, budgeting and more.Discussion points...Intro and what we've been up to (01:13)Choosing and implementing an investment strategy (03:58)Outsourcing investments and thoughts on financial planners (11:28)Paying for advice, super and pension rules, and keeping it simple (19:55)Budgeting and money management (26:12)Should you do your own accounting? (30:11)How to make it easier to DIY your finances (36:28)What if your spouse isn't interested and when to consider getting help (41:37)Final thoughts (45:43)Resources and stuff mentioned...How we track our investments: SharesightPodcast: Key Investment Principles for Long Term Success Podcast: How to Manage an Investment PortfolioPodcast: Fees, Fees, EverywherePodcast: Why Invest in Index Funds?More from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In today's episode we dive deeper into Pat's plans to transition into semi-retirement. Hear the full story on how he's going to do it and what he's weighing up. We also discuss the trade-offs between working more and retiring sooner, common concerns and fears around leaving work. Whichever stage of the FI journey you're in, you'll get value from this one.Discussion points...Pat's FI journey to this point (04:39)Thinking about stepping away from work (10:13)Finding a work role suitable for semi-retirement (14:16)Weighing up the pros and cons around this decision (21:58)Concerns and worries around transitioning to retirement (30:27)Other things to consider and Pat's next steps (38:37)Resources and stuff mentioned...How we track our investments: SharesightPodcast: The Benefits of Semi-Retirement (And How To Do It)Podcast: Mistakes and Traps to Avoid on the FI JourneyPodcast: How Much Do You Need to Retire Early?More from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this podcast, we open the mailbag and answer some of our favourite personal finance and investing questions that have been sent in by listeners. Hope you enjoy!Discussion points...What do we think of Ray Dalio and the 'All-Weather Portfolio'? (04:16)What if the sharemarket was open 24/7 every single day? (11:39)Where should one be financially at different ages and income brackets? (15:44)How would you treat a $100,000 windfall? (21:00)Resources and stuff mentioned...How we track our investments: SharesightPodcast: Our Thoughts on Bonds, Bitcoin, Gold and MorePodcast: Key Investment Principles for Long Term SuccessArticle: Timing the Market - Silly or Sensible?More from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In today's show, we zoom out and look at how much our lifestyles have changed in the last 20, 70, 120 years. What did people used to spend their money on compared to today? How much did people have left after paying their bills, and how has that changed over time?Discussion points...What was life and household spending like in 1900? (02:42)Lifestyles, work changes, and purchasing power by 1950 (07:36)How far our wealth and incomes stretch in the year 2000 (13:25)Changes in lifestyle and where our money goes in 2021 (21:16)Why it's so hard to keep things in perspective (25:03)What can we learn from all this? (28:00)The internet makes everyone feel poor (32:30)Summary and final thoughts (35:24)Resources and stuff mentioned...How we track our investments: SharesightResearch: 100 Years of US Household SpendingArticle: Australia's Addiction to Big HousesArticle: The Real Cost of Living - An Inconvenient TruthPodcast: Inflation and Why We InvestPodcast: Spending, Happiness and FIREMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In today's episode we chat about the practical ways to manage a share portfolio. We discuss how often to buy, balancing your portfolio, what we do personally, dealing with taxes, and more.Discussion points...Choosing a broker (03:31)When should you buy shares? (10:27)How often should you buy? (13:40)Balancing your portfolio over time (18:12)Dealing with individual stock picks (26:22)What about taxes? (30:30)How we each manage our portfolios (35:17)Final thoughts (41:57)Resources and stuff mentioned...How we track our investments for tax: SharesightPat's online broker: CommSecDave's online broker: PearlerInvesting Frequency CalculatorArticle: How to Buy Shares (Beginners Guide with Screenshots)Podcast: Asset Allocation for AussiesPodcast: Recessions, Fear and Market TimingMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
Young high income earners have a unique opportunity to build wealth and reach financial independence relatively quickly. In this episode we discuss what they can do to make the most of their situation, and the traps to avoid. Discussion points...The most important thing to consider (04:29)Making the most of your high income (09:35)The challenges high income earners may face (12:13)Dealing with expectations from other people (16:34)Should high earners invest using complex structures? (22:29)Self-employed workers chasing tax deductions (26:57) Deciding how to invest as a high income earner (30:26)Final thoughts (41:01)Resources and stuff mentioned...How we track our investments: SharesightPodcast: Superannuation and Early RetirementPodcast: Should You Pay Down Debt or Invest?Article: Debt Recycling - The Ultimate GuideMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this episode we take a deep dive into investment bonds, also known as insurance bonds. These are investments which are structured to be tax effective and come with special rules. We break down the ins and outs and share a few examples to see when investment bonds might be a good idea.Discussion points...What exactly are investment bonds? (03:46)Unpacking the tax benefits of investment bonds (06:01)Investment rules and losing the CGT discount (13:58)Example using a high growth fund (20:08)Example using a high income fund (23:41)When do investment bonds make sense? (30:28)Investing for children (36:36)Asset protection, estate planning and government benefits (37:40)Follow-up from the investment bond providers (45:33)Final thoughts (51:19)Resources and stuff mentioned...How we track our investments: SharesightPat's Article on Investment BondsPodcast: Key Investment Principles for Long Term SuccessMore from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
In this podcast, we answer some juicy investing questions that have been sent in by listeners.Discussion points...Unlisted commercial property funds (04:11)Which assets we think will do well over the next 30 years (20:39)Would we invest in individual stocks? (28:20)How do you decide which shares to sell? (35:09)Resources and stuff mentioned...How we track our investments: SharesightArticle: Mariah International - JL CollinsPodcast: Listener Questions Roundup #2Article: The Aussie Guide to Real Estate Investment Trusts (REITs)More from us...Pat's blog: Life Long ShuffleDave's blog: Strong Money AustraliaContact us with questions and feedback: fireandchillpod@gmail.com
Michael Wright
Dave and Pat provide the most approachable pod for the FI movement in Australia. The relaxed and affable cohosts will give you very insightful personal finance advice and provide you with a no-BS statistics based approach to shares investing.