The Irish FIRE Podcast

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