Debt-free with >550k AUD in stocks at age 33, from $0 at 26 (not 'rich' but 'free'); Going against what society tells you financially in Australia, & rough financial plans for the future 💰
A truly enjoyable read. Glad you shared your experience and philosophy.
I strongly agree with your thoughts on FIRE. Like many originally thoughtful ideas, it turns into (nearly) a fad. The trade-off between being extremely frugal and the opportunity cost of time is unbearably high. I am not a YOLO promoter, which is the other side of the stupidity scale.
I mean to consciously enjoy life with travel, hobbies, etc. because living a monastic life does not create memories, experiences, or wisdom. The variable that turns a poison into medicine and vice versa is dose. The same is true for investing and saving.
FIRE movements became like value investing, an inherently practical concept packaged as mainstream products for the masses. The latter means they are overtly simplified and sold as rigid guidelines, i.e., one size fits all.
Hey Mendo - Nah I just mean avoid them as a customer! I just personally hate them 😆 There are so many other banks out there with better deals but Aussies still go for the Big 4...
Thanks for such a detailed write up, have been enjoying all your pieces so far. I've also been documenting my journey on my substack too, we're in similar positions (probably the Ferg influence)
By this I just mean that the bubble keeps inflating..... Due to many things; but primarily immigration, rates not being raised further (out of fear of crashing the property market) etc etc. I keep shitting on property but most property investors are getting richer! 😂
Great article, enjoyed reading it!
Agreed, great read and looking forward to more to come in the future. Thank you
Cheers John 🙏
A truly enjoyable read. Glad you shared your experience and philosophy.
I strongly agree with your thoughts on FIRE. Like many originally thoughtful ideas, it turns into (nearly) a fad. The trade-off between being extremely frugal and the opportunity cost of time is unbearably high. I am not a YOLO promoter, which is the other side of the stupidity scale.
I mean to consciously enjoy life with travel, hobbies, etc. because living a monastic life does not create memories, experiences, or wisdom. The variable that turns a poison into medicine and vice versa is dose. The same is true for investing and saving.
FIRE movements became like value investing, an inherently practical concept packaged as mainstream products for the masses. The latter means they are overtly simplified and sold as rigid guidelines, i.e., one size fits all.
PS: the Peruvian food is truly delicious.
Thanks Mihail - As usual, said far more eloquently than what I originally wrote!
Might quote you comment in the future if I write more about the FIRE movement.
Opportunity Cost in life! Kind of reminds me of Thomas Sowells 'There are no solutions, only tradeoffs' quote...
Thanks for the kind words.
Sure, feel free to quote the comment.
Thomas Sowell is one of the brightest minds. His work is a must-read for every conscious individual.
I wonder why, as I am short CBA.
Avoid Commonwealth Bank and the ‘Big 4’ banks at ALL costs if you are Australian.
Hey Mendo - Nah I just mean avoid them as a customer! I just personally hate them 😆 There are so many other banks out there with better deals but Aussies still go for the Big 4...
Great read - thanks mate! I threw a little at the URNM etf when it launched. Done well so far and liked hearing your contrarian hypothesis. 👍
Appreciate that mate, honestly didn't expect anyone to read these 😅
Thanks for such a detailed write up, have been enjoying all your pieces so far. I've also been documenting my journey on my substack too, we're in similar positions (probably the Ferg influence)
Cheers for that mate - Yeah feels good to write it all down I find! Look forward to following your journey too.
how have been betting against the Aussie property market? I am through CBA short for about 1.5-2 years, unsuccessfully till now at least...
Lastly, I will admit that I have been betting against the Aussie property market for over a decade, and
By this I just mean that the bubble keeps inflating..... Due to many things; but primarily immigration, rates not being raised further (out of fear of crashing the property market) etc etc. I keep shitting on property but most property investors are getting richer! 😂