The Irish FIRE Podcast (Michael H)

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 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.

Be sure to subscribe to the Monthly Newsletter to keep up with Michael's latest portfolio updates: https://www.firepodcast.ie/newsletter Show Notes Article on  upgrading to a more economic car: https://www.firepodcast.ie/march-2022-portfolio-update Article on Solar Panel Investment: https://www.firepodcast.ie/july-2022-portfolio-update

Dolphin Utilities: https://dolphinutilities.com

In this episode, Michael chats with Alvar Damon, who provides a follow up interview after appearing on the podcast in 2019. 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

Subscribe to the 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 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

Subscribe to the newsletter https://www.firepodcast.ie/newsletter

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 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 Company Strike of Services for €200 or so: https://www.closedforbusiness.ie/strike-off-services

Subscribe to the 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 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

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 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!

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 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: Show Notes: For more information about the An Dúlra Co-Op: https://www.andulra.ie Subscribe to the newsletter: https://www.firepodcast.ie/newsletter

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

Subscribe to the newsletter https://www.firepodcast.ie/newsletter

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:

Mortgage Broker - Get in touch with Hugh First Choice Financial Services https://www.fcfs.ie/

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 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 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 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: 1. Should I set up a company to use as a vehicle for my investments? 2. Should I fear market crashes? 3. 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 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

Subscribe to the newsletter https://www.firepodcast.ie/newsletter

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 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

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/

Subscribe to the Newsletter: 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 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/@MoneyPrinciples Instagram: https://www.instagram.com/money.principles TikTok: https://www.tiktok.com/@money.principles Subscribe to the Monthly Newsletter: https://www.firepodcast.ie/newsletter

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

Subscribe to the newsletter: https://www.firepodcast.ie/newsletter

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 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 Notes What is Coast FI? https://www.moneyflamingo.com/coast-fi/ Coast FI Calculator: https://walletburst.com/tools/coast-fire-calc/ Get in Touch with Anders:

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 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 Notes The 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-update Subscribe to the monthly newsletter: https://www.firepodcast.ie/newsletter

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/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

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 Limerick FI Meet Up Group https://www.meetup.com/financial-indepdence-limerick Be sure to visit: https://www.firepodcast.ie

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 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 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: Learn more at: https://www.firepodcast.ie

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 Notes Living a FI: https://livingafi.com/2021/03/17/the-2021-early-retirement-update Mr Money Mustache: https://www.mrmoneymustache.com/2012/05/14/first-retire-then-get-rich Madfientist https://www.madfientist.com/third-year-of-freedom Mr Money Mustache - Definition of Retired: https://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police 1500 Days https://www.1500days.com/thankful-to-be-thankful Choose FI Quote: https://money.com/married-couple-fire-million-financially-independent Savoteur https://savoteur.com/are-fire-bloggers-truly-chasing-fire Money Flamingo https://www.moneyflamingo.com/the-retirement-lie

Follow my FI Progress:

https://www.firepodcast.ie/newsletter

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 Notes https://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-deposit https://www.firepodcast.ie/my-property-strategy Subscribe to the monthly newsletter: 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 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 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 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 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 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 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 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: 1. How Ken and his family were able to become financially independence within 10 years, through investments, multiple cashflow streams and businesses. 2. How can you use two hours per day to create a dream life. 3. How do you keep your get up and go and learn from your mistakes? 4. How do you deal with fame and finding the courage to put yourself out there? 5. 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 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

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 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.

Subscribe to the monthly newsletter at: https://www.firepodcast.ie/newsletter

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 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 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, 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 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, 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 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.

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.

Show notes:

Pensions Awareness week website: https://pensionsawarenessweek.ie/ 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 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.

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 Aoife: askpru@prudencemoneypenny.com 

For events and webinars visit: 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 explores a concept known as cruise FI (Coast 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 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

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

Limerick FI Ireland Meet Up Group: https://www.meetup.com/financial-indepdence-limerick/

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 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 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

Events: https://www.firepodcast.ie/events

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: Link to purchase Rich Dad Poor Dad: https://amzn.to/3225dLK

Link to updated portfolio: https://www.firepodcast.ie/portfolio

Subscribe to the newsletter https://www.firepodcast.ie/newsletter

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:

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/

Subscribe to the newsletter at: https://www.firepodcast.ie/newsletterhttps://www.firepodcast.ie/newsletter

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

Subscribe to the newsletter https://www.firepodcast.ie/newsletter

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

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

Subscribe to the newsletter https://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.

Sign up for the monthly newsletter at: 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 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

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 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 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 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 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.aksolar.ie

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

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 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 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 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 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 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

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 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 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 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

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 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 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 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 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 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 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 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