Financial Autonomy

This week's guest rose to become the medical director - head of department as an anaesthesiologist at a large trauma hospital, within 10 years of graduation. He was working really hard, and getting the success that hard work brings. But then: "I remember one night in the middle of a horrible, horrible case. It was a level one trauma. I'm covered in blood. And all of a sudden I realised that I don't know if I could do this anymore. I was exhausted. It had been a 20 plus hour day. I'd been working straight, I was in charge of all the operations for the day. And I thought, man, I don't know if I could do this. And I've painted myself in a corner." In this week's episode, career coach and anonymous podcaster Doc of all Tradez shares how he reinvented his working life and how he helps others do the same. If you're looking for a better balance between work and family life, between earning money and pursuing what gives you joy, and between pursuing the standard script of career success vs playing the long game for your health and happiness, then this episode is for you. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

Between 1870 and 1970 our lifesplans more than doubled globally. For the thousands of years of human history prior to this massive leap forward in longevity, most humans did well to make it into their 40's. We lived long enough to reproduce, protect our children until they could fend for themselves, and then we were gone. Yet today in Australia we have a life expectancy of 82.5 years. In wealthy countries like Australia life is lengthening by more than five hours a day, every day. In this week's episode we're going to look at how the traditional picture of what retirement looks like could evolve to better suit the realities of modern day life in Australia. For all things Financial Independence and gaining choice in life, be sure to visit www.financialautonomy.com.au . There's our library of past posts, and over 40 free downloads to help you succeed. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

Early retirement via property investment is a key theme of this week's episode. Brad Dantonio, host of the Man Overseas podcast and I, met in Washington earlier in the year and sat down to record this collaboration episode. Brad shares how he's been able to use property investment to retire early. He now lives in a different city around the world every 30 days. We also discuss shares, happiness, NFL, and plenty more. I hope you enjoy it! SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

I'm hugely excited to share with you my interview with Nick Loper from the Side Hustle Show podcast. In our chat Nick shares: How a house painting gig over the summer holidays helped set him on a path to entrepreneurship. His first side hustle. How he transitioned from full-time employee to full-time self-employment and some the challenges he faced along the way, not least of which was a huge Google roadblock on day 1 of self-employment that took 3 months to solve. Common ingredients for a successful side hustle. Nick also shares with us some of the highlights from the hundreds of side hustlers and entrepreneurs that he's interviewed over the years. Check out Nick and The Side Hustle show here: https://www.sidehustlenation.com/side-hustle-show/ And be sure to sign-up for our regular Gaining Choice email to set you on the path to Financial Independence.

February 12, 1999. That was the date something never before seen, happened. The Central Bank of Japan, battling persistent recession, cut official interest rates to zero. At the time other central bankers around the world criticised the move. Savers must be rewarded for savings. Borrowers must have to pay something to borrow. Without these basic financial assumptions, does the money world still make sense? Many predicted inflation would result. You will recall back in episode 111 I explored the enormous damage out of control inflation can cause. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

You've probably stumbled across the FIRE acronym before – it stands for Financial Independence Retire Early. It came out of the US and has spawned countless books, podcasts, conferences, and even a movie. Reddit has huge discussion threads devoted to the idea, with the primary thrust seeming to be how young you can achieve early retirement. Now I'm well on board with the first part of FIRE – Financial Independence. But it's the second part – Retire Early, that I have a problem with (as indeed do many in the FIRE community themselves). Financial Independence grants you choice. Choice in how you spend your time, how much of your time you devote to income generating activities, and what sort of income generating activities you do. Having gained that choice, why on earth would you want to retire? In this episode, I explain some alternatives that I've seen bring people happiness. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

What are the secrets to a fun and interesting working life? Nepal, teaching, and pursuing your passion. That's what we discuss this week with Jim Smith who shares how he's been able to achieve this much-desired outcome. These days Jim's focus is on building a tourism business that helps Australian's and especially students, experience life in Nepal, whilst also helping the local Nepalese people through paying fair wages for work done - such as guiding, and supporting several orphanages. "And at that point in time, it was more a question about what you like doing and what you want to do with your life more than what's going to pay you the most money" – Jim Smith Jim's website is www.Focustours.net SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY How many thousands of dollars do you have parked on the street or in the garage losing money every day? It's a question I've been focused on for our household recently. My wife and I each have a car, plus there is a 12 seater minibus for my wife's tourism business that we could use for a personal trip in a pinch. I reckon we've got about $70,000 of vehicles sitting on the street, slowly degrading, and all the while costing us money in servicing, petrol, tyres, insurance, and registration. Surely there's a financially smarter way of getting around! I want to share the research I've done on a few alternatives to owning a vehicle and a little about my journey with car ownership.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY We speak Vanessa Wiltshire, a Gen-X/Y 'tree changer', living in Heathcote, Victoria. Three years ago, she and her husband made the leap from suburban Melbourne to Heathcote in rural Victoria. In our chat Vanessa explains: - How to know if a "tree change" is right for you. - Escaping a career that makes you unhappy and into something that makes you smile (and pays the bills) - The top things to look out for (that most tree changers won't tell you) - Knowing where the GOOD jobs are and how to find them (tapping hidden job market). Check out Vanessa's website: www.sparkrural.com.au

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Welcome back to another episode in our financial history series. We started with Tulip Mania and the madness of crowds. Then we reviewed the Great Depression and how the lessons learnt continue to have impacts today. One thread of the Great Depression story was the Gold Standard, which we explored in episode 109. An understanding of the Gold Standard is vital to anyone attempting to think through the potential global impacts of Crypto currencies. This week we look at another moment in financial history – the hyperinflation experienced in Germany during, and especially after, the First World War. It was this experience that made countries so reticent to drop the Gold Standard during the Great Depression. We're also going to explore why nations today could be planting the seeds for a repeat of this financial disaster.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Peter Stanhope, co-founder of Gig Super shares some of the challenges faced by self-employed people in our financial system. If you are self-employed, or planning on making a move to self-employment – this one's for you.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Welcome back to the third episode in our financial history series. Last episode we looked at the Great Depression and why it still matters today. Before that we visited Amsterdam in the 1630's to learn about Tulip Mania. Today we're going to be exploring the Gold Standard, something that cropped up during the Great Depression piece. Indeed the Gold Standard is often pointed to as one of the key causes of the Great Depression, and certainly contributed to its depth and duration. Like the previous episodes, we'll be giving you the essential facts and narrative around this important historical period, but what I hope you'll especially get value from is the exploration of how the concept of the Gold Standard is being re-imagined today in the Crypto Currency world. So hold onto your 1920's hats, and let's dive into – The Gold Standard – What was it and what does it have to do Crypto currencies?

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Today we're continuing to explore significant moments in financial history. In particular I'm aiming to arm you with a basic understanding of what the event was all about, and then importantly, why it's of relevance today. Last week we looked at Tulip Mania in the Netherlands in the 1600's. Today we skip forward several centuries to the Great Depression of the late 1920's and 1930's. The Great Depression remains the longest and most serve economic collapse in modern history. There is some variation across countries, but it is generally considered to have lasted 10 years, from 1929 to 1939, though for many countries directly impacted by World War2, their struggles were further prolonged.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY You know how sometimes in the media or perhaps in a social setting, a self-declared expert will make reference to some historical event that they know full well most of us know little about, but they say it in such a way as to imply you'd be an imbecile if you weren't aware of this world altering event. This is the first in a series of episodes in which we're going to explore some of these often quoted financial events – the Great Depression, Hyperinflation in Germany, and this week's episode – Tulip Mania. I'll be keeping things short and sharp, as usual, but armed with the knowledge you've absorbed through these episodes, next time someone attempts to assert intellectual superiority, you can get right back in their face – "yes, I did know that", you can say, "but actually the real tragedy was the way…". Put them right back in their place. From the early 1600's to the 1720's, the Netherlands was the wealthiest country in the world. This was largely the result of a fair judicial system which meant that merchants from other parts of Europe, who were regularly imposed upon by their Kings to fund egotistical wars, (with imprisonment the outcome of non-compliance), where attracted to Amsterdam as a place where they could focus on what they did best - making money - relatively unimpeded.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY It's so easy to just float along. If it ain't broke don't fix it is not just a good approach to raising toddlers, it can be a whole of life game plan. But there will come a day when you're sick of going sideways. When rinse and repeat just won't cut it anymore. Whether it be career progress, building wealth, or physical health and fitness, one day you'll wake up and decide it's time for a change - time to move forward. Today's episode provides a simple 5 step road map for how to achieve progress in making the change that you seek. For an audio blog whose focus is all about gaining choice, I'm not sure how we made it to 106 episodes without exploring this already. Better late than never I guess.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Not your usual Financial Autonomy podcast. I was recently invited to co-host the Wheel of Sport podcast when they were working on the theme of Money in Sport. I had a ton of fun with this one – I hope you enjoy it too.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY In this week's episode I speak with author Annie Raser-Rowland about her book The Art of Frugal Hedonism. Annie shares her tips on living a life of maximum happiness and fulfilment, whilst side-stepping some of the limiting societal expectations that we all face. Annie certainly embodies our theme of Gaining Choice, and I'm sure there are ideas here that you can draw plenty from. Link: https://www.frugalhedonism.com/

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY The great Australian dream of owning a home once drove a fairly predictable housing pattern - Aussies would rent for a little while, save for a deposit then dive into home ownership at the first opportunity. Housing status spoke volumes. Homeowners were successful while renters were either young or couldn't get it together financially. How times have changed. Rising house prices and a need for lifestyle flexibility now have many questioning if they want a huge mortgage or if they're simply better off as tenants. Let's take a look at how you might decide if renting or buying is the right option for you.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Online freelancing platforms can help you obtain freelancing work, or hire people to do tasks where you either lack the expertise or the time. In this interview, Sarah Tang from Freelancer.com shares the inside tips on how to get the most out of these hugely powerful tools.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY With technology changing our world so rapidly, the chances of us entering the paid workforce in one role, and that role then seeing us through until retirement 40+ years latter would seem quite remote. And even if this were possible, is it what you would really want? In this post we're going to explore some key steps you could take to execute a successful career change.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY EPISODE 100!!!! Thanks for joining us for another Financial Autonomy episode. We've got a bit of a change in the normal routine today, because today is Episode 100 and I don't want to pass through that milestone without doing something a little bit special. I've asked our Gaining Choice subscribers for their top Financial Autonomy questions. I've picked out five and in today's episode I'll take you through the answers. Let's jump into episode 100.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Throughout most of human history, the only time you retired was when you died. Retirement as we now experience it is a reasonably recent phenomenon. It's an invention of the 20th century and it's worthwhile questioning whether it will continue through the 21st century, at least in the format we currently think of. When the retirement age of 65 was set, back in the early 1900's, it was assumed you only had 2 or 3 more years left until you were in the grave. But as we live longer and longer, will the current version of retirement continue to be feasible for the bulk of the population? Perhaps more importantly, will it be desirable?

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY In this episode, we explore how the fantastic journey of Kim from being an employee to a self business starter The experiences and knowledge Kim shares in this episode: How he turned a small side business into his full-time gig. Planning and Preparedness is important in transitioning from employee to self-employed Seeking mentorship for guidance and feedback to fast track your way to success. Sales is the lifeblood of any business.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Writer David Rae, in a great article in Forbes magazine, identified the disconnect between the early retirement through extreme frugality crowd, and the mainstream of society who want to enjoy life without financial constraints. He identified 8 levels of financial freedom. A ladder that we progress along to gain more and more choice and freedom. Given this aligns so well with our Financial Autonomy mission, I thought they were worthy of exploration.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY The starting point must be clarity around your goals. Most importantly, your goals determine your investment time frame. They also dictate whether your investment should have as a priority growth, or income. If your goal is having the option to retire in 15 years time, then you can invest in assets that experience high levels of volatility. You could also hold assets that are fairly illiquid – that is, not quickly sellable. Some examples. On the volatility side, as I write this piece, the Asian Share index is the best performer over the past 5 years. It is however also more volatile than the developed markets such as the US and Australia. If you wanted maximum returns 5 years ago, you got the best result through buying the Asian share index. But you only enjoyed those gains if you stuck to your investment and rode out the significant ups and downs. Now with a 15 year time frame, you can do that. If your time frame was 3 years though, an investment in the Asian share index was likely to lead to a disappointing investment outcome.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Freelancing offers flexibility. It's a way to fit in the necessity of generating an income, with the other things you want to achieve in life. Recently I heard someone reflect on the standard 9 to 5 working day. It came about in the industrial era to align with day light hours. The factories had little or poor lighting, and so they needed the workers to be there during the hours when the natural light streaming in through the windows was at its best. Given the wonders of electricity mean that most of us are no longer tied to having to work when the sun shines, why persist with this ridged allocation of our daily hours?

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY When it comes to gaining choice, there's few more powerful enablers than increased skills. Financial Autonomy is about gaining control and choice over your life – not enduring a working life that is unfulfilling. It's about getting the most out of the one precious life that we are allotted. In this post, we're going to look how an investment in your education, could help you gain that choice and control. What brings each of us happiness differs, but what is consistent is that in the modern world, money is a necessity. And whilst in the long term it may be possible to generate the money you need from accumulated wealth – for example dividends and rent from tenants – for most of our adult lives, the money equation will be solved through us doing something that someone else values, and getting paid for it.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY For many people, thinking about superannuation is the go-to cure for insomnia. This isn't all bad, in that so long as your superannuation foundations are set-up right, it is something that needs to be left alone to grow – too much fiddling around can be extremely costly. But ignoring your superannuation savings completely is a mistake. Your superannuation savings are likely to be either your largest or second largest financial assets, depending on house price movements. So let's take a quick run through the things that are important to know about your super, to ensure this important asset is set to deliver you the best financial outcome possible.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Have you ever surfed the internet and seen something like "don't pay thousands of dollars to a dentist to fix that sore tooth, download my free ebook – do it yourself dentistry, for everything that you need to know"? Or how about "people who tell you you need a qualified electrician to hook up your solar panels are just trying to steal your money. Take my 3 part mini course and do it yourself. I haven't burnt down my house, and neither will you!" Hopefully not, though on the internet, perhaps I'm being optimistic.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY In this episode, we explore how you can convert the knowledge you already possess into dollars in your pocket. The experiences and knowledge Ronan shares in this episode: How mastermind group works Taking advantage of your Return of Intellect How to unleash your own Return of Intellect Turning your experiences into profit.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY As we've explored in past episodes, a Side Hustle can be the key that unlocks Financial Autonomy for you. That little side business that brings in some extra cash, turbo charges your learning, and has the potential to enable a total career reinvention. An extra $10k earned through your Side Hustle and paid off your mortgage each year, could see you debt free years earlier than previously thought possible. But how to get started, and I guess how to get started in a way that maximises your likelihood of success? Well, I've scoured the internet for various business plan templates, and thought about models I've used in the past. My experience is that a 40 page business plan is of no value to anyone, and is definitely not a good use of your Side Hustle creation time. A useful business plan should be on a single page. I've created a template specifically for Side Hustles, which I'll be stepping you through in today's post.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY A key change in the working environment that has enabled greater choice, has been the explosion of the freelance economy and the rise of the solopreneur. But for all the positives that this change brings, primarily around flexibility, there is at least one potential downside – loneliness. So in this post, we're going to explore this issue and consider some ideas you might like to implement to combat the loneliness demon and ensure your freelancing, delivers a holistic, fulfilled life.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY A discussion on property is well overdue here at Financial Autonomy. So I've roped in Buyers Advocate Emily Wallace to share with us her expert tips and advice for buying a property in Australia. She's lived in 23 properties in 25 years. Property investment is well and truly in her blood. The experiences and knowledge Emily shares in this episode: -How she became a buyers advocate (and what a buyers advocate does). -Advice on how to purchase your first property. -The sometimes hidden costs of buying a property. -Potential mistakes of people make when buying a property - and how to avoid them.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY According to Forbes magazine "the world has changed dramatically in the past several decades with more and more of a company's value attached not to factories, machines, or hard assets but rather the companies' ideas, processes, and designs – their intellectual property." Intellectual property (IP) can take a range of forms – writing, music, design, inventions, or software are all examples. The digitisation of the world has meant that the ability to convert these IP assets into money has exploded. In this weeks episode, we explore how you could use intellectual property assets to achieve financial independence.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY My parents, like many of their peers, bought a caravan shortly after retiring. Each winter they escape a cold Melbourne, and head north, to explore the vastness of our nation and enjoy the agreeable climate on offer. They're onto their second caravan now, and whilst their preference has evolved to staying in the one spot for an extended period rather than travel around, the winter escape remains a permanent fixture in their yearly calendar. This type of retirement, frequently referred to as the Grey Nomad lifestyle, is something of the default for Australians. Our superannuation and age pension system point us towards an income producing life that ends around 65 years of age, give or take a few years, followed by hopefully 20+ years of leisure. And whilst this model brings happiness to many people, here at Financial Autonomy, our mission is to share with you potential alternatives. Surely there's a way to live a full and interesting life now, not put things like travel and exploration off until our best years are behind us. I can't think of a single component of our complex lives where there is but one path. Certainly there might be one path that is the most popular, the most trodden. And it will be well lit to make those approaching it feel like they'd be crazy to do anything else. But there are always alternatives. Always.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Debt is like the leg irons worn by convicts – it holds you back from gaining choice in life, from achieving Financial Autonomy. Yet if we aspire to own a home, then in all likelihood we're going to need to take out a very significant loan – a home loan. So given the conflict between: Our goal here at Financial Autonomy is to help you gain choice in life, and The majority of you will at some point take on a home loan, which potentially limits your choices in life it makes sense to spend some time exploring how you can get this debt off your back as soon as possible. In this post we'll run through the key strategies you can use to get that mortgage done and dusted.

It's a scenario many of us face - experiencing professional success in the corporate world, yet finding it's not making you happy in broader life. In this episode, Fraser Cameron shares his journey. How he left the corporate environment and founded a coaching business helping others achieve their potential. Oh, and along the way he moved his family from New Zealand to Southern France. The experiences and knowledge Fraser shares in this episode: -Why he needed to escape corporate life, and his journey to self-employment and taking control of his life. -Superpowers that will unlock your potential for opportunities. -How Fraser's change has improved his relationships with his kids and his wife. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Job security isn't what it once was. The trend toward contracting, outsourcing and the gig economy, combined with technological automation and increasingly, artificial intelligence, means the need for us to be emotionally and financially resilient has never been higher. Emotional resiliency isn't something I'm qualified to speak on, but financial resiliency – financial independence - is of course what we're all about here at Financial Autonomy. We're going to look at what financial independence looks like in the modern economy, and consider whether there are any local peculiarities that make financial independence in Australia unique.

A centrepiece of workforce change over the past 20-30 years has been the rise of the independent contractor – the freelancer. It's no coincidence that this rise has occurred in parallel to the global expansion and adoption of the internet. The internet has enabled people to work together, and find one another, whether they are in the same city, or the other side of the world. Creatives such as graphic designers have long been the poster child of this workforce revolution, but scratch the surface and you'll find an increasing variety of roles being performed within a freelancing framework - from consultant engineers, to article writing, video production and social media marketing. So could freelancing be your ticket to Financial Autonomy? Let's find out. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY Joanna Penn's journey is a fascinating one. From consultant to business owner, to writer and entrepreneur, she's certainly packed plenty into her life. Today she runs a multi six-figure company with multiple streams of income. This one episode you definitely won't want to miss. The experiences and knowledge Joanna shares in this episode: Her evolution from day job to being self-employed. Recognition of her financial vulnerability when she got laid off from work and all her income streams disappeared. How she took a side-hustle approach to develop her business. The current landscape for self-publishing authors. Links mentioned in the show The Creative Penn Podcast Twitter: Joanna Penn J.F.Penn (fiction) www.thecreativepenn.com/blueprint

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY If retirement is a decade or more away, it's tempting to look at your parents and perhaps grandparents in retirement and figure, well, they seem to be getting along fine, I'll just have what they're having. But there's two key factors that have underpinned your parents retirement, that will look vastly different in your retirement – the Age Pension, and a huge increase in wealth due to rising property prices.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY In the last post - How to start an Investment Portfolio - we looked at the steps and mechanics involved in creating your first investment portfolio. So we covered - setting your Objectives, determining how much Risk you will take on, your investment Time Frame, and Opening a share trading account. This week we'll progress from this set-up phase, to explore how you then build an investment portfolio. We talk quite a lot about investments here at Financial Autonomy. That's because our goal is to enable you to have choice in what it is that you do with your life, and if you have an investment pool that generates income, then some and potentially all of your living costs can be meet without you needing to trade your time for money. The freedom this provides is what can then enable you to spend your time writing your novel, learning a language, building a boat, or whatever it is that is your Financial Autonomy goal.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY This is the first of a two-part series. In this post we will explore what are the actual steps and mechanics involved in starting an investment portfolio? In the next post, I'll explore how you should go about building your portfolio. I've been building investment portfolios for clients for 20 odd years now. What I'm going to share with you are the actual steps we use to deliver successful outcomes for our clients.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY We are joined today by Shaun Farrugia from Optimised Accounting and Finance to talk about the essential things you need when you move to self-employment. In this episode we cover the challenges and knowledge Shaun shares about being self-employed: Getting the clarity of knowing why you need to move to self-employment. Keeping the proper financial record and the challenges encountered with record keeping. The capital and survival strategies whilst building your new business. Tax and accounting tips. Putting aside enough money for tax. Understanding your own break-even point.

SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY One of the best ways to gain choice in life is to become self-employed, and a great way to bring that aspiration to life is by trying your hand at a Side Hustle. For the uninitiated, a Side Hustle is a business that you create as a second income to your primary source of making a living. It can be used to pay off some debt or build an investment, but it can also be a way to test out a business idea that could perhaps become your full time gig in the future. But there's a problem. How do we find the time? In today's post I'm going to share with you 8 ideas I've found that might help you side step this obstacle.

Episode 75 – When investing, focus on what really matters SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY I remember reading once the advice of someone who had achieved success in their field. Their key observation was, "in life, you will occasionally be faced with times where you have to make a choice. One path will be easy, and the other harder. I've been successful because whenever I faced those choices, I chose the harder path". Now I think there is great wisdom in these words in the broad journey of your life, but when it comes to investment success, they are plain stupid. When investing, we want the simplest, most likely to succeed option that there is. And that means focusing on what really matters. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

Episode 74 – How to get your partner engaged in your Financial Autonomy goal SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY A significant reason many people don't achieve Financial Autonomy is because they get pigeonholed into a certain life. They define themselves in certain ways, and often this flows from the role they've developed in their marriage or significant relationship. Some people worry about how their partner will react if they want to choose a fork in the road and pursue significant change. Yet I've found that when couples unite on a Financial Autonomy goal, it can really strengthen their relationship – they have a shared goal, something they can work on and achieve together. So today I wanted to offer some suggestions as to how you might bring your significant other on board the Financial Autonomy train. So you have a Financial Autonomy dream, but you're hesitant to raise it with your partner. Perhaps they'll think it's stupid, or just want to shut down the idea altogether. Maybe you're worried that they won't understand why you're dissatisfied with the way things are now. We know that happiness comes from making progress on goals. It stands to reason then that goals set and worked on as a couple provide the opportunity for happiness as a couple. Psychologist Dr Barton Goldsmith goes so far as to say "goals are a relationship necessity". The first thing to recognise then is that whilst you might have some apprehension, there are some great potential gains to be enjoyed through sharing your Financial Autonomy dreams. You might remember the discussion I had with Tim back in episode 55, where he made the jump from bank manager to primary school teacher. There's no way Tim could have made the move without the involvement and support of his wife Maryanne, and without doubt that required Tim to share his thoughts, dreams and aspirations. The outcome of having done so however is that he's now in a career he loves, and Maryanne has gone on to make a career change herself, becoming a police officer. How then to start the conversation? I found some great advice from Kathy Caprino, a career advisor for women. She advised that you need to "find brave" - commit fiercely to being open, honest and compassionate. To saying the hard stuff, without allowing yourself to turn off or shut down, or become emotionally reactive. I like that find brave idea, because deep down that really is what's needed – put it out there. Bottling up your thoughts, perhaps your discontentment, is certainly not the path to happiness. For me, there are two scenario's that work for these type of conversations - in the car on a long drive, or out on a walk. You're away from the distractions of televisions and kids wanting your attention. You can have unhurried and uninterrupted conversations. Perhaps in this conversation you can paint a picture of what success looks like. For example if your goal is to cut back to 3 days per week paid employment, you can talk about the extra family time that will allow, or the reduction in stress levels in the household. If your partner does have concerns, acknowledge them, and then try and find solutions together. There may be value in getting some financial modelling done so you can really see how things will look in a money sense if you pursue this goal. I met a great couple recently who were about to have their first child. They wanted to know if it would be possible for the husband to quit his current job and become a tennis coach. He didn't need it to be straight away, but wanted it to happen somewhere in the next 10 years. We were able to perform the financial modelling for them, and provide a couple of ways he could achieve the choice that he sought. This was a great way for the two of them to really understand what was possible, and also what the costs were – in this case working longer before retirement. I've had people tell me that getting their partner to listen to a Financial Autonomy podcast episode whilst they're in the car has been really helpful in starting the conversation, which of course I'm super pleased about. Once you and your partner have found common ground on the choices in life that you want, write those goals down and put them somewhere where you can both see them. And finally, celebrate the wins. Identify some milestones on your journey to Financial Autonomy, and as you cross them off, pat one another on the back and acknowledge the shared journey that you're both on. We that's it for this week, I hope you got some value out of my thoughts. SUBSCRIBE TO OUR WEEKLY EMAIL "GAINING CHOICE" TO KEEP UP WITH ALL THINGS FINANCIAL AUTONOMY

Episode 73 - The pay yourself first strategy Have trouble building up a nest egg? Struggling to build up enough cash to start investing? Hate the idea of a detailed budget? If you answered yes to any of these questions, then the Pay Yourself First strategy could be for you. The idea of Pay Yourself First is not new – Google tells me the term was first used all the way back in the 1920's by an American publisher. But it's even easier to apply today thanks to the advent of internet banking. Let's get straight to it. The idea with Pay Yourself First is that you set aside money in a separate bank account on the day you get paid, and then live off what's left. The opposite would be to save whatever is left in your bank account at the end of each fortnight. It's essentially the precursor to the bucket strategy, which is where you have separate bank accounts for bills, savings etc. Pay Yourself First then is a form of budgeting, potentially without the need to do the detailed work on how much you spend on coffee or shoes. You're effectively hiding money from yourself. Where this strategy has become really useable is through the use of automated transfers via internet banking. Automating the transfers to your seperate bank accounts is enormously powerful because it takes away any will-power issues. So let's work through the strategy in practice. You have your normal bank account that your pay goes into, and that your living costs come out of. Let's say you get paid fortnightly on a Thursday. You would set up your internet banking to automatically transfer a set amount out of your bank account every second Thursday, to correspond with your pay day, and put it into a separate bank account. Ideally, I'd suggest two bank accounts, one for bills and one for savings. So for instance you might have $500 go automatically across to your bills account, and $200 go across to your savings account. Whatever is left in your account is what you have to live off until next pay day. If you get to the last day and your bank balance is 5 cents, then it's Vegemite sandwiches for you. Of course you can fine tune the amounts transferred so that you get a situation where you do have enough money to live off, and the bills account is getting enough money thrown in to actually cover the bills you need to pay. But this is where the beauty of modern day internet banking comes in – it's easy to adjust your automatic transfers. I can't emphasise enough how important automation is to the success of this strategy. The central element of this strategy is that your savings happen first, then you spend. You're purposefully putting your future well-being and security ahead of your immediate consumption. This is what the original instigator meant – you're paying yourself, by putting money aside for savings, before paying everyone else for your food, clothing etc. Australia's superannuation system is a form of Pay Yourself First if you think about it. Money comes out of your pay without you having to do anything, and is set aside for your eventual retirement. Another useful aspect of the Pay Yourself First strategy is that it can be a way to avoid lifestyle inflation as your income grows. It's tempting as you progress the career ladder to feel that your increased importance demands a matching BMW, or spending $15 per day on lunch instead of bringing in leftovers from home. Instead, you could simply increase your automatic transfers, so that your new increased income flows to savings and ultimately investment. This accelerates your progress in gaining choice in life, which is of course what we're all about here at Financial Autonomy. Another practical way that you could apply Pay Yourself First is for households with two incomes – either a couple or someone with a side hustle. Perhaps you could live off one income, and have all of the second income go to savings and investment. Pay Yourself First is forcing some frugality on what you spend. But that frugality need not be extreme – what you set your automatic transfers to is of course entirely at your discretion. It certainly provides a practical framework in which to manage your money and ensure that you are building your financial resources. Well that's it for this week. If you're not already receiving our monthly email update Gaining Choice, be sure to visit financialautonomy.com.au and register for that – there's a link at the bottom of every page. That will keep you informed of all the goings on in the Financial Autonomy world in one single monthly email.

Episode 72 - Net Worth – how and why Remember back in your school days where every few weeks you'd have a test, then at the end of the year there would be an exam. I have kids in high school now and I can tell you the framework hasn't changed. So why all this measurement? It's all about assessing progress. If you get a test result back and it's 8/20, you know you've got to pull your finger out before the year-end exam rolls around. In the absence of that test result you may have floated along thinking you had that topic well covered. And the exam serves to confirm that you've learnt enough of the material to progress on to the next stage of learning. Without that assessment of progress, students could move up to concepts of higher complexity, without the foundational knowledge required for it to make sense. The take away here is that if you want to improve on something you first need to know your starting position, then you measure at regular intervals to monitor progress. The feedback this monitoring provides is essential to enable you to know where to focus, and course correct as needed. In a personal finance context, the way you do this by determining your Net Worth. So in this episode we're going to look at how you get that done, and then how you can use this measurement to propel you towards Financial Autonomy and the choices in life that you deserve. Let's start with the how. It's really pretty easy. Step 1 – list all of your assets, with their dollar values next to them. So your car, money in the bank, retirement savings, home etc. I wouldn't bother going down to things like furniture and jewellery, which are pretty hard to value and possibly unsellable anyhow. Now add up the value of all of your assets. Step 2 – do the same thing for all of your debts – credit cards, mortgage, car loan, etc. Once again, add up the total. Step 3 – Subtract the total debt number from your total asset number. The result is your Net Worth. Net Worth calculation example: ASSETS Home $825,000 Car $13,000 Superannuation $135,000 Money in bank $6,800 Shares $14,000 TOTAL ASSETS $993,800 DEBTS Mortgage $640,000 Credit card $2,300 TOTAL DEBTS $642,300 NET WORTH (ASSETS - DEBTS) $351,500 The first thing to establish is that your Net Worth number is a positive one. This means you have more assets than debts. If you do come up with a negative number, then your goal becomes crystal clear – get that negative down, and move to a positive net worth position. This will mean getting debt paid down. A negative net worth means you've borrowed to spend, but that spending hasn't produced any assets. So the money has gone on clothes or travel for instance. For most people, you will get a positive Net Worth number. So what's next? Well in isolation, it's just an interesting number. But where the Net Worth calculation becomes useful, is in how it changes over time. There is no particular ideal number (so long as it's positive). Happiness comes from achieving your particular goals and the financial requirements of your goals are unique. (Just a slight aside, understanding the Net Worth you need to achieve your goals is determined through financial modelling. This is something we do for most of our clients, so if you need help with this bit, visit the Work with Paul page to find out more.) So recalculate your Net Worth number at regular intervals – at least once a year, and then compare it to your previous results. You will be able to see in one clear and concise number the progress you've made in building your financial resources. Monitoring this progress in your Net Worth can have several benefits. I think the most important is providing you with feedback that you are making progress. Building wealth is a slog and it takes time. Often your main focus is paying down debt, which doesn't come with a lot of fireworks type celebrations. But if you calculate your Net Worth number every 3 months, and can see it rising steadily, you're getting the positive feedback, which will help you stick with your plan. Monitoring progress will also allow for course corrections. Some people have home loan facilities where they put all of their living costs on a credit card, and all their wage goes onto their mortgage. Then once a month, the credit card is paid off via a deduction from the mortgage. Now the people that sell these packages can show how it delivers a great result over time through savings on interest on the home loan. But I've seen plenty of people who actually end up making no progress in building wealth, because there's no brakes on their spending, the credit card just magically gets repaid, but what they miss is that their home loan doesn't go down like it should. Sometimes it even goes up. Now if you monitored your Net Worth every 3 or 6 months, you'd fairly quickly recognise that this scheme isn't working for you. However most people don't notice for years because they only get a home loan statement 6 monthly at best, and quite possibly don't

Episode 71 – From fashion to true crime with Anna Priestland Anna Priestland joins us in this episode and tells us her story about how she achieved choice and flexibility in her career while building a young family. She shares how she has made these career choices work in her life. The experiences and knowledge Anna shares in this episode: An interesting walkthrough of her working life starting from a university. Working in the fashion industry for years in Australia and London. Experimenting in freelancing which gave her control of her life and time. How she built her career in writing. Her concerns about leaving her steady job and moving to a freelancing job. Tips from Anna on easing your way into your chosen career. Where does Anna see her future going? Links mentioned in the show Anna Priestland LinkedIn The Twist - ABC The Case Files