The Irish FIRE Podcast

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 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 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 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 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 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: [email protected] For 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 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 [email protected] and https://moneycube.ie For other events and webinars visit: www.firepodcast.ie/events

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 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 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, 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 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, 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 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 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 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 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

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

Michael gives us his background about moving to Ireland in 2011 and explains about how he is planning on being financially independent, by cutting expenses, investing for monthly income, leaving the rat race and taking more opportunities. He explains how in September 2018 he made the decision to cut down to part time work and that the best thing that money can buy is time freedom. To register for any events, visit: https://www.firepodcast.ie