Name: Sneak’s Fireplace
Age: 30 & 28
Location: Victoria, Australia
FIRE Number: $1,000,000
FIRE Date: December, 2030
FIRE Type: Regular / Barista
Savings Rate: 60-65%
Yearly Expenses: $40,000
Income Type: DINK
Income Sources: Salary and Dividends
Questions & Answers
What’s your FIRE story and where are you headed?
Like most Australian’s on the FIRE journey it started after reading the Barefoot Investor by Scott Pape. This book changed the way we thought about saving, spending and investing. We have always been good with money but lacked any structured savings plan or financial goals. After reading the Barefoot Investor, we reviewed everything from top to bottom – bank accounts, insurances, superannuation, direct debits, annual subscriptions etc.
While doing research online we found a little rabbit hole that is the FIRE movement. Starting our journey in January 2020, we don’t know where our FIRE journey will end up as we both love our employer and careers, however starting this FIRE journey was never about the RE (Retire Early) but more so the FI (Financial Independence). Our target is to reach $1,000,000 by December 2030.
What’s the best lesson you’ve learned about money?
"Do not save what is left after spending, but spend what is left after saving." - Warren Buffett
What content do you like to share on Instagram?
At this stage we haven’t shared a lot on our Instagram page. Over the last couple months, we have been setting up our Website, Instagram and Twitter pages ready to start posting content from January 2021 – watch this space!
We plan to share our portfolio updates and progress spreadsheet each month as well as our monthly investment purchase. We will also do some feature blogs about investment goals and strategies, while covering some common financial topics such as savings, debt, investing, insurances etc.
If you have a specific topic you would like us to cover, feel free to send a request through via the contact page on our website.
Why should the FI community follow you?
Hopefully we are a little different to most others as we share our exact portfolio value each month and you will be able to see what we are invested in and how much we have invested. Another point of difference to many FIRE bloggers is that we are still happy spenders, meaning we don’t count every cent and stress about every dollar. The FIRE movement doesn’t have to be total frugality, if we want something that will add value to our lives, we purchase it.
What is your plan to reach your FIRE number?
Spend less than we earn and invest the difference. We invest a minimum of 50% of each pay into broad ETF’s and LIC’s.
What resources have you used while working toward FIRE?
There is no shortage of resources available to the FIRE community. Our suggestion would be to follow/subscribe to all the websites and blogs you come across. Over the first few months of seeing their emails and content you’ll get a feel for their value. It doesn’t cost anything to unsubscribe.
Some resources that we find extremely useful are:
Sharesight: the most valuable tool for any portfolio
Blogs: Aussie Firebug, Strong Money Australia, Captain FI
Podcasts: Aussie Firebug, Fire & Chill, Captain FI, Mad Fientist, ChooseFI
Books: Barefoot Investor by Scott Pape, Motivated Money by Peter Thornhill, The Little Book of Common Sense Investing by John Bogal.
What do you want to do once you reach FIRE? Will life be any different?
We have plenty of time to decide, but it will most likely be a mixture of Regular FIRE and Barista FIRE. We will almost certainly leave full time employment and scale back to 2-3 days per week (lucky for us both of our careers allow for this). We may choose to travel for some time and see where life takes us from there. This future is unknown, but we do know Financial Independence will give us a world of options.
What advice do you have for people new to FIRE?
Thanks to the internet there is now an endless supply of valuable information about the FIRE movement at your fingertips. One common theme you will see is people saying, “I wish I knew about this 10 years ago, my life would be so different now”.
What advice do you have for people who are already on their FIRE journey?
There will always be someone who will get rich faster by riding the rollercoaster of risk. Continue to sit on the sidelines and stick to what works. Invest in large businesses through ETF’s and LIC’s that generate profits and pay dividends.