Any thoughts on the Irish FIRE podcast?

Yellow_Fern

Hi, does anyone here listen to the Irish FIRE podcast? Does anyone have any thoughts on this? Do you think it is realistic, as the host must be big money? The host comes across as extremely highly organised and it is definitely inspiring.

massdebater

I've been listening to it for a couple of years, after following the original FIRE movement in the US for a few years beforehand.

The host is a kiwi guy who's been living in Ireland for a few years with his wife+kids. He's likeable, and gives an honest account of all his investments and what he's hoping to achieve. Being in Ireland, it's a lot more difficult than in North America due to the taxation rules around ETFs, no high interest savings accounts for cash etc. He's honest about this, and he even gave up at one stage last year, but he released an episode again recently so I think he's back again but doing it differently. Don't think he's on crazy money either, he works as some sort of IT freelancer.

I live in Canada and have been working towards doing something similar, although I'm still a few years away from my goal. I had been thinking about moving back to Ireland in recent years, but it would push my timeline back by quite a few years so I decided against it. It is possible in Ireland, just a bit more difficult. Family+friends in Ireland I've spoken with about it, had been more focused on property and maxing out their pensions.

massdebater

I just listened to his most recent episode. His aim was to get to €800k to get to full retirement. He's at around €400k now, mostly consisting of 3 properties that he rents out and lives in, but now he's taking a slower, more part time approach where he's working less hours per week (15-20) instead of racing to early retirement. It's worth a listen if you're interested, his episodes are only 15 mins long

Viscount Aggro

I have spoken to him a few times.

I have done the FIRE thing, resigned 2 years ago.

massdebater

https://www.boards.ie/discussion/comment/120298520#Comment_120298520

Well done! How old were you able to retire by? Did you do this in Ireland - what did you focus your investments on if so?

Irish_rat

I have good time for the FIRE movement. If you delay gratification then you should be in a good position in the future.

I think a more balanced view is to move to part time. The way min wages are increasing, if you got a mortgage in the early 2010's you're going to be on a good path financially.

This would probably only apply to those without children, but if the mortgage is not a big expense, it is somewhat achievable to go part time and have some type of dividend coming in to make up the rest.

batyushki

I am on track to semi-retire in my late 40s. For me it's about maximising non-taxable income, putting the maximum toward my pension, and minimising expenses. My plan is to cut down to seasonal or very part-time work, with our base income coming from rent-a-room scheme and forestry premiums. Most importantly, I've been working for years to adjust myself to a low-cost lifestyle based around gardening, cycling and public transport. Humans are very adaptable, it's about prioritising freedom above consumption.

garyfleming7

How do you invest to get forestry premiums? How does it work?

Yellow_Fern

https://www.boards.ie/discussion/comment/120544158#Comment_120544158

Id send that. Seems like it would require a lot of knowledge to buy and plant a forest and do it well enough to make good money