The Irish FIRE Podcast

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 - [email protected]
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.

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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:

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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:

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Track Michael's Monthly Progress:
https://www.firepodcast.ie/progress

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

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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

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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

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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

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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/

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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 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

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