The Irish FIRE Podcast
Ep 72: In it for the Long Haul - The Final Episode

Ep 72: In it for the Long Haul - The Final Episode

July 28, 2021

In the final episode of the podcast, Michael gives his final thoughts on achieving FI in Ireland.

He explains that given the structure of Irish tax system, we are forced to take a longer term approach to FI and realistically early retirement in Ireland is more likely to take place when one is in their 50's.

Quotes from the episode:

"The FIRE movement has been a great thing to get me thinking about my retirement, however I think there is a fine line between education and obsession."

"The past always feels like it was yesterday and the future always feels so far away.  10 years ago wasn't so long ago, but 10 years time feels like its a lifetime away."

"There are so many great things about the FIRE movement, but at the core it is about spending less than we earn."

"Financial Independence can sometimes feel like your trying to dig yourself out of a hole."

"FIRE is ultimately a time freedom movement, money is simply the tool to get us there."

Show Notes:

View my latest portfolio update here:
https://www.firepodcast.ie/june-2021-portfolio-update

Join the newsletter list and lets keep in touch:
https://www.firepodcast.ie/members

Ep 71: Investment Trusts with Andrew Driver

Ep 71: Investment Trusts with Andrew Driver

June 5, 2021

In this special two year anniversary episode, Michael interviews Andrew Driver.  Andrew has been investing for a number of years and is well on his way to FI.

In the interview, we talk about Investment Trusts, which are a great way to get around the horrid Deemed Disposal tax that exists in Ireland.  Invest Trusts are taxed at 33% and dividends are taxed at your Income Tax Rate - so they are a tax efficient way to invest in Ireland.

Disclaimer: This interview is not financial advise - please take opinions on the interview for education purposes only.

Show Notes:

https://www.itinvestor.co.uk
https://money-makers.co/money-maker-podcasts
https://www.theaic.co.uk
https://www.amazon.co.uk/Financial-Times-Guide-Investment-Trusts/dp/1292232544

Where to buy investment trusts:
https://www.interactivebrokers.ie
https://www.degiro.ie

Come and Meet Andrew at the Next Limerick Meet up Group - https://www.meetup.com/financial-indepdence-limerick

Subscribe to the newsletter to stay in touch with regular monthly updates:
https://www.firepodcast.ie/members

Ep 70: The Barista FIRE Approach

Ep 70: The Barista FIRE Approach

May 25, 2021

In this episode, Michael discusses The Barista FIRE Approach - the concept of building a small portfolio and letting compounding grow the portfolio while not withdrawing from the portfolio until when you retire.

Barista FIRE is a great approach to FIRE in Ireland, as its an extremely tax efficient way to approach early retirement, and still allows for an early retirement age of 55.

Subscribe to the newsletter to stay in touch with regular monthly updates:
https://www.firepodcast.ie/members

Ep 69: What Should I Be Investing In?

Ep 69: What Should I Be Investing In?

April 16, 2021

In this episode, Michael discusses the options around what he invests in 2021 and provides an update on how his investments has changed over the last 3 years.

He answers questions such as:

- Do I still invest in Peer to Peer Lending?
- What is the best way to save for my children's college fund?
- What is the most tax efficient way to invest as a sole trader?
- Why do I say that Cryptocurrency looks like a better investment than ETFs in Ireland?

To keep up to date with Michael's journey, subscribe to the monthly newsletter at:
https://www.firepodcast.ie/members

Ep 68: Selling up and moving to the Canaries

Ep 68: Selling up and moving to the Canaries

March 24, 2021

In this episode, Michael answers a question from Sinead, who has recently sold up her property in Ireland and has moved to the Canaries.

Michael works through the numbers, to see if it is possible for Sinead to be financially independent within 5 years.

To keep up to date with Michael's journey, subscribe to the monthly newsletter at:
https://www.firepodcast.ie/members

Ep 67: The Irish Savers Action Group Interview

Ep 67: The Irish Savers Action Group Interview

February 20, 2021

In this episode, Michael interviews Sean and Sinead from The Irish Savers Action Group (ISAG) Interview.  They are on a mission to promote financial literacy and to push positive progressive changes in the Irish investment tax rates.

You can learn more about ISAG at the following places:

ISAG Website:
https://isag.ie

ISAG Facebook Page:
https://www.facebook.com/groups/255087048882194

Join The Irish FIRE Monthly Newsletter at:
https://www.firepodcast.ie/members

Ep 66: Passive Income - The Alternative Way to FIRE?

Ep 66: Passive Income - The Alternative Way to FIRE?

January 28, 2021

In this episode, Michael explores an alternative way to becoming financially independent - by building passive income streams.

Michael defines passive income as any income that isn't generated directly to your time (e.g. selling your time for money).

Michael compares some recent passive income that he has started to generate for himself against a traditional FIRE portfolio, to show how passive income can play a vital part towards your FI journey.

Show Notes:

Things mentioned on the show:

Wholesale Directory Website:
https://www.wholesaledirectory.ie

Choose FI - Interview with Mad Fientist:
https://www.choosefi.com/mad-fientist-ep-288

To member a FIRE Podcast member for free (and subscribe to the newsletter), visit:
https://www.firepodcast.ie/register

Ep 65: Should I set up a company for my investments?

Ep 65: Should I set up a company for my investments?

January 16, 2021

In the first episode of 2021, Michael announces that the format of the show for 2021 will change slightly.  Michael will answer questions he gets on financial independence from listeners this year - typically answering two or three questions per episode.

Michael gives a quick update on his own financial journey, before answering the following questions in this episode:

1. Should I set up a company to use as a vehicle for my investments?

2. Should I fear market crashes?

3. When it comes to calculating your FI number, how do I handle extra expenses in the future?  Does this just mean that FI is pushed out further down the track, or is there another way of dealing with this?

Email me your FIRE questions to [email protected].

Show Notes:

Take a look at the "Irish Savers Action Group" - who are actively talking to TDs to change and encourage tax incentives on savings and investments:
https://www.facebook.com/groups/255087048882194

Become an Irish FIRE Member at:
https://www.firepodcast.ie

Ep 64: Saying No to 50% Tax

Ep 64: Saying No to 50% Tax

December 7, 2020

In this episode, Michael discusses the strategies he has adopted to reduce his tax bill.  He explains how he is able to reduce his actual effective personal tax rate to less than 9% living in Ireland (a high tax country).

He also gives an update on his investment portfolio as at December 2020.

Show Notes:

Become an Irish FIRE Member at:
https://www.firepodcast.ie

 

Ep 63: Financial Independence with Dave G

Ep 63: Financial Independence with Dave G

November 6, 2020

Michael interviews Dave G, a co-host of the Limerick FI meet up group.

Dave is based in Newcastle West, in Co. Limerick.  Dave is originally from the UK and is a PAYE earner.  He has a unique FIRE journey is looking to become FI through real estate investing.

During the interview, we talk mindset, investing and how Dave keeps motivated on this FIRE journey.

Show Notes:

Check out Dave's website at:
https://www.firedave.com

Dave and I both took part in the FIRE HQ event:
https://www.firehq.ie

Limerick FI Meet Up Group
https://www.meetup.com/financial-indepdence-limerick

Be sure to visit:
https://www.firepodcast.ie

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