The Irish FIRE Podcast

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.

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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.

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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.

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