The Irish FIRE Podcast explores the journey to financial independence and early retirement from an Irish perspective. Hosted by Michael, the podcast covers practical strategies for saving, investing, and designing a life of financial freedom. Each episode dives into topics like tax efficiency, property investment, pensions, and lifestyle optimization, all tailored to the unique challenges and opportunities in Ireland. Whether you’re just starting out or well on your FIRE journey, The Irish FIRE Podcast offers actionable insights to help you achieve your financial goals.
Episodes
Tuesday Mar 22, 2022
Tuesday Mar 22, 2022
In this episode, Michael takes a moment to reflect on the Ukraine War. He mentions that it is hard to discuss personal finance when there is a war going on in Europe. He talks about luck and the impact that that has on one's FIRE journey.
He mentions that it has become difficult to try to forecast investment returns over the next number of years and this makes planning for early retirement nearly impossible. He touches on interest rates and the impact this will have on housing, as well as speculates on what might happen in the economy over the next year or two.
Show Notes:
https://www.youtube.com/thedogecoinmillionaire
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Monday Feb 14, 2022
Monday Feb 14, 2022
In this episode Michael discusses the three phases for FI. Michael shares how he is currently at a full throttle FIRE stage, where he is looking to maximise his income potential.
He mentions that working hard for a full months can be worth it, if it helps you move along quickly in your FI journey, or helps to secure another significant asset, such as an investment property.
He mentions concept of the semi-retirement phase, where we look to cut back on making portfolio contributions and enjoy more time freedom. He mentions the concept of Flamingo FIRE.
He also discusses strategies in relation to inflation, and strategies to help dealing with high inflation.
Show Notes
CPI Calculation:
https://www.cso.ie/en/interactivezone/visualisationtools/cpiinflationcalculator
Flamingo FIRE:
https://www.moneyflamingo.com
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https://www.firepodcast.ie/newsletter
Saturday Jun 05, 2021
Saturday Jun 05, 2021
In this special two year anniversary episode, Michael interviews Andrew. 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
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https://www.firepodcast.ie/members
Tuesday May 25, 2021
Tuesday 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.
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Friday Apr 16, 2021
Friday Apr 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
Wednesday Mar 24, 2021
Wednesday Mar 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
Saturday Feb 20, 2021
Saturday Feb 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/newsletter
Thursday Jan 28, 2021
Thursday Jan 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
Saturday Jan 16, 2021
Saturday Jan 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
Monday Dec 07, 2020
Monday Dec 07, 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:
Learn more at:
https://www.firepodcast.ie