I share these net worth updates to stay accountable, seek feedback on our strategy, and prove that achieving financial independence in Australia is feasible without relying on extraordinary luck or wealth. The table below tracks our journey from $36K in debt to reaching our goals. 🔥
April was yet another hectic month.
Honestly, I only have myself to blame, having started a new business on top of scaling up my data-focused one.
Meanwhile, my daughter continues to grow and bring us joy. There’s nothing better than waking her up each morning to see her beaming smile. It’s been beneficial to have that clear divide between work and home, thanks largely to the co-working space.
Funny enough, home/work separation has been the number one feedback we have received when asking members what they like about the co-work.
We put a lot of emphasis on building a community, incorporating natural light, and creating a beautiful work environment. However, nearly everyone has mentioned that they just can’t get work done at home—too many distractions, chores, and kids around during school holidays make it nearly impossible.
I can also relate to that in other aspects of my life.
During Covid, maintaining a consistent workout routine at home was a struggle. At the gym, it’s a whole different story. I’m there to get shit done!
There are fewer distractions, and seeing others crush their workouts is a huge motivator.
I hope things will start to ease up so I can spend a few weekends focusing on AFB content again. It’s been a while, and there are some fantastic topics I’m eager to write about.
Net Worth Update
In April, all assets took a hit except for cash.
One significant invoice came through in my data business that really bolstered our figures this month. It almost offset the downturn, but the markets were too harsh, and we still had a significant deficit.
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*Expenses include everything we spend money on to maintain our lifestyle. We do not include paying down our PPoR loan as an expense, only the interest
*Investment income is simply 4% of our FIRE portfolio divided by 12
It was a relatively normal month with no major expenses or out-of-the-blue hiccups.
Shares
The above graph was created by Sharesight
The Aussie dividends hitting the account is always a nice feeling!
Question: Why do we have A200 & VAS?
Answer: We started buying A200 in August 2018 after Vanguard didn’t lower their MER to match A200. Practically speaking, A200 and VAS are almost identical so it makes sense to go with the lower MER. As an added benefit, I like the fund diversification between Vanguard and Betashares. We decided to hold both after making the switch since it doesn’t have any impact other than some extra accounting work once a year.Â
thanks for the update again, i love reading it to motivate me each month.
wayne
Thanks Wayne
Amazing efforts! Cheers for the updates. Are you still buying shares every month. Not sure if I missed something on your strategy updates.
We haven’t bought shares since 2022. We have switch from accumulation to consumption. We’re actively spending our dividends these days.
Just wanted to say thank you for these updates. I’ve been following your journey for a while and it’s been great to have someone in a very similar ballpark as me when it comes to FI progress and mindset.
You and the other Australian FIRE podcasters helped me get my shit together.
I treat this website as my FI gym and you’re the bloke crushing his workout; and that keeps me training.
Thanks for the kind comment Glen 💪
Hey mate, just wondering how your co-working space functions. Can anyone in the local area come and use it (for a fee probably)? If I were close and just typically working from home, could I bring my laptop and work from your space?
You got it!
Just bring your laptop.
We offer screens, video conferencing meeting rooms, silent booths, super fast internet, and most importantly, a fantastic atmosphere!
MSG if you want to drop by. I can organise a free day for ya 😉
I’m curious, what was the motivator to start another business in the first year of Dad life? I have been following along for probably a decade now and I’m genuinely interested.
No shade, for context I have my own kid (2 year old now), before kid I found I had so much free time and no idea how to fill it, now since kids, I have so many hobbies, businesses and interests that I want to do (and am doing). But there is not enough hours in the day.
I probably would have assumed if money is not a pressing issue then from a life planning point of view now would be the time to put the work commitments on hold for a few years until they are in school. But not the case for you, me or a lot of people I know. I really curious about what is going on with you? Was there ever a plan about full time dad life?
For me sometimes I beat myself up and say I am avoiding / trying to get a break from mum life but really I know I am the best mum for my time away and my focus on business and personal goals. I also wonder if its because for literally a decade I have been saving and investing because I want to have options when I have kids, it was my primary goal and I was so laser focused on it. Now that its here and I’ve made it ! I can free up some space to explore what else I can get out of life.
This is a great question, Kate, and it probably deserves a blog post of its own.
To cut a long story short, I felt unsatisfied and knew I had more to contribute.
I had a mini-retirement between 2021 and mid-2022. During this period, I did some consulting but often found myself not working for weeks at a stretch. It was a good break that allowed me to enjoy everything I’d been dreaming about for nearly a decade. I cooked, read books, gamed, and watched shows throughout the day. I also did a lot of renovation work with my dad on my new property. Life was good.
However, I started to feel a bit lonely because my wife, Mrs Firebug, still enjoyed working, even though she cut her days back to four per week. Most of the week, I couldn’t hang out with the people I wanted to because they were all at work.
In mid-2022, I decided to pursue something that had always been in the back of my mind: starting a business in an area I was passionate about. Then, a year later, the co-working dream opportunity came up. A few months after that, our little daughter arrived. The timing could not have been worse, and my wife still berates me about it to this day.
In hindsight, I should have started the business back in 2021 when I had all the time in the world. Such is life. Even though it’s been busy, I’m able to allocate my time where I’m needed because that’s the superpower of working for yourself. You get to set your own hours.
I never really considered full-time dad life. I had always envisioned a future where our passive income allowed me to have more free time, so I could still go to the gym most days, play video games now and then, cook breakfast every day for my family, and be an amazing father. The ability to pick and choose where you spend your time is the ultimate goal for me.
It’s a shame we don’t hear as much from you like before (probably because of ASIC). Stories are things we can relate to and get ideas from, and feel part of a community, even if we don’t actually meet (though i have met you once 🙂
Look forward to your next update
ASIC was definitely a part of it, but honestly, I don’t feel like I have much more to contribute to the community anymore. I’ve been creating FIRE content for almost 10 years now, and my FIRE journey is coming to an end.
I’m not as obsessed with the FIRE movement as I once was and don’t have the motivation to contribute much anymore.
I’ll keep these posts going until our passive income exceeds our expenses, and I want to hit 100 episodes on the podcast. After that… I’m not sure I’ll have much more to say, really.
Maybe I’ll write a book to wrap it all up one day.