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. š„
We welcomed our second daughter into the world in June.
Baby Bug 2
Iāve often spoken about the huge benefits of having control over your time once you become a parent, but I have to say that blessing multiplies tenfold when youāve got more than one!
Since early June, weāve been deep in newborn life. Itās chaotic, exhausting, but honestly manageable. The biggest reason? Neither of us are working full-time right now.
Those first few weeks are rough. Most of your time goes into the older kid, cleaning, cooking, or trying to sleep before the next wake-up.
But honestly, itās felt more manageable than I expected. Weāre in a lucky spot with Mrs. Firebug at home and me able to step back from work, but itās still surprising how doable itās been.
Lately, on walks with the girls, Iāve been thinking about how much harder this would be if I had the stress and time demands of a full-time job.
I reckon the shift to both parents needing to work has had some serious knock-on effects, especially for new families. I don’t know what the solution is, but building a system where two incomes are required just to raise kids feels like a big misstep.
One of the things Iām most proud of as a husband and dad is being able to give my family the option to slow down. If Mrs. Firebug doesnāt want to go back to work, she doesnāt have to. That means a lot to both of us.
Iāve found a real passion for meaningful work over the past couple of years, but Iām still incredibly grateful for the portfolio we built. It gives us breathing room, and that freedom is priceless.
Net Worth Update
Not a lot to report here.
The stock market has a decent month with most of our other assets in the red.
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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
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. š„
Back in January, I did something that went against every instinct in my still-frugal (though admittedly less so these days) body… I bought a new car!
It took forever, but our new car finally showed up in May!
Tesla Model Y
At just under $70K, this certainly wasnāt a cheap purchase by any stretch of the imagination.
However, from a financial perspective, buying the car through the company unlocked several key incentives, which ultimately tipped us over the edge.
Fringe Benefits Tax (FBT) exemption ā no FBT payable on personal use of the EV, which is a huge saving.
GST credit ā we could claim back the GST on the business-use portion, reducing the upfront cost.
Depreciation deductions ā the business can claim depreciation on the vehicleās value (up to the car limit).
Operating cost deductions ā charging, rego, insurance, and servicing are all deductible based on business use.
Lower running costs ā no fuel, less maintenance, and no luxury car tax under the EV threshold.
Put all that together, and we bit the bullet.
I remember the first time I drove a Tesla Model S back in 2013. It completely blew me away. I told myself then and there that one day Iād own one. For the past 13 years, while I stayed laser-focused on building wealth, the idea of driving one of these incredible machines never really left my mind.
Whatās strange is Iāve never considered myself a ācar guy.ā But thereās something about electric vehicles that clicks for me. I think itās the technology, itās next level. Since getting our new Tesla, Iāve been geeking out over all the features. Hereās just a taste of what it can do:
Autopilot that handles highway driving effortlessly
Cabin pre-heating, which is brilliant in winter (and Iām sure pre-cooling will be a lifesaver in summer, especially with kids)
A super responsive touchscreen that controls everything in the car
A built-in trip planner that factors in battery use, elevation, and Superchargers
Sentry Mode, a 360-degree security system that monitors the car while itās parked
Streaming services built into the dash (Spotify, Netflix, YouTube, etc.)
And of course, the motherload of bleeding-edge tech: Full Self-Driving (FSD)! Not yet available in Australia, but itās sitting there, waiting.
I personally donāt think weāll see FSD in Australia until at least early 2028, but Iāve been following the rollout of the robo-taxi service in Austin, Texas with bated breath.
ā Terrapin Terpene Col (@TerrapinTerpene) June 10, 2025
Thatās a new Model Y, the same model as the one we just bought… driving around Texas with no one in the car. š¤Æš¤Æš¤Æ
If Tesla can pull this off in the US, I reckon thereāll be massive legislative pressure across the globe to start legalising this tech in other countries. The next six months will be critical. But if things go well, the idea that our car could one day receive a software update and suddenly be able to drive itself… feels like something out of The Matrix.
This isnāt just a car. Itās a rolling piece of software.
A note for anyone thinking about buying an EV:
Make sure your charging setup is sorted before buying an EV. A friend of mine is struggling with his new electric work car, mostly due to not having a consistent place to charge. If you donāt have access to a home charger, I honestly wouldnāt bother. Charging at home is a game-changer, eliminating petrol stops entirely. Relying on public chargers defeats half the benefit and makes the EV experience far less convenient.
In other news…
I was in Sydney briefly and finally caught up with the Equity Mates boys to record a podcast for their show.
This oneās been a long time coming; I just havenāt been able to make it up there for ages. Weāve been in each otherās orbits for years, and they were one of the original financial podcasts back in the day, so it was great to get this done and dusted.
You can check out our chat below.
Net Worth Update
Our cash reserves took a noticeable hit in May following the purchase of the new car. We didnāt buy it outright; instead, we paid $20K upfront and financed $50,000 through the business at a 6.1% interest rate, which I was genuinely happy with.
There are a few so-called golden rules in personal finance that people hesitate to break because theyāve been repeated so often,Ā such asĀ always buying second-handĀ orĀ never financingĀ a car. But like most things in finance, there are edge cases, and the FBT exemption is a perfect example.
In our case, the opportunity cost of paying for the car in full was too high. With two growing businesses, maintaining strong cash flow is critical. The interest rate was reasonable, and the fact that the loan interest is tax-deductible made the decision even easier.
Aside from cash, all of our other assets performed well this month, particularly Bitcoin, which saw another strong rally.
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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
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. š„
April was a pretty uneventful month, so much so that I nearly forgot to post this update (left it to the last minute).
So for now, just the number this time. More to come in May š
Net Worth Update
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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
Itās been a minute since I last wrote about our FIRE journey, and much has changed in our lives. Life looks different now, especially since becoming a dad roughly 1.5 years ago.
And let me tell you, nothing hammers home the value of controlling your time like raising a child.
With the blog reaching its 10-year milestone this year, I figured itās the perfect time for a refresher, not just for new readers, but also to reinforce the benefits of FIRE for any aspiring parents out there.
FIRE Gave Me Time, but Took Away Something Else
Hereās the funny thing…
For most of my life, chasing FIRE has been about doing what is best for me.
I wanted to reclaim my time from the ever-growing demands of life. What I did with that freedom was less important. I just knew I wanted it back. I pictured a future where I was no longer tied to a 9-to-5, free to live a more kick-ass life on my own terms.
It was almost a selfish pursuit, if I am being honest.
But something strange happened when I finally started living the life I had spent years working towards. I realised I did not love it as much as I thought I would.
Let me explain.
In 2021, after spending two years living abroad, my wife and I returned to Australia. I entered my second mini-retirement. I was doing a bit of light consulting work, maybe 0 to 15 hours a month. But often I would go weeks without lifting a finger.
This was the dream.
The very life I had been building towards since 2013. I had worked hard, saved aggressively, invested wisely, and now I had more free time than I knew what to do with.
I could finally focus on my health. Start that veggie garden I had always wanted. Cook dinner every night without rushing home from work.
Sounds perfect, right?
But after living that dream for a while, a feeling I did not expect crept in.
Dissatisfaction.
I could not shake it. I had built the exact life I had been working towards for years, but for some reason, it just did not feel right. It wasn’t that I was miserable or anything, but deep down, I wasn’t fulfilled.
Part of the problem was that most of the people I loved hanging out with were still working during the day. My wife had dropped down to three days a week, and she genuinely enjoyed the social side of her job, which made me a bit jealous, especially around the Christmas party season.
I realised that a sense of purpose and contribution was missing from my life.
So, I did what any FIRE nerd with too much time on their hands would do…
I started two businesses š .
Finding Purpose, Building a Life That Matters
I had a few key drivers for my new projects.
First, I wanted to reconnect with locals and regain the sense of contribution to my community that I had been missing.
Second, I wanted to test myself. I have always admired individuals who start their own companies. Building something from scratch always seemed ridiculously hard, and I wanted to see if I had it in me.
And third… I missed work Christmas parties lol.
When I reflect on all the significant, positive things I have accomplished in my life, a clear pattern emerges. Every single time, before I took the leap, I felt uncomfortable.
That feeling, that knot in your stomach, is usually a dead giveaway that whatever you are thinking about doing is actually worth doing.
Going for that job interview after uni? Uncomfortable. Entering my first Jiu-Jitsu competition? Terrifying. Leaning in for a disco pash with my now-wife at Saloon Bar? Absolutely nerve-wracking.
But every one of those moments led to something incredible.
You do not grow in the comfort zone!
So with all that in mind, I jumped.
I ended up starting a data analytics company that scratches my technical itch. I have always loved problem-solving, and now I get paid to do it.
But it was about more than just the technical work.
I wanted to challenge myself.
I had always admired people who could build something from scratch, create real jobs, and make a difference in their community. There is a deep satisfaction that comes from seeing something you have built actually help people.
When clients use our products and give great feedback, and when we solve real problems for them, it hits differently.
Additionally, I helped build a co-working space with some friends. A completely new concept for our hometown, which has turned into a brilliant spot for entrepreneurs, freelancers, and small business owners to work, connect, and build their own projects.
So yeah, I still work.
But the difference now? I choose when I work, how I work, and, most importantly, I actually get purpose from what I do, something I never had in any of my old jobs.
Now, you might be thinking, “Damn Firebug, you saved all that money just to end up working again like the rest of us.” And fair enough.
But still, thereās a significant difference between working because you need the money and working by choice.
Looking back, my “Why of FI” was predominantly fueled by dissatisfaction with my old job.
Working in government, I often felt like what I was doing did not really matter. The endless meetings and bureaucracy drained my creative energy.
If I had landed a job that felt meaningful and exciting back then, I probably never would have been drawn to FIRE in the first place.
You could argue that if I had just changed jobs 13 years ago, I might have saved myself a lot of effort.
And honestly, you would not be wrong.
But even knowing that, I am incredibly grateful I found FIRE.
Because the real value of it only became clear after we had our daughter.
I cannot stress enough how life-changing it is to have full control over your time when you are raising young kids.
My wife has not been back to work since our daughter was born, and I only go into the co-working space three days a week. And because I work for myself, if my wife needs a hand or if I just do not feel like going in, I can stay home without stressing about it.
Our investment portfolio is our financial security blanket. It shields us from the stress of unexpected expenses and money worries.
The peace of mind cannot be understated.
At any moment, we could liquidate part of our portfolio and have the cash in our account within a few days. If things ever got tight, we could push a button and have hundreds of thousands of dollars ready to go.
The financial security weāve built gives us a sense of calm and freedom thatās the real payoff for taking control of our finances.
Summary
Life’s weird.
I got into FIRE about 13 years ago and, by mid-2021, found myself in a mini-retirement with all the free time I could ask for. Amusingly, I didnāt enjoy it as much as I thought I would.
I wasn’t satisfied and felt the lack of purpose/contribution unsettling.
Iāve since found a new passion in the small business and entrepreneurial community. Starting two businesses has been one of the most exciting, scary, and rewarding things Iāve ever done.
But just when I thought I’d outgrown the FIRE stuff from my 20s, we welcomed our daughter into the world.
And just like that, all those years of carefully managing our spending, climbing the corporate ladder, and learning how to invest felt completely worth it.
It stopped being about us. Weāve built a financial shield for our family, giving us the freedom to prioritise our time around our kid (more to come hopefully).
Thatās why Iāll always be grateful I discovered FIRE in my early 20s. It shaped so much of who I am, even if Iāve changed a lot since then. I donāt see everything the same way I did back then, but the core values still stick with me.
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. š„
The data biz continue ticking along with a decently sized project coming to a close this month which resulted in a nice little cash bump which is always nice.
The co-working space just had its best month yet, both financially and culture-wise. We had a bunch of new members sign up and heaps of bookings across Feb and March.
We also hit our 1-year anniversary in March, which was a great milestone to celebrate. Itās taken a fair bit of work with the team to get to this point, but building my data business out of the space, meeting new people, and giving the town a venue for events has been incredibly rewarding.
Weāre still running live podcasts at the space, and theyāre hands down my favourite events. The āstartup storyā format is always a hit. We get local business owners to share how they got started, the ups and downs, and everything in between. What makes it even better is that most people in the crowd already know the business or have used the product or service, so thereās a real connection when they hear the story behind it.
Net Worth Update
The trade war hammered the portfolio again in March.
I’m clinging to the hope that this chaos is temporary and that thereās some kind of strategy buried in all the madness. I mean, surely they knew slapping 100%+ tariffs on imports would rattle the market. Say what you want about Cheeto Jesus, but I reckon deep down he knew this would sting. What Iām trying to figure out is whether there’s any real upside once the dust settles.
Honestly, in the 18 or so years Iāve been eligible to vote, I canāt say a single Australian politician has inspired me. It’s just rinse and repeat ā short-term thinking, corruption, party infighting, and a whole lot of nothing getting done.
Itād be refreshing to actually vote for someone, rather than just picking the least crap option.
Maybe the answer is finding a way to incentivise decent people to actually get involved or something.
I dunno, I just read about some of Australia’s greatest PM’s (Hawke, Menzies, Whitlam, etc.) and think to myself: Man, Australia is surely due one of these in my lifetime.
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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
