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. 🔥
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 wasn’t 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 — no FBT payable on personal use of the EV, which is a huge saving.
GST credit — we could claim back the GST on the business-use portion, reducing the upfront cost.
Depreciation deductions — the business can claim depreciation on the vehicle’s value (up to the car limit).
Operating cost deductions — charging, rego, insurance, and servicing are all deductible based on business use.
Lower running costs — 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 I’d 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.
What’s strange is I’ve never considered myself a “car guy.” But there’s something about electric vehicles that clicks for me. I think it’s the technology, it’s next level. Since getting our new Tesla, I’ve been geeking out over all the features. Here’s just a taste of what it can do:
Autopilot that handles highway driving effortlessly
Cabin pre-heating, which is brilliant in winter (and I’m 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 it’s 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 it’s sitting there, waiting.
I personally don’t think we’ll see FSD in Australia until at least early 2028, but I’ve been following the rollout of the robo-taxi service in Austin, Texas with bated breath.
— Terrapin Terpene Col (@TerrapinTerpene) June 10, 2025
That’s a new Model Y, the same model as the one we just bought… driving around Texas with no one in the car. 🤯🤯🤯
If Tesla can pull this off in the US, I reckon there’ll 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 isn’t just a car. It’s 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 don’t have access to a home charger, I honestly wouldn’t 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 one’s been a long time coming; I just haven’t been able to make it up there for ages. We’ve been in each other’s 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 didn’t 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 they’ve been repeated so often, such as always buying second-hand or never financing 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. 🔥
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 🙂
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
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. 🔥
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. It’s 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.
We’re still running live podcasts at the space, and they’re hands down my favourite events. The ‘startup story’ 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 there’s 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 there’s 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 I’m trying to figure out is whether there’s any real upside once the dust settles.
Honestly, in the 18 or so years I’ve been eligible to vote, I can’t say a single Australian politician has inspired me. It’s just rinse and repeat — short-term thinking, corruption, party infighting, and a whole lot of nothing getting done.
It’d 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
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. 🔥
There’s not a lot to report for February other than it being a shocker for us financially—down across every category.
On the plus side, I’ve got a few podcasts sitting in the editing room that I’m pushing to get out in the next few weeks.
I know the podcast has been a bit quiet since I became a dad, but I always wanted to hit 100 episodes before calling it a day. Got some great chats coming up, plus a few thoughts on FIRE as a parent.
My time is getting pulled in every direction right now, and unfortunately for anyone who enjoys the podcast, AFB content has taken a back seat to a bunch of other priorities (which I’ll chat about in an upcoming episode).
Stay tuned 🙂
Net Worth Update
Ahhh, the joys of the investing rollercoaster 🎢.
Up $61K last month, down $73K this month 😅.
I’ve said it before, and I’ll say it again—if you’re still in the accumulation phase, building your snowball, then this kind of dip is a gift. More units per dollar means you’re stacking your portfolio faster.
But if you’re like us and in the consumption phase, a drop like this isn’t exactly what you want to see.
Still, this is the game we play, and the price of volatility is what gets you those better returns over the long run.
Another standout this month was the sharp drop in our cash reserves. I’d love to say it was from the Tesla deposit, but nope—still waiting on an update from them on when we get the car, which is driving me crazy lol.
The decline came from a mix of a costly month on the home front and the business covering some hefty expenses. The double hit meant a significant cash outflow, piling onto the already heavy losses from our assets.
All up, this was our second-largest drop since I started tracking our net worth in 2015 🤯.
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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
Just when I thought the passive income line was about to overtake expenses, this blowout happens haha. Maybe next month! 🙂
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. 🔥
Delayed gratification is a core principle of the FIRE movement, but I’d argue it’s also a great philosophy for life in general.
Take a simple example—a beer after mowing the lawn always tastes better than one before any work has been done.
I’ve embraced delayed gratification for years, and my FIRE journey is one of the best examples. We choose to live in a way many wouldn’t so that we can enjoy a level of freedom most never will.
As much as I believe in delayed gratification, the key is that gratification does eventually come—otherwise, what’s the point, right?
And let me tell you, January delivered the gratification in a big way…
Tesla Model Y
That’s right!
I finally pulled the trigger on a new Tesla Model Y. Tesla cars have been a dream of mine since I drove the Model S back in 2012.
It’s an interesting time to buy anything from one of Musk’s companies. Anyone famous is going to have some haters, but the Elon hate train is just about at its peak right now. I’m honestly a bit nervous that someone is going to key this car in an act of rebellion against Musk. I think he’s an incredible entrepreneur, but I wish he’d tone it down on Twitter. Some of his comments and actions are hard to defend, and it’s frustrating because I genuinely think he’s changing the world for the better.
I might have to get one of those stickers like, “I bought this before Elon went crazy’ 😂.
We went with the RWD option, which had the following breakdown.
I know we can afford this car, but I still hesitated when I saw the price inching toward $70K on my screen.
Even with all the tax incentives and cost savings of owning an EV, it’s still a staggering amount. Back when I was 23, I spent $21K on a 2011 Camry and thought that was crazy expensive—haha. 23-year-old me would have never imagined a world where we’d drop $70K on a new car.
But like I said at the start. The beer tastes better after some hard work, and we’ve been working pretty hard during the last 13 years… time to enjoy the beer now 🍻.
PS.
I’m thinking about financing this car and was quoted 6.5%, which seemed pretty reasonable to me.
I’d love to hear how others purchased theirs and the pros and cons of each method.
For reference:
I’m buying this car through my company
The company has enough funds to buy it outright, but I’d rather spread the cost over a few years—unless the numbers show significant savings by paying in cash.
This car qualifies for the FBT exemption
Net Worth Update
A monster month all around in January!
A $7K+ dividend was a nice little boost, adding to our cash reserves along with some company invoices being cashed.
Basically, every asset class had a stellar month, which resulted in an ATH for the net worth.
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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
January’s passive income came dangerously close to covering expenses. I’m confident the red will overtake the blue sometime this year unless a major market downturn hits… which isn’t entirely out of the realm of possibilities.
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. 🔥
December was a whirlwind of activity, as it always is—a month packed with festive vibes, catch-ups with friends returning to the country, and plenty of summer barbecues.
A highlight for us was hosting our co-space’s first-ever Christmas party. Honestly, moments like that were a big reason we started this business in the first place—it’s all about building a community!
We rang in the New Year down in Sorrento VIC, which was great fun! But honestly, one house, four families, and a bunch of kids? It was… lively 😅. Coming back home to work felt like its own kind of holiday.
Looking back, 2024 was a massive year for us as a family. Our daughter turned one (still can’t believe that 🎂), we launched a co-working space in our hometown, and the data business kept growing, with new clients signing on recently.
2025 is already looking like another big year. Honestly, the pace can feel a bit daunting at times, but I’ve come to realise I’m just wired to keep building/creating stuff.
This year, my main goal is to help the data businesses stand more independently so it’s not relying on me as heavily. Here’s to a year of growth, finding balance, and maybe even carving out a little more breathing room!
Net Worth Update
Significant changes this month!
First off, let’s talk about the major shift in our cash position compared to last month…
We sold all our VAS units (~$144K) and combined that with some cash from our holdings to purchase ~$180K worth of A200 shares.
This move has been on my mind for a while. The main goal was to simplify our portfolio since VAS and A200 are so similar. The bonus? Lower management fees—A200 is 0.03% cheaper, and given how alike they are, I’d rather go with the more cost-effective option.
I decided to switch about a year ago but held off until our PPoR loan came off its fixed 1.99% rate in August last year.
With the loan now variable, instead of directly investing the $180K into the market, we paid down our PPoR loan to $0, redrew the funds and used them to buy the shares.
This tax strategy is also known as debt recycling, and I’ve written about how it technically works here.
In short, 100% of our PPoR loans (~$380K) are now fully tax-deductible, which is awesome!
This also marks the first time we’ve bought shares in over two years. It feels great to be back in the investing game, but I don’t anticipate us putting more into the markets anytime soon.
As I’ve mentioned before, we’ve reached the phase of our FIRE journey where we’ve shifted to consumption. These days, we spend our dividends and focus on enjoying life outside the spreadsheet. Those 12 years of intense focus on saving and investing have given us the freedom to make these choices now—precisely what FIRE is all about, in my opinion.
You’ve probably noticed the increase in our expenses in these updates. Over the last year, we spent just over $63K, a significant jump from our usual levels. But honestly, this is what life looks like for us now, and I’m completely okay with that.
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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
