Summary
Today I’m chatting with Katy Winter who may be the very first Aussie FIRE blogger ever! Katy has an inspiring story of overcoming disadvantages and adversity to pursue financial independence as a parent in a household of 5 kids.
Some of the topics in today’s episode include:
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Katy’s backstory and how the Wealthy Winters FIRE blog came about way back in 2014.
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Katy’s experience of suddenly losing her mum when she was 8 months pregnant with her second daughter.
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An unexpected inheritance and what she did with the money.
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Katy’s journey from Minimalism to Barefoot Investor to FIRE and what really matters in life.
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Parenthood – Katy shares tips for those who are thinking about having kids while pursuing financial independence.
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How Katy got started with investing and what she bought first.
Links
- Blog archive – Wealthy Winters
- Facebook group – Financial Independence & Early Retirement Australia
- Book – Early Retirement Extreme – Jacob Lund Fisker
- Aussie HIFIRE – FIRE and Kids – The cost of raising children in Australia
- Book – The Whole-Brain Child: 12 revolutionary strategies to Nurture Your Child’s Developing Mind – Tina Payne Bryson
Transcript:
Heads up grammar Nazis, the following transcription is half human half machine and not 100% perfect so expect a few typos and errors…
Coming Soon
Good podcast, it’s great to be hearing from people with different backgrounds and journeys to FIRE.
And thanks for the mention, much appreciated!
Cheers mate and no worries. It was a great article!
Really great stuff. What an inspiring person Katy is.
Absolutely. I loved hearing her story
Wow, that was fantastic. Katy could’ve so easily ended up down the same track as her family, but she has consciously chosen to tread her own path to prosperity, both spiritually and financially. I could connect with her story and the many issues raised in the podcast on many levels, however, I had the huge benefit of a loving family, albeit not for long. The extent of the connection with this story is evidenced in my ‘war and peace’ lengthed commentary below.
My husband and I are soon to be in possession of an unwanted and inequitable ‘golden egg’ (as we’d rather have our farm – ‘the goose’) which was sold under the most horrendous of circumstances which I wouldn’t wish on my worst enemy (nothing to do with a bank either in case you’re wondering) but it would warrant a podcast/bestseller.
A series of very unfortunate events happens to many people, so I believe the acronym should be shortened further to FIR. The FIRE I saw for myself in my 20s has now vanished in my 50s as it will be to many people due to circumstances beyond their control. In reality, it would be a fantastic achievement if many young people simply aspire to being self-funded retirees in these difficult times of home ownership. FIRE can seem unattainable for most, but on the flip side there is a work-life balance that is far better than what it was in my generation which is more important as it leads to better physical and mental outcomes…health is wealth.
However, because I abided by the FIRE principles, thanks to my immigrant father who died a premature death in my early 20s, I remained a financially independent farming wife, contrary to many in my situation during the 90s and it involved a lot of hard work and sacrifice. This ethos is what has kept us afloat in what is still a very difficult time for us, both mentally and financially.
The question remains, what are we to do with the golden egg? After a lifetime of the utmost frugality, it is surely tempting to start spending it, or at least some of it and invest the rest of course. We made a start with our imaginings and floated the idea with our 2 children, who are doing it tough living in the city to study at university, that we would pay their HELP-HECS fees because I was one of the lucky ones who had free tertiary education in the 80s and thought my children deserved the same start in life. Both their responses were “thanks but no thanks, we want to pay it off ourselves”. I was brought to tears, as I had clearly done my job to raise FIR children and also shown them people who are doing it worse than they are, but I still need to do something with the golden egg in a more meaningful way, after all, our relationship with money is simply not going to change overnight just because we have more of it.
Because we are still lucky enough to have a paid-for roof over our heads, a warm fire, food to eat and friends, I want to do something more meaningful and set up a financial literacy foundation for those doing it tough, particularly at risk teenagers and women with some of the money and by volunteering my time. I don’t really know where to start but am hoping someone out there will read this and can help. Life is never going to be calm waters as seen in mine and Katy’s case, but you start winding up that mainsail and ride that storm to where ever that boat takes you to the best of your ability. You may not end up on a tropical island with a resort and air conditioning like you imagined, but an island that is out of your comfort zone with plentiful fresh water, food to eat, sunshine and good company!
Awesome podcast – I have been listening for some time now but your interview with Kate touched a lot about the intersection of FIRE/Minimalism and what is important in life. Keep up the good work!
Thanks John. FIRE is so much more than just money and investing. It’s a philosophy on how to live a great life that doesn’t involve excessive consumerism. Kate touches a lot on this topic during the pod which I think people enjoyed hearing
Great pod mate! Loved hearing more about Katy’s story.
I’ve been a member of her Facebook group for some time and really appreciate the focus on the lifestyle and everyday practices side of financial independence, as opposed to the pure investing side, which is about 95% of posts in all the other Fire FB groups!
I too discovered the FI movement from the Minimalism movement originally. I reckon discovering what your personal definition of “enough” is, is key to finding long term happiness and fulfilment in work and life, both pre and post FI.
100% agree Papa!