I’ve been tracking every single dollar I have spent for a good 4 years now. And May is always a good month with no major big ticket expenses.
This May was no exception. We managed to save very well and added about $6K to our net worth from cash.
Mrs. Firebug had another $5K installment of lost Super which just keeps on keeping on apparently. And I had an influx of cash that has something to do with another post that is currently in the making but one that I can’t share right now. It’s a long story, so for the sake of this net worth update, my cash reserves went up around $5k and that’s all I can say for now.
I was MC at a wedding for the first time which was pretty cool.
Oh, and I turned 28 in May ???
I always had this grand plan to reach FI before I turned 30 so I could be one of those 1 % of the 1% kinda people. You know the type. They are on talk shows sometimes and in magazines and everyone else is looking/reading about them like WTF that’s impossible!
This dream quickly vanished when I realized that to become FI before you’re 30 requires an incredible amount of luck, timing, skill, and risk… but I’d say out of all those attributes, luck plays the most important part. I sometimes trip out thinking about how lucky and fortunate I have been with my situation.
- Born in Australia (best country in the world!)
- Side note on this point. Sometimes I feel like millennials shit on Australia constantly (high cost of living, no jobs, slow internet speeds, fuck the boomers and so on). But like, just the fact that you happened to live in Australia is a MASSIVE advantage. Feel glad that you live in a country where FI is actually a possibility. /rant
- Side note on this point. Sometimes I feel like millennials shit on Australia constantly (high cost of living, no jobs, slow internet speeds, fuck the boomers and so on). But like, just the fact that you happened to live in Australia is a MASSIVE advantage. Feel glad that you live in a country where FI is actually a possibility. /rant
- Could not have asked for better parents. Showed me the value of the dollar at an early age and gave me a great upbringing
- Was lucky enough to fall into a high paying job straight out of Uni (comparatively speaking)
- Live in a rural area where housing is only 2-3 times our combined annual salary
- Discovered FIRE in my early to mid 20’s
But I’m cool with reaching FI during my 30’s.
TBH, both my partner and I have already talked about how epic it would be even just working 3 days a week at some stage in the next 5-7 years. Sometimes when I take leave or when the public holidays line up well, I managed to get a 3-day working week and it’s great. SO much extra time back in my life and working 3 days is easy and enjoyable.
Anyway. We reached 1/3 of a Mil this month!
And that’s definitely something worth celebrating.
Net Worth Update
Around $5K Super, good savings ($6K, little ETF bump and cash ($5k) from another source which is to be revealed.
Properties
No change in any of the properties for this month.
*DISCLAIMER*
Various data sources (RP data, Domain.com etc.) are used in combination of what similar surrounding properties were sold for to calculate an estimate. This is an official Commonwealth bank estimate and one which they use to approve loans.
ETFs
ETFs had a slight gain this month (hover over to see $$$ figures)
Networth
Hey mate – Congrats on the big milestone! As an aside, second to last networth graph seems to stop at Jan 17?
Hey Mate,
Yeah, I need to update that graph. If I update it monthly it squashes it too much. So I try to only update it bi-annually. I’ll see what I can work out.
Hi Firebug, I’ve just started reading your blog and listening to your podcasts and I’m hooked! Awesome work.
Do you have a copy of your net worth breakdown spreadsheet you can send out? I’d love to do the same as my wife is much easier to persuade about progress and the value of consistency if she can see a pie graph and spread sheet like the one you’re using.
Any help would be great!
Hi JD,
Take a look at this https://drive.google.com/open?id=14y8GQb9EgTH3nuwyuNlJErAQIbVNQfVv2C9Nuo7NqvM
It’s a copy and I have removed personal details but you get the idea.
Nice savings! I agree with you – a 3 day work week sounds absolutely brilliant. I don’t think I will ever stop working, but 3 days a week? That sounds much better than the 7 days slog I do now.
You work 7 days a week? Jeezsus!
Excellent work, keep it going. A third of a mill is excellent, you should be very happy with that. I am a long way off FI, I’m 25 now, no way I will reach by 30 but my goal is to reach it by 50. I believe I am on track for that. A new job change coming up soon, lower wage but more upward growth in the future. Good luck
Thanks mate. Each journey is different but the destination is the same. Keep at it
Man good job, you guys are really killing it!
Haha you definitely hit the nail on the head with the whingers, that attitude drives me insane. Just spoilt brats in a rich country.
I feel super lucky to have reached FI at 28.
Had a head start I guess by just working from 18, no uni. Got serious about FI at around age 20. Learned, saved and invested somewhat obsessively lol.
Happy Birthday too!
Thanks mate 🙂
Yeah people are going to complain no matter what! I understand that housing is hard but considering what others have to deal with in other countries just dwarfs anything even remotely close.
You should read this post Dave. A wise man wrote it. 😉
https://strongmoneyaustralia.com/real-cost-of-living-inconvenient-truth/
Actually, looking at the dates now, perhaps this comment was your inspiration to write the post. My FIRE archeology trip continues.
This monthly dose of inspiration is really helping me stay on track so Thankyou!
Question: Do you track your finances with Excel, budgeting programs or a mix? I use YNAB and love it but like to hear how others do it.
I use a mix of google docs (excel) and budgeting software called Pocketbook. I do a review of my expenses every financial year. My next post about them will be very soon.
Is it right that it’s those 3 IP that pushes your net worth up more than your ETF investment?
I’m currently 100% invested in Vanguard ETFs and was contemplating if I sold those and invest in IPs instead.
Yes. It’s true that the majority of my gians have come from real estate. That being said. I have poured a lot more money into real estate than I have with ETFs, plus RE is geared. It really isn’t a fair to compare the two.
I apologise if you mentioned this elsewhere on your site, but do you rent, or live in a purchased property?
My partner and I rent. We don’t have any plans to buy a home any time soon. Who knows, maybe we will rent forever.