Today on the podcast, we have Mark LaMonica, CFA, a Director at Morningstar and co-host of the Investing Compass podcast.
Mark brings a wealth of knowledge and experience, having spent time in both the US and Australia, which gives him a unique perspective on their financial systems and retirement landscapes.
In today’s episode, we dive into:
The current state of financial planning in Australia (00:09:18)
Mark’s thoughts on his recent article, “Are We Being Ripped Off by Super?” (00:16:04)
How the US and Australian retirement systems stack up against each other (00:20:58)
Why he’s against super funds charging for certain financial advice costs (00:30:57)
His controversial take on the 4% rule and the FIRE movement (00:47:13)
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. 🔥
We welcomed our second daughter into the world in June.
Baby Bug 2
I’ve 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 you’ve got more than one!
Since early June, we’ve been deep in newborn life. It’s 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, it’s felt more manageable than I expected. We’re in a lucky spot with Mrs. Firebug at home and me able to step back from work, but it’s still surprising how doable it’s been.
Lately, on walks with the girls, I’ve 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 I’m most proud of as a husband and dad is being able to give my family the option to slow down. If Mrs. Firebug doesn’t want to go back to work, she doesn’t have to. That means a lot to both of us.
I’ve found a real passion for meaningful work over the past couple of years, but I’m 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. 🔥
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
It’s been a decade since I started down the FIRE path, and life looks very different these days – especially since becoming a dad. In this episode, I reflect on how early retirement gave me something more valuable than money: time.
But it also left me unexpectedly restless. I talk about mini-retirement, purpose, starting two businesses, and how becoming a parent reshaped my perspective on work, freedom, and what really matters.
Whether you’re deep into your FIRE journey or just getting started, this one’s for you.
Some of the topics we cover in today’s episode are:
The Unexpected Dissatisfaction (00:03:33)
The Value of Discomfort and Growth (00:05:03)
Rediscovering Purpose Through Entrepreneurship (00:08:34)
