The 5 SECRET STEPS To Achieve Financial Independence & Retire Early (FIRE) in Australia 2024
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- Опубліковано 19 чер 2024
- In this video, I’m going to show you 5 simple steps to follow if you would like to achieve financial l independence and retire early in Australia.
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#financialindependence #retireearly #firemovement
⏰ TIMESTAMPS
0:00 - Intro
0:13 - What is FIRE?
0:49 - Step 1
2:38 - Step 2
6:19 - Step 3
8:27 - Step 4
15:02 - Step 5
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Turning 30 next month, should've made this video 10 years ago mate. Great video 🥑
Mate, 10 years ago I was too busy wasting money, thinking I knew everything and that I was going to live forever. 30 is still young. When you are 40, then 30 will start to sound really good. Good luck 👊
Turning 40 this year mate & have only just started investing. You’re in a great position. Good luck champ!
Turning 60 next year, divorced, self employed, failed business, burnt out ……I’m screwed
@@beverleylavender4214 today is a new day mate
@@BryanInvest😆 56, on a close to minimum, casual wage. Some weeks I only get 8-10 hrs work. And I lived overseas for 24 yrs, so I have barely any super. I was ok at saving, but always been on a low wage & knew nothing about investing.
Think yourself lucky, because it can always be worse. Don’t regret those 10 years because you still have heaps of time.
I retired and am now travelling around the Philippines and still investing in the stock market.
Awesome mate! There’s a few people in the comments that want to retire in the Phillipines. Perhaps you can share with us what’s it like there?
Hey brother, like i am 18 and i am soon coming to Australia to study... I believe that this age is perfect for me to understand investing money.. So i would like to ask a question like if i have $400 a month, how should i start risk free? Kindly reply ❤
I would love to start investing too but the constant market volatility and diff manipulations by big sharks makes me wonder if people still make profits investing.
Though the market isn't as stable as it used to be, it isn't as bad as people think. With the right techniques & predictions, one can earn so much profit from the market in a day, do your own research.... Believe me or not as a beginner who knows next to nothing, I am about +65% up just in a couple of months... I'm retired and I am using these extra funds to help pay for odds and ends that I want.
No I don't.... Spreadsheets have always seemed incredibly stressful and of no relevance to me.. I mirror Kelly Marie Matwick's positions in real-time, and I am very okay with it because it's very transparent, easy and automated.. You can give it a try.
There is no such thing as "risk free" when it comes to investing, so forget that from the start. My advice would be to invest in an index fund each month, which you can do via direct debit/Bpay. Set and forget and you don't need to worry about market movement, you just invest $400 worth every month. Good luck
@@randolphwagner7658 I make profits/achieve growth through investing in the market via an indexed fund. For me it's the best option as I get access to the 200 or 300 best stocks in AU, or an overseas index, and someone else manages the buys and sells when certain stocks fall out of the indexes. If you commit to investing the same amount each month, you will end up with an average price for the year, rather than having to try to time the market through the highs and lows which is easy to get wrong. Warren Buffet is a big advocate of an index fund for the majority of people, as most of us won't beat the market in the long term, unless you're a professional investor.
🥑 Awesome video! So good to get an Australian version of FIRE. Thanks
Thanks man! I think its time to have more Aussie representation on UA-cam 🇦🇺
Advocado - this was amzing, just what I needed to hear, clear and concise. Thank you Bryan - if only I had seen this 40yr ago!!!!
Thank you for the kind words, Leanne :)
Reminds me of the saying: 'The best time to plant a tree was 20 years ago. The second best time is today'. I wish you all the best for the future 😊
Keep pushing bro great content
I appreciate it bro! Thank you
You post such good quality, clear and ethical content. Keep it up mate. Thank you so much.
Thanks mate. I appreciate your support 🤝
Avocado 🥑! Great video mate. I like the last bit where you talk about expectations which is what misses in this kind of videos. Cheers
Absolutely. You need to be realistic about your goals but at the same time have an abundance mindset. This is absolutely achievable for most people. It may just take longer for some.
Amazing video Bryan. Helped me heaps! Keep up the amazing work!
Thanks Jasmin! Wishing you all the best 😊
Nice video - good explanation on debt recycling. Also good that you highlighted the fact that it's not a "sin" to go back to work (part-time/volunteer) coz of boredom. People usually use this as an excuse to stop their FIRE journey - saying "I will get bored anyway" or "You're not doing FIRE if you work again, why bother".
Thanks Angelo 👍 yes, I agree that people just use it as an excuse to stop FIRE. The whole point of FIRE is to take money out of the equation when it comes to doing what you want. People do get bored and need a purpose in life.
Avocado. Thank you for your efforts. Right video at the right time to answer a few of my questions.
Awesome! Glad I could help 😊
Avocado 🥑 Another top video, keep them coming mate. Thank you 😊
Thank you, my man! Appreciate the constant support 👊
Avocado! Thank you for the simple yet clear education.
Cheers Julie! Wishing you all the best 💙
Avocado. Thank you for making videos for Australians!! It’s frustrating when other videos keep talking about Roth 401 etc. Please keep going! You have a new sub.
Haha I know what you mean. I hated it when I first tried to look up investing info on UA-cam many years ago and it was all American! I appreciate your support 💙
Avocado. Easily the best fire video I’ve come across so far. Thanks you putting this together
Thanks so much! This means a lot 😊
Great video mate!
Thanks mate! 👊
Avocado ! Great video. I'm chasing FIRE and have started doing my own tax, which you also have helped me on. Thanks
That's awesome Rob. Glad I could help. Good luck with your FIRE journey 👍
Avocado 🥑 Thank you Bryan! Fantastic content, keep it up 💥
Thank you, Neify! Plenty more videos to come 😊
Great video bud
Cheers mate!
🥑Thanks Bryan great video.
Thanks Carol 😊
Great video! It is fantastic to find information this good and relevant to Australia. Avocado 🥑
Thank you Veronica! Many more Aussie related videos to come 😄
Your videos are soo good man! Keep me on tract😊 thanks.
Thanks a lot bro! I appreciate it 💙
Avocado! Great video, thankyou Bryan 😊
I've never had a well paying job or been in a position to ask for a raise - Casual work, apprenticeship, temp, and now a small business owner, so basically under, at or just above minimum wage for my whole working life (I'm mid 30s now). I just wanted to point out to everyone that it's totally still possible to invest and make passive income, even on a low salary.
I invested in shares and property and now half of my income is passive income. And I fully own one property with no mortgage.
Obviously if you can get a raise or higher paying job, go for it, but if you can't (like i couldn't) and/or you just really enjoy working in a low-paying industry (yep, that's me again), you can still invest on the side. We can all get to FIRE 👍
New sub from me Bryan, thanks again!
Hey Rachel, thank you for sharing! That’s a great point. I think a lot of people just give up before even trying. FIRE is definitely something everyone can strive towards. You start small then build up momentum. Even if you can’t increase your income, your wealth is always compounding. Wish you all the best on your journey 😊
thank you so much Bryan! I’m going to be 30 next month and I’m going to pursue this 🥑
Great to hear! Happy early 30th birthday. Wish you all the best 😊
Thank you so much 🥑
💚💚💚
🥑 Nice overview of FIRE, good job
Cheers mate! 👊
avocado, thanks for the info, its was great
Cheers mate! All the best 👊
Avocado 😊 thanks for the video mate very informative
No problem! Thanks for watching mate 😄
Thank you!! Avocado :)
Ah thanks for watching! 😊🥑
Great video. I alway grapple with whether we should pump savings into an offset account against a mortgage versus putting it into the sharemarket. With the offset you are "saving" the 6+% and i'm not sure you will get the same "guaranteed" "savings" from shares. In addition, in my experience, maybe because of the shares i've been dealing with, but the dividends received barely amounts to having enough to buy a Big Mac meal.
Hey mate, thank you! You made some good points. Another advantage of leaving money in offset is that the savings are both guaranteed AND tax free. Whereas, we have to pay tax on dividends and capital gains for shares. Also, shares are not guaranteed to go up all the time. It comes down to risk vs reward. In time where the interest rates are low, shares may be more attractive and vice versa. As for dividends, if you set them to DRP, it will help the compound effect over the long term.
Awesome
Avocado 🤙🏻
Making me hungry mate 🥑
Great video as always Bryan. Any thoughts on what you should do if you're coasting so you don't have a huge amount of tax to reduce through "good" debt? I.e. at what point do you think your "good" debt has done enough so that any more income generating investments do make money, but obviously get taxed at your marginal rate (which admittedly might not be that much if you're just barista/coasting). Anyway, should help us all enjoy a bit of avocado toast as we enjoy our later years.
Cheers Rory. That's an interesting question. I suppose it comes down to how comfortable you are with using debt and your risk tolerance. The barefoot investor always recommends avoiding debt and to pay off your home outright due to the psychological benefits. Also, if you're coasting then you basically only need to 'make it' until you turn 60. So you technically only need to earn enough for you to cover your monthly expenses. If you want to just live a fairly comfortable life over a more luxurious one then using 'good debt' to squeeze out every tax benefit becomes optional, rather than a necessity.
avocado
good stuff mate, thanks a lot
Cheers mate! Enjoy the avo 🥑
This is hte best video I've ever seen on this topic. Thanks Bryan!
oh. Avocado!
Hey man, I really appreciate the nice comment 😊 wish you all the best!
Avocado 🥑. Thank you for your informative videos.
Thanks Paulo! I appreciate it 👍
Avocado 🥑- Love the content and it’s very informative. Curious to see how we can achieve fire through Property investing
Thanks a lot mate. Yeah, property investing would have the same principle but with different strategy. I'll do a video in the future about FIRE with property.
Avocado. I'm definitely doing the Retire in Philippines option
Sounds like a great plan! Cheap food + beautiful weather/beaches 🏖🍺
Very informative - well done (avocado).
Thanks mate! 🥑
Love your content. When it comes to saving and investing would love to get more info. Do you have a website or guide
Thanks James. I don't have one yet but I may soon be starting a website and a newsletter. Keep a look out!
🥑 very interesting content. I'm showing my sons (21yo and 18yp) your content to learn and apply😊
Thanks Mickey. Hopefully the info is useful to them 😎
Avocado! 🥑 The video was very good. Well done.
Thanks! Glad you enjoyed 😃
AVOCADO 🥑 Great content... I'd love to know more about the COAST FIRE strategy. It's great to have Aussie relevant information 😊
Thanks so much Helen! 🇦🇺 Yeah, I'll definitely do another video talking about the different types of FIRE as it is not one size fits all.
Avocado!
Helpful video, thanks mate!
Awesome! Wish you all the best 👍
Avocado good on you Brian, love your video's.
Thank you, Deb 💛
Guacamole! 🙂 Thanks for the good content.
Thanks Adriana! That’s my FIRE goal. Have enough money so I can afford extra Guacamole in my burrito 😄
Wonderful video, Bryan! I'm about to start my journey so perfect timing. Are there tax implications for living overseas as an Australian Citizen? (Avocado) 🥑
Hi Sarah, that's great! Good luck on your journey. Yes, there will be some tax rules you need to be aware of. If you are seriously considering moving overseas then I would recommend seeing a tax accountant. However, this article is a good start: www.ato.gov.au/Individuals/Coming-to-Australia-or-going-overseas/Australians-living-overseas/
In retirement the biggest issue could be your super might lose its tax free status
Avocado!! Amazing video
Thanks so much! 💙
I appreciate...The Philippines.
Seems like a popular destination! ✈
Avocado cheers for the info
Cheers Phillip 👍
Avocado 🥑 Thanks Bryan for this content. Really informative. I wish I knew all these 10 years ago.
Thanks mate. Me too! Wish they taught this stuff in school.
Avocado, cheers mate
Thank you mate! 🥑
"Buying a second hand corolla" might not be the best way to save money. Coz it costs almost as much as a new car.😅
LOL! That’s so true. I’m still waiting for the second hand car market to go down.
A second hand Corolla still isn’t a brand new Audi.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
I don't think I need a finance advisor. I can manage my own money and investments. I don't want to pay someone else to tell me what to do with my hard-earned cash.
@@JasonAmir-qo4uo I used to think like you. I thought I knew enough about finance and investing to handle everything myself. But then I realized that I was spending too much time and energy on researching, analyzing, and monitoring my finances. I was also overwhelmed by the amount of information and options available. I decided to hire a finance advisor and it was one of the best decisions I ever made. They saved me a lot of time and money, and gave me peace of mind.
That's a risky attitude, My friend. You might be missing out on some valuable opportunities and strategies that a finance advisor can offer. A finance advisor can help you plan for your short-term and long-term goals, optimize your tax situation, diversify your portfolio, and avoid costly mistakes.
Avacado : hey can you do a video on interactive brokers like you did on stake vs cmc
Cheers mate. Haven't tried interactive brokers yet but I'll put it on my to do list :)
Cheers mate. 🥑
💚
Avocado. Nice style Bryan. Could you make a clip exploring the sums around how much super is enough, so no further contributions are required? I.e. mid 30s, 100k in super, at 7% growth, by the preservation age, is that enough? Taking into account inflation as well. Using your super seems to significantly impact the fire number, if you only need to get to 60.
Thanks mate. Interesting idea. I think it will help a lot of people to use a case study as an example. I'll definitely put it on the list.
Avocado! Great vid.
Thanks ☺️
Avocado! im 16 in melbourne, mark my words i will be that 5% that retire before 30!
love your channel btw!
Hey mate, love your positive attitude. I have no doubt you will go far with this mindset. I wish you all the best with your journey! 🙌
Thanks Bryan, I can't wait for your next video!@@BryanInvest
Avocado 🥑 thanks again!
Cheers Sian 👍
I enjoyed your free avocado thanks 👍🏻 by the way pay rise…?🤔
Thank you Ashley! Did you ask for a pay rise at work this year?
Hey Bryan , really nice video! I was wondering if I could help you enhance editing in your videos and also make a highly engaging Thumbnail which will help your video to reach to a wider audience .
Thanks mate. Not looking to hire right now but I'll keep you in mind when I do 🙂
@@BryanInvest Sure , No problem
Avocado.. Great video! My new found UA-cam finance guy 🥑👌
Hey Bradley, I’m glad to have you here mate 👊
Looks like I'm saving for avocados. So are you saying I can still have my takeaway coffee every day?
You sure can mate. As long as you are working on increasing your income.
Avocado. Please could you make a video on FIRE options for Immigrants in Australia? As a son of an immigrant parent yourself, I. Sure you can relate. Thank you.
That would be an interesting video! Thanks for the idea. I will put it on my list.
Hey mate. Does it matter which combination of ETFs to invest in? Should we focus on Australia or American ETFs? 🥑
It depends on what you want exposure to. In the past the US and Aussie market have performed quite similarly. However, this does not mean it will continue this way. All we can do is speculate. You could look at an ETF that has a bit of everything so that you are well diversified.
Nice video 🥑
Thanks! ☺️
Avocado can you do a video on investing in your fifty’s
Cheers Steve. Interesting topic. I'll put it on my video idea list.
Avocado
Thanks for the video!! But remember, if you look after your health and well-being when you are young, you don't have to worry about inability to travel when you are old 😊
Good point! That is very true.
Avocado… thanks mate😄
Enjoy! All the best ☺
Unbelievable boys, we have missed JB. Keep it up and make sure you get Tyrell Hatton on 😂😂😂
Been investing in LICs and ETFs for 10yrs this year. I’m interested in a video about differences between LICs and ETFs
Thanks for the comment! I'll definitely do a video about this topic soon.
Avocado! Great vid
Thanks!
Avocado - can you making a video on your tips to invest on US funds please?
Thanks for the suggestion. I’ll add it to the list!
We are currently doing this. I don't think I could ever retire fully though.
Congrats and good luck Maggie! Yep, I am the same. I won't be able to sit still.
Please make a video if u wanna sell ur house and live overseas and rely on interest
love avocados, cheers Bryan
Cheers Kym 😊
Haha asked for a $1 payrise got told I should be getting a pay cut due to wellbeing tax (2%) and super going up (0.5% each year) plus interest rates going up on corporate homeloan which all of the employees salary is stored as they can take 3-6 months to pay our contract company.
Glad there's plenty of positions available but I'm pretty happy with my income. In Victoria it's a terrible idea to invest in real estate but it's good in Qld, buying my first home shortly then will be investing money left over into ETF which is good that I'm doing that now as theyve all gone down a fair chunk over the past 6 months.
Im only 33 so doing pretty darn well, already did the FHSSS the tax when taking it out sucked haha. I love working so doubt ill retire early, $130k pa gross at the moment, travel paid for, food paid for, hotel/fuel, i only have to pay for food when im not travelling for work 😂 helping hundreds of people daily, hardest part was 4 years of uni on centrelink, being homeless on $70 a fortnight and getting out of that situation, ive done good but i know i can do better XD
Mate, thank you for sharing this with us. Well done for getting to where you are. It seems you know the direction you want to go and already on your way. The part about the $1 pay rise made me laugh out my coffee! LOL.
I wish you all the best on your journey. Keep doing what you’re doing 👊
@@BryanInvest cheers man keep it up, buying the house today which is exciting XD should have it paid off in 4-6 years whilst migrating it to good debt XD
Avocado 🥑 quite interesting video thanks a lot
Thanks!
My health will be shit by 60 when I can access super. I’m reducing my salary sacrifice to superannuation and putting that money into my non retirement portfolio. I want to be work optional by my 50s. I will still probably work because I enjoy it but I’d like to have options.
I feel the same way! All the best to you 👍
Hi Bryan invest.
Ok my request from you is to do a video on super fund performance AFTER fees.
I never understand why all the various experts worry about fees as its the outcome I’m interested in.
What were the best performing superfunds for 5 and 10 years after fees?
If you make 10% after fees but had to pay 50% fee then who cares. If you make 8% after fees but 1% in fees than that is not as good
That sounds like an interesting video. I'll put it on my list. Thanks!
Can you talk about how hosing in australia impacts fire?
That’s a great idea for a future video! Thanks
How do i start investing is shares or where do i learn about share, dividends etf etc? Where does one start who knows nothing about it?
I would recommend watching these videos:
ua-cam.com/video/5wOkzuPzGaY/v-deo.htmlsi=fN3aGDhN6J-zYGZW
ua-cam.com/video/Xg8qykyFfdo/v-deo.htmlsi=TpzVHSZ9RqiqOsAd
ua-cam.com/video/w3PRA2czQJY/v-deo.htmlsi=q_xP5kT7nqmd9pVL
Can you make a video about options trading? I got an account with interactive brokers and although I meet all the criteria they publicly ask for (experience in stocks and options) they still don't give me access to short options and refuse to tell me why 🤷🏻♂️. Can you please make a video about that?
I'm not really an options trader but it's an interesting topic so I'll put it on my video idea list. Thanks!
This may be off topic, but I’m interested in the differences in risk between mutual funds and index funds. I know that mutual funds are more expensive due to being managed by a fund manager. But from a negative risk perspective is there much between them? 🥑
Not much in them. In Australia, Mutual Funds are called Managed Funds and you can invest in them directly from providers like Vanguard. The easiest way to invest in Index Funds are through an ETF. For example, VAS which is probably Australia's most popular ETF has a Managed Fund or ETF version on the Vanguard website: www.vanguard.com.au/personal/invest-with-us/etf?portId=8205
🥑 thanks
can we invest super fund in compund interest fund
🥑 thought on converting super to smsf and investing?
If you know what you're doing then it's definitely an option 👍
AVOCADO Thanks Mate!
Cheers mate! 🥑
Hi Bryan, I love your channel and look forward to you videos. Could you answer a question for me or point me to one of your videos that answer this? If i have funds in my home mortgage REDRAW, can I withdraw these funds to invest in shares/ETFs and claim a tax deduction (Australia) on the interest. If you can, can you give a working example of how to do this.
Thanks mate.
Hey Lincoln, thanks a lot for the support! 😃 I really appreciate it. The quick answer is yes you can. It’s called debt recycling and I explain in better detail in this recent video:
ua-cam.com/video/kDUJ23KIbZI/v-deo.html
🥑 I am just starting to wake up in how to save money to pay off my personal loan sooner. Thank you for the video
I have some experience in the cryptocurrency space and would be happy to share what I've learned along the way. Whether you need help understanding market trends, setting up secure wallets, or deciding when to buy or sell, I'm here to assist you.
Avocado, great vid
Thanks!
Avocado, I reached F.I.R.E. at 50 and have retired from work , My main investments are still contributing to my super (Tax free at 60) and Bank term deposits @ 5% return . Im currently looking into ETFs as long as the can give me a better return than the 5% term deposits ......
Hey mate, that is awesome. At that age you only have less than 10 years until you reach preservation age. I personally would not go too crazy with ETFs since it’s not guaranteed to beat the 5% that the bank is offering in that time frame. You could essentially coast to preservation age at this point.
@@BryanInvest Thanks for the reply Bryan i retired at 50 and now im 53 ,so yeah Super is my main investment plan from now to 60 , living off my savings , and each year what i dont spend of my budget i put into super (non consessional )
How long before we can eat smashed Avocado for every meal? 🥑
Depends on how fast you can earn more money and invest most of the savings! Actually, you don't really have to wait. You could buy your own avocados and make smashed avo at home.
Doesnt CMC markets have the best rates atm or are you investing more than 1k at a time?
Yeah, I recently did a video where I had Stake and CMC Markets neck and neck to be the cheapest. However, I opted for Stake for the better flexibility + not having an inactivity fee like CMC. Stake also have a current promo where if you transfer your shares from another broker, they will give you 12 months of free brokerage. They also offer better sign up bonuses + a better platform interface (IMO). CMC is also a great option if you choose to invest under $1K each time. Perfect for a DCA strategy.
10K payrise is only $5300 for some of us. Its easier to spend $5300'/less than get a 10K payrise.
That's a fair point mate 🙏 Luck and circumstances does play a factor.
Really interesting. AVOCADO!!
🥑🥑🥑
Would it be better to debt recycle to a new investment property instead of ETFs?
Good question. You could absolutely do that if you prefer real estate over stocks. Not sure if it's 'better' or 'worse' though.
Great video. Now I need to find that book! #Avacado
Absolutely! 👍🥑
Avocado!! Hey Bryan i recently did my tax return and for the first time i owed the ATO money, around 2K!!! I got a significant pay rise last year, would that have something to do with it? I barely had any deductions and have gotten some dividends from my ETFs, was just soo surprised.
Hey Joel, that’s actually a good thing! We all hate paying extra tax but it means your income has increased significantly. You’re probably taxed on a PAYG basis every quarter and maybe you were paying a bit less this year. Don’t worry, the ATO only takes owing. It’s either you pay extra each quarter or pay a remaining lump sum at the end of the year. As your income increases, it’s a good idea in the future to try and work out your tax owing at the end of the financial year so you leave some spare money there in case you get hit with a 2k bill like now.
@@BryanInvestthanks for the response, was good to know it's not an anomaly.