Dev Raga Personal Finance
429 achieving F.I.R.E. at a young age (an interview with Dave Gow of Strong Money Australia)
Jul 30, 2024
In this engaging discussion, guest Dave Gow, an expert in financial independence and investing from Strong Money Australia, shares his journey to early retirement by age 28. He emphasizes the importance of savings rates over high incomes and explores the benefits of property vs. share investing. Dave also dives into strategies like debt recycling and the vital role of superannuation for young investors. With insights on minimalist insurance practices and family financial planning, he advocates for balanced financial habits and delayed gratification for long-term wealth.
55:08
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Quick takeaways
- Dave Gow's journey to financial independence emphasizes a high savings rate, achieving up to 70% of income, over mere income levels.
- Transitioning from a property-focused investment strategy to dividend-paying stocks enabled Dave to create a more sustainable income stream.
Deep dives
The Journey to Financial Independence
Dave from Strong Money Australia shares his transformative journey towards financial independence, which began at the age of 18 when he moved to Perth seeking better job opportunities. He quickly realized that working long hours for decades wasn't appealing, prompting a deep dive into learning about saving and investing. Over nearly a decade of aggressive saving and wealth-building, he reached a point in 2017 where he could sustain his living expenses through his investments. This journey, characterized by a focus on education and proactive financial management, helped him achieve financial independence at a remarkably young age.
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