Aussie FIRE | Financial Independence Retire Early

18. A deep dive into Dave’s finances

Aug 2, 2024

In this engaging discussion, Dave Gow, the mastermind behind Strong Money Australia who reached financial independence by 28, dives deep into his personal finance journey. Listeners gain insight into his annual expenses of around $60,000 and the impact of spending habits on net worth. Dave shares how relationships influenced his FIRE habits and the complexities of merging finances within partnerships. The conversation also highlights the emotional aspects of financial management and offers relatable advice for anyone aiming to achieve financial milestones.

45:03

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Episode guests

Dave Gow

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Episode notes

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Quick takeaways

Dave's annual expenses are around $60,000, reflecting a balance between living costs and mortgage interest as saving.

He prefers transitioning from property to shares in his investment strategy for simplicity and less management effort.

Deep dives

Dave's Annual Expenses

Dave's personal annual expenses amount to approximately $60,000, which includes household costs and the interest on his mortgage. He clarifies that the principal component of the mortgage can be viewed as a saving, since it does not permanently leave his net worth. By breaking down these expenses, he estimates around $30,000 is spent on typical living expenses, including groceries and dining out. Notably, past expenses related to his dog’s cancer treatment have diminished now that he no longer bears those costs, contributing to a more stable spending pattern.

Intro

2min

Navigating Household Finances

9min

Navigating Car Insurance and Financial Independence Goals

3min

Navigating Financial Independence: A Journey for Couples

19min

Navigating Finances in Relationships

6min

Exploring Financial Habits and Cash Management

2min

Embracing Normalcy in Financial Planning

3min

Send us a text

One of our hosts became renowned across Australia for reaching FIRE by age 28. We are, of course, referring to Dave Gow, the mastermind behind Strong Money Australia.

Because Dave didn’t achieve FIRE through an investment banking job or a lofty inheritance, his journey often inspires other FIRE-seekers. In fact, many of our listeners have asked Dave to provide a detailed breakdown of his finances.

In this session, we do exactly that – from “What are your annual expenses?” to “How did forming a relationship change your FIRE habits?”. Anyone who has ever wanted a deep insight into a life once FIRE’d won’t want to skip this ep.

Pearler
Strong Money Australia
Original Aussie FIRE e-book
Strong Money Australia’s audiobook

Disclaimer

Any advice is general and does not consider your financial situation needs, or objectives, so consider whether it’s appropriate for you. You should also consider seeking professional advice before making any financial decision.

Pearler is an Authorised Representative #1281540 of Sanlam Private Wealth Pty Ltd AFSL #337927. Read the FSG available from https://pearler.com/financial-services-guide

If you are considering any of the products we spoke about during the show, be sure to read the Product Disclosure Statement & Target Market Determination available from the product issuer’s website before deciding.

Hosted on Acast. See acast.com/privacy for more information.

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