Hello folks !!!

Thanks for passing by 🙂

A little bit about us… We are a couple in our mid 30s with one kid aged 7 years old. I work for a large IT company where as my better half is into health care.

We moved to Australia in 2012 and have since been fortunate enough to be earning quite a decent salary as per Australian standards. We are now also a proud Australian citizens.

We currently live in Sydney in our own home. We also have an investment property which is cashflow neutral at the moment. As expected, our biggest expenses are the repayment on the two property mortgages which is quite common with anyone owning a property in Sydney.

We came across FIRE movement around the end of December, 2018 when we were contemplating purchasing another investment property but the real estate outlook in Australia wasn’t looking that good, so was also looking at additional avenues for investments.

After researching for couple of weeks on the FIRE, reading blogs from AussieFireBug, StrongMoneyAustralia, LifeLongShuffle etc., reading Peter Thornhill’s “Motivated Money” we became quite convinced about FIRE.

The idea of not having to wake up early in the morning, rush for work , rather travel around the world and getting luxury to spend time with family and on other things of personal interests gave us enough motivation to start marching toward FIRE immediately. We officially started our FIRE journey from January 2019 onwards with our existing asset worth about $434,000 which were mostly from equity in our PPOR+IP and super.

Our FIRE Goal is to have passive income of $60,000 per annum.

After, playing around with various FIRE calculator available on the internet, as of today I am most convinced with the FIRE calculator by OrdinaryDollar. As per this calculator, we will be needing a Networth of about $1.5 million to produce income of $60,000 with SWR of 3.9% and with the current cashflow rate we should be able to achieve FIRE by the age of 46 which is roughly about 10 years from now or by 2029.

Within the 10 years time frame, as per our calculation, if we sell our IP, we should be able to pay off both of our PPOR+IP loans so effectively, when we reach FIRE we should be having fully paid PPOR and $1.5 million worth of diversified investments in Australian and International ETF/LICs which should give us a passive income of about $60,000 per annum.

However, having said that, we understand that nothing is constant. The investment landscape could change and we may have to periodically evaluate our FIRE plan and make adjustments as necessary which is fine with us.

Cheers 🙂

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