In this episode, Michael interviews Sean and Sinead from The Irish Savers Action Group (ISAG) Interview.  They are on a mission to promote financial literacy and to push positive progressive changes in the Irish investment tax rates. You can learn more about ISAG at the following places: ISAG Website: https://isag.ie ISAG Facebook Page: https://www.facebook.com/groups/255087048882194 Join The Irish FIRE Monthly Newsletter at: https://www.firepodcast.ie/newsletter

In this episode, Michael explores an alternative way to becoming financially independent - by building passive income streams. Michael defines passive income as any income that isn't generated directly to your time (e.g. selling your time for money). Michael compares some recent passive income that he has started to generate for himself against a traditional FIRE portfolio, to show how passive income can play a vital part towards your FI journey. Show Notes: Things mentioned on the show: Wholesale Directory Website: https://www.wholesaledirectory.ie Choose FI - Interview with Mad Fientist: https://www.choosefi.com/mad-fientist-ep-288 To member a FIRE Podcast member for free (and subscribe to the newsletter), visit: https://www.firepodcast.ie/register

In the first episode of 2021, Michael announces that the format of the show for 2021 will change slightly.  Michael will answer questions he gets on financial independence from listeners this year - typically answering two or three questions per episode. Michael gives a quick update on his own financial journey, before answering the following questions in this episode: 1. Should I set up a company to use as a vehicle for my investments? 2. Should I fear market crashes? 3. When it comes to calculating your FI number, how do I handle extra expenses in the future?  Does this just mean that FI is pushed out further down the track, or is there another way of dealing with this? Email me your FIRE questions to [email protected]. Show Notes: Take a look at the "Irish Savers Action Group" - who are actively talking to TDs to change and encourage tax incentives on savings and investments: https://www.facebook.com/groups/255087048882194 Become an Irish FIRE Member at: https://www.firepodcast.ie

In this episode, Michael discusses the strategies he has adopted to reduce his tax bill.  He explains how he is able to reduce his actual effective personal tax rate to less than 9% living in Ireland (a high tax country). He also gives an update on his investment portfolio as at December 2020. Show Notes: Learn more at: https://www.firepodcast.ie  

Michael interviews Dave G, a co-host of the Limerick FI meet up group. Dave is based in Newcastle West, in Co. Limerick.  Dave is originally from the UK and is a PAYE earner.  He has a unique FIRE journey is looking to become FI through real estate investing. During the interview, we talk mindset, investing and how Dave keeps motivated on this FIRE journey. Show Notes: Check out Dave's website at: https://www.firedave.com Limerick FI Meet Up Group https://www.meetup.com/financial-indepdence-limerick Be sure to visit: https://www.firepodcast.ie

In this episode, Michael mentions how his family embraced frugality and how they were able to reduce their expenses by a significant amount. He gives specific examples and leaves the episode with a challenge for you to take with you on how you can start embracing frugality. Show Notes: Pete Adeney (Mr. Money Mustache) - Full Talk at WDS 2016 https://www.youtube.com/watch?v=8BDWih309wc Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register

In this episode, Michael discusses the sacrifices one needs to make when pursuing financial independence.  He relates it back to his own decision and mentions why he realised that his time freedom movement was taking him away from his ultimate goal of becoming FI. Show Notes Fire HQ - Online FIRE Event: https://www.firehq.ie Mad Fientist - FI Laboratory https://lab.madfientist.com Savings Calculator https://calculator.me/savings Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register

In this episode, Michael talks with Ken, who runs the blog "The Humble Penny". Ken is based in the UK and become financially independence at aged 34.  Topics covered in the interview include: 1. How Ken and his family were able to become financially independence within 10 years, through investments, multiple cashflow streams and businesses. 2. How can you use two hours per day to create a dream life. 3. How do you keep your get up and go and learn from your mistakes? 4. How do you deal with fame and finding the courage to put yourself out there? 5. Is your house an asset?  Should you pay off your mortgage, or invest? Show Notes The Humble Penny - https://thehumblepenny.com Ken's Youtube Channel - https://www.youtube.com/channel/UCkAPVmQ4JF4ZWKVazSOmGFQ Gathering Dreams - https://gatheringdreams.com Financial Joy Academy - https://financialjoyacademy.com Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register

In this episode, Michael provides specific details about how he was able to put a deal together to use equity from his home to purchase an investment property in Ireland. Show Notes: The Mortgage Broker: Hugh Mulcahy - https://www.fcfs.ie/team/hugh-mulcahy/   Become an Irish FIRE Podcast member at: https://www.firepodcast.ie/register

In this episode, Michael talks with Gavin J Gallagher about property.  Gavin owns and operates the East Point Business Park in Dublin, but has also worked on hundreds of property deals over the last 25 years. Quotes from the Episode: "If you go into it blind, you can lose your shirt in this [property] business"... "I wouldn't rush into this with your eyes closed." "Be the Dealmaker." "This [property] is a team business." "The first deal is the best you will do, because of the tight learning curve." Show Notes: Gavin's Website: https://gavinjgallagher.com Gavin's Podcast (Behind the Facade): https://podtail.com/en/podcast/behind-the-facade/   Subscribe to the Newsletter: https://www.firepodcast.ie/newsletter

In this episode, Michael shares his recent experiences (in story telling format) of some of his failed investments and ventures and the outcomes and downsides from dealing with the consequences. He explains how he over-engineered financial independence and how while he initially freed up time by working part time, that free time was quickly taken away by over committing to too many ventures. The episode provides some good advise - hopefully you can learn from his mistakes!

In this episode, Michael reflects on how financial independence ties into success and how wealth is only 25% of deemed success. Michael discusses why one needs to target all four pillars of success to find true happiness and reflects on his own story about how he is applying the four pillars. Show Notes: Show Notes: For more information about the An Dúlra Co-Op: https://www.andulra.ie Subscribe to the newsletter: https://www.firepodcast.ie/newsletter

In this special first anniversary episode, Michael talks with Alan Donegan, a 41 year old entrepreneur from the UK, who became financially independent 18 months ago. Alan runs the Pop Up Business School and has helped teach thousands of people how to get started in the business world. This is a raw, honest interview with Alan, where he explains how he was able to become financially independent and what life is like for him now. Show Notes: Tony Robbins - Notes from a Friend: https://www.amazon.co.uk/dp/074340937X/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1#ace-g1653177716 JL Collins - A Simple Path of Wealth https://www.amazon.co.uk/Simple-Path-Wealth-financial-independence/dp/1533667926/ref=sr_1_1?crid=1AW50L0NBSZG2&dchild=1&keywords=jl+collins+simple+path+to+wealth&qid=1591262032&s=books&sprefix=jl+collins%2Cstripbooks%2C139&sr=1-1 Quit like a Millionaire https://www.amazon.co.uk/Quit-Like-Millionaire-Gimmicks-Required/dp/0525538690/ref=sr_1_1?crid=NA1CUG0DQBOA&dchild=1&keywords=quit+like+a+millionaire&qid=1591262055&s=books&sprefix=quit+like+a+%2Cstripbooks%2C147&sr=1-1 Alan's Blog https://www.alandonegan.com/ Pop up Business School https://www.popupbusinessschool.co.uk/ Listen to more of Alan's podcast - The Rebel Entrepreneur Podcast https://podcasts.apple.com/ie/podcast/rebel-entrepreneur/id1506404790 Subscribe to the newsletter: https://www.firepodcast.ie/newsletter

In this episode, Michael reveals his realisations of 2020 and the changes he has made in response to learning from COVID 19. Apologies again for the sound quality on this episode, will have it fixed for the next episode. Show Notes: Mortgage Broker - Get in touch with Hugh First Choice Financial Services https://www.fcfs.ie/

In this episode, Michael talks with former Irish Rugby International Jamie Heaslip.  Jamie provides insights into what hes doing after rugby, but we also talk about the processing of success when playing rugby. Jamie talks about how he manages his investments, knowing that his rugby career was going to finish in his 30s. He talks about how he looks to create wealth, through investing in assets We talk about how Jamie is dealing with the COVID 19 crisis, based on how he dealt with the highs and lows on the rugby field. We talk about the process of beating the All Blacks in 2016 - and how the Irish were able to work backwards to work out a plan to beat the All Blacks. We talk about what success means to Jamie and how he goes about the process of achieving success. We talk about his involvement with Flender and how he sees the future of the P2P Industry in Ireland and the future of Flender. Quotes from the episode: "To create financial wealth, you need to own something" "Don't stick your head in the sand.... address things straight on." "Hard work beats talent a lot of the times" "People are very quick to pass over wins.... you need to get comfortable not being able to control everything" Follow Jamie on social media: https://twitter.com/jamieheaslip https://www.instagram.com/jamieheaslip Sign up to Flender & Get behind Irish Business: https://bit.ly/2xgAVeR

In this episode Michael talks about how he is investing during a downturn. He talks about some of the mistakes he has made and how he is looking to invest going forward. He also gives an update on what happens in Grupeer and how he is thinking about managing his P2P portfolio moving forward. Show Notes FIRE Dating: https://firedating.me Irish P2P Platforms: Flender https://www.linkedfinance.com https://www.propertybridges.com JL Collins - A Simple Path to Wealth https://www.amazon.co.uk/Simple-Path-Wealth-financial-independence/dp/1533667926

In this episode, Michael looks into the history of money and how the economy works. Mentions in the episode: - Coming off the gold standard - Fractional banking system - Understanding why central banks are printing money - Understanding that most of the money in our society is actually debt, not physical cash. He talks about how he is trying to leverage debt and is actively looking for new deals to generate income by leveraging debt, particularly with his new venture Forestry Crowd. Show Notes: How the Economic Machine Works - Ray Dalio https://www.youtube.com/watch?v=PHe0bXAIuk0 The History of Money: https://www.youtube.com/watch?v=2nBPN-MKefA

In this episode, Michael gives an update on life in Ireland since the Coronavirus outbreak. He mentions how he is taking new opportunities with the change of market conditions and what changes he has made since the Coronavirus. Michael talks about his edge that has allowed him to work 12 hours per week - he mentions that people who are on an FI journey typically find an edge that allows them either to make extra money or give themselves extra time (or both). He reveals his own edge and how he was able to adapt to make more money from his edge. Finally, Michael reveals a final thought on the current market crash and why it isn't always as easy to buy when there are so many great bargains out there!

In this episode, Michael chats with Alvar Damon, who provides a follow up interview after appearing on the podcast in 2019. Alvar lists some of the active investing and money saving tips, and also discusses how he manages time and energy. Show Notes: https://www.bonkers.ie/ https://www.reddit.com/r/beermoney/ https://www.joinhoney.com Subscribe to the newsletter https://www.firepodcast.ie/newsletter

In this episode, Michael talks about how he might just be a bad investor! In the last two years, he has been involved in so many investment scams, that he is now looking at ways to change direction when it comes to investing. He talks about his own definition of what financial independence is for him and announces his new investment plan going forward - as well as a new organisation he is establishing. Show Notes Link to An Dulra - https://www.andulra.ie Subscribe to the newsletter https://www.firepodcast.ie/newsletter

In this episode, Michael shares the story of the Envestio scam, which he unfortunately got caught up in. He also shares some feedback from the last episode, and gives his advise on how best one should plan their investment portfolio, based on his experience with Envestio. Show Notes Subscribe to the newsletter https://www.firepodcast.ie/newsletter

In this episode, Michael shares the story of the day he lost €6,000, caused from being over leveraged in his trading account. The story details how he reacts to some huge mistakes he made when trading the markets and the lessons that he learned from losing such a large amount of money in a short space of time. Show Notes Subscribe to the newsletter: https://www.firepodcast.ie/newsletter

In this episode, Michael explores the energy that one puts into various tasks - from work, personal projects, investing and life in general. He noticed that while he had cut down his working hours to as little as possible, he still found himself without enough time. Michael then came to the realisation that it wasn't time he was lacking - but energy. Michael discusses the concept of how one needs to manage their energy as well as their time - as there is only so much energy we have in one day. Michael also gives an update on how life has been going since moving down to semi retirement hours and his goal for 2020. Show Notes Subscribe to the newsletter https://www.firepodcast.ie/newsletter

Michael makes a big announcement in this episode. Michael has made the decision to start living in a "semi-retired" status. He talks about how the story of "The Mexican Fisherman" inspired him to work towards reducing his working hours as much as possible. Michael talks about how a couple of his projects which he has been working on are now at a stage where he can step into them more and as a result, is able to cut back on his web development hours and effectively has become semi retired as a result - working around 10 hours per week. Quotes from the Episode: "Forever has to start one day. We are so prone to look so far into the distance, we forget we need to make the leap at some point into retirement." "The FIRE Movement is more of a time independence movement." Show Notes: The Mexican Fisherman on the Informed Decisions Podcast: https://www.informeddecisions.ie/podcast97-the-mexican-fisherman/ Recent article about Michael developing hockey clubs in Munster: https://www.irishexaminer.com/breakingnews/sport/munster-mission-is-to-grow-hockey-based-on-irelands-success-965845.html Subscribe to the newsletter https://www.firepodcast.ie/newsletter

In this episode, Michael explores what can happen when you start to take opportunities, and the long term impact that that has when you start to take opportunities.  He gives examples from his own hockey coaching business, as well as other examples. Quotes from the episode: “Probably some of the best things that have ever happened to you in life, happened because you said yes to something. Otherwise things just sort of stay the same.” ― Danny Wallace, Yes Man “The only time you have no opportunities is when you decide to stop taking them.” ― Danny Wallace, Yes Man Become a member: https://www.firepodcast.ie/register

In this episode, Michael lists the common errors he sees when it comes to starting a business.  He lists some of the common errors, and then gives his advise on how to start a business quickly and more effectively. He gives his own examples of how he has been able to start projects quickly. Show Notes Subscribe to the newsletter https://www.firepodcast.ie/newsletter

In this episode, Michael talks with Robert White. Robert is in his 30's and he and his wife Emma became financially independence in 2015. Robert is from Romania originally, but worked in Germany for a few years on his path to FI. In the interview, we talk about how Robert & Emma were able to become financially independent, we talk about how he was able to start side hustles and earn extra income. Robert gives away his secret to how he was able to launch so many side businesses so quickly. We talk in the interview about what Robert is doing now - and how life is different to him now since he became financially independent. Show Notes: Robert White Facebook Page: https://www.facebook.com/mrwwlcb Contact Robert at: [email protected] Checkout FIRE Hub: https://firehub.eu/ Facebook page: https://www.facebook.com/firehub.eu/ Facebook Group: https://www.facebook.com/groups/fire.europe/ Subscribe to the newsletter at: https://www.firepodcast.ie/newsletterhttps://www.firepodcast.ie/newsletter

In this episode Michael looks at some of the lessons that Robert Kiyosaki teaches and compares them against the FI movement. For example, Robert says: "Saving is for losers." "The sharemarket is nothing but a ponzi scheme." "Debt is good if its good debt." Michael explores this against what others in the FI community say, and then gives his own story about what he is trying to do based on Robert Kiyosaki's advise. Show Notes: Link to purchase Rich Dad Poor Dad: https://amzn.to/3225dLK Link to updated portfolio: https://www.firepodcast.ie/portfolio Subscribe to the newsletter https://www.firepodcast.ie/newsletter

In this episode, Michael talks with Meagan from Mrs Money Hacker.  Meagan covers loads of great information, including: - Her own background and how she is potentially 5 years away from FI. - How her family is dealing with FI with a new baby and how she is reducing her expenses with a family. - The environment and FI.  How Meagan tries to reduce her carbon footprint while saving money! - Being an employee VS being a contractor - and the advantages and disadvantages of both. Show Notes: Meagan's Blog: https://mrsmoneyhacker.com/ Cork FI Meet up: https://www.meetup.com/Financial-Independence-Ireland-Cork Quit like a Millionaire Book: https://amzn.to/2PzeWXk Events: https://www.firepodcast.ie/events

In this episode, Michael provides feedback from what he learnt at the Madrid FIRE 2019 conference. Quotes from the episode: "Financial Independence isn't about money. Money is a tool to give you freedom with your time." "Financial Independence is about spending all your money!" "The best thing I can be doing for my kids, is not leaving them my money... but teaching them how to become financially independent."

In this episode, Michael talks to Alvar Damen. Alvar is a co host of the Financial Independence Europe podcast, is 26 years old and originally from The Netherlands, currently living in Scotland. Alvar talks about how he is trying to archive FI as an employee. He talks about some travel hacks that he has and touches on how important side projects are for him. He gives some examples of various side hustles that one could start. He also talks about his FI number and the types of investments he has and how him and his girlfriend work together on their FI journey. Show Notes: Mad Fientist Spreadhsheet: https://www.madfientist.com/financial-independence-spreadsheet/ MMM - Spreadsheet to rule them all: https://docs.google.com/spreadsheets/d/1T6RgJnzZo1bdGHA0a5JBQqqSSEPX2xDrCT5zioWr9z8/edit Getting in touch with Alvar at FI Europe Podcast: Website: https://financial-independence.eu/ Facebook Page: https://www.facebook.com/financialindependenceeurope/ Facebook Group: https://www.facebook.com/groups/financialindependenceeurope/?ref=FIeuropetopnav Twitter: https://twitter.com/fieurope Instagram: https://www.instagram.com/fieurope Events: https://www.firepodcast.ie/events

In this episode, Michael lists the three potential paths to financial independence in Ireland. He explores a new path which he hasn't considered before, after talking to a person at the Limerick FI Meet Up who had recently retired by pursuing this method. Show Notes Limerick FI Ireland Meet Up Group: https://www.meetup.com/financial-indepdence-limerick/

In this episode, Michael explores the idea that happiness and financial independence is a trade off. He challenges the listener to start living their life as if they were retired, and to start doing the things that they want to do now - rather than waiting until retirement. Show Notes: Mad Fientist Article: https://www.madfientist.com/best-and-worst-about-fi

In this episode, Michael explores a concept known as cruise FI (Coast FI) - where you focus your energy on building a large pension pot which you can then access in retirement. Once you have that retirement saving, you can then relax, knowing that you have the large pension available. Michael crunches the numbers when it comes to putting €500 per month into a pension from the age of 30. He also gives a summary of how he plans to cruise his way to FI through using a pension. Show notes: To view free events that you can attend visit: https://www.firepodcast.ie/events

In this episode Michael lists the 7 steps that he followed when he started pursuing financial independence. Michael tackles the "how" to FI, and gives practical steps for you to get started on your own FI journey. Show Notes: Rich Dad Poor Dad: https://amzn.to/2mEsgxG A Simple Path to Wealth: https://amzn.to/2nsaKwX Money Master the Game: https://amzn.to/2o6RIw0 Come and join Michael at an event: https://www.firepodcast.ie/events

In this episode, Michael talks to Aoife Gaffney, AKA Prudence Money Penny. Aoife is a Certified Behavioural Money Coach (CMC), Accredited Business All Stars Thought Leader, professional speaker and writer and former financial adviser. Michael interviews Aoife about a person's relationship with money, how you can improve your view point with money and just share general tips and advise when it comes to managing money! Quotes from the episode: "The different between an opinion and a pizza, is you opt for a pizza." "A bargain is only a bargain if you needed the thing in the first place and you had planned to pay full price for it." "The word budget doesn't sit right with me.... we call it a personal spending plan." "Make spending decisions based on a plan, not whats in your bank balance." "I see money as a friend... if you only spoke to them once a year, they're not going to hang around... " Show Notes: Cork Financial Independence Meet Up Group: https://www.meetup.com/Financial-Independence-Ireland-Cork Link to Aoife's books on Amazon: https://www.amazon.co.uk/Prudence-Moneypenny/e/B00VDGJMG8?ref=sr_ntt_srch_lnk_1&qid=1569489209&sr=1-1 Email Aoife: [email protected]  For events and webinars visit: www.firepodcast.ie/events

In this episode, Michael shares how he uses credit cards to manage his daily cash flow. He gives a history of how he found himself in €30,000 in credit card debt 12 years ago and what he learned from that experience. Today, Michael uses two credit cards to pay for his day to day expenses.  He discusses how this strategy can be useful to improve cash flow and decrease bank charges.

In this episode, Michael talks to Ralph Benson from Moneycube. Ralph is on a mission to add more transparency to pensions and investment products. Pensions are a fantastic way to invest in an extremely tax efficient manner.  For many in Ireland, especially those who are PAYE earners, a Pension is the most tax efficient route to invest. Ralph is looking to make pensions "cool again".  He is going out on the road as part of the "Pensions Awareness Week".  He is hosting various free events where you can learn more about how you can utilise a pension as part of your financial freedom journey. Show notes: Pensions Awareness week website: https://pensionsawarenessweek.ie/ Ralph can be contacted at [email protected] and https://moneycube.ie For other events and webinars visit: www.firepodcast.ie/events

In this episode, Michael tackles the question of should you focus of paying debt (or your mortgage) quicker by making extra repayments, or should you invest. He looks at different options, such as: - Clearing off high interest debt. - Invest in cash producing assets. Once the cash flow from the investments pays for your mortgage, you will be effectively mortgage free. - Start making extra repayments on your debt and track it as an investment. Effectively borrow against your investment portfolio, with a promise to pay it back, plus interest.

In this episode, Michael talks with Guy Davis. Guy is a long time friend who Michael meet back to 2004. Guy started his financial Independence journey when he was 18 (he is in his mid 30's now.) What makes his story special, is that he began investing before the 2008 financial crisis, so has survived a recession and came out the other side better for it. Guy has always had this amazing ability to put time and freedom ahead of material possessions. This hasn't stopped his doing what he loves (such as traveling), but at this same time he has this vision to life his life in a relaxed, low cost life style. Guy is originally from Brisbane in Australia, but is currently living in Auckland, New Zealand, and has two kids aged 7 and 4. We touch on his financial education approach with his kids during the interview. Quotes from the episode: "When there is blood on the streets, that's when you need to be buying stocks." "If it is truly going to be the end of the financial system, the money in the bank is probably no good to you... so you may as well put it in equities as there is a very good chance your close to a bottom." "Financial Independence is delaying the short term gratification, knowing that your going to get a better pay off down the track."

In this episode Michael discusses the trap between time and money. He mentions that there is no magic number and that what we are ultimately looking for when we aim for financial Independence, is time freedom. He mentions to start micro managing your FI journey and focus on yearly goals, rather than focusing on the final "big number".

In this episode, I am interviewed by Alvar Damen from the Financial Independence Europe podcast.  We discuss various FI topics, from trying to be financially independent in Ireland to trying to be financially independent with kids. This episode originally appeared on the Financial Independence Europe podcast: https://financial-independence.eu/podcast/061-enjoying-the-road-to-fi-michael-playing-with-fire/

In this episode, Michael looks at some of the tax deductions available for corporations.  The episode covers expenses which can be claimed for both international listeners, as well as expenses specific to Ireland.  He highlights that company owners can take advantages of so many tax reducing methods that are not available for PAYE earners. Show Notes: Ireland Revenue Mileage Rates & Civil Servant Rates Ireland International Civil Servant Rates

In this episode, Michael explores the concept that financial independence is as much about your mindset and enjoying the journey of financial freedom.  He suggests that perhaps there is no "pot of gold at the end of the rainbow" and explains why his decision to cut down to part time work was to help enjoy the journey to financial independence. Show Notes: Here is a link to the Mexican Fisherman episode by Paddy Delaney which I mention in the episode: https://www.informeddecisions.ie/podcast97-the-mexican-fisherman/

In this episode, Michael explores the idea around what the information age means to the new way to earn money and challenges some of the traditional conventions, such as: 9-5 working hours The 8 hour work day Working 5 days a week Working in an office He challenges the listener to think about their own career choice to ask is there another way that you could be considering to make money?

In this episode, Michael explains how to increase your income by building scalable businesses. He gives specific examples by explaining about some of the scalable businesses he is developing and challenges you to see if you could start your own scalable business. Subscribe to the monthly newsletter at: https://www.firepodcast.ie/newsletter

In this episode, Michael explores the option of being a contractor or freelancer by invoicing through a corporation.  He discusses the various ways of invoicing and how changing to a "value based" billing model had significant advantages to the traditional time billing model.  He also discusses the tax advantages of contracting through a corporation VS the traditional PAYE employee model.

In this episode, Michael discusses the best ways to increase your income, while avoiding paying excess tax. It can be very difficult in Ireland to get ahead financially when the personal tax rates hit 50% on only a very average income.  Michael discusses ways to minimum your tax liability, while giving you a vehicle to increase your income in a tax efficient structure. This is part 1 of a 3 on ways to increase your income. To sign up for the newsletter, visit www.firepodcast.ie/newsletter