FIRE with a family

FIRE with a family A Personal Finance Blog that follows Blake & Allanah on their journey to achieving Financial Independence and Retiring Early, aka "FIRE".

This blog shares the highs, lows and everything in between, all from the perspective of two down to earth people.

The first question a lot of people will ask about someone’s money situation is “how much money do they have in the bank?...
05/23/2022

The first question a lot of people will ask about someone’s money situation is “how much money do they have in the bank?”.⁣
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This is not a good measure of wealth. ⁣
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One person could have $200k in the bank. Another person could have $2k in the bank. It’d be natural to think the person with $200k in the bank would be more wealthy. ⁣
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What you don’t see by looking at someone’s bank account is how many assets they own, aka investments. ⁣
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The person with $2k in the bank could have $1M in stocks and real estate. ⁣
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Net worth is what you own (assets), minus what you owe (liabilities). Cash in the bank is only one of the “asset” components. ⁣
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When money sits in a bank account, it’s not working for you. By that, I mean it’s not earning you anything. ⁣
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While you need cash in the bank to cover expenses, emergencies and short term savings, anything extra should be invested. When it’s invested, it’s working FOR you thanks to compound interest!⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
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A great way to think by Ian | Debt Payoff Pro]] 👏 ⁣⁣Head over and follow Ian (Ian | Debt Payoff Pro]]) for more finance ...
05/22/2022

A great way to think by Ian | Debt Payoff Pro]] 👏 ⁣
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Head over and follow Ian (Ian | Debt Payoff Pro]]) for more finance tips. ⁣
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Here’s more from Ian:⁣
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If you're tracking your spending and paying attention to how you use your money, are you giving any thought to the quality of what you buy?⁣
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When you buy cheap quality, you can expect cheap results. I'm not saying this as a license to just go out and buy expensive things. I think you have to recognize some things are expensive because of a perceived value (like a designer tshirt).⁣
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But in this case I'd look to buy something made with better materials or construction so it doesn't fall apart or look crummy right away.⁣
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Regardless of what you buy, I think it's important to have the proper expectations.⁣
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If you buy cheap, you'll have faster turnover. You'll deal with customer service or returns (which…ugh…are no fun).⁣
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I would personally rather find value in what I buy. Because even if it's a bit more expensive in the short term, long term, when looking at cost per use, I win! ⁣
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Follow 👉🏼Ian | Debt Payoff Pro]] and for more finance content!⁣
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Personal finance success - and probably every other success - starts in the mind. ⁣⁣If you believe it, you can likely do...
05/14/2022

Personal finance success - and probably every other success - starts in the mind. ⁣
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If you believe it, you can likely do it. Reframing your thinking to “how can I afford it” makes you look for the possibilities instead of focussing on the roadblocks. ⁣
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This is known as an “abundance mindset”. In the context of money, you see it as an infinite resource. This is a powerful paradigm shift to the ordinary way of thinking. ⁣
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Try the simple rephrasing technique I’ve mentioned in this post and see if it makes you think differently. ⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣

As humans, we’re creatures of habit and thrive on process and routine. ⁣⁣Sometimes this can be a bad thing. Like only tr...
04/30/2022

As humans, we’re creatures of habit and thrive on process and routine. ⁣
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Sometimes this can be a bad thing. Like only trying one way to achieve an outcome. ⁣
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But as a species we’re quite smart and able to learn through doing. ⁣
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That’s why it’s important to try something, be okay with failing, and learning what didn’t work so we can try something slightly different next time to achieve the results we want. ⁣
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Don’t be afraid of failure. Embrace it. It’s a learning opportunity and we can grow from it and ultimately become a better person. ⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]

Some things in life are just better when they’re automated. For me, my finances are one of these things. ⁣⁣I don’t autom...
04/28/2022

Some things in life are just better when they’re automated. For me, my finances are one of these things. ⁣
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I don’t automate everything though. Some things like paying my credit card weekly, I have to do manually each week (since auto payments can only be set up monthly to pay the balance). ⁣
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I like to automate:⁣
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💰 transferring to savings ⁣
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📈 depositing into my investment accounts ⁣
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💡 paying utility bills⁣
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📱 expense tracking⁣
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And some non-financial automation:⁣
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📧 rules for email sorting⁣
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🚨 morning alarm⁣
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What do you like to automate?⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣

When I first started on my personal finance journey, I learnt all I could about all things money related, including debt...
04/27/2022

When I first started on my personal finance journey, I learnt all I could about all things money related, including debt reduction and investing. ⁣
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One of the first things I came across was the topic of either paying off your mortgage or investing while paying the minimum mortgage repayments. ⁣
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I thought it was a no-brainer to choose the investing path because the returns would likely be higher than the interest rate of your mortgage. ⁣
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While that may be true, it’s not the ONLY choice that you MUST choose. Because, personal finance is personal, and there’s more than one way to improve your net worth. ⁣
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Paying down debt is still moving your finances in the right direction, especially if it’s non-deductible debt like your mortgage is. ⁣
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So if you hate debt and want to pay off your mortgage, do it! ⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣

Working smarter not harder is often spoken about. ⁣⁣⁣⁣It’s true that working smarter can often lead to better results wi...
04/27/2022

Working smarter not harder is often spoken about. ⁣⁣
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It’s true that working smarter can often lead to better results with less effort. ⁣⁣
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What’s not often spoken about is that a good work ethic plus hard work can also lead to amazing results. ⁣⁣
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Sometimes in life we need to apply a bit of grit to get us to where we want to be. ⁣⁣
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That could mean long days, hours in the field or on the keyboard, and sometimes sleepless nights, all to achieve what you desire. ⁣⁣
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It might not be pretty and at times it will probably suck. But I do truly believe that hard work can most definitely pay off. ⁣⁣
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Mix hard work with a smart strategy and you’re onto a winning recipe for success. ⁣⁣
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👉🏼Blake | Finance & Investing]]⁣⁣
👉🏼Blake | Finance & Investing]]⁣⁣
👉🏼Blake | Finance & Investing]]⁣⁣

Don’t let the world tell you that you should have your life figured out, or have reached a certain goal, by a specific a...
04/25/2022

Don’t let the world tell you that you should have your life figured out, or have reached a certain goal, by a specific age. ⁣
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There’s no “rules” in life. You can achieve things at your own pace and at a time that suits YOU. ⁣
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If you’re in your 20’s, 30’s or even 40’s, and you’re stressing about “figuring it out”, take a breath. Craft a plan that will work for you and start executing. Good things will come with consistency. ⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣

Don’t compare your beginning to someone else’s middle or end. ⁣⁣⁣⁣Small things can turn into big things over time if you...
04/24/2022

Don’t compare your beginning to someone else’s middle or end. ⁣⁣
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Small things can turn into big things over time if you have consistency in what you’re doing. ⁣⁣
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You don’t work out once and become fit and bench 315. It’s small progress over time that allows you to achieve the end goal. ⁣⁣
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👉🏼Blake | Finance & Investing]]⁣⁣
👉🏼Blake | Finance & Investing]]⁣⁣
👉🏼Blake | Finance & Investing]]

A lot of people bash the 9-5 lifestyle and preach about side hustles being the way to go. ⁣⁣While I do think side hustle...
04/23/2022

A lot of people bash the 9-5 lifestyle and preach about side hustles being the way to go. ⁣
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While I do think side hustles are great, I also believe your day job can be great too. ⁣
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For most people, their day job is their biggest money maker, and it can be used to fund your investments. This is personally what I do for now. ⁣
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A side hustle/hustles can be built to eventually replace your 9-5 income, but it the meantime you should be maximising your investments with your everyday salary. It can be a powerful wealth builder. ⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣

I see SOOO many people justifying a purchase all because it’s “tax deductible”. ⁣⁣While there are perfectly good reasons...
04/21/2022

I see SOOO many people justifying a purchase all because it’s “tax deductible”. ⁣
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While there are perfectly good reasons to buy something for a tax write off, they have to be a purchase you actually NEED. ⁣
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If you don’t need the item, it’s like spending a dollar to save thirty cents, depending on your tax bracket. ⁣
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So next time you’re thinking of buying something before the end of the tax year - and you know it’s tax deductible- make sure you need the item and will use it. Otherwise it’s a silly financial decision in my opinion. ⁣
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Do you have any similar stories of people you know that have made a crazy purchase just for the tax benefit?⁣
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👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣
👉🏼Blake | Finance & Investing]]⁣

04/19/2022

The chances of being number 1 are slim. But you don’t have to be the greatest to do great things. ⁣⁣
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Attitude will get you further than skill alone. Show up day in and day out, learn all you can and take action to make a positive difference. ⁣⁣
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