Dave Gow

speaker

271 appearances 1 recordings 1 series first heard Dec 2022 last heard Dec 2022

Dave Gow’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Buying back your time, financial freedom & lifestyle design with Strong Money Australia · 5 Dec 2022 podcast

And so this is what the fire movement is essentially famous for is, uh,

earning decent money but not letting your lifestyle inflate to the point where it consumes all of that money because if it does no matter how much you earn your expenses just keep ratcheting up and you don't actually keep any of that money if you don't keep any money you're never going to have any money because you just it's just leaving it's coming in and it's going out as fast as it's coming in so that's not gonna you're not gonna get anywhere

So that became quite obvious to me.

So I was quite aggressive with the saving and that's the real secret.

And so there's some tables you can find online and there's a table in the book that shows you essentially as you ramp up your savings rate,

it cuts down massively the amount of years you have to work before you can become financially independent because your expenses are lower.

So because your expenses are lower, you need much less in investments to live on to get to the point where you don't have to work anymore.

So yeah, it was a combination of...

hard work extra extra work extra hours aggressive saving and then if you just earn like a decent return on your money doesn't have to be spectacular eventually you get to the point where it's it's enough for you to step away from full-time work how did you decide that you were financially independent

uh it's quite funny actually i didn't even i won't say i didn't realize it but so what happened was we built up a portfolio of pretty much just property at that point through like hardcore saving and being aggressive with borrowing as well um and so we got to this point where we'd done it for quite a number of years and built like a decent net worth

But then our properties were still like costing us money.

So we actually didn't have any passive income.

And we also couldn't buy any more properties because the lending environment changed at that particular time.

But we still had like this regular ongoing savings to invest.

I'm thinking, oh.

Where am I going to invest this money?

So that's when I took a second look at shares.

But this time, like focusing on dividend income.

And so then the share market started making a bit more sense at that point.

So you own these shares, these businesses, and they pay you some of their profits as dividends.

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