Owen Raskovitch

That's it.

As soon as you factor a second person or children into it, it completely changes.

Absolutely.

We've already talked about education and those types of expenses.

Just that is below the lid on everything.

We know from, I'm going to bugger this up, but the Australian Superannuation Financial Authority or something, it's ASFA.

I don't know what the acronym stands for, but ASFA tells us that in 2019, 2020, a couple to live comfortably in retirement wants about $60,000.

So it's about $1,200 a week.

so if you do the the figures there you're looking you know if you do I say 20 times that for that's in terms of yearly living expenses it's considerable amount of money one thing though is that the big hurdle for most people is house do they pay it off yeah do they start building their nest egg outside of the house sooner

And if your house is the better part of a million dollars, then you're going to have to change the numbers because you can't just withdraw 4% of your house each year.

Unless you wanted to do some convoluted reverse mortgage, which goes up as opposed to down every time.

We shouldn't even mention that.

We shouldn't even put that in the idea.

Jen for most people but yeah yeah you're right and so what and this is where it's really good we've put a heap you've put a heap of show notes in different blogs go and explore the different blogs find the flavor that is that it works for you so you might find that some of the bloggers have pursued dividends like dividends down under as well as then saving up for a house or some have pursued a house or an investment property before they've pursued a share portfolio for example

yeah and some are big advocates of renting and some want to buy the house further down the journey yeah so that's why it's great to have a look at lots and lots of people's different experiences and find something that maybe is a bit relevant to you yeah for sure okay kate so we've got we know what we kind of need to get to to retire or we have a rough idea we know what it is we know why it's so popular how do people get on the fire trail

yeah so mentioned before working out what you spend in a year and what you need to exist so like the two ends of the spectrum what you need to have a comfortable life and what you need to have the minimum to exist and then sort of working back from there and developing a budget that's going to allow you to put money aside each year to reach your financial goals so if you wanted to

be so you're 20 now you want to be financially dependent by 45 say how much and you think you might need a million dollars or two million dollars how much are you going to have to put aside each year over the next 25 years to reach that goal and you can use the money smart compound interest calculator sort of to have a look and play around with that

And then also factoring in that your income is hopefully going to increase over your 20s and 30s and sort of working about what your goal is and trying to work backwards from there.

Yeah.

One thing that's important, which.