Ideas to retire/work less earlier

[Wormkilla]

Hello, I'm married, 40 odd, no kids, both of us work full time, have about 7 years left to pay off our mortgage with about $180k in an offset account. Have no extreme debts. No investments. No shares or other houses. We've been very conservative with our money. Have no impending inheritances or anything in the pipeline. Just looking for some investment ideas to maybe fast track cutting back on work.

 

[Nothing]

Hello, I'm married, 40 odd, no kids, both of us work full time, have about 7 years left to pay off our mortgage with about $180k in an offset account. Have no extreme debts. No investments. No shares or other houses. We've been very conservative with our money. Have no impending inheritances or anything in the pipeline. Just looking for some investment ideas to maybe fast track cutting back on work.

Speak to a financial planner.

 

[burge13]

Take the offset account, every last cent

Put it into various betting sites

Place the lot on Tex to win the Brownlow.

Retired in September.

Sorry i couldn't retire you sooner but still pretty good

 

[Flog111]

If you find a way let me know.

 

[IAMDASH]

Speak to a financial planner.

Educate yourself first.

You need to understand how much money your lifestyle is going to cost you in retirement. Everyone is different in terms of their goals.

Once you understand what you need to achieve, I'd really question the need of value of paying a financial planner.

If you can't be ****ed, pay a financial planner!

 

[owen87]

Hello, I'm married, 40 odd, no kids, both of us work full time, have about 7 years left to pay off our mortgage with about $180k in an offset account. Have no extreme debts. No investments. No shares or other houses. We've been very conservative with our money. Have no impending inheritances or anything in the pipeline. Just looking for some investment ideas to maybe fast track cutting back on work.

Read this, just the entire site.

Passive Investing Australia

Building a passive portfolio

passiveinvestingaustralia.com

Also, if you haven't, read this

https://www.booktopia.com.au/the-barefoot-investor-scott-pape/book/9780730397533.html?irclickid=UEpXGdXAIxyPUom3wC3vzQEXUkHU3L1Pk0BUxE0&utm_campaign=The%20Barefoot%20Investor&utm_medium=affiliate&utm_source=Impact&bk_source=1457701&bk_source_id=1457701&irgwc=1

Work through it with your spouse until you have a common goal that you're both onboard with, then if you so wish, consider a financial planner.

IMO a financial planner isn't necessary for everyone depending on your level of self control and comfort with investments after reading the above.

There's heaps of resources out there, but those two are both Australian oriented, aimed at 'normal' people with 'normal' lifestyles, and are extremely easy to read and easy to understand resources that give you a really strong education in the basics along with the concept of early retirement and passive investment.

If you're a reddit fan you can also dive down the rabbithole of Australian FI here https://www.reddit.com/r/fiaustralia/?rdt=54629

The biggest thing is there's no real get rich quick scheme that's reliable, otherwise everyone would be rich, and quick.

 

[BACCS]

There is no quick way to do this, but if you are prepared to actually spend the time learning about the industry, investing in crypto is the best way to get ahead in life financially imo, regardless of your starting capital. Also, it should be money you are prepared to never see again, that is absolute key.

You will make mistakes, you will see your portfolio swing +/-50% some days/weeks (more in bear markets), you will cop plenty from people that will always see it all as a scam, most of your friends and family will have nfi what you are on about, but this is all part of it and if it were easy to make it in crypto, then the life changing monetary gains just wouldn't be there anymore.

I would spend 40-50 hours+ per week on crypto related activities though (I am genuinely passionate about it), so I'm not sure I consider it retirement or working less haha.

My basic tips for starting out (before putting any money in):

• Avoid the scatter gun approach and actually take time to research different areas of crypto and what actually ignites some passion in you beyond just the financial side
• Stick to centralised exchanges (Swyftx or Coinspot in Australia are best); doing anything on-chain is a far different beast and is where people make the most mistakes if they go there too early
• Learn basic skills about reading price charts - plenty of good content out there from very smart people (doesn't matter if they are from TradFi either, the same skills apply)
• Join different social media circles and learn what works best for you (Twitter, Telegram and Discord are the main platforms for crypto people) - it will take time to develop good networks and flush out engagement farming type influencers

Very very few people 'make it' from their first bull cycle, but if you are prepared to then stick it out during the next bear market (easier said than done when nothing moves for months and is just continuously going sideways or down) and continually develop your skills, then you put yourself in a far better position for the next bull cycle.

 

[Nothing]

Educate yourself first.

You need to understand how much money your lifestyle is going to cost you in retirement. Everyone is different in terms of their goals.

Once you understand what you need to achieve, I'd really question the need of value of paying a financial planner.

If you can't be ****ed, pay a financial planner!

Doctor google solve your health issues? Yes you could do it yourself, and you might get a similar outcome.

A decent financial planner will help the OP and their partner answer those questions, formulate a plan that works and make sure you remain on track.

Those who get financial advice are the ones who value it.

 

[Engimal v3]

There is no quick way to do this, but if you are prepared to actually spend the time learning about the industry, investing in crypto is the best way to get ahead in life financially imo, regardless of your starting capital. Also, it should be money you are prepared to never see again, that is absolute key.

You will make mistakes, you will see your portfolio swing +/-50% some days/weeks (more in bear markets), you will cop plenty from people that will always see it all as a scam, most of your friends and family will have nfi what you are on about, but this is all part of it and if it were easy to make it in crypto, then the life changing monetary gains just wouldn't be there anymore.

I would spend 40-50 hours+ per week on crypto related activities though (I am genuinely passionate about it), so I'm not sure I consider it retirement or working less haha.

My basic tips for starting out (before putting any money in):

• Avoid the scatter gun approach and actually take time to research different areas of crypto and what actually ignites some passion in you beyond just the financial side
• Stick to centralised exchanges (Swyftx or Coinspot in Australia are best); doing anything on-chain is a far different beast and is where people make the most mistakes if they go there too early
• Learn basic skills about reading price charts - plenty of good content out there from very smart people (doesn't matter if they are from TradFi either, the same skills apply)
• Join different social media circles and learn what works best for you (Twitter, Telegram and Discord are the main platforms for crypto people) - it will take time to develop good networks and flush out engagement farming type influencers

Very very few people 'make it' from their first bull cycle, but if you are prepared to then stick it out during the next bear market (easier said than done when nothing moves for months and is just continuously going sideways or down) and continually develop your skills, then you put yourself in a far better position for the next bull cycle.

Thoughts Chief? I know you're a big crypto fan.

 

[Freomaniac]

Thoughts Chief? I know you're a big crypto fan.

wouldnt it be easier just to win the lottery? lol

 

[BACCS]

wouldnt it be easier just to win the lottery? lol

Great example of the comments you will see plenty of haha

 

[Chief]

Thoughts Chief? I know you're a big crypto fan.

True, I have been wondering what to do with the spare 50 hours a week.

 

[IAMDASH]

Doctor google solve your health issues? Yes you could do it yourself, and you might get a similar outcome.

A decent financial planner will help the OP and their partner answer those questions, formulate a plan that works and make sure you remain on track.

Those who get financial advice are the ones who value it.

Who said anything about Dr Google?

Managed to read some excellent books, observe, speak to others... then formulated a plan and remained on track, all without a financial advisor taking 1-1.5 per cent of my money.

Perhaps read The Ulyssess Contract by Michael Kemp, if you want someone to validate my point.

 

[Flog111]

There is no quick way to do this, but if you are prepared to actually spend the time learning about the industry, investing in crypto is the best way to get ahead in life financially imo, regardless of your starting capital. Also, it should be money you are prepared to never see again, that is absolute key.

You will make mistakes, you will see your portfolio swing +/-50% some days/weeks (more in bear markets), you will cop plenty from people that will always see it all as a scam, most of your friends and family will have nfi what you are on about, but this is all part of it and if it were easy to make it in crypto, then the life changing monetary gains just wouldn't be there anymore.

I would spend 40-50 hours+ per week on crypto related activities though (I am genuinely passionate about it), so I'm not sure I consider it retirement or working less haha.

My basic tips for starting out (before putting any money in):

• Avoid the scatter gun approach and actually take time to research different areas of crypto and what actually ignites some passion in you beyond just the financial side
• Stick to centralised exchanges (Swyftx or Coinspot in Australia are best); doing anything on-chain is a far different beast and is where people make the most mistakes if they go there too early
• Learn basic skills about reading price charts - plenty of good content out there from very smart people (doesn't matter if they are from TradFi either, the same skills apply)
• Join different social media circles and learn what works best for you (Twitter, Telegram and Discord are the main platforms for crypto people) - it will take time to develop good networks and flush out engagement farming type influencers

Very very few people 'make it' from their first bull cycle, but if you are prepared to then stick it out during the next bear market (easier said than done when nothing moves for months and is just continuously going sideways or down) and continually develop your skills, then you put yourself in a far better position for the next bull cycle.

The only way to invest in crypto would be the majors.


BTC ETH.

It would also be to DCA over 5 years. The recent lows would have been ideal for DCA. To be honest I think crypto will have a wipe out and recovery again so yeah.

 

[BACCS]

True, I have been wondering what to do with the spare 50 hours a week.

Run a forum that crashes on any major traffic inflows?

 

[Chief]

Run a forum that crashes on any major traffic inflows?

I can do that in my sleep.

 

[Kram]

There is no quick way to do this, but if you are prepared to actually spend the time learning about the industry, investing in crypto is the best way to get ahead in life financially imo, regardless of your starting capital. Also, it should be money you are prepared to never see again, that is absolute key.

You will make mistakes, you will see your portfolio swing +/-50% some days/weeks (more in bear markets), you will cop plenty from people that will always see it all as a scam, most of your friends and family will have nfi what you are on about, but this is all part of it and if it were easy to make it in crypto, then the life changing monetary gains just wouldn't be there anymore.

I would spend 40-50 hours+ per week on crypto related activities though (I am genuinely passionate about it), so I'm not sure I consider it retirement or working less haha.

My basic tips for starting out (before putting any money in):

• Avoid the scatter gun approach and actually take time to research different areas of crypto and what actually ignites some passion in you beyond just the financial side
• Stick to centralised exchanges (Swyftx or Coinspot in Australia are best); doing anything on-chain is a far different beast and is where people make the most mistakes if they go there too early
• Learn basic skills about reading price charts - plenty of good content out there from very smart people (doesn't matter if they are from TradFi either, the same skills apply)
• Join different social media circles and learn what works best for you (Twitter, Telegram and Discord are the main platforms for crypto people) - it will take time to develop good networks and flush out engagement farming type influencers

Very very few people 'make it' from their first bull cycle, but if you are prepared to then stick it out during the next bear market (easier said than done when nothing moves for months and is just continuously going sideways or down) and continually develop your skills, then you put yourself in a far better position for the next bull cycle.

Not having a go at you mate you have always seemed like a nice fella but this is legitimately scary advice.

 

[BACCS]

Not having a go at you mate you have always seemed like a nice fella but this is legitimately scary advice.

All good mate, we are allowed differences of opinions, that's what a forum is for! I have a genuine passion for the industry, I understand plenty of people never will and that is completely fine. I am just providing some experiences from my 3 years in the space, people are free to take it or leave it.

I want to make it VERY clear though, making it in crypto is VERY hard and unless you treat it like a career and spend 100s/1000s of hours honing your craft, you won't make it imo (or won't keep any short term gains if you manage to get a lucky win early).

Human emotions are powerful and people letting them dictate how they trade/invest in volatile markets like crypto is usually where I see the most downfall. This is only something that time and experience in the market helps to overcome.

 

[Angus Young]

The only way to invest in crypto would be the majors.


BTC ETH.

It would also be to DCA over 5 years. The recent lows would have been ideal for DCA. To be honest I think crypto will have a wipe out and recovery again so yeah.

yeah and throw in solana.

the rest will bury you fast.

 

[owen87]

Doctor google solve your health issues? Yes you could do it yourself, and you might get a similar outcome.

A decent financial planner will help the OP and their partner answer those questions, formulate a plan that works and make sure you remain on track.

Those who get financial advice are the ones who value it.

Disagree, heaps of financial advisors are not very good. The best thing you can do is have a basic level of financial education and literacy (which unlike medical basics, is easy to learn) so that you can understand what they're telling you.

Have a trusted accountant that you run it all past as well.

A financial advisor might advise some structures that simply don't suit you because they sound complicated and therefore justifies their fees. 'Put everything in a diversified ETF' is boring as hell but for most people, in most situations, is probably the best investment option once all the other costs and considerations are accounted for.

Perhaps read The Ulyssess Contract by Michael Kemp, if you want someone to validate my point.

Can recommend, a very good book written by a very successful Australian investor.

 

[Nothing]

Disagree, heaps of financial advisors are not very good. The best thing you can do is have a basic level of financial education and literacy (which unlike medical basics, is easy to learn) so that you can understand what they're telling you.

Have a trusted accountant that you run it all past as well.

A financial advisor might advise some structures that simply don't suit you because they sound complicated and therefore justifies their fees. 'Put everything in a diversified ETF' is boring as hell but for most people, in most situations, is probably the best investment option once all the other costs and considerations are accounted for.



Can recommend, a very good book written by a very successful Australian investor.

I guess it's all perspective. Have you ever had a good financial planner, who talked about your goals and objectives, worked through what was really important, set you on the right course and kept you there, through life's ups and downs? What are you prepared to pay for someone to be the sounding board for where you want to head and which is the right path to get there? If you earn $150K a year, how much of that are you prepared to spend for keeping you on track?

In my experience, most accountants can't deal with that and if they try to they usually solve in the same few ways for everyone (how many SMSFs get pushed by accountants because it's more fees to them).

Education is important and I think everyone should be seeking to improve their financial literacy. I think financial planning can assist with that. If your view of financial planning is that they are there to push a structure that doesn't suit then I'd suggest you have an outdated or warped view of where the profession is.

The current super and tax system is a complex beast, yes it's not brain surgery but it is often beyond most people to optimise to their goals. Seeking advice is an option that many wealthy people choose. Why would it not also be right for the OP?

Finally, to bring it back to the OP, the advice to seek out a good FP was for them - after the information they shared. I wouldn't suggest you (or Kram, Baccs, others) necessarily seek advice because for various reasons you all have your own ways. I still think you would all be better off with good advice though.

 

[owen87]

I guess it's all perspective. Have you ever had a good financial planner, who talked about your goals and objectives, worked through what was really important, set you on the right course and kept you there, through life's ups and downs? What are you prepared to pay for someone to be the sounding board for where you want to head and which is the right path to get there? If you earn $150K a year, how much of that are you prepared to spend for keeping you on track?

In my experience, most accountants can't deal with that and if they try to they usually solve in the same few ways for everyone (how many SMSFs get pushed by accountants because it's more fees to them).

Education is important and I think everyone should be seeking to improve their financial literacy. I think financial planning can assist with that. If your view of financial planning is that they are there to push a structure that doesn't suit then I'd suggest you have an outdated or warped view of where the profession is.

The current super and tax system is a complex beast, yes it's not brain surgery but it is often beyond most people to optimise to their goals. Seeking advice is an option that many wealthy people choose. Why would it not also be right for the OP?

Finally, to bring it back to the OP, the advice to seek out a good FP was for them - after the information they shared. I wouldn't suggest you (or Kram, Baccs, others) necessarily seek advice because for various reasons you all have your own ways. I still think you would all be better off with good advice though.

Neither of these things contradict seeking advice from a financial advisor, it makes understanding what they’re advising a hell of a lot easier though.

The best thing you can do is have a basic level of financial education and literacy (which unlike medical basics, is easy to learn) so that you can understand what they're telling you.

Have a trusted accountant that you run it all past as well.

 

[Nothing]

Neither of these things contradict seeking advice from a financial advisor, it makes understanding what they’re advising a hell of a lot easier though.

I stand, corrected. I mis-read your post.

 

[owen87]

I stand, corrected. I mis-read your post.

No worries, people getting financially literate is something I’m pretty big on since time and again I’ve seen people screwed over or lose out by not knowing the basics.

Learning the basics is pretty easy and something they really should teach in schools (which they didn’t when I went, maybe it’s changed).

 

[Nothing]

No worries, people getting financially literate is something I’m pretty big on since time and again I’ve seen people screwed over or lose out by not knowing the basics.

Learning the basics is pretty easy and something they really should teach in schools (which they didn’t when I went, maybe it’s changed).

On this, I 100% agree.