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Welcome to another edition of #AusFIWeekly. It’s Michelle here from FrugalityandFreedom.com, bringing you this regular selection of great financial independence links, news, and events from Australia and beyond.
Hello from Frugality and Freedom HQ… aka. my childhood bedroom where I’m waiting out the pandemic until I can resume nomadic life! My 2020 travel plans, work opportunities and housesitting got upended recently, so I’m thankful that my pursuit of financial independence has me in a good position to ride this out.
Yesterday, I recorded a Covid-19 themed episode for The Personal Finance Show podcast. Canadian host Beau Humphreys interviewed me on Australia and New Zealand’s response to the pandemic, how it has impacted my lifestyle and finances, and what it means for my fellow event workers and digital nomads. For more personal stories, money tips and home-cooking pics, read my Diary of a SelFIsolator series.
Until next week, take care and wash those hands!
Australian Links
The Impact of Coronavirus on Financial Independence – I Live Off Dividends
“Something else that the COVID-19 crash demonstrates is the importance of financial independence. Being able to live off your investments forever is important because your job is not certain. Many people have an optimism bias and think they will be employed forever, and they structure their life around the assumption that they will always be employed. However, even what is perceived to be a safe job can be unsafe. For example, a pilot may think their job is bulletproof. They may think that air travel will always happen, so their job is safe. Black swan events do happen.”
Money Tips Explained – Remember To Water
A collection of 100 tips for good money management. “There is nothing better than a good short sharp piece of practical advice that accurately encapsulates an entire idea or concept into just a few words… Enter this page – a place where I will keep my money tips and expand on them with some additional information and thought.”
Saving for the Future: March 2020 – Dividends Down Under
“We aren’t trying to save every last cent we can. We want to enjoy our lives and experiences now, not just when we reach FIRE. However, at the same time we recognise that living a simpler life means we save more, it also means we don’t need to accumulate as much wealth to afford the lifestyle we want of living off only our investment income.”
Sequencing Risk and Pension Income: A Tale of Two Market Journeys – Super Guide
“If you are recently retired or on the brink of doing so, a big market fall can play havoc with your retirement income planning. Thanks to the impact of sequencing risk, you may find your savings will not provide the retirement income you hoped for… The concept of sequencing risk only hits home for most of us when our retirement plans are thrown into disarray by a sudden market fall. This was the case for a generation of new retirees during the GFC and again in 2020 due to the coronavirus.”
International Links
Get Rich… in Monk Mode – The Escape Artist (UK)
“In Monk Mode you work, you think and you rest. Then you repeat… In Monk Mode you spend NO MONEY other than needed for food and utilities. Millions of people are currently discovering some version of Monk Mode for the first time. For many, lockdown has been a brutal adjustment. For others, its been a time of improved productivity, health and wellness. You don’t choose the hand you’re dealt, but you can always choose how you respond.”
The Difference Between Being Frugal and Being Cheap – Spills Spot (US)
“We all know who they are. Maybe they’ve pulled the “I forgot my wallet” trick a few too many times. Maybe they load their plate a little too high when a free meal is provided. Or maybe they consistently ask for financial assistance without returning the favor… We’re talking of course about people who are cheap. Unfortunately, this negative stigma can sometimes drag the frugal lifestyle down with it. In all honesty, a frugal lifestyle is an extremely positive way of living, while being cheap is not a desirable quality to possess.”
Freebies If You’re Stuck at Home During Coronavirus – Alt To, Medium (US)
An epic collection of free exercise, productivity and entertainment services to use this month. “Here’s a list of free or donation-based online resources I’ve run across that hopefully can make our days a little easier and brighter. Take good care of yourself, and then pass kindness and generosity forward to others in your community if you’re able.”
How To Keep Going Strong When Life Kicks Your Ass – Darius Foroux (Netherlands)
“It’s cliché, but the things you experience will make you stronger, better, wiser, etc. The thing is: We only say those things in hindsight. Wouldn’t it be better to realize that you’re getting stronger when you’re IN the moment? I don’t view obstacles as some terrible thing that destroy your life. Everything that happens to you is just training. And training is always good, no matter how harsh it is.”
Hope you’re all keeping safe in these strange times. Get in touch if you find resources worth sharing with other #AusFIWeekly readers.
Yours in pursuit of FI,
Michelle @ Frugality and Freedom
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2 comments
Great variety of posts. The pandemic is definitely dominating the blogs. My career blog is all about job search, job security, working from home, etc. My FIRE blog is all about the pandemic and its fallout. We have a diversified portfolio of business income, paper assets and real estate, and this pandemic has stress-tested it all!
Yes, it’s definitely a top-of-mind theme at the moment; rightly so. It is uncharted territory, so it will be interesting to see how things play out for the economy, physical health, mental health, finances and job market. Your diversified portfolio sounds like you’d be in a good position right now – wow, what a way to stress-test indeed! All the best for the upcoming months.