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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.
Every second week, I welcome a member of our local FI community to select some favourite financial independence links (archives here). Today’s Australian FI Weekly guest curator is The Frugal Samurai! Over to you…
Hi, I’m Victor, a 30-something millennial from Sydney, Australia. Growing up, no one showed me how to attain wealth so I’ve had to teach myself the hard way. I share my journey to being financially independent at thefrugalsamurai.com – I typically focus on investing, personal finance and development as well as commenting on topical financial issues. I’ve worked in the financial industry for over 13 years (and counting) and this allows me a unique perspective as a fly on the wall.
thefrugalsamurai.com
Facebook @thefrugalsamurai
Twitter @frugal_samurai
Australian Links
Blueprint For Investing During The Coronavirus Pandemic – The Frugal Samurai
“Think backwards about what you don’t want to happen. So if I had to apply inversion, the biggest consideration would be to avoid those stocks which will make me lose money.” There are many considerations during this crazy, crazy time, but predominantly defence is the best offence. It is imperative to be prepared and ensure you plan more than ever during these next few months.
12 Ways To Prepare For A Recession – A Family on FIRE
“…how do you make sure that you’re not one of the first on the chopping block? By being so indispensable that they can’t afford to get rid of you. This could be done many ways – monopolizing a particular skill, being the go-to person for many things, or even just being amazing at what you do and more compared to your peers.” With the fall-out of COVID-19, it is most likely the dreaded “r” word is coming. Most of us have never (or were too young) to properly experience the last recession in Australia in 1991. Now is the time for us to get prepared when it does arrive.
The Difference Between The Poor, Middle-Class and Rich Comes Down To This Simple Concept – The Happiness Investher
“Your personal financial statement consists of 2 parts: Income statement, which consists of your income and expenses; Balance sheet, which consists of your assets and liabilities. The relationship between your income statement and your balance sheet ultimately determines your cash flow. And your cash flow will ultimately determine whether you fall in the poor, middle-class, or rich socioeconomic band.” Have you wondered how to become “rich”? Or how to escape being “poor”? This post explains the fundamental difference and helps us understand our situation better.
Work from Home Job Ideas for Australians – Frugality and Freedom
“Appen has an Australian branch and the pay is actually reasonable; USD$18/hr for a current search engine result collection task I’m working on.” Aha! A great shortlist of things to do if you’re bored at home – why not make some extra coin? Seeing as more and more of us are now working from home, why not pick up a side hustle? What better way than to make money in your PJ’s!
International Links
Seven Steps to Creating Passive Income through Dividend Investing – ESI Money (USA)
“While there is no way to time the market bottom, you can do well by just buying in at these lower valuations and holding, providing that the companies bought are able to weather this storm.” If you’ve ever wanted to live off dividends, now is the time to do some serious research to take advantage of the juicy valuations at hand.
What To Do If You Lose Your Job – The White Coat Investor (USA)
“Cutting expenses is a great way to make your runway longer. With careful budgeting and frugal living, you might be able to live off of a 3-month emergency fund for 12 months.” Tailored more towards higher-earning medical professionals, there is plenty of gold in here for those of us who have or are on shaky ground. Some good learnings for all.
How Much Money Should You Keep in Cash? – The Wealthy Accountant (USA)
“Once you reach 25X your spending in liquid net worth (the 4% rule presented as a multiple of spending) you are assumed to have enough to retire under the 4% rule, regardless your age. However, as we are seeing with the current market turmoil, the simple rule of thumb has one fatal flaw.” A very pertinent question during these trying times, getting this answer right can set us up very handsomely for the long term, as well as reminding us to always… be liquid.
14 Passive Income Ideas: How To Make Extra Money In Canada In 2020 – Wealth Awesome (Canada)
“Want to earn money while you sleep? If so, I have some good news and some bad news. The good news is that there are countless ways that you can earn passive income. The bad news is that there is no get-rich-quick path to passive income. You will either need to invest your money or your time.” Canada… Australia, same-same but different. A lot of the strategies discussed here can very well be replicated Down Under, it just takes effort!
Thank you to Victor from The Frugal Samurai for today’s selection of financial independence links. Follow along his journey at thefrugalsamurai.com
Want to be an #AusFIWeekly guest curator? Got other Australian blog posts to recommend? Get in touch.
Yours in pursuit of FI,
Michelle @ Frugality and Freedom
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