The Path From Minimum Wage to Millionaire with Mitch from Highway to Retirement

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FI after 40 Podcast

Ben Reeder

20 episodes

5 days ago

This is a show where I dive into the FIRE movement to see what financial independence is all about. I’ll share the steps I’ve taken to start my journey towards becoming financially independent. And along the way I’ll bring in others who are on a path of their own. You’ll hear stories and advice from people who have reached their version of FI, and from those like me, who are still finding their way. This is a show for anyone who wants to learn, grow and connect with others. This is FI after 40.

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Investing

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The Path From Minimum Wage to Millionaire with Mitch from Highway to Retirement

FI after 40 Podcast

30 minutes 27 seconds

5 years ago

The Path From Minimum Wage to Millionaire with Mitch from Highway to Retirement

This week's guest is Mitchell from the FIRE blog Highway to Retirement. Mitchell is a 21 year old Aussie who has caught onto the FIRE movement and plans to become a millionaire through investing and passive income. Despite earning a modest salary, Mitch has prioritized a low cost of living and is aggressively saving and investing in the Australian stock market. If all goes as planned, Mitch has set himself on a trajectory to retire in his early 30s.

Frugality and Freedom weekly roundup connection: https://www.frugalityandfreedom.com/australian-fi-weekly-36-with-highway-to-retirement/
Located in Australia – central Queensland, north of Brisbane
Dealing with corona virus pandemic lock-down, easing restrictions
Initial interest in investing to generate passive income
Learned about FI community and retiring early
Started his FI journey before age 21
Aiming for $1.25M in portfolio, yielding 4% dividends, or $40-$50K per year
Should take 12-13 years based on current income
Earning close to minimum wage currently
Even if the market under performs for 15 years, should hit that target
Doesn’t spend a lot on misc expenses, keeps expenses low
Finds free and cheap activities to socialize and stay active
Expects to continue traveling when he retires
Recently went to Vietnam, very affordable trip, great cost value
Also visited Lord of the Rings sets in New Zealand
Investing focus on ASX (Australian Securities Exchange)
Likes After Pay and Push Pay as stocks
Focus on Healthcare stocks, minimal ETFs, reliable dividends
Holdings have bounced back after recent dips with COVD-19 impact on market
Real estate investing extremely expensive in Australia, hoping to afford a duplex within a couple of years in order to house hack
After reading other blogs for 6 months decided to start writing his own
FI community has been supportive and allowed connections that spread across the globe

Website: http://highwaytoretirement.net/

Twitter: @highway2retire, https://twitter.com/highway2retire

Facebook: @highwaytoretire, https://www.facebook.com/Highwaytoretire