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That old feeling.

Thick smoke. Fires blazing out of control. Sirens screaming.

A text from a neighbour down the road: “What can you see? Is it bad?”

Twenty fire trucks were battling it at my neighbour’s farm across the road.

Helicopters buzzed overhead. Sheep were getting spooked.

Everything was hot, dry, and primed to burn.

And I felt … calm.

I’ve already lost a home, years ago. And when you do, you learn something fast: in a fire, you don’t grab what’s expensive. You grab one thing. And it was already sitting in the front seat of my ute.

Thanks to the hardworking, brave volunteers of the CFA, they stopped the fire at my neighbour’s farm, and with it the immediate danger to mine. 

Other people in our community weren’t so lucky. Fifty families lost their homes this month. Even more small businesses were totally wiped out.

I spent the next week helping people as a financial counsellor. At the emergency recovery centre, I listened to people replay the moment they ran. What they grabbed. What they left.

It’s always the same. They mourn the things they can’t replace. Ashes. Letters. A single photo. They were searching for the same thing: the one thing that made their life theirs. They just didn’t know it until the fire asked the question for them.

Here’s the question the fire asks, whether you’re ready or not:

If you had 60 seconds to leave your house forever, what’s the ONE thing you'd grab?

Not three. Not five. ONE.

(Aside from people, pets, and financial documents.)

Most people don’t know their answer. They think they’ll work it out in the moment.

They won’t.

So here’s your challenge:

Find your one special thing this week.

Dust it off. Spend a few minutes with it. Think about why it matters.

Then back it up, protect it, or keep it within arm’s reach.

This is your life distilled to what really matters.

Insurance replaces houses and buys you stuff that’ll eventually end up at the tip or Vinnies – but it doesn’t pay for the one thing that makes your life yours.

Don’t wait for the fire to teach you what that is.

Tread Your Own Path!

I’m on FIRE

Hi Scott,

I’m 27 and I’m currently aiming to achieve dividend FIRE (Financial Independence Retire Early, i.e. living off income from dividends in the future). I’m fortunate enough to have purchased my own house with help from my family, but my future goals have left me with a few questions. Should I prioritise paying off my house or investing? The ChatGPT number being spit out at me for my desired goal seems absolutely insane ($3m, which might as well be a billion). I’m worried that by the time I reach my goal, I’ll be close to retirement anyway. I wonder if the sacrifices I am making now are worth it, or if I should be taking a more balanced approach and enjoying life along the way instead. What do you think?

Lincoln

Hey Lincoln,

Let’s play this one out.

You spend your twenties and thirties eating baked beans – without the beans – because every cent belongs to Vanguard. You manage to save 75% of your income, and tell yourself you don’t need a social life because your true friends are compound interest and low-cost ETFs.

Then you retire.

What are you going to do with yourself for the next 50 years?

Hang out at your local Men’s Shed and build birdbaths with the local lads?

Farm chestnut trees? (Oh, wait.)

Or more likely you’ll do what many retirees do who’ve turned off the income tap for the final time:

Stress about every move of the share market.

So let’s talk about the $3 million stretch target that ChatGPT suggested for you. The Aussie share market historically has a dividend yield of 4%, which would give you roughly $120,000 in annual income. That will get you an annual holiday at the Ouyen Caravan Park (in a tent).

Look, I admire the FIRE movement for its focus on saving and investing … to a point. 

Yet you also have to ask yourself:

Why are you so hell bent on retiring? 

Dude, I’ve had yoghurt in the breakout room fridge that’s been at work longer than you!

Instead, I’d really encourage you to change your focus. 

Spend your twenties and thirties doing interesting stuff. Maybe start a business. Or do a random job that you really enjoy. Travel. Find a career that you love. 

Whatever you do, don’t make your life all about money.

Scott.