“Mining for Fire” is an Australian blog to inspire and help you to reach Financial Independence and Retire Early (FIRE).
This blog is for anyone interested in taking charge of their finances and making some life-changing decisions, especially high-income earners and/or those working in the mining and resource industry.
Who am I?
I am a 32 year old Mining Engineer who has been working FIFO in the mining industry for the past 10 years. I am passionate about the mining and resources industry and have worked at over 7 different mines and met all kinds of weird and wonderful people.
I am a Husband, Father and live in the Illawarra. In my spare time I enjoy surfing, finance, reading, mining, family, gaming, cars and snowboarding.
Why did I start 'Mining for FIRE'?
Mining for FIRE was started primarily as a way to help others achieve their financial goals and reach FIRE. I felt that there were very little discussions among the mining industry about finance and what people are doing with their high salaries to set themselves up for life.
I heard a lot of talk about buying a new boat or the newest Hilux but not much about, “Hey, guess what, I am retiring at 45 and travelling around Australia in my Hilux.”
Mining for FIRE is intended to be a community for sharing resources, learnings and information with each other. It is here to help create robust discussions about personal finance between everyone in the mining and resource industry. To learn from each other and hopefully help improve some people’s lives.
My journey with money all started when I was much younger. My parents were fantastic savers and worked hard their whole life to teach me the value of hard work and saving. I was not encouraged to buy whatever my heart desired on the day. I was taught the value of money and I will be forever thankful for this important life lesson.
My interest in shares and investing was also fuelled by my Pop who immigrated to Australia with nothing but the clothes on his back and his family beside him. Through extraordinarily hard work and investing he was able to build a multi-million dollar share portfolio in his lifetime. What an achievement and role model for generations to come.
Although my love for money and investing was always prevalent, I was not always good with money. Through a large portion of my teens and into my early 20s I spent much more than I should have on cars, partying and travel. I was at times very carefree with my money but in saying that I never went into debt or bought something with money that I did not have.
As time passed I finished University and started a full-time job and as some may have guessed, in the mining industry. In my first year working full time I saved enough money for a deposit and bought my first investment property. Fast forward to today, 10 years later and I am now married with a son and together we have a PPOR, 3 investment properties, shares and other investments earning us money.
Totalling all the equity and investments our family has managed to build up a net worth of over $1,000,000 (including super) and are well on our way towards our FIRE goals. This is all while travelling overseas every year for the previous 5-6 years before having our son and not really living a super-frugal lifestyle.
Reach Fat FIRE by 45 y/o with a portfolio target just over $2,000,000. This will provide my family with about $80,000 a year of passive income. We will then have a choice on whether we continue working full or part-time and spend more time on the things that bring us joy.