How this 41-year-old teacher can afford to retire early

Get Started Investing

Leigh, a 41-year-old teacher from Brisbane, shares her decade-long journey of achieving 'Coast FIRE' through disciplined investing and budge

Key takeaways

• Leigh reached 'Coast FIRE,' meaning her current investments are sufficient to fund retirement without further contributions.
• She successfully paid off her mortgage in 2024, hitting her ten-year goal ahead of schedule.

Main topics

• Financial Independence (FIRE)
• Coast FIRE

Notable quotes

Financial independence is having enough money that you can live off your investments.

Conclusion

A highly motivating episode demonstrating that significant wealth and

Transcript preview

Speaker 2 (0:00) When I went on maternity leave I got really serious about our finances. What would have done us a great deal of benefit is doing that when we had the money. I feel like I was saving, saving, saving all through my twenties but really didn't have anything to show for it at the end of the day. Well, actually I haven't announced it to my community yet. Speaker 3 (0:24) This Speaker 2 (0:24) episode is sponsored by Eubank. Money done better. Speaker 3 (0:28) Welcome back to Get Started Investing, a show that helps you make most of your money. This is how I got started. It's a series where I sit down with a community member to hear the highs and lows of their journey to investing. These are real stories and we hope they're going to give you the confidence that investing is for anyone. Today we are joined by Leigh. She's a 41-year-old teacher from Brisbane who started her investing journey after reading The Barefoot Investor on maternity Speaker 2 (0:50) leave. As Speaker 3 (0:50) someone who grew up in a frugal household, she got absolutely hooked on the idea of financial independence. Ten years later, her mortgage is paid off, her family has reached coast fire, which means if she stopped investing now, she would actually have enough for retirement, and she's also in a financial position to take the whole of next year off work while she figures out what she wants to do next. Lee's story is proof that you do not have to be earning millions to build financial freedom. This is how Lee got started. Speaker 2 (1:14) Lee, welcome to Get Started Investing. Thank you. Speaker 3 (1:17) Very excited to be speaking to you today. I think it would be great if we could start with you painting a little bit of a picture of what life looks like for Lee today. Speaker 2 (1:26) Well, I'm in my early 40s. It doesn't feel like it. I've got two boys, seven and ten. And full. Yeah, keeping us busy. And we're currently living in Brisbane and I'm a school teacher. So I work part time because life is hectic and I teach year one. a year one, two composite actually this year and yeah, pretty simple life really. Speaker 3 (1:52) Love it. Now the series is called How I Got Started. So obviously I want to know how you got started, but I'd love to understand why you got started. Like what are you investing for? Speaker 2 (2:03) We are investing for financial independence to have some financial security, I suppose was step one and to give our lives a little bit of flexibility. Also some life enjoyment at the end of the day. Speaker 3 (2:17) Yeah. What is financial independence? Like, what does that mean? Speaker 2 (2:21) Financial independence is having enough money that you can live off your investments. So the more you spend each month, the more investments you need. So we're trying to find that happy medium because the more we spend, the more we'll need invested. Speaker 3 (2:38) Okay. So you kind of work out what you spend. And then what investments you need to be able to allow you to spend that much without having to work. Speaker 2 (2:46) Yes. So that the investments cover our living expenses. Yeah. God, that's the dream, Leigh. I know. It's a dream. And hopefully it's a reality one time soon. Yeah. In the next five to 10 years, maybe. Wow. Speaker 3 (2:59) Well, I'm really looking forward to hearing how that's all going to become a reality. But let's go all the way back to... I guess, young Lee, what was money like growing up for you? I think Speaker 2 (3:09) money was a bit of a stressor. Speaker 3 (3:12) A Speaker 2 (3:12) single income family, which was common, but there was always seemed to be not enough money. Groceries, searching for specials, which I think has done me well. Some of the things, but I do think that money was stressful. And do you think you felt Speaker 3 (3:29) that as a child? Speaker 2 (3:30) I definitely felt that reflecting back. Speaker 1 (3:33) I Speaker 2 (3:34) can see why and some of the things I've taken with me. And I think it's helped maybe sometimes to the extremes. It's Speaker 3 (3:42) interesting having worked with a money coach. I didn't realize that most of how you view money happens subconsciously before the age of seven. I was like, wow. As a child, you're picking up things without realising. Speaker 2 (3:54) Yes, I know. So I try to be really careful with what I'm saying to my boys. Of Speaker 3 (3:58) course, Speaker 2 (3:58) you've got Speaker 3 (3:59) two young boys. Yes, Speaker 2 (4:00) and trying to have those conversations around money and making sure they're positive. Speaker 3 (4:05) So you've grown up in a frugal household. You get your first job at... How old were you when you got your first job? I think around 15. Okay. And I'm interested to know how you were with money when you started earning your own then. Well, even prior Speaker 2 (4:19) to that, I just wanted pocket money. I pleaded and pleaded to get pocket money. And the going rate back then was $2 a week. The going Speaker 3 (4:28) rate. Speaker 2 (4:29) All my friends were getting $2 a week and I just wanted it so bad. But my mum was just like, no, no way. I would dream and budget and plan that $2 a week. And what you could do with it. What I could do with it, how much I could save by X amount of time. So I just think it's always been in my blood. And then I got my first job at AMART All Sports. Oh, I know AMART. Which is like Rebel Sport now. I had to call the bank to get my bank balance. And every payday, like straight away, wake up, call the bank, get my bank balance. And that's how I think I know my bank account number off by heart because I had to punch it into the phone. Speaker 3 (5:07) Oh, my God. Speaker 2 (5:08) Yeah, so I still have that bank account because I know the number. From Speaker 3 (5:12) your first job? Yes. That's Speaker 2 (5:14) wild. Yes. So I have a thing for even numbers, right? So even back then on the phone. It would tell me my pay and if it was $73.87, I'd be transferring $23.87 to my savings account. Speaker 3 (5:28) So you only had an even number? Yeah. Oh my God. Speaker 2 (5:32) Yes. So that's what I was doing every pay. What Speaker 3 (5:37) you've said there, so you were saving. I always find it interesting what people did with money. From their first job. So were you saving some, spending some? Because the reason I ask, I turned into a massive spender because I similarly grew up in a household where, yeah, pocket money wasn't really on the cards. So as soon as I got my own, I was like, whoop, Speaker 2 (5:53) spend away. I've always been a saver, Speaker 3 (5:56) but Speaker 2 (5:57) it wasn't till probably my 30s that I see savings differently now. Speaker 3 (6:02) And Speaker 2 (6:03) I often speak about that savings isn't savings if you eventually spend it. Okay. For example. I'm saving, but then I buy a car. Speaker 3 (6:11) Yeah. I'm Speaker 2 (6:12) saving, but