Bloggers on FIRE – Kieran MacRae
In our Bloggers on FIRE series, we interview European FI bloggers to find out what makes them tick. Our aim is to build up a “who’s who” directory for the European FI blogging world. We hope you enjoy the series and discover some new blogs to follow. You can find a full list of our Bloggers on FIRE interviews here.
Please briefly introduce yourself to FIREhub.eu readers
Hey everyone! I’m Kieran, a 25 year old married guy in Scotland. I’m a digital marketer with a few different websites I run. So I work from home and hang out with my wife and my puppy mostly!
I also blog daily at kieranmacrae.blog if you want hear more from me!
What is your backstory?
I was lucky enough to discover FI while I was still at university. I was studying for a physics degree when I started reading MMM’s blog and it changed everything. I read about his lifestyle and thought ”that sounds amazing, I want in on that”. I originally hoped to go on to do a PHD but did a summer in a lab and realised it can be super boring!
So I started reading around more blogs a bit lost and thinking financially about what career path would get me to FI. And I noticed something. All the people I read about started fun projects and small businesses after becoming financially independent, and these people tended to earn enough from it to cover all their expenses.
So I thought why not skip the corporate part and go straight to the fun business part after? I had the good fortune of being young. So if I tried and it all fell apart, I could still go get me one of those careers I’d heard so much about.
But, again by good fortune, I came across someone on reddit who made websites about whatever topic took his fancy and made a living from it. And I thought, “if some random person on the internet can do it, why can’t I?”. So after 2 years trying, failing, learning and trying again I took it full time and have been doing that the past 2 years now.
I can get away with about 10 hours of work a week. But I tried that for a while and got bored. So now I’m working harder on it to see how big I can build the business.
Why do you want to reach Financial Independence?
It was always about the freedom of choice for me. I wanted the freedom to do the work I was interested in while being able to live where I want and do the things I want. Plus I reeeeally hate commuting!
How much is your “enough”?
I actually have a £10 bet with two friends of mine who do similar business and the first person to become a millionaire wins, so for me that’s the goal. I know 40K a year will be more than plenty with the 4% rule but I’m not sure I ever won’t want to do some sort of business project. So I don’t really have a specific number, 1 million is just nice and round.
Where are you on the road to Financial Independence?
Hard to say, I’ve built my business in a way that gives me all the freedom I’d want from being FI. The only difference is once I fill the investment account I won’t have the worry that if the business breaks down I’ll be stuck for a while until I build something new.
But I still want a good nest egg in the investment account. And without any standard guide for my earnings I’m really not sure how long it will take. Could be 5 years, could be 25 years, but at present it wouldn’t really change anything, it’ll come when it comes.
What do you want to do with your life once you reach Financial Independence?
More of the same! The projects would likely shift towards things I’m more interested in (blogging about mattresses takes its toll!). But I seem to be happier when I have something to work on so there will always be something on the go.
What is your strategy for reaching Financial Independence?
My strategy has been all in on my business. I’m building it up and have been re-investing heavily in it to grow it. Now I’m shifting towards taking out the profits and investing them in a good index fund, while still working on the business with the aim of selling it and buying more index funds for a little more reliable and less stressful income.
What will be your financial strategy after reaching FI?
After FI it’ll be a mixture of the 4% rule for index funds and any money made by the various projects I have on going. If the investment account doesn’t get touched that’s fine, if I need to withdraw that’d be fine too!
What was your biggest financial mistake?
I haven’t made any huge mistakes (yet) but I did invest a few thousand pounds into a website that didn’t take work. It still exists and is bringing in a little money each month, so it’ll balance out eventually. Besides, it was a huge learning experience so I guess it was a necessary mistake.
What advice would you give to your younger self?
I’m 25 so I think I am my younger self still! But I’m happy with how things have turned out so far. So younger me can keep doing what he’s doing.
What is your favourite just-for-fun activity that brings you joy?
Going for a sauna! I read a whole heap about saunas and their health benefits and can’t get enough. I always feel great after I’ve been to the gym and gone for a sauna, especially because I have the freedom to do it at 3pm on a wet Tuesday afternoon!