Strong Money Australia: How to Gain Financial Independence and Create a Life of Freedom

by Dave Gow

"A practical mix of finance, philosophy and psychology. Dave is an Aussie FIRE pioneer." - Aussie Firebug

What would life be like if you never had to work for money again?

That might sound like a fantasy. But gaining financial freedom is far more achievable than you think.

Dave Gow retired at 28, after a decade of working as a forklift driver. He didn’t win the lottery, inherit a fortune, or get lucky in the stock market. Instead, he discovered a simple set of principles that helped him spend less and invest more, all while increasing his happiness.

If you’re fed up with the rat race and wish you could live a life of freedom and fulfilment, his story will show you the path. In this book, you’ll learn:

The mindset that helped Dave build wealth and retire at 28.
Proven tactics to optimise your spending for more savings AND more enjoyment.
How to easily build a portfolio of passive-income-producing investments.
The secrets for living a happy and satisfying life while working towards your financial goals.

From the author of the popular Strong Money Australia blog, this book is your complete roadmap to reaching financial independence and retiring early in Australia.

“Most people think financial independence isn’t possible on a normal salary, but this book shows exactly how it’s done.” - Pete Wargent, author of Get a Financial Grip

“Dave’s story is an honest and inspiring reflection of what it takes to succeed financially. His book is a field guide for understanding the world of money, and yourself.” - Owen Raszkiewicz, founder of Rask

Genres: Nonfiction, Finance, Audiobook, Money, Personal Finance

374 pages, Kindle Edition

Published January 1, 2022

Reviews

[Dean Mack · Rating 5 out of 5]

Best investing book I’ve read .

This is the best book of read on investing! So simple and no B/S . I’ve been following Dave for a while and his approach is spot on .
Just save as much as you can and invest in low cost funds ,and time and compounding will do its thing .

[John Smith · Rating 2 out of 5]

A vegan, minimalist living FIRE book in disguise written by a high school dropout.

This book doesn’t really contain any new ideas or approaches and instead simply regurgitates the basic info you’ll find in any FIRE community. The execution isn’t great and some of the logic isn’t well thought out, evident by claims made that you can retire in 10 years or less.

I finished this book, but I wouldn’t recommend it as it didn’t bring any new insights or ideas into my life.

[Mike · Rating 2 out of 5]

The author just repeated so many other books written about financial independence. Nothing new to add to my knowledge.

[Anthony Keutzer · Rating 4 out of 5]

If Barefoot Investor is Primary School, Strong Money Australia is High School 🏫

Much easier to read than dune messiah 🧿🫦🧿

[Rachel Coutinho · Rating 5 out of 5]

The best money and psychology of money book I've read all year. It questions your thoughts on being financially independent and what you want from life. I love that its written by a regular younger person who's not from a financial background and feels like you're talking to a mate about money.

[Latestarterfire · Rating 4 out of 5]

Loved it - the advice to achieve FIRE was specific to Aussies. And reminds us that we are already winners living in a country with living standards & opportunities that others envy. Applying Dave’s simple strategies of questioning our purchases, living simply, saving & investing for the long term seem totally doable & achievable. Part finance, part mindset & philosophy - easy read!

[BingeReader · Rating 5 out of 5]

This is a quick read. I find it very motivating and inspiring. It makes me want to start investing in index funds and LICs significantly more to be financially independent enough to work part-time in the next decade. I like how easy it was to digest. The investment, saving style, minimalism and drive to achieve freedom early in life resonate with me. Simple and makes a lot of sense.

[Jasmine]

DNF @ 26% it wasn’t bad, was quite entertaining, it was just nothing I haven’t heard before and I was too impatient to wait till later for more of the practical steps

[Jerwin Parker · Rating 5 out of 5]

I recommend this book for anyone looking to improve their financial literacy. The author's clear explanations and practical tips make it easy to understand and implement the strategies discussed in the book. It's a great guide for anyone looking to take control of their finances and achieve financial freedom.

[Robin · Rating 4 out of 5]

The positives here are the quality of the writing style (and reading style, for the audiobook). Gow is gifted with clarity and forthrightness. The book is written conversationally, and while it does cover some complex ground, it does so in a clear and comprehensible way. Gow also seems like a top bloke. He is unpretentious, and was happy working as a forklift driver for many years.

I suppose as well that Gow achieves his mission of describing how to gain financial independence. It's just that the mission is bonkers. It basically boils down to:
- Cut spending to the bone. Consider veganism. Sell your car. Do you need so many holidays?
- Maximise income. Work overtime or nights, start a side hustle, earn a promotion. It doesn't matter if you don't like your job.
- Every month, put $2000 into an index fund.
- After 20 years of doing this, you can retire! But your income will be ~$40,000 per year. So you'd better have a paid-off mortgage and have no interest in travel, philanthropy, technology, etc., etc.
(- Actually, the advice for your mortgage is, after 10 years on a 30-year loan, to refinance to a new 30-year loan. It keeps your repayments down!!!)
- Oh, and that $40,000 a year isn't guaranteed. Some years it'll be a lot lower. So you'd better have "flex," which is to say, a bunch of spending you'd be happy to cut! Or you could take up part-time work. After all, what is retirement without work, right? Right??
(- The more spending you cut, and the more income you earn, the more you can invest, so the quicker you can retire. Gow did it by age 28 - with the help of his partner).

Gow does spend quite a bit of time trying to deprogram you from consumerism. His main refrain is that your life is better than that of 99.9% of people who have ever existed. But that's an empty argument. The truth is that it could be even better, and if those 99.9% of people were in my shoes, they could also look up and say "Hey, this could easily be better." Progress is great, but why stop progressing? Gow's entire money-making scheme (put money into the stock market) is predicated on other people continuing to innovate, to create new products or make old products more efficient. Gow does not contribute to that, but wants to take that progress for granted, while also eschewing further progress. I really like Gow's Zen attitude about things, but also, he has not seriously considered his argument from the other side.

I did not idly mention Gow's forklift-driver background. It explains a lot. Gow is the kind of person who can do a job for the sake of having a job; he would prefer, but does not demand, a meaningful source of income. As a result, he can just work in an unsatisfying soul-grinding warehouse for a decade and come out none the worse for wear. For anyone who does need meaning in their work, like me, the prospect of working 10-20 years in a meaningless job is a non-starter. Like, the idea of switching off an important part of yourself for 20 years instead of 40 is like choosing between losing one or both legs. I'd rather have two legs, actually (which, in this metaphor, means to find a job/life that will be sustainably meaningful for as long as I want to work).

So while Gow is clearly intelligent and articulate, he is not gifted/cursed with sensitivity. Anyone who carries that mixed blessing will probably crave the financial freedom Gow promises, but recoil from his methods of achieving it.

[Cindy · Rating 5 out of 5]

I listened to this book via audio during commutes to and from work.

The tips given by Dave throughout the book were applicable and mirrored things I was already doing (the main reason I picked it up was to see if there were additional tips to try), as well as opened up a world of other possibilities including mindset, investment styles and calculations for future planning and projection.

When it came to investments, it gave a deeper dive into what he considered 'good' and 'bad' options including reasons why. He broke it down into easy to digest details, all of which helped in framing a mindset which focused on compounding, investments and becoming wealthy and the path in which he took to become successful and the other paths that were considered and possibly undertaken.

One of the best things about the book wasn't even just how he talked about investments, but rather the mindset on how to get behind the lifestyle that made him wealthy, along with his tips and tricks. It was humbling to hear the way he built his wealth, where he really buckled down to take away and say no to things he could get away with at 'cheaper rates', for example having coffee hangouts instead of lunch/dinner which would eat into his pockets over time, which he'd rather spend on investments. Even building better habits that start small, before it becomes larger and eventually becomes what it should (especially for those who cannot start straight away or want to ease into it as it is a lifestyle change), or even changing your job among other things.

A super important thing he mentioned was the plan in which we would stick to after we reach FI. What would you do? How would you spend your days? It got me thinking and it made me realise I literally had no idea, and that all I wanted was free time, but with that free time, doing something worthwhile while not specifically knowing what. There were lots of little bits and pieces scattered around that got me thinking of the things the topic revolves aroud. It isn't just getting wealthy, but the lifestyle behind it and smaller details.

Here's some of my favourite things said/written to finish this review off:
"Being busy is a badge of honour, but should we really be proud of this?"
"The price of anything is the amount of life you give in exchange for it."
"The taste of freedom is much tastier than a burger that you can get."

I really looked forward to listening to this book whenever I was commuting, and opted for this instead of the music I usually listened to. I'm glad I was able to listen to this, and hopefully some of the knowledge from this becomes an action that eventually becomes a habit! Highly recommended for those who want something said directly, and with practical and applicable advice.

[Simon Hepple · Rating 5 out of 5]

I read this book quite quickly as it is such an easy read. I work as a financial adviser and have read literally hundreds of books on finance and how to make money, etc. This book was rather unique in many ways because it isn't really about making loads of money and how to kill it in life. It is more about how to stop working and live off the bare minimum. Strangely I found this really appealing as this is quite far from my current mindset. I also found it refreshing to hear how easy it is achieve and even liberating.

As an adviser, I can personally attest that it really is that easy to build wealth and live off it. The bit that is hard for most people is the mindset that they have to live within a budget and the craving for material things. Here I agree with the author and I am certain I would get on well with him. I care not at all for material items and don't even take enjoyment from buying them. The part that I would find hard is around giving up travel and limiting myself to a more meagre life with a smaller home, etc. I love golf and that costs thousands of dollars each year to play. I feel a little trapped to keep this hobby going.

I also found the part really interesting around property versus shares. I grapple with this all the time and I am really leaning towards the authors views completely. I also believe that property investment is going to become a terrible asset class in the future. Govt interference will pick up and tenants seem to have more rights to the detriment of landlords. I also believe that they seem over-valued compared to income achieved. To get a yield of greater than 5% is very rare. There are no tenant issues with shares. Far easiest to look after.

[John Badger · Rating 3 out of 5]

A good account of what he did, and very important to hear someone who's done property investing in Australia to not be absolutely obsessed and convinced with that strategy. As for his actual advice, I find most of it either obvious or not my cup of tea - it's heavily written prescriptively, putting what he did in a positive light (or his opinions). For example, he doesn't really emphasise the downsides of property leverage, but does for shares - which to be fair is advocated. I also disagree with his LICs recommendations, and the 50-50 VAS VGS split (I initially did this for a few years too, seems the typical path for aussies). The shares treatment in general could have been more fleshed out.

A few gems though! I really liked the table and relationship between savings rate and years to retirement. I'd never thought of it that way, very simple and elegant. I just think that more emphasis could be given to earning greater income rather than savings, but again because he didn't really do this (was a forklift driver and his method was to get loading on weekends/nights etc) he doesn't spend much time on career paths or general tradeoffs in australia (uni is often a waste IMO). That said, he has an excellent blog post on this, and his blog is probably better than the book all round, so I'd read that first.

[Ben]

The main lesson of this book is that it's possible (because it happened to the author) to retire early in Australia at a young age and on the median salary. It is possible! Other books are better (I would recommend Your Money or Your Life for the FIRE fundamentals and The Barefoot Investor for Australians starting their journey into personal finance) but I would still recommend this to Australians as an easy-to-read amalgam of both topics. The main downside of this book is that the author seems to have retired into a life that I imagine few people his age would want. It's true that compared to how the mass of humanity lives now and has lived in the past that his standard of living is high, but nevertheless his early retirement reminds me far too strongly of actual retirement. He walks his dogs, cleans the local park, and plants trees for Landcare. It sounds like a relaxing weekend, but a profoundly boring life. The author does a poor job of helping the reader imagine alternative early retirement lifestyles that unlike his are not terminally lifeless and in so doing he undersells the radical potential of the FIRE movement to give people the life of freedom they so desperately desire and that make them want to be so frugal in the first place.

[Philip · Rating 3 out of 5]

This is a great book if you are new to the concept of FIRE. It's easy to read and understand. The best thing about this book is that it is written for an Australian audience. It discusses the pros and cons of investing in superannuation, property, and index funds from an Australian perspective.

Probably the most interesting part of the book is the author's argument that in Australia investing in an ETF is far better than investing in property. This is interesting because, unfortunately, it is so rarely said. In Australia, investing in brick and mortar is sacrosanct because of the non sequitur argument that it is 'as safe as houses'. As the author points out, you'll make an average yearly return on the ASX of about 7% to 10% (inclusive dividend yield and capital growth) whereas with property you'll be lucky with 2% to 4% (after various bills, interest payments, and taxes). Accordingly, 'buying a house is a lifestyle choice, not an investment'.

The only reason I gave this book three stars is because I'm not the target audience - I'm not a novice investor. That said, if I'd read this book 5 years ago, it would have really made me rethink my financial plan.

[Naing Tan · Rating 5 out of 5]

Encouraging influence to strive for financial independence and how simple it is to achieve. In short, you should work hard and invest early in life, then live off the dividends where you can retire fully or partially. Indexes and ETFs are best if you dont want to worry about picking stocks. Take advantage of franking credits by investing in ASX companies to reduce tax from dividends.

Other notes
- [ ] You need 25 times your yearly spending to retire
- [ ] If you dont find a way to make money in your sleep, you’ll spend your life working.
- [ ] Assets can get tied up in property. If your goal is to be FI, dividend paying shares are better than property as they give annual income. Property gives u equity but d-shares give u more cashflow. Property makes u rich on paper, shares make u rich in life, better for FI
- [ ] Invest in Index funds for the many reasons. Eg. Aussie- VAS, VDHD, DHFS, VGAH, int- VGS ,
- [ ] Investing in dividend shares is like planting a tree. Add more savings and it will grow faster.

[Ryan · Rating 2 out of 5]

I found this book extremely light on for content. It is an awkward mish mash of high level ideas that you could more easily digest from reading FIRE blogs.

It may be some use to someone who has absolutely no financial background and is looking to get their finances in order. If that is you, I would recommend starting with the barefoot investor then reading some FIRE blogs or listening to some FIRE podcasts.

[Al Redman · Rating 5 out of 5]

Common sense, down to earth book on financial independence, investing and materialism.

For anyone interested in retiring in their 50's, 40's or even 30's this will be a valuable read.

Dave is a straight shooting Aussie Bloke with bucket loads of wisdom, much of which extends beyond your standard finance book.

Practical and to the point, I'll be referring back to it in the future.

Cheers Dave

[Kylie Ward · Rating 5 out of 5]

An excellent read. I’m fortunate to also live in Perth and have met Dave a couple of times now. I enjoyed that this book has taken a very complex subject matter and broken it down into easy to do actions and easy to understand wisdom. So much respect for getting to the heart of the matter - it’s not how much you earn, but your habits. I recommend this book for the person who is looking to get started. Read the book, then do the things.

[Dean · Rating 3 out of 5]

Audiobook: Good listen, made some good points and made me think about purchases and decisions I make around money. A lot of it I had heard or read previously but good to be reminded of it. Interesting to hear about finance from an Aussie perspective now I’ve moved here. Some of it did get a bit draining to listen to but worth a read

[Nathan Farrow · Rating 5 out of 5]

Absolutely loved this book and have listened to the audio version multiple times. Dave’s explanation and mindset about investing are great. So incredible to see someone who had a modest job with an average income achieve FIRE so young. I have recommended this book to multiple people and hope it can change their mind on investing like it did mine.
10/10

[Matt Daq · Rating 4 out of 5]

I didn't know much about investing but this book covered lots of stuff. The first chapters are simply how to save money and he gives a ton of example. then he gets into the history of investing/shares etc and then gives some ideas on how to invest etc.
It is an Aussie book too so good to read a book in the Aussie context.
Was a goodread.

[Brooke · Rating 5 out of 5]

great read!

I saw a recommendation for this book and I must say it’s been great. Easy to read and understand, Dave explains investing in a non threatening way which will appeal to many people. If you are thinking about financial freedom this is a must read.

[John · Rating 5 out of 5]

Excellent. Very clear and insightful presentation of how to build financial wealth and freedom. The author has some wise tips about philosophy and how to live with well, noting that happiness and personal well being does not usually, or even ever, come from spending more.

[Jedi · Rating 3 out of 5]

Solid book, good to see more $$ books contextualised to Australia. I think the investment chapters makes alot of assumptions about people understanding FI and stocks, so I don't think this is a beginner's book to finance. However, very good for this already starting on the journey.

[stefanddddddd · Rating 4 out of 5]

yet another book on achieving financial independence. yes, save more, earn more, invest in shares and properties, spend less. i listened to the audiobook version and the accent and the rythm were very nice. it does a better job then the "barefoot investor".

[Rosie Carbery · Rating 5 out of 5]

A straight to the point book, specifically about making FIRE work in Australia. A good reminder that FIRE or semi-FIRE is achievable for most middle class aussies who value freedom from work over a fancy lifestyle. If you want the push to get started, read this.

[blaz · Rating 4 out of 5]

Essentially a book-length series of blog posts on financial independence. Budgeting, increasing savings rate, share investing all covered in here. Could have been more concise but a useful read for a beginner.

[Alfie · Rating 5 out of 5]

Excellent read that covers investing and money management for financial independence while also focusing on the importance of the lifestyle and philosophy surrounding it.

This will be the go to book I recommend anytime someone asks me about investing from now on.

[Peter Felice · Rating 5 out of 5]

Awesome book!

This is a great book for young people./ highly recommend it. Very simple, easy to read and understand for non financial people. I am more of a finance person but loved it and bought it for my adult kids and recommended to my friend who bought it for her kids.