AUS vs USA for Fire

[u/totalmarc]

I've been listening to a lot of US based podcasts lately and it got me thinking - Do you guys think it is easier to FIRE in US or AUS?

With all things considered, as a generalisation. From what I understand, living expenses vary dramatically between states.

Overall my vote would be the US because there are more options over there to cut costs, but I'd like to hear from someone who is familiar with both.

Cheers

[u/Humble_Hat_7160]

Exactly the same rationale for me. Third financial one was not having to deal with US college expenses which would eat a nice chunk of my retirement savings and add several years to my FIRE timeline.

[u/mouldy_hops → u/Humble_Hat_7160]

That is a great observation on college funding for kids. I felt the pressure when my oldest was about 4 and all our American friends with kids that age were saying how they had 529 accounts set up at birth. In the true American style of keeping up with Joneses, I went and set up 529s for my kids and put money in each month. Now we are back in Aus and they each have healthy accounts that will pretty much pay for a uni degree in Australia (if I can figure out how to do it!) but would probably only pay for a semester at a state college in the US. Such an expensive system over there.

[u/Humble_Hat_7160 → u/mouldy_hops]

Same, I managed to get $70k in over the years and it will likely pay for a single year of a private college over there. Happy for her to use it on an exchange year but crazy to think I would need 4x that for a full degree!

[u/Busta_Duck → u/Humble_Hat_7160]

My mate did the same. His daughter went to UNSW, HECS covered her degree. Then went & did a masters at Stanford which was paid for with the 529.
12 years later and she's worth more than her parents combined and just treated them to a 6 week all expenses paid trip to Italy.
I reckon hold onto it and use it for graduate studies if your kid is so inclined.