Early retirement might sound like a dream, but for Pete – better known online as Captain FI – it’s a very real lifestyle. In this episode of the Get Rich Slow Club, Pete shares his deeply personal path to Financial Independence. He discusses how family and frugality shaped his mindset, and why Financial Independence is about more than just money. His journey goes beyond simply investing and saving, encompassing resilience, a sense of identity, and a deeper purpose.
The original FIRE spark: time with family
Pete’s journey into the FIRE (Financial Independence, Retire Early) movement begins with a vision of fatherhood.
“When I first started learning about fire… my dream was to be a great dad," he says. "I wanted to have kids and a patch of land for them to grow up and just… spend time with them.”
Like many on the FIRE path, Pete is driven by a desire for time freedom, not just an escape from the 9-to-5. Influenced by Mr. Money Mustache and his example of frugal parenting, Pete realised that Financial Independence could help him be the present, hands-on dad he'd always wanted to be.
From flying planes to financial plans
Pete’s professional background is in aviation, but his FIRE strategy began before his pilot days. He started out studying aeronautical engineering on a scholarship, which covered his fees and gave him a stipend. He channelled that income into flying lessons and hustled through uni with side jobs and tutoring. These early efforts helped lay the financial groundwork that would support him later in life.
Eventually, he qualified as a commercial pilot. Despite spending “probably a bit more than your average person” on flight training, he says the experience paid off in life lessons. While his flying career initially brought lower-than-expected pay, international opportunities eventually allowed him to save aggressively thanks to high income, tax advantages, and work-paid living expenses.
Frugal habits and financial missteps
Frugality is deeply embedded in Pete’s personality – a result of growing up in a single-parent, low-income household. Even as his salary increased, his spending remained low. “My lifestyle didn't change. And all of a sudden I had all this money pouring in and I though: 'Oh crap, I need to do something with this.'”
Pete admits to several financial missteps early on, from high-fee managed funds to blindly following stock tips. Over time, these lessons led him to adopt a low-cost, diversified ETF strategy , gradually simplifying from a complex portfolio to a straightforward “all-in-one” fund. He also started blogging about his journey, both as a way to hold himself accountable and to connect with others in the FIRE community.
Hitting FIRE – and then life hits back
Pete achieved Financial Independence in stages. He stopped pouring money into flight training around 2016, started investing seriously in 2017, and began tracking his net worth from 2019. High savings rates – sometimes up to 90% of his salary – and low expenses accelerated the process.
But reaching FIRE hasn't meant life has gotten any easier. Between 2022 and 2023, Pete’s world turned upside down. His mother became terminally ill, a long-term relationship ended, and he questioned the emotional sustainability of his aviation career.
“It probably wasn't… safe for me to keep flying,” he says, acknowledging the intense focus and responsibility that comes with being a pilot.
He officially stepped back from flying in 2022, and while the decision was difficult, his side income from websites and affiliate marketing has offered some financial cushioning. “I felt like a bit of a FIRE fraud… I still had income coming in, so it wasn’t as scary.”
Love, money, and navigating differences
When Pete met his now-wife, they came from very different financial worlds. She’s from a wealthy background, while Pete is deeply frugal. Initially, she saw money as something to enjoy rather than obsessively save. “She really had an abundance mentality,” Pete explains.
Despite the contrast, they found financial harmony as a couple . Pete introduced the idea of paying more household expenses if she agreed to invest the difference. “She was like, hell yeah. No-brainer. I'll do that.”
The couple also signed a prenup – a decision Pete says was practical, not pessimistic. “You're writing an agreement while you love each other… so that everyone can be protected.”
Over time, his wife built her own net worth and paid off student debt , which eased Pete’s anxiety about financial imbalance in the relationship. They balance one another: Pete brings frugality and discipline, while she brings spontaneity and generosity.
A new life on the land
Eventually, the couple used a mix of investments, inheritance from Pete’s mother, and a home loan to buy a property in Queensland. Their goal? A slower, more self-sufficient life. “We’re getting sheep soon. And chickens,” Pete says. “We’re really having a lot of fun.”
Their dream of land and family soon came full circle. After fertility challenges, they welcomed their first child shortly after moving in. The timing has felt like more than a coincidence – perhaps a sign that their new, less stressful lifestyle helped make it happen. The farm has become both a sanctuary and a symbol of everything they've worked towards.
Parenthood and the true cost of freedom
For Pete, becoming a father highlights the value of Financial Independence. “I can't imagine trying to do this with two conventional full-time jobs… especially multiple children,” he says.
The arrival of a child has also transformed his relationship with money. He now sees financial resources as tools for improving quality of life, not just numbers to accumulate. Hiring help with property maintenance, for example, frees up time to focus on parenting. His priorities shift from frugal optimisation to building a life filled with meaning and presence.
Still, Pete acknowledges the privilege baked into his story: high income, a supportive mum, and significant inheritance all played roles. He’s grown more compassionate toward others who don’t have the same advantages. “I feel like I've got a lot more compassion now for parents, especially for mums.”
Advice for aspiring FIRE followers
Pete offers two streams of advice – one for singles, one for families.
For singles: don’t just read blogs and follow tips blindly. Start by understanding your “why” and get proper financial advice. “Sit down with a financial adviser … even just for a couple of hours… and figure out what your plan is.”
For families or couples: communicate openly, find equitable (not necessarily equal) financial arrangements, and give each other room to grow. Pete and his wife combine finances but still maintain autonomy – a blend of joint accounts and individual investing goals.
Above all, Pete encourages people to approach FIRE with nuance and self-awareness. “If you think raging FIRE is going to make you happy, it might not actually do that.”
Financial Independence is a tool, not a finish line. It’s what you do with financial freedom that truly matters.
The new season of FIRE
Pete’s not done learning. He’s still working online, managing a website portfolio, and focusing on raising his child. He and his wife are navigating government benefits, tax bills, and planning for future super contributions.
Recently, they sold a large portion of their shares to fund the house purchase and are managing the tax implications of that decision. Pete openly discusses how financial advisers and accountants have helped him make more tax-efficient choices – something he once scoffed at.
But life isn’t just about dividends or dollar signs anymore. It’s about time, flexibility, and creating the kind of life they want as a family. “This is where we will live for the next 30 years at least… raise our kids… have a beautiful home.”
As Pete continues to share his journey online, he hopes his transparency, both in wins and mistakes, helps others navigate their own paths to financial freedom with clarity and compassion.
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Happy investing!
