You are not those who saw the harbour

Receding, or those who will disembark.

Here between the hither and the father shore

While time is withdrawn, consider the future

And the past with an equal mind.

T. S. Eliot, The Dry Salvages

Twice a year I prepare a summary of total income from my financial independence portfolio. This is my eighteenth portfolio income update since starting this record. As part of the transparency and accountability of this journey, I regularly report this income.

My primary goal is to maintain a portfolio of at least $3,000,000 which is capable of providing a passive income of around $103,500 (in 2025 dollars), based on an assumed safe withdrawal rate of 3.45 per cent. A secondary focus is maintaining a minimum equity target of $2,400,000.

Portfolio income summary

Investment	Amount
Vanguard Lifestrategy High Growth (retail fund)	$27,072
Vanguard Lifestrategy Growth (retail fund)	$1,136
Vanguard Lifestrategy Balanced (retail fund)	$1,690
Vanguard Diversified Bonds (retail fund)	$240
Vanguard Australian Shares ETF (VAS)	$8,047
Vanguard International Shares ETF (VGS)	$15,986
Betashares Australia 200 ETF (A200)	$4,563
Telstra shares (TLS.ASX)	$51
Insurance Australia Group shares (IAG.ASX)	$152
NIB Holding shares (NHF.ASX)	$156
Plenti/Ratesetter (P2P lending)	$3,800
Raiz app (Aggressive portfolio)	$411
Spaceship Voyager app (Index portfolio)	$0
BrickX (P2P rental real estate)	$13
Total Portfolio Income – Half-Year to June 30, 2025	$63,316

The chart below sets out the distributions received on a half-yearly basis from the financial independence portfolio over the past nine years.

Continue reading “Portfolio Income Update – Half Year to June 30, 2025”

The sinews of war are infinite money.

Marcus Tullius Cicero, Phillipics V

This is my one hundred and third monthly portfolio update. I complete this regular update to check progress against my goal.

Portfolio goal

My objective is to maintain a portfolio of at least $3,000,000. This should be capable of producing an annual income from total portfolio returns of about $103,500 (in 2025 dollars).

This portfolio objective is based on an assumed safe withdrawal rate of 3.45 per cent.

A secondary focus will be maintaining the minimum equity target of $2,400,000.

Portfolio summary

Vanguard Lifestrategy High Growth Fund	$932,316
Vanguard Lifestrategy Growth Fund	$47,358
Vanguard Lifestrategy Balanced Fund	$82,604
Vanguard Diversified Bonds Fund	$93,539
Vanguard Australian Shares ETF (VAS)	$632,587
Vanguard International Shares ETF (VGS)	$835,016
Betashares Australia 200 ETF (A200)	$334,933
Telstra shares (TLS)	$2,585
Insurance Australia Group shares (IAG)	$11,466
NIB Holdings shares (NHF)	$8,508
Gold ETF (GOLD.ASX)	$224,240
Bitcoin	$1,839,080
Raiz app (Aggressive portfolio)	$27,326
Spaceship Voyager app (Index portfolio)	$4,501
BrickX (P2P rental real estate)	$4,447
Plenti Capital Notes	$84,000
Financial portfolio value (excluding Bitcoin)
Total portfolio value	$5,164,506 (+$111,580)

Asset allocation

Australian shares	26.7%
Global shares	24.6%
Emerging market shares	1.0%
International small companies	1.2%
Total international shares	26.9%
Total shares	53.6% (-26.4%)
Total property securities	0.1% (+0.1%)
Australian bonds	3.1%
International bonds	3.3%
Total bonds	6.4% (+1.4%)
Gold	4.3%
Bitcoin	35.6%
Gold and alternatives	40.0% (+25.0%)

Presented visually, the pie chart below is a high-level view of the current asset allocation of the portfolio.

Comments

The portfolio performed strongly this month, reaching the highest level so far on the journey, with a growth over the month of 2.2 per cent or $111,000.

This was driven for the most part by continued recovery in equity markets, with some additional contribution from an increase in the price of Bitcoin.

Together, these placed the overall portfolio above its previous highs in January.

Gains across this month were broad, with Australian equities increasing in value by 1.7 per cent, and global shares performing strongly as well – with a 2.4 per cent growth in value.

The value of gold holdings fell as some immediate uncertainty in global capital markets eased, with a fall in value of around 2.1 per cent.

Bond holdings increased by around 0.9 per cent, while Bitcoin also increased around 2.5 per cent.

Growth in the financial portfolio represented just over half of the total increase that the full portfolio experienced. This comparative performance of these two different conceptions of the portfolio are the subject of more analysis below.

Continue reading “Monthly Portfolio Update – June 2025”

The world is full of magic things, patiently waiting for our senses to grow sharper.

William Butler Yates

This is my one hundred and second monthly portfolio update. I complete this regular update to check progress against my goal.

Portfolio goal

My objective is to maintain a portfolio of at least $3,000,000. This should be capable of producing an annual income from total portfolio returns of about $103,500 (in 2025 dollars).

This portfolio objective is based on an assumed safe withdrawal rate of 3.45 per cent.

A secondary focus will be maintaining the minimum equity target of $2,400,000.

Portfolio summary

Vanguard Lifestrategy High Growth Fund	$912,087
Vanguard Lifestrategy Growth Fund	$46,447
Vanguard Lifestrategy Balanced Fund	$81,224
Vanguard Diversified Bonds Fund	$92,595
Vanguard Australian Shares ETF (VAS)	$622,019
Vanguard International Shares ETF (VGS)	$804,953
Betashares Australia 200 ETF (A200)	$329,460
Telstra shares (TLS)	$2,547
Insurance Australia Group shares (IAG)	$10,946
NIB Holdings shares (NHF)	$8,076
Gold ETF (GOLD.ASX)	$229,100
Bitcoin	$1,793,889
Raiz app (Aggressive portfolio)	$26,724
Spaceship Voyager app (Index portfolio)	$4,414
BrickX (P2P rental real estate)	$4,445
Plenti Capital Notes	$84,000
Total portfolio value	$5,052,926 (+$284,160)

Asset allocation

Australian shares	26.8%
Global shares	24.4%
Emerging market shares	1.0%
International small companies	1.2%
Total international shares	26.6%
Total shares	53.4% (-26.6%)
Total property securities	0.1% (+0.1%)
Australian bonds	3.1%
International bonds	3.3%
Total bonds	6.4% (+1.4%)
Gold	4.5%
Bitcoin	35.5%
Gold and alternatives	40.0% (+25.0%)

Presented visually, the pie chart below is a high-level view of the current asset allocation of the portfolio.

Comments

This month represents a significant marker, as the last formally engaged in full-time work, and so in many ways the currents of ongoing portfolio movements assumed secondary importance.

Regardless of this, what actually occurred this month was unusual. The portfolio recorded strong growth, of around $284,000 – or 6.0 per cent.

Such growth has seen the portfolio climb back towards its previous highs of early this year.

This month, in portfolio terms, was a story of two parts – of newer and older portfolio elements.

Continued growth in the price of Bitcoin pushed the value of those holdings towards previous highs contributing to the fourth largest monthly rise in the portfolio value in this record.

Yet, underpinning this was also an exceptionally strong performance from the traditional financial elements of the portfolio. In fact, the traditional financial portfolio expanded by the largest dollar value on the entire journey – over $138,000, or 4.4 per cent.

This was in turn driven by a sharp recovery in equities – with global shares registering gains of 6.3 per cent and Australian equities growing by over 4 per cent.

By contrast, there were minor contractions in the value of gold and bond holdings.

Continue reading “Monthly Portfolio Update – May 2025”

…all human wisdom is summed up in these two words, ‘Wait and hope’

Alexandre Dumas, The Count of Monte Cristo

This is my one hundred and first monthly portfolio update. I complete this regular update to check progress against my goal.

Portfolio goal

My objective is to maintain a portfolio of at least $3,000,000. This should be capable of producing an annual income from total portfolio returns of about $103,500 (in 2025 dollars).

This portfolio objective is based on an assumed safe withdrawal rate of 3.45 per cent.

A secondary focus will be maintaining the minimum equity target of $2,400,000.

Portfolio summary

Vanguard Lifestrategy High Growth Fund	$872,847
Vanguard Lifestrategy Growth Fund	$44,907
Vanguard Lifestrategy Balanced Fund	$79,365
Vanguard Diversified Bonds Fund	$92,975
Vanguard Australian Shares ETF (VAS)	$587,322
Vanguard International Shares ETF (VGS)	$758,819
Betashares Australia 200 ETF (A200)	$315,276
Telstra shares (TLS)	$2,403
Insurance Australia Group shares (IAG)	$10,402
NIB Holdings shares (NHF)	$8,208
Gold ETF (GOLD.ASX)	$230,121
Bitcoin	$1,647,888
Raiz app (Aggressive portfolio)	$25,543
Spaceship Voyager app (Index portfolio)	$4,247
BrickX (P2P rental real estate)	$4,443
Plenti Capital Notes	$84,000
Total portfolio value	$4,768,766 (+$210,243)

Asset allocation

Australian shares	27.0%
Global shares	24.5%
Emerging market shares	1.0%
International small companies	1.3%
Total international shares	26.8%
Total shares	53.8% (-26.2%)
Total property securities	0.1% (+0.1%)
Australian bonds	3.3%
International bonds	3.4%
Total bonds	6.7% (+1.7%)
Gold	4.8%
Bitcoin	34.6%
Gold and alternatives	39.4% (+24.4%)

Presented visually, the pie chart below is a high-level view of the current asset allocation of the portfolio.

Comments

This month the portfolio recovered from two months of losses, and posted overall gains of $210,000, growing around 4.6 per cent.

This growth was dominated by a recovery in the price of Bitcoin, which grew by 14 per cent through the month. Together with further growth in the value of gold holdings, this overshadowed relatively trivial gains in the overall equities component of the portfolio.

As global markets assessed the changing economic picture around the implementation of, or exclusions from, US tariff changes, equity markets encountered substantial volatility. Capital markets as well, including US Treasuries, experienced higher levels of daily movements.

Gold also continued its strong growth, and the value of portfolio gold holdings has in fact more than doubled since October 2022, even taking into account the forced liquidation of some physical holdings in past months.

Most asset classes advanced during the month, with the exception of international shares, which fell around 2 per cent.

Continue reading “Monthly Portfolio Update – April 2025”