Interview #2: Miroslav Jedinák – 100% Savings Rate & Cash Flow!


As you can see from Miroslav’s photo everything he touches literally turns to gold, or is that actually a yellow T-shirt? I listened to your feedback and managed to get Miroslav back for a follow up FIRE interview for the blog.

I actually get very excited every time I speak to Miro because he is really engineering and pioneering his very best life from every conceivable angle with his family at the front with him. On the quest to learn, grow, develop and experience the true abundance life has to offer us we can all take some inspiration from this interview. I am not going to spoil any of it enjoy:

How are you getting on with your FIRE journey now since the last interview?

I am afraid there is just a boring path to financial independence. We all would like to speed up things, make a splash, find a shortcut, use a fast track. At the same time, we are at risk of overestimating our capabilities, the real estate market surged and flats I purchased 4 years ago are 2 times as expensive, ETF valuation is 2 times higher. We are geniuses, right?

So I try to stay humble and focus more on cash flow as the value of my investment portfolio can go up or down. I am trying to stay close to a 100% saving rate but I am not obsessed with the number. Money is not just to provide stability in the future. We live here and now, we should make the most out of it.

“Investment in our health (more expensive grocery), our relationships (experiences, relax, events), our career (training, books), and our personal growth (books, podcasts, courses) come with a higher return on investment than anything else.”

That concept – living where I want to live, with people I want to be with, doing things I want to do – is still the guiding principle of my life. I am trying to stay intentional and focus on things that matter. It is easy to say yes first and regret saying it later.
Update 25.11.2021 – I found an apartment and I am waiting for the first contract to be signed.

Have you picked up any new ideas, strategies, or tips?

There are 2 books that influenced my thinking recently. Dr. Benjamin Hardy wrote his new book with Dan Sullivan – The Gap and the Gain. It is me returning to positive psychology appreciating the progress and using it as fuel for the next growth. Introducing quarterly planning to speed up achievements of the goals. The second one is the fourth edition of Sam Carpenter’s bestseller Work the System. It seems to be a logical extension of Atomic Habits, my most favourite productivity book of all time. The main idea is to see everything you do as a system. And the quality of the systems (not the size of our goals) predicts our success in life. A similar message as in James Clear’s book, but this gets more detailed.

It helps with habit bundling but it also optimizes things you do repetitively. An example that I use often is emailing. Once the email appears in your mailbox, preferably you do not want to know about it. If you see the email in the mailbox, the next best thing is not to react. Stick with your plan, be intentional. Find a slot when to read emails. Look at the email, judge, whether it requires reading. If yes, read it carefully and decide whether it requires answering.

The next step is to have templates available for emails you receive more often. With each email your portfolio of templates grows, your capability to judge the importance of the email improves. You are more efficient, and you can spend some time that you just saved building systems that optimize another area of your life. It is an upward spiral.

Near future FIRE goals?

It is a sin not owing bank money – that’s an article I read recently in the Slovak newspaper. With interest rates around 0,5% and the inflation rate over 5%, the value of the loan is likely to be less significant in the future.

As I normally prefer a more conservative approach with around 70% of my own capital in real estates portfolio and raising the value of my portfolio, I found room to get myself some 50000 EURs without compromising my standards. With my own saving, I am looking for a flat to deploy available funds. At the same time, I am hoping to finally sign a deal which is 1 year in making – new residential building to be developed in next 2 years, so I am going to pay down payments for 2 apartments there to stick with my plan 1 real estate property a year (in average).

It is also important to enjoy life, so I will buy a couple of things to make my favourite activities more enjoyable. Last but not least, an essential part of the fire strategy should be giving money to the less fortunate. Without understanding how exactly this works, I am observing that the more I donate to charitable causes the better I feel about myself, the more efficient I am at what I am doing, and this efficiency is probably attracting money. Who knows, but it frees up my mind from thinking about money as a scarcity.

What are some books, podcasts, or YouTube channels you recommend?

As this is a FIRE blog, I am going to focus on books about money & financial independence. Housel’s book Psychology of Money is amazing. Another good book is Set for life by Scott Trench. Grab a good book to understand the basics of real estate investing, first book to read is The Millionaire Real Estate Investor from Gary Keller. 4 years later I am still sticking with his strategy.

Podcasts – you want to grow in all areas of life, School of Greatness is my go-to podcast as it is a bit unpredictable. You can explore your horizons, give each podcast a chance, just for 5 minutes. Then decide whether this area makes sense for you to explore.

YouTube channel – I do not subscribe to FIRE channels. I found some value in subscribing to Benjamin Hardy and Joshua Becker (minimalism), I am trying to eliminate time with a screen on, especially before falling asleep.

Fun fact?

I know you would like to use that funny image of me and my friends next to the lake doing that Egyptian dancing pharaoh pose… 😊 Let’s not do it. Still, it helps to find something in life where you can use your willpower to push yourself to uncomfortable situations.

Mind over matter. Ice cold swimming or presenting in a foreign language in front of dozens of FIRE enthusiasts at FireDave event, you choose… Still, I am enjoying both activities.

Thank you Miroslav for sharing your updates since we last spoke and I will not be sharing the image you with friends doing the Egyptian dancing pharaoh pose down by the lake as it doesn’t leave much to the imagination.

On a serious note congratulations on the apartment acquisition update; I have everything crossed for you and your family that all contracts are signed and completion goes well! I am delighted to welcome you back on January 10th 2022 to kick off the new year with us at the latest FIRE event and share with us your wisdom and knowledge..

To register for the latest FIRE event click here

Read my first Interview with Miroslav again here
Read other FIRE Interviews here

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