If you are interested in Financial Freedom then you’ve come to the right place.
You will notice that we do things a little differently around here. There are a lot of blogs out there that will advise you to follow the “Get Rich Slow” philosophy. You know the ones I am talking about…give up that $4.00 latte every day, stop going out to eat, sell your car, eat rice and beans for every meal, reuse your paper towels, spend hours clipping coupons (that will likely save you $2 bucks), etc. If that’s what you’re looking for, then you’re in the wrong place.
There is this mass frugality movement going on in the blogosphere, where many bloggers are preaching “live like a college student” in order to reach financial freedom and retire early. They are expense focused and enjoy the simple life. There is nothing wrong with that, but that is not what you’re going to get here. Instead, I am going to teach you how to “Get Rich Fast.“
Notice I didn’t say “Get Rich Quick.” It’s a subtle change in words, but there is a big difference. I truly believe that anyone can reach financial freedom, but only if you’re willing to do things differently. Before we continue, if I have piqued your interest, be sure to sign up for my email list below.
From “aha” to “oh crap”, I’m sharing everything on my journey to a $10M Net Worth.
Learn How to Build Wealth and Reach Financial Freedom!
The GYFG Mission Statement: To Humanize Finance, Build Wealth, and Reach Financial Freedom.
Most people don’t want to live below their means in order to reach FINANCIAL FREEDOM because that’s painful. They think it involves cutting out all the joy in life. You know what I’m talking about, those financial gurus that tell you that in order to get rich you need to cut out the $4 lattes and stop eating out. Then after 40 years of diligent and above average savings and super low spending, you will be a millionaire. Basically, you have to live like a college student and suppress all the things you want to do in life and then, when you’re old, you will be rich (MAYBE). Okay, that doesn’t sound like the plan for me either!!!
The good news is there is another way. This site is here to show you the OTHER path to financial freedom. There is a way where you can have your cake and eat it too. I believe and hope that over time I will be able to convince you of the following:
In order to reach financial freedom you can choose to live below your means by cutting expenses to the bone and living in a state of scarcity or you can expand your means and live in a state of abundance by increasing your income and enjoying the $5 latte or any other indulgence of your choice. – Gen Y Finance Guy
Not only that but, if you’re diligent, you can reach financial freedom a lot sooner than anyone has ever led you to believe. You will have to be intentional with your finances if you ever want a fighting chance to make it to financial freedom. It doesn’t have to take 40-50 years of slaving away (for the man) before you have the option to retire. I personally think that 15-20 years is really all you need (the most time it will take), and for the folks that are more aggressive (i.e. extremely frugal, not us) or very high earners you can probably reach financial independence in 10 years or less (maybe us, it’s yet to be seen but income is our focus vs. expenses).
My aim with this blog is to TEACH, INSPIRE, MOTIVATE, and LEAD you to FINANCIAL FREEDOM. I promise to always write from personal experience and with FULL TRANSPARENCY. I share all of my financial details (with real numbers). You won’t find a lot of blogs that do this, at least not to the degree that I share.
I know I don’t have to publish my juicy details every month, but it’s important to me that you know that I put my money where my mouth is (because not that many finance blogs or people giving financial advice do this). I publish all of my financial details not to brag, but instead to show you what is working as well as what’s not working. You get all my successes and all of my failures. Let me be your financial guinea pig.
Sometimes finance can get pretty dense, but I think real life examples and real numbers can help slice through the complexities (and BS). This level of transparency is necessary to provide you the right context.
As always, you can find all my previous reports on the Financial Stats page (as well as annual trends and a few other financial metrics not found in the monthly reports).
There is a famous Jim Rohn quote that I think everyone should keep in mind:
If you don’t plan your future, somebody else will. And you know what they have planned for you? NOT MUCH! – Jim Rohn
Let me take you through a guided tour of this website’s content.
At the time of writing this, there are well over 250+ posts. I am not going to highlight every single one, but I will highlight the ones I think are most important.
What This Blog is All About – Simply, this is a blog is about BUILDING WEALTH & REACHING FINANCIAL FREEDOM!It’s not your run of the mill “Get Rich Slow” type content, but instead, it’s aim is RAPID WEALTH BUILDING.
From Welfare to Well-Off: My Rags to Riches Story (in the Making) – It doesn’t matter where you start in life, what matters is how you play the hand you were dealt. You can stand around and complain how the world is unfair, and yes it’s very unfair…get over it. Complaining and dwelling on your dire circumstances will do nothing to improve your life, so don’t waste your time. Choose to be the Victor, not the Victim.
The Freedom Fighter – This blog is written for the Freedom Fighter in mind. Are you interested in Time Freedom, Location Freedom, and/or Financial Freedom? You’re in the right place. Read the post and see if it resonates with you. Also be sure to check out guest posts from other Freedom Fighters from on and off the web.
I Make 6 Figures But I Hate My Job – Do you like the work that you do? Do you think that more money is the cure? I’m afraid to say that it’s not the cure for a job you don’t enjoy. In this post, I shared the steps I took to be the change I wanted to see in the world. Please realize I’m not telling you to quit your job, I realize you have bills to pay. But start giving yourself more options. Use this post as inspiration to optimize your situation.
We All Make Bad Financial Decisions, But They Don’t Have to Define The Rest Of Our Lives! – This one speaks for itself. Let the past be the past, and let’s start writing a better future.
The Financial Truth: There’s a limit to how much you can cut expenses, but there’s no limit on how much you can earn – Remember, I told you this blog will not be about frugality. Instead, we like to focus on the income side of the equation, because with income the Sky’s the Limit.
The Universal Rule to Building Wealth – No matter how you go about building wealth, there is one rule that everyone must live by, and that is to live below your means. Simply put, you have to spend less than you earn if you want to build wealth. In this post, outline how you can live below your means by expanding them…no austerity or living like a college student here.
Anatomy of A Side Hustle: How I made $18,000 at an effective rate of $100/hour –Speaking of income, it’s time for you to get your HUSTLE on. A side hustle is anything you do outside of your main hustle (your JOB) to earn money. I personally think that everyone should have a side hustle, even if only for the tax benefits. The extra income is really nice, too.
The Email That Lead To A $60,000 Increase In Compensation – Are you setting yourself up for success? In 2014, I was not happy with my job and believed I was underpaid. I took massive action in changing that, and now absolutely love my job and my side hustles. This email I sent to the CEO shows that when you do the work, you earn the right to make the ASK. It’s uncomfortable, but FORTUNE FAVORS THE BOLD. There are two components to success; 1 – Be GREAT at something the market is willing to pay for, 2 – Be GREAT at promoting that skill. Self-promotion is not easy, it’s uncomfortable, but it is necessary.
Some Popular Rants – Have you ever had to deal with an office time keeper (the first strike)? You know that person that has nothing better to do than take note of when people are coming and going. And then reporting it to your manager. It was annoying the first time but almost had me leaving the company when she did it again and my boss didn’t back me up. So, I wrote an email titled “Dear Boss, You Suck.” Oh, did I mention that this was all while I had just gotten done working 90 hours a week for months on end? I also hate Office Lotto Pools (please stop wasting your money).
Everyone Has a Number, Mine is $10M, What’s Yours? – Do you know what your Freedom number is? A million isn’t nearly as much as it used to be, plus everyone is shooting for that. Remove that glass ceiling and shoot for something that will allow you to live life by design. In this post, I detail my own “rough” blueprint of how I plan to get to $10M. It is still a work in progress and will be evolving over time.
Wealth Building Made Simple: Make Sure You Get A Little Richer Every Day – I have known since I was a little kid that I wanted to be rich. It wasn’t until I got to college that I knew I was going to be rich. As you can imagine, I started reading all the books, filled with all sorts of strategies to accumulate wealth. It was very stimulating to fill my head with all these clever ideas on building wealth. Every day was filled with a new fantasy on how I would build my fortune.But deep down, I knew these complicated strategies were not the only way to wealth, it could be simplified. That is when it hit me, the simplest strategy would be to make sure you get a little richer every day (on average).
Saving 50% of Income – The Rule That Now Governs Our Financial Life – The one rule that got my wife and me on the same financial page. This is also a vital rule to follow if we truly want to reach our goal of $10M. I also believe this to be an important rule for anyone to follow that wants to reach financial freedom early in life.
Savings Rate – The Most Important Variable to Wealth Building [and the math to prove it] – When it comes to wealth building there are many variables to consider, but as I have stated in my monthly financial reports many times, it’s the savings rate that doesn’t get the attention it deserves. This is especially true in the short run and when you are trying to accumulate wealth as quickly as possible (20 years or less). Yes, the power of compounding is amazing, but it takes a long time to realize its true power.
Looking at Savings Rate through the Financial Independence Lens – Your savings rate will determine how long it takes you to reach financial independence. This post helps you translate what your savings rate means in terms of FI. For example, do you realize that if your savings rate is 5%, that you have to work 20 years before you have enough saved to take 1 year off of work? But at 50% you bank 1 year off for every year of work.
The Mortgage Snowball Strategy To Pay Your Mortgage Off In 5-7 Years – This goes against the mainstream advice you hear. People will also look at you funny and think you’re crazy. At the end of the post, you will find links to two additional posts that expand on this idea.
My Huge 86,400 Deposit And I’m Going To Spend It All – A post that reminds us of the great equalizer…TIME! Once you read that, check out the post I wrote about my Momento Mori chart. Putting time in to further context, this post starts with a reflection on the “Tail End,“ how many more winters do you have left to experience in your life? How many more times will you get to visit with your parents? What if you are in the last 5% of the time you will ever get with your loved ones?
Investing with Options – I think that everyone should learn the Covered Call and Short Put option strategy (post coming soon). Also see “How to use options to make money if the market goes UP, DOWN, or SIDEWAYS.“
Using Cost of Use to answer the Buy vs. Rent Question – Every personal finance decision is situational…and every situation is different. Just another tool to use during evaluation.
Start a Blog – This is a resource that I wish I had when I started blogging. I walk you through every step to get your blog up and running in less than 20 minutes. I believe that everyone should build a platform by starting a blog. You will be amazed at what you learn about yourself and beliefs by putting them in writing for the world to see. The connections you can make. And of course there is the opportunity to seriously earn some CA$h!!! Check out my 6-month and 1-year review to see how this blog started and what I did to grow and monetize it. You might even want to check out my 18-month reflections.
2 Years of Blogging – 200,000 Pageviews – $4,000 in Revenue – If you’re willing to play the long game in this whole blogging thing, you can develop an asset that produces real income.
Earning Your First $1 Million – Earning your first million is the hardest and takes the most time. But you next million and each subsequent million will be easier and quicker to achieve. This is especially true if you focus a majority of your effort on the income side of the equation instead of the expense side. Mrs. GYFG and I have had a laser focus on building our incomes and that is why in 2017 we are on track to earn $440,000 and plan to be earning in excess of $600,000 by 2019.
Net Worth Conversion Ratio – A Measure of Wealth Building Efficiency – There is a saying that it is not how much you make but how much you keep that really matters in wealth building. That’s why I developed the net worth conversion ratio.
A High Income is the Road to a High Net Worth – In this guest post, I invite Mr. ESI to show us how a high income (something we focus on a lot around this community) is the path of least resistance (and is the most fun) when pursuing a high net worth. He is not only going to cover the obvious, but he will also give you some concrete tips you can start using immediately in order to grow your career, and ultimately become a high earner yourself.
The Reality of The Overnight Success – From the outside success can appear to be something that happens overnight, but the reality is that in most cases every overnight success is 10-20 years in the making. Check out my own overnight success story, where I spent 7 years working 70-90 hours a week to accelerate my climb up the corporate ladder to the C-Suite.
Paid Off Mortgage is Equivalent to a…Perpetuity?…Bond?…Dividend Paying Stock? – There are a lot of haters in the personal finance space when it comes to paying off the mortgage early, especially given the ultra-low-interest rate environment. But this post tries to add a different perspective when evaluating whether to pay off a mortgage early or not. It also compares it to other investments that are somewhat equivalent. On this same note, sometimes it even makes sense to do a cash-in refinance to earn 16.5% cash on cash returns.
Financial Engineering Your Mortgage For Better Than Market Returns – Wall Street is the only game in town when it comes to financial engineering returns. With the right situation and execution, you can do some DIY financial engineering yourself.
Are you Leaving Free Money On the Table? – There are some very lucrative credit card rewards program. With the Chase Sapphire Reserve card, we were able to earn almost $6,000 in 6 months, due to the bonus and rewards on our regular spending. The value is worth even more if used for travel (50% more). Imagine the FREE luxury vacations you’re leaving on the table by not taking advantage of these kinds of offers.
Using Life Savings to Save a Life – This post will remind you of the HUMAN and EMOTIONAL elements that sometimes come up in personal finance. Most days I truly believe that “the path is all math,” but then there are situations that come up that remind me that not every financial decision can be mathematically optimized by the intellect of the brain, sometimes its okay to make decisions instinctively guided by the heart. If your up for reading a HUMAN story packed with EMOTION then please read how I “INVESTED” $33,000 of my life savings to save my brother’s life.
I will continue to add to this list over time. This should be a good start for you, and once you get through this, you can start exploring the other 200+ posts.
Why should you listen to me?
Now that is a beautiful question. Maybe you should listen to me and maybe you shouldn’t. It depends on what your financial goals are. And honestly I am not giving out advice, all I do on this blog is share my own experience. My hope is that through my real life examples that I will inspire and motivate you to create abundance in your own life. Whatever that may mean. But if you want to see that what I have been doing is working, take a look at the financial summary below as of February 28th, 2018. Notice that in 5 years I have been able to grow my family’s net worth from $42,424 to $724,974 (a gain of 1,609%).
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Looking for a Way to Help me Out?
I don’t sell anything on my site, but there is a way you can help me out. It will help you at the same time. And it won’t cost you a dime. Consider opening a FREE account with Personal Capital. Wealth building is a numbers game and you have to keep score. Do you want to be a millionaire? Of course you do! I personally want to be a millionaire several times over. And guess what I am doing that you should be doing?
Yes, you need to track all of your financial accounts. You need to track your income. You need to track your spending. You need to track your assets. You need to track your liabilities. You need to track your investments. Track, Track, Track! It sounds laborious I know. But it’s the only way.
I do have good news for you though. Tracking has gotten a lot easier with advancements in technology. And the best tool that I found to automate my tracking is Personal Capital (it’s FREE). Below is a screenshot from my personal account, where I have aggregated over 20 different financial accounts (screenshot was taken 3/7/2018).
Personal Capital allows you to aggregate your entire financial life into one account. All you need to do to see all your accounts in one place is log in once through Personal Capital and voila! But it doesn’t stop there. They even automatically classify all your income and expenses for you. Isn’t that freaking AWESOME?
So, can I ask you a Favor?
In full disclosure, this is going to benefit both of us (I get a little commission if you open a FREE account with Personal Capital using my links in this post). I am all for the win/win. What’s in it for YOU? You get a FREE, fully AUTOMATED tracking system, and you get to help your favorite personal finance blogger out ???? I would never recommend anything that would not benefit you. As you know, I don’t charge for anything on my site, but I want to continue to make improvements and investments to make it better for YOU (the reader). Making this type of ask is hard, but it’s a little easier knowing that you need to be tracking anyways, and this will make your life easier (and watching your Net Worth grow is FUN).
Need more information? You can check out my review of Personal Capital.
-Gen Y Finance Guy