A few more financial victories around the corner!

In Financial Freedom by Gen Y Finance Guy2 Comments

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Every few months I evaluate our financial health and look for ways to cut wasteful spending.  I am constantly surprised when I find something worth going after. More recently I got quotes from insurance coverage for my wife and found that it would be about $150/month cheaper to get coverage for her outside of my work plan.

So in the coming month, likely starting in January, this will be another savings to add to the overall savings over the past year.  It’s another $1,800 a year that can go into savings, a vacation or likely a combination of both.

Also coming around the bend is paying off the last piece of consumer debt outside of our mortgage. We have about $7,000 that we owe for my wife’s car that we bought in 2012. We have more than 7-times that amount in the bank and are more than able to pay it off now, but had waited while we were making improvements to the new house.

We never intended to keep the loan to maturity even with an ultra-low interest rate of 1.7%. This is more than we are receiving from the bank, so financially it makes sense to just pay it off now. Plus there is the psychological win of getting rid of the debt.

2015 is shaping up to be another great year, and I am excited for what is to come. We will continue to make our journey towards financial freedom. Not through austerity, but through prudent and fiscal responsibility.

Until next time….

– Gen Y Finance Guy



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Comments

  1. Best of luck in 2015 Mr. GenY. I was born in ’87, have a graduate degree and just recently paid off 100% of my debt. I am not married nor do I have kids so the most important financial thing for me right now is being debt free and putting significant savings towards a house.

    There is an immense psychological satisfaction to being formally educated and 100% debt free as it is rare these days. Any money I make I now get to save a huge chunk and that feels wonderful. Dollars are freedom fighters in your corner in the words of author/entrepreneur MJ DeMarco 🙂

    You sound like a very bright dude and to be in finance I bet you have to be. I’m not the smartest cookie but I’m good with people and decent with tech so I got into tech sales. I work remotely and really appreciate the autonomy and mobility of working from home. I think once one masters how to effectively work from home it is hard to go back to the commute.

    I was wondering if you get to work from home?

    Again best of luck in 2015 GenY!!

    1. Author

      Hey Steve,

      Congrats on being debt fee. That is a great and rare place to be. Love MJ DeMarco. Have you read his book “The Millionaire Fastlane”? If not check it out here: http://amzn.to/1zQ2O4d

      I do have a change to work from home when needed. Unfortunately its kind of on a one off basis, as my employer would rather I am in the office on a regular basis. If I had it my way, I would work from home everyday. But the good news is that I only work about 4 miles from the office.

      Thanks for stopping by Steve!

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