We All Make Bad Financial Decisions, But They Don’t Have to Define The Rest Of Our Lives!

Gen Y Finance Guy Financial Freedom, Words To Live By 1 Comment

I am now 28 years old and the only debt that I have is the mortgage on my primary residence and my rental condo. The wife and I bring in almost $200K a year and we will have our primary residence paid off in 6 more years. We continue to max out my 401K at $17,500/year (which I have been doing since graduating college in 2008), and starting in 2015 we will be putting $5,500 away in an IRA for my wife. We have over $100K in our retirement accounts and about $60K in the bank (by the end of January). We made some financial mistakes early on, but everyone does. I am sure even you have made some that …

New Year, New Me

Get Your Goals Ready and Let’s Make 2015 Epic

Gen Y Finance Guy Goal Setting 2 Comments

I have been ranting and raving about how EPIC 2015 is going to be. I am going into 2015 more prepared and more ambitious than any other new year. A lot of changes happened in 2014 for me and I want to keep that SNOW BALL MOMENTUM going. If you have not already done so, I urge you to take some time and set some goals for 2015. And then share them with the world. You may be asking yourself why I (or YOU for that matter) would share my goals with the world? You may have thoughts of what if I fail? What if people say I can’t do it? The reason you share your goals is for accountability. It is …

Outside of Mortgage Debt, I am Now Debt Free!

Gen Y Finance Guy Financial Freedom 9 Comments

It is official, we paid off the car and now the only debt we have left to tackle is the mortgage. I know so many people say that mortgage debt is the good debt, and to an extent, I agree. But I think what most people forget is that you are only getting a tax advantage of about 20-30 cents on the dollar. That means that for every $10K that you pay in interest and property taxes, the government will give you a discount on your taxes of $2,000 to $3,000 depending on your tax rate. This is like me telling you that if you give me $1,000, then I will give you $300 back. Would you do it? I …

A few more financial victories around the corner!

Gen Y Finance Guy Financial Freedom 2 Comments

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 …

42 Days Later…

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The last time I shaved my face was on my wife’s birthday 42 days ago on September 30th, 2014. Needless to say, I have a decent start to an awesome beard. Starting this blog has given me a huge opportunity to self-reflect and ponder the future. A lot has happened since I started this blog a little shy of a month and a half ago. Besides the beard, I have had amazing new opportunities open up at work. I absolutely believe that this blog has forced me to live more intentionally and the power of intention is alive and well. Now this doesn’t mean I will now abandon all the work I have done to diversify my income and reduce my …

Memento Mori – Remember Your Mortality

Gen Y Finance Guy New Rules, Words To Live By 19 Comments

Yesterday is history. Tomorrow is a mystery. Today is a gift, that’s why it’s called the present! Last week I shared a post on time, and this week I would like to follow it up with something I started back in late 2011 or early 2012. As a quick reminder, we all get a daily deposit of 86,400 seconds a day to spend and invest however we choose. It doesn’t matter who you are or where you come from, you get the same exact deposit. You can’t buy more time. Once you use it, you lose it. Any unused balance is deleted from the ledger and the balance reset. There is no guarantee tomorrows deposit will come. Memento mori (Latin ‘remember (that you have) …

Time - Huge Deposit

My Huge 86,400 Deposit…And I’m Going To Spend It All

Gen Y Finance Guy Words To Live By 4 Comments

Imagine there is a bank that credits your account each morning with 86,400. It carries over no balance from day-to-day. Every evening the bank deletes whatever part of the balance you failed to use during the day. What would you do? Draw out every cent, of course! Each of us has such a bank. Its name is TIME. Every morning it credits you with 86,400 seconds. Every night it writes off as lost whatever of this you have failed to invest to good purpose. It carries over no balance. It allows no overdraft. Each day it opens a new account for you. Each night it burns the remains of the day. If you fail to use the day’s deposits, the …

Financial Truth

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.

Gen Y Finance Guy Featured, Financial Freedom, New Rules 14 Comments

Do you want more from life? More money? More freedom? More security? More time with friends and family doing the things you love? I don’t know anyone that would say no to these questions. That’s not to say that there aren’t plenty of people out there that are completely content with their lives. Maybe they have all the money, freedom, security, and time they need and want. I need to let you in on a Financial Truth when it comes to your finances. There is a natural ceiling on how much you can save, but how much you can earn is limitless. Now that we know that universal truth, let’s take a look at the two ways you can build wealth: 1) You can spend less. Unfortunately there is …

Markets don't go up forever

Markets Don’t Go Up Forever!

Gen Y Finance Guy Financial Markets 1 Comment

Here are some questions that could be going through your head: With the market down close to 10% from the September high of 201.9, is this a buying opportunity? Should I be short the market betting there is more downside to come? Is the Bull Market over? How do I prepare for the next “opportunity of a lifetime?” After hitting a low of 660 back in March of 2009, is this Bull Run finally over after 6 impressive years? How does the Feds’ decision to end QE this month play into the recent price action over the past month? Is it a coincidence? Are prices still over-valued? Are we entering a new Bear Market? Will volatility be short-lived or remain elevated for some time to …