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 …