IRS Tax Code Makes No Sense

The IRS Tax Code Makes No Sense – What You Should Know About IRA Tax Deduction Phase Outs

Gen Y Finance Guy Taxes 27 Comments

Have you ever wondered how the IRS comes up with certain pieces of tax code? It seems like every time I turn around there is some piece of tax code that makes absolutely no sense to me at all. Do they use any logic? Recently I wrote a post about joining the double comma club (i.e. becoming a millionaire) and as one of the 3 commitments I listed to max out all tax favored accounts. In my particular situation that means maxing out a 401K, HSA, and IRA for my wife. All was good in the world…That is until the IRS gets involved. There always seems to be some sort of penalty written into the tax code for doing well. …

The Finance Zombie

[Guest Post] Freedom Fighter Interview #16 – Mr. Z

Gen Y Finance Guy Freedom Fighter, Interview 6 Comments

Today we have our 16th Freedom Fighter interview in this series. I should point out that these guest interviews will continue but at a much slower pace than the once a week schedule we have been following through summer of 2015. I love sharing other peoples stories with you all, but I need to make room for a little more original content. So, through October, we will be publishing one interview every two weeks, and then from November on it will be one a month. All the way from the UK, today’g guest, Mr. Z, is breaking away from the Zombie Horde of what he calls the consumerism apocalypse. He is is looking to reach his definition of Financial Freedom …

The Secret to Productivity

A Day In The Life Of GYFG

Gen Y Finance Guy General Information 31 Comments

Early to bed. Early to rise. Keeps a man healthy, wealthy, and wise. – Ben Franklin When people get to know me and hear a little bit about all the things I do, they often ask me how I find the time. A large part of my secret is getting up early almost every day of the week (including weekends). Now let’s define early, because for some that means waking up before 9am (and for others anything before noon is early), but for me its waking up between 5am and 5:30am. Yes, I wake up before 5:30am almost 7 days a week. I say “almost,” because there is the rare occasion that I do sleep in. Don’t laugh, but sleeping …

Personal Leverage Ratio

Your Personal Leverage Ratio

Gen Y Finance Guy Financial Ratios 2 Comments

Based on the short amount of time I’ve been writing, you may have gotten the wrong message. Yes, I am working diligently to pay off the mortgage early on my primary residence. However, this does not mean I think all debt is bad or evil. Consumer debt is pure evil when you are the borrower! If you are the investor/credit extender it can be very profitable (check out Prosper if you would like to get a piece of this action). If you have consumer debt, pay it off as fast as humanly possible, and never look back. When it comes to non-consumer debt or what I like to call productive debt, I am totally for it. Before we talk about what your leverage ratio …

Cash Flow Diaries

[Guest Post] Freedom Fighter Interview #15 – Cash Flow Diaries

Gen Y Finance Guy Freedom Fighter, Interview 7 Comments

Today we have the 15th in a series of interviews. Our guest is Alexander of  Cash Flow Diaries and he is fighting his hardest to exit the corporate rate race a multi-millionaire. Just this year he started his blog to track his journey to Financial Freedom with a focus on Real Estate as his main asset class of choice (specifically turnkey real estate). Last I checked Alexander had just picked up his 3rd turnkey rental and 6th property overall.  This guy is killing it and has actually has inspired me to look into the turnkey real estate space for potential investments. Now I will turn it over to Alexander… The dream: Picture this!  With your family, wife/girlfriend, husband/boyfriend whatever! Wearing flip flops, white sand, …

I wanna be a millionaire

How To Become a Millionaire – Joining the Double Comma Club

Gen Y Finance Guy Financial Freedom 26 Comments

They call it the double comma club and membership is open to anyone. Well, it’s open to anyone that is willing to practice simple disciplines of saving, investing, and living below their means. Let me clarify that when I say “living below their means”, I am not saying you have to live like a college student, instead you simply need to spend less than you earn and invest the difference. Ideally you should be saving and investing at least 20% of your income (although I recommend saving 50% as you build your income). J. Money over at Budgets are Sexy has started “The Million Dollar Club” for anyone who desires to become a millionaire can join. It started out of his own desire …

When Everything Feels Balanced

August 2015 – Detailed Financial Report #8 – Net Worth $241,085 [+32.9% YTD]

Gen Y Finance Guy Monthly Financial Reports 23 Comments

GYFG here checking in for the August monthly financial report. If you have been reading these reports for a while you will notice that I introduce each month with the same intro month after month. I do this for two reasons, a) for the newbies to the site (which make up about 50% of the sites traffic) and b) to remind everyone what these reports are all about. By all means if you have read the intro at least once, then please feel free to skip down to the “Summary of August 2015” section where the new content begins (click the orange link to be taken there automatically). For those of you that are new around this corner of the internet, …

Podcasts

August 2015 Content Curation

Gen Y Finance Guy Curated LInks 7 Comments

“The art of living easily as to money is to pitch your scale of living one degree below your means.” – Sir Henry Taylor Books|Blogs|Videos|Podcasts This monthly series is my attempt to curate the web for you. I probably consume more content than one person should, but I am kind of a knowledge junkie. I don’t just consume content for the sake of consumption. The goal is to always learn something, gain a new perspective, contribute to the conversation, and fuel the idea factory. Reading is exercise for the brain and just like the body it needs plenty of it to stay healthy. In any given month I try to read at least 3-5 books. I also have over 100 (now down to …