Term Life Insurance

Preparing for an Unexpected and Early Demise

Gen Y Finance Guy Insurance 9 Comments

In late 2017, Mrs. GYFG and I decided that we were ready to embark on the next chapter of our lives, which involves expanding our family. We will be welcoming Baby GYFG in late 2018. We knew that this day would eventually come but it’s kind of crazy that it’s already here. As the first years of our marriage ticked by, we ignored all the commentary from our friends and family to just go ahead, that we could never truly be prepared, and still waited, taking steps to prepare for parenthood. We wanted to have things in place as we envisioned them before bringing another human being into this world. We march to the beat of a different drum! Planning …

Accidental Landlord

[Guest Post] The Accidental Landlord: How to Decide to Sell or Rent Your Old Home

Gen Y Finance Guy Real Estate Leave a Comment

Today’s post is a guest submission from Zolo, Canada’s largest real estate brokerage firm. An “accidental landlord” doesn’t buy a property with the intention of turning it into a rental, but rather falls into that situation after deciding to do so down the road. The GYFG household has been an “accidental landlord,” and although it turned out okay when we sold our property ten years after we purchased it, we were very happy to ultimately dispose of it. Yet, although we were glad to sell, that doesn’t mean we would not be open to “landlording” again one day in the future; in fact, we have plans to eventually upgrade at least one more time, with the renting out of our current …

Income Report

February 2018 – Detailed Financial Report #38 – Net Worth $724,974 | Income $74,190

Gen Y Finance Guy Monthly Financial Reports 14 Comments

Here we are again! Although February was a short month, the GYFG household still managed to get a lot done. From a health perspective, I was able to drop 10 lbs and get into a daily rhythm of meditation. I’m still dealing with two bulging discs, but I was finally able to start an eight-week program that uses a machine that is supposed to help re-align the disk (they call it the DRX 9000). The short of it is that this machine does Decompression Reduction Extraction (also known as nonsurgical spinal decompression) and the goal of each DRX session is to remove the bulging disc pressure from the nerve root. From what I’ve read, the studies show an 80% to 90% success …

Live Well, Give Well

Money Is the Tool That Allows Us to Live Well and Give Well

Gen Y Finance Guy Words To Live By 9 Comments

Let’s get something straight. Money is a tool! By itself it is nothing more than paper and metal, but it is a powerful means to many different ends. It provides the one who has it with optionality. Simply put, it is the tool that enables its possessor to both live well and give well. On this blog and many personal finance blogs, we (PF bloggers) talk a lot about earning money, saving money, and investing money (E+S+I = Wealth). These three actions provide us with the simple formula to building wealth (this is a great opportunity to plug my good friend ESI Money who focuses on these three simple steps to wealth). However, I’d like to focus on what it’s all for in …

Rich Uncles

The Easiest Side Hustle: Invest in Commercial Real Estate and Earn Passive Income Every Month (I’ve Invested $50,000)

Gen Y Finance Guy Real Estate 19 Comments

I first came across Rich Uncles in 2015, when my wife and I were contemplating buying a second piece of investment real estate. Our first was our “accidental investment” condo. Managing the condo was a series of headaches our first few years as accidental landlords, and we eventually hired a $100/month property manager for the rental, as we didn’t enjoy the process. It took twelve years of holding onto the condo before we could sell for a price that was break-even to its original 2005 purchase price (sold eventually in October 2017). This is all to explain why we ultimately decided to exit the business of holding physical real estate for investment purposes. We would rather have a balance sheet with little to no …