Rule of 72

The Rule of 72 – The Shortcut to Double Your Money

Gen Y Finance Guy Financial Analysis 7 Comments

How long will it take to double your money? Can you do the math of compound interest in your head? Do you want to extrapolate how long it will take your money to quadruple, octuple, or to hit an even bigger Big Hairy Audacious target, Freedom Fighter? Do you wish there were a shortcut to all these answers? Well, I have good news for you! There is a simple formula you can use to get a decent approximate answer – all without any fancy or complex math. It’s the “Rule of 72.” This simple shortcut will give you an approximate time – in years – that it will take to double your money (investment, net worth, etc). All you have to …

My Interview With Mr. 1500

Gen Y Finance Guy Interview 5 Comments

An oldie but a goodie! This was originally published February 7th, 2015 on the 1500 days blog but doesn’t appear to be live anymore. Maybe I made Carl mad??? Good thing for the Wayback Machine, because I can still give reference to the original publication. If you want to see the original post and comments, you can visit the archive here. I have provided a few updates below in [blue within brackets.] (1) What is the worst financial mistake you made? When I was 20 and very green and naïve to the whole finance thing, I agreed to buy a house as the “credit partner.” The deal was that I would get paid $1,000 per month for letting this “investor” …

Income Report

May 2018 – Detailed Financial Report #41 – Net Worth $791,370 | Income $34,208

Gen Y Finance Guy Monthly Financial Reports 4 Comments

I have that feeling again – like something bad is going to happen. Around this time last year, I wrote about how things were going too well and contemplated what would happen when the music stops (everyone should have a back up plan). When I wrote that post our net worth had just reached $551,510 and our trailing twelve months (TTM) income was $347,539. Things have only continued to surpass my wildest expectations. Our net worth has increased $249,860 since then and our TTM income finished May at $417,214. Mind blowing!!! As you will see below, we are deploying capital at a very aggressive pace. In the long run we will be thankful we did, but I get the sense …

You CAN Get Rich Working for Someone Else Because Your Career Is Worth Millions of Dollars!

Gen Y Finance Guy Career 10 Comments

I hate when I hear people say that you can’t get rich working for someone else. It is such a blanket statement that isn’t even in the realm of truth. First of all, there are jobs, and there are careers. Obviously, you’re not going to get rich working at McDonald’s as a burger flipper. But are you still working your high school minimum wage job, GYFG reader? I think not. First, I’m going to frame this discussion with the following statements: Most of my readers are college-educated (in my opinion, this is the highest probability path – but obviously not the only possible path – to a six-figure income). The average starting salary for a college graduate is $50,000 per year. …

PeerStreet Performance

PeerStreet Performance After One Year

Gen Y Finance Guy Investing 21 Comments

Here on GYFG, transparency is the name of the game. I put my money where my mouth blog is, and show you everything: both what works and what does not. Today it is time to check under the hood of my own PeerStreet experience, and let you know how it’s going. To recap, it’s been a year since I started investing in hard money loans through the PeerStreet platform. Within five months, I built up my initial $5,000 seed investment to $73,000 and in early 2018 I topped my total account value off to make an even $100,000. As I write, the current value of my total investment (across two accounts) is ~$103,000. I want to show you the actual Peer Street …