Mortgage Deduction

Tax Savings for Home Ownership Are Very Overrated (Especially Under 2018 Tax Reform)

Gen Y Finance Guy Financial Analysis 21 Comments

Do you believe that one of the primary benefits of owning a home in the USA is the tax savings from itemized deductions like mortgage interest, and property taxes? Weeeellll…I have some bad news for you. Despite the fact that this idea is so ingrained in most of us that we don’t even question it, any of that savings is a lot less than you – and I – might have been led to believe. Personally, I have to be the first to admit that I have overvalued these primary residence “tax savings.” And this was before the 2018 tax reform, which has only made things worse. For most of the homeowners in the USA this tax benefit has now been eliminated due …

Do You Live Life By Design?

Gen Y Finance Guy Words To Live By 5 Comments

I have been going through all the guest appearances I’ve had on different blogs over the past four and a half years of blogging and it’s been so much fun to revisit some of these posts. I’ve linked them all up on this “As Seen On” page so you can see them all in one place. Today I want to share one I wrote a little over three years ago, originally published on Untemplater. It’s always so interesting to reflect back and see where my head was at a given point in time.  “If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.” – Jim Rohn …

Where The Goals, Where The Goals, Where The Goals At?

Gen Y Finance Guy Goal Setting 9 Comments

I’d say this post was inspired by a DMX song but I don’t want to scare anyone off before they even start reading. The only thing inspired by DMX is the title of this post. I figured that since we are eight months into the years as I peck at the keyboard today it would be a good time to see how much progress has been made towards the goals I set for 2018. This isn’t the first time I have reviewed the goals since setting them, it’s just time I’ve provided an update on the blog. It’s important to remember that setting a goal is only step zero. You then have to take daily action to achieve your goals. This …

Income Report

August 2018 – Detailed Financial Report #44 – Net Worth $854,696 | Income $30,839

Gen Y Finance Guy Monthly Financial Reports 9 Comments

My Mojo is BACK! I’m officially out of my slump. Note to self: don’t wait so long to take a vacation next time! However, we did get pitched a curveball 48 hours before we were to depart for our Maui vacation – just a little Category 5 hurricane, no big deal! We waited it out for 24 hours, but realized it would ultimately be best to cancel. So 24 hours before scheduled departure, I donned my Tom Cruise suit and whipped into action. Although I was on my monthly business trip in New York, I spent half the day canceling all of our reservations, many of which were prepaid. Thankfully, we got full refunds on everything due to the severe …

Does This Dad Role Come With Training Wheels?

Gen Y Finance Guy Words To Live By 13 Comments

Warning! Dad-to-be stream of consciousness ahead. It’s really happening. We are three months from bringing another human being into the world. It’s scary. Yet at the same time, it’s so magical. It doesn’t seem possible that life can be formed within another human – in this case Mrs. GYFG. We are blessed with the opportunity to be parents. And I count my lucky stars every time I see that glow coming from my wife – the future mother of our child. I think my fixed gaze makes her a little self-conscious but I’m just trying to soak it all in. She is amazing and I can’t help but think about how great a mother she will be to our baby boy. Deep …