Control-Based vs. Allocation-Based Budgeting

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To budget or not to budget, that is the question… It may not be obvious at first glance but to me all budgeting boils down to two distinct different flavors: Control-Based Budgeting Allocation-Based Budgeting I believe that there is a time and a place for both, depending on where you are in your own unique financial journey. However, if you follow the GYFG path to wealth, you will learn to favor one of these methods over the other.  What’s the Difference Between These Two Methods? Early on in the financial journey, most will start with Control-Based Budgeting, where the focus is primarily directed at the expense portion of the income statement. A control-based budget is used to manage how much is spent on …

FIRE Starter: Advice on Saving & Investing in Your 20s [Part 1]

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Last month I shared the first of a series of interviews with you. Zach, the newest GYFG team member, was the first to be interviewed. Going forward he will be a regular writer for the GYFG blog. He is 24 years old and killing it. His wisdom belies his age and is a great example of how to get started off on the right foot, financially and otherwise. At 32, I find myself on the older end of the millenials’ age range, which in 2018 is 22-37, according to the Pew Research Center. Guys like Zach have got me thinking that there is a younger part of my generation that may not be able to relate to where I am in life personally. …

4 Years of Blogging – Annual State of the Blog

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I’m proud to say that this blog I started is officially four years old. Happy Birthday, GYFG! I’m pretty sure that puts my blog in the top 1% of blogs that make it past the one year mark – the percentage making it to four years must be tiny. I’ve lost count of the number of blogs I have seen pop up, only to disappear in six months (or less). It’s not easy to produce new content on a regular basis, especially if you’re not passionate about your topic. I think many people get allured to begin by the money that can potentially be made from blogging. Yes, there are bloggers earning six and even seven figure sums from their blogs. But …

Income Report

October 2018 – Detailed Financial Report #46 – Net Worth $872,091 | Income $32,672

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I’M A DAD! We weren’t expecting our son to make his debut until early November but he had other plans and came about three weeks early. I guess he got the memo that the theme for October was “finish,” so he decided to finish the gestation process and hit the eject button. Mrs. GYFG and I are completely infatuated with the little man. Yes, he looks like a little man. The good news is that he did give us enough time to complete the nursery and our office project so there were no loose ends even though he arrived early. Last month I promised some photos of the completed nursery and home office project: The only item left on my …

Warren Buffett on Betting Against America – Don’t Do It!

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Given the recent turbulence in the markets, I thought this was a good a time as any to remind people to stay calm. As I peck away at the keyboard the DJIA is down 2,523 points (24,446 on 10/29) from its all-time high of 26,966 set on 10/3/18 (that’s about a 9.4% sell-off that has taken place over the last four weeks). Let me present a few additional points for proper context: (1) It’s normal for the market to go up and down. This is the normal ebb and flow of market movements. You know that 8% return you expect? Well, that doesn’t come without a bit of volatility. (2) This could be the start of the next recession but no one …

Are you prepared?

Are You Prepared If $hit Hits The Fan?

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Are you prepared for your eventual death? What about an untimely death, via a freak accident, illness, or other unforeseen events? Do you have an emergency plan for that? How about a disabling occurrence – what’s your plan if you live, but become unable to take care of your family? No one likes to talk about these things, but we all need to. Grief from loss or stress of disability would be difficult enough without leaving behind a mess for your family to clean up. Figure these things out now, when you have time to make good decisions! To help us address these questions, I have asked my friend Lynn to write a series of blog posts to educate us …