CHASING FIRE INTERVIEW SERIES

FIRE Starter: The Power of Habits

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Zach spent his first three posts providing us with nine actionable tips for savings, investing, and growing wealth in your 20s (part I, part II, and part III). The information in that series could change the rest of your life if you were to follow it. He then shared “How Creating a Side Project Can Boost Your Marketability and Income.” Today Zach is going to discuss the power of habits. Our habits are either working for us or against us. Personally, I can attest to life-altering outcomes resulting from habits I developed. Don’t underestimate the power of your habits (current or future). I hope you enjoy Zach’s latest FIRE Starter post below. First, a Quick Reminder of Why I Started …

This Side Hustle Earns Me $3,188 per Hour

Gen Y Finance Guy Side Hustle 15 Comments

One of my hobbies is to find new revenue streams that take minimal effort (and minimal time). In late 2017, The Wealthy Accountant (TWA) published a post on how he was earning $1,000/hour selling tradelines – that piqued my interest. I had no idea what a tradeline was before reading that article. But I quickly learned that a tradeline was just a fancy word for a line of credit. Lines of credit comes in all sorts of shapes and sizes but TWA was writing about one type in particular: credit cards. It sounded too easy. Too good to be true. I was skeptical but kept an open mind. After all, this was coming from TWA, who is worth $12M+ (according to …

Income Report

April 2019 – Detailed Financial Report #52 – Net Worth $1,110,940 | Income $27,134

Gen Y Finance Guy Monthly Financial Reports 8 Comments

What a year 2019 is shaping up to be. Life never ceases to amaze or surprise me. Specifically, I started thinking about starting a consulting practice back in the summer of 2016 and almost secured some work back then. However, the timing wasn’t quite right. The idea was put on the back burner until it was brought back to life in June of 2018, with a discussion during a trip to Toronto of becoming a third-party consulting partner for a software company I know very intimately. Five years ago, I implemented their software at the company I work for, which automates and streamlines the Financial Planning & Analysis functions of an organization (among many other functions). It’s a great software, …

LateFIRE Chapter 4: A Tale of Two Houses, a 26-Bag, and $1.7M

Lin Financial Freedom 25 Comments

When you start late on the path to FI, there is URGENCY. There is no margin to make missteps. There is no multi-decade runway to recover from market turbulence, so “time in the market” trumping “timing the market” takes on a different nuance. Ask a person on the cusp on retirement in 2000, or 2008, what happened to that retirement fund left in a stock market account. Hence, I need to choose my steps carefully. I am in my mid-50s; my husband is 61. However, we also need to take swift and probably dramatic action to catch up and provide for the years ahead. Here is where we are. Any constructive thoughts you, GYFG reader, might offer to help, are …

CHASING FIRE INTERVIEW SERIES

Chasing FIRE Interview #7 – Erik from The Mastermind Within

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Today we continue our Chasing Fire interview series (click the link to see all interviews in this series). I have always enjoyed reading and listening to interviews to learn how people got to where they are, so as to learn from the successes and failures of others. Each individual’s story and path is unique, and we can certainly gain insights from those generous enough to share their stories. My job as the host is to find interesting people that will inspire and motivate you, as well as myself. I plan to share one high-quality interview per month (maybe even less frequently) and the questions may change over time. I anticipate this to be an iterative process and I would love your feedback in the …

How I Bought The GYFG Family Electric Bikes With Free Money ($3,797.95 Worth)

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My favorite price in the whole world is FREE. I remember in college my Economics professor tried convincing the class that there was no such thing as a free lunch and he even gave us an acronym to remember it – TINSTAAFL. I don’t remember that professor’s name but I remember his lesson clearly.  Today, I officially call bull$hit on this. In theory, this may make sense but in reality – where we all live – this couldn’t be further from the truth. I’ve personally enjoyed hundreds of free lunches over the years. Economic theory tells us you can’t get something for nothing. Lies!!! During my first five years out of college, I worked for an oil company and they …

[Sponsored Post] Link by Prudential

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New onto the scene of technology-assisted money management is LINK by Prudential. Prudential is not some fly-by-night start up after your money (or data), and in fact has been around for 140 years! Thus, I think it’s good to check out their version of a modern day digitally-enabled financial advisor. (By the way, this post is sponsored. However, ALL opinions are the genuine impressions of the GYFG team, offered for your benefit…and ours!) This post was written by Lin, as a LateFIRE contribution. LINK is the type of tool that is especially attractive to someone “late” to the game of FI. Because LINK allows you to set the goals and input the date, it generates potential solutions, allowing for “toggling” …

Income Report

March 2019 – Detailed Financial Report #51 – Net Worth $1,100,055 | Income $26,324

Gen Y Finance Guy Monthly Financial Reports 12 Comments

This is report number 51 of a potential 240 as I document my journey to a $10M net worth – only 189 reports to go! As we sprint towards our goal of paying the mortgage off by July of this year, I’ve been thinking about how this report ought to evolve. The obvious change will be to remove the section that tracks our progress towards paying off the mortgage. I’m not sure what to replace it with. Maybe I don’t replace it with anything and the report just gets a tad smaller. I welcome your thoughts in the comments below. It’s hard to fathom that Q1 is already in the rearview mirror. Where does the time go? Without the benefit …

CHASING FIRE INTERVIEW SERIES

Chasing FIRE Interview #6 – Marc from Vital Dollar

Gen Y Finance Guy Interview 3 Comments

Today we continue our Chasing Fire interview series (click the link to see all interviews in this series). I have always enjoyed reading and listening to interviews to learn how people got to where they are, so as to learn from the successes and failures of others. Each individual’s story and path is unique, and we can certainly gain insights from those generous enough to share their stories. My job as the host is to find interesting people that will inspire and motivate you, as well as myself. I plan to share one high-quality interview per month (maybe even less frequently) and the questions may change over time. I anticipate this to be an iterative process and I would love your feedback in the …

The Super Secret Interview I Did For the Tim Ferriss Book “Tribe of Mentors”

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I’ve been keeping a secret from you guys for a long time and I just can’t keep it in anymore. Tim Ferriss published his latest book, Tribe of Mentors, over a year ago. He asked to include me, and as you can imagine, I was humbled, excited, and scared as hell. If I said “yes,” then what would happen to the anonymity I have maintained all these years? If I said “no,” would I regret it for the rest of my life? Tim’s reach is millions of people vs. the thousands I get to reach with this blog every month. Could this be my Oprah Winfrey moment, when I got touched by someone mighty enough to transform my whole life overnight, and …