Income Report

October 2021 – Detailed Financial Report #82 – Net Worth $7,514,552

Gen Y Finance Guy Monthly Financial Reports 8 Comments

It happened! We finally closed the transaction whereby I sold a majority interest in my business. As I reflect back on what has been accomplished over the past 32 months since starting this business I am extremely satisfied with the progress we made in a relatively short period of time. I think the best thing I ever did was start with an exit in mind. From day one I had a five-year plan and tracked everything I knew an eventual buyer would want to see to properly evaluate the business. I thought it would take another two years before we would get here but here we are on the other side of a deal. Starting and growing a business has …

Income Report

September 2021 – Detailed Financial Report #81 – Net Worth $6,688,328

Gen Y Finance Guy Monthly Financial Reports 7 Comments

What a month! September was a bit rough as we concluded the peak of our busy season that runs from May through October. Everyone (including myself) is looking forward to the seasonal slowdown that naturally happens this time of year as we head into the holidays. This holiday season is going to be bittersweet; it is the first holiday season that we won’t have my mother-in-law but it’s also our daughter’s first Halloween, Thanksgiving and Christmas. I was hoping to be able to share that the sale of my business closed in September but due to delays related to legal issues, it was pushed into October. I’m typing this report on the 13th of October and we are down to …

Income Report

August 2021 – Detailed Financial Report #80 – Net Worth $6,594,162

Gen Y Finance Guy Monthly Financial Reports 10 Comments

I’m a super planner…but August decided to ignore my plans! The first major surprise was that our daughter decided to show up three weeks early from her September 7th due date, which began a cascade of plans going out the window. I had somehow deluded myself into thinking I could plan everything to perfection…but life had something else in mind.  Although our introduction came earlier than expected, we were excited to meet our little girl, and my wife was ready to be done being pregnant. I had planned to be in the delivery room for the birth of my daughter and cut the umbilical cord like I did for our son, but that was something else that didn’t go according …

Income Report

July 2021 – Detailed Financial Report #79 – Net Worth $6,533,960

Gen Y Finance Guy Monthly Financial Reports 18 Comments

I’m going out on a limb this month to include the value of my business in this month’s report, since we are officially 30 days from close as I type these words. If last month was a huge milestone, this month was a quantum leap as our net worth is more than doubling month over month. It all started 79 months ago when I concocted this big hairy audacious goal that even my wife thought was crazy. Not only has it come to fruition, it has happened on an accelerated timeline because the plan never contemplated any x-factors, such as the one facing us now. For the newer readers, the original goal was to build a $10M net worth over …

Income Report

June 2021 – Detailed Financial Report #78 – Net Worth $3,001,550

Gen Y Finance Guy Monthly Financial Reports 23 Comments

Financial Independence!!! We officially hit our Financial Independence number this month as defined by the Five Major Milestones of FI that I wrote three years ago. The goal was to achieve a net worth of $3M with the ability to spend $120,000 per the 4% rule. That said, I’m the kind of person that never wants to touch the principal and only live off the income, so although the 4% rule says that we could spend $120,000 a year, there are a couple of things we have to be careful to adjust for. First, not all $3M of our current net worth is as liquid and easily spendable as it would be if it were entirely in stocks. Since I …

Income Report

May 2021 – Detailed Financial Report #77 – Net Worth $2,870,284

Gen Y Finance Guy Monthly Financial Reports 14 Comments

May was the first month that has felt “normal” in a long time. I mean…I got to take my son to see his first movie at a theater. The GYFG family is definitely ready for some fun in the sun this summer. Although it’s not yet officially summer as I type, it’s only 23 days away, so we decided we would start the party early. We are gearing up for an epic summer retreat with my business partners (who also are our long-time friends) with our families to celebrate our continued success. Let’s be honest, the retreat gives us an excuse to have a good time on the company dime! We will be hosting 11 adults, five kids between two …

Income Report

April 2021 – Detailed Financial Report #76 – Net Worth $2,766,925

Gen Y Finance Guy Monthly Financial Reports 9 Comments

I know I say this every month but I can’t believe another month is in the rear view mirror. The first week in April was very tough with the loss of my mother-in-law as she lost her battle with cancer. The grieving process is nowhere near done but each passing day and week is getting easier…although there is nothing easy about losing a loved one. We continue to remember the good times and hold onto those memories and stories when the reality of loss gets us down. There is also a bit of guilt that we are all fighting as we continue living our lives. We know that this is what my mother-in-law would want us to do but it …

Income Report

March 2021 – Detailed Financial Report #75 – Net Worth $2,658,092

Gen Y Finance Guy Monthly Financial Reports 7 Comments

I’m late getting this regular monthly update out because my family’s world has been consumed by the pain of a devastating loss. In February of this year, my mother-in-law was diagnosed with stage 4 liver cancer. We are in shock now that only two months after the diagnosis she lost this battle in early April. Death is very much a part of life. We can know that, but it is a loss like this that brings that truth home beyond a shadow of a doubt: time is rare and precious. It is our own mortality that makes the hours and days we do have so precious – time truly is our most scarce resource. When you lose a loved one …

How I Invest My Money

Gen Y Finance Guy Financial Freedom 5 Comments

I recently read Josh Brown’s book How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest and thought it would be a good exercise for me to take Josh up on his offer at the end of the book to write my own essay on how I invest my money. Think of this as my money philosophy defined by a set of standard operating procedures. The first time I really thought about money in a structured way was back in 2015 when a blogger friend of mine asked me to participate in the “personal finance index card challenge,” where you get only a single index card to convey your best financial advice. The idea was that …

Income Report

February 2021 – Detailed Financial Report #74 – Net Worth $2,637,353

Gen Y Finance Guy Monthly Financial Reports 9 Comments

A reader (JayCeezy) left a comment last month and recommended I check out the Rahe Stress Test. After getting through the emotional rollercoaster that February was, I decided to do that before sitting down to write this month’s post. The test presents an inventory of 43 major life events with an associated point value for each item on the list. To take the assessment you go through and mark each item that has happened to you in the last twelve months and then add up all the points for the applicable events. You then take that score and compare it to three major buckets: I’d be lying if I said that the last year (really two years) haven’t been the most …