Income Report

July 2019 – Detailed Financial Report #55 – Net Worth $1,297,960 | Income $70,107

Gen Y Finance Guy Monthly Financial Reports 8 Comments

Seven months down and five months to go! My life has been consumed with my nine-month-old and my six-month-old. They are both my babies! My nine-month-old son is growing and developing so fast. Every day is a new adventure and a new mission to discover something new. As you get older, it’s easy to lose that natural curiosity that is innate as a child. Having a kid has certainly taught me to pause and enjoy the wonder that fills this world. I continue to look forward to re-discovering the world with my son. Then there is my six-month-old business and it too is growing so fast. The last six months have flown by and I can’t believe how fast the …

Open for Business

Gen Y Finance Guy Entrepreneurship 4 Comments

For as long as I can remember I have pursued money-making ventures – now dubbed “side hustles” in today’s vernacular. Most of my ventures have produced positive economic value, meaning they made money. If you read my “About” page you will see that the plan has always been to eventually transition into full-time entrepreneurship. The one obstacle holding me back was finding an opportunity that offered an income stream that matched or exceeded my ability to earn by working a W-2 career. To date, my highest and best use from an earning’s standpoint has been to work for a company that paid me a regular paycheck. I graduated college about 11 years ago to a starting salary of $52,500. Today …

Optimism: The World Through My Eyes

Gen Y Finance Guy Words To Live By 5 Comments

Each of us walks our own path, and develops our own perspective on life. You may never understand me or my perspective, and you will definitely have your own. It’s inevitable because we come from different walks of life, were born into different families, different times and places, and have lived different sets of experiences. So although I can understand our differences, I can only share the world as I see it and have experienced it. I’m an optimist. My wife likes to say that I view the world through rose-colored glasses. That doesn’t mean my world is perfect, by any means, but I have observed that things tend to work out most of the time and that’s what I …

Income Report

June 2019 – Detailed Financial Report #54 – Net Worth $1,220,368 | Income $50,885

Gen Y Finance Guy Monthly Financial Reports 3 Comments

Time continues to race by at Mach speed. Because time is racing by so fast, I’m writing this two days before the end of the month because I don’t know when I will have the next opportunity to carve out the time to get this out on a timely basis. Sometimes you just have to seize the moment of opportunity. As I type, Mrs. GYFG is at her hot yoga class, my dogs are laying at my feet, and my son is taking his morning nap. I woke up at 3:30 am and couldn’t sleep, so I got up to work on my new business until around 7:00 am when my wife and son woke up. After my wife left …

Don’t Be So Quick To Dismiss Paying Your Mortgage Off Early

Gen Y Finance Guy Mortgage Snowball 19 Comments

People can tend to get dogmatic and dismissive of paying down a mortgage early. But I really think this is a function of pure ignorance. Maybe they don’t really understand how to evaluate this option against the conventional wisdom that is dished out on the daily. At first blush, it may appear that I have a bias since the GYFG household chose the path to become mortgage-free (accomplished in just under five years from when we set this goal). But wait – bias appearances can be deceiving! In theory, I actually agree with those who advocate keeping a mortgage for as long as possible and to invest what it would have taken to pay off the mortgage into the stock …

Waiting Was the Right Choice!

Gen Y Finance Guy General Information 5 Comments

As I type this my nearly three-month-old son is sleeping next to me on the couch. Oh boy, has our life changed over these past three months! We are stoked to be parents and amazed that we were able to create another human being. We are excited to guide our son into adulthood over the next 18 years. We look forward to experiencing the world with him. There are still so many firsts ahead. Mrs. GYFG and I had always been on the same page in that we wanted to wait to start a family until our thirties. We knew early that in order for us to be the parents we wanted to be that we would first need to …

Chasing FIRE

Chasing FIRE Interview #8 – Millionaire Doc

Gen Y Finance Guy Interview 2 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 …

Income Report

May 2019 – Detailed Financial Report #53 – Net Worth $1,171,429 | Income $91,688

Gen Y Finance Guy Monthly Financial Reports 2 Comments

The GYFG household is officially mortgage-free. We made our last payment in person at the bank. To be honest, it was a bit of an anti-climatic moment. Don’t get me wrong: it feels great to have removed the shackles of such a large debt – a feeling that sadly is never achieved by most. After discussing this with Mrs. GYFG, we believe that it is just going to take time to sink in that we are mortgage-free. Since accelerating this goal, we have paid an additional $17,000/month against the principal of the mortgage for the past 17 months (yes, $289,000 applied to the mortgage in 17 months).  I’m sure our excitement will build as our cash reserves are able to …

This Side Hustle Earns Me $3,188 per Hour

Gen Y Finance Guy Side Hustle 13 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, …