From the Mailbag #3 – BK Shares His Success Since Reading The Blog

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“My takeaway from these past three years is to take massive action and to continue adding value to people around you.” – BK It’s been a while since I shared a piece from a reader writing in. The previous two email conversations I shared were from readers seeking some guidance, but today we have a reader sharing a success story. I don’t know about you, but I’m a real sucker for success stories.  RELATED: From the Mailbag #1 – Savings, Investments, Credit, and Debt RELATED: From the Mailbag #2 – I Want More, Can You Help? Below, BK shares his success in doubling his salary in just over three years. He realized that fortune favors the bold and asked for more …

0% Interest

Confession: I’m a Sucker for 0% Interest Offers

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Not too long ago I came clean about my love affair of ten years. Today, I’m back at you with another confession. Please don’t be too quick to judge me until you read through the details. I’m a sucker for 0% interest. There. I said it. Well, I’m not a sucker for just any 0% interest offer – it has to be the right offer. My first experience with a 0% offer was back in college when I signed up for a credit card that came with 12 months of 0% interest. This was back when my savings account was paying 5%. So for 12 months, I played the arbitrage game and charged everything I could (tuition, books, groceries, gas, etc) …

Level Up

19 Ways to Level up in 2019

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Still being in the new part of this year and all, I thought it would be appropriate to put together a action list for those wanting to improve their financial situation in 2019 and beyond. The reality is that if you don’t take action now, you likely won’t take action later. Remember: building wealth in order to achieve Financial Independence is the direct result of simple disciplined steps made consistently over time. Notice that these are not “goals,” but rather a punch list of 19 EASY ACTION steps you can take to ensure that your financial house is built on a solid foundation. To make it super easy, I challenge you to choose at least 12 items; you can take just one action a …

Income Report

December 2018 – Detailed Financial Report #48 – Net Worth $1,012,865 | Income $46,533

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Celebrate! Celebrate! We are officially members of the double comma club! That was one hell of a marathon and it is SWEET to finally cross the finish line. But our race isn’t over yet. This is one of those multi-legged races and we have only completed milestone three out of five on our race to Financial Independence. Then, after that milestone, we’re reaching for the bonus challenge of leveling up from Financial Independence to Financial Freedom, which for us is achieving a net worth of $10,000,000 (GYFG household FI = $3,000,000; FF = $10,000,000). Keep in mind that it’s the 30th of December as I write this. If there is a significant decline in stocks on the last trading day of the …

Chasing FIRE Interview #3 – Denis From Chain of Wealth

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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 …

Financial Escape Velocity

The Inflection Point Between Contributions and Compounding

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A lot of debate takes place amongst personal finance enthusiasts about which is more important: savings or compounding? The easiest answer is that they are both critical to building wealth. I have already discussed how important your savings rate is if rapid wealth building is your goal – rapid as in financial independence in 10-20 years. I even went as far as to call it the most important variable to wealth building. Compounding is an amazing and magical force. However, compounding zero for three decades won’t get you far in achieving your dream of financial freedom. Zero compounded at 8% – or even at 20% – or 100% – for 30 years is still zero! Compounding without savings is like driving a car without …

Goals

My 2019 Goals: Family, Fitness, Finance, and Fun

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Small habits don’t add up, they compound. You don’t need to be twice as good to get twice the results. You just need to be slightly better. — James Clear Not too long ago I used to set a monster list of goals. Over time I realized two things during my annual reflections: 1. I was putting things down on my goal list that I was already going to do anyway because it was automatic based on my habits; and 2. that 10 to 20 goals were way too much to accomplish anything meaningful. In November I finished listening to Atomic Habits and had another realization about goal setting. My big takeaway from that book was that it was the system …

Income Report

November 2018 – Detailed Financial Report #47 – Net Worth $895,001 | Income $35,396

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The final stretch of the year is upon us. I can’t believe that it is already December. I ended up completing the Tribe of Mentors book I was in the middle of last month and that officially ties up all 2018 loose ends for me. I ended up with a ton of book recommendations as a result of reading Tribe of Mentors. I was also pleasantly surprised that I had already read more than a few of the books that were recommended numerous times throughout the interviews. Here’s a list below of books mentioned two or more times, with those I have already read bolded: Man’s Search For Meaning (Viktor E. Frankl) The Better Angels of our Nature: Why Violence …

Odds & Ends In Preparation for 2019

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2018 is quickly coming to an end! The weather is cooling down as we shift from summer to fall and the holidays are just around the corner. I like to get a head start on planning for the next year by starting that process at the beginning of November and finishing by Thanksgiving. I’m not quite ready to share my goals just yet but there are a few things that I do want to share. My goals will be mixed, but this post will be dedicated exclusively to the GYFG financial arm. I’m currently in the process of laying the groundwork for our finances in 2019. I’m programming “the machine” so that most things will happen automatically. That’s right – …

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 …