CHASING FIRE INTERVIEW SERIES

Why Owning Assets Leads to Wealth & Freedom

Zach Financial Freedom 1 Comment

You can find all of Zach’s previous posts here. Today, Zach is going to discuss the importance of owning assets to build wealth and achieve freedom. Your worst enemy in your pursuit of Financial Independence is only being able to generate income by trading your time for dollars. This model doesn’t work, because in it, as soon as you stop working the money stops flowing. This is why it’s so important to create a gap between your income and your spending (that gap is filled with your savings). Remember the golden rule to financial independence is to spend less than you make and invest the difference wisely. You invest by acquiring assets, which in turn appreciate in value and produce …

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 …

CHASING FIRE INTERVIEW SERIES

FIRE Starter: Don’t Wait Until F.I. to Answer the Question “How should I spend my time?”

Zach Financial Freedom 1 Comment

You can find all of Zach’s previous posts here. Today Zach is going to challenge you to start exploring how you want to spend your time. In the post below, Zach is going to ask you to participate in a thought experiment where you contemplate what life would be like if money were no object. I would say this is an exercise in lifestyle design. I’ve found this to be a very useful exercise personally, one that I regularly go through. It’s also been very useful in gaining more clarity and autonomy over my own time faster than it would have ever happened had I left it to chance, or by waiting to hit Financial Independence (see related links at …

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 …

CHASING FIRE INTERVIEW SERIES

FIRE Starter: What Would Personal Finance Look Like If It Were Easy?

Zach Words To Live By 1 Comment

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 has the power to change the rest of your life for those who follow it. He then shared “How Creating a Side Project Can Boost Your Marketability and Income” and “The Power of Habits.” Today Zach is going to discuss what personal finance would look like if it were easy. For the newbie, personal finance can be daunting, scary, and frankly unmanageable by a mere mortal. But what if you could suddenly have it all made easy for you? Zach is going to help humanize the whole …

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 …