CHASING FIRE INTERVIEW SERIES

Chasing FIRE Interview #1 – FIRE Starter: Zach

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Today we begin a new interview 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 comments (or via email: dom@genyfinanceguy.com).  First up …

Income Report

September 2018 – Detailed Financial Report #45 – Net Worth $870,156 | Income $35,981

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We have officially put 75% of the year to bed with the close of September. That means there are only three months remaining to tie up loose ends and I’ve been doing just that. I don’t know about you but this time of year fills me with an obsession to finish things. It also means I’m reluctant to start anything new. I just finished my last trip to New York for the year. I’m happy to be grounded for the next three months. We finished moving everything over to our newly created family trust. Essentially, this means we have put every eligible thing we own (retirement accounts cannot be put into a trust) under the name and “ownership” of our trust. …

LateFIRE Chapter 2: Mind the GAP and KISS Me

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Hi again! Welcome to stop #2 on my LateFIRE journey. This is the post wherein are contained steps 1 – 10, optimally prioritized for a meteoric rise to financial independence, achievable – despite starting three decades late – at sound-barrier-busting speed via silver bullets, magical strategic mistake-proof moves of unmitigated brilliance, and pixie dust. Do this and become a gazillionaire just like me, overnight! Easy! So excited to share! Um…yeah…about that… Although I wish it could be different (because I just love a good dose of silver bullets and pixie dust sprinkles), I am just fresh outta magic. Darn it all. Refresher: I looked up one day, dearly beloved, many years into this thing called life [PRINCE: yes always] and …

Mortgage Deduction

Tax Savings for Home Ownership Are Very Overrated (Especially Under 2018 Tax Reform)

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Do you believe that one of the primary benefits of owning a home in the USA is the tax savings from itemized deductions like mortgage interest, and property taxes? Weeeellll…I have some bad news for you. Despite the fact that this idea is so ingrained in most of us that we don’t even question it, any of that savings is a lot less than you – and I – might have been led to believe. Personally, I have to be the first to admit that I have overvalued these primary residence “tax savings.” And this was before the 2018 tax reform, which has only made things worse. For most of the homeowners in the USA this tax benefit has now been eliminated due …

Do You Live Life By Design?

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I have been going through all the guest appearances I’ve had on different blogs over the past four and a half years of blogging and it’s been so much fun to revisit some of these posts. I’ve linked them all up on this “As Seen On” page so you can see them all in one place. Today I want to share one I wrote a little over three years ago, originally published on Untemplater. It’s always so interesting to reflect back and see where my head was at a given point in time.  “If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.” – Jim Rohn …

Where The Goals, Where The Goals, Where The Goals At?

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I’d say this post was inspired by a DMX song but I don’t want to scare anyone off before they even start reading. The only thing inspired by DMX is the title of this post. I figured that since we are eight months into the years as I peck at the keyboard today it would be a good time to see how much progress has been made towards the goals I set for 2018. This isn’t the first time I have reviewed the goals since setting them, it’s just time I’ve provided an update on the blog. It’s important to remember that setting a goal is only step zero. You then have to take daily action to achieve your goals. This …

Income Report

August 2018 – Detailed Financial Report #44 – Net Worth $854,696 | Income $30,839

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My Mojo is BACK! I’m officially out of my slump. Note to self: don’t wait so long to take a vacation next time! However, we did get pitched a curveball 48 hours before we were to depart for our Maui vacation – just a little Category 5 hurricane, no big deal! We waited it out for 24 hours, but realized it would ultimately be best to cancel. So 24 hours before scheduled departure, I donned my Tom Cruise suit and whipped into action. Although I was on my monthly business trip in New York, I spent half the day canceling all of our reservations, many of which were prepaid. Thankfully, we got full refunds on everything due to the severe …

Does This Dad Role Come With Training Wheels?

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Warning! Dad-to-be stream of consciousness ahead. It’s really happening. We are three months from bringing another human being into the world. It’s scary. Yet at the same time, it’s so magical. It doesn’t seem possible that life can be formed within another human – in this case Mrs. GYFG. We are blessed with the opportunity to be parents. And I count my lucky stars every time I see that glow coming from my wife – the future mother of our child. I think my fixed gaze makes her a little self-conscious but I’m just trying to soak it all in. She is amazing and I can’t help but think about how great a mother she will be to our baby boy. Deep …

Unconventional

[Guest Post] Unconventional Finance – Part 2

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Today’s post is from a returning guest writer. Sean found GYFG and left his first comment back in October of 2015 and has been a loyal reader ever since. After several months of back and forth in the comments of various posts on this blog, we realized that we had a lot in common with respect to age, upbringing, financial aspirations, etc. We also found that we do things differently in terms of our approach to wealth building. After several private email exchanges back and forth I convinced Sean to write his first guest post to share his unconventional path.  We also entered into a friendly wager to see who will make it to a $1M net worth first. To …

Income Report

July 2018 – Detailed Financial Report #43 – Net Worth $850,450 | Income $50,327

Gen Y Finance Guy Monthly Financial Reports 10 Comments

Here we are again! In last months report, I shared that I was fighting a case of burnout from pushing too hard for too long. This isn’t a new phenomenon, in fact, this is something I personally cycle through a few times a year. These periods of burnout usually rear their heads mid-year and year-end…hence my annual 7-10 day planned vacations in both August and January. As I write this we are 22 days out from starting our ten day trip in Maui. This trip’s gravitational pull is getting stronger the closer we get to it. And the closer we get, the better I feel. In the meantime, I have had to rely on discipline to get me through the …