Income Report

May 2018 – Detailed Financial Report #41 – Net Worth $791,370 | Income $34,208

Gen Y Finance Guy Monthly Financial Reports 2 Comments

Reading Time: 11 minutesI have that feeling again – like something bad is going to happen. Around this time last year, I wrote about how things were going too well and contemplated what would happen when the music stops (everyone should have a back up plan). When I wrote that post our net worth had just reached $551,510 and our trailing twelve months (TTM) income was $347,539. Things have only continued to surpass my wildest expectations. Our net worth has increased $249,860 since then and our TTM income finished May at $417,214. Mind blowing!!! As you will see below, we are deploying capital at a very aggressive pace. In the long run we will be thankful we did, but I get the sense …

You CAN Get Rich Working for Someone Else Because Your Career Is Worth Millions of Dollars!

Gen Y Finance Guy Career 7 Comments

Reading Time: 7 minutesI hate when I hear people say that you can’t get rich working for someone else. It is such a blanket statement that isn’t even in the realm of truth. First of all, there are jobs, and there are careers. Obviously, you’re not going to get rich working at McDonald’s as a burger flipper. But are you still working your high school minimum wage job, GYFG reader? I think not. First, I’m going to frame this discussion with the following statements: Most of my readers are college-educated (in my opinion, this is the highest probability path – but obviously not the only possible path – to a six-figure income). The average starting salary for a college graduate is $50,000 per year. …

PeerStreet Performance

PeerStreet Performance After One Year

Gen Y Finance Guy Investing 10 Comments

Reading Time: 8 minutesHere on GYFG, transparency is the name of the game. I put my money where my mouth blog is, and show you everything: both what works and what does not. Today it is time to check under the hood of my own PeerStreet experience, and let you know how it’s going. To recap, it’s been a year since I started investing in hard money loans through the PeerStreet platform. Within five months, I built up my initial $5,000 seed investment to $73,000 and in early 2018 I topped my total account value off to make an even $100,000. As I write, the current value of my total investment (across two accounts) is ~$103,000. I want to show you the actual Peer Street …

Financial Freedom

The Five Major Milestones of Financial Independence

Gen Y Finance Guy Financial Freedom 20 Comments

Reading Time: 8 minutesIn the personal finance blogging community, we bloggers can disagree on a lot of things. However, one thing we tend to all agree on is what constitutes reaching the all-coveted status of Financial Independence. Many, including myself, believe in the 4% rule (as a guideline), that defines Financial Independence as a portfolio of 25X your annual “burn rate,” which is the amount of money you spend annually to maintain your desired lifestyle. In other words, the 4% rule is the best guide we have to reaching FIRE (Financial Independence, Retire Early). Additional resources on the 4% Rule: The Trinity Study (The study that started it all) The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?” FIRE Equation: The …

Extra! Extra! Read All About It! Rich Uncles Now Available in All 50 States!

Gen Y Finance Guy Real Estate 2 Comments

Reading Time: 7 minutesThe moment we have all been waiting for has finally arrived! The Rich Uncles real estate crowdfunding platform originally launched as a California based fund that invested in Commercial Real Estate, but was only available to California residents only. Then it launched its national fund, which opened up the investment opportunity to many states, but not all 50. That is…until now! I found Rich Uncles back in 2015 when I invested in their first fund, the Rich Uncles Real Estate Investment Trust I. The fact that I was a new investor in the crowdfunding space and Rich Uncles was a relatively new company, led me to tiptoe in by investing $5,000, and then to sit back and just watch. I wanted to …

Income Report

April 2018 – Detailed Financial Report #40 – Net Worth $754,208 | Income $33,587

Gen Y Finance Guy Monthly Financial Reports 14 Comments

Reading Time: 12 minutesAnother month ticks by, and with it brings another financial update. Based on the prior two posts I published, you will notice that April was a time for reflection and self-correction. It’s easy to get swallowed up and consumed by the wealth building game. I had to remind myself not to get so consumed building wealth that I forget to build a life. I also had the epiphany that there was no point in being wealthy if I wasn’t both happy and healthy. During that reflective time, I reminded myself why I got into the game in the first place, which was to build enough wealth to get to a point where money was no object. When money is no object, …

What if money was no object?

What If Money Were No Object? [Part One]

Gen Y Finance Guy Words To Live By 13 Comments

Reading Time: 7 minutesI discovered the video below more than three years ago. It really stuck with me, and I knew there would eventually be a time to share it in a blog post. That time has finally arrived. To place this in the context and history of GYFG: I started publicly sharing my monthly financial reports about three and a half years ago (January 2015). In that first monthly financial report, I shared my Big Hairy Audacious Goal of achieving a net worth of $10M and a monthly income of $50,000/month. Pretty “BH&A,” as back then our net worth was just shy of $200K and our monthly income was projected to average ~$15K/month (or $178K annually). But fast forward to 2018 and our net worth …

Happy & Healthy

If You’re Not Happy or Healthy, What Is the Point of Being Wealthy?

Gen Y Finance Guy Words To Live By 13 Comments

Reading Time: 4 minutesI have many character flaws. This I know. But there is one thing I’m really good at – finding the positive in every adversity. I have found this skill, this ability to extract the lesson or silver lining, to be invaluable in my journey. It’s required me to develop a keen sense of self-awareness and an open mind. It allows me to convert, rather than accept, the cards I’ve been dealt, and to try to play the best hand I can. Currently, I am leaning hard into this ability, by necessity. For most of my youth and into my early twenties, I thought I was physically invincible. Don’t we all? I took on unsustainable workloads. I did workouts without regard to …

Warren Buffett

Straight Outta Omaha: OG Thoughts On Investing – Warren Buffett

Gen Y Finance Guy Investing 2 Comments

Reading Time: 13 minutesHere is part three in this Warren Buffett series (part one & part two), covering a few of the sections I have pulled out from the last 50 years of Berkshire Hathaway Letters to Shareholders, which I finished reading in October of 2017. Although the entire 50-year series was filled with a ton of business and investment wisdom, all the pieces that I pulled are from the past seven years. I admit a probable recency bias, whereby after reading almost 700 pages, I remember more of the recent letters than the older ones. Needless to say, you bet I will be reading through all those letters again in the future. For the selections of this post, I pulled Buffett’s insights and comments …

Income Report

March 2018 – Detailed Financial Report #39 – Net Worth $738,718 | Income $33,691

Gen Y Finance Guy Monthly Financial Reports 9 Comments

Reading Time: 12 minutesWow! I can’t believe that 25% of the year is now behind us. Has anyone figured out how to squeeze more than 24 hours out of a day? Or extract more than 31 days out of a month? Every crossed-out calendar page is a tangible reminder of how fleeting time is. Truly, it is THE most scarce and valuable resource we have, way more precious than money. You see, money can be SPENT or SAVED. But time, on the other hand, can only be SPENT. You may develop increased efficiencies in utilizing it, but you can never stockpile it. Once you spend it, it’s gone forever. This blog spends a lot of time talking about money, but at the end of the day, …