Income Report

March 2020 – Detailed Financial Report #63

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Did the world change overnight? One minute markets were making all-time highs, unemployment was at a 50 year low, and time was passing by at a pace that “felt” faster than “normal.” Then all of a sudden COVID-19 dominated the headlines as a pandemic sweeping the globe and bringing the world’s economies to a standstill. As I type this, a third of the world is on government order to “shelter in place” in order to try and flatten the infection curve of the virus. The forecasts for unemployment are not looking good as economists say we could see 20-30% unemployment due to mass layoffs across the economy (with travel, hospitality, and restaurants getting hit the hardest). I’ve never seen anything …

Minimum Monthly Spend (MMS)

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In my last post, I conducted an analysis of my family’s spending in order to ready it for some drastic reductions in response to the unprecedented times that we find ourselves in today with the COVID-19 pandemic. Besides getting a better understanding of my household’s historical spending, the goal of that exercise was to first get our spending below $100,000 per year and then to also figure out our Minimum Monthly Spend (MMS). In doing so, we found that we could easily reduce our spending to below six figures – in fact, almost overnight (our first level of cutting landed us at an annual spend of $96,814 or $8,068 per month). And if things got really tough, we can easily …

COVID-19 Pandemic – Were You Prepared With An Emergency Fund? How Will You Navigate the Months Ahead?

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It is during times of crisis and panic that people finally realize the importance of an emergency fund. I know it’s not sexy or cool to have a bunch of cash sitting around…especially when others say that that cash could be working for you. But I’ve met a lot of people over the years who live far too tightly month to month than I would have the stomach to do. And it’s an unfortunate sad truth that even before COVID-19, most Americans were already only one paycheck away from a personal financial crisis. Now we find ourselves in the middle of a pandemic that is bringing the world economy to its knees as we try to protect the health of …

Where Were You When The World Shut Down?

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It didn’t even seem possible! We had all heard about this COVID-19 virus that was sweeping through China. And then it spread to Europe, Italy being particularly hard hit with its aging population, the majority of whom suffered several comorbidities (underlying conditions). The US responded by shutting off travel in and out of the country. We thought we were impervious – we are the mighty United States of America! Hubris at its best. Don’t get me wrong, I still do believe we live in one of the greatest countries in the world, but the virus has humbled us all. COVID-19 has quickly taught us that all humans, regardless of race or economic status, are vulnerable and at the mercy of …

Everything Always Works Out – New 10 Year Vision Letter

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Written: March 1, 2029 Sent back in time to: March 8, 2019 Dear Dom, I haven’t written to you in almost eight years – I can’t believe it is already February of 2029. I obviously know about the decision you were struggling with a year ago, because you are me and I was there eleven years ago contemplating that same decision with you. Let’s briefly review the options that were on the table: (1) You continue your Corporate career and in 18 months you will be COO with an income of $600,000+, $250,000+ bonus potential, and additional stock/option-based incentives. I define this as the safe path (the one that most in your shoes would take without hesitation). It will require long …

Be Greedy When Others Are Fearful!

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If there is ever a time to turn to the great Oracle of Omaha it’s in times of market volatility. Warren Buffett reminds us as investors that “It is wise to be fearful when others are greedy and greedy when others are fearful.” This goes against human instinct, as most of us panic in times of crisis – we do the exact opposite of Buffett’s advice and panic-sell out of our investments. But one of the biggest lessons I’ve learned from reading every single shareholder letter Buffett has ever written is the importance of doing a whole lot of nothing for long periods of time. Like Buffett, I’m constantly looking for my “margin of safety” when evaluating opportunities for capital …

My PoF Guest Post (From 2.5 Years Ago)

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I have now shared almost every single guest post I’ve ever written since starting this blog 5.5 years ago. Below is the guest post that introduced me to Lin, who is now the editor of this blog. Like I’ve done with past guest posts I’ve shared, I will sprinkle in current annotations with comments and updates from the present day. I hope you enjoy! Non-Physicians: What do you do (or did you do) for a living? What do you like best about your job? If you were a physician, what type of a physician do you think you would be? Why? In the digital world, I like to think of myself as the Chief Freedom Officer in my little corner …

Income Report

February 2020 – Detailed Financial Report #62 – Net Worth $1,814,003 | Income $490,518

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It’s a bird! It’s a plane! Nope – it’s just another month passing by. From a financial perspective, the year has been off to a stellar start. However, as you may have noticed in some of my earlier posts this year, it has personally been very challenging. It’s been a perfect storm of sorts. It’s been difficult to find a balance between tending to my new business and spending quality time with my family. It doesn’t help that the household has been catching one bug after another the past five weeks. I am optimistic that March will bring a much needed change to our household’s state of health because we are DONE being sick. The good news is that my …

The Tenacious Ten – Financial Independence in 10-20 years [Infographic]

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About four years ago, I wrote a post outlining what I believed to be the ten guidelines a Freedom Fighter could follow in order to reach Financial Independence in 10-20 years. Here they are now shared as The Tenacious Ten! That post, paired with this infographic, succinctly distills the principles I’ve personally followed and espoused on this blog over the last five (going on six) years. Since it’s been over four years since solidifying these, would I change anything? Yes, there are a few modifications or tweaks I would make. What I would change #6 Learn Two Basic Investment Strategies with Options. I still think anyone that actively manages their money and invests in the stock market should understand and be …

They Just Might Say Yes

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It still amazes me how many people don’t go after the things they really want for the fear of hearing “no,” and being rejected. When I was first learning to trade options, I remember reading some really sound advice that has stuck with me over the years. She Just Might Say Yes! In the trading scenario, this phrase related to price execution, entering a limit order to get a price that was either below or above the market depending on whether you were trying to buy or sell. But we can apply this to anything in our lives. For example, let’s say there is a girl you would love to ask out, but you don’t because you are afraid she …