CHASING FIRE INTERVIEW SERIES

Chasing FIRE Interview #7 – Erik from The Mastermind Within

Gen Y Finance Guy Chasing FIRE Interviews 1 Comment

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 …

How I Bought The GYFG Family Electric Bikes With Free Money ($3,797.95 Worth)

Gen Y Finance Guy Smart Spending 7 Comments

My favorite price in the whole world is FREE. I remember in college my Economics professor tried convincing the class that there was no such thing as a free lunch and he even gave us an acronym to remember it – TINSTAAFL. I don’t remember that professor’s name but I remember his lesson clearly.  Today, I officially call bull$hit on this. In theory, this may make sense but in reality – where we all live – this couldn’t be further from the truth. I’ve personally enjoyed hundreds of free lunches over the years. Economic theory tells us you can’t get something for nothing. Lies!!! During my first five years out of college, I worked for an oil company and they …

[Sponsored Post] Link by Prudential

Gen Y Finance Guy General Information 5 Comments

New onto the scene of technology-assisted money management is LINK by Prudential. Prudential is not some fly-by-night start up after your money (or data), and in fact has been around for 140 years! Thus, I think it’s good to check out their version of a modern day digitally-enabled financial advisor. (By the way, this post is sponsored. However, ALL opinions are the genuine impressions of the GYFG team, offered for your benefit…and ours!) This post was written by Lin, as a LateFIRE contribution. LINK is the type of tool that is especially attractive to someone “late” to the game of FI. Because LINK allows you to set the goals and input the date, it generates potential solutions, allowing for “toggling” …

Income Report

March 2019 – Detailed Financial Report #51 – Net Worth $1,100,055 | Income $26,324

Gen Y Finance Guy Monthly Financial Reports 12 Comments

This is report number 51 of a potential 240 as I document my journey to a $10M net worth – only 189 reports to go! As we sprint towards our goal of paying the mortgage off by July of this year, I’ve been thinking about how this report ought to evolve. The obvious change will be to remove the section that tracks our progress towards paying off the mortgage. I’m not sure what to replace it with. Maybe I don’t replace it with anything and the report just gets a tad smaller. I welcome your thoughts in the comments below. It’s hard to fathom that Q1 is already in the rearview mirror. Where does the time go? Without the benefit …

CHASING FIRE INTERVIEW SERIES

Chasing FIRE Interview #6 – Marc from Vital Dollar

Gen Y Finance Guy Interview 3 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 the …

The Super Secret Interview I Did For the Tim Ferriss Book “Tribe of Mentors”

Gen Y Finance Guy Interview 4 Comments

I’ve been keeping a secret from you guys for a long time and I just can’t keep it in anymore. Tim Ferriss published his latest book, Tribe of Mentors, over a year ago. He asked to include me, and as you can imagine, I was humbled, excited, and scared as hell. If I said “yes,” then what would happen to the anonymity I have maintained all these years? If I said “no,” would I regret it for the rest of my life? Tim’s reach is millions of people vs. the thousands I get to reach with this blog every month. Could this be my Oprah Winfrey moment, when I got touched by someone mighty enough to transform my whole life overnight, and …

Like a Boss

FIRE Starter: How Creating a Side Project Can Boost Your Marketability and Income

Zach Side Hustle 4 Comments

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 could change the rest of your life if you follow it. Today Zach is sharing the benefit of side projects and how they can help you develop skillsets that you can eventually monetize. To me, a side project is synonymous with a side hustle – in my opinion, something everyone should have. Not every side hustle will be commercially successful but that doesn’t make it a failure. I’ve personally had lots of side hustles that have paid off indirectly years later when I could tap those skills I …

Income Report

February 2019 – Detailed Financial Report #50 – Net Worth $1,086,876 | Income $59,020

Gen Y Finance Guy Monthly Financial Reports 8 Comments

Another one bites the dust! Yes, I recently watched the movie “Bohemian Rhapsody,” thus the opening to this post. I thought it was an excellent movie and the music was great!  February flew by. It was a short month but it also happens to align with Mrs. GYFG going back to work and me traveling again after being on a travel hiatus for the last quarter of 2018. I was gone seven of Mrs. GYFG’s first ten days back at work. I felt bad about the timing and tried to make up for it the rest of the month. Our nanny also started with us full time this month and she’s been working out great. We really got lucky! So …

My Commercial Real Estate Portfolio with Rich Uncles

Gen Y Finance Guy Real Estate 8 Comments

Real Estate (RE) has become a much larger percentage of my overall net worth than I had anticipated when I put together my blueprint to a $10M net worth. Back in early 2015, I estimated that RE would make up about 22% of the total net worth pie. Per my latest detailed financial report (December 2018 – when I’m writing this post), RE currently accounts for 50% of net worth. Below is a chart of where I thought we would be from an allocation standpoint back in 2015 vs. what our actual allocation looks like today. There are a couple of drivers that are responsible for this shift in allocation mix: (1) The 2015 projection was my best guess as to the …

4 Years into Our 20 Year Journey to a $10,000,000 Net Worth

Gen Y Finance Guy Financial Freedom 19 Comments

I’ve been itching to write this post for some time. I really can’t believe it’s been four years since I announced publicly that the GYFG household was chasing such an ambitious goal – a $10M net worth in twenty years. I received a lot of doubt at the time, which is understandable, because for most people this is a goal beyond the realm of possibilities – either by circumstance or their own self-limiting beliefs. I get that the income levels required to achieve such a BHAG are insane, but to me, they were never impossible. I see the world through a different lens. I credit a lot of this ability to The Slight Edge, which taught me how to visualize exponential progress …