CHASING FIRE INTERVIEW SERIES

Chasing FIRE Interview #4 – The Money Commando

The Money Commando Interview 4 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 …

Insurance: You Buy It for Peace of Mind but Hope You Never Have to Use It

Lynn Insurance Leave a Comment

My friend Lynn is back to share part two (see Part One here) in a series of blog posts to educate us on the proper steps to take in order to be prepared in case of an emergency. Welcome back to Lynn’s take on life: planning, protection, preparation and proactive steps for you to begin now! Today, we’ll learn about how best to protect yourself, your loved ones, your income, your assets and your health with insurance. Note to all – this topic falls on the dry side (pardon the pun) of things to talk about; nonetheless, these are important matters – it is of vital importance to cover your assets! Life is unpredictable. Sometimes in amazing ways and other …

LateFIRE 2019 Goals

Lin Goal Setting Leave a Comment

What a year this has been! Thanks for the memories, 2018; it was another continuous 12-month adventure with so many things learned, both outside and inside myself. Looking ahead to 2019, I am excited. I have been thinking about this for months, and like Dom, have already started my actions towards these goals. Why wait? My plans and goals strategize four categories: Health, Finances, Business, and Personal Development. Health S-goals: stronger, smaller, sweatier, sleepier, sippier. My mom has Alzheimer’s Disease, which is one of the reasons I take my health seriously. I want to take any and all steps to reduce own my risks for developing AD. To that end, I am focusing on improving these five factors of health. …

Income Report

December 2018 – Detailed Financial Report #48 – Net Worth $1,012,865 | Income $46,533

Gen Y Finance Guy Monthly Financial Reports 14 Comments

Celebrate! Celebrate! We are officially members of the double comma club! That was one hell of a marathon and it is SWEET to finally cross the finish line. But our race isn’t over yet. This is one of those multi-legged races and we have only completed milestone three out of five on our race to Financial Independence. Then, after that milestone, we’re reaching for the bonus challenge of leveling up from Financial Independence to Financial Freedom, which for us is achieving a net worth of $10,000,000 (GYFG household FI = $3,000,000; FF = $10,000,000). Keep in mind that it’s the 30th of December as I write this. If there is a significant decline in stocks on the last trading day of the …

Chasing FIRE Interview #3 – Denis From Chain of Wealth

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 the …

Financial Escape Velocity

The Inflection Point Between Contributions and Compounding

Gen Y Finance Guy Financial Freedom 6 Comments

A lot of debate takes place amongst personal finance enthusiasts about which is more important: savings or compounding? The easiest answer is that they are both critical to building wealth. I have already discussed how important your savings rate is if rapid wealth building is your goal – rapid as in financial independence in 10-20 years. I even went as far as to call it the most important variable to wealth building. Compounding is an amazing and magical force. However, compounding zero for three decades won’t get you far in achieving your dream of financial freedom. Zero compounded at 8% – or even at 20% – or 100% – for 30 years is still zero! Compounding without savings is like driving a car without …

FIRE Starter: Advice on Saving & Investing in Your 20s [Part 2]

Zach Words To Live By Leave a Comment

Zach is back with Part Two of his nine actionable tips for saving, investing, and growing wealth in your 20s. If you missed Part One, take a moment to get caught up, and then come back to read Part Two. The information in this series could change the rest of your life if you follow it. A Quick Reminder of Why I Started This Series For the astute observer, you will notice that I have added three new series to the blog: LateFIRE, FIRE Starter, and Chasing FIRE. Notice a theme? They all capitalize on the explosion – one might say the COMBUSTION – in the FIRE (financial independence retire early) movement. But let’s set the record straight: on the GYFG …

LateFIRE Chapter Three: The Price of Mental Illness and Addiction

Lin Words To Live By 2 Comments

Catchy title, that…nothing like mental illness and addiction to make you feel all warm and fuzzy inside, right? Yeah, well. This is not the post I was going to write. I wanted to write about pensions, Social Security, and money tied up in our home’s equity. However, my husband and I recently went to the movies and saw Beautiful Boy, with Steve Carrell. It is the story of a father’s desperate journey to save a son from his own drug addictions. I don’t really know why my husband wanted to see it; it was a brutal movie to watch. Yes, it was an “important movie,” and it was well written, acted, directed. Realistic, yes. Too real, actually, for my taste. …

Goals

My 2019 Goals: Family, Fitness, Finance, and Fun

Gen Y Finance Guy Goal Setting 7 Comments

Small habits don’t add up, they compound. You don’t need to be twice as good to get twice the results. You just need to be slightly better. — James Clear Not too long ago I used to set a monster list of goals. Over time I realized two things during my annual reflections: 1. I was putting things down on my goal list that I was already going to do anyway because it was automatic based on my habits; and 2. that 10 to 20 goals were way too much to accomplish anything meaningful. In November I finished listening to Atomic Habits and had another realization about goal setting. My big takeaway from that book was that it was the system …

Income Report

November 2018 – Detailed Financial Report #47 – Net Worth $895,001 | Income $35,396

Gen Y Finance Guy Monthly Financial Reports 4 Comments

The final stretch of the year is upon us. I can’t believe that it is already December. I ended up completing the Tribe of Mentors book I was in the middle of last month and that officially ties up all 2018 loose ends for me. I ended up with a ton of book recommendations as a result of reading Tribe of Mentors. I was also pleasantly surprised that I had already read more than a few of the books that were recommended numerous times throughout the interviews. Here’s a list below of books mentioned two or more times, with those I have already read bolded: Man’s Search For Meaning (Viktor E. Frankl) The Better Angels of our Nature: Why Violence …