Don’t Be So Quick To Dismiss Paying Your Mortgage Off Early

Gen Y Finance Guy Mortgage Snowball 20 Comments

People can tend to get dogmatic and dismissive of paying down a mortgage early. But I really think this is a function of pure ignorance. Maybe they don’t really understand how to evaluate this option against the conventional wisdom that is dished out on the daily. At first blush, it may appear that I have a bias since the GYFG household chose the path to become mortgage-free (accomplished in just under five years from when we set this goal). But wait – bias appearances can be deceiving! In theory, I actually agree with those who advocate keeping a mortgage for as long as possible and to invest what it would have taken to pay off the mortgage into the stock …

Waiting Was the Right Choice!

Gen Y Finance Guy General Information 5 Comments

As I type this my nearly three-month-old son is sleeping next to me on the couch. Oh boy, has our life changed over these past three months! We are stoked to be parents and amazed that we were able to create another human being. We are excited to guide our son into adulthood over the next 18 years. We look forward to experiencing the world with him. There are still so many firsts ahead. Mrs. GYFG and I had always been on the same page in that we wanted to wait to start a family until our thirties. We knew early that in order for us to be the parents we wanted to be that we would first need to …

Chasing FIRE

Chasing FIRE Interview #8 – Millionaire Doc

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 …

Income Report

May 2019 – Detailed Financial Report #53 – Net Worth $1,171,429 | Income $91,688

Gen Y Finance Guy Monthly Financial Reports 2 Comments

The GYFG household is officially mortgage-free. We made our last payment in person at the bank. To be honest, it was a bit of an anti-climatic moment. Don’t get me wrong: it feels great to have removed the shackles of such a large debt – a feeling that sadly is never achieved by most. After discussing this with Mrs. GYFG, we believe that it is just going to take time to sink in that we are mortgage-free. Since accelerating this goal, we have paid an additional $17,000/month against the principal of the mortgage for the past 17 months (yes, $289,000 applied to the mortgage in 17 months).  I’m sure our excitement will build as our cash reserves are able to …

CHASING FIRE INTERVIEW SERIES

FIRE Starter: The Power of Habits

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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 were to follow it. He then shared “How Creating a Side Project Can Boost Your Marketability and Income.” Today Zach is going to discuss the power of habits. Our habits are either working for us or against us. Personally, I can attest to life-altering outcomes resulting from habits I developed. Don’t underestimate the power of your habits (current or future). I hope you enjoy Zach’s latest FIRE Starter post below. First, a Quick Reminder of Why I Started …

This Side Hustle Earns Me $3,188 per Hour

Gen Y Finance Guy Side Hustle 13 Comments

One of my hobbies is to find new revenue streams that take minimal effort (and minimal time). In late 2017, The Wealthy Accountant (TWA) published a post on how he was earning $1,000/hour selling tradelines – that piqued my interest. I had no idea what a tradeline was before reading that article. But I quickly learned that a tradeline was just a fancy word for a line of credit. Lines of credit comes in all sorts of shapes and sizes but TWA was writing about one type in particular: credit cards. It sounded too easy. Too good to be true. I was skeptical but kept an open mind. After all, this was coming from TWA, who is worth $12M+ (according to …

Income Report

April 2019 – Detailed Financial Report #52 – Net Worth $1,110,940 | Income $27,134

Gen Y Finance Guy Monthly Financial Reports 8 Comments

What a year 2019 is shaping up to be. Life never ceases to amaze or surprise me. Specifically, I started thinking about starting a consulting practice back in the summer of 2016 and almost secured some work back then. However, the timing wasn’t quite right. The idea was put on the back burner until it was brought back to life in June of 2018, with a discussion during a trip to Toronto of becoming a third-party consulting partner for a software company I know very intimately. Five years ago, I implemented their software at the company I work for, which automates and streamlines the Financial Planning & Analysis functions of an organization (among many other functions). It’s a great software, …

LateFIRE Chapter 4: A Tale of Two Houses, a 26-Bag, and $1.7M

Lin Financial Freedom 25 Comments

When you start late on the path to FI, there is URGENCY. There is no margin to make missteps. There is no multi-decade runway to recover from market turbulence, so “time in the market” trumping “timing the market” takes on a different nuance. Ask a person on the cusp on retirement in 2000, or 2008, what happened to that retirement fund left in a stock market account. Hence, I need to choose my steps carefully. I am in my mid-50s; my husband is 61. However, we also need to take swift and probably dramatic action to catch up and provide for the years ahead. Here is where we are. Any constructive thoughts you, GYFG reader, might offer to help, are …

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 …