Like a Boss

Annual Shareholder Letter

Gen Y Finance Guy Entrepreneurship 8 Comments

Dear Fellow Shareholders, I have always wanted to be in a position of writing an annual shareholder letter. Before starting my own company I had religiously read all of Warren Buffett’s letters to the shareholders of Berkshire Hathaway. I even bought a book that compiled every single letter from 1965 through 2014. Now after years as a spectator and fantasizer, I finally get to write my first letter to shareholders (all two of us as of 3/31/20 with a third that joined us on 4/1/20). Our Early Beginnings The official founding of the company was February 25, 2019 – the date I first registered a DBA as a sole proprietor. I had started contemplating this business back in June of …

Mint Mobile – A Hell of a Deal!

Gen Y Finance Guy Smart Spending 3 Comments

This post focuses on the expense side of the equation, which is unusual for this blog. But in the midst of the COVID-19 pandemic expenses are one of the only things in my control at the moment. In times of crisis, it’s important to remain calm and focus on those things that you can control. The bright side is that this has actually presented a great opportunity to really evaluate our expenses and place more scrutiny on expenses that may be greatly inflated vs. alternative options on the market. I have been a Verizon customer for years and have never really evaluated the other players – big or small. Supposedly, Verizon is the best in terms of coverage – a …

Income Report

March 2020 – Detailed Financial Report #63

Gen Y Finance Guy Monthly Financial Reports 4 Comments

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)

Gen Y Finance Guy Smart Spending 3 Comments

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?

Gen Y Finance Guy Smart Spending 7 Comments

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?

Gen Y Finance Guy Words To Live By 4 Comments

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

Gen Y Finance Guy Words To Live By 1 Comment

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!

Gen Y Finance Guy Financial Markets 11 Comments

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

Gen Y Finance Guy Monthly Financial Reports 5 Comments

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 …