Chasing FIRE Interview #12 – With Rich at Sport of Money

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I’m no longer officially accepting Chasing Fire interviews but today’s guest is someone that I had originally invited to participate so when he reached out to see if the opportunity was still available I agreed to share his interview. I did this because I think Rich has a unique story and he also has a Net Worth in excess of $10M. 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. Rich, the floor is yours – take it away! Tell us about …

A Dollar Saved Is a Dollar Earned

Gen Y Finance Guy Financial Freedom 12 Comments

With so much uncertainty in the world, it’s difficult for me to allocate incremental capital to traditional investments right now. I’m currently dumbfounded by the performance of the stock market and I’m waiting to see how this pandemic spills over to the real estate market. While I wait, I continue to build our war chest of cash, while simultaneously looking for creative ways to manufacture financial returns. Since mid-March when the COVID-19 outbreak started dominating our lives, I shifted the majority of my focus to things I could control, like our expenses. I’ve gone through a detailed analysis of all of our outflows looking for opportunities to cut out unnecessary spending. Like many, if not most, we are naturally going …

Income Report

April 2020 – Detailed Financial Report #64

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First and most importantly: I was finally able to procure some toilet paper for the GYFG household! I still don’t understand why people started hoarding TP as if it were gold but I’m glad we had enough on hand to get us through the initial panic phase of this pandemic. The news hasn’t gotten any better but we all seem to be adapting and moving past the shock of it all. There is still plenty of uncertainty on the horizon with respect to where we go from here…most of which plays out daily well beyond my control. That being said, I believe even more strongly in the importance of focusing on what I can control! Like many, the GYFG household …

Investing During the COVID-19 Pandemic – The Details Behind a $385,000 Capital Deployment

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It is crazy to think it was only a few short months ago that the stock market (as measured by the S&P 500) was making new all-time highs. How far it feels like we are from that right now… Were you ready? Was anyone? But how do you plan and prepare for a pandemic? I don’t know if you can, at least not directly. I do believe that financial prudence is always the right path pandemic or not, which I define as spending less than you make, keeping low to no leverage, investing part of your savings (with a margin of safety), and saving the rest for a rainy day (or a really bad storm…otherwise known as a pandemic). Then …

Like a Boss

Annual Shareholder Letter

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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!

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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

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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 …