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 …

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 …

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 …

Unconventional

[Guest Post] Unconventional Finance – Part 2

Gen Y Finance Guy Financial Freedom 6 Comments

Today’s post is from a returning guest writer. Sean found GYFG and left his first comment back in October of 2015 and has been a loyal reader ever since. After several months of back and forth in the comments of various posts on this blog, we realized that we had a lot in common with respect to age, upbringing, financial aspirations, etc. We also found that we do things differently in terms of our approach to wealth building. After several private email exchanges back and forth I convinced Sean to write his first guest post to share his unconventional path.  We also entered into a friendly wager to see who will make it to a $1M net worth first. To …

Financial Freedom

The Five Major Milestones of Financial Independence

Gen Y Finance Guy Financial Freedom 26 Comments

In the personal finance blogging community, we bloggers can disagree on a lot of things. However, one thing we tend to all agree on is what constitutes reaching the all-coveted status of Financial Independence. Many, including myself, believe in the 4% rule (as a guideline), that defines Financial Independence as a portfolio of 25X your annual “burn rate,” which is the amount of money you spend annually to maintain your desired lifestyle. In other words, the 4% rule is the best guide we have to reaching FIRE (Financial Independence, Retire Early). Additional resources on the 4% Rule: The Trinity Study (The study that started it all) The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?” FIRE Equation: The …

Financially Alert Interview

My Financially Alert Interview – If You Take Consistent Action, Over Time, the Results Are Exponential!

Gen Y Finance Guy Financial Freedom 6 Comments

The post below was originally written as a guest post on the blog Financially Alert over two years ago. It was a great experience, and I was happy Michael asked me to share my viewpoints. For me to read where my head was at then vs. now is such an enriching experience. What boggles my mind is how clear I was on my core financial philosophies back then, and how those have basically stayed the same for me, even though I feel like I have gone through so much evolution since writing this. Blogging has been a great barometer of growth and of what has remained the same! (1) Walk me through how and why you started your personal finance blog? Was the …

Simple Money Man Guest Post

[Guest Post] Make Saving Easy and Spending Hard

Gen Y Finance Guy Financial Freedom 7 Comments

Today we have a guest post from Simple Money Man on saving and spending. He has been a long-time reader and regular commentator on the blog and so when he reached out I was more than happy to host a guest post from him. Although our opinions differ on a few points in his post below, I know that not everyone to this site resonates with my philosophies, and some may be early in their journey and need to practice more of what Simple Money Man recommends below.  A part of me has this weird conspiracy theory that we spend so much because we are subliminally trained to do so. This is evident with incentives like rebates, points, rewards, free …

Financial Freedom

10 Guidelines to Financial Independence in 10-20 Years

Gen Y Finance Guy Financial Freedom 13 Comments

Below is a guest post that I did for Mr. 1500 over at 1500days. I am excited to share that at the time, it was his most popular guest post he had ever shared with his community. It got picked up by RockStartFinance as well. Who wants to be a millionaire? Come on…don’t be shy…raise your hand. Mr. 1500…please put your hands down (yes, both of them). You’ve already been inducted into the coveted Double Comma Club more times than some people can count. And yes, we know…you get to put $55,000/year into your Solo 401K, and we’re all a little bit jealous (of your dinosaur collection?). At least I am. Look folks, reaching financial independence and building wealth is not that …

Big Money Moves

Big Money Moves in 2017 – Putting Over $250,000 To Work

Gen Y Finance Guy Financial Freedom 38 Comments

Do you plan your big moves out in advance? Or do you just fly by the seat of your pants? I believe that if you want to do something extraordinary in any aspect of your life, you have to be pre-meditated. That’s not to say there isn’t room for serendipity, but I can’t stress enough the importance of being intentional with the decisions you make, that will ultimately act as the stepping stones to your desired destination. Those who fail to plan, plan to fail! I don’t want you to look back on your life 40 years from now, only to be disappointed that you were not more intentional with the direction of your financial life. The reason that I …

Earn Save Invest

[Guest Post] A High Income is the Road to a High Net Worth

Gen Y Finance Guy Financial Freedom 18 Comments

Today we have a guest post from ESI Money. I only recently found his site a few months ago, but totally resonate with everything he writes. He has leveraged his career to not only become a very high earner, but through that career built up a net worth in excess of $4M and retired early at 52. Over at his blog he writes about the three major pillars to building wealth; Earning, Saving, and Investing. I am drawn to his site because he bust the myth that you can’t get rich working for someone else. I have invited Mr. ESI to show us how a high income (something we focus on a lot around this community) is the path of least resistance …