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 …

Simple Wealth Building

Wealth Building Made Simple: Make Sure You Get A Little Richer Every day

Gen Y Finance Guy Financial Analysis, Financial Freedom 10 Comments

Note: Just to clear up any confusion, although I say “get a little richer every day,” I don’t mean this in the literal sense. The idea is to get a little richer every day on average. Personally I calculate this by taking my total savings for the year dividing by 365 days. I have known since I was a little kid that I wanted to be rich. It wasn’t until I got to college that I knew I was going to be rich. As you can imagine, I started reading all the books, filled with all sorts of strategies to accumulate wealth. It was very stimulating to fill my head with all these clever ideas on building wealth. Every day …

Freedom Fighter Interview 29

[Guest Post] Freedom Fighter Interview #29 – Amber Tree Leaves

Gen Y Finance Guy Financial Freedom, Interview 8 Comments

Today we have our last interview in this Freedom Fighter Series that we started last year. And today’s guest is writing from across the globe in Belgium. He is a fellow options enthusiast and is shooting to reach financial freedom by 2029. 1. Who are you and what do you do? What is your story? How are you fighting for your Freedom? Where did you start, where in the journey are you, and where do you ultimately want to end up? My name is Amber Tree Leaves. As you probably guess, this is not my real name. I prefer to blog in full anonymity. It gives me a secure feeling and I do think it enables me to be a little more …

Blueprint to a $10M Net Worth [Updated]

Gen Y Finance Guy Financial Freedom 16 Comments

It was 18 months ago as of this writing that I first published my very rough plan to achieve a Net Worth of $10M and $50,000/month in income. When you put together such an ambitious plan that stretches over a 20 year period, you have to expect things to evolve. This post is my attempt to first give a status update as to how I did against year 1 of the plan, and to also give an updated blueprint that is based on new information. Believe it or not, but a lot can change over the course of 12 months. To put things in proper perspective it probably makes the most sense to review the original plan from a high level. …

Relative Frugality

Living Below Your Means by Expanding Them

Gen Y Finance Guy Financial Freedom 17 Comments

In the early stages of your financial journey it probably makes sense to be expensed focused as you work to build a solid financial foundation. But I caution you to resist the temptation to fall trap to the extreme frugality path to wealth. It works for some people, and that is great, but most of us just are not wired for that kind of optimization. Many of you reading this are not going to find much joy or success trying to cut your expenses to the bone, all in the name of financial freedom. You will never hear me preach about giving up the $4/day latte. Nor will you ever see a post about coupons or how to reuse your …

Financial Independence Lens

Looking at Savings Rate through the Financial Independence Lens

Gen Y Finance Guy Financial Analysis, Financial Freedom 21 Comments

In previous posts I have talked about how we currently strive to save 50% of our after tax income and how important your savings rate is in building wealth rapidly. But after listening to the Radical Personal Finance Podcast, it made me realize that this may have not been enough to sway you. What I mean, is that this may need to be translated. It is very easy to conceptualize and visualize what a 50% savings rate means to in terms of dollars. But what does it mean in terms of Time Freedom? What may not be as intuitive is what it means for your ability to reach financial independence. I had already previously internalized the fact that a 50% …

Savings Rate vs. Compound Rate

Savings Rate – The Most Important Variable to Wealth Building, With the Math to Prove it

Gen Y Finance Guy Financial Analysis, Financial Freedom 38 Comments

When it comes to wealth building, there are many variables to consider: the power of compounding is amazing, but it takes a long time to realize its true power. Income earning is certainly important, and so is its sister, annual income growth. Taxes paid matter. Time in the market is important, too, of course. Investment returns, which are the glittery objects that many people focus lots of energy on, do matter, despite the fact that you have absolutely no control over them. And then there’s how much you save. But which variable matters most? As I have stated in my monthly financial reports many times, it’s the rate of savings that doesn’t get the attention it deserves. This is especially true in …

Goal Setting

The Power of Tracking & Setting Goals – My 2016 Financial Goals

Gen Y Finance Guy Financial Freedom, Goal Setting 35 Comments

I would like to say that I have always been a goal oriented person, but that would not be the truth. Although I have been AMBITIOUS for as long as I can remember, I haven’t always given myself a clear path to success. It wasn’t until I read the Slight Edge for the first time in 2011, that I became OBSESSED with SETTING GOALS and ACHIEVING them. It’s pretty amazing what you can accomplish when you actually set SPECIFIC and MEASURABLE goals. As humans, we tend to overestimate what we can do in a day or a week. But we also tend to under estimate what can be accomplished in a month, quarter, or year. Writing (or typing) out your goals and then reviewing them on …