I wanna be a millionaire

How To Become a Millionaire – Joining the Double Comma Club

Gen Y Finance Guy Financial Freedom 27 Comments

They call it the double comma club and membership is open to anyone. Well, it’s open to anyone that is willing to practice simple disciplines of saving, investing, and living below their means. Let me clarify that when I say “living below their means”, I am not saying you have to live like a college student, instead you simply need to spend less than you earn and invest the difference. Ideally you should be saving and investing at least 20% of your income (although I recommend saving 50% as you build your income). J. Money over at Budgets are Sexy has started “The Million Dollar Club” for anyone who desires to become a millionaire can join. It started out of his own desire …

Freedom Fighter Interview

[Guest Post] Freedom Fighter Interview #2 – Steve of Think, Save, Retire

Gen Y Finance Guy Financial Freedom, Freedom Fighter 14 Comments

Today we have the 2nd of a series of interviews. During this series we will be show casing other Freedom Fighters from around the world. I am excited to introduce you to our second guest, Steve from Think, Save, Retire. Read Steve’s awesome story below. And if you would like to be featured in the Freedom Fighter interview series then be sure to check out the Guest Posting page for more information (it’s open to anyone that is willing to share their fight for freedom: Time Freedom, Location Freedom, and Financial Freedom). Now I will turn it over to Steve… 1. Who are you and what do you do? What is your story? How are you fighting for your Freedom? My name …

Sell Into Strength - Investment Rule #2

Sell Into Strength – Investment Rule #2

Gen Y Finance Guy Financial Freedom, Financial Markets, New Rules, Options, Words To Live By 6 Comments

Over the course of the coming weeks and months I will be laying out the investment rules that I live and die by. These are rules that I have developed over the last ten years as both a retail and professional investor and trader: Rule # 1: Buy into weakness. Rule #2: Sell into strength. Rule #3: Reduce cost basis. Rule #4: Keep investments small. Rule #5: Keep 80% of total invested capital in ETF’s and up to 20% in individual names. Rule #6: Choose duration over direction. Rule #7: Manage your winners. Rule #8: Manage risk at order entry. Rule #9: Increase your # of occurrences. Rule #10: Make investments with a probability of profit > than 50%. Selling …

Yolo

[Guest Post] Freedom Fighter Interview #1 – Brandon Clay

Gen Y Finance Guy Financial Freedom, Freedom Fighter 16 Comments

Today we start the first of a series of interviews. During this series we will be show casing other Freedom Fighters from around the world. I am excited to introduce you to our first guest, Brandon Clay from Trading Story. Read Brandon’s awesome story below. And if you would like to be featured in the Freedom Fighter interview series then be sure to check out the Guest Posting page for more information (it’s open to anyone that is willing to share their fight for freedom: Time Freedom, Location Freedom, and Financial Freedom). Now I will turn it over to Brandon… Freedom Fighting as a Podcaster My name is Brandon Clay. And I am a Freedom Fighter. Sometimes it takes someone …

Net Worth

Increasing Your Net Worth And The Role Of Income

Gen Y Finance Guy Financial Freedom, Net Worth 21 Comments

There was a time in the not too distant past that my entire focus was on growing my income.  These days I am more and more focused on building my net worth, which in theory should build my income (or at least my future income). I have read in many personal finance books and blogs that it is net worth that matters more than anything, especially since the government taxes you on your income and not your net worth. In 2015 I plan to increase my net worth by about $69,000 before any appreciation from real estate, stocks, options, dividends, and interest income: Max out my 401K with the new 2015 limit of $18,000 (picking up an extra $500 this year) …

Everyone Has a Number – Mine is $10M. What’s Yours?

Gen Y Finance Guy Financial Freedom 68 Comments

“Most people fail in life not because they aim too high and miss, but because they aim too low and hit.”― Les Brown Many of you reading this found me through my guest posts over at Financial Samurai and 1500 days. Ever since those posts went live, I have been getting a lot of questions about my $10,000,000 net worth goal. Some people think I am nuts and question if I really need that much money. But even more than that, they want to know how I plan to get there by the time I am 48. I have a tendency to set goals and then work backwards, or “reverse engineer.” When I set that goal I had no idea how I was …

January 2015 – Detailed Financial Report #1

Gen Y Finance Guy Financial Freedom, Monthly Financial Reports 53 Comments

Last week I announced after I created the new Financial Stats page that I would also be publishing a detailed financial report on a monthly basis. In these monthly reports the plan is to give you all a month over month update on Gross Income, Assets, Liabilities, Net Worth. There is also a detailed break-down on Expenses, Investment Contributions, and progress towards my mortgage pay down goal. One more note before we get into the financial report for January. I just want to point out that I am publishing this report at 8:22 am on 1/31/15, and as you can imagine we could spend a few more dollars today. However, I was so excited and anxious to get my first report out that …

Financial Stats for Gross Income and Net Worth Now Have a Dedicated Page

Gen Y Finance Guy Financial Freedom, Income Streams, Monthly Financial Reports 2 Comments

When I first started this blog last year, I knew that I wanted to provide full transparency to my readers. The best way to do this is to post my own numbers. The dedicated Financial Stats page, which can be found under the Menu at the top right of this website (click the menu icon and the pages will pop out from the right), will be updated on a monthly basis. Although this page will only contain a summary of my monthly and annual results (as pictured below), I will also be publishing a detailed monthly report that I will link to on this page in order to have all of this financial information available from one place. The first report will be published …

The True Financial Death!

Gen Y Finance Guy Financial Freedom, Words To Live By 2 Comments

Do the thing, get the power. – Ralph Waldo Emerson It’s the day after Christmas and I find myself at a Starbucks at about 5:45am, while my wife and family are still sleeping for another couple of hours. We are just passing through for the night on our way to Bryce National Park. I was absolutely amazed how many people were here on Christmas night when we were checking into our rooms. So many people sucked into the casino to gamble away their hard earned dollars in hope of that big payday. Little do many of these people know,  the payday that they are hoping for will never arrive. I long ago realized that the casinos are in this business …

A Certificate of Deposit that returns 100X my Chase savings interest rate

Gen Y Finance Guy Financial Freedom, Financial Markets Leave a Comment

As we all know, interest rates are at all-time historic lows, and therefore so are the interest rates paid on many savings accounts out there. I remember the days before the financial crisis when you could open an online only savings account through HSBC and collect a 5% interest rate. At the time I was still in college, but I still took advantage of this opportunity. For at least a year I found an arbitrage opportunity in the market where I could pay all my tuition and school expenses on my credit card and transfer the balance to a new card at a 0% interest rate for 12 months and then leave the cash I had in my online HSBC …