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 …

We All Make Bad Financial Decisions, But They Don’t Have to Define The Rest Of Our Lives!

Gen Y Finance Guy Financial Freedom, Words To Live By 1 Comment

I am now 28 years old and the only debt that I have is the mortgage on my primary residence and my rental condo. The wife and I bring in almost $200K a year and we will have our primary residence paid off in 6 more years. We continue to max out my 401K at $17,500/year (which I have been doing since graduating college in 2008), and starting in 2015 we will be putting $5,500 away in an IRA for my wife. We have over $100K in our retirement accounts and about $60K in the bank (by the end of January). We made some financial mistakes early on, but everyone does. I am sure even you have made some that …

Outside of Mortgage Debt, I am Now Debt Free!

Gen Y Finance Guy Financial Freedom 9 Comments

It is official, we paid off the car and now the only debt we have left to tackle is the mortgage. I know so many people say that mortgage debt is the good debt, and to an extent, I agree. But I think what most people forget is that you are only getting a tax advantage of about 20-30 cents on the dollar. That means that for every $10K that you pay in interest and property taxes, the government will give you a discount on your taxes of $2,000 to $3,000 depending on your tax rate. This is like me telling you that if you give me $1,000, then I will give you $300 back. Would you do it? I …

A few more financial victories around the corner!

Gen Y Finance Guy Financial Freedom 2 Comments

Every few months I evaluate our financial health and look for ways to cut wasteful spending.  I am constantly surprised when I find something worth going after. More recently I got quotes from insurance coverage for my wife and found that it would be about $150/month cheaper to get coverage for her outside of my work plan. So in the coming month, likely starting in January, this will be another savings to add to the overall savings over the past year.  It’s another $1,800 a year that can go into savings, a vacation or likely a combination of both. Also coming around the bend is paying off the last piece of consumer debt outside of our mortgage. We have about $7,000 that …

Financial Truth

The Financial Truth: There’s a limit to how much you can cut expenses, but there’s no limit on how much you can earn.

Gen Y Finance Guy Featured, Financial Freedom, New Rules 13 Comments

Do you want more from life? More money? More freedom? More security? More time with friends and family doing the things you love? I don’t know anyone that would say no to these questions. That’s not to say that there aren’t plenty of people out there that are completely content with their lives. Maybe they have all the money, freedom, security, and time they need and want. I need to let you in on a Financial Truth when it comes to your finances. There is a natural ceiling on how much you can save, but how much you can earn is limitless. Now that we know that universal truth, let’s take a look at the two ways you can build wealth: 1) You can spend less. Unfortunately there is …


The Lyft Experiment

Gen Y Finance Guy Financial Freedom, Income Streams, New Rules, Share Economy 3 Comments

The best thing about this day and age is there are so many alternative ways to earn money. In a previous post I talked about how I was embracing the “Share Economy,” whereby you basically find a way to earn money with the “excess capacity” in the things you already own. A few posts ago I talked about leveraging the share economy to rent a room out in my house (think Airbnb and Craigslist), today I want to talk about my newest experiment with Lyft. Ride share apps like Lyft (and Uber) are disrupting the taxi business (and possibly other businesses in the transportation space). The app that each of these companies provide is easy to use and removes friction from …