Odds & Ends In Preparation for 2019

Gen Y Finance Guy General Information 8 Comments

2018 is quickly coming to an end! The weather is cooling down as we shift from summer to fall and the holidays are just around the corner. I like to get a head start on planning for the next year by starting that process at the beginning of November and finishing by Thanksgiving. I’m not quite ready to share my goals just yet but there are a few things that I do want to share. My goals will be mixed, but this post will be dedicated exclusively to the GYFG financial arm. I’m currently in the process of laying the groundwork for our finances in 2019. I’m programming “the machine” so that most things will happen automatically. That’s right – …

Control-Based vs. Allocation-Based Budgeting

Gen Y Finance Guy General Information 2 Comments

To budget or not to budget, that is the question… It may not be obvious at first glance but to me all budgeting boils down to two distinct different flavors: Control-Based Budgeting Allocation-Based Budgeting I believe that there is a time and a place for both, depending on where you are in your own unique financial journey. However, if you follow the GYFG path to wealth, you will learn to favor one of these methods over the other.  What’s the Difference Between These Two Methods? Early on in the financial journey, most will start with Control-Based Budgeting, where the focus is primarily directed at the expense portion of the income statement. A control-based budget is used to manage how much is spent on …

Are you prepared?

Are You Prepared If $hit Hits The Fan?

Lynn General Information Leave a Comment

Are you prepared for your eventual death? What about an untimely death, via a freak accident, illness, or other unforeseen events? Do you have an emergency plan for that? How about a disabling occurrence – what’s your plan if you live, but become unable to take care of your family? No one likes to talk about these things, but we all need to. Grief from loss or stress of disability would be difficult enough without leaving behind a mess for your family to clean up. Figure these things out now, when you have time to make good decisions! To help us address these questions, I have asked my friend Lynn to write a series of blog posts to educate us …

Warren Buffett on Investing

Warren Buffett – The Basic Choices for Investors

Gen Y Finance Guy General Information 5 Comments

Here is part two in this Warren Buffett series (read part one here), covering a few of the sections I have pulled out from the last 50 years of Berkshire Hathaway Letters to Shareholders, which I finished reading in October of 2017. Although the entire 50-year series was filled with a ton of business and investment wisdom, all the pieces that I pulled are from the past seven years. I admit a probable recency bias, whereby after reading almost 700 pages, I remember more of the recent letters than the older ones. Needless to say, you bet I will be reading through all those letters again in the future. For the selections in my two posts, I pulled Buffett’s insights and comments …

2018 Financial Moves

2018 Financial Checklist – 12 Steps To Strengthen Your Financial Future

Gen Y Finance Guy General Information 38 Comments

Being the new year and all, I thought it would be appropriate to put together a checklist for those that want to improve their financial situation in 2018 and beyond. The reality is that if you don’t take action now, you likely won’t take action later. Remember that building wealth in order to achieve financial freedom is the direct result of simple disciplined steps made consistently over time. Notice that these are not “goals,” but rather a list to follow of 12 EASY ACTION STEPS you can take to ensure your financial house is built on a solid foundation. I’m making it super easy; you can take just one action step a month through the end of the year and complete the whole list. And …

Warren Buffett

Warren Buffett And I Share Our Thoughts On Life and Debt

Gen Y Finance Guy General Information 12 Comments

In this Warren Buffett series, I have pulled out a few sections from the 50 years of Berkshire Hathaway Letters to Shareholders that I recently finished reading. Although the entire series was filled with a ton of business and investment wisdom, all the pieces that I have pulled for this series are from the past seven years. I will admit that it is probably due to a recency bias, whereby after reading almost 700 pages, I remember more of the recent stuff than older. Needless to say, you bet I will be reading through those letters again in the future. This particular piece came from the 2010 shareholder letter. The pieces I have pulled out are sections that resonated with me. So, …

Build Financial Wealth

[Guest Post] Key Tips On How To Build Financial Wealth For More Money To Retire On

Gen Y Finance Guy General Information 2 Comments

Most people don’t want to work forever. At some point in their lives, they hope to retire – or at least have the option to retire. Unfortunately, there are too many people who think that they’ll never accumulate the wealth that they need to retire. Others get wrapped up in gambling or other get-rich-quick schemes, hoping to skip the years of hard work required to accumulate sufficient wealth to have financial independence. While everyone’s background and financial situation is different, what follows are several tips that can help build wealth over time, moving you closer to financial independence and potential retirement. Pay yourself first. Everyone should be saving a portion of each paycheck that they get. This money should be …

Best Checking Accounts

[Guest Post] Take it to the Bank: The Best Checking Accounts in 2017

Gen Y Finance Guy General Information 4 Comments

Over the last decade or so, the banking industry has grappled with all-time low interest rates, a languid economy and tough regulations. Against this backdrop, the going has been tough for most banks. However, banks are now getting proactive and reshaping their financial priorities to enhance their performance. In a nutshell, they are looking to make things “better and “safer” through better risk management and sound strategic planning. Clearly, your priorities should be no different, especially at a time when financial uncertainty is the only constant. Features Offered By the Best Checking Accounts Unless you’re comfortable stacking money under your bed, you’re going to need a checking account. Put simply, a checking account is an account that that allows you …

Welcome to Adulthood

[Guest Post] Welcome to Adulthood

Gen Y Finance Guy General Information 5 Comments

It’s summer time and I’m making an active effort to unplug more than I have in the past. So, you will notice a few more guests posts than normal. I appreciate all of the other bloggers, freelance writers, and readers that have raised their hand to help keep the blog alive and well over summer. I hope you’re also taking some time this summer to unplug and enjoy a bit. Just Graduated? Here is the Financial Information Needed to Take the Next Step By Laur Davidson, newly graduated freelance writer Ah, so you are about to enter the real world. Well, congratulations. It is time for you to enjoy the first few days before the reality sets in and you …

Help Me

From the Mailbag #2 – I Want More, Can You Help?

Gen Y Finance Guy General Information 3 Comments

One of the biggest joys I get out of this blog is receiving emails from YOU the reader. Sometimes it’s an email thanking me for the inspiration that has led to financial epiphanies in YOUR own life. Other times it’s an email asking for guidance (I don’t give advice, just ideas, a little CYA). Recently a reader (Scott) reached out to me, explaining his current situation, and like many people out there he wants more for his family. The difference is he is taking the first step by acknowledging he is not where he wants to be. And by sending me an email asking for guidance, he hast taken the second step. Now Scott has the last and most critical step, …