Passive Income

Passive Income – We Need $120,000 To Cover Our Living Expenses – Where Are We And How Do We Get There?

Gen Y Finance Guy Income Streams 33 Comments

Reading Time: 3 minutesLate last year I shared a post with you guys on increasing the GYFG household income to $600,000 annually, and in that post there were two concerns that I said I wanted to start addressing in 2017: Concentration Risk – In 2016, approximately $27,000 of the $340,000 that we earned came from passive sources (or about 8%). The majority of the income we brought in was from our day jobs. Tax Efficiency – The other problem outside of the concentration risk, is that with earned income, we are taking a beating when it comes to taxes. As we all know, earned income is not the most tax efficient, and based on our 2017 projected income our marginal tax rate federally is going …

My plan to $600K in Annual Income

How I Plan to Increase My Annual Income to $600,000

Gen Y Finance Guy Income Streams 24 Comments

Reading Time: 6 minutesAs long time readers, many of you have picked up on the fact that I am a big believer in setting goals and long term visions. This is exactly why I share my annual goals and monthly progress in achieving those goals. It’s also why I shared my own blueprint in achieving a net worth of $10M and $600,000 in annual income. When you put together a 20 year vision, you have to accept that lots of variables can change along the way. Today, I really want to zero in on the income side of this 20 year vision to $10M in net worth. First, my income assumptions have been absolutely blown out of the water, and we are much …

Credit Card Hacking

New Side Hustle – Credit Card Hacking – Free Money

Gen Y Finance Guy Income Streams, Side Hustle 27 Comments

Reading Time: 7 minutesInterest Rate Arbitrage Back in the day when interest paid in online savings accounts was much higher than ZERO percent, I thought I was a credit card hacker. I remember a time when I was able to earn 5.5% through my HSBC online savings account. I was in college at the time and was receiving plenty of credit card offers with an introductory 0% for 12-15 months. One day it clicked that I could act like a bank and borrow at one rate and lend it at a higher rate. This was a true arbitrage opportunity. ar·bi·trage. definition: noun. 1. the simultaneous buying and selling of securities, currency, or commodities in different markets or in derivative forms in order to take advantage of differing …

You already own your own business, even if you have a Boss???

Gen Y Finance Guy Career, Income Streams 21 Comments

Reading Time: 6 minutesSo like many of you I have a JOB! Yes, I do own a consulting business in the digital marketing and analytics space (which I shut down so I can put more focus and attention on this blog), but I also have a day job in Finance. And before I ever had a business (I have had several), I had always thought of myself as an EMPLOYEE and had aspired to one day own my own business and break away from working for “THE MAN.” At least that was how I looked at things until I had the pleasure of meeting Charlie, who provided me with a whole new framework. One weekend, at a conference for a previous employer, I got the …

Anatomy of a Side Hustle: How I made $18,000 at an effective rate of $100/hour

Gen Y Finance Guy Featured, Income Streams, Side Hustle 34 Comments

Reading Time: 7 minutesYour 9 to 5 will make you a living, but your 5 to 9 will make you alive. -Nick Loper, Side Hustle Nation A side hustle is anything you do outside of your main hustle (your JOB) to earn money. I personally think that everyone should have a side hustle, even if only for the tax benefits. The extra income is really nice, too. Everyone has their own reason for starting a side hustle, but here are a few reasons why you might want to consider starting one: To Earn More Money To Pay Off Debt To Learn New Skills To Work On Something You’re Passionate About To Quit Your Day Job (Eventually) To Diversify Your Income Streams For the Tax …

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

Reading Time: 1 minuteWhen 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 …

Lyft

The Lyft Experiment

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

Reading Time: 3 minutesThe 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 …