Income Report

May 2019 – Detailed Financial Report #53 – Net Worth $1,171,429 | Income $91,688

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The GYFG household is officially mortgage-free. We made our last payment in person at the bank. To be honest, it was a bit of an anti-climatic moment. Don’t get me wrong: it feels great to have removed the shackles of such a large debt – a feeling that sadly is never achieved by most. After discussing this with Mrs. GYFG, we believe that it is just going to take time to sink in that we are mortgage-free. Since accelerating this goal, we have paid an additional $17,000/month against the principal of the mortgage for the past 17 months (yes, $289,000 applied to the mortgage in 17 months).  I’m sure our excitement will build as our cash reserves are able to …

Income Report

April 2019 – Detailed Financial Report #52 – Net Worth $1,110,940 | Income $27,134

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What a year 2019 is shaping up to be. Life never ceases to amaze or surprise me. Specifically, I started thinking about starting a consulting practice back in the summer of 2016 and almost secured some work back then. However, the timing wasn’t quite right. The idea was put on the back burner until it was brought back to life in June of 2018, with a discussion during a trip to Toronto of becoming a third-party consulting partner for a software company I know very intimately. Five years ago, I implemented their software at the company I work for, which automates and streamlines the Financial Planning & Analysis functions of an organization (among many other functions). It’s a great software, …

Income Report

March 2019 – Detailed Financial Report #51 – Net Worth $1,100,055 | Income $26,324

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This is report number 51 of a potential 240 as I document my journey to a $10M net worth – only 189 reports to go! As we sprint towards our goal of paying the mortgage off by July of this year, I’ve been thinking about how this report ought to evolve. The obvious change will be to remove the section that tracks our progress towards paying off the mortgage. I’m not sure what to replace it with. Maybe I don’t replace it with anything and the report just gets a tad smaller. I welcome your thoughts in the comments below. It’s hard to fathom that Q1 is already in the rearview mirror. Where does the time go? Without the benefit …

Income Report

February 2019 – Detailed Financial Report #50 – Net Worth $1,086,876 | Income $59,020

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Another one bites the dust! Yes, I recently watched the movie “Bohemian Rhapsody,” thus the opening to this post. I thought it was an excellent movie and the music was great!  February flew by. It was a short month but it also happens to align with Mrs. GYFG going back to work and me traveling again after being on a travel hiatus for the last quarter of 2018. I was gone seven of Mrs. GYFG’s first ten days back at work. I felt bad about the timing and tried to make up for it the rest of the month. Our nanny also started with us full time this month and she’s been working out great. We really got lucky! So …

Income Report

January 2019 – Detailed Financial Report #49 – Net Worth $1,046,938 | Income $27,522

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Poof! January has disappeared, and with it went 2,678,400 seconds. And you thought money was slippery? At the end of the day, money is only a measure of how much time freedom you have. If you think about the 4% rule, its basic premise is to accumulate 25X your desired annual burn rate in order to sustain you for a 30+ year “retirement” (in quotation marks because everyone’s definition of what this looks like is different). You have to dive a level deeper to realize that, before any appreciation, dividends, interest, or rental income, “25X” is really a measure of time –  25 years worth of living expenses – in today’s dollars. That is 25 years worth of TIME FREEDOM! Financial Independence …

Income Report

December 2018 – Detailed Financial Report #48 – Net Worth $1,012,865 | Income $46,533

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Celebrate! Celebrate! We are officially members of the double comma club! That was one hell of a marathon and it is SWEET to finally cross the finish line. But our race isn’t over yet. This is one of those multi-legged races and we have only completed milestone three out of five on our race to Financial Independence. Then, after that milestone, we’re reaching for the bonus challenge of leveling up from Financial Independence to Financial Freedom, which for us is achieving a net worth of $10,000,000 (GYFG household FI = $3,000,000; FF = $10,000,000). Keep in mind that it’s the 30th of December as I write this. If there is a significant decline in stocks on the last trading day of the …

Income Report

November 2018 – Detailed Financial Report #47 – Net Worth $895,001 | Income $35,396

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The final stretch of the year is upon us. I can’t believe that it is already December. I ended up completing the Tribe of Mentors book I was in the middle of last month and that officially ties up all 2018 loose ends for me. I ended up with a ton of book recommendations as a result of reading Tribe of Mentors. I was also pleasantly surprised that I had already read more than a few of the books that were recommended numerous times throughout the interviews. Here’s a list below of books mentioned two or more times, with those I have already read bolded: Man’s Search For Meaning (Viktor E. Frankl) The Better Angels of our Nature: Why Violence …

Income Report

October 2018 – Detailed Financial Report #46 – Net Worth $872,091 | Income $32,672

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I’M A DAD! We weren’t expecting our son to make his debut until early November but he had other plans and came about three weeks early. I guess he got the memo that the theme for October was “finish,” so he decided to finish the gestation process and hit the eject button. Mrs. GYFG and I are completely infatuated with the little man. Yes, he looks like a little man. The good news is that he did give us enough time to complete the nursery and our office project so there were no loose ends even though he arrived early. Last month I promised some photos of the completed nursery and home office project: The only item left on my …

Income Report

September 2018 – Detailed Financial Report #45 – Net Worth $870,156 | Income $35,981

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We have officially put 75% of the year to bed with the close of September. That means there are only three months remaining to tie up loose ends and I’ve been doing just that. I don’t know about you but this time of year fills me with an obsession to finish things. It also means I’m reluctant to start anything new. I just finished my last trip to New York for the year. I’m happy to be grounded for the next three months. We finished moving everything over to our newly created family trust. Essentially, this means we have put every eligible thing we own (retirement accounts cannot be put into a trust) under the name and “ownership” of our trust. …

Income Report

August 2018 – Detailed Financial Report #44 – Net Worth $854,696 | Income $30,839

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My Mojo is BACK! I’m officially out of my slump. Note to self: don’t wait so long to take a vacation next time! However, we did get pitched a curveball 48 hours before we were to depart for our Maui vacation – just a little Category 5 hurricane, no big deal! We waited it out for 24 hours, but realized it would ultimately be best to cancel. So 24 hours before scheduled departure, I donned my Tom Cruise suit and whipped into action. Although I was on my monthly business trip in New York, I spent half the day canceling all of our reservations, many of which were prepaid. Thankfully, we got full refunds on everything due to the severe …