What if money was no object?

What If Money Were No Object? [Part One]

Gen Y Finance Guy Words To Live By 13 Comments

Reading Time: 7 minutesI discovered the video below more than three years ago. It really stuck with me, and I knew there would eventually be a time to share it in a blog post. That time has finally arrived. To place this in the context and history of GYFG: I started publicly sharing my monthly financial reports about three and a half years ago (January 2015). In that first monthly financial report, I shared my Big Hairy Audacious Goal of achieving a net worth of $10M and a monthly income of $50,000/month. Pretty “BH&A,” as back then our net worth was just shy of $200K and our monthly income was projected to average ~$15K/month (or $178K annually). But fast forward to 2018 and our net worth …

Happy & Healthy

If You’re Not Happy or Healthy, What Is the Point of Being Wealthy?

Gen Y Finance Guy Words To Live By 13 Comments

Reading Time: 4 minutesI have many character flaws. This I know. But there is one thing I’m really good at – finding the positive in every adversity. I have found this skill, this ability to extract the lesson or silver lining, to be invaluable in my journey. It’s required me to develop a keen sense of self-awareness and an open mind. It allows me to convert, rather than accept, the cards I’ve been dealt, and to try to play the best hand I can. Currently, I am leaning hard into this ability, by necessity. For most of my youth and into my early twenties, I thought I was physically invincible. Don’t we all? I took on unsustainable workloads. I did workouts without regard to …

Live Well, Give Well

Money Is the Tool That Allows Us to Live Well and Give Well

Gen Y Finance Guy Words To Live By 8 Comments

Reading Time: 9 minutesLet’s get something straight. Money is a tool! By itself it is nothing more than paper and metal, but it is a powerful means to many different ends. It provides the one who has it with optionality. Simply put, it is the tool that enables its possessor to both live well and give well. On this blog and many personal finance blogs, we (PF bloggers) talk a lot about earning money, saving money, and investing money (E+S+I = Wealth). These three actions provide us with the simple formula to building wealth (this is a great opportunity to plug my good friend ESI Money who focuses on these three simple steps to wealth). However, I’d like to focus on what it’s all for in …

Extreme Frugality vs. Relative Frugality

Extreme Frugality Is For The Birds

Gen Y Finance Guy Words To Live By 14 Comments

Reading Time: 4 minutesIt’s no secret that this blog has nothing to do with extreme frugality. If anything, compared to my peer bloggers, I’m probably categorized as a spendthrift. I have even been accused of leading a rather lavish lifestyle, which I think is complete bollocks. Relative to my income I am “frugal” but that is not because I have crafted some master plan to live on as little money as possible. Instead, I have chosen to take the road less traveled to increase our household’s top line (income) to a point where saving 50% happens automatically, rather than obsessing over every little expense. I think that extreme frugality is for the birds! As I wrote in this post, there is a natural floor when it …

Don't forget to Build a Life

Don’t Get So Consumed Building Wealth That You Forget To Build A Life

Gen Y Finance Guy Words To Live By 10 Comments

Reading Time: 2 minutesI was recently crafting an interview post for the great and magnificent Physician on Fire, when I was reminded of a core belief that I had lost sight of recently. It’s crucial that everyone in pursuit of Financial Freedom pause and reflect on the following: Don’t get so consumed building wealth that you forget to build a life. It’s so easy to get caught up in the pursuit of a better tomorrow that we forget to live in the present. None of us are even guaranteed a tomorrow. Life could be gone in an instant and that’s very sobering to realize. That doesn’t mean I want you to go out there and live as if you will die tomorrow, I’m …

Rags to Riches

From Welfare to Well-Off: My Rags to Riches Story (in the Making)

Gen Y Finance Guy Words To Live By 20 Comments

Reading Time: 9 minutesAfter two and a half years of writing this blog, I’m finally ready to share my back story with my readers. Some might find it hard to believe that I grew up on welfare to drug addicted parents. To be honest, from my current vantage point, that life seems like just a dream. The following was originally published as a guest post over at Financial Samurai about two years ago. After reading some posts between Rich and his cousin Penny, I was reminded of my own past and inspired to share my story.  They say the best time to plant a tree is 20 years ago. You know when the second best time is? TODAY! As you are about to discover, …

Focus

FOCUS: Follow One Course Until Success

Gen Y Finance Guy Words To Live By 17 Comments

Reading Time: 2 minutesDo you find yourself getting distracted from the core of what you set out to accomplish this year? If so, it’s an appropriate to remind you to FOCUS and to recite what this acronym stands for. Follow One Course Until Success It’s natural to get off course. If you think about it, a space craft headed to the moon is only on course 1% of the time. The important thing is to have the right systems and disciplines in place to redirect your efforts back towards your goals. It is easy to get caught up in “shiny object syndrome” when you start seeing success. You start to think to yourself, if this is going so well, maybe I should also do this and that and this other …

Saving Life with Life Savings

Using Life Savings To Save A Life – A Financial Decision Made From The Heart

Gen Y Finance Guy Words To Live By 55 Comments

Reading Time: 7 minutesToday we are going to deviate from the normal finance content that I usually publish. Don’t worry this story will still have a financial decision that had to be made, but instead of being optimized by the brain, it was  instinctively made by the heart. Remember this sites mission is: “To Humanize Finance, Build Wealth, and Reach Financial Freedom” This means sometimes we have to skip all the rational math and go deep on something that is extremely EMOTIONAL and HUMAN. Many of you on my email list have received a good back story of where I come from. Others that have found me through other blogs know more about me than some of my closest friends. But then, there are plenty of you …

Book Wish List 2016

12 Books for Your Christmas List This Year

Gen Y Finance Guy Words To Live By 19 Comments

Reading Time: 9 minutesI wasn’t and avid reader growing up, in fact I really didn’t start reading (voluntarily) until 2011 (I was 25 then). Now I read 40-50 books a year and spend about $1,000 every year on books (I actually just paid $1,000 for ONE book, but we will save that for another post). I’m currently working to put together a new resource for you guys, it will be a detailed reading list by category that currently contains the 230 books I have read over the past 5 years. Buying books is one of the best investments you can make! Jim Rohn said that “if you want more, then you must become more,” and one way to do that is to fill you mind with new …

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

Reading Time: 4 minutesOver 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 …