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 …

Income Report

Q3 2022 – Detailed Financial Report #87 – Net Worth $7,933,251

Gen Y Finance Guy Monthly Financial Reports 2 Comments

The end of Q3’2022 was a significant milestone as we collected the third and final payment related to selling a majority share (60%) of the business I founded almost four years ago now. Not only did we hit the one-year anniversary of that transaction but it represents another inflection point in how and when I will work. If you were to study the weekly hours I put in over the last 24 months you would see a slope that was declining as I transitioned from 80-hour work weeks down to 32 – 45 hour work weeks (been here for most of the last 12 months). My love of money is really about the optionality it provides and that is especially …

Portfolio Deep Dive

Gen Y Finance Guy Financial Analysis 3 Comments

As the markets correct from their extravagant rise these last couple of years I am taking this opportunity to not only “be greedy when others are fearful” but also to digest the $5.5M that I’ve deployed since 2018. Let’s start with the high-level breakdown and then get granular with it. December 2018 marked our official entry into the double comma club and the beginning of a very impressive 8X increase over the subsequent three years – increasing from $1M to just a tad over $8M. I wrote a post in 2017 about how wealth-building was made simple by aiming to get a little richer every day and that is exactly what I have focused on doing ever since. My focus …

Income Report

Q1 2022 – Detailed Financial Report #85 – Net Worth $8,003,869

Gen Y Finance Guy Monthly Financial Reports 2 Comments

It’s been three months since my last financial update and this is the first report in the new quarterly cadence. This month includes several major milestones to celebrate: (1) We sold our prior primary residence. (2) We used the net proceeds from the above sale to pay off the mortgage we assumed when buying our dream home. (3) The above two actions allowed us to become 100% debt free again! (besides our credit card balances that we pay in full every month) (4) We deployed over $1M in a single month. It may not seem like it was a quiet quarter for the GYFG household but it certainly felt quiet, while also being very productive and massively impactful. One of …

Everything Always Works Out – New 10 Year Vision Letter

Gen Y Finance Guy Words To Live By 7 Comments

2022: Wow! I can’t believe it has been three years since I went through this exercise for the second time in ten years to plant the seeds of what I desired my life to look like over the next ten. Here is the second of these letters, the one that I wrote in March of 2019. I’ll likely take the opportunity to write another letter in the next one to two years to continue this exercise as I find it very helpful to not only set direction but to force reflection periodically throughout the decade, which allows for any sort of course correction needed. I like a decade because my imagination can’t go much beyond that amount of time.  As …

10 Year Vision

A Letter I Wrote To Myself From The Future – A 10 Year Vision Of My Life

Gen Y Finance Guy Goal Setting 23 Comments

2021: I’m republishing this post one final time to reflect on the future I had cast for my life almost a decade ago. With this last and final update, I will add any additional annotations with blue text throughout the letter below. In the near future, I plan to provide a similar style of update and reflection in the second letter I wrote myself in 2019 as I began to future cast the next decade, which did have three years of overlap with this ten-year vision of my life. 2016: Below is a letter I wrote to myself back in October of 2012. It was an exercise that I was inspired to complete while reading Darren Hardy’s book “Living Your …

Our Spending Budget is $500,000 This Year!

Gen Y Finance Guy Smart Spending 13 Comments

WARNING: This post is about to get ridiculous and maybe even border on preposterous. I realize that we have reached a level of finances and spending that is not relatable to the average person but I can’t let that stop me from sharing my journey. I’ve always written under a policy of full transparency and I won’t let that stop now. With that out of the way let’s jump into how and why we plan to spend $500,000 in 2022. First, I must remind everyone that proportional to our income this amount only represents 14%, which is a far lower percentage of income than what the average person spends; we practice relative frugality and continue to ensure we follow the law …

Income Report

November 2021 – Detailed Financial Report #83 – Net Worth $7,528,114

Gen Y Finance Guy Monthly Financial Reports 14 Comments

It’s beginning to feel a lot like…change! Yes, I can feel myself evolving and preparing for the next chapter of life I wrote about back in 2020. For the last ten years, I’ve been head-down aggressively and obsessively building a financial foundation that would enable my family and me to live life by our design. I’m lucky that I’ve had a partner (Mrs. GYFG) that was willing to dream with me. She has been there to not only support me but work alongside me to manifest our future life together. This took long hours and sacrifice. The “living well below our means” sacrifice was the easy part. But the harder part, the part that can destroy a relationship and a …

Income Report

October 2021 – Detailed Financial Report #82 – Net Worth $7,521,552

Gen Y Finance Guy Monthly Financial Reports 8 Comments

It happened! We finally closed the transaction whereby I sold a majority interest in my business. As I reflect back on what has been accomplished over the past 32 months since starting this business I am extremely satisfied with the progress we made in a relatively short period of time. I think the best thing I ever did was start with an exit in mind. From day one I had a five-year plan and tracked everything I knew an eventual buyer would want to see to properly evaluate the business. I thought it would take another two years before we would get here but here we are on the other side of a deal. Starting and growing a business has …

Income Report

June 2021 – Detailed Financial Report #78 – Net Worth $3,001,550

Gen Y Finance Guy Monthly Financial Reports 23 Comments

Financial Independence!!! We officially hit our Financial Independence number this month as defined by the Five Major Milestones of FI that I wrote three years ago. The goal was to achieve a net worth of $3M with the ability to spend $120,000 per the 4% rule. That said, I’m the kind of person that never wants to touch the principal and only live off the income, so although the 4% rule says that we could spend $120,000 a year, there are a couple of things we have to be careful to adjust for. First, not all $3M of our current net worth is as liquid and easily spendable as it would be if it were entirely in stocks. Since I …