The solid foundation for financial stability - meeting life's necessities and affording leisure activities.
The financial safety net - protection from unforseen emergencies & providing the means for significant future purchases.
Growing wealth over time, ensuring a more comfortable & secure financial future.
In 2023, the most significant shift in my financial landscape was the acquisition of a new vehicle, a decision that significantly impacted my savings. Ongoing supply chain disruptions from the pandemic had tightened vehicle inventory and inflated prices. The price gap between the used model and the new model I desired was minimal, leading me…
A good friend recently told me that when his father passed away, he had no will or a trust in place. As a result, for the past two years, my friend’s deceased father’s assets, including his properties, have been in the probate court system – across multiple states. The financial cost of attorney and court…
The best financial move I made in 2022 was transitioning to a much higher paying job at another company. This fueled a savings rate of 48% (not including retirement contributions). However, the Fed’s 2022 interest rake hikes to fight inflation did not bode well for my net worth on paper. My net worth decreased vs.…
Monthly cashflow, tax incentives, and owning a hard asset are some reasons why rental property has always been one of my top financial priorities. I’ve collected rent from tenants who were also my roommates. I’ve also rented-out single-family property while living out-of-state. However, given personal preference to reside in the San Francisco Bay area, I…
During Year 2 of COVID, I was fortunate enough to expand my focus on multiple streams of income. This fueled a savings rate of 17% (not including retirement contributions), and helped increase my net worth +28% in 2021 compared to 2020. Net Earnings Overview I consider Giving, Taxes, HSA Contributions, and 15% gross salary Retirement…
Life is expensive. Having side hustles and participating in the gig economy are great ways to expedite paying-off consumer debt, saving for large expenses like a wedding or a home, or just having extra “fun money” in the monthly budget. With tech innovation revolutionizing how people eat, travel, shop, and more, it has never been…
With COVID-19 greatly reducing opportunities to travel, visit relatives, dine-out, and enjoy various forms of entertainment, I focused my attention on earning and saving in 2020. Through frugality, expanding multiple streams of income, and because my main 9-5 job was not negatively impacted by COVID-19, my net worth increased +38.9% in 2020. Net Earnings Overview…
Due to the uncertainty surrounding the COVID-19 pandemic, a drop in oil prices, and fears of a recession, the early months of 2020 were a roller coaster for the stock market. But as Dave Ramsey says, you only get hurt on a roller coaster if you jump off half-way through the ride. I remained on…
Healthcare is expensive. In The Lifetime Medical Spending of Retirees report, economists noted that households incur an average cost of $122,000 in medical costs between the age of 70 and death. Most of this money is paid out of pocket, with the exception of low-income folks covered by Medicaid. One way to plan for expensive…
It’s valuable to approach investing holistically. Growing money is important, but so is growing in the areas of the spiritual, physical, educational, and recreational. The purpose of this post is to focus on fun memberships that enable couples/ friends/ families to enjoy time together while paying a flat membership fee. Other benefits include physical activity,…
Having tangible assets in my portfolio that are both practically useful (IE housing) and profitable investments (IE monthly cashflow) is what intrigues me about rental real estate. Through my post-college years, I lived in situations where my fellow roommates and I paid our landlord rent every month. I found this monthly arrangement smooth and simple,…
2019 was the first year that I had a decent percentage of my net income (8.8% to be exact) come from sources other than my work salary. Increasing this percentage while diversifying into multiple income streams will continue to be a chief financial goal for 2020 and beyond. Net Income Allocation Breakdown I consider Giving,…
Many items get discounted for key sales days, like Memorial Day, Labor Day, and Black Friday. However, there are certain months where the timing is more advantageous to make specific purchases. January Key Sales Days: New Year’s Day, Martin Luther King Jr. Day Fitness equipment. Capitalizing on New Year’s resolutions, retailers offer deals on fitness…
An envelope, suitcase, or duffel bag full of cash is by far the gift most people prefer. Aside from this no-brainer, the following 3 categories are great ways to show care without contributing to clutter. Consumables With consumables, the recipient can enjoy the gift for a time and it won’t add long-term clutter to…
Influenced by factors like Gen Z entering the workforce and technology enabling more flexibility, more and more Americans are working remotely at least 50% of the time. According to one 2019 study, 3.4% of the total US workforce are remote workers, up from 2.9% in 2015. This amounts to 4.7 million Americans working remotely in…
“Don’t wait to buy real estate, buy real estate and wait.” – T. Harv Eker I’ve lived in the expensive real estate markets of northern and southern California for most of my life. When I relocated to Denver, CO for work, I was able to purchase a home due to prices being affordable – virtually…
Once necessities are taken care of – like getting out of debt, having a solid emergency fund, and saving for retirement – the real financial fun can begin. With that in mind, below are 10 fun ways (in no particular order) to spend money: 1. Travel Whether it’s exploring America’s national parks, relaxing at all-inclusive…
Don’t like your job? You should probably look for another. Like your job? It’s probably also a good idea to explore your options. Regardless of how well your current job is going, it’s prudent to look for a job before you need one. You don’t want to be unprepared in the event things occur like…
The short answer is – it depends. Below is the long answer. Even if you like your job, it’s a good idea to keep your career options open and be receptive to opportunities that recruiters present. According to one survey, average annual salary merit increases were roughly +3%. But for those who change companies and…
Before investing anything, getting out of consumer debt, saving-up a fully-funded emergency fund, and contributing 15% into retirement are the most prudent steps to take to financially thrive. After that, there’s freedom to deploy extra money in a variety of ways depending on your preferences and goals. Whether it’s a meager raise at work or…
“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” – Robert G. Allen. While financial gurus like Chris Hogan, Dave Ramsey, & others agree that nobody gets rich by redeeming credit card points, the same is true of interest earned on from savings accounts. That…
If you stay ready, you don’t have to get ready. Emergencies happen all the time, and by the very definition of “emergency”, you don’t know when one will occur. Types of Emergencies Fires Unsafe air quality for days Heavy traffic towards certain directions due to road closures Earthquakes Hurricanes & flooding Heavy snowstorms Often there…
“Compound interest is the eighth wonder of the world. He who understands it, earns it… he who doesn’t… pays it.” – Albert Einstein This magical wonder of compound interest that amazed Einstein is available to millions of people today. Unfortunately, Americans are better spenders than they are savers. According to Fidelity, those aged 60-69 contribute…
“I like what I do, but this is not a hobby – I’m here to make as much money as I can.” This quote is from a previous boss I had who worked very hard and also valued work-life balance. If you have a hobby and happen to make some money with it, that’s fantastic.…
I didn’t realize how large of a burden repaying my $53,000 in student loans would be until I actually began repaying them each month. When I took an accounting of my monthly expenses, I realized I wasn’t as thrifty as I thought I was. On reflection, there were 3 careless ways I lost money every…
