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…
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…
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,…
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 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…
“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.…