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.…
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,…
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…
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…
“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…
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…