401(k)s, Roth IRAs, Roth 401(k)s, Oh My!!! [Part 1]

401(k), Roth IRA, Roth 401(k)

Should you put money into your retirement accounts such as 401(k) plans or invest your money elsewhere?  The ideal scenario is for you to have enough passive income coming in that retirements accounts aren’t really as critical. However, most of us aren’t that fortunate.  That said, a good balance is going to be the best bet toward a smooth retirement.  So, what’s the difference between some of the different retirement vehicles and where should you be putting your money? 401(k) Most of us have at least heard of a 401(k) plan and hopefully you’re already putting some money into it… if not, it’s time to jump on that!  Here’s the scoop… 401(k) accounts are not stocks or mutual funds.  Like all of

The Dream Isn’t for Everyone…

The Dream Isn’t for Everyone…

I liked money when I was a kid and was a better saver than most kids.  I figured I would save enough so I wouldn’t have to work for the rest of my life (this was before I learned that savers use Other People’s Money the best way that they could.) Regardless, I’ve always been interested in figuring out money… and more importantly, figuring out how to become financially free and retire early. I always thought that was the dream, because it definitely was for me. When I turned 30, I guess I had an early mid-life crisis and all that seemed to weigh on my mind was the “time to make the donuts” attitude.  I couldn’t fathom that life was

Is a Property Manager Worth the Money?

Use a Property Manager for Rentals?

So you’ve decided that real estate might be one of the routes you are going to take  to move closer to financial freedom?  Maybe you’re very handy and maybe you’re not, but inevitably a question that is likely to come up is that of hiring a property manager.  Now the question becomes… Is a property manager worth the money? I currently have one rental house that I’ve owned since 2003 and started renting out in 2009.  I bought it with the intent of fixing it up and renting it out.  My wife and I lived there for a few years and I learned that I’m really not as good at fixing things as I need to be!  Luckily for me, I have a

Why You Should Use Other People’s Money

Blogging for money

The phrase “Other People’s Money” comes up regularly on different websites, especially on those that are trying to help you get financially free.  And there’s a good reason for that… You can get rich much quicker when you are using “Other People’s Money”! I first heard the phrase “other people’s money” from Robert Kiyosaki’s books.  As you’ll hear me mention quite often, Kiyosaki has been a great influence on me throughout the years. When you think about it, using other people’s money (OPM) is a simple concept.  You leverage other people’s money to help you make more money than you could by yourself. Let’s say you have $20,000 to invest and 15 years to make it do something.  So what can you do with

Get Out of Debt ASAP!!!

Get Out of Debt ASAP!!!

When I was in college, I got my first credit card… and then a second one.  Over time, I started using those credit cards a little too much – grabbing the check when out with a bunch of people for dinner, buying all the stuff I “needed” (which I later realized were just wants), etc.  Boy, was I the life of the party! This, of course, got me into debt… but I’ve always been pretty organized.  So throughout my college years, I figured out that each month I could pay my MasterCard with my Visa and vice-versa.  Those balance transfer checks were great!  In fact, they actually were giving rebates to transfer my balances.  Wow!  I probably went a good year

Are You Ready to Retire Early?

Are You Ready to Retire Early?

I’ve always been fascinated with money and have always been good with it.  I always did what I thought you’re supposed to do… save it.  Well, over the years, I’ve learned that that’s only a small piece of what you need to do if you want to retire early.  Sure you can save every penny and live like you’re in poverty for your whole life, but who wants to do that?! I’m not here to tell you that you have an easy climb to retire early, but I can tell you that it’s much easier than you might think. I have this tendency to get stuck in a rut and feel almost trapped.  Don’t get me wrong – I have