Year-End Review

Year End Review

Well, this is it – the last post of the year.  I hope all of you had a great holiday and are looking forward to the new year!  I thought this would be a good time to do a year-end review and look back at what I got accomplished throughout the year (and what I didn’t!). Let’s start with the 8 Financial Goals we had set at the beginning of the year for ourselves… 1) Build back up our online savings After the 25% we put down on the duplex we bought at the end of last year, our savings we had was pretty much depleted.  We don’t have any consumer debt, so other than contributing to investments, paying regular bills

The Line Between Frugality and Deprivation

The Line Between Frugality and Deprivation

The Line Between Frugality and Deprivation A lot of people on the quest for financial independence aim to trim their expenses.  This works great… until it doesn’t.  Sometimes the line between frugality and deprivation becomes blurred.  It’s possible to cut your expenses too much where you can make yourself miserable. I was listening to a great podcast that the Mad Fientist put together from a Q&A at Camp Mustache which had Pete aka Mr. Money Mustache, Paula Pant from Afford Anything, Doug Nordman from The Military Guide, and, of course, Brandon the Mad Fientist. An interesting topic was discussed regarding that line between frugality and deprivation that I thought would be worth discussing.  The subject of motivation in relation to the quest for financial independence came up and

Time Versus Money – Which is More Valuable?

Time Versus Money - Which is More Valuable?

It’s funny how priorities seem to change as you age and as your income changes.  Years ago, I never would have thought about paying for something I could do myself… nowadays though, that line isn’t always so clear.  Time versus money is a topic that I think we’re all familiar with. When you’re young and scrappy, you likely have a little more time on your hands and little less money.  Eventually though, life catches up to you and things like a spouse, career, and maybe some kids tend to make time a little more valuable.  Hopefully, your career starts to generate a little more income for you as well as you gain experience in whatever field you’re in.   Oil Changes

What’s Your Post-Retirement Multiplier?

Year End Review - Year End Bonus

You’re reading this article, so you obviously care about your finances.  Hopefully, you’re on track with your money or working toward that goal.  Getting out of debt, saving and investing have been beaten into you by every financial outlet in the world. Maybe you’re even on the path to financial independence or early retirement.  But have you taken the time to figure out what you need by looking at your post-retirement multiplier?   What is a Post-Retirement Multiplier? When I talk about your post-retirement multiplier, I’m referring specifically to a number – the amount of your current expenses as compared to your post-retirement expenses. It might be 0.75 or it might be 1.5, but it’s an important number to be aware of when planning

It’s All About the Expenses…

It's All About the Expenses...

You’re doing your best to get yourself on the right track with your finances.  You’re working your way out of debt and have turned your eye toward reaching financial independence.  But the media wants you to focus on the money you have coming in.  I want you to focus on your expenses instead. First of all, know that your income is important – no doubt about it.  In my article The Steps to Wealth, the first thing I talk about is getting a high-paying job.  Is that the end-all and be-all in reaching financial independence?  Certainly not, but bringing in a higher salary can make the steps of the journey much easier. However, even if you do have a lot of money coming

Why Your Company Match is So Important

Company Match

For many employees, a 401(k) plan or similar defined contribution plan is the biggest retirement asset they have.  The goal is obviously to grow that investment as much as possible and a company match can help accelerate that process. I’m in a fairly lucky situation at work.  My company has a pretty unusual match.  In a nutshell, they throw in a company match of 35 cents on the dollar. Did you notice I didn’t say “… up to 6%” or anything like that? That’s because we don’t have a limit on our match.  In other words, if an employee at my company contributes the max into his/her 401(k), which is currently $18,000 (at least through 2017), they will have received an additional $6,300. $6,300 in free