When I used to think about disability insurance, it used to be a “yeah, yeah…” subject for me. In fact, if you asked me a year ago if I should buy disability insurance, I would have told you that I was already covered. Here’s the problem… I’m really not. I’ll talk about the “why not” part shortly, but first, let’s dig into what disability insurance is all about… What is disability insurance? Disability insurance is intended to help cover you in […]
So, you’re going down the right path on the road to financial freedom slowly but surely, but you want to make sure that you’re protecting your assets in the meantime? Well, hopefully, this post will help you with some ideas! I’ve noticed that as I’ve started to build up my assets, my needs have started to morph as well. I now have rental properties, multiple LLCs, and growing and expanding savings, investment, and retirement accounts. And, as the accounts continue to grow,
Well, it’s 2017, which means it’s time to take stock of how your previous year went, but more importantly, you should set your sights to the future and get your personal and financial goals put in place for the year. Here are my plans for the year… My 2017 Financial Goals Buy another rental property Buying rental property is an important stream of passive income that I’m working on building. Currently, we own a couple of rental properties – a single-family house and
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
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
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
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,
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
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
When I started to get a little more serious about reaching financial independence a few years ago, I started dipping my toes into different ideas as I learned more about them. One of those ideas was to start investing in dividend stocks. Dividend stocks are great because you don’t usually focus as much on appreciation as you do on the regular payoffs you get from the stock. That means passive income, which is something we all know and I love. I
