When you get deep enough into the financial independence community, you are going to want to start building your own spreadsheets. Don’t get me wrong, the spreadsheets available out there for free are great. But sometimes you want something quick or the pre-built ones are just missing something you need. I have three essential personal finance formulas and how to use them.Continue reading
Time to have a bigger emergency fund. Do you have at least 3-6 months of expenses saved in your emergency fund? If you do, congratulations on keeping a decent money for unknown bumps in the road. If you don’t, keep saving every extra dollar until you do. Keep asking yourself this question until you can honestly sleep well at night with the amount you’ve set aside for emergencies.
Get a bigger emergency fundContinue reading
I love board games. Video games are great but board games provide a more tactile experience for me. There is just something about sitting at a table with friends, looking down at sea of opportunity on the board game, moving physical pieces around, and enjoying everyone’s reactions. They provide a social, community experience in a world of increasing isolation at our individual smart devices.
The best part is while you were sleeping on board games, they’ve been bringing the heat recently. I compiled a short board game gift guide for the financial independence enthusiast in your life.Continue reading
Not everything in the personal finance world is pure optimization of assets through the use of beautiful spreadsheets. Don’t get me wrong, there are a lot of spreadsheets, and they are all beautiful, but sometimes decisions are emotional. Making some financial decisions for emotional reasons despite the math needs to be normalized. We like the quick “wins” of closing those smaller loan accounts early with the debt snowball method. It keeps us motivated to continue.Continue reading
I’m not going to break any ground here telling you that high interest consumer debt isn’t good for your financial welfare. We all know that the first step toward a life of financial independence is to pay down high interest debt. Knowing the destination isn’t the same as knowing the directions for getting there however. There are several, very popular, methods for paying down debt at an accelerate pace we’ll look at later in the article so stay tuned.Continue reading
Sure. “I was able to save $15,000 more in 15 minutes for retirement and you can, too.” Ugh, I know… I know. We all hate it when personal finance writers assume that just because they were able to do something then it should be easy for everyone else, too. That said, what I did was incredibly generic and could apply to a lot of people out there with a company-sponsored 401k.
Can you really save $15,000 in 15 minutes?Continue reading
Employer 401k Match: Step 7 on the Path to Financial Independence
Does your employer offer a 401k match with contribution program and do you contribute enough to get the full match? I hope if you are reading this you understand the importance of saving for retirement so I’ll skip that. What is more important here is saving for retirement with someone else’s money. The 401k match is essentially your employer giving you free money for retirement as long as you save too.
A 401k match is basically free moneyContinue reading
Our family has two traditions on Thanksgiving: cooking delicious food to share with family and friends as well as running the local Turkey Day 5K. Some of you out there are already doing the math and calling shenanigans on doing both of those things. I hear you. The Turkey Day 5K run starts at 8 am about 20 minutes away and a 16 lb turkey needs to be roasted before noon. How is that possible?Continue reading
Personal finance is like sex and religion: nearly everyone has something to say but will generally avoid discussing it. Our society has made discussing your finances with anyone else taboo. We’ve spent years associating our self-worth with our net-worth to the point that people feel like personal finance is a competition. You try ‘Keeping up with the Jones’ because deep down you don’t want to get too far behind in the race you perceive to be life. That race can be lonely because personal finance is lonely.Continue reading
Well… that seems obvious.
I’ll agree that to pay bills on time isn’t the most revolutionary financial advice but it is very important. It is important beyond the obvious ‘stay out of debt and collections’ aspect of paying your bills. There are far-reaching effects of paying your bills late you will want to avoid where possible. I fully understand that sometimes people pay their bills late because they lack the funds to pay in full on time. This advice isn’t necessarily for that situation but rather for those forgetful among us who have trouble remembering to pay on time.Continue reading