Tag: personal finance (Page 2 of 2)

My College Savings Story

December 2, 2020 / plazaandmainst / 1 Comment

I wish I had a “back in my day college was the same price as a night at the movies, and I could work 4 hours a week at my part-time job to cover the tuition” type of college savings story to share here. Unfortunately I am a millennial, and college was already very expensive by the time I got there. I also voluntarily chose to attend a private university instead of one of the state schools I was offered scholarships for, and I’m sure that didn’t help.

Despite all of that, I found an unusual way to save a lot of money on my college expenses. I was able to convince my school of choice to give me a free MBA before I even took my first class. My college savings story is one I don’t hear enough about.

Personal Finance Step 4 – Set Up A Budget

December 2, 2020 / plazaandmainst / 2 Comments

set up a budget track it step 4 path to FI

Did you already set up a budget you track and stick to? If not that is ok. I’ll help you build a simple budget to get you started on the path to financial independence. you update each month to track how you are spending your money?

If you do that is perfect and you are on your way to understanding your finances. If you don’t have a budget that is fine too since we’ll be working below to build one. I honestly don’t expect every person outside of the finance or accounting profession to have a budget they keep up with. Everyone needs to set up a budget but so few people have one they manage to despite the advantages.

Personal Income Statement – Step 3 on the Path to FI

December 1, 2020 / plazaandmainst / 3 Comments

personal income statement step 3 path to FI

Do you already have a personal income statement you update each month or quarter? If you do that is perfect and you are on your way to understanding your finances. If you don’t have a personal income statement that is fine too since we’ll be working below to build one.

I honestly don’t expect many people outside of the finance or accounting profession to have a personal income statement they keep up with. Why would most people? Its a little odd. I’m a numbers nerd though, so odd is my game.

Bias in Personal Finance

November 30, 2020 / plazaandmainst / 1 Comment

Personal finance is a very nuanced, complicated, and personal topic for every person involved. That said, the basic formula underlying the entire process for wealth accumulation and retirement isn’t a secret. Spend less than you earn, invest the remainder, and eventually, you’ll succeed. Even most of the specifics of that path are well worn and not particularly complicated. Nobody talks about how the bias in personal finance is baked into that simple advice.

Personal Balance Sheet – Step 2

November 28, 2020 / plazaandmainst / 4 Comments

We can argue about whether the personal balance sheet or income statement is more important in the journey to financial independence. I’ve seen this debated online in the past and people have strong opinions on both sides. I personally believe it depends on how far down the path to financial independence you currently find yourself.

Personal Finance Step 1 – Transactions

November 27, 2020 / plazaandmainst / 3 Comments

personal financial transactions step 1 path to FI

The first step in any journey is getting a thorough understanding of where you are right now so that you can plot a course to your ultimate destination. Personal finance is no different in that we need to first assess our current financial situation, good or bad, and create a plan to get us from here to financial independence. You need to get all of your financial transactions in one place.

Tag: personal finance (Page 2 of 2)

My College Savings Story

Personal Finance Step 4 – Set Up A Budget

Personal Income Statement – Step 3 on the Path to FI

Bias in Personal Finance

Personal Balance Sheet – Step 2

Personal Finance Step 1 – Transactions

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