I started doing Roth conversions 5 years ago and I wrote about my first one here. I wanted to create a Roth conversion ladder so that I could have the option of withdrawing from my Roth account penalty free if I needed cash in early retirement. Now that I am not generating any W-2 income, I’m looking to see what my tax filing will look like next year since Roth conversions are considered as income. So for now, I am…
When you think or dream of early retirement, what does it look like? Is it waking up whenever you want, sitting on the couch all day watching television, doom scrolling on your phone, going out to eat, or planning an infinite number of vacations? From personal experience with being early retired for 5 months, I can say that you better have a plan. Is early retirement boring? I thought I had it all planned out. I was going to get…
The journey to financial independence isn’t glamorous. Better yet, it’s more like groundhog day where every day is the same repetitive routine. Go to work, collect a pay check, spend only what you need, delay the things you want, save, invest, and repeat. You will be able to slip in some fun like vacations, road trips, hobbies, and so on. For the majority, though, it’s a consistent cadence you follow and if you are in it for the long run…
I know many people who got laid off over the past few years. Some bounced back to find a job and some didn’t find jobs in a timely manner. Losing your job is scary. It’s your financial life line so it’s important to land a job. One important way is to keep yourself relevant. Relevant within your industry, relevant within your network, relevant within your circle of influence, and relevant with your local area. Every industry is constantly changing. Whether…
The stock market has its ups and downs. Historically, it’s up more than it’s down which means it’s good for you and me if we invest during good opportunities. It’s hard to watch when your portfolio shrinks during downturns due to economic uncertainties. The other mindset is that a stock market drop is an investing opportunity. A stock market drop means that the cost to buy individual stocks and equities is cheaper than it was before. Uncertainties, such as, is…
I’ve never been good at talking with any financial experts, consultants, or advisors. One reason is that it takes time out of your day or time away from work. Plus I felt like it’s constantly a sales pitch trying to get me to buy more services. Most cases it was just that but when I rolled over my entire retirement account to my IRA after I left my employer my financial representative with my brokerage reached out to me asking…
When you leave your job, whether it’s to move onto a new job with a different employer, retire, or just call it quits, what will you do with your retirement plan? I recently resigned and consider myself early retired. I worked 15 years for my last employer and I contributed to my retirement plan to the max limits so there was a sizable balance. I considered all the options I have and here they are. I could either I’ll let…
Spending your hard earned money wisely is one thing you need to be good at to reach financial independence. What to spend and where to spend are questions we ask ourselves many times during the day. Now if you want to invest your money, it’s the same questions…what to invest and where to invest. Have you started investing? Are you afraid to invest? Are you cautious of getting burnt from investing or have already been burnt from investing? Getting burnt…
A major milestone in my FIRE journey was reached! Adopting strategic moves with investments and handling my finances appropriately, I can announce that I was able to retire at 50! It’s been a long term goal of mine to be able to walk away from my 9 to 5 job, gain back my time, and be able to do what I truly enjoy. Every article I write in this blog are techniques I used to help me reach this goal. This…
You can control your spending, where to eat, your next vacation, what car to drive, or where to live but there’s one thing you can’t control. That is TIME! You can’t slow time. You can’t fast forward time. Seconds, minutes, hours, days, months, years, and decades will come and go just like that. What you can control is how you spend the time that you have to benefit you and others because the one finite resource you can’t control is…