When you’re young you feel invincible. Nothing can get in your way. You’re young, strong, agile, flexible, and time is on your side. In a blink you’re 20 years old. Another blink you’re 30, then 40, and then 50. Along the way you’ve assumed more responsibilities, maybe started a family, promoted to management at work, became a care taker, volunteered, and so on. Through these decades will you be just as responsible with your health? We put so much effort…
Like any sports team, you have your star athletes. Those who attract attention and outperform. Your portfolio will probably be similar. You’re going to have a few investments that shine, some that are mediocre, and others that just lag behind. I’m a buy and hold kind of investor so over time I’ve had some good picks. Here are my top stock performers. This is by no means financial advice. This is my own personal experience. Work with a financial expert…
If someone asked me for advice on how to pursue financial independence, I would have to say that it’s not a formula you follow and it’s not one thing that will propel you into financial independence. It is a combination of multiple habits that one would need to consider that is tailored specifically for you. There are common habits that many adopt and could be labeled as a standard. I specifically said “habits” with an “s” so it’s plural. It…
You’re on your financial independence journey. You started making some changes and taking steps towards saving and investing. How long does it take to start seeing the return on your sacrifice? How do you know what you are doing is working? There are indicators to keep an eye on that will remind you that it’s working. There are milestones I set up which reminded me when I knew it was working. I did not purposefully seek financial independence. At my…
What type of credit cards do you have? Do you lean towards cash back credit cards, travel rewards credit cards, or merchant credit cards? Some cards offer no annual fees and there are others that have annual fees. Many credit cards offer promotions for new applicants and if they qualify. Some may offer a cash back bonus, hotel points, airlines miles, travel points, merchant credits, or other incentives. But did you know many credit card companies offer more than this?…
You may have heard that it’s not about how much you make rather it’s about how much you spend. If and when you ever consult with a financial planner, one of the questions you will be asked is how much are your expenses. No matter how much you make, if you spend more than you earn it is more difficult to reach financial independence. Make lowering your expenses a goal. If you have consistent income coming in then that is…
We all do this. Whether we voice it or just think it, we are constantly doing it. We compare ourselves to others all the time. Whether it is comparing clothes, shoes, cars, homes, hair styles, vacations, jobs, online followers, or lifestyles we constantly ask ourselves what do they have that I don’t or what are they doing that I’m not. This will lead you down a spiraling trap of never being good enough. Your life story is unique and should…
Establishing and working to achieve personal goals is great to have. It gives you a sense of mission, objective, and target to work towards to. If you share financial goals with another person such as spouse or significant other conversations about money is going to be an important topic to talk about regularly. Divorce rates and separation rates due to finances is increasing. To counter this trend get on the same page with your partner. The divorce and separation rate…
As I get older, and hopefully more wiser, I look back and reflect whether my financial grinding early on was worth it. From my early days when I started working, someone more wiser than me gave me the best advice. It was to maximize my 401K. From this moment and because my paycheck wasn’t that big I had to live minimally while not sacrificing experiences. I could have coasted along by spending on things that would temporarily satisfy my wants…
If you have a retirement account with your employer such as a 401K and they contribute towards by matching a percentage, have you ever thought to wonder what that equates to? My employer matches 5%. When I hear that, my thought is that 5% of my retirement account is from my employer and 95% is from my contributions. What I didn’t factor is the potential earnings the 5% would carry. Employer contributions and its earnings have high potential to increase…