If you look at the stock market, you would think that the economy is doing great! The stock market is up 13% to 14% yet consumer sentiment is at historically low levels. Inflation is up, gas prices are up, food prices is up, US debt is up, and cost of living is up. With many people struggling to make ends meet, you would think the economy isn’t doing great. I’m so confused on the economy right now. When you look…
You likely know that most banks will have savings accounts and/or high yield interest accounts that you can accrue interest. I recently heard about a bank that will pay you in American Airlines miles instead of cash for the interest. Which would you choose? Cash or airline miles? If you have had savings accounts you know you will get a 1099 tax form identifying how much interest you accrued that year. You also know that you have to file this…
Life just seems to move so fast. So fast that we sometimes miss or forget about the fine details. I’m referring to things that involve saving money or losing out on benefits. Did you know that your health insurance may have a program where they will give you credit to spend on medical expenses? Mine did. How about that 401K matching that your employer offers? Are you putting anything in it so you can at least get the matching? If…
I’ve heard from many and experienced myself the Sunday Scaries. That is the worry and anxiety of having to go to work on Monday but thinking about it all day on Sunday. Worrying that much on Sunday does not make it feel like a weekend. The thought of figuring out what needs to get done come Monday takes over your Sunday. With my early retirement I have no more dreaded Sunday Scaries! Figuring out what needs to get done on…
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’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…
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…
If you’re familiar with the financial independence concept you probably have heard of the acronym FIRE. It stands for financial independence retire early (FIRE). Essentially, you accumulate enough wealth that you can confidently say that you are financially independent from needing to work anymore and you now have the option to retire early. And retiring early has different definitions depending who you talk to. I can confidently say that I’ve F.I.R.E.d and I couldn’t have done it without my family being onboard. I’m excited…
If you asked me 5 or 10 years ago what my definition of early retirement was, it would be much different than what I think of it today. In fact, my definition of early retirement can be much different than yours. My early retirement outlook will change depending on which life stage you’re at. That’s what happened to me. The meaning of early retirement differs amongst other people and even your own self from a different time period. When I…
Ever wonder what retirement or early retirement looks like? Are you able to take a sabbatical or extended leave to try it out? I have an opportunity right now and let me tell you what I think about it. The government is shutdown and I am a furloughed federal employee. At the time of writing this, it’s been more than 3 weeks that I’ve been furloughed. I’m using this time to see how early retirement would feel like with how…