In my post titled You Can Become Wealthy with a Lower Income, one reader commented: I agree with your original commenter, and would personally like to see more stories of people who make AVERAGE incomes because they love teaching elementary school, or working as a substance abuse counselor, or massage therapist or whatever. There are millions out there to whom even a $50k or … [Read more...]
Millionaire Interview 9
Here’s our latest interview with a millionaire as we seek to learn from those who have grown their wealth to high heights. If you’d like to be considered for an interview, drop me a note and we can chat about specifics. My questions are in bold italics and his responses follow in black. Let's get started... How old are you (and spouse if applicable, plus how long … [Read more...]
We Spent 17% of Our Income
The other day I was listening to a podcast where the person being interviewed was talking about living on 25% of her family's income. The implication was they saved 75% of what they made. But I don't think that's the entire story. She said her percentages were based on "take home pay". Immediately I started doing the numbers in my head -- what did that really mean? I … [Read more...]
Key to Early Retirement: Margin of Safety
One of the things I worry about for extreme early financial independence retirees is that they play the numbers too close. In other words, I think some would be in trouble if something unexpected and costly pops up. And as we know, we should expect the unexpected when it comes to money emergencies. For example, let's say a 30-year-old has $1 million saved. Using the 4% … [Read more...]
How to Retire on $1 Million or Less
Summary: This post tells how to retire on one million dollars or less at age 35 or lower. I've noted from time to time that I read a ton of money blogs. One popular sub-group is the FIRE bloggers. In case you don't know, FIRE is an acronym for "Financial Independence Retire Early". These blogs focus on reaching financial independence and retiring at a very young age -- … [Read more...]
What Are Your Three Money Truths?
I listen to a ton of podcasts over the course of a week. Most of my listening is done when I walk (I try to get in 14,000 steps a day, 7,000 minimum). Podcasts are great at making walking more interesting when my wife is not walking with me. I listen to a lot of personal finance podcasts (of course), but also have a good number of "self-improvement" ones as well. One … [Read more...]
How to Go from Zero to Millionaire, Part 2
In How to Go from Zero to Millionaire, Part 1 I started detailing what I would do differently today in managing my finances if I could go back to high school and start over. But this time, I'd have all the knowledge and experience I have now. When we left off, I was a 24-year old out of graduate school (MBA) with a net worth of $22,827. Today we'll detail the next steps … [Read more...]
The Value of an MBA
In The Value of Growing Your Career: A Real-Life Example I mentioned that getting my MBA was one of the vital moves I made to grow my income. Separately, I was listening to an Afford Anything podcast about careers and the issue of return rate on various career investments came up. They were talking more about seminars, training, and the like, but the same principle applies … [Read more...]
Make Small Progress Every Day
How would you like to achieve your wildest dreams? How would you like to accomplish anything? No matter how large... Ok, perhaps that's an exaggeration. After all, I might want to "be richer than Warren Buffet" but that's very unlikely to happen no matter what I do. But I'm talking big goals that are reasonable, though tough: Becoming a c-level executive of a … [Read more...]
My Jobs, An Interesting Transition
Last time I shared some of my career history I left off when my company had a big downturn. Today I continue this series by giving details on the next position I held. As you recall, the company was doing poorly at a key time period and the blame was being placed on my shoulders. At the same time, a few other things were going on: As I mentioned in the last post, … [Read more...]
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