Summary: This post answers the question "what is financial independence?" by providing a workable definition for the phrase. This post was going to be about the key factors people need to consider/manage to achieve financial independence (FI). But we're going to have to save that for another time. The reason we're going to have to wait is because I'm not sure what … [Read more...]
Save $1 Million by Not Smoking
Summary: Between the cost of cigarettes and health-care-related costs, smoking can cost you over $1 million over the course of a lifetime. Today we're continuing our series on how being healthy can grow your net worth. So far we've talked about how working out can grow your income and how you can save money by being the right weight. Today we're going to cover how … [Read more...]
How to Select a College
Summary: There is one key factor that goes into selecting a college. Many prospective attendees and their parents completely ignore it. It happened to me again recently. A friend and I were chatting over coffee. He has one child in college and another going in a few years. He also knows that I am working through the "kids going to college" phase of life. My friend … [Read more...]
Things I Used to Think that I No Longer Think
They say that as you get older, you get wiser as well. I hope that's true of me, but I'll let you be the judge of that after this post. :) Anyway, I thought it would be interesting to list things I used to think about money but no longer do -- just to see how I've hopefully improved over the years. Or how foolish I used to be. Pick which you like better. With that … [Read more...]
Millionaire Interview 1
I'm a big believer in learning from people who have actually done something you want to do (versus people who know about a topic "in theory" but miss many of the practical aspects of the issue.) As such, I'm beginning an interview series where I talk to people who have accomplished something extraordinary financially. Some will have high net worths, some will have grown … [Read more...]
Where You Live Has a Big Impact on Your Net Worth
Summary: Were you live (and the costs associated with living there) can dramatically impact your net worth. We talked about the cost-of-living and income impact of geography in Become Wealthy by Having a High Income in a Low Cost City. This post will take the same issue and attempt to put some numbers to it. The debate still rages on as to which is better: To live … [Read more...]
The Essentials of Building Wealth
Summary: This post details the few, essential steps anyone needs to take to build wealth. My daughter is the only one in the family brave enough to play me in chess. I still beat her handily each time, but she keeps trying, so I give her credit for that. After the last game I told her that I'd teach her a few basic chess guidelines that would improve her game … [Read more...]
My Jobs, Working for a Maniac
I've now shared details on five of my jobs and what I've learned through each of them. If you'd like to re-read any, they are as follows: My Jobs, Pre-College My Jobs, College My Jobs, Graduate School My Jobs, Introduction to the Real World My Jobs, Second Job a Winner If you recall, at the end of the last post in this series I talked about a few issues. … [Read more...]
Lessons from a Real Estate Expert
As I mentioned in my 30-day retirement update I'm walking a lot these days. The first month of retirement I would listen to music on the days I walked alone (long walks at 7 am before most of the family is up and about). But that got boring (listening to the same stuff over and over) and is less than productive (I know, we don't need to be productive every second of the … [Read more...]
The Value of Growing Your Career is Worth Millions More than I Thought
Anyone who has read ESI Money for more than 15 seconds knows I am a fan of growing your career (and thus your income). It's one of the keys that allowed me to retire early and a vital part of the "E" in E-S-I (earning). That's why I write posts like Two Huge Reasons Why Your Career Matters which highlights that 1) your career is your biggest financial asset, worth millions … [Read more...]
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