This is the next post in my series on simultaneously getting in shape and improving your finances. For those of you who haven't been following along, you can catch up by reading Physical Fitness and Financial Fitness and Being Healthy Can Grow Your Net Worth. Today we're going to talk about a Money Magazine article that says you can save a boatload of money by slimming … [Read more...]
How Small Spending Can Add Up
It all started with a simple gift. We had just moved to Oklahoma and my sister-in-law got us a Keurig machine as a housewarming present. None of us were really coffee drinkers at that time, but one of us (me) was about to become one. :) The machine came with a wide range of flavored k-cups. We tried them all and over time I found that I actually liked coffee. The kids … [Read more...]
The First Million is the Hardest
Summary: Some say that hitting your first million in net worth is harder than hitting subsequent million-dollar milestones. This post examines whether or not this is true. Ever hear the quote "the first million is the hardest" (meaning the first $1 million in net worth is the hardest to achieve)? Is it true? And if so, why? Today we'll discuss this topic and uncover … [Read more...]
My Jobs, Second Job a Winner
I've now shared details on four 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 Today we'll continue this series by giving details on the second job I held after graduation. The second job I held … [Read more...]
Retirement Math
Summary: Retirement math is pretty simple. Get the formula right by using the ESI scale to hit financial independence. As I discussed in My Retirement Budget, Income Allocation, and How I Plan to Diversify, there's a basic retirement formula. We'll get into specifics in a minute, but first let's revisit what I've said. Here are the main parts of my … [Read more...]
My Properties Have Appreciated Over a Quarter of a Million Dollars (Over 45%)
A few weeks ago my property manager emailed me to ask if I'd be interested in selling any of my properties. I told him I wasn't but I would be interested in their estimated value. I had heard the market was "hot" for rental units and I assumed mine had gone up in value, but I wanted a better estimate than they had "gone up." He said he'd have his real estate department … [Read more...]
My Retirement Budget, Income Allocation, and How I Plan to Diversify
Today I wanted to give you some insight into the financial process I went through to decide I had enough to retire. We'll review the budget I set up (both income and expenses) and I'll give commentary on where I stand now and some steps I'm planning. We will cover them from a pretty high level (no one wants to go through a line-by-line budget) but give enough information … [Read more...]
Responses to My Retirement
As you might imagine, my retirement caught most people by surprise. I think it's because of a combination of three things: My age (only 52). Most people do not retire this young. My career. Most people who know me see me as a hard-charging executive. How could I stop working? My looks. Believe me, I look nothing like a "rich guy who could retire at 52." I look … [Read more...]
Debt Costs a Fortune
We've all heard the stories of people who have gotten out of debt and how wonderful it is. Dave Ramsey has made the "freeeeeedommmmmm" yell standard for his listeners who have eliminated all their debt. And yet the debate rages -- is it wise to pay off all your debt or not? There are arguments on both sides. This post is designed to address one aspect of the debt issue -- … [Read more...]
What Makes ESI Money Different
As many of you know, you can subscribe to ESI Money by either using an RSS feed or being emailed a post summary each time I post. To do either you can visit my "subscribe" page. When someone subscribes to the email list, I get a note saying I have a new subscriber. Likewise, when someone unsubscribes I also get a notice. In addition, sometimes the unsubscriber leaves a … [Read more...]
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