The middle of summer seems like the perfect time for another giveaway!
And since gift cards always seem popular and Amazon is my most requested option among several past choices…
I have $200 in Amazon gift cards to give away today!
I have a total of eight $25 Amazon gift cards.
Here are the details of the giveaway:
- I’ll be giving away $200 in Amazon gift cards as noted above — one card per winner, total of 8 winners.
- To enter, all you need to do is leave a comment below telling me what bit of advice or information you’ve gotten from ESI Money that you’ve applied to help you earn, save, or invest more.
- Be sure to leave your email address when you leave the comment so I will know how to reach you if you win (the email address will not be visible to anyone other than me).
- The winners will be selected in two groups. Four will be awarded based on my favorite comments (the more details/specifics, the better) and four will be awarded at random.
- The selection of winners will be held on Saturday, August 1, 2020.
- Once I hear from all winners I’ll mail out the cards.
As with most giveaways, there are rules. Here they are.
Good luck!!!!
In reading the various articles and posts, what I I have learned from them is that discipline and future planning will produce the best results. Since joining the ESI fan club I have created an index fund based portfolio that will supplement my retirement. Thanks ESI, keep up the good work.
Plan log term but write it in pencil because surprising opportunities and speed bumps WILL happen. Then, when you win the game, decide how to stop. Going from saver to spender in retirement was a speed bump for me.
I read your articles on side hustles and emergency funds and have implemented them over the years!
Thanks ESI for all of the great reads.
My favorite point is about removing hidden and un hidden fees by using index investing.
Short and sweet
Regarding retirement planning: identify 10 or so activities/interests I would want to pursue in retirement assuming you actively pursue at least 4 of these. Helpful in areas of focus on other than financial considerations.
I learned to retire to something, not from something. I also really enjoy reading the various ways people have accumulated their wealth.
As a person who tends to “wing it” and who did reach FI that way, I remember hearing you on a podcast and detailing how you spreadsheet out your routines related to money, the blog etc. It made me realize that even though my system was good enough for me, I could do better by being a little more regimented. Good stuff.
hi ,
I have read lots of emails but could not find any points those can be implemented so far .
Mahesh
Hi I read about the concept of being attractive and working out can help improve your finances. I always had an image of the wealthy as being an overweight man smoking a big cigar. After reading this I started to notice the correlation between health and wealth. Tom Corley studies say the wealthy work out for 30 mins a day mostly cardio. It helps with stress but also boosts your brain performance. Also eating healthy means you take less days off work. You can work longer into your old age, when you potentially will be making your biggest income. I’ve started to adopt this to my life going to the gym. Also following a Keto diet reducing my sugar intake and feeling more better for this. I seem to have more energy and am now more focused at work.
How to invest in retirement definitely helps a ton,very informative!
I’ve been reading esi for some time now. I took your advice on growing my career (implementing the steps you talk about in your articles) and are working towards our first milion. I hope to soon be eligible for a milionaire interview (which I never thought to be possile in my lifetime).
Also, I’ve been thinking about the FIRE movement in the last 5 years and I have to say that your recent blog posts about how to be happy in retirement have been really helpfull. They made me realize that I do not have to wait for fire to start implementing some of them (so I can see what sticks and what just sounded good on paper)
Let me know when you get to $1MM! Would love to interview you!
The Emergency Fund post helped me get started with not just saving but understanding the need to have readily available cash for unforeseen issues. It has definitely reduced my stress level. As a first time homeowner I’ve recently learned the lesson of having the fund established. A small tree fell on my property. Being able to take care of it without debt was a great help. Now I’m obsessed with growing the account so I’ve changed how I spend and as I’ve earned extra I’ve set up automatic deposits into the account. Changing my relationship with money will certainly lead to a better financial future. Thank you
There are so many good nuggets of information i have gathered from years of reading. One that has had the biggest impact is creating a monthly expense tracking spreadsheet to best understand what my expenses could be in retirement. Through cutting back spending, increasing retirement contributions and saving salary raises, we are on the right path and it feels so good!
I used to read your articles on side hustles/alternate income streams and wonder what would motivate a retiree to “work.” Retired at 53, now I get it! I enjoy the intellectual stimulation and, any month I don’t touch my savings, I feel victorious! So I learned something about both Earning and Saving from your side hustle posts.
I first found your writing on Rockstar Finances and transitioned over to ESI Money after the sale and have found your advice on increasing your earnings and multiple streams of income very thought provoking. On top of my investing in index funds, I hope to start house hacking my way to a real estate portfolio after reading about the idea on this blog. Feeling very confident about my finances thanks to you!
Your blog was the first I stumbled upon that then lead me to learn about the FIRE movement. It must be at least 3 years now. Reading the Millionaire Interviews has been the perk of my morning metro commute to work in DC and serves as my motivation to continue to E.S.I to financial independence.
We’ve specifically started tracking net worth. Right now it’s all in an Excel spreadsheet, but it’s so helpful to have that frame of reference. I update it quarterly with all of our numbers. Also, we lived on one income for 18-months (recently married and I relocated). With the help of our budget, we are still living off that one income despite my new job (mindful of the lifestyle creep). We’ve been able to fully fund an emergency fund and now aggressively pay off my student loans while the interest is suspended in just a couple months.
I think the greatest benefit I’ve received from reading the blog has got to be the recent Long Term Care segments. The three blog posts clarified the little I’ve read on it, provided me things to think about that I hadn’t considered, and provided me a framework to move forward on.
I think the surprise for me was that the guest (Scott) actually replied in the comment section, which was huge for me. I asked a question about the Federal LTC knowing that I would not get a response. Not only did Scott reply, but gave me exactly what I needed to know! He saved me days (maybe weeks?) of research.
The LTC blog posts were a game changer for me, and for that I’ll be forever grateful!
Not trying to win a gift card, but just wanted to say that I agree with Paulz’ post. Your three LTC posts and Scott’s helpful answers were hugely informative and have motivated me to reconsider this insurance. And it’s now or never since I turn 60 soon!
The best are the Millionaire Interviews. There is not just one but so many tips I’ve implemented in my life to earn, save, and invest.
My favorite posts are more a “series” you have. The books. I’m an avid reader… and finding quality books to spend my time with… is time-consuming. The fact that you’ve already done this for a subsection of books… makes it much easier for me to find books on retirement/money… that are vetted by someone I trust.
I’ve learned that a lot of millionaires are just everyday people that grew their careers to maximize their income, invested, saved, have equity in their homes and live below their means. It dispelled what i beleived. I believed that most millionaires inherited their money or were extremely successful entrepreneurs, or you had to have an extremely high paying job. I also love how you have done reviews on major personal finance influencers that i have followed for years and shed a different light on some of their teachings given me the realization that finance is personal and their isn’t always a one size fits all solution. I can step through this journey in a way that works for me but is consistent.
I think the biggest benefit for me was understanding the amount of fees and expenses that come with using a financial advisor. I’m excited that this week I’m moving my funds to low cost index funds and applying the knowledge I’ve gained over the past several years along with continuous learning to begin to manage my finances.
I’ve read your blog since your prior one and keep coming back for the consistent messaging of ESI.
While I don’t own any investment real estate, I am always very interested in your process for buying and managing those — plus the incredible cash flow.
ESI – I find your content to be valuable because of all of the real-life examples, anecdotes and numbers you share. Your real estate breakdowns contributed to my confidence to invest in real estate. We just closed last Wednesday and next month is already fully booked!
Congrats!!!!
There’s one nugget you’ve said that is really sticking with me right now. Granted, I think all of your content is great. But there is one point that is very relevant to me right now and so it’s forefront every day: Could’ve retired sooner.
I’m mid 40’s. Oldest kid is one year away from college. I’ve earned, saved, invested for many years. I’ve actually gotten pretty decent at the investing part over the last few years. And my earning has taken off in the last year. But I’m burning out. I work a lot. The high earnings come with a price. I’m probably at a point where I don’t need to save anymore for retirement. But not enough to live off of it now for another 40 years.
So with the nugget from above in mind, I’m figuring out my next move. Thanks for all the great content.
Yep, I know where you’re coming from…been there.
You’ve inspired us to plan for early retirement.
For me, it was the realization that I was one of the Millionaires you interview, the desire to participate and tell my story (MI 122) and the motivation to drive my savings rate up closer to others I read about.
The format of the interview questions used allow for tremendous personal connection. I have been tracking my FI progress since I was a paperboy depositing $10 a month into my savings account. Funny – it’s this money that I used for my first house down payment. So aside from the great inputs that are provided by the interviewees, the concept of side hustle has most resonated with me and one that I have recently had the opportunity to realize – blog writing. While I cite this one “lesson” that I have thoroughly enjoyed learning through ESI Money, confirmation of sound principles used by so many others has invigorated my FI thought process to soak up more wisdom from the very active participants on this intelligently, well orchestrated site. Thank you and I look forward to continuing to be a sponge until my retirement window approaches.
Initially I really liked the millionaire series as I would pick up little tidbits or receive confirmation that I was headed the right direction. More recently the retirement series has been really helpful as we plan for future retirement to ensure we are doing the right things. Now that the kids are grown we have been focused on more ‘couple’ time and taking care of each other.
Through reading your blog I have gained the confidence to start investing in my future. I am in college and didn’t really know what I was going to do with my life. But through reading your blog I’ve sat down and really thought about what I want to do! I’ve started an IRA and have begun researching real estate investing, working through a lot of the books that you recommended. I really feel like I have a better grasp on life now!!
I appreciate your book recommendations. Additionally, I’ve learned a lot about long term care insurance you.Thanks!
My favorite bit of information is learning someone who has been extremely successful in the business world also very much enjoys playing video games and playing them thoroughly. Seeing video games mentioned in your retirement updates always brings a smile to my face.
Playing Ghost of Tsushima now and loving it!
I’m young in my financial pursuits. I have learned a lot through the millionaire interviews about investing and importance in tracking net worth over time. And importance in picking a good life partner!
I have learned to think more about the non-financial side of retirement. Ideas about planning what your day or week will look like, the “Creating a Great Retirement” series, and others have been very helpful. When I am ready (next year if all goes according to plan), I am expecting an easy transition. I play pickleball on the weekends, but look forward to playing almost every day if I can. Thanks!
I am so glad I came upon this site – love all the great content! Some of my favorites that have helped me the most are enhancing my career and being able to maximize my earnings from that. I also learned quite a bit about real estate. I’ve always been hesitant to invest mainly due to lack of knowledge but you helped my get a better understanding of the market and provided great resources to learn about the pros and cons of real estate investing.
Your site has been invaluable in my retirement planning. I don’t have a big house or expensive car etc. and I have never had excesses in my life. I try to live simple with my wife and instill the same guidance to my kids. The kids get so annoyed when I forward them your articles on saving etc., but they get why i do it. I’m starting to see the results from them – looking for sales, couponing, Roth IRA’s etc. You millionaire and retirement interviews are some of the best reading I have seen on the web because they are testimony of actual people and not pundits. You don’t profess to be an expert but outlay what you have gone through in your life and offer simple advice. A breath of fresh air! Please keep it up.
Your blog was the first one I came across related to the FIRE movement and connected me to the large network of blogs, conferences, and podcasts full of relatable people and great advice. I enjoy your writing style in particular and the focus on the EARN component. I can find SAVE and INVEST in a lot of other blogs but here is where I get a more balanced approach that includes this key component.
What I learned is if someone is offering free money, like a free gift card, you should take it.
Hahahaha!
I think what I have gleaned most from ESI posts is far more than the earn save and invest mantra.
I love the real life examples of people who have already achieved what I want to and who share tidbits of how others can do as well.
I also have read about several topics for the very first time because of this site, most recently the posts about long term care insurance. It is rare to find information that has not been all over the internet before.
Earn
Save
Invest
Thanks to this blog I decided to retire at 54 years old, three years ago. This Blog gave me the confidence to do it.
I haven’t looked back and love my new freedom. Thank you
Awesome! Congrats!
ESI has helped increase my ongoing mindfulness across all three vectors of E, S, and I. Every post that appears in my RSS (old school!) helps remind me to consider what I have done lately to increase earnings, store additional savings, and maximize my investments. Also, I LOVE the millionaire interviews, especially when the interviewees are close in age to myself. I find them helpful for benchmarking, as well as inspiring me to consider what I could be doing differently.
I live in Canada but I just change the wordings into our terms as I read. I started later in life at getting our families finances in order (46) but have slowly gotten them on track. I think that I always new my job was my main source of income but on here I learned ways to add value and grow my career. I moved into the insurance business in 2012 and on Aug 1 I start as Manager of our small office. Couldn’t have done it without the advice on this website. I am now 54 and my goal is to retire at 60 with one million dollars. All the advice on here is going to help me achieve this. Thanks ESI.
That is great! Congrats!
Although extremely hard to quantify the full impacts, your articles and guidance over the last 3 years have had tremendous influence and impact on my career, philosophies, and day-to-day routines (especially financial!)! Some highlights include: accelerating and being more intentional yet flexible in my career (would love to try out an employment contract in the next few years if that might be something you’d be open to sharing!), being more active in my giving (dual ‘months of giving’ leading up to both Half Xmas and Xmas!), stepping my step counts up (see what I did there? Avg. 3.5 miles a day from <1 a year or so ago), actively learning and trying new strategies for investments (esp. from the countless nuggets in the millionaire series), reading all 196 millionaire interviews (60hrs+??, wow!) and many many more! Thank you for all you do and I look forward to many lessons to come!!
I have several posts coming up on the power of daily habits.
Good day,
I’ve been reading ESI Money for about two years. What impresses me most: within the varied approaches achieving millionaire status, most seem to have diverse income streams with deliberate, structured approaches to building and maintaining wealth. It caused me, in turn, to be more deliberate about protecting wealth generating assets and to consciously maximize opportunities for wealth creation.
I originally read Rockstar Finance and that’s how I found ESI. I am 7 years out of college and feel like I am on the right path to be a millionaire interviewee someday. Reading your blog has given me the confidence to manage my IRA on my own, not using Edward Jones like I originally wanted to do. I enjoy reading the millionaire interviews. I do not have many ESI focused people in my life so this blog is like a father figure to me.
I have started tracking my net worth monthly in excel and tracking my retirement in Personal Capital. Right now I believe I am doing best at E and I am trying to focus on strengthening my S & I.
This is such a sweet comment…thank you!
It’s definitely been the dividend income focus. I loved the post on your dividend investment thesis in March, and I did my own homework at the same time. We ended up having a few overlapping investments in that process, and it’s done really well so far.
Especially useful as I’m working towards transitioning a portfolio from growth to income.
Been an avid reader for a few years. A noteworthy thing I learned was the investment costs low and investing in what you know and understand. I left my advisor-based plan and have never looked back. Low-cost index funds and have also been introducing dividend-based investing based on a post of yours from earlier this year as well.
Investing doesn’t just refer to money!
In your Jan. 17 post about Top 10s to consider before retiring, the big stand out to me was investing energy into thinking about what to do with my time once I enter the retirement zone!
It hadn’t really hit me until that post the real importance of figuring that out so I don’t fall into a ‘funk’, which sometimes happens to me even if I have no ideas for how to spend a weekend! (…Then, the guilt at frittering away two days, usually mindlessly in front of the TV!!!…NO!) I need to figure out how to spend the greatest asset of all-my time!
I’m about a year out from transitioning to semi-retirement (still want to work PT), but even an extra 25 hrs a week, that’s 5 hours a day!, is a lot of time to maximize…or squander. You’ve written more about this, and I’m grateful for your ideas and examples (I even had to look up what pickleball is!) As a result, I have a clearer vision of a ‘day in my semi-retired life’ and weekly/monthly activities I want to make sure to fit in, too.
Of course, I’ve learned lots of other good stuff, but this is my focus right now!
I have a lot more coming up about life in retirement.
Can’t wait!
There is no shortage of content on your blog. I have followed it for several years now and couldn’t begin to try to pick specific topics I’ve taken as there are so many. One of my top reasons to come back is the interview structure you have. It gives me great insight into other people’s decisions and paths. It’s very good for reflection and comparison. I’m a competitive person and reading about other’s successes and failures helps me understand the big picture better with each read.
Your series on LTC insurance was especially helpful. It’s a very confusing market and trying to decide what’s best for us is very difficult. Your series helped greatly.
Firstly thanks for all your advice. Even though you make money from this ( and I know it’s not the real reason you do this) but we as the listeners and readers are the ones that have benefited more than you so thank you. I am in Canada so automatically I am out of the contest. It’s all good because this comment is not so that I try and win but so that you are aware of the impact you have had on our lives. By just reading your materiel my wife and I have been motivated to pay off $25 853 since November 2019. You career advice made me get a better position at work and we both got nice bonuses this year even in the tough times and even though we work in the oil industry (oil sands mining). I have sent you emails to my younger friends at work 20 years younger than me so that they don’t make the same mistakes I did of not investing while young and so that they can just benefit from sound advice at a young age. The biggest things for me and this makes me emotional is that with you advice, whatever I learn I teach my 11 year old son. That is the biggest joy teaching him so that he does not make the same mistakes I did. He now comes to all me for more info so I forward him your emails that he can relate to. Sometimes even if he can’t relate to them I send them anyway because he will keep that in the back of his mind and one day it will all come back to him. I could go on and on but in a nutshell ; Thank you Thank you, Thank You.
Have a fantabulous day.
That is awesome about your son!
Thanks. Yeah coz like Mandela said. If I can not think of my mistakes as mistakes but as lessons then my kids benefit immensely.
I have been following you for a long time and always look forward to your insights & interviews. I love how you break it down into the easy to understand Earn, Save & Invest categories and how you need to be good in at least two of the three to really excel as well as all the ways to accomplish this. I also absolutely love the millionaire & retirement interviews. There is nothing like reading how others have done it. My husband & I have worked hard for decades to reach our millionaire status and will be officially retired as of 11/1/20. The information from your blog has made us feel good about our preparedness and love to read about likeminded people. Keep up the great work!!
Looks like you’ll be ready for a retirement interview early next year. 😉
I was inspired by your thorough book review in the post ’12 Books that Will Make You a Financial Expert in One Year’. In January I started reading through the list, I have one more book to go. While there are so many learnings I have implemented from that, two that stand out are that Im actively exploring side hustles, the second is I am tracking monthly spend and have a wall chart posted in our bedroom. Thank you, your post and these books have changed my outlook and my life.
I started on my own personal FIRE journey many years ago, before I even realized it was a “thing”. Index investing and limiting advisor fees just makes sense. It was powerful and liberating to find your blog and others that reinforced and validated that it was not only possible to do this, many others were doing it and a whole community “club” existed to learn from and share with. Now that I am 8 months into early retirement it is even more important to have the support and knowledge from the club to keep me grounded and growing.
I really enjoy the millionaire interviews and other blogs on investing. They continue to inspire me to reach my goals and retire early!
My favorite advice has been to buy the stocks of high quality companies that have good dividends.
Great blog! My favorite is on how being able to communicate (speak publicly) can greatly increase your income. I send it to a lot of young people to encourage them to join Toastmasters
One of the best pieces of advice I’ve learned from ESI is to invest early and consistently. Because of compound interest, time is the biggest advantage you have when investing. This has literally changed my entire outlook and is the reason I started investing what little I had as early as possible.
While searching for advice on purchasing a used car several years ago, I found and read my first ESI post. That post is “How to Save a Fortune When Buying a Car.” Now this post is about how to save money purchasing a brand new car. I was like whuuuooOAAAT??? A BRAND NEW CAR??? Yup.
For years I had read and successfully applied financial advice from different sources, but they all advised to never purchase a new car and instead always purchased used. This was new to me, and very eye opening. I had always purchased used cars even when I could afford new, and I advised others to do the same.
The post was very well written, and the logic very well explained. I found that the author and I had many things in common regarding finances. So I knew this guy wasn’t crazy or irresponsible.
I applied the steps listed in that post and purchased my first brand new car that year, a nice and reliable Honda Accord, and I saved a fortune. That was several years ago, and as of today I am very happy with my decision and very thankful to ESI for teaching something new, very helpful, and saving me a fortune. From now on, I will buy new cars following the same steps and drive the car for many years until it dies, which is what I did with used cars too.
The second very helpful lesson I learned from ESI is regarding earning. There are several ESI posts regarding how to increase your salary. Simply reading these posts alone gave me the confidence and courage to ask my employer for a pay increase for the very first time in my life. Thankfully, I had been blessed in my career and I had always enjoyed pay increases without me ever having to ask for one. However, as the years went by, my pay increases had been consistently lower than they used to be. So armed with my new confidence, courage, and the advice and instruction from ESI, I asked for and successfully negotiated the highest pay increased I had received in years. I have also learned from ESI that my income is my greatest asset and that I must invest heavily in it, at least until I retire.
Regarding investing, I had for years invested in broad index funds and have done very well with that…”time in the market, not timing the market.” So it’s was reassuring to learn ESI’s author does the same. I’m not considering real estate investing yet, but maybe in the future.
Whether I win this or not, I’m glad I get this chance to share this and thank ESI for the priceless advice and information. Thank you!
ESI, here is an idea for you. I personally think it’s crazy that church members have to pay $100 per person for Christian author Dave Ramsey’s financial course taught at churches. The guy is already wealthy. He doesn’t need the money. And people taking his course are already hurting for money and may not have and extra $100. Where’s the charity in that?
I personally believe you have much, much more to offer than Dave Ramsay, and you are much nicer and polite too. How about you create a financial course for churches and offer it for less than $100? $50, $10, or maybe even $0? I would personally direct everyone and every church I know to use your financial course instead. Just an idea.
Oh yeah, one more thing. If it wasn’t for ESI, I wouldn’t have tried Spider-man on the PS4, now one of the best games I own. 🙂
I played it AT LEAST four times!
Now there’s a new one coming out later this year!
Really? That’s great news. Looking forward to your game review on a future post.
I’ve thought about that. However, I do think that people need to pay something.
I’ve seen so many people through away great resources because they were “free”.
IMO if they pay for them, they are more apt to read and apply the teachings.
Good point, and I agree now that you say that. I remember long ago volunteering to teach computer skills for free to people in need. After a year of doing this, the organizers decided to start charging a small deposit, with the promise to refund it at the end of the course if the participant didn’t miss more than two lessons during the entire course. Attendance improved after that.
I still believe you have much more to offer than Dave Ramsey though. 🙂
My retirement savings was on track prior to finding your site. My focus has since shifted to retiring early and focusing on the cash flow being generated from my investments. The most obvious shift is in a higher allocation to real estate and capitalizing on high yielding dividend stocks during the recent pullback.
Dear ESI,
My husband and I have not retired yet but will be soon. I have been reading your blogs for more then 2 years. There are so many things I learn from reading your blogs:
1. You need to have a plan what to do with your time before you retire. Finance and travel are not it.
2. Look into financial advisor fees and investment fees. They are brutal after you calculate how much you are paying.
3. Depending how to define wealth and happiness, as soon as we reevaluate it, we find out we can retire NOW.
Thank you for sharing your knowledge and wisdom.
Where do I start? I’ve followed you since your FMF days! I still check that site but the comment section here is way more active and helpful.
I think the biggest thing I’ve learned is ESI! All parts are important! I’ve since earned my MSEE and MBA and increased my salary. I have a healthy savings account. I invest in my 401k and I’m looking at other options as well – maybe real estate – you have so many good tips about it.
I’m far from retirement but I’ve passed on articles to my retired mother who reads them now too!
You have so much good advice and life experiences to offer. Thanks for sharing them!
I would say the posts related to focusing on career development to increase my income as I have always been a saver and have invested consistently since I was in my early 20s. However, asking for more opportunities (and more money) at work was definitely the third pillar I was lacking. Now that I have a team of my own to manage, I plan to focus on my personal development and those of my team members even more.
The most helpful information I have received from your site has been the series on long term care. The series prompted me to look into the LTC benefits at
my work and sign up
My biggest takeaway from reading a ton of your Millionaire Interviews is that it’s important to choose your spouse wisely (still single but co-habitating here…just made an extra $1,000 payment towards principal on my investment property this morning as well as working on my side hustle for a bit before my day job….solid start to the day 🙂
Nice!!!
After I had learned the basics of finance elsewhere, I was itching for more. I can’t remember exactly how I stumbled upon your site years ago, but I sure am glad that I did. I visit ESI at least a couple of times weekly, and the wealth of information you’ve provided me means so much. Your articles and insights are often brought up in my conversations, and you’ve certainly changed my life for the better. I don’t even know you personally, but you are definitely one of the best mentors that I have. As a 28-year-old woman, I feel like your knowledge has given me a leg up compared to other women (and men) my age–but I do my best to share, teach and encourage as you’ve done for me. My current and future self thanks you!
Thank you for this comment — it means a lot to me!
Thank YOU!!!
I love all the stories and find the ones that are about my age group and financial situation to be the most helpful. I also found Silicon Invester from a recent story to be a great site. So with that said, I especially like the references to investment advice the most helpful.
I think of this site as the ability to talk to all of those “millionaire next door” and all of the paths to creating wealth. It takes years of earnings before you can get to the Investment wealth snowball.
I learned the importance and value of a side hustle. Too late for me (already retired, but also looking at some Airbnb property), but not too late for my kids. Keep up the good work.
Also enjoyed your series on your healthcare coverage decisions. Very interesting.
Keep up the good work b
Firstly thank you for this site.. I personally learnt how to consider the Job as the most important investment, followed by living debt free.. And the emphasis from every story to invest in index funds and stop over thinking:-). Thank you
the overall philosophy of consistently earning more, saving more, investing more… keep on applying. Additionally, i really enjoy the retirement and millionaire interviews. there is something to be gained from each person’s approach. thanks!
I enjoy the Milionaire case studies. I was a case study on your previous blog FCN and always learn something from the participants. A big thank you to all the people willing to share their story!
I have learned at a even higher degree that personal finance or ESI is personal to everyone just as everyone has their own priorities in life. One person may place a high value on the comfort of having their home paid off and another person may place a high value on investing that money at a higher return. I do not think either option or other types of scenarios are right or wrong, they are different and personal to each individual or family. I have also learned at a higher degree that along my journey of financial independence that I want to continue to share the resources that I have whether it be my knowledge, my service, or my finances to help others and share this journey with others. The journey is better and more rewarding this way.
Multiple postings in your Millionaire Interviews made me aware of the importance and tax advantages associated with HSAs. As a result, I changed over to a high deductible health care plan and have been socking away the maximum each year into the HSA. This, coupled with shifting over to some Roth-based plans (which I also learned about here) should greatly improve my taxable income position during my retirement years (which aren’t too far off!). Thanks for creating this great site… it’s an indispensable wealth of knowledge!
The light bulb came on when I read in black and white the articles on Talent stacking and How to Grow Your Career. It wasn’t like it was new info, but you succinctly describe ways to talent stack that inspired me to think how I can hold myself accountable in growing the biggest asset (my career). From that point forward, I made sure that I was doing thing professionally that contributed to above and beyond expectations. The results is that I got the biggest pay raises, awards, recognition, was retained when others didn’t make the cut in numerous layoffs.
Awesome! Congrats!
Since discovering ESI, I have been motivated to try and retire early….well, mostly make sure my wife can retire early. She just turned 40 and I am 37. We have two kids, 5 and 7. My wife works in a corporate job, albeit from home, and I work for a startup, also from home. I strive for my wife to be able to have the freedom to continue if she wants to or “hang it up”. The sooner we do that, the more engaged and there for the kids we will be. They currently leave the house at 7:45, pre-pandemic, and don’t come home until 5. They work a job just like we do, 8-5. While I was doing the earning, saving and investing before I came across ESI, it concretely backed up and formalized how and what I was doing. The various interviews help to give me a guideline. I am also exposed to various other important topics like insurance – LTC and health, etc. I look forward to continuing to hear from millionaires, retirees and various related topics.
I’ve learned so much on this site, but the biggest impact has got to be the value of Earning more (the E in ESI). This advice helped me negotiate a major raise, and as a woman you really have to get comfortable negotiating for yourself! Thanks for all the great content, ESI!
Love to hear this! Congrats!
After reading this site, I rely on index funds for money that I invest in the stock market.
The most important thing is to spend less than you earn.
I’ve started dividend investing after maxing out HSA and Roth IRA and 401k accounts. I read your dividend investing articles and opened an M1 Finance account with dividend stocks, most of them blue chip. Since the value of a lot of companies dipped during the start of the pandemic, it’s a double win (value by appreciation and dividends).
Not sure if this counts since it’s indirect advice I get from reading the millionaire interviews. A common aspect of millionaires I see is having a financially like minded spouse is a key factor. I’m very blessed to be with mine 😊
You can retire earlier than you think is the best advice from your site for me. About four years ago, I was planning on RE at 57. That is when I found ESI Money. Within a year of following ESI, I changed it to 55. Now, it is 54. Three more years to RE. Let’s see if I could do 53. Ha ha.
Thank you for the ideas.
You are the man!!!! That is awesome!!
I discovered your blog a few years ago when you wrote an article for a national website about early retirement – I believe you were less than a year into retirement at that point. The picture you painted of what your life was like in retirement was so inspiring, it caused me to get much more specific about creating my early retirement plan. Envisioning what it will look like (especially the mental preparation) has been the carrot in front of me since then. Thanks ESI!
After reading the blog posts on ESI’s dividend stocks and personal rental homes as well as reading through ALL the millionaire interviews. I have come to find out that these two asset classes are the way to go – STOCK. and REAL ESTATE. Real Estate provides a tremendous tax benefit for high income earners and this is something I have started to increase in my personal portfolio by purchasing my second rental last month and I am currently looking for my 3rd rental. I had an opportunity to purchase the 3rd one yesterday but backed down because of the school district and average income within the zip code although it was a good deal financial terms wise. My plan is to get the 3rd one this fall. Since I manage them myself, I will probably hold on to this till next year and add another then. I have also learned from ESI Money that personal real estate generates better returns than most syndications currently out there so I have taken it up on myself to acquire properties that get me at least a 1.5-2x better than syndications on year 1 rental cash-on-cash with high chances for appreciation. Keep doing what you’re doing ESI Money and never stop the millionaire interviews. I get super motivated just reading them and learn quite a bit!
I’ve learned that I need to work harder on the ‘earn’ part of the equation. I’ve never made much money but tried to be diligent about saving and investing. But it would help to have more on the E side, if I can find a way.
I have always been a natural saver, but this site has really helped give me confidence in the “I” part of ESI. I started reading as a graduate student (making $27,000 a year) and continue to read it now with my second job post-school earning 6 figures! What I find most impressive is that the content was relatable at both income levels. I come here as a first pass on any new issue or question I encounter and as a jumping off point for my research. My husband and I now are buying house number 4 (love a rental), max out our retirement accounts, and are on our way to fat FIRE. FIRE never spoke to me: too much risk, not enough contingency planning. Fat FIRE and ESI hit this sweet spot of pragmatic advice, resources to turn to for additional reading, and real world perspective from the millionaire and retirement series. Thanks for being this millenial’s go-to financial resource!
You are making it happen! Awesome!
I am a low-income earner who works in ministry. I have been divorced for eight years and recently received word that my ex passed away. I think back to the eight-year journey I’ve been on of paying off my debt. We had a high income and I’m still not sure how we got into so much debt. The tables have definitely turned in my life. He was in charge of our finances back then and when I asked to know about them, he refused to do so. I knew something was very wrong. I have subscribed to a lot of financial blogs over these past eight years and I have also unsubscribed from a lot of those same financial blogs because they only skimmed the surface. I’m not going to lie. I am weary from the journey, but come December my credit cards will be paid off as of December, February, and April. Reading your blog every other day has kept me motivated to keep fighting to get where I want to be. I have had people laugh at my goals. I have had others tell me you will always be in debt. So I decided to stay quiet about my goals and plow ahead. After eight super long years, I am thankful for your wisdom that you have imparted. There is just too much to say I have learned since reading your blog. But you have kept me motivated more than anything else. And I always learn something new. Thanks for all you do. I sometimes think if I was still married, I would have become a widow this year and had to start at THIS point in my life. My birthday present to myself for my 40th birthday next year is being out of debt many months earlier than my actual birthday month. You played so much into that and I thank you. And I have had others contact me and ask what I’m doing. I recommend your site. Most say that is too hard when I tell them what I am doing and I never hear from them again. But a woman who is of retirement age and has a super income because of her profession in healthcare has contacted me and said I’ve motivated her. She will randomly contact me and let me know when something is paid off, so that also makes this journey worth it. There is so much to say but all I have to say is thank you. And thank you for your emphasis on giving back. That is soooo refreshing!!!
I’m so happy for you. Congrats on sticking to your plan despite the adversity and on becoming debt free!
Divorced 4 years. He got the house and I got to keep my retirement and the credit card debt.
Your story inspires me and one day I will have zero monthly payments. Thank you for sharing, Heidi!
Three things, the retirement and millionaire interviews help me hear multiple “real” stories, and to see things from different perspectives. And the third is the recent long term care articles, very timely in my case.
I enjoy reading the millionaire interviews, especially the ones from “regular” people that worked hard and invested well. The ones that continue to give back to the community/world also resonate with me. Thanks for doing what you do!
I think the biggest thing that I’ve learned from ESI is how to grow my income. As someone in his early thirties, it is nice to see practical advice and wisdom on how to grow your income over your career. This is helpful in two ways. First, it helps in growing the income through tangible steps. Second, it gives peace of mind to me as a younger professional knowing that my current income has an opportunity to change greatly over the course of my career. The peace of mind is very helpful because it allows you to know that you be able to accomplish your financial goals even if you aren’t there already. For me, it allows me to focus on the process (and be present in the moment) much more than the outcome which helps with overall life satisfaction.
As someone who is nearing retirement, I love your posts about what it is really like, what to do about healthcare between retirement and age 65 and budgeting. Keep the articles coming!
My favourite learning from this blog is that anyone can become a millionaire by retirement age if they live below their means and work to increase their primary income.
In a world where the focus seems to be on early retirement at age 30 or 40 using extreme measures such as house hacking, eating beans and rice and biking everywhere, I find these millionaire interviews to be interesting and achievable by anyone. My favourite post was the one about the guy who bought the trailer parks. I thought that was a really unique approach to wealth building. I’ve also enjoyed reading about those who achieved millionaire status in their 30s and 40s as inspiration for myself. Thank you ESI money for interviewing such a variety of individuals from all over and all ages.
I found ESI through Rockstar finance and it has become my go to FIRE website. I look forward to the Millionaire interviews as well as your book reviews. I have updated all of mine and my wife’s retirement savings to Index Funds because of your blog.
I have learned a tremendous amount of info about dividend investing as well as the importance of purpose in retirement.
Thanks for all that you do.
I’ve been a reader for several years now, and I think the most important thing for me has been the big picture view of managing your finances. I grew up in a lower-middle class home where there was little discussion or planning related to long-term financial planning aside from setting a budget and staying within it. My husband and I are in a significantly higher bracket due to successful careers and educational sacrifices made by our parents. While we nailed the “E” living the American Dream, we had quite a bit to learn about the “S” and the “I”. Over the years, we’ve quickly learned about planning for taxes, long term investing strategies, and leveraging cash to meet other goals. With wealth comes a larger picture view of financial management to maintain the wealth that has been accumulated. I appreciate your measured writing and long term approach in articles.
Also, the millionaire interviews are particularly helpful as they are true snapshots of disciplined millionaire and not what is seen or expected through the lens of the media. When I read them, I am often reminded of the vignettes in “The Millionaire Next Door” by Stanley and Danko – personal, practical and down to earth advice to succeed that requires hard work, discipline, and a lack of ‘keeping up with the Joneses.’
My 5 learning take away from ESI:
1. Read financial blogs such like this everyday, day after day
2. Plan for long term, not short term
3. Simple is better, invest in passive index
4. Live under your means, got a good habit of saving
5. Enjoy life over the course of investing
I loved one of your articles about how to create passive income streams. I took your advice and am in the process of writing a bi-lingual financial book that I hope to self-publish by the end of the year. Thank you for your knowledge on the subject!!
Love this!!!
I learned that focusing on 3 small disciplines…Earn, Save and Invest…in that order of importance….does work. I sing that song daily when my friends ask me how I became FI.
Hahaha! Maybe I need to write “ESI Money: The Song.”
#1 take away – its never to late or to early to start saving and investing. I am 46 and have really not done a great job at it, so I am hustling now. Getting my my children started now! I have two girls (28, 24) and three boys (all 3 are 20!) and I am working with them to start a Roth and I am contributing part of their rent money to their Roth accounts each month. Plus 4 of the 6 are maxing out their employee 401’s. It is a small start that is catching momentum.
I think that the most important lessons that I’ve learned is how you should treat your career as an investment. I also love the millionaire interviews- I learn a lot of valuable things from those posts!
Best advice from ESI? Invest in FANG stocks. jk 🙂
But seriously, I find a lot of value in the millionaire interview series just to see how other people have done it.
Hopefully I can join the double comma club sometime in 2021.
When you do, I’ll be waiting to do an interview!
My husband and I really appreciate the millionaire interviews. We thought of submitting our journey, but it’s very similar to the other interviews which is Earn, Save, Invest! 🙂
I enjoy the Millionaire Series when I can relate to the person writing the article. Of course, living below your means but also spending on experiences rather than things are two pieces of advice that resonate with me.
The biggest take away I’ve gotten is the E and the I are really important especially in the Millionaire interviews. It seems like they have either been high incomer (E) doctors, executives etc. or high investors (I) multiple or dozens of rental properties. While I make a decent salary, I’ve focused on the (I) piece of ESI. I was fortunate to have grandparents that opened up a Roth IRA for me when I turned 16 and had my first job. They funded it through out high school and college. My Dad is also a CPA and installed the (S) in to me at an earlier age. He said people tend to spend 110% of what they make so don’t be like those people. I’ve always done the (I) to the extent that I could when I got out of college. I’m in my upper 30’s now and on my way to hopefully being able to do a MI one day if you are still doing them all because of the (I).
I have read and enjoyed your review of 28 Ways to Create Extra, Passive Income. thank you.
Thinking about life after pulling the retirement plug. ESI keeps providing me with new ideas and confirms many that I already have. I am both inspired and chastised by many articles. We can’t expect to make all the right decisions…just recognize when we make a wrong one and move on.
Hi there,
I really liked 2 ideas:
– It is not how much you earn, but how much you keep. I really think it is hard to get folks this idea, just because it is hard to think about long term vision.
– Network/It’s not what you know, but who you know. It is so awkward at the beginning but once you start it just gets easier. One variation on the above quote I really liked ” It is not who you know, but who they know”
Thanks
I started a side hustle – Guidetofullride.com A guide that shows parents and students how to pay for their education 100% through scholarships. We helped guide our daughter (and many others) into finding scholarships to pay for their education.
Thank you ESI for the inspiration to take an idea to fruition.
I remember a millionaire interview with someone who had a modest job (as a librarian or a government employee). The person was able to achieve wealth because of a mindset, determination and consistency. It was inspiring because you don’t have to make a lot of money in order to save and invest a lot of money. And before you know it, you will be on the path to financial independence.
Out of all the MI interviews I read, not a single person claimed they beat market averages. The vast majority use low cost index funds and/or ETFs to build their wealth when they invest in equities.
Excellent analysis but not to the point of paralysis, on the contrary, you encourage actions. Examples: meeting financial advisors, index funds, career strategies.
I have learned that many of the millionaires interviewed (including myself) give relatively low amounts to charitable/non-profit orgs. While the dollar amounts may be above average, the percentage of income is low. Personally, I have taken this to heart. I immediately added 3 recurring contributions and am now looking at substantial additional contributions to causes I believe in — some of which are political and thus non-deductible. I hope other millionaires in my position (excluding those who have already been more generous) do the same.
Good for you! I love hearing this!
Spend less than you make & invest the difference for the long term. It allowed me to retire early from a very highly compensated, but very stressful job. I realized that over the years that the job had really diminished my and my family’s quality of life, which in the long run is what really matters. (Of course as John Maynard Keynes said: “In the long run, we are all dead.” So people don’t have an unlimited amount of time to improve the quality of their lives).
As a person of faith, I like your posts on the non-financial side of retirement. The bottom line is that we need a purpose in life. If one works hard at a great salary, saves a good portion of their income, and invests in low cost index funds, they can achieve “financial success.” Yet all finances, no matter how much one has, can be lost quickly.
Money will never bring happiness. Retirement will never bring happiness. If our sole purpose in life is choosing what color bathing suit to take to the pool, we will be miserable eventually. If our sole purpose in life is playing golf, we will be miserable eventually. If our sole purpose in life is travel, we will be miserable eventually (and tired!). People disappoint, careers do not fulfill, and toys lose their luster. God created us to have a fulfilling relationship with him.
Use your money not for self absorbed pleasures but to help a lost and dying world.
Thanks for your efforts!
Discussions here have redirected me more towards index funds and dividend stocks in my portfolio, and moving away from non-dividend investments.
A comment left on this site mentioned that 401k match limits (by %) were per paycheck and not on the yearly amount. I had been contributing a monthly amount that meant I hit the yearly limit with a few months still remaining, and hence failed to collect a company match for those months. By reducing the monthly amount I was contributing to the 401k so I didn’t max it out until the end of the year, I was able to get more company matching dollars. That one comment on this site earned me thousands of dollars!
Good catch—I did not see that one. I’ve been following the comments for other commenter’s insights. Thanks for re-sharing this gem.
I’ve read over 120 of your millionare interviews and love how granular and detailed they are in regards to asking every MI the same specific questions re: their assests by class, how they grew their #1 wealth building assest aka their income, and how they kept their spending in check with the various methodologies used to create budgets. I enjoyed seeing the wide range of net worths relative to age of the interviewee and more importantly readinf the stories centered around discipline, hard work, a steady mindset, a well thought out gameplan, and letting compound interest work its magic. Keep em coming, I’ve been reading for years and guide friends and family who ask me personal finance questions back to the site to see if they’re really serious about growing their knowlege of money as part of their journey to growing their net worths and living a life well lived.
Ask for promotions / salary raises, don’t wait until given to you.
Been following for awhile and just listened to your interview on choose fi podcast this morning about your career asset and the 1% differences. I’m currently looking to make a career change so I’m going to be reviewing my LinkedIn and do small things every day.
I’ve learned a lot from reading ESI Money, but one of the things I read and applied to my life right away was canceling ID Theft Protection insurance. You recommended not having it (Retirement Disagreements with Chris Hogan), and I had been paying for it for a few years for no real benefits, just in case something would happen. I am saving that $120/year now and don’t feel like I would need it again. Thanks for the content and the contest!
I learned that one doesn’t have to be great at all 3 (ESI) in order to retire early. Just being slightly above average in one and average in the other two can get you there.
First of all, I’m loving reading all these comments for little “nuggets” of knowledge that are from other articles on your website that I may not have seen yet.
My most relevant take away has been from the article about ranking money making methods. I’ve been trying to “side hustle” on my own for a while now, and I’ve surprised myself and others who know me at how well I was doing. However, I started to get burnt out and realized that I needed to be more regimented to consider how to better use my time and be less frustrated. For example, certain things did not have a reasonable payout for the time I put into them, some things like those survey sites (small money) it was hard to even make it to the amount where you could cash out. The criteria you mentioned (cost, enjoyability, ownership, probability of success, and potential) are all great to consider. Now I evaluate potential income streams with those criteria in mind before I really put any time into them, where as before, I’d try almost anything and then later realize it seemed like I wasted my time without much payout or there were better ways I could have been monetizing my time.
Thanks for all your insights and all you do! 🙂
Hi! I like reading through the millionaire interviews. These have given me a better idea of how people are reaching their financial goals. I find these interviews more helpful than reading general “financial how to’s” in books. I have also learned to appreciate my 9 to 5 b/c of this site, lol. It is the main tool my family is using to create multiple streams of income like real estate investing. Thanks!
I’ve gotten so much out of your blog and interview series and look forward to reading them whenever I see them pop up in my email. The diversity of subjects that are covered, from the ESI principles, to long term care insurance, to health insurance when retired has been really impactful in how I am planning our finances. Thank you!
I ADORE your Millionaire Interviews!!!! Secretly, I love to look at how old the millionaires are & their net worth and compare myself to them. I also secretly judge people’s expenses…I’m not going to lie, though I know I’m wrong for it.
One of my favorite interviews was #181 the mobile home park owner/surfer who has about $16M. Wow! I don’t invest in real estate, and it was FASCINATING! FASCINATING! to see his process.
I love the diversity of the interviews–there’s a variety of professions, saving philosophies, and budgets (or not). I always learn something from every single interview–if not a new perspective then a strategy.
Thanks for these posts!
You know I love dragons, right? 😉
We Dragons live and breathe FIRE, that’s for sure. Sorry, I couldn’t resist the corny joke. Cheers!
I have found the interviews to be very insightful, many of the insights are sounds advice. I personally have learned that I am not doing enough to actively manager my retirement accounts and need to make my funds work more for me.
After reading a few of the interviews, I took the time to research my company’s investment alternatives. I realized more than one investment vehicle was available to us—the accounts were not exclusive choices.
Subsequently, I opened a 401(c) and a 403(b) in addition to my teacher pension account. While the company only matches one (I chose to match my pension), I benefit from the extra tax deferral and varying types of liquidity.
I also found that our 401 and 403 allows you to choose which types of companies you want to invest in and the percent allocation of funds for each. My new allocations returned (17%) for the last two years.
I’m 37 but I’ve been working since the age of 16. I set up my Social Security account to verify—and document—the fulfillment of my work credits. However, its debatable if the SSI program will exist in any form in 30 years.
While I really enjoy reading your millionaire interviews, I think my current favorite posts revolve around your book reviews. A personal goal of mine is to do more reading and your reviews help guide me with what books to look up. The millionaire next door is one I’ve bought for myself. I particularly enjoy your comments on the main points of each book.
Through this book/your review, my wife and I have taken to paying ourselves first and living below our means. I often joke with my friends about my beat up old honda civic and how crummy it looks.
Hey ESI, have been reading for about 4 years. Got drawn in with the Millionaire interviews, but stayed for the broad educational stuff across E, S, and I.
Most useful, maybe inspirational thing, lately, has been your series on your personal dividend portfolio creation. I’m about to the point of “winning the game” so looking to build income.
I took a look at your screening criteria, tweaked it a bit, and built similarly sized dividend stock portfolio that should yield arount 3.7% with some potential for growth. Thanks for the inspiration!
Thanks for your blog. The piece of advise that has helped me to save and invest more is to stay away from cats! It is hard to save for retirement if you buy $1,000 cats!!! 😉
In all seriousness, my greatest takeaway from ESI money is that anyone can become a millionaire if you earn, save and invest. Thanks for posting about real people, in real life that have achieved millionaire and early retirement status. I appreciate that you have actually experienced the things you are writing about. ESI Money is not just another blog by a broke college student or someone blogging from their mother’s basement that has never had a real job!
Hahaha!
He’s appreciated — is now 5x the size he was when I bought him, so maybe he’s worth $5k. That’s a pretty good return rate! 😉
Enjoy the variety of financial topics and look forward to Monday’s millionaires. ESI and Financial Samurai are my two favorite blogs. Appreciate your insight.
Learned how simple to use index funds instead of single stocks to grow wealth.
It’s simple, earn, save and invest!
I especially enjoy the ESI Money Millionaire Interviews. They continuously reinforce my core earn, save, invest principles of discipline and perseverance. There are “nuggets” included in every interview that provide an opportunity to learn and understand that there are many ways to achieve a goal. I had a specific plan of earn, save, and invest throughout my 35 year corporate career. The “nuggets” in each interview usually lead me to a series of google searches that help expand my curiosity and knowledge. (I also really enjoyed your reviews of financial seminars that you and your wife attended!)
I have used, and shared, your retirement calculator numerous times. I refer back to it when I have a significant change in our net worth also. I have also benefited from looking at your long-term care articles, which confirmed that my wife and I will self fund our long-term care needs. We are on track for early retirement (at 61) and could retire today, But for the coronavirus, which will keep me employed until there is a vaccine.
I love to see example after example of people demonstrating the power of slow and steady wealth building. Start early, save/invest often.
I really like and learn a lot from the millionaire and retiree interviews. Recently you had an interview from a military retiree which I especially enjoyed- we are on the military FIRE track and I found the interview very helpful and encouraging.
What have I learned? Well, pretty much that I know someone that has done almost exactly what I have and that makes me fell pretty darn good. Like talking to an old friend:-)
The best tip is actually two, over the years reading the blog I’ve really learned the power of compounding, and the long term care advice was really eye opening to me. I’m not quite where I need to be just yet but am well on my way!
Regarding retirement planning: identify 10 or so activities/interests I would want to pursue in retirement assuming you actively pursue at least 4 of these. Helpful in areas of focus on other than financial considerations.
I picked up Frugalwoods from the local library based on your post on must read financial books. I have found I am more satisfied with the little things in life and take more time evaluating my purchases.
I am pretty new to this site, but I am really enjoying reading the interviews, especially the retirement interviews. Learning about dividend investing. Really interesting. Would love to hear some interviews from some millionaires who started late and still made it.
Many thanks!
I look forward to each of your “millionaire” interviews. The ones I enjoy most are when the interviewee isn’t making $500K plus a year but is an average person who worked the principals of E. S. I. As far as what I have learned from ESI, each piece is integral to the other and we all build with one brick at a time. Thank you for your desire to share your wisdom.
My husband is retired and I am semi-retired. I enjoy your articles, especially the retirement interviews. I had a lot of fears about changing from a producer to a consumer, at this stage of our lives. Your articles have been very real life, easy to understand and great examples of how retirement is not only possible, but not as scary as I thought it would be! Thanks for all the information you provide in your articles.
Constant financial reminders are most helpful.
The most important thing I learned is that I’m not alone in this journey that I now know are FIRE. I have had the goal of retiring from right out of college and about 12 years later (4 years ago) I found the ESI website and it opened my eyes to this world. The focus I’ve given to our personal financial situation since randomly stumbling upon this website has been extraordinary and I can confidently say I am on track to be on FIRE at or before my goal of turning 55. Thanks ESI!
Make a plan and stick to it
Hello,
I have enjoyed quite a few of your articles over the years. There are quite a few articles that I have filed in my ESI folder so I can read again:
1) If you won the game stop playing.
2) The Secret Splurges of Millionaires
3) What to do with your time in retirement
4) Eight areas where I could easily spend a fortune.
5) and a few more.
We are retired so the ESI components we have followed before the internet was available but there is always room for improving. The retirement articles are very helpful since I like to compare myself to other retirees and verify we continue to be on the right track. From you I have also learned that I need to splurge more and enjoy spending money, learning how to switch from saver to spender and be happy with that.
PS:
it is a compliment to you how many comments there are to win the gift cards. Not as many comments on your weekly articles, but when you offer the gift cards, you truly can see how many people you have impacted positively
I know. I appreciate all the comments and thoughts.
The insight that your newsletter has given me on such a variety of subjects has been invaluable! My biggest takeaway has clearly been investing in dividend paying stocks. I had a lot of diversification in my portfolio But had not given much thought to this aspect of investing. As I have gotten older this has added an entire new classification to my portfolio. Thanks for all of your wonderful information!
I’ve always enjoyed your advice on rental properties. I own some residential rental properties and have several long term tenants. I just enjoy reading about how other people invest their money. The interviews have given me great insight into several investment strategies.
Great articles. Dividend investing and LTC come to mind. Also appreciate the interviews. They illustrate the many real life practical ways the ESI principles can be implemented. IMO, as you often say, ESI is the strategy and the articles and interviews highlight the many tactics available to implement the strategy. Thanks for the work you do and the value you provide.
The career advice has been the best for me. Learning from your own personal journey and that of other folks in a senior level position has been helpful and this has made a huge difference in my own career. I had been following your old website since 2006 so it has been nice to see some of the regular commenters grow and develop.
Appreciate you sharing your wisdom on the site!
I love the Millionaire series not only because of the profiles themselves, but also because of the commentary. I’m in my 30s, so lots of food for thought on how to position ourselves for long term success.
I specifically remember that you were pulling all of your money out from LendingClub.
I followed suit and am almost completely out. I put the money toward other savings goals, short and long-term.
I’m almost out! A few months left!
I have read every post so far from ESI and have enjoyed it very much. I continue to learn and am looking forward to using these many examples to grow as a young ESI follower
I read many of your posts with relish – but surprisingly I don’t really enjoy your immensely popular millionaire interviews. The main piece of investing advice I have incorporated is using Vanguard’s index funds. I have some variety of investments and cost models – all the way up to Fisher Investment managed accounts (which has proven well worth the cost during these turbulent times), but a dead simple index fund is a nice alternative.
Each week, I look forward to reading the Millionaire Interviews. Of all the financial blogs out there, I think these Interviews are the most helpful as it shows that “real, ordinary” people can be Millionaires. I glean nuggets of advice from each and try to implement the advice into my own life. Thank you for providing these!
I have learned you can’t time the market, predict the market or listen to ‘the experts’. I bought a bit in March/April like I did in 2008, but pretty much just building up cash for when the wife retires in a few years.
I’ve learned that financial security is rarely achieved through luck or get rich quick schemes/investments. It’s the product of hard work, dedication, and discipline.
I followed your rental income and renovations with much interest. It put perspective into income and expenses in an easy to follow format.
ESI has given me the confidence to know that I don’t have to work to age 65 to retire — I can retire early. I really appreciate all of the examples of those that have put ESI in practice and retired early.
Already apply many of the principles of ESI. I do love the refreshers. I am retired , kind of. I manage my stock investments but no longer work for da man. But retirement to me is CHOICE. You get to work or do whatever YOU want. Whatever makes you happy, engaged in life, etc.
I budget, manage every dollar spent (only 2 CC – both rewards cards – so it is easy), keep my car for years, continue to search for deals(insurance, entertainment, phone, etc), workout regularly cycling 400+ miles/mo when warm, etc.
But what I had not really considered is a side hustle. Your articles really brought this to light. Now, I have not done anything with this, but I would like to and continue to think about it. I have my passive income via dividends and interest, although my interest income has been cut by at least 60% and I pivoted to some additional dividend stocks. But having a side hustle could alleviate even what little stress I have regarding my income and overall wealth.
Also, I do want to get into rental properties, but in my area real estate has ballooned. If interest rates are allowed to go naturally higher then real estate will come down so at that point I will get more serious about it. But your articles and information have been great reads for someone like me who is just looking at pursuing diversification into real estate.
Thanks for all you do.
I find a nugget of information that I can apply to my own financial situation in almost every post. Recently, in your series about ways to earn money, I appreciated most your criteria for how you rated the best money-making methods. The logic you used made a lot of sense, and is something I am planning to apply in my own life – both for my career and any side hustles I’ve considered. Especially enjoyability – I am a busy mom, wife, full-time employee and part-time student (working on my MBA to continue growing my career!), and taking on a side hustle right now doesn’t make sense. But it’s something I’ll be considering next year as I complete my MBA, which may mean starting my own business!
ESI has had a huge impact on my journey. The biggest impact came from reading the millionaire interviews and realizing how many different ways people got there.
To provide a specific example, while reading one I discovered the 457b. Then I realized I had access to it! I’d been missing out. Now, both my wife and I fully invest in that AND our 403b. The 457b alone provides us $39,000 of tax advantaged investing every year. That’s helped us accelerate our annual savings to over $130,000 a year. Even better, the 457b is accessible upon separation if we do decide to retire early.
The second thing I always appreciate is your focus on giving. It’s important to me too. In fact, if you drew me randomly as a winner – give it away. I just wanted to answer to say thanks!
I agree with many above. The retirement interviews are what drew me to your site. Often there is no “one-right-answer” and the “We is always smarter than Me.” One legitimate shortcut in life is learning from others’ experiences. You only have one lifetime. After making a choice, then you walk your path, your journey. Learning from others, their stories, success, failure, opens up multiple avenues to explore or consider. Conversely, it presents paths that may lead to dissapoint or failure. I feel I am wiser, my ideas for consideration are wider, and my life is richer as a result. So, I want to add a “thank-you” I appreciate your work here.
Breadth and depth of information, tools, and experiences make ESI Money a goldmine for financial DIYers. Answers, thoughts, and approaches for most questions and situations can be found within, and usually covered from many angles, and if it hasn’t been addressed before, but shows interest from many, a post usually follows to cover it.
I do not know if I would have discovered medishare if not for your blog!
Each time I read the Millionaire Interviews I am encouraged to continue my path to becoming debt free and striving to become a millionaire. The interviews are relatable and inspiring and the provide practical advice. I have learned so many tips to improve and advance my career By reading the millionaire interviews and the career series that was published last year. I originally found your site by looking for career advice and found the wealth of advice on earning, saving, and investing. I’m absorbing the information like a sponge and applying the lessons daily. Thank you for sharing your knowledge and allowing others to share their knowledge with us too!
Through the retirement and millionaire interviews, I’ve learned that there’s a large gap between success and happiness. And although wealth can be important, and the ESI method is essential in building it, a life of purpose is worth far more than all the riches in the world.
I love your millionaire interviews, and it has inspired me to take on that journey. I see the pattern in the everyday person with ordinary jobs reaching this milestone by saving, investing, 15 year mortgage, extra payments to end mortgage early. If you can add side gig, rentals, you can speed up this journey.
I am on track to get there. My mortgage will finish in couple years, just as my kids will be in getting into college. I know I will reach the milestone too, just as many other have.
As a millennial, your blog has impacted me greatly. I still remember coming across and being fascinated by your retirement story and reading all 3 of those parts in one go. Then I’ve followed and read each of the millionaire interview series which was a genius idea. The learnings have been countless but biggest takeaway has been the mindset change. When I started reading your blog, my take home was 60k a yr and I was busy partying, drinking and blowing my money and time on weekends. Today it’s 420k and I feel reading this blog has contributed to the mindset change that this can be done and put me on the right path in life! It’s all about E-S-I. Thank you for the inspiration!
Always enjoy the millionaire interviews. However, your posts on lending/giving money to close associates was particularly timely. Family members were struggling with money, along with other issues. My favorite line when a husband is solicited for money goes something like this … “I don’t know. Let me check with my wife and see if she wants to pick up a second job.”
My favorite posts have been the ones where you rant. Yes, I love the dragons and all. I really enjoyed hearing about the volunteer work you did to help others with their finances. I know that a lot of people didn’t put in the effort to improve their situations, but I love that you tried to help them. My husband and I have begun speaking to his coworkers about ways to grow their incomes and save while they are young. It’s created an incredible dialogue between recent graduates and my husband and I who are in our early 40s. We sing about ESI. We stress the importance of increasing their incomes and working hard when they have the energy and vigor to do so. The need to save so they can begin watching their money accumulate. We tell them all about growing the gap between income and spending and run calculators that make their heads spin. Then we talk about the importance of investing. These are the same principles that led us to become millionaires. Honestly, I love that you talk about putting these three pieces of the puzzle together and that you stress the importance of working to grow your income as much as you can. I hope that we will help a few of these twenty year olds how we accumulated our wealth and that they begin to talk to their friends and become money mentors to those who also need to learn more about their money. You often talk about the growth potential. The fact that most millionaires don’t start out with $1 million. I think that’s a key piece of the puzzle. We have to show the baby steps that lead to wealth. Thank you for the inspiration to pass on the knowledge we have to those who need it!
I love to write those posts! 😉
And good for you helping others — well done!
Thanks for being an inspiration. I often read your millionaire interviews to see if I can spot patterns to success that I can also implement. It’s interesting to hear people talk about their path.
The Millionaire Interviews give me extra motivation to keep growing my net worth. I look forward to providing the perspective of a single woman who’s reached that goal on her own.
I read nearly every post, enjoy them all, and they help keep me focused on my journey. The ones that have stuck with me the most have not been about money, but about designing your retirement and planning your life and activities/hobbies beyond retirement. Retiring early is great, but we have to take advantage of the time we’ve given back to ourselves and have a meaningful and fulfilling retirement.
I’ve learned about real estate investing and retirement seminars 🙂
Not trying to be a suck up or anything, but this is one of the very few blogs that I still regularly follow. Because there is 1) a wealth of information and 2) a breadth of focus that keeps me engaged.
The absolute best information I received here was about having “more than two” passions identified for retirement. It’s more than “have a hobby” or “volunteer for something.” The types of engagement was also useful (not just pickleball, or volunteering — essentially, a focus on wellness in all aspects of your life, physical, mental, emotional and spiritual, is essential for a good retirement).
I am nearing retirement and feel I have done pretty well on the E and S and about average on the I. That said, the information on this site, particularly the retiree interviews and the author’s personal experience have provided me with much greater confidence that I can retire from a financial perspective. More valuable to me at this stage of my life/career are articles that discuss what to do with one’s life in retirement. I enjoy learning about the experience of others in retirement and the book reviews that include this topic (e.g. “How to Retire, Wild, Happy, and Free”, “What Color is Your Parachute for Retirement”). ESI are important to get you to retirement but it’s just as important to develop an enduring lifestyle and relationships.
I have several more retirement book interviews in the works!
There are quite a few things that I have learned from the site – I am currently trying to add real estate rentals to our portfolio so the breakdowns you’ve written on your personal real estate action is something that I am applying right now. Also love your book breakdowns as I’m always looking for good book recs. I’m also going back and looking at your previous writings on growing your income as I feel that is something that I can apply as well. I’m learned a lot from all the “real-life” examples you provide on various topics. Really enjoy your site and appreciate the work you put into it. Thanks.
I retired 11 months ago and discovered your blog about 4 months ago. It is one of three I follow regularly. What has been of great value to me is are the budget questions you ask in the Millionaire interviews. Very specifically, what percentage of your income you spend on various categories, such as food, housing, travel, etc. I had a reasonably good idea of what our monthly expenses would be before I decided to retire, but confess it wasn’t based on exactly budgeting the year before I retired. I exactly record expenditures now and compare to my original budget, which is very useful. But comparing what others spend in these same categories is a helpful guide to where I might look more carefully at scaling back. ( the food budget from a recent interview was exceptionally useful.. I thought our percentage was high and that comparison confirmed it!)
This is one of the few blogs that I have faithfully read since my early retirement in 2016. It never ceases to amaze me how well Mr. ESI covers the pertinent topics of the day. I enjoy the book reviews, the millionaire interviews and his reviews of the retirement seminars were a treat (I’ve always been sort of curious about those things!). The recent LT care insurance posts were very helpful. But, as a big time cat lover, best of all has been hearing all about Zeus. <3
Love the Retirement Interviews to learn from those retirees who have actually taken the retirement plunge to get some insight into how this can impact my retirement and what I may not have thought about.
Over the years I have learned so much from ESI and FMF I could not choose just one.
My wife and and I live off of one income and save 100% of her income, only have one car, and live below our means.
We are on track to pay off our house in 5 years and then sell for a less expensive house and consider purchasing a rental unit at some coastal area.
You know you’re the man, right? 😉
I found seven simple steps to grown your career was applicable and straightforward advice that is often overlooked.
I think the compilation of interviews is a wealth of knowledge. There is no way that I would live long enough to make the exact same mistakes or succeed in the ways listed. Experience is an incredible teacher, but as a student, learning from others is even better! Thank you for all of the value add that you bring into this space.
I have learned how to invest in dividend stocks for income after reading your posts.
I love the interviews. They show several things:
1) Everyone can gain wealth through discipline.
2) Investing in yourself is the key to higher income
3) Multiple streams of income provide stability.
Love the site..
This giveaway is now closed.
The winners are:
Emily Dale
RE@54
Heidi
Melanie Parker
Wilkop
Zanta Jones
Jess Payne
Melissa
I will be emailing the winners. If your name is here and you do not hear from me, it’s likely because a person with the same name won. 🙂
Thanks to all for entering the giveaway! I enjoyed reading your comments!
I have learned a great deal from the site about the importance of tracking your finances. From earning to spending and investing to saving, keeping track of your finances is so important so that you are able to improve on it, and see if there are any problems and where they are coming from!
Thanks,
Adam Davis