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Spend little, save a lot, achieve financial independence and retire early. It’s the dream of many to be able to exit the traditional nine-to-five workforce and spend the rest of their days living a life of leisure. Early retirement is certainly a popular goal, but it’s one I quite honestly do not share.
There are several reasons why I wouldn’t retire early even if I thought I had the funds saved up to do so:
My Job Rocks
I wake up each and every day excited to go to work. I could count on one hand the number of companies in the world at which I could do the kind of work I do as a software engineer. It’s exciting, I get to work with rapidly changing, leading edge technology, and it’s always mentally challenging.
I also don’t live within the structure of the traditional nine-to-five workday. Because much of my team resides in India, working at least part of my day overlapping my teammate’s work day is actually encouraged. I have the flexibility to work from home and I am free to come and go from my office as I wish (within reason). I can leave to attend my kids’ school events, go to the gym, or even run errands. As long as I get my work done, my employer is absolutely OK with it. [ continue reading… ]
Raise your hand if you know you could be doing something to save a nice bit of cash each week but for some reason or another, you just don’t. Maybe you have a hard time getting your act together to pack a lunch each week or somehow you never find the time to look for a cheaper auto insurance plan. Don’t be embarrassed if this is true for you, as almost everyone I know has these little, seemingly easy things that somehow just don’t wind up happening. If you’d like to conquer one of these items on your list, try my three step method for making a change in your habits. [ continue reading… ]
The American dream is a goal we’ve all heard of at some point in our lives. This dream involves raising a family, building a successful career, and (most importantly some would have us believe) owning a home. Everybody dreams about owning a home and it’s marketed as the biggest asset in life.
But is owning a home really the biggest asset in life? You start paying the mortgage and equity begins to build, but you have to remember that the typical mortgage spans 30 years. Who really stays in their homes long enough to reach that 30-year mark to have their house become a full asset nowadays? With house maintenance and the fluctuating value of the housing market coupled with how long someone stays in their home, a house can actually be a liability on the balance sheet and an expense on the income statement.
Think about it. The upkeep of a house is a constant. A good rule of thumb is to estimate maintenance at roughly 1% of the value of a home each year. Until the house is paid off, you have this huge debt called a mortgage along with sunken costs of maintaining a functioning home such as water heater replacement or kitchen appliance replacement. That’s money down the drain to increase the value of the home minimally if not downright just maintaining the value of your home. [ continue reading… ]
Words like “budget”, “bills”, or “expenses” can instantly raise the stress level in some marriages, but the common family spends and receives money on a weekly if not daily basis. At the end of the day, the more communication about it, the better. Here are some helpful tips on how to get on the same page with your fellow significant consumer (err…other) in your life.
Recognize Each Other’s Strengths
Recently my wife said no to an impulse buy she’d been eyeing. Sometimes it’s possible to spoil, but other times I have to remember the bills and expenses and have to say no. My wife does a terrific job at watching what she buys. Instead of just noticing, I’ve found it helpful to praise her for such self control. As a mother of toddlers, she needs to shop quite a bit. This means giving her trust in our finances and me taking the time to acknowledge and thank her for handling our budget well. If your spouse is particularly gifted in a financial area, acknowledge it! Don’t let strengths go unnoticed. This will help as you both plan and prepare for financial goals. [ continue reading… ]
Many people live their lives striving for a big house with nice cars and all the toys and gadgets they could imagine. Some work really hard to see these things come to fruition, while many never reach this level.
My fiancé and I are currently searching for an apartment to live in after our wedding. The plan is for a six month lease, but we have to choose between a nice place that is more expensive or one that is sufficient and cheap. This is a decision we need to make based on our current financial situation. The same decision needs to be made for our cars and other bigger ticket items, which could make a big difference in our finances down the road.
But First: Housing
My fiancé and I have the decision between keeping her apartment for another six months at $610 a month and moving into a newer place to spend our first half-year as newlyweds. Do we want to live in a nicer complex or townhome? Definitely. Can we afford to? This is something we have yet to answer. This is the first housing decision we will make in our adult lives. While it doesn’t have a huge impact on us, it will be a good indication of how we will make larger decisions (like buying a house) in the future. [ continue reading… ]
Many singles with expensive leases in major cities, traveling retirees with empty homes, and couples with a spare room and a desperate need for cash are looking for ways to make the space they rent or own pay for themselves. Many budget-conscious vacationers, seasonal university-town students, and hotel-weary business travelers are looking for cheap, attractive, short-term accommodations. Where the two sets of people often meet is a growing marketplace of online communities that connect hosts with travelers – services like Airbnb, VRBO, and FlipKey.
Although I can’t rent out a room at the moment, the idea appeals to me. Not only is being a short-term rental host a way to earn extra cash; it presents the opportunity to ‘travel,’ learn, and widen your perspective as you meet all sorts of interesting people from different cultures and walks of life – without having to leave your home.
Before getting too caught up in the possibilities and contingencies (what it involves, the legalities, the material risks), the first question I’d need to answer is whether it would be profitable for me. Unfortunately, that requires a little math. [ continue reading… ]
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Spend little, save a lot, achieve financial independence and retire early. It’s the dream of many to be able to exit the traditional nine-to-five workforce and spend the rest of their days living a life of leisure. Early retirement is certainly a popular goal, but it’s one I quite honestly do not share.
