Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
I’ve always wanted to install solar panels to generate our electricity needs. It just never made sense for us because we’ve been talking on and off about moving for the past few years. Still, the fact that you can pay a one-time fee to avoid paying the monthly electricity bill forever kept me interested.
After we moved last year, we decided to shop around for solar panels. The salesperson made us think that we can recoup our costs in three to five years or less, but those numbers are filled with assumptions that just weren’t true in our case. I read a bunch of expert advice (opinion) online before I decided to pull the trigger too, but all I did at the end was compare my monthly utility bill to the cost of the proposed system. At my current assumption, it would take at least ten years for what I will have to pay to equal the cost of the system that they proposed. And that’s including the federal tax credit that we are supposed to get too.
Add in the fact that the money I pay now can probably earn a decent return, and the economics of the system doesn’t seem that attractive anymore.
You probably think that we decided not to install solar panels at this point, but we moved forward with the project. A month into having the system up and running, and I’m happy to report that we have absolutely no regrets either. Here are a few reasons why: [ continue reading… ]
During a recent family outing for dinner (thanks to a free birthday coupon), a man approached us asking for some spare change so he can get something to eat for the night.
I told him I didn’t have any change on me, but I would buy him a meal at Rubio’s since that’s where we were going. Surprisingly, the man told me he would rather eat at Panda Express and went on his way.
How ironic for someone to be in need and hungry, yet be so picky. Even though I laughed at that situation, I can’t help but realize that many of us, especially myself, are in the same mindset when it comes to our finances. [ continue reading… ]
By now, it’s pretty well established that women generally earn less than men. According to the Bureau of Labor Statistics, women working full-time earn 77% of what men working full-time do (median earnings).
However, that’s a simplification that only reflects the bigger picture. According to “The Gender Pay Gap,” a study published by Francine Blau and Lawrence Kahn, the pay gap is much more complex. Women do earn less than men overall, but the “real” gap for women doing the same work as men is about 91 cents on each dollar earned by men.
While it’s a much smaller pay gap than what’s generally shown, it still represents a degree of inequality in women’s versus men’s pay.
More and more people lately are asking if they should take Social Security early. The general advice people give is that you should delay receiving the Social Security check because you get an 8% raise for every year you manage to wait. The break-even age varies depending on many factors, but it’s roughly between the age of 75 to 80 when delaying your benefits will start to be more beneficial for you financially. So just in case you live a long life, the inflation-indexed benefits are the best longevity protection you can have and you’ll want to max out this benefit. Still, many people want to take the benefits early because they believe they can earn a better return by taking Social Security early and investing that sum.
My investment returns are more than 8% a year. Wouldn’t it be more beneficial for me to take Social Security early and then invest the sum?
So how much do your investments need to return for taking Social Security benefits at 62 to make sense? Let’s find out. [ continue reading… ]
I asked a friend of mine who works with high school students if he knew anyone who would be interested in some yard work. We agreed that three boys would come over to my dad’s house one Saturday for $15 an hour, for three hours’ worth of work (so basically, each boy would make almost $50). We just wanted some yard maintenance that had been neglected due to my dad’s busy work and school schedule.
Only one boy showed up when that Saturday came. I’m not sure of the reasons the other two didn’t show, but I am going to guess they just downright flaked judging by how embarrassed my friend was for recommending these guys.
Funny enough, I keep hearing similar stories of teenagers and 20-somethings that would rather not work. How do you kick this bug of entitlement out of your own kids’ lives? Here are three solutions. [ continue reading… ]
Every now and again, I like to think about the decisions I’ve made and how making sacrifices now will benefit me later. My current living situation is less than fabulous, but I’ve begun to adapt and call a 900 square foot trailer my temporary home.
I remember that by doing what is financially smart now, I’ll be able to reap the benefits later. This brings me to the question: what would I be willing to give up for financial freedom?
How about you? Would you be willing to give up any of these five things for financial freedom? [ continue reading… ]
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