The Difference Between FIRE and Minimalism – And Why I’m Doing Neither…

difference between FIRE and minimalism

Are you unfulfilled in life? Do you ever just stop, stare blankly into the distance and wonder, “What the heck am I doing with my life?” Don’t be discouraged, you’re not alone. I think we’ve all had these feeling at times – even those of us that seem to have everything together (I’ll even admit it…I’ve asked myself this question many times!)!

And from this common feeling, people will often respond in one of three ways:

They distract themselves by buying a whole bunch of stuff – hoping that each on of those little “highs” will make them happy (ie. Materialism) They’ll start working themselves to death trying to retire early and travel the world like many other 30-somethings are doing today (ie. FIRE – Financial Independence, Retire Early) Or, they’ll go an entirely different direction and start selling off all their stuff – living with less to hopefully . . . → Read More: The Difference Between FIRE and Minimalism – And Why I’m Doing Neither…

8 Reasons Whole Life Insurance Sucks (and What You Should Buy Instead)

whole life insurance sucks - family

I’m a husband. I’m a dad. My family depends on my income and my help around the house – whether it’s repairing the roof, putting together a new “big girl” bed, or even something as simple as changing yet another diaper…My family needs me. And, if I suddenly couldn’t do these things, they’d desperately need an income to replace me. This is where life insurance comes in. And, after looking at and studying many different options, I’ve come to the conclusion that whole life insurance sucks and pretty much no one should consider wasting their money on it.

8 Reasons Whole Life Insurance Sucks

Are you in the market for life insurance? Do you have a friend that’s trying to sell you on something and you’re just not quite sure about it? If you think their solution for you might be whole life insurance, run far and run fast my . . . → Read More: 8 Reasons Whole Life Insurance Sucks (and What You Should Buy Instead)

What’s Your One Page Financial Plan??

the one page financial plan

“What’s your one page financial plan?” — This is the absolute best question that I’ve heard asked in a long time. Instead of talking about your hot stock pick or your fancy investment that shields you from paying taxes, I think it’s time for all of us to step back and ask ourselves the most intelligent question of all, “Why the heck do I care about money anyway??”

What’s Your One Page Financial Plan?

About 10 months ago, Liz and I bought a fixer-upper to fix and flip for a quick profit. Long story short…

the process took forever, all my late nights away really strained our marriage, and in the end it left us questioning what we really want out of this life.

Do we want to keep on living this crazy life, chasing one dollar after the next? All this scrambling around was leaving us drained, irritable, and . . . → Read More: What’s Your One Page Financial Plan??

10 Things That Will Absolutely Kill Your Net Worth

kill your net worth

Your net worth – simply described as what you own minus what you owe – is hands-down the most popular gauge for wealth. There are people in this world that have never earned more than $50,000 in a given year, but they’re worth millions. And then there’s a whole other class of people that earn $200k+ a year and are worth absolutely nothing. Whether you earn hardly anything or you make a ton, there are 10 things that will absolutely kill your net worth and I strongly urge that you watch out for them, avoid them, and prosper heavily because of it.

10 Things That Will Absolutely Kill Your Net Worth

When I was 23 years old and living on my own, I made a profound realization that changed the course of my life forever.

The bums living near my neighborhood earned very little, they owned practically nothing, and I . . . → Read More: 10 Things That Will Absolutely Kill Your Net Worth

What if You Save a Million Dollars For Retirement? Will It Be Enough?

save a million dollars for retirement - age 55

Save a million dollars for retirement…it’s everyone’s dream, right? Man, if you had a million bucks in your retirement accounts at retirement, think of what you could do!

You could:

Take exotic vacations every month Go out to eat without ever thinking about the bill Buy lavish presents for all your friends and be the most beloved old people on the planet!

Well…maybe you could and maybe you couldn’t. It basically all depends on your age…

What If You Save a Million Dollars for Retirement? Will It Be Enough?

What do I mean, “It depends on your age?” What does age have to do with it? A million bucks in a million bucks, right?

Wrong.

Because of constant economic growth and the establishment of monetary policy (don’t know what monetary policy is? Here’s a link. It’ll solve your sleeping troubles too… ;)), citizens all around the world experience a . . . → Read More: What if You Save a Million Dollars For Retirement? Will It Be Enough?

Kid’s College or Retirement? What Should You Be Saving For??

college or retirement

College is expensive, and retirement seems so far away for many people. So for many families, guess what they do? Do they save for their children’s college of retirement? Often times…they choose to save for college. But is that the wisest choice? Should you save for college or retirement?

The Kid’s College or Retirement? What Should You Save For?

This post has been written by our talented staff writer, Kimberly Studdard.

First things first, when trying to decide on if you should save for college or retirement, you need to have the answer to two specific questions.

Do you have an age in mind for when you want to retire? Do you plan on paying for your child’s entire college education?

When deciding on whether you will pay for college or retirement, your lifestyle is going to be the main factor. Everyone’s life choices are different, so deciding up . . . → Read More: Kid’s College or Retirement? What Should You Be Saving For??

What is the Rule of 72? And How Will It Help You Become Wealthy??

what is the rule of 72

“Derek, I’m in trouble. I’m 50 years old and we’ve only got $300,000 saved for retirement. There’s no way we can survive on that! It’ll only last us 10 years before it’s all gone!!”

I’m approached with the terror above quite a bit. People have been saving their entire lives, they hit the magic age of 50 where everyone seems to freak out a bit, and they suddenly look at their retirement account with extreme apprehension.

So how do they typically respond? One of two ways:

They start investing much differently than they had before – in high-risk, high-reward stocks, or They keep their head down, stay the course, and just hope everything works out.

While I don’t love the “stick your head in the sand approach” of #2, it’s actually the option that I’d recommend (that is, if you’re invested appropriately for your age already).

The reason?

The Rule . . . → Read More: What is the Rule of 72? And How Will It Help You Become Wealthy??

The Key to Retiring in Your 50s

retiring in your 50s - plan

Most people will continue to work into their 60s (and sometimes beyond) because they have no idea when they can retire comfortably. But in today’s world it has become much easier for anybody to figure out if and when they can retire.

The Key to Retiring in Your 50s

The following is a guest post, written to make you think a little harder about your retirement. Do you have plans for retiring in your 50s??

I want to take a look at a couple that thinks they might be able to retire when they’re 59 years old. But they’re not sure, so their current plan is to keep working until they’re 65.

Can They Retire Early?

Our couple, John and Jane, are 52 years old today. Their savings total $475,000 and all of it is in IRAs. They have 75% of their money in stocks and 25% in bonds. I . . . → Read More: The Key to Retiring in Your 50s

Where is Your Money REALLY Invested? Do You Know?

where is your money really invested

If I asked you, “Where is your money really invested?”, what would your response be?

For 95% of the world, they’d probably say, “In my 401k…” and then they’d look at me like I was missing half my brain, because where else could their invested money possibly be?

First of all, there are plenty of other places to invest your money outside of your 401k, but that’s not even what I’m talking about. What I’m saying is “Within your 401k, what is your money actually invested in?” Most people have absolutely no idea, and it’s probably killing them and their future retirement plans.

Where Is Your Money Really Invested?

This post contains affiliate links, but it costs you nothing and I actually get paid a little bit for all the work I do around here! 😉

In finance speak, what we’re really asking is, “What is your asset allocation?”

In . . . → Read More: Where is Your Money REALLY Invested? Do You Know?

Tips for Maximizing Your Retirement Savings and Decreasing Taxes

retirement savings

Holding a job is never fun, but it should pay off at some point or another. After you’ve worked for twenty or thirty years, you should be able to retire and begin enjoying a work-free life. However, you must remember that a good retirement requires plenty of planning and many years of saving.

Maximize Your Savings and Decrease Taxes

By planning early and saving as much as possible, you’ll be able to rest assured knowing you’ll have plenty of money to travel the world, buy luxurious items and avoid returning to work in the future. Below, you will find tips for maximizing your retirement savings, while simultaneously decreasing your taxes.

Maxing Out Your 401k

The mass majority of American workers will have access to a 401k. This will typically be sponsored by your employer and they should be willing to match your contributions. Remember that you can allocate a large . . . → Read More: Tips for Maximizing Your Retirement Savings and Decreasing Taxes