Freedom Money – The Road to Financial Freedom

pros and cons of paying off the mortgage early

There’s a difference between being financially uncomfortable, being comfortable, and reaching financial freedom. And Brian Robben is committed to reaching financial freedom and teaching others how to do it along the way. Today, I interviewed Brian who recently wrote the new book Freedom Money.

Debt is often a roadblock for many people trying to get rich. What are some specific tips you have to destroy debt?

I 100% agree that debt needs to go if your goal is financial freedom. Debt is vicious and can ruin your life if it gets too much power over you.

Because of that, if you have debt then it’s crucial you aggressively attack your debt.

Below are some tips I recommend for paying off student loans, credit card debt, or any other debt:

Pay every two weeks instead of monthly. If you do this you’ll actually make 13 . . . → Read More: Freedom Money – The Road to Financial Freedom

Let the Passive Income Flow – How to Develop a Rental Property

buy a home on a low income

Liz and I are officially landlords! We started “growing the roots” of our investment by scrimping and saving in 2014 and 2015. On November 30th, 2015 we bought a Fannie Mae foreclosure and the “seedling” was finally visible. And, as of two days ago we handed the keys to three responsible young men that have agreed to pay us $1,200 a month in rent. Our passive income money tree has finally budded and we’re looking forward to putting the money into the next one!

So what happened between the house purchase and the first rent check?

A ton.

And it’s all important stuff too. If you want to turn a second home into a rental property – or even if you want to turn your own home into a rental property – there are a handful of things you’ll need to do to attract those good renters and a number . . . → Read More: Let the Passive Income Flow – How to Develop a Rental Property

Our House Offer Was Accepted! Let the Rental Games Begin!

Bought a Rental House with Cash

Have you ever thought about getting into the rental game? Personally, I’ve been enamored with the idea since I was 16 years old. And now, 14 years later, it looks like I’ll finally be throwing my hat into the passive income rental ring! YIPPEE! Watch out Monopoly man, you may be getting dethroned! Now where did I put my monocle…?

Leading Up to the Purchase

So how did Liz and I find our investment property? Let me tell you, it wasn’t easy. Prior to this property, we scoured the entire area (for the entire summer) for anything that was for sale under $95,000. We walked through about 10 properties – four of those we simply walked away (for various reasons), and the other six we were outbid on by typically more than $10,000. We wanted to find an absolute deal, not pay retail price for a home.

There was one . . . → Read More: Our House Offer Was Accepted! Let the Rental Games Begin!

Should I Pursue an Executive Career or Financial Independence?

handle a job loss

At the age of 27, I proclaimed that I would retire by 34. A pretty crazy proclamation I know, but I had a plan: I would live frugally, invest, and also build up my website to be one of the top blogs in the nation, making it worth $1,000,000 or so. I would then sell the site, live off that million bucks for the next 30 years, and at that point start drawing from my retirement account.

This idea sounded pretty rock solid at the time (blogs actually do sell for millions of dollars by the way), but as many of you know, life rarely goes as planned. Since then, I went through an unexpected divorce, ended up owing thousands of dollars from the settlement, and my blog was penalized by Google soon after. Not exactly the golden road to early retirement…

At this point, my site is worth around . . . → Read More: Should I Pursue an Executive Career or Financial Independence?

Want to Build Wealth? Increase Your Circle of Competence

battling debt

Do you want to build wealth? Then I suggest you steer clear of the typical advice that’s floating around today. The average person believes that they’ll become wealthy by doing the following:

Work a job Set some money aside each month Hire a financial advisor to invest for them Sit back for 40 years and expect a huge nest egg for retirement

While this method does end up working for some, it has proven to be a fatal formula for many. Ever hear of Bernie Madoff? Just like Bernie, there are other advisors that are just flat out swindlers, looking for ways to take your hard-earned money without you realizing it. There are still others that believe they are doing good work for you, but after the fees and advisor expenses, you’re typically left earning less than the general market. Sitting on the sideline and expecting your financial advisor to . . . → Read More: Want to Build Wealth? Increase Your Circle of Competence

Want to Succeed? Then Stop Making Everything So Fricken Complicated

financial hurdles

Do you want to succeed financially? How about physically, mentally, and spiritually? The very thought of succeeding in each one of these categories can be daunting, and can often stress people right out of trying before they even get started! The truth though, is that becoming a success in each one of these categories does not have to be difficult. In fact, becoming financially, physically, mentally, and spiritually fit can actually be quite simple!

Our Tendency to Over-complicate Life

If you want to succeed at shedding 20 pounds of extra weight, what is often the advice of the experts? Many of them will point to a specific 90-day exercise program that will require 1.5 hours of your life every day, not to mention a strict rationing of foods defined on a one-page list. With this method, you must completely change your life in order to accommodate this new workout schedule . . . → Read More: Want to Succeed? Then Stop Making Everything So Fricken Complicated

Extremely Early Retirement – It’s Just Not Working

extremely early retirement

There is a new craze going around these days, and it’s called Extremely Early Retirement. While the majority of this world struggles to live paycheck-to-paycheck, a handful of individuals are enjoying an extremely early retirement at the age of 40, 35, or possibly even as young as 30 years old. How in the world is this possible? Well, sites like MrMoneyMustache and EarlyRetirementExtreme lay out the calculations pretty clearly. All you have to do is live on less than 25% of your income (and invest the remaining 75%) for about 7 years and you can officially quit your job and live off of your investments!

The chart above might appear intimidating at first, but it is actually a fantastic tool to figure out how many working years you’ll have to endure at various savings rates and investment returns. As with anything, it’s probably best to explain the . . . → Read More: Extremely Early Retirement – It’s Just Not Working

How to Manage Your 401k Like a Pro

how to manage your 401k

Are you currently managing your own 401k? Do you feel like you have a good handle on what you are doing? For many, they most certainly do not, but they also don’t want to pay the high fees of someone else handling their money for them. So instead, they just choose a few options at random (or because that’s what their friend at work told them to invest in) and hope that these moves will earn them a decent return in the long run. Does this sound familiar? If it does, don’t feel bad, but take this time to actually do something about your lackluster investments! As your first order of business, I would sign up with a free investment tracking service like the one below so you can easily discover where your money is invested and how much money you are earning (or aren’t currently earning).

A note from . . . → Read More: How to Manage Your 401k Like a Pro

Reinvest Your Profits to Grow Your Wealth Exponentially

Have you ever purchased something that you hoped would increase your income? If you just read that sentence twice and have a blank stare on your face, then I suggest you keep reading. If you nodded in agreement, congratulations! I am so excited for you and hope that you can learn even more about wealth-building assets from this post.

The Typical American Citizen

For quite some time now, the average American citizen has learned how to spend absolutely everything that they earn each month, with very little (if anything) left over for savings or investments. In the example to the right, the family earns $2,800 a month in after-tax revenue. Their monthly expenses include their home mortgage, food, clothing, utilities, car payments, gas, insurance, and then a plethora of smaller items, which somehow end up totaling the same amount as the income line. It’s nearly magic how the . . . → Read More: Reinvest Your Profits to Grow Your Wealth Exponentially

What is Passive Income and How Can You Earn It?

cut your spending in half

Have you ever heard of passive income? How about regenerative income? These terms don’t often come up in general conversation, but if you learn what they mean and earn money passively, you could become very wealthy in the not-so-distant future.

What is Passive Income?

Most of us have only ever been taught about earned income. This is where you go out into the world, find a job that pays a certain amount of money per hour or yearly (with a salary) and work just hard enough not to get fired. This way the company gets a certain amount of work done for them and you receive a steady paycheck each week. If you want to earn more money, you either have to prove that you’re worth more than your paycheck, or you have to find a side-job that will pay you money for those hours.

With this earning . . . → Read More: What is Passive Income and How Can You Earn It?