Every week I typically tell you about my website goals, but I understand that that can get a little tiring for those of you that aren’t actively building your own website (which is probably most of you), so I thought I’d do something a little different this week. Instead of talking about the progress of my website, I thought I’d let you in on the progress of my life – basically what my days are like and how these actions line up with what I am constantly advising all of you, my readers, to do in your lives. I want to show you that I don’t just spew words onto a page, but that I’m actively living out those words in my life as well.
My Main Activities
My life is consumed by four main activities: (1) my full-time job as a financial analyst, (2) my classes and homework for the MBA program, (3) this website, and (4) my work for the non-profit “Access of West Michigan”.
I currently own a 3 bedroom, 2 bath house, but by watching my spending carefully, I am able to live on just 60% of my after-tax income from my job. The remaining money, as well as the additional income that I get from my website just gets put into savings, which will most likely be used to pay a chunk of my home-mortgage off toward the end of the year.
I currently work for an amazing company that has agreed to pay for my MBA classes. When I finish up this program next April, I suspect that I will receive a promotion shortly thereafter, which will allow me to pay off the house even more aggressively than I currently do.
The Future Plans
I have always been an entrepreneur and an investor at heart, and I realize that if I invest in my future today, life will just get easier and easier in the future. This is why I am always looking for income sources outside of my full-time job. So far, I have been able to develop a steady income with this website, but I would also like to invest in real estate as well. Since I am debt-averse however, I plan first to pay off my home mortgage so I don’t have multiple debt loads dragging me down. If all goes as planned, I will have my home loan paid off by December of 2014. So, most likely I will have my first rental property in the spring of 2015. It sounds like a long way off, but in terms of paying off a house and investing in another, this is extremely quick!
Hopefully you enjoyed this reading. I’d love to hear your thoughts about my current life as well as my future plans! Be sure to leave a comment!
As usual, there were some great financial articles again this week. Here are a few that I enjoyed and thought you might like to look at too!
The Main Reason Why Employees Quit Their Jobs at Financial Samurai
Making Your Money Your Employee at Digital Personal Finance
How I Am Getting a Free Masters Degree at The College Investor
How to Beating Investing of Gambling at Don’t Quit Your Day Job
Investing Made Easy Part IV at Luke1428
What Price Would You Pay to Have it All at The Happy Homeowner
The Ultimate Guide to Making Money with Lending Club at Narrow Bridge
A Personal Residence is Not an Asset at FI Fighter
Planning for the Future at Modest Money
Are You Hardwired to Make Bad Investment Decisions at Debt Roundup
Four Ways to Save Money and Reduce Debt at Yes, I am Cheap
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.