One area where I like to have a lot of different backup plans is with my emergency fund. Instead of one emergency fund, I have multiple layers of emergency funds, each working on top of the other. Here are the three types of emergency funds I have and how they all work together.
You don’t need to create any goals when it comes to figuring out ways to earn more money. If you want to earn extra income and can do so in a way that you enjoy, then that’s great! Any amount – no matter how big or small – can help you with whatever financial goals […]
Each year when I do my taxes, I end up having to gather dozens of different 1099-INT forms. For those of you that don’t know what these are, a Form 1099-INT is the documentation that you receive whenever you earn anything that is classified as interest income. The interest you earn on a bank account, […]
The most important part of anyone’s money system is their primary checking account. This is the financial inbox of your money system – the main checking account where most of your income goes into and that you pay your bills out of. For the most part, you probably won’t change this bank account very often, […]
A reader recently asked me a question that I thought was worth answering in a full post. His question – how do I keep earning so many bank account bonuses each year? It’s a question that I hadn’t really thought about, but indeed, over the past five years, I’ve earned more from bank account bonuses […]
There’s a little-known fact about investing that most people don’t appreciate until they really think about it. That fact is this: if you give yourself enough time, the amount you have to save in order to end up with a large sum of money is actually very reasonable. Perhaps nothing can open your eyes to […]
A brand of FIRE that everyone pursuing financial independence will have to hit at some point is Coast FIRE. Coast FIRE is defined as when you have enough money saved up that, without any additional contributions, the growth on that initial nest egg will be enough to fully support your lifestyle at traditional retirement age. This is possible because of the power of time and compound interest.
The first real job I ever had was as a lawyer at a big law firm. The job paid six-figures per year, so at 26-years-old, I was making an income that put me in the top 5% of earners in my age group. It was an unreal sum of money for me. Up until that […]
When I quit my job last year to go full-time with blogging and side hustling, not only did I lose my steady paycheck, I also lost my health insurance. The health insurance I had at my job was pretty good too. My employer paid my monthly premiums, which meant I paid nothing for my health […]
Life has changed a lot for me and my family since we had a baby earlier this year. Besides the obvious day-to-day changes that have happened, adding a baby into our life has also meant a significant change to our overall future financial plans. Retirement and financial independence isn’t the only thing we have to […]