Author: Jackie

Lifestyle Inflation: What it is and How to Avoid It

Post author By Jackie
Post date May 15, 2018
1 Comment on Lifestyle Inflation: What it is and How to Avoid It

Do you remember what it felt like cashing that first paycheck from your first job? What did you spend it on?

Most likely, you were a teenager who wasn’t used to having money in your own name. You might have blown it on clothes, video games or something else spur of the moment. Be honest — I know I wasn’t the only one spending my hard-earned cash on impulse purchases!

As a teenager, it’s chalked up to being irresponsible and naive. As an adult, this kind of spending is more often than not a result of lifestyle inflation.

avoid lifestyle inflation

Financial Independence

Becoming Obsessed with Financial Independence Can Feel Like a Prison Sentence

Post author By Jackie
Post date April 23, 2018
12 Comments on Becoming Obsessed with Financial Independence Can Feel Like a Prison Sentence

Many that pursue FIRE become obsessed with financial independence. People will set a date when they expect to retire. Some shout it out to the world, while others keep it to themselves, afraid of jinxing it if they share it publicly.

We create excel sheets and compulsively check the numbers by running them through different retirement calculators. We zoom in on THE DATE and suddenly, it becomes the focus of our existence.

Suddenly, we find ourselves living in negative numbers.

Manage Your Finances

You’ll Get 3 Big Financial Opportunities in Life – Don’t Blow Them!

Post author By Jackie
Post date April 4, 2018
No Comments on You’ll Get 3 Big Financial Opportunities in Life – Don’t Blow Them!

By Greg Magnuson of The Money Vikings

After years of investing and talking with many self-made wealthy people, I am convinced that we all get about 3-4 big financial opportunities to make quantum leaps in building our net worth. In order to reach F.I.R.E. we need to leverage each one of these opportunities. I am an optimist, so perhaps we live a long time and get a couple more, but not many more.

The sooner you catch them when they come, the faster you can achieve F.I.R.E. The bad news is that once these opportunities are gone, they are lost to the sands of time. The good news is that another one is always brewing around the corner. Are you preparing now to be able to jump on the next opportunity?

The FIRE Movement

Create Free Cash Flow to Catch FIRE

Post author By Jackie
Post date April 2, 2018
6 Comments on Create Free Cash Flow to Catch FIRE

Many purveyors of FIRE (Financial Independence, Retire Early) have large incomes. These are people such as doctors or lawyers who make large salaries but live a modest, middle class lifestyle. This allows them to pile up money and reach financial independence in their thirties or forties.

Others reach FIRE through extreme frugality. Reducing their expenses to nothing so that they can save and invest despite a relatively modest income. Even once they retire, they maintain a modest lifestyle so that they don’t need a big income. Therefore they don’t need to save up so much to reach their early retirement goal.

Manage Your Finances

Living on Minimum Wage

Living on minimum wage. It’s something many have had to do, especially when we were younger. Maybe you had a minimum wage job when you were living at home with your parents or as you were working through school. Or maybe you are living on minimum wage right now. Depending on where you’re at in your life, minimum wage can be a right of passage or a serious threat to your financial health.