Camp FIRE Finance
A personal finance community for those seeking FIRE, by those seeking FIRE
Arguably the foundation of all things personal finance is this very simple idea: save your money.
Nothing else is possible if you aren't able to do this one thing. If you can't save your money then you'll have no money to invest or to pay down debt.
So if this idea is the foundation FIRE and it's simple to understand, then why is it so difficult for so many to save your money?
Most people are unable to save because of two reasons:
Thankfully the solutions to both of these problems are also quite simple. If you don't earn enough money to save, then you need to find a way to make more money.
If you are spending so much of your money that there isn't enough left for you to save, then you need to cut back your spending and possibly deflate your lifestyle.
The answers are simple, but actually following through is much more complex. We get that and somewhere on this website is an article that most likely addresses the complex issues that you're facing.
Browse around this site and find that article the get started strengthening your financial foundation.
I had heard that dental school was “expensive.”
How expensive… eh? Didn’t have that exactly dialed-in yet. But as my wife (Monica – then fiancee) began applying to different schools, I became increasingly concerned with those annual tuition costs.
[Read more…] about Slash Your Student Loans Before You Need Them
If you’re shopping for a new or used car I want to tell you how I go about the process. I sold new and used cars for about four years and while I’m certainly no expert on the matter, I think I know how to buy or lease a car better than the average Joe off the street. Maybe this post will help you save a few bucks next time you’re in the market for a car; it’s worked well for me and my family.
Personal finance is simple. It comes down to four main factors: spend less money than you earn, save and invest that difference, eliminate then avoid debt, steer clear of lifestyle inflation.
Below is an (updated) list of unique money saving ideas that range from crazy to brilliant, but if implemented they will help you out with two pieces of the formula: spending less than you earn & eliminating debt.
Review summary for the Beam high interest banking app
BEAM High Interest Banking App
A NOTE OF CAUTION: BEAM claims that all funds are held by their partner, Evolve Bank & Trust, an FDIC institution. However, Evolve Bank & Trust told me via a phone call today (4/10/2018) that they have no direct relationship with BEAM. The connection between BEAM and Evolve Bank & Trust is through a third party called Synapse Financial Technologies. Synapse referred me back to the BEAM terms & conditions. Perhaps everything is completely legitimate, but I’ve seen too many red flags for me to feel comfortable using and recommending this service right now.
WHAT IS BEAM? BEAM is a no-fee savings account meant to compliment, not replace your primary bank. They pay 2%-4% APY (interest compounds daily) and require no minimum balance. Beam has launched to a limited audience and is available on iOS devices. An Android application will be coming soon. There are no plans for a web-based application.
WHAT’S GOOD ABOUT BEAM? BEAM pays a minimum of 2% APY, which is double what most big banks pay. Not bad, especially since BEAM is free to use and requires no minimum balance. You can earn up to a 4% APY via a “Billies” program (more on that in the full review below). The iOS app, while still in beta, is easy to set up and use. Transferring money between your primary bank account is simple.
WHAT’S NOT SO GOOD ABOUT BEAM? To get an APY higher than 2% users must open the BEAM app daily to claim a Billie (more on this below in the full review). Even if you’ve boosted your APY, it reverts to 2% each day which can be frustrating and discouraging. My biggest concern with BEAM is their claim to FDIC insurance that nobody besides BEAM will confirm. If BEAM were a household name, like CapitalOne or Wells Fargo, this wouldn’t be an issue for me, but as an unknown startup, with unknown partners, this is a concern.
COST TO USE BEAM: BEAM is free to use.
WHERE TO GET BEAM: Get a free account here. I’ve decided against providing my referral link at this point. Too many unanswered questions.
RATING: 
This site is mostly about things you can do to get your personal finances in order and, if you’re tenacious, reach financial independence and retire early as well!
On paper it’s ridiculously easy to do, but in practice it’s a completely different story. Sometimes there just isn’t enough money left over at the end of the month for you to save. And if you just can’t save money, you can’t reach FIRE.
So what if you just can’t save money? What are you supposed to do then?