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Showing posts from January, 2020

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Millennial Debt This Week (Jan 31)

on January 31, 2020

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The Three Ways to Repay Student Loans

on January 30, 2020

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Debt is Bad, Right? So Why Do I Have Almost $1 Million of it?

on January 28, 2020

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Millennial Debt This Week (Jan 24)

on January 24, 2020

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A Detailed Breakdown of My 2020 Goals, and How I Plan to Get There

on January 24, 2020

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A Review of My 2019 Goals

on January 21, 2020

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The Importance of Setting Financial Goals

on January 15, 2020

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Why I Still Carry a Credit Card Balance of $13,000

on January 09, 2020

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Don't Rush Into Buying Real Estate

on January 06, 2020

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Increase Your Net Worth With a Simple Rehab

on January 05, 2020

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Why a Financial Planner Isn't for Me

For my friends who are financial planners and financial advisors, this is not meant to be a critique of you or your profession. I often still contemplate working towards my own CFP certification . This article is simply my expression of why I've always felt a disconnect from the standard advice of most financial planners and how I've realized that my goals are different than the vast majority seeking financial help. When looking at a financial planner, let's first start with a basic understanding of what a financial planner actually does. Generally, financial planners help clients understand their current financial situation, and help them navigate and differentiate the various investment options that can help them on their path to their financial goals. There are a several setups that financial planners generally use and they are compensated based on a few different structures: commissions, fee-based/hourly, assets under management. Commissions : The financial advisor rec

Shopping for a Car: Lease, New, or Used?

If you've ever shopped for a car, you've probably debated how to find the best deal, and how to make sure you're getting the most car for your money. How does the math work out? What's the best use of your money when looking for a vehicle? Is it more cost effective to lease and have a lower monthly payment, buy a new car that will last for many years, or look for something used to avoid the instant depreciation from driving a new car off the lot? I'll dig into each option below with some examples to help explain the best use of your money. Let's take a look at an example for a 2020 Ford Escape SE 4 wheel drive (4WD). My wife and I have been debating getting a larger vehicle so we can haul more stuff around so that's why I chose an SUV for the example, but the principle is the same across all vehicles. I'll assume a timeline of 6 years for the total cost. That will amount to 2 leases, 5 years of new car payments, and 3 years of used car payments with bot

Review of First Year as A Landlord

When managed correctly, owning a rental property can be a great source of secondary income. But there are tons of options when looking for areas to invest in, and owning property isn't completely passive, so I need to make sure that I'm actually getting a good return on my money. When looking at long-term investments, a year is really a short time period, but I have a good set of data, and a decent idea of the actual expenses for this property, so I can better project the income and expenses going forward. Through my first year as a landlord, I've lost both of my original tenants, found new tenants who were willing to pay $100 more each month in rent, fixed and replaced various appliances, and built a small cash reserve for future repairs and updates. In order to purchase my first rental property, a duplex, I needed just shy of $48,000. After 12 months, my total expenses are $19,226 and my total gross income is $24,659 which leaves me with a net profit of $5,433. Alone, t

Bitcoin Might be the Best Black Friday Deal of 2020

Black Friday is time-honored American tradition, with discounts galore, and the opportunity for massive savings on everything from apparel to smartphones and TVs. But the latest tech gadgets aren't the only thing selling for a discount in 2020. The price of bitcoin has been around or below $17,000 for nearly the entire day. That's around a 12% discount, and more significantly, it's the biggest pullback that bitcoin has seen in the last month. If you've been scared to miss out on bitcoin, or were waiting for an opportunity to dip buy, now might be your chance. There's definitely a chance that bitcoin sees at least one more significant downturn in 2021, as we're likely to see the stock market correct at some point, and bitcoin is now somewhat correlated to the overall markets, but it's impossible to know what price bitcoin will be at by then. If bitcoin performs as many expect it to in 2021, this might be the last legitimate chance to purchase any bitcoin a

Why is College so Expensive?

Why is college so expensive? This is a question I never thought I'd be asking myself. When I was graduating high school in 2008, college was expensive, but no one questioned the cost. Everyone understood that you tried to do as well as you could in high school, so you could get into the best college you can, and the rest will take care of itself. Our parents told us stories about their rich friends who all went to college and now have great jobs and a lake house. Things we could only dream of. So we, as young adults, knew that college was the best way to increase our income and wealth. So why are so many questioning it now? Why has college gotten so expensive? There's no denying that college graduates earn more on average than non-college graduates . In fact, according to a congressional research report from 2019, college graduates out earn non-college graduates by about 67%, or 11$ per hour. That's a huge difference, but it comes at a cost. The cost of attending college ha

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I am not a lawyer, financial adviser, or accountant. All content is purely for entertainment only.