New Baby!?! How To Save Money on Child Expenses

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My family recently received the best kind of dividend. He’s small in size and already has made a huge impact on our lives. Our family of three has become four, as we welcomed our second son into the world.

Save on child expenses

Once the initial shock and joy wore off, I remembered that kids are expensive. They’re also unlikely to speed up a plan toward Financial Independence. Well, unless that plan is to have your kids support you.

When it was time to write this post, I was a little sleep deprived. With a foggy brain, I decided to reach out to some experts in the Personal Finance Blogging community.  I asked for their strategies on keeping the cost of children under control. I think you’ll like their answers and expect you’ll also find some ways to save money on child expenses. Continue reading “New Baby!?! How To Save Money on Child Expenses”

Chasing Financial Independence is NOT About Sacrifice

Chasing Financial Independence is NOT About SacrificeOne of the responses I received from “How Much Do You Need to Retire?” was that chasing financial independence is about making sacrifices. The logic behind this comment was that anything you save today is a “sacrifice” because you are not spending that money. I have a different view. Chasing financial independence is not about sacrifice, it’s about prioritization, intentionality and focus. Continue reading “Chasing Financial Independence is NOT About Sacrifice”

Less Stress and More Happiness

Less Stress and More HappinessTo explain why I think financial independence leads to less stress and more happiness, let me tell you a brief story. One day at work my boss called me into an unscheduled meeting:

Boss: “Jason, we are going to have to let go you. The company has decided to go in a different direction.”

HR Woman: “We are prepared to offer you 6 weeks of severance…”

Continue reading “Less Stress and More Happiness”

How Much Do You Need to Retire? / What is the Formula for Financial Independence?

How Much Do You Need to Retire?

 

 

 

 

3-Year-Old Son: Daddy, can you play trains with me?

Me: I’m sorry, I can’t play right now, I need to go to work.

3-Year-Old Son: [Sad Face]

Me: One day, I’ll have enough money that I won’t have to work.

3-Year-Old Son: And then you can stay home and play with me all day? [Happy Face]

Unfortunately, by the time I have the money to stay home, I’m not sure my son will want me to play trains with him all day. I expect that he may have other interests by then.  I was very impressed by how quick he grasped the concept of doing what you want with your time once you have enough to support yourself.

Once You are Financially Independent You Can:

  • Continue working to increase your lifestyle
  • Quit a job that makes you unhappy
  • Start a business without the pressure of needing to succeed right away
  • Spend more time with friends and family
  • Spend time on a hobby you are passionate about
  • Work to financially support or volunteer for your favorite cause
  • You may even be able to do a number of these things, – or thousands of others – the possibilities are endless!

Continue reading “How Much Do You Need to Retire? / What is the Formula for Financial Independence?”

Super Coin Flip Risk Assessment

In the Coin Flip Risk Assessment, I presented a hypothetical coin flip as an introspective view of your feelings on risk. Well, one of my readers, (OK fine, it was my wife) put the screws to me and gave me a hypothetical Super Coin Flip Risk Assessment with the same premise as my initial question.

Risk Assessment

Continue reading “Super Coin Flip Risk Assessment”

Don’t Let Fear Prevent You From Winning

Disclaimer Reminder: I am not a financial advisor. This blog nor the author is responsible for investing decisions you make. Please consult with a professional before investing. You can find our full disclaimer here.

This is a continuation of the risk theme we explored in the posts titled “Winning Personal Finance Coin Flip Risk Assessment” and “The Stock Market Will Always Go Up Over Time.” In the first post, I presented a hypothetical coin flip as an introspective view of your own feelings about risk. In the second, we looked at some of the risks involved in investing in stocks.

Now we are going to try and tie the two together.

Investing and Risk Tolerance

Continue reading “Don’t Let Fear Prevent You From Winning”

The Stock Market Will Always Go Up Over Time

Disclaimer Reminder: I am not a financial advisor. This blog nor the author is responsible for investing decisions you make. Please consult with a professional before investing. You can find our full disclaimer here.

This is a continuation of the risk theme we explored in the post titled Winning Personal Finance Coin Flip Risk Assessment. In that post, I presented a hypothetical coin flip as an introspective view of your feelings about risk. Now, we are going to dive into some of the risks involved in investing in stocks and prove that the stock market will always go up over time.

S&P 500 Returns

You Can Lose Money Investing in Stocks

Yes. It’s true. You can lose money in stocks. Let’s explore it a bit further.

Continue reading “The Stock Market Will Always Go Up Over Time”

The WPF Coin Flip Risk Assessment

Disclaimer Reminder: I am not a financial advisor. This blog nor the author is responsible for investing decisions you make. Please consult with a professional before investing. You can find our full disclaimer here.

Nobody wants to lose money!

Psychologically, it hurts much more to lose than it feels good to win. Think about how you would feel taking $1K out of an ATM and then having it fall out of your pocket. Now think about how you would feel to learn everyone at your company including yourself were given a $1K (net of tax) bonus at work. Personally, I’d be much more upset about losing the cash than happy about the bonus.

Even though it hurts more to lose than to win, remember that in equal amounts, they have the same financial effect! Is this fear of loss holding you back when you invest?

Continue reading “The WPF Coin Flip Risk Assessment”

Procrastination is the Enemy of Winning – Save Money on Insurance

As I’ve mentioned in previous posts, at the beginning of this year I thought I had my financial life in good order, but I was wrong. The more I searched for ways to improve my finances, the more opportunities I found. Over the past few months, I’ve learned of a number of new ways to earn or save some money. One of my motivations to start this blog was to create an easy way to share these opportunities with family, friends and others seeking to optimize their finances.

This article is the second in a series of posts about the actions I have taken to save or earn more money. The first was about increasing the amount of interest I earn on my savings.

Winning Personal Finance Move #2

Continue reading “Procrastination is the Enemy of Winning – Save Money on Insurance”

8 Winning Personal Finance Tips for Newlyweds!

I recently attended a wedding and want to wish a heartfelt public congratulations to the lovely bride and groom! Since I didn’t get a chance to give a toast over the weekend, I would like to offer some unsolicited financial advice for all see. Without further ado, here it goes:

Continue reading “8 Winning Personal Finance Tips for Newlyweds!”