10 Pillars of Financial Independence with Jonathan Mendonsa

Popularized by extreme frugality rock stars like Mr. Money Mustache, the Mad Fientist and Jacob from Early Retirement Extreme, the Financial Independence or FIRE community has grown in popularity over the past 5-10 years.

This is a subset of the personal finance world that encourages earning a solid income early in your life, saving a boat load of cash and retiring earlier than most of your peers.

For a frugal guy like me, this concept makes a ton of sense. Work hard, save and invest early so you can enjoy the majority of your life doing what you love.

But what happens when you’ve retired early? You still need something. You need a purpose or a goal to work toward.

Continue reading “10 Pillars of Financial Independence with Jonathan Mendonsa”

How to Increase Your Net Worth by $700,000 in 7 Years

One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?

One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined six-figure income together so we figured our net worth must be HUGE.

After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!

via GIPHY

We walked upstairs and started to write down all of our numbers on a big white board. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.

We were kinda broke.

Continue reading “How to Increase Your Net Worth by $700,000 in 7 Years”

How to Build Your Credit Without a Credit Card

Without the right discipline, credit cards can cripple our ability to build our cash savings, our retirement savings and our overall wealth. It’s so easy to swipe that little piece of plastic without even thinking twice about how much money we actually have in our checking account.

My guest today, Whitney Hansen, has developed a business that helps people battle the temptations of the all-powerful credit card. After becoming completely debt free early in her life, she now supports others in doing the same.  For most people, that journey to debt freedom starts with their relationship with credit.

Continue reading “How to Build Your Credit Without a Credit Card”

How to Get Your 5-Year Old to Help Around the House

On a recent Friday evening, I came home from a long day of work and to my surprise I saw my 5-year old daughter Zoey vacuuming our kitchen. I asked my wife what our little one was up to, but she was just as perplexed as I was. We’d been working with Zoey to do her chores every Saturday morning for the past year, but she’s never taken the initiative to do them on her own.

After Zoey finished vacuuming, she asked my wife and I to leave the kitchen while she put away the silverware. She told us that she wanted it to be a surprise.

We let this cleaning frenzy go on for another 15 minutes before we stopped her and asked, “Why are you doing your chores today, Zoey?”

Continue reading “How to Get Your 5-Year Old to Help Around the House”

Is Debt Freedom Impossible in a High Cost of Living Area?

This week’s question comes from Michelle in response to an article I wrote about paying off our mortgage early:


MICHELLE:

Hi Andy,

I find myself in a unique position.  I understand the steps you’ve outlined in your mortgage pay off article. I’ve read a few books on that process by Dave Ramsey.  

What advice would you give to someone who lives in a very high cost area?  

Continue reading “Is Debt Freedom Impossible in a High Cost of Living Area?”

How This Young Mother of Twins Earns Six-Figures Working from Home

There are a lot of parents out there who would love to spend more time with their children, but they are stuck at the office all day. By the time they fight through traffic and get home, they’re exhausted.

On the opposite end of that coin, there are a lot of stay at home parents that really want to make a solid income to help their families thrive. 

My guest today has found a way to do both.

Continue reading “How This Young Mother of Twins Earns Six-Figures Working from Home”

How To Pay Off Your Mortgage Early in 10 Not-So-Easy Steps

In late 2017, we paid off the $195,000 mortgage on our dream home. After 4 years of focus and partnership with my wife Nicole, we’re now completely debt free and thrilled about the future ahead of us.

To help our two young children remember this family tree-changing moment in our lives, we decided to celebrate with them. Instead of just burning the mortgage and tipping back a few glasses of champagne (which we did too), we came up with a few unique ideas of our own like running through a “Mortgage Wall” and whacking a “Mortgage Piñata”!  

The kids had a blast and so did we. This was a moment we wanted our kids to remember. It was the day we decided that our family was going to become debt free for life.

Continue reading “How To Pay Off Your Mortgage Early in 10 Not-So-Easy Steps”