Financial Independence Retire Early, known as "FIRE", has grown from a group of bloggers to being featured in the Wall Street Journal and New York Times. More and more people are striving towards financial and personal freedom, and the FIRE movement aligns with this. We'll walk through what FIRE is, how to do it, and what risks you should keep in mind. What Is FIRE? FIRE … [Read more...] about What is FIRE – Financial Independence Retire Early?
What is a 1031 Exchange?
Many real estate investors are wondering what a 1031 exchange is. If you want to upgrade your real estate, 1031 exchanges are a great way to do this while keeping your taxes low. There are some requirements and deadlines to keep in mind. We'll walk through the requirements, timelines, and share some examples. What is a 1031 Exchange? A 1031 exchange allows an investor … [Read more...] about What is a 1031 Exchange?
Lifestyle Inflation – What it is & How to Avoid It
Lifestyle inflation does not discriminate - it attacks the lower, middle, and upper classes equally. It is easy to fall into. After pitching pennies in college, you finally have a new job, and are excited to live like an "adult". If you don't lay the right savings plan then, you'll find each of your raises and bonuses going towards upgrading your life, while your savings … [Read more...] about Lifestyle Inflation – What it is & How to Avoid It
How Much Should Be in Your Savings Account?
You never know when a rainy day could happen, and your savings account will brace your fall if that rainy day happens. Without savings, you could be forced to sell your investments at the wrong time. You may even have to pull money out of your retirement accounts. Not only will this disrupt your future, you'll also have taxes and financial penalties to deal … [Read more...] about How Much Should Be in Your Savings Account?
Compound Interest & Why It is So Powerful
Compound interest can be best summarized with this thought experiment. If you had the option of receiving one of the following for a month, which would you take? $1,000 each day 1 penny that doubles each day $1,000 each day is $30,000 for the month (let's hope you aren't offered this deal in February). But what about that penny? How much could that come out … [Read more...] about Compound Interest & Why It is So Powerful