Know Your Blogger Series
Latestarterfire
I woke up one morning in January 2018 in a cold sweat, really worried and anxious about retirement. It was the year I turned 47. I was in a stressful job and the thought of working another 20 years was unbearable. At the same time, retirement was a scary concept, something I hadn’t thought about at all. It had always been something far, far away in the future.
Googling how much I need to retire somehow led me to Mr Money Mustache. And led me down the rabbit hole of FIRE. Many of the blogs I read were written by much younger people who had already FIRE’ed or intending to FIRE in their 30s and 40s. And here I was, just beginning the journey at 47.
Check out our Q&A with Latestarterfire here.
Googling how much I need to retire somehow led me to Mr Money Mustache. And led me down the rabbit hole of FIRE. Many of the blogs I read were written by much younger people who had already FIRE’ed or intending to FIRE in their 30s and 40s. And here I was, just beginning the journey at 47.
Check out our Q&A with Latestarterfire here.
Learn why it’s never too late to start taking control of your money with the blog, Latestarterfire.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, Latestarterfire.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Latestarterfire, learn about the author, and learn personal finance tips from Latestarterfire to help you improve your financial situation.
A big thanks for Latestarterfire for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Latestarterfire, learn about the author, and learn personal finance tips from Latestarterfire to help you improve your financial situation.
A big thanks for Latestarterfire for this interview! Now, we will turn it over to the author for this interview.
Tell us about Latestarterfire
Hello, I’m Latestarterfire and as the name suggests – a late starter to the FIRE movement. I woke up one morning in January 2018 in a cold sweat, really worried and anxious about retirement. It was the year I turned 47. I was in a stressful job and the thought of working another 20 years was unbearable. At the same time, retirement was a scary concept, something I hadn’t thought about at all. It had always been something far, far away in the future.
Googling how much I need to retire somehow led me to Mr Money Mustache. And led me down the rabbit hole of FIRE. Many of the blogs I read were written by much younger people who had already FIRE’ed or intending to FIRE in their 30s and 40s. And here I was, just beginning the journey at 47.
I started writing the blog in late August 2018, mainly to be accountable. I knew I would be tempted to give up when the going got tough. Plus I wanted to add an older ‘voice’ to the community. Once I began connecting with the community, I found there were others like me – I just didn’t find them before. It was a relief to know I wasn’t alone. Now, I am passionate about sharing other late starters’ stories in my Late Starter to FI series.
What makes you and your blog unique?
My age? At 49, I am ‘old’ to be a FIRE blogger ☺
I want other late starters to know that it is never too late to start taking control of our money. And that we are a community within the broader FIRE community. We may not be able to retire super early but we can aim at retiring earlier than the traditional retirement age.
What does “being good with your personal finances” mean to you?
I used to think that all I had to do to be ‘good’ with my personal finances was to spend less than I earned. That that would be enough. Now I know that it is a great start, but I also need to invest my savings regularly and consistently in order to build future wealth.
What are some habits you practice to keep your personal finances in order?
I spend less than I earn. I don’t borrow money to buy depreciating assets or stuff. I um … don’t budget but track my expenses instead. And automate savings by scheduling automatic transfer of funds from my weekly pay to various accounts such as emergency fund, travel, annual expenses, investment, house maintenance, give and so on.
Right now, I need to catch up on my retirement savings so I have a portion of my pay deducted before tax which goes directly into my retirement account (known as superannuation in Australia). This money doesn’t hit my bank account at all so I don’t miss it. I make sure I contribute the maximum allowed per year (currently $25 000 including employer contributions) I review this every 6 months to make sure I am on track.
What are your three articles people should read to get to know you and your message better on your site?
For someone looking to improve their financial situation, what’s your best advice?
It all depends on your goals – what are you hoping to achieve? And then work out a plan to achieve it.
But it all starts with spending less than you earn – you can’t improve your financial situation without this first step. Review expenses to work out what you can reduce or eliminate totally. Then direct that savings to your goal, be it saving for an overseas holiday, paying down debt or investing in the share market.
I would set up automatic transfers of funds directly into various accounts specifically named after your goals or if you are paying down debt, directly onto the credit card or loan account.
For medium to longer term goals such as paying off the mortgage or achieving Financial Independence, it is important to review your goals and assess if savings is adequate and on track – adjust as necessary. And don’t forget to celebrate any milestones achieved along the way.
What’s an area of your life which has benefited from improving your personal finances? Have there been any areas of your life which have suffered?
I never thought that pursuing FIRE and therefore improving my personal finances would lead me to so much self analysis and reflection. It has made me question what is important to me. And made me aware that I really wanted to free up time in my life, that I didn’t want to live a stressful life.
It gave me the courage to quit a demanding and stressful job. And transition to a slightly lower paying job with less responsibilities. I now jealously guard that time off and ensure I have enough time for self care and reflection. I have time to read and learn new skills (such as blogging!)
In your opinion, what’s better? Renting a place or buying a house to live?
I am firmly in the camp of buying a property to live in, a property that you can afford.
When I first came to Australia as a student, I lived in rental properties, sharing with a friend. We would take turns, in between university lectures, to visit real estate agents to ask for a list of available flats to rent then rushing to check out the flats and hopefully beat the competition. (This was ‘before the internet’ days!)
I don’t want to do this in my seventies. I don’t want to have to move out because the owner wants to sell the property and new owners are moving in. Or whatever the reason is.
I want a place that is mine, a place where I can choose to paint a wall red without asking for anyone’s permission. It is a place of sanctuary, a place where I can be me. The sense of security with owning my home, debt free is priceless. It is knowing that I have a roof over my head, no matter what and that no one can kick me out.
Of course, I must have the money to pay for local council rates, utility bills, maintenance etc – all the associated costs of home ownership, costs that I am willing to pay to be secure and have peace of mind.
In your opinion, what’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
It really depends on where you are at in your life. It is also not an either or situation – you can do both!
It is easier to focus first on decreasing expenses – it is totally within our control. We may be able to justify every expense but if we are honest, there is always room to reduce or eliminate some expenses. This is especially true if we’ve allowed lifestyle inflation to happen over the years.
Increasing income becomes harder in the later stages of our career. We may already be earning peak incomes in our 40s and 50s. Many of us are suffering burnout or on the verge of doing so. Increasing our pay may mean more responsibilities that we just don’t have the mental capacity for. And adding a side hustle may push us over the edge.
I’m not saying not to pursue a higher income. I’m just saying it may come with a cost – to personal relationships, self care and that feeling of overwhelm, that things are spinning out of control. I know – I have been there.
It was much easier and quicker for me to free up money to invest by reviewing my expenses and cutting the multiple take away coffees and lunches, for a start. I then moved on to bigger ticket items such as insurances and utility bills. Using credit cards for travel reward points meant that I no longer pay for flights. Learning how to save money is a continuous process and a challenge, especially if, like me, you think ‘frugal’ is a dirty word.
Through reviewing my expenses, I also define what is important to me. Drinking coffee brings me a lot of joy. That doesn’t mean I have to pay for takeaway coffee every day. Ordering coffee from my favourite coffee roaster and making it at home with a moka pot reduced my coffee to $1 a day instead of the usual average of $4 for a takeaway coffee. If I could stomach instant coffee, it would be way cheaper but a girl has to draw the line somewhere ☺
It may take a little bit longer to achieve financial independence without increasing your income. But I would choose this any day if it meant my mental health is not compromised.
Do you have any financial mistakes you’d like to share, and how have you grown from these mistakes to improve your personal finances?
Oh yes, I have made many financial mistakes!
I started out doing the right thing in my twenties – investing in shares, contributing extra to my retirement account and saving for a deposit for my house purchase.
However, once I bought my house, I stopped investing altogether. I stopped investing in shares – in fact, I sold the majority of my portfolio to have a bigger deposit. I stopped contributing extra into my retirement account. It was too much hassle to look for rental properties.
My excuse was I wanted every cent to pay down my mortgage. But the truth was I found money to travel and buy stuff. I could certainly have found some money to invest.
The lesson I learnt is that time passes quickly. It is easy to drift through life and wake up one day with no idea how you can afford to retire. So I am learning to be intentional with my money and set up systems to invest in my retirement account and my share portfolio.
What’s a non-money related interest you have and what do you love about it?
I love reading, baking and cooking.
Reading opens up your horizons, allows you to explore lives and takes you to places without leaving your lounge. It is a great way of escape for me – I can immerse myself in someone else’s world for a time, without thinking about my own situation.
Baking and cooking is a life skill. My friends joke that I will never starve – I am always cooking something or thinking about cooking something. It is therapeutic to transform simple ingredients into something delicious and nutritious – it feeds me physically and feeds my soul at the same time. I just hate the washing up.
How You Can Contact Latestarterfire for More Information
You can learn more about Latestarterfire at https://www.latestarterfire.com/, like them on Facebook at https://www.facebook.com/latestarterfire/, and follow them on Twitter at @latestarterfire.
Thank you for reading this interview, and thank you, Latestarterfire, for providing us with some great personal finance tips!
Know Your Blogger Series
Money Life Wax
Money, Life, Wax – what sort of name is that for a blog? Truth be told I get that question quite often, and the answer is pretty simple. Back in August 2017, I decided to start a blog titled, “Money, Life and The Whole Ball of Wax,” essentially focused on topics involving personal finance and life skills. I eventually rebranded because truthfully, the domain name was really long.
As the blog has grown, MLW’s mission is to help others with managing their finances, creating income, and providing them with the necessary perspective to live a meaningful life.
Check out our Q&A with Money Life Wax here.
As the blog has grown, MLW’s mission is to help others with managing their finances, creating income, and providing them with the necessary perspective to live a meaningful life.
Check out our Q&A with Money Life Wax here.
See how the blog, Money Life Wax, can help give you the necessary perspective to live a meaningful life.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, Money Life Wax.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Money Life Wax, learn about the author, and learn personal finance tips from Money Life Wax to help you improve your financial situation.
A big thanks for Money Life Wax for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Money Life Wax, learn about the author, and learn personal finance tips from Money Life Wax to help you improve your financial situation.
A big thanks for Money Life Wax for this interview! Now, we will turn it over to the author for this interview.
Tell us about Money Life Wax
Money, Life, Wax – what sort of name is that for a blog? Truth be told I get that question quite often, and the answer is pretty simple. Back in August 2017, I decided to start a blog titled, “Money, Life and The Whole Ball of Wax,” essentially focused on topics involving personal finance and life skills. I eventually rebranded because truthfully, the domain name was really long. However, as the blog has grown, MLW’s mission is to help goals with managing their finances, creating income, and providing them with the necessary perspective to live a meaningful life.
One huge goal is to help 25 readers each year make $1,000 per month or become debt free – the financial peace that comes with this is exhilarating.
What Makes You and Your Blog Unique?
Obviously, besides the unique name, where Money Life Wax stands out is the perspective on life that readers get to read about. Most of the topics and articles go beyond surface-level stuff such as “How to Get Out of Debt,” and really dive into what it will truly take to accomplish big goals in life.
As a self-proclaimed Renaissance man (teacher, former coach & AD, blogger, writer, business owner, husband, athlete), combined with enduring some tough challenges growing up (losing a mom, having family members fight addiction, experiencing financial hardships at home), Money Life Wax offers a truly unique perspective and way of going about things. That starts with getting your finances in check.
What does “being good with your personal finances” mean to you?
While there are differing viewpoints on personal finance, hence the “personal” part, being good with finances starts with avoiding debt and paying off debt. It’s inevitable, if you take debt out, you will need to pay it back. However, I am also quick to say that cutting expenses is necessary, but it is not the end all be all.
What are three articles people should read to get to know you and your message better?
The article that put MLW on the map: Stop Comparing Yourself Financially
11 Reasons Why You’re Broke (& How to Fix It)
How We Paid Off $180,000 in Student Loans in 36 Months
For someone looking to improve their financial situation, what’s your best advice?
Someone who is looking to make big jumps in their personal finance short term should cut expenses, but long term they should also search and take action in learning how to make more money. Creating more income streams provides more options. The higher the reward though, the greater the effort, therefore at MLW I often write about taking daily action and stretching yourself just a little further. Things like not comparing yourself, running your race, tracking finances, and working as a team with your partner are key topics I like to hit on!
What’s an area of your life which has benefited from improving your personal finances? Have there been any areas of your life which have suffered?
My take on finances is simple = Improve yourself, improve your finances, and you will improve your life.
Don’t get it twisted, simple and easy are two different things. Change is a lot like skinny dipping in quicksand, it is very uncomfortable. And while I am not advocating you go skinny dipping in quicksand, what I am saying is that you must embrace change if you want to get better financially.
I only share our side of the coin simply because I know what focusing on personal finance has done for my wife and I. As a result of getting serious about our debt in 2016 and making sure we didn’t make all the common money mistakes that most do, my wife and I have a stronger relationship (this is the most important for us).
Our journey to debt freedom made us resilient, tougher, savvier, and better people. Challenge is what keeps us going and the serendipities of taking personal finances seriously are way more rewarding than even the monetary results.
In your opinion, what should you do first? Pay down debt, or invest?
We are team debt payoff first, invest second. Similar to the dog that chases two rabbits and catches none, I have no issue with anyone who does one or the other, however, we stand as strong advocates for debt freedom first and foremost. Debt freedom is stress-relieving.
Additionally, the lessons you learn from paying off debt are far greater (mentioned above) vs investing in my opinion. Lastly, the debt isn’t going to disappear, so why not just knock it out! However, what I will say is sometimes people who are focused on debt freedom make it seem like its all or nothing.
In your opinion, what’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
As I mentioned above, in the short term, improving your finances can be done by cutting back your expenses. However, cutting out expenses can only save you so much, that is why in addition to getting debt free, I stand as a huge promoter of making more money.
Truth be told, as long as it is not illegal, I really am a strong advocate for anyone who is hustling. Once again, when you go create for yourself, you learn so much about yourself! Just remember – it won’t happen overnight, so take consistent action!
What’s a non-money related interest you have and what do you love about it?
Outside of money, something I am really passionate about is what I call “Stretching.” Whether it’s adventures outside, running, intense exercise, or facing fears we all experience, I believe life is lived outside of our comfort zone.
I find many people never really move on in life because they remain in a state of complacency. They talk about change, but they never take the step.
So something I constantly look to do is to stretch myself physically, but I also read at great lengths to improve myself and those around me! It’s sorta weird, but I am a weird guy to be honest.
Why do you believe learning about money and caring about personal finance is important?
When you get your money right, you get your life right. Money is simply a tool that affords more choice to those who have it. While there are many issues in society, at a basic level, there has never been more opportunity then today in history.
Taking personal responsibility of your finances goes a long way. You will be more self-aware, more humble, healthier, and happier. However, when personal finance is avoided, it seems to trickle in every area of our lives. Our marriage, our relationships, how we live, and so on. That is why I truly believe you get your money right, you will get everything else figured out around you!
How You Can Contact Money Life Wax for More Information
You can learn more about Money Life Wax at https://moneylifewax.com/, like them on Facebook at https://www.facebook.com/MoneyLifeWax/, and follow them on Twitter at @moneylifewax.
Thank you for reading this interview, and thank you, Money Life Wax, for providing us with some great personal finance tips!
Know Your Blogger Series
We Want Guac
I started We Want Guac in January this year, after years of itching to share my own experiences.
I focus on showing people in their early 20s how to get started on the climb to wealth; whether you’re debt-free or have loads of loans, whether you’re a newbie or a little advanced, it doesn’t matter. We’re out to get you to understand everything related to finance: budgeting, investing, income growth, adjusted mindsets, and overarching societal impacts are all discussed at length.
Check out our Q&A with We Want Guac here.
I focus on showing people in their early 20s how to get started on the climb to wealth; whether you’re debt-free or have loads of loans, whether you’re a newbie or a little advanced, it doesn’t matter. We’re out to get you to understand everything related to finance: budgeting, investing, income growth, adjusted mindsets, and overarching societal impacts are all discussed at length.
Check out our Q&A with We Want Guac here.
Whether you’re a newbie or a little advanced at personal finance, the blog We Want Guac has something for you.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, We Want Guac.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind We Want Guac, learn about the author, and learn personal finance tips from We Want Guac to help you improve your financial situation.
A big thanks for We Want Guac for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind We Want Guac, learn about the author, and learn personal finance tips from We Want Guac to help you improve your financial situation.
A big thanks for We Want Guac for this interview! Now, we will turn it over to the author for this interview.
Tell Us About We Want Guac
I started We Want Guac in January this year, after years of itching to share my own experiences. The name itself comes from getting the “extra” in life without feeling guilty about it or like you can’t afford it – the guac at Chipotle being the premier example.
I focus on showing people in their early 20s how to get started on the climb to wealth; whether you’re debt-free or have loads of loans, whether you’re a newbie or a little advanced, it doesn’t matter. We’re out to get you to understand everything related to finance: budgeting, investing, income growth, adjusted mindsets, and overarching societal impacts are all discussed at length.
What makes you and your blog unique?
There are countless blogs out there that discuss frugality and side hustles, which I do cover as well. But there are very few that discuss the other side of the coin at length: how to tap into high-paying jobs as a young professional. Tons of financial independence writers and early retirees have also had lucrative careers, yet are almost silent on how they got those. It frustrated me at first when I was looking around and yelling “How can I reach those salaries when no one is replying to my applications?” – a frustration most other Millennials know well.
Fast-forward to 2020 and I’ve tripled my pay from my first job out of college; I’ve switched jobs twice and recently got a raise to $93,000+. My financial success is obviously helped by my high income, and I in turn show others how to reach it in the ways I did. Whether that’s temping to get your foot in the door, LinkedIn walkthroughs, or a personal resume makeover, I give specific and actionable advice to actually make a difference in your career. Couple that high income with low expenses (mine hover around $30k a year) and you’ll find yourself set for independence or retirement at a way earlier age.
What does “being good with your personal finances” mean to you?
If you want a qualitative answer on whether you’re good with finance, there’s a three-question test you can take created by Dr. Annamaria Lusardi at George Washington University. If you can answer all three questions correctly, you’re already ahead of 70% of the United States.
But being good with personal finance is beyond answering questions on a test. It encompasses having the discipline to stick to a budget and feeling satisfied with your money management. If there’s any part of it that you dislike or want to see improved, you should be able to set up how you’ll reach those goals.
I can also say that having a high income alone doesn’t make you good with finance; if you’re earning a lot yet still can’t manage to save anything or know where all that money went, then you’ve still got quite a bit of work to do. As long as you care enough to get the basics down, you’re golden.
What are some habits you practice to keep your personal finances in order?
Right now much of my habits are on autopilot; human brains love habits, so once you set up the right financial habits – and stick to them! – it becomes second nature to continue benefiting from them. A lot of good financial habits revolve around using psychology to your advantage. One of my more specific habits included using fear around money as a motivator to learn all about finance, which was loads better than avoiding the topic entirely.
My own habits include maintaining a budget and investment portfolio I’m happy with. I check both out via the Mint app, which works well to see where I am on my day-to-day spending. I also stay on top of my credit card payments by getting alerts and reminders when it’s time to pay them off each month.
What are your three articles people should read to get to know you and your message better on your site?
I have over a hundred posts on my site so it’s hard to narrow down! Here are some of my favorites:
For someone looking to improve their financial situation, what’s your best advice?
You need to know what you want to happen or else you’ll never have the motivation to see it through. Ramit Sethi puts it best by saying: spend lavishly on what you love, and cut costs mercilessly on what you don’t. Unless you take joy out of whatever it is you’re spending on, it’s actively pushing your goals and dreams farther away from you; to avoid that, take the time to decide what it is you really want. Home ownership and being involved in your family’s lives are more common ones that money plays the deciding role in. It doesn’t even have to be money specific, because money will help make it happen anyway.
Once you’ve aligned your money with your goals and dreams, it’s important to stay on the path to wealth and, if possible, shorten it. Life may throw curveballs at you that change your situation, but that doesn’t change your goals and dreams. It only changes your path.
Money is a tool; it’s not there to hurt you, but to help you. Any tool can hurt you if you use it incorrectly, which happens with money as well; it’s your job to get comfortable with using that tool to build what it is you want.
In your opinion, what’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
That’s like asking if choosing heads or tails is better – they’re equally necessary to reaching wealth. When you’re starting out, however, it’s more important to first decrease your expenses. That teaches you the value of a dollar right out of the gate, and makes it much easier to curb lifestyle inflation and frivolous spending. That can be purchasing more secondhand items or lowering some of your biggest expenses, like groceries or transport. These skills then help you when it’s time to grow your income; it’s equally necessary, but harder to do.
Unlike frugality you’re bringing someone else into the equation, with either a customer or an employer signing your paychecks. That means you have a little less control than you did before – the market rate of your job title is what decides what your fair pay would be, and it’s tricky to convince an employer otherwise. But the upside to income is that there’s no cap or ceiling. There’s only so much budget you can slash, but there’s nothing that says you can only make a certain amount.
What is your favorite investment class and why? (stocks, private business, bonds, real estate, crypto, precious metals, etc.)
INDEX FUNDS!!!! Almost every other asset class requires frequent rebalancing, price-checking, and work in general to reach a good investment return. Index funds break that mold: they historically earn a 10% average historical return – per year – without extra work beyond checking in every three/four months. They also give you the best returns while being (comparatively) less risky than, say, picking stocks or buying houses. The cost barriers are also some of the lowest I’ve seen, making them more accessible to beginner or would-be investors.
Best of all, an index fund investment will never reach $0 in value. Investing can be scary, and we’ve all heard the horror stories of someone losing it all on a bad investment gamble. Index funds mitigate fears like that as you’re hedging on the best performing companies in the country; it’s a hard sell to find as high of a return from such a passive investment.
Do you have any financial mistakes you’d like to share, and how have you grown from these mistakes to improve your personal finances?
Yep – throughout college I was terrified of running out of money and being forced back into a bad family situation. My financial mistakes were never about overspending – instead, mine went in the opposite direction, where I became the most miserable cheapskate ever. It came to a head my senior year of college and in 2016, which I call my Year of Fear. I dealt with subpar living conditions, a bunch of terrible part-time gigs, and ate mostly unhealthy foods all in the name of Not Going Broke. In exchange it affected my health and my relationships with those around me; it was no fun to be the miserable kid in the corner.
It took two changes to stop the stream of money mistakes: deciding I wanted better for myself, and learning how to deal with money efficiently. It has really shown me how fear needs to be used efficiently, just like personal finance. Since then I’ve grown my net worth from $1,000 at college graduation to over $150,000 at 26 years old. Where you started in life doesn’t have to dictate where you’ll end up.
If you received a $5,000,000 windfall tomorrow, what would you do with the money?
That is LIFE CHANGING money!! Assuming this is the post-tax amount, I’d immediately dump $3.5 million into VTSAX index funds, with $2.5 mil in one account and $1 mil in the other. A 10% yearly return on that $2.5 is $250,000, which I can then use to make a world of difference for charitable causes I care about. I’m delighted at the thought of dropping six figures EACH YEAR on advancing racial and social justice, the environment, eradicating poverty, and improving the lives of at-risk children.
The $1 million is to take care of my own yearly expenses, which makes me financially independent automatically. In non-pandemic times I’d take a sabbatical and go on an amazing trip around the world, using the 4% rule to fund the travel. In pandemic times I’d likely just let it grow until I CAN go travel. I’d also try and negotiate going part-time at work as it’d be a win-win: they’d still get the biggest projects of mine done at a lower cost, and I’d still have access to a 401k.
That leaves another 1.5 million to put to use. I’d use one million to build my outrageous dream house in the New Hampshire mountains. Another $50k for two cars, a new bike, and for building a food forest. Another $50k I’d set aside for my brother’s college. $30k for a beefy emergency fund. And the remaining $370,000 would be put into alternative investments as I see fit: paying for another’s college education, technological innovations, environmental improvements, and programming for the poorest communities are all possibilities.
Why do you believe learning about money and caring about personal finance is important?
I’ve seen firsthand how much better my life became once I understood finance. It touches every part of your life whether you like it or not; mastering it means mastering the life you want to live. Money is the #1 cause of anxiety in the United States, and it would be so much less stressful (and healthy) if more folks knew how to best manage it.
Plus, the more folks gain financial literacy, the bigger positive ramifications on our society. The middle class would be larger and the lower class would be smaller. There would be less folks in a desperate situation and less at risk; it’s not enough to battle the other systemic issues that cause these situations, but it is a massively helpful step up. Even the upper class would benefit, as they’re seriously disconnected from the world at large and largely don’t understand the diminishing returns of obscene wealth. Personal finance is personal, and it also can have a bigger impact than you could imagine. I strongly believe in giving people that knowledge – and power – to bring about that betterment for all.
How You Can Contact We Want Guac for More Information
You can learn more about We Want Guac at https://www.wewantguac.com/ and follow them on Twitter at @WeWantGuac.
Thank you for reading this interview, and thank you, We Want Guac, for providing us with some great personal finance tips!
Know Your Blogger Series
How to FIRE
Sam and I started How To FIRE back in July 2018 after feeling inspired by so many other content creators, and we just hit our 2-year blogging anniversary. The name isn’t the most unique out there, but to us, it symbolizes the entire journey needed to reach our financial goals.
It is important to us to provide resources and knowledge for those who want to improve their financial lives as we did. Our overall goal is to normalize discussing your finances with others.
Check out our Q&A with How to FIRE here.
It is important to us to provide resources and knowledge for those who want to improve their financial lives as we did. Our overall goal is to normalize discussing your finances with others.
Check out our Q&A with How to FIRE here.
Come learn about the blog, How to FIRE, as they try to make personal finance easy for others.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, How to FIRE.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind How to FIRE, learn about the author, and learn personal finance tips from How to FIRE to help you improve your financial situation.
A big thanks for How to FIRE for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind How to FIRE, learn about the author, and learn personal finance tips from How to FIRE to help you improve your financial situation.
A big thanks for How to FIRE for this interview! Now, we will turn it over to the author for this interview.
Tell us about How to FIRE
Sam and I started How To FIRE back in July 2018 after feeling inspired by so many other content creators, and we just hit our 2-year blogging anniversary. The name isn’t the most unique out there, but to us, it symbolizes the entire journey needed to reach our financial goals.
Our mission is to help others unlock freedom and flexibility in their lives by making personal finance easy. We discuss everything financial independence retire early (FIRE) related: budgeting, saving/investing, paying off debt, side hustles, travel hacking and so much more.
It is important to us to provide resources and knowledge for those who want to improve their financial lives as we did. Our overall goal is to normalize discussing your finances with others.
What makes you and your blog unique?
We practice what we preach. Having found the FIRE movement at a fairly young age compared to most, this has allowed us to understand the importance of saving and investing. By doing so, we reached CoastFI in 2019, which means we no longer need to contribute to our retirement accounts again to have a more than comfortable retirement at a normal age (65). At this point, any additional contributions just buys us years of freedom.
As for what makes our blog unique – we offer a free eBook for the person who may be coming in with little to no financial knowledge. We also have a 12-Chapter FIRE Guide, a FIRE Calculator that I created, and tons of free printables and digital downloads. We focus more on teaching the principles and how to apply them, than ourselves and our story.
What does “being good with your personal finances” mean to you?
Being good with personal finances can have different meanings, both literal and more meaningful. We believe that if you are appropriately aligning your spending with what you value, then you are being good with money. You don’t need to be a millionaire or the most frugal person in the world to be good with your finances.
In the most simplistic terms, someone who is good with their personal finances likely spends less than they earn, has a plan for their savings and investments, and understands where their money goes each month.
What are some habits you practice to keep your personal finances in order?
Here are the habits that we practice regularly:
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We budget every month as a couple and review our progress weekly
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We have all of our investments set on autopilot
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We never carry a credit card balance and pay our cards off in full each month
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We plan for large purchases and never buy them before we have the money saved up
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We create sinking funds for planned and unplanned expenses
What are your three articles people should read to get to know you and your message better on your site?
When we first started getting our finances in order, we found Dave Ramsey. After following his steps for several months we made a ton of progress. But as we began to pay off our debt we realized that it wasn’t the most optimal plan. This led us to find the FIRE movement, and the rest is history.
How to Use the Dave Ramsey Baby Steps as a Gateway to FIRE – Read this article to see how we transitioned from the Baby Steps to a pursing FIRE.
FIRE Movement: How To Unlock Freedom and Flexibility – If you have no idea what the FIRE movement is, this article fully breaks it down for you and provides you with all of our best resources.
I Quit My Job and We’re Going To Be OK – After pursuing FIRE for several years we reached a point where we had the flexibility to allow my wife to quit her toxic job and become a full-time entrepreneur. Here’s the full story and the planning that went into it.
For someone looking to improve their financial situation, what’s your best advice?
For someone looking to improve their financial situation in the short-term, my recommendation is to figure out where your money is going each month. Start to make a budget, understand how much you earn and how much you’re actually spending on everything each month. You might be surprised where it seemingly all disappears to.
For a more medium-term goal, I would suggest you start by paying off your debt and developing a good emergency fund. As you pay off more debt, you’ll free up expenses allowing you to save and invest more. Having a larger emergency fund means you’re better protected for the unknown which buys you safety and security in the event that something happens, and something will happen eventually.
For a long-term goal, once you’ve knocked out the things mentioned above you should work towards maxing out all of your retirement accounts. Also, if you have an HDHP (high deductible health plan) look into maxing your HSA, too. If there’s still money left over, then you can think about getting into rentals or adding additional dollars to a taxable brokerage account.
What’s an area of your life which has benefited from improving your personal finances? Have there been any areas of your life which have suffered?
Improving our finances has resulted in us having a lot to be thankful for. After years of hard work and reaching CoastFI, Sam was able to quit her high-stress finance job in July 2019 to pursue our blog and business consulting side hustles full-time. Without paying down debt, investing, and saving an emergency fund, this never would have been possible. This change has given us happiness and flexibility.
However, we have learned that the self-employed never sleep! With this has come the challenge to manage our time wisely and still prioritize a work-life balance. It’s easy to work around the clock when you enjoy what you are doing. So, there may be less time to make healthy lifestyle choices and spend time with friends and family. This is one of the goals that we are currently working to improve.
In your opinion, what should you do first? Pay down debt, or invest?
The answer to this question is complex because it will depend on your situation. As a rule of thumb, you should always invest up to your employer match first because it’s free money. But, if you have debt that is a 5% interest rate or higher, we believe you should work on paying this down simultaneously before maxing any investment accounts. If it’s less than 5%, you’ll need to weigh the pros and cons. Market returns could outweigh your interest rate, but you might mentally feel better about eliminating your debt.
After your debt is paid off, start investing more right away. You can even put your contributions on an automatic investment plan, so you don’t even have to think about it. This will also eliminate any temptation to spend the money instead. Most importantly, don’t allow yourself to go back into debt!
Do you have any financial mistakes you’d like to share, and how have you grown from these mistakes to improve your personal finances?
During the period of us paying off debt while in college, Sam got into a car accident in 2015 that totaled her vehicle. Instead of making the smart decision to buy a used vehicle and pocket the rest of the insurance money for our debt, we bought a brand new white Jeep Patriot.
To be honest, we both hated that car! In 2017, after a year of being married, we traded it in for a crazy deal on a Hyundai Santa Fe. Between it being driven previously by the dealer’s employees, other rebates, and some negotiating, we were able to knock down the price by almost 40% off MSRP.
Another financial mistake that we regret is how quickly we jumped into buying a house. The apartment we were living in was old and cramped, so we thought it was in our best interest. We got the keys about a month before we got married, and we love our house! However, we failed to put down 20%, so now we are paying the price in PMI. We’ll never do that again. At least we’re saving several hundred dollars a month compared to renting while building some equity.
If you received a $5,000,000 windfall tomorrow, what would you do with the Money?
I’m sure anyone following the FIRE movement might say the same thing….we’d retire with 5,000,000! To ensure that our money lasts for the lifestyle we want to live, it would be essential that we build a diversified portfolio with the money as well as invest in real estate.
I can see us traveling the world once we retire while still continuing with our blog because it is both a hobby and business of ours. But, we’d 100% be on our own terms with the freedom and flexibility we’ve always dreamed of. We’ve always wanted to own a camper and travel around, so we’d do both domestic and international traveling.
Why do you believe learning about money and caring about personal finance is important?
Learning about money and caring about personal finance should be as normal as brushing your teeth twice a day. No one should question it, and everyone should do it. Cracking the money code is what will help you prioritize what you value in life. Many people say that if you show them your budget, they can show you what you care about.
We only get one life, and Sam and I truly believe that if you are smart with your finances, that you can get the most out of your time.
About the Author:
John Hawrylack is a personal finance expert, entrepreneur, and Software Engineer with a BS in Computer Science and a Masters in Software Engineering. Along with his wife, Sam, they help others discover their own version of FIRE on their blog, How To FIRE. You can reach John on Twitter @HowToFIRE.
Thank you for reading this interview, and thank you, How to FIRE, for providing us with some great personal finance tips!
Know Your Blogger Series
Our Freedom Years
We launched our blog and our YouTube channel during the same month that we boarded a one-way flight from Singapore to Poland and began our life as full-time travelers.
As we explore the world, we share how-tos for financial independence, retiring early and slow travel. The goal of our blog and channel is to equip others to gain control of their finances so that they too can pursue the life of their dreams.
Check out our Q&A with Our Freedom Years here.
As we explore the world, we share how-tos for financial independence, retiring early and slow travel. The goal of our blog and channel is to equip others to gain control of their finances so that they too can pursue the life of their dreams.
Check out our Q&A with Our Freedom Years here.
Come read about the retired couple who are now full time travelers and loving life!
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, Our Freedom Years.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Our Freedom Years, learn about the author, and learn personal finance tips from Our Freedom Years to help you improve your financial situation.
A big thanks for Our Freedom Years for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Our Freedom Years, learn about the author, and learn personal finance tips from Our Freedom Years to help you improve your financial situation.
A big thanks for Our Freedom Years for this interview! Now, we will turn it over to the author for this interview.
Tell us about Our Freedom Years
When we became financially independent and said goodbye to high pressure corporate careers as expats in Singapore, we realized that we had a lot of learning to share with others who are keen for a life beyond the workplace.
We launched our blog and our YouTube channel during the same month that we boarded a one-way flight from Singapore to Poland and began our life as full-time travelers. As we explore the world, we share how-tos for financial independence, retiring early and slow travel. The goal of our blog and channel is to equip others to gain control of their finances so that they too can pursue the life of their dreams.
What makes you and your blog unique?
What makes Our Freedom Years unique is that we invite our audience to join us in our post-retirement life. Yes, we share practical tips and advice for financial independence but we also give an inside look at our life of travel, including where we go, what we love about it and how much it costs. We hope this helps our audience chart their own path to financial independence while providing inspiration for envisioning a life beyond the 9-to-5.
What does “being good with your personal finances” mean to you?
Being good with our personal finances means having a measure of control over our present and future. While it’s impossible to account for all of life’s possibilities, we feel confident knowing that we have the financial literacy and the means to handle any challenges that come our way.
What are some habits you practice to keep your personal finances in order?
On a daily basis, we track every penny that we spend as we spend it. At the end of each month, we sit down with a coffee and review our spending, update our net worth and discuss the budget requirements for the upcoming month.
On a strategic level, we have a quarterly financial review – a fancy name for a breakfast meeting – where we review our short and long-term goals and decide if any changes need to be made within our investment portfolio or our risk management approach. All of these practices ensure that we devote a reasonable amount of time discussing our finances and planning for the future.
What are your three articles people should read to get to know you and your message better on your site?
For someone looking to improve their financial situation, what’s your best advice?
The easiest way to improve finances in the short term is to track every penny you spend. Once you know where your money’s going, you can do a better job of spending on the things you value most and saving towards whatever your financial goal might be.
In the medium term, we recommend calculating your net worth and tracking its growth, along with your household’s financial inflows and outflows.
For the long term, we recommend stepping away from the spreadsheets and instead focus on identifying your life goals. While savings and investing are an important part of the equation, it’s equally important to know what it is you’re working towards.
What’s an area of your life which has benefited from improving your personal finances? Have there been any areas of your life which have suffered?
When we discovered the concepts of financial independence and retiring early, our lives underwent a total transformation. Instead of facing decades more in an office, we realized that, with a bit more financial discipline, we could step away from corporate jobs permanently.
Since fine tuning our finances and retiring early, we’ve shed years of work stress and embraced a new life of discovery and adventure. Sure, we had to go through a couple years of frugality to arrive here…but escaping a crushing corporate schedule and never-ending emails made it all worthwhile.
In your opinion, what’s better? Renting a place or buying a house to live?
Speaking as former homeowners who now live full time in Airbnbs around the world, we are strong advocates for renting. For us, selling our first home enabled us to put the equity towards our investments. This became the basis of the wealth that we have built over the subsequent years and what eventually enabled us to retire early. As short-term renters who move to a new city every month or two, we can have our pick of homes and never have to worry about maintenance, repairs or paying for utilities.
That said, we are not against home ownership. Whether it makes sense financially depends on your personal circumstances and local real estate market.
In your opinion, what’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
Based on our own experience, we recommend a balanced approach to achieving your financial goals. For most of our lives, we focused on increasing our earnings. We undertook graduate degrees, sharpened our skills with additional training and eventually moved to Singapore to take advantage of high salaries and low taxes.
Unfortunately as we increased our earning, we also increased our spending. Only in the two years prior to early retirement did we get serious about decreasing our expenses. Had we focused on both sides of building wealth, we would have been a lot further ahead financially.
Do you have any financial mistakes you’d like to share, and how have you grown from these mistakes to improve your personal finances?
Early in our relationship, we decided to plan our investments as a couple. We met with an investment advisor who assessed our risk tolerance and recommended a plan. Feeling a lack of confidence in our own financial literacy, we ended up buying high fee mutual funds. These were very generic mutual funds giving us slices of the US, Canadian and bond markets. Ultimately the funds didn’t outperform the market average and therefore didn’t merit the management fee we were paying.
We held those funds for a couple years until the day we did the math and realized that we were overpaying. Those management fees were just going to chip away at our returns over the years.We decided to exit those funds — paying a penalty fee in the process – but felt it was the right move. We’ve since sharpened our financial literacy and are responsible for charting our own investment strategy… with a focus on low-cost index funds, of course.
What’s a non-money related interest you have and what do you love about it?
We love exploring the world and have made slow travel the primary focus of our post-retirement life. We enjoy learning about new cultures and customs, discovering new foods and getting lost in natural settings. We find it exciting to land in a new destination, try out a few words in the local language and become part of the neighborhood life.
The travel experience has become even more precious to us during these unusual times. While we need to exercise caution, we are still committed to exploring as much as possible, safely and responsibly.
How You Can Contact Our Freedom Years for More Information
You can learn more about Our Freedom Years at ourfreedomyears.com, follow them on YouTube at Our Freedom Years, and follow them on Twitter at @OurFreedomYears.
Thank you for reading this interview, and thank you, Our Freedom Years, for providing us with some great personal finance tips!
Know Your Blogger Series
Peerless Money Mentor
The mission of the blog is to help others escape Broke Phi Broke by becoming financially woke.
What makes the blog unique is that I combine my love of hip-hop, economics, psychology to tell deeply personal stories. I share my highs, lows, insecurities, etc.
Check out our Q&A with Peerless Money Mentor here.
What makes the blog unique is that I combine my love of hip-hop, economics, psychology to tell deeply personal stories. I share my highs, lows, insecurities, etc.
Check out our Q&A with Peerless Money Mentor here.
Learn more about Peerless Money Mentor and how he documents his journey from broke to financially woke.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, Peerless Money Mentor.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Peerless Money Mentor, learn about the author, and learn personal finance tips from Peerless Money Mentor to help you improve your financial situation.
A big thanks for Peerless Money Mentor for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Peerless Money Mentor, learn about the author, and learn personal finance tips from Peerless Money Mentor to help you improve your financial situation.
A big thanks for Peerless Money Mentor for this interview! Now, we will turn it over to the author for this interview.
Tell us about Peerless Money Mentor
After seeing other people share their money stories on Rockstar Finance, a now defunct personal finance curation site, I started my blog in November of 2017 to document my journey from broke to financially woke.
The mission of the blog is to help others escape Broke Phi Broke by becoming financially woke.
I came up with the name by adding money to a nickname I gave myself in college: peerless.
What makes you and your blog unique?
What makes the blog unique is that I combine my love of hip-hop, economics, psychology to tell deeply personal stories. I share my highs, lows, insecurities, etc.
In telling these stories, I try to put an interesting twist on them. For example, my article From Broke Phi Broke to Financially Woke was inspired by a Kanye West skit.
What does “being good with your personal finances” mean to you?
Being good with personal finances means learning how to spend below yours means and knowing how to create a financial plan for the future.
In my opinion, you can be good with your finances but the unknown variables of life can set you back financially.
That’s where a financial plan comes in handy. Although things may not play out exactly how you want them to, having a plan in place helps a lot.
What are some habits you practice to keep your personal finances in order?
Some habits I practice to keep my personal finances in order are:
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Practicing stealth wealth whenever possible.
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Paying my credit card statement balance to avoid interest payments.
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Analyzing my spending monthly to see if I need to eliminate a bill.
What are your three articles people should read to get to know you and your message better on your site?
Here are three articles people should read:
For someone looking to improve their financial situation, what’s your best advice?
The first thing I’d recommend to someone who is looking to improve their financial situation in the short-term is to analyze their spending. Once they’ve analyzed their spending, they can gain a better idea of what they can cut back on to improve their cash flow. To do this, they can use budgeting apps such as Mint, Personal Capital, YNAB, etc.
The money freed up can be redirected towards paying down high-interests debts, saving for a vacation, wedding, etc.
For the medium-term, I’d start looking to investment vehicles such as stocks, real estate, bonds etc.
Finally, to improve their financial situation long-term, I’d recommend creating a financial plan for their long-term goals. For example, if someone wants to have kids, I’d tell them to start researching whether it makes sense to enroll in a 529 plan.
Beyond that, I’d look into the benefits of purchasing term or whole life to protect one’s assets.
What’s an area of your life which has benefited from improving your personal finances? Have there been any areas of your life which have suffered?
I believe my mental health has benefited from improving my personal finances. I’m no longer stressed out about how to pay bills or having no money.
However, as a result of being laser-focused on my finances in the past, some of my relationships have suffered.
Side hustling too much in my last relationship was one of the reasons why it didn’t work out. Instead of spending quality time with my girlfriend, I was trying to grow my blog, be a freelance writer, and drive for Uber every night.
What are your favorite personal blogs and bloggers you have been inspired by?
Some of my favorite personal finance blogs are: Budgets Are Sexy, RIch and Regular, ESI Money, Journey to Launch, and The Mastermind Within.
When I was first getting started, J. Money of Budgets Are Sexy, was the first person I reached out to for advice on how to start my blog. His advice was: “The best thing to do is just start it and write your heart out.”
Following has led to so many wonderful opportunities. I’ve gotten a chance to meet so many amazing people in the personal finance space.
In your opinion, what’s better? Renting a place or buying a house to live?
In my opinion, renting a home is better than buying one. For the sake of transparency, I am a renter, so I may be a bit biased.
Having rented a family home for the past five years, I haven’t had to pay:
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$5,000 to replace the roof
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$7,000 to replace the AC unit
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$800 to get rid of termites
But again, I do stay in a family home, and the landlord (my mom) hasn’t raised the rent. I just pay the mortgage, cut the grass, and pay the utility bills.
Do you have any financial mistakes you’d like to share, and how have you grown from these mistakes to improve your personal finances?
I have plenty of financial mistakes to share. Here are some of my most embarrassing mistakes:
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Racking up over $10,000 in credit card debt
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Purchasing a car that was the same amount as my salary
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Not enrolling in my employer’s health care plan right out of college
Currently, I try to avoid putting things I cannot afford on credit, unless it is something serious like a medical expense. My goal is to drive my current vehicle until it falls apart, while setting aside some money to buy the next one in cash. And I’m enrolled in my employer’s health care plan, which has saved me thousands of dollars this year.
What’s a non-money related interest you have and what do you love about it?
A non-money related interest of mine is riding electric bikes. Here in Baton Rouge, Louisiana, you can check out Gotcha electric bikes.
When they debuted here last summer, I had to try them. I loved riding them so much that I purchased an annual subscription for $40.
I love that the bikes can travel up to speeds of 20 mph without much work on my part (lazy, I know). It’s also very relaxing. I’ll probably renew my subscription next month.
How You Can Contact Peerless Money Mentor for More Information
You can learn more about Peerless Money Mentor at https://www.peerlessmoneymentor.com/, like them on Facebook at https://www.facebook.com/peerlessmoneymentor, and follow them on Twitter at @peerlessmoney.
Thank you for reading this interview, and thank you, Peerless Money Mentor, for providing us with some great personal finance tips!
Know Your Blogger Series
Savvy History
I started Savvy History pretty shortly after our first child was born. I was quitting some other side-hustles but still desiring a creative outlet. My side-gigs pre-baby involved guitar lessons and playing live music. I enjoyed them, but had done them for 10 years and saw having a child as a good time to change it up and choose online activities with more flexibility and less travel. My overall mission is to experiment and explore while constantly learning. If I can help others learn about novel topics and interesting ideas along the way, it feels like I’m really on track.
Check out our Q&A with Savvy History here.
Check out our Q&A with Savvy History here.
Come learn about the blog, Savvy History, and follow her passive income and business journeys.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, Savvy History.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Savvy History, learn about the author, and learn personal finance tips from Savvy History to help you improve your financial situation.
A big thanks for Savvy History for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Savvy History, learn about the author, and learn personal finance tips from Savvy History to help you improve your financial situation.
A big thanks for Savvy History for this interview! Now, we will turn it over to the author for this interview.
Tell us about Savvy History
I started Savvy History pretty shortly after our first child was born. I was quitting some other side-hustles but still desiring a creative outlet. My side-gigs pre-baby involved guitar lessons and playing live music. I enjoyed them, but had done them for 10 years and saw having a child as a good time to change it up and choose online activities with more flexibility and less travel.
My first mission was to mingle with strangers on the internet to obtain some honest feedback and discover if I liked writing in a disciplined way. (I do like it by the way!) My overall mission is to experiment and explore while constantly learning. If I can help others learn about novel topics and interesting ideas along the way, it feels like I’m really on track.
I came up with my blog name based on being a multi-faceted dork. I really am a nerd. It has taken me quite a while to accept this and be proud of it. I hope to eventually record 30 songs I have written about inventors, entrepreneurs, and interesting people in history. At the same time, I have a lot to process about my own past. The purpose of the blog is to document a business journey and hold myself accountable. I also hope to share my passive income journey and freelance writing experiences.
What makes you and your blog unique?
A lot of people are drawn to the history angle dominating the blog and they enjoy my blog images. I use black and white images from the public domain, often sourced from obscure artists in the 1800s. I really like shining a light on dead overlooked people. I guess everyone has their thing! I found mine!
Basically, I’m someone constantly on the internet who doesn’t belong on the internet – creating a lot of creative tension within myself and interesting dichotomies to explore in front of others.
What does “being good with your personal finances” mean to you?
At its heart, I think it means having the power to think for yourself. There is no right or wrong way to “do” money. Just like how there is no right or wrong way to live.
Some people leverage debt really well and that helps them become enormously wealthy eventually. Other people are debt-phobic (me) and they can end up alright too. I think its really powerful to mind your own business while also keeping an open mind and surveying the lives of strangers on the internet (ha ha).
What are some habits you practice to keep your personal finances in order?
I’m into mindful living across the board – zooming in and then zooming out on a topic to see how it impacts my family. Specific to money, being mindful means I’m aware of an overall spending and saving plan that could land us in a responsible spot in life.
I like to pay the bills around the same time each month, keep an eye on our accounts, be aware of our general net worth, and explore novel side-hustles. As far as my husband goes, he likes remodeling houses. We make sure we can always cash-flow a project. If we can’t pay for it straight away, we wait until we can. We live debt free and plan to never have debt again.
What are your three articles people should read to get to know you and your message better on your site?
Below are all articles where I am striving to learn from others or learn from my own past (part of why “history” is in my name)!
For someone looking to improve their financial situation, what’s your best advice?
It’s been said before, but in the short-term there’s nothing more powerful than tracking your spending. Get real about how much you make and how much you spend each month. See what the gap is, and explore if you think it’s reasonable to save more (if you can) or try something new. Some people find this to be a shocking exercise. I first did it in my early 20s. I learned that I could take some time to be a musician full-time because my side hustle was outpacing my bare-bone expenses. I wouldn’t have had the courage to take that leap without doing the above exercise.
In the medium-term, I would say take your spending and saving seriously and challenge yourself to obtain an even larger picture of your finances, including hopes and dreams. Learn how to track your net-worth (even if it’s in a casual way). I found the world of finance incredibly intimidating at first (and I still do!), but I’m open to learning. If you enjoy it, pick a few powerful accounts that speak to you and follow them so you can learn about finance here and there. For example, I am not a true blue personal finance blogger persay, but I enjoy the PF community online next to my history, music, and creative communities.
In the long-term, I would say find a way to build flexibility into your life using money (even if you thought it was evil at first – ha). For example, COVID has taught me I desire remote work (did I just say that?) Yes! Yes I did! So I will be exploring a sabbatical next year. The only reason I have this option is because of past decisions and the knowledge of how to cut our expenses to the absolute minimum. I share this journey in Instagram stories because I’m still kind of quiet about it and trying to process the life changes coming my way (new baby due in a month along with frightening requirements of classroom teachers this year, ETC.)
What’s an area of your life which has benefited from improving your personal finances? Have there been any areas of your life which have suffered?
I think I’ve become more confident and bold in my creative endeavors and creative dreams. That being said, I know deep down I want confidence that isn’t dependent on my bank account or any number. I’m sincerely jealous of people who have that form of confidence (my past oblivious self probably!) History is full of numerous writers, scientists, and creators who could have cared less about money.
Can’t deny though, there’s a pep in my step when I feel like I can’t be cornered by life or its hardships. That’s partly delusion, but having a savings account helps someone think clearly when times get tough. An odd counterpart to that is I do have options. Options are overwhelming. It’s not the same as suffering by any means, but it creates choices and the realization I have responsibility for my life and what I achieve. Maybe more than I thought? I’m not sure.
Also, I’m at a point where I wonder how healthy excessive social media exposure is related to money when networking in the personal finance space. I want to think for myself, and sometimes I feel like I have to put myself out there in order to be social, but it messes with my creative process – which is a deep dive to pull up something original. I can’t thrive with intermittent interruptions or others’ incessant opinions. However, I learn a lot on social media about money and business and enjoy most of the people there. So I definitely won’t give it up.
In your opinion, what’s better? Renting a place or buying a house to live?
I would have been happy to rent a small little place if I were single forever, but I met a partner who is great at remodeling houses and he has set us up in a pretty posh place. I try not to judge people on this question because the pros and cons are so numerous.
Concerning hard numbers though, I think I did the math on it once. I figured out we would have double the net worth if we had stayed in our small apartment and invested the difference. Then I put that math away because I started feeling ill (ha ha)!
That being said, during COVID, it has been amazing to have so much beautiful space for our son and have a backyard to play in. Also, it feels empowering to own our home outright and have a strong foundation to launch our ideal lives from. Maybe that is old-timey and priceless?
In your opinion, what’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
In the past, I definitely played it safe and went with decreasing my expenses. Now? I think I was kind of into self-torture and a somewhat twisted spirituality built around denying myself of pleasure. Long story.
That being said, decreasing expenses has its place and can be helpful. As a busy mom, I find it easier to cut expenses. Easier isn’t always the answer though. For my own journey, I am now switching my focus. This takes a lot of mindset work. I am looking to increase my income because I think my family deserves better and I am quite frankly capable of more.
If you follow the blog, you will start to see I am beginning to play around with passive income ideas related to printables, KDP, and eventually – dare I admit it – music and online merch. If I find a way to make money online from music in this climate, it will be to astound myself. I like challenges. I don’t plan to ever be comfortable, whether decreasing my expenses or trying to earn more. I’m excited to freelance write as well.
What’s a non-money related interest you have and what do you love about it?
Where do I start?! (Money was actually boring to me for a long time. I thought I could just be frugal and “live above it.” Then my frugal tricks ran out. I only became interested in money once I realized it could ease creative anxiety.)
Anyhow, I really love creative psychology, studying the creative process, and helping other people feel good about themselves and the way their brain works. I love exposing highly sensitive people to the Theory of Positive Disintegration and Bibliotherapy. Both are concepts I came across while studying for my master’s. I’m really thankful for these ideas and the impact they’ve had on my sense of self.
When I say I love history, it’s because I love stories and what they can teach us. I could care less about every important date of the French Revolution. I want non-fiction to reach into our hearts and minds with a bang, pow, and punch. Connecting it to business lessons is one place to start. But I never forget lessons in history exist about love, power, hate, aimlessness, awe, and every feeling imaginable.
I try to take all of the above passions and pack them into music and writing. That’s where I’m really alive.
Why do you believe learning about money and caring about personal finance is important?
I want everyone to feel empowered, especially empowered to leave situations that downright stink. As much as I don’t want it to be the case, money is power. Only with the power to leave can someone put themselves in environments where they can thrive.
For example, my husband had a boss with a bonafide narcissistic personality disorder once. I watched it destroy a little of his soul each day, month after month. Then he was able to quit and come alive again! He watched me go through a similar toxic music situation. We are not dramatic people. We are pretty low-key. We learned narcissists are not worth your time and there is always someplace better to go with someone better to encounter.
Life is too short to put up with toxic junk or residue not worthy of human thought. I look at times when I was so down on myself and so low I didn’t know what to do, but what I really needed was a better environment. I will never forget that lesson. I never want to feel that way again. No one should feel trapped or see anyone else trapped.
How You Can Contact Savvy History for More Information
You can learn more about Savvy History at https://www.savvyhistory.com/, follow them on Instagram at https://www.instagram.com/savvyhistory/, and follow them on Twitter at @savvyhistory.
Thank you for reading this interview, and thank you, Savvy History, for providing us with some great personal finance tips!
Know Your Blogger Series
She Picks Up Pennies
I started blogging five years ago as a way to work through losing my grandma. She was “my person,” if there is such a thing. She had so little, yet I can’t think of anyone who lived so vibrantly and touched so many lives.
My tagline is to live a more purposeful life one cent at a time, and I think even after half a decade, that’s still my purpose. Though my blog is really about chronicling my own journey and holding myself accountable, I hope my message resonates with others, too. My husband and I are both teachers and we are new-ish parents, so I think our journey is pretty relatable.
Check out our Q&A with She Picks Up Pennies here.
My tagline is to live a more purposeful life one cent at a time, and I think even after half a decade, that’s still my purpose. Though my blog is really about chronicling my own journey and holding myself accountable, I hope my message resonates with others, too. My husband and I are both teachers and we are new-ish parents, so I think our journey is pretty relatable.
Check out our Q&A with She Picks Up Pennies here.
Check out the blog, She Picks Up Pennies, and learn to live a more purposeful life, one cent at a time.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, She Picks Up Pennies.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind She Picks Up Pennies, learn about the author, and learn personal finance tips from She Picks Up Pennies to help you improve your financial situation.
A big thanks for She Picks Up Pennies for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind She Picks Up Pennies, learn about the author, and learn personal finance tips from She Picks Up Pennies to help you improve your financial situation.
A big thanks for She Picks Up Pennies for this interview! Now, we will turn it over to the author for this interview.
Tell us about She Picks Up Pennies
I started blogging five years ago as a way to work through losing my grandma. She was “my person,” if there is such a thing. She had so little, yet I can’t think of anyone who lived so vibrantly and touched so many lives.
While many people think my blog name – She Picks Up Pennies – is about me, it’s actually named in her honor. It’s not that I don’t pick up pennies. I do! It’s thrilling to me, and she’s the one that taught me to take the time to do it.
My tagline is to live a more purposeful life one cent at a time, and I think even after half a decade, that’s still my purpose. Though my blog is really about chronicling my own journey and holding myself accountable, I hope my message resonates with others, too. My husband and I are both teachers and we are new-ish parents, so I think our journey is pretty relatable.
What makes you and your blog unique?
Perhaps what makes me unique is that I’m not. I think most everyone can look at my blog and see a sliver of themselves. I’m not an expert, and I don’t play one on the Internet.
Whether you earn, invest, or spend more or less than me, I think everyone can relate to awkward money situations, learning from mistakes, and hammering away at goals.
What does “being good with your personal finances” mean to you?
Personal finance is, of course, personal. So I would say that being good with money or being good with personal finance means that we’ve found a way to make our money work for us.
When I first started out adulting, money just burned a hole in my pocket. I can’t count the number of shoes I owned and wore maybe once – but I can tell you it was easily over 100 pairs. The same thing was true with clothes. Shop, add to closet, forget about purchase. After I started to rein myself in, I definitely over-corrected. It was like I was paying some sort of penance. After I got past feeling like I needed to atone for my handbag collection, I moved toward a middle ground.
Fast forward to present day, I’m married and have a toddler. Our money works for us, but we also aren’t afraid to spend on things we need or things that make us happy. I even buy shoes on occasion. I just make sure I swap out a pair and then actually wear them. We are in a place where we are working toward big future goals and still very much enjoying the present.
What are some habits you practice to keep your personal finances in order?
For us, tracking expenses is a lot more significant than budgeting, though we do both. I’m probably the laziest budgeter in all of personal finance. To set up our monthly budget, I simply click the Duplicate option. We have our spending in check and our bills don’t deviate much from month to month, so it works. The most important part to us anyway is actually that we track our expenses and take a look at them at the end of the month.
Another habit that’s worked well for us is that we put extra money toward our Roths at the start of the year. Then, once they’re maxed out, we hammer away hard at our mortgage. The mortgage is more psychologically and emotionally charged for me. So forcing myself to invest in my future is a lot like eating dinner before diving into dessert. I know I would kick myself if we didn’t save while we are still relatively young, so this habit works for us.
What are your three articles people should read to get to know you and your message better on your site?
I’m going to cheat a bit here and say you should check out my blog manifesto and my updated manifesto. They both do a good job explaining the spirit behind my blog and the spirit of my grandma. The latter post is also the most heavily trafficked post I’ve ever written, and it’s full of really cute comments.
I also think I do a pretty good job of being honest, and sometimes that includes some contrarian takes. My post on my new car generates a ton of comments. I also recently wrote about spending your savings, and I think it’s a good reminder (at least for me!) about the purpose of money.
For someone looking to improve their financial situation, what’s your best advice?
Figure out where your money is going and if you really want it going there. But also don’t beat yourself up over it if you realize you haven’t been sending it to the right place. At one point in my money journey, I dumped all of my shoes out on the floor and tried to ballpark how much money I spent on them. Ditto for all my handbags and pieces from Tiffany. It’s all a sunk cost, so there’s no point in dwelling on it too much.
I also think it’s important to set yourself up with as many levers to pull as possible. My husband and I are both teachers, so for years, we had to rely mainly on cutting our expenses and side hustling. Finally, I’ve doubled my salary, and it makes a huge difference. It sounds dramatic, but it’s honestly life-changing to make more money. Just remember to save it!
In your opinion, what’s better? Renting a place or buying a house to live?
Buying a house made the most sense for us. Rent is shockingly high in the Chicago suburbs despite the fact that we live in the Midwest. Plus, we are huge fans of big outdoor space. We’ve never seen anything on the rental market that comes close to our home (or our backyard!), so we are usually quite happy to be homeowners.
I actually bought our house while we were engaged (I know, I know!), but my credit score was so much higher than my now-husband’s–he tanked our interest rate offer. Thanks to a really competitive interest rate and perfect timing, we ended up buying pretty much at the bottom in 2012. It’s not something I think we could necessarily ever recreate, but it’s worked out well for us.
In your opinion, what should you do first? Pay down debt, or invest?
Both! Of course, if you have high-interest debt, I would tackle that first. We are really determined to crush our mortgage ahead of schedule, but I don’t want to do it totally at the expense of time in the market.
One of the biggest points that I think is left out of the conversation regarding time in the market has to do with the fact that very few people invest perfectly from the start. In addition to wanting the most time possible for your money to compound, I think it’s important to work the kinks out as early as possible. That being said, we know that once our mortgage is gone, we will have a much bigger shovel to scoop with.
I think when people give an answer of “both” to things in personal finance, people think of that “Jack of all trades, master of none” saying. But they forget the last part– “but oftentimes better than a master of one.” We don’t want to master our mortgage payoff so well that we forget about retirement and vice versa.
In your opinion, what’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
I’ll answer from my own perspective. Increasing your income can move the needle much faster as long as you’ve trained yourself to not fritter away money (gulp!). However, as a teacher, there’s only so much you can do at the start of your journey. It took me a decade to max out my salary schedule, and I’m probably part of only a small handful of people my age that I work with who are even close to being able to say that. It took A LOT of grad school.
To increase income, both my husband and I did a ton of side hustling. But you run the risk of monetizing all of your free time. So for us at the start, decreasing our expenses (and figuring out what the heck I was even buying!) was the better level to pull, especially at the start.
Do you have any financial mistakes you’d like to share, and how have you grown from these mistakes to improve your personal finances?
I am a financial work in progress, so if there’s a mistake to be made, I’ve probably made it – or I’m currently easing my way out of it! Something that I will likely always struggle with is the amount of gusto that I throw into things. I have an obsessive personality, and that means I have to do everything full throttle. When I was really getting into frugality, butter would melt at the kitchen table. I could give Scrooge a run for his money.
The same is true for side hustling. I tutored for years, and I absolutely adored it. But pretty soon, I was tutoring 5, 6, and 7 days a week, even while pregnant! It’s easy to get carried away with side hustles, or it is for me anyway. Before I knew it, I was tutoring while I was having contractions and sending lesson plans from my iPhone while I was being checked into Labor & Delivery. I wish I was kidding. That was definitely a wake-up call to dial it down and allow myself some free time and rest!
What’s a non-money related interest you have and what do you love about it?
Gardening, practicing my Spanish, baking, reading. After years and years of trying to monetize basically every moment of my free-time, I’m trying hard to cultivate true hobbies. This is, of course, infinitely more complicated now that I’m a mom, but I think it’s really important.
I really like to challenge myself, and I think by trying out different hobbies, I can continue to do that. I also see a lot of overlap between my hobbies and my personal finance journey, especially with gardening. There’s so much effort (and expense!) that happens up front, and once you really get good at it, it’s mostly just waiting. If only I could make my money compound like zucchini!
How You Can Contact She Picks Up Pennies for More Information
You can learn more about She Picks Up Pennies at https://shepicksuppennies.com/, like them on Facebook at https://www.facebook.com/shepicksuppennies, and follow them on Twitter at @picksuppennies.
Thank you for reading this interview, and thank you, She Picks Up Pennies, for providing us with some great personal finance tips!
Know Your Blogger Series
Sport of Money
I started my blog in earnest back on January 1, 2019. I originally made an attempt back in 2016 to start a blog. Unfortunately, I couldn’t keep up with the writing schedule. I published a few posts and then stopped writing for it. But now I am back with a focus of producing high quality content in the personal finance space.
I believe anyone can be wealthy. They might just not know it yet. The mission of the blog is to provide knowledge and guidance to help everyone achieve a healthier financial life.
Check out our Q&A with Sport of Money here.
I believe anyone can be wealthy. They might just not know it yet. The mission of the blog is to provide knowledge and guidance to help everyone achieve a healthier financial life.
Check out our Q&A with Sport of Money here.
See how to achieve a healthier financial life at the blog Sport of Money.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, Sport of Money.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Sport of Money, learn about the author, and learn personal finance tips from Sport of Money to help you improve your financial situation.
A big thanks for Sport of Money for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Sport of Money, learn about the author, and learn personal finance tips from Sport of Money to help you improve your financial situation.
A big thanks for Sport of Money for this interview! Now, we will turn it over to the author for this interview.
Tell us about Sport of Money
I started my blog in earnest back on January 1, 2019. I originally made an attempt back in 2016 to start a blog. Unfortunately, I couldn’t keep up with the writing schedule. I published a few posts and then stopped writing for it. But now I am back with a focus of producing high quality content in the personal finance space.
Many Americans spend countless hours on their physique by watching what they eat and working out at the gym. They hope to achieve a healthier body. There are also many people who spend time practicing yoga and meditation to have a healthier mind. I don’t think Americans in general spend enough time working on their financial life.
I believe anyone can be wealthy. They might just not know it yet. The mission of the blog is to provide knowledge and guidance to help everyone achieve a healthier financial life.
What makes you and your blog unique?
My own personal experience makes the blog unique.
I grew up in a financially poor household in New York City. My parents worked blue collar jobs just to make ends meet. They worked really hard to provide for me and my siblings.
While we didn’t have money growing up, I had a happy and healthy childhood. This taught me that when it comes to happiness, money is not the end all be all. But I have observed and experienced how hard life can be without money. Ironically, growing up poor actually provided me with benefits which helped me do better later on in life.
I knew early on that I want a better financial life for myself. Through a decade and a half of hard work, dedication, focus, and sacrifices, I hit the 8 figure net worth marker.
I have a passion for personal finance, work in the financial services industry, and know what it is like being poor to accumulating over $10 million in less than 2 decades. This blog captures my mindset, thought process, lessons learned and reflection of my financial journal.
What does “being good with your personal finances” mean to you?
“Being good with your personal finances” means to me that you have control over your personal finances. There are a few things one must have in order to have control:
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Fundamental knowledge of key concepts in personal finance – you need to know the basics such as compounding, interest, bonds, stocks, financing options, budgets, assets, liabilities, income, expenses, etc.
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Understand your own financial situation – how do you spend money? how much assets do you have? What is your debt load and how much interest are you paying on the debt?
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Create a financial plan – where do you want to be net worth wise 5 years from now? How do you increase your income by 2 folds in 3 years? Use a budget to keep track of your expenses.
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Monitor and track how you are progressing – are you doing as well as your plan? What are things you can do better?
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Reward yourself on achieving financial goals – go splurge on an item or experience for hitting your financial target. Getting rewarded keeps the motivation up and provides excitement to continue along your financial path.
What are some habits you practice to keep your personal finances in order?
I used to maintain a budget religiously to see how much my family and I were spending and how much we were saving. After being in a range for a few years, we are basically dialed in to what our household expenses are. I stopped maintaining an expense budget. But I still keep track of household assets and liabilities to monitor our net worth. I can see if we are growing the net worth at the clip I would like.
I don’t impulse buy. For any major purchases of significant dollar amounts, I plan ahead in order to save up enough money to make the purchases. I think about the cost of the purchase and the timing of when I want to make the purchase. Then I can see how much I need to save each pay period.
Also, don’t panic sell when the equity market takes a dive. If you believe you still want equity exposure in the long run, hold onto your stocks and ride the downturn out. The goal is to buy low and sell high. Don’t do the reverse and sell low in a market downturn.
What are your three articles people should read to get to know you and your message better on your site?
For someone looking to improve their financial situation, what’s your best advice?
Personal finance is personal as the name implies. Everyone is in a different situation.
But if I have to provide some feedback to a broad audience, I think in the short-term – do two things:
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Put together a budget and start to track your expenses. Monitor your expenses to get a good handle over your expense items.
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Take a look at all your debt. Arrange them from the highest interest rate to lowest. Try to deal with the most expensive debt first. Try to consolidate and refinance to a lower rate when possible. Mortgage rate is a great example. It is so low right now. If you obtained your mortgage more than 2 years ago, you should really shop around for a new mortgage.
Middle-term: Once you have a good handle of your expenses, look to see what you can cut out. Start with a 10% decrease and try it for 2 months. If that works well, then decrease it by another 10% every two months until you find it too challenging. Now you know the limit of where you can be in spending and keep at that level.
Long-term: Increase your revenue by creating multiple revenue streams. Start an online business or build a portfolio of rental properties. Do not rely on one cash flow stream for your livelihood. Make sure to have at least three substantial ones to diversify cash flow source.
In your opinion, what’s better? Renting a place or buying a house to live?
I am a big fan of real estate and believe real estate should be a cornerstone of anyone’s investment portfolio.
Owning a house is a great wealth generator for many Americans. Because of this, I believe owning a house is the better route for most assuming a time of 7 years or longer.
The key here is not to buy too big of a house. At some point, the house can turn into a big negative if you overspend.
The average new American house has gotten a lot bigger over the past 100 years (over 1,000 square feet bigger) and the personal space has increased over 200%. Based on Zillow, the average personal space is over 900 square feet.
I would suggest capping your house to 600 square feet per person. That means for a family of 3, buy a 1,800 square foot house at most instead of the average size of 2,400 square feet.
This can save you money on the purchase price, maintenance, insurance, real estate tax, and utility costs.
What should you do first? Pay down debt, or invest?
The answer to this question really depends on a few factors. The first factor is the cost of your debt versus the return on your investment.
If I can get a 10% return on my investment with very little risk and I pay only 2% on my debt, then I say lever up. You are clipping an 8% spread on the money borrowed. I would try to borrow as much as possible to invest.
The other factor is risk. In order to obtain the return on investment, how much risk are you bearing? If you believe you are well compensated for the risk, then focus on investing.
For instance, I am a big fan of borrowing as much money as possible to buy real estate investments because of the current low interest rate environment.
What’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
Once again, this isn’t a black and white question.
There is no limit to how much your income can increase but there is a limit to how much your expenses can decrease. That means if you want to be worth $10,000,000 in 10 years, you will never get there by decreasing your expenses from $70,000 to zero. You need to do it on the income side.
But increasing income is the harder route for most people than to decrease expenses. We can all cut down on our expenses. Housing cost is usually the number 1 expense for most Americans. I can just move into a smaller space or into a lower cost neighborhood to save on my housing expense. That’s doable for anyone.
But to create another income stream requires a lot more effort.
If you received a $5,000,000 windfall tomorrow, what would you do with the money?
I already talked about my propensity for real estate. If I receive a $5,000,000 windfall tomorrow, I would use the money to buy a residential building.
I would shoot to buy a $15,000,000 building by borrowing $10,000,000 from a lender given the low cost of financing in today’s low interest rate environment.
I hope to get at least 8% cash on cash return on my investment which amounts to $400,000 a year. With the tax benefits of real estate investment such as depreciation, I might not have to pay any income taxes.
Imagine getting an after-tax amount of $400,000 cash a year from that investment. It can surely pay for a very comfortable life.
Why do you believe learning about money and caring about personal finance is important?
Personal finance is important because it impacts all aspects of your life. One of the most common reasons for divorce is money issues. Think about the impact to a household when a couple gets a divorce. Not only does it impact the financial wellbeing of the couple involved, but divorce can exact a physical and mental toll. What if there are kids involved as well?
Even outside of divorce, constant worries about money can lead to mental stress and physical fatigue. Lack of money can also negatively impact health coverage. Money can also provide for more opportunities for your kids.
I also believe money is an accelerator for personal growth. How does one grow as a person of this world? By traveling the world and experiencing the different cultures, customs, and food. It is hard to travel without money. What about advancing in a hobby? Money is needed for that.
Don’t look at money as the root of evil. Look at money as a needed ingredient for personal growth.
How You Can Contact Sport of Money for More Information
You can learn more about Sport of Money at http://www.sportofmoney.com/.
Thank you for reading this interview, and thank you, Sport of Money, for providing us with some great personal finance tips!
Know Your Blogger Series
Tis But A Moment
I began Tis But A Moment just after getting laid off from what I thought was the best company I’d ever work with. Three startups in, one finally got acquired! But it meant that they had to downsize significantly, and I was out of a job.
My blog was born out of struggling my way through the startup grind, earning less than $20,000 a year while working 60+ hours a week for a company I built with friends. I was indoctrinated with the idea that the struggle equated to passion – and that earning next to nothing was a badge of honor.
Deprogramming that toxic belief system really changed everything for me. I was able to go from earning $38,000 to $95,000 in a single year, just by realizing that I needed to advocate for myself. By the time I was 25, I was able to purchase a house on my own in Los Angeles as a single woman.
Check out our Q&A with Tis But A Moment here.
My blog was born out of struggling my way through the startup grind, earning less than $20,000 a year while working 60+ hours a week for a company I built with friends. I was indoctrinated with the idea that the struggle equated to passion – and that earning next to nothing was a badge of honor.
Deprogramming that toxic belief system really changed everything for me. I was able to go from earning $38,000 to $95,000 in a single year, just by realizing that I needed to advocate for myself. By the time I was 25, I was able to purchase a house on my own in Los Angeles as a single woman.
Check out our Q&A with Tis But A Moment here.
Come read about Tis But a Moment – a blog documenting this young woman’s journey to financial and career success.
Each week at Personal Finance Blogs, we publish interviews from amazing bloggers from the personal finance space. This week, we are featuring the blog, Tis But A Moment.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Tis But A Moment, learn about the author, and learn personal finance tips from Tis But A Moment to help you improve your financial situation.
A big thanks for Tis But A Moment for this interview! Now, we will turn it over to the author for this interview.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Tis But A Moment, learn about the author, and learn personal finance tips from Tis But A Moment to help you improve your financial situation.
A big thanks for Tis But A Moment for this interview! Now, we will turn it over to the author for this interview.
Tell us about Tis But A Moment
I began Tis But A Moment just after getting laid off from what I thought was the best company I’d ever work with. Three startups in, one finally got acquired! But it meant that they had to downsize significantly, and I was out of a job. I’m not going to lie, I panicked! But after that initial panic subsided, I wanted to think strategically about where I was and what to do next.
That’s how the website got started. “Tis But A Moment” was originally a way for me to remind myself that my anxiety around my career and my finances was manageable. I stole the line from Monty Python, but instead of a flesh wound, it was a temporary moment in time. Since then, it’s helped me focus and share tools to regain control – whether that meant opening new, more diverse income streams or standing up for myself in my career.
While it’s been really helpful for my own peace of mind, the real benefit of blogging about my projects and experiences has been connecting with womxn who are struggling and growing in their own careers and personal finance journeys as well. There’s so much advice out there that just doesn’t apply universally, and it’s nice to have a community that focuses on the womxn’s experiences and growth in the stereotypically masculine spaces of finance and career development.
What makes you and your blog unique?
Honestly, that’s a tough question. My blog was born out of struggling my way through the startup grind, earning less than $20,000 a year while working 60+ hours a week for a company I built with friends. I left that glamorous lifestyle to… well, struggle my way through another startup that eventually did quite a bit better, and then another. I was indoctrinated with the idea that the struggle equated to passion – and that earning next to nothing was a badge of honor.
Deprogramming that toxic belief system really changed everything for me. I was able to go from earning $38,000 to $95,000 in a single year, just by realizing that I needed to advocate for myself. By the time I was 25, I was able to purchase a house on my own in Los Angeles as a single woman. There’s a whole lot of luck that went into that, and it honestly became the best financial decision I’ve made to date. It’s since become my first true rental property!
Those experiences opened my eyes to who is given the grace to “pull themselves up from their bootstraps,” and who just keeps pulling. I’m a professional recruiter, and talking to candidates through my years of hiring for progressive companies has only served to reinforce that. You start to see patterns in everyone that feels empowered to negotiate for themselves, or everyone who undersells themselves, as well as whom companies are willing to take risks on or pay top dollar for.
All this to say, it’s been a personal journey, but along the way, I’ve become keenly interested in the intersection of identity, financial access, and career development.
What does “being good with your personal finances” mean to you?
I love this question. The truth is, as long as you’re not stressed about your money or developing dangerous or detrimental habits, you’re good with your personal finances. “Being good with your personal finances” means that dealing with your finances doesn’t produce intense anxiety, and you’re not hurting yourself or anyone else with your money decisions.
Personally, I quell my financial anxieties by building my own financial security. Having a good budgeting app, automating payments and savings, using hands-off investing platforms, and making sure I have a few income-producing irons in the fire rather than relying on one singular paycheck mean that I never have to panic over being laid off again, which has happened! Such is life in Startup Land.
What are some habits you practice to keep your personal finances in order?
I rely on automation and hands-off tools, first and foremost. I love Mint, which is free and connects to everything from bank accounts to Venmo and investment platforms. Every few days, I use Mint to track my expenses and income, and make sure I’m hitting my savings goals for the month.
I also lean into my frugal side. My clothing comes to me used, I buy my tea in bulk, and I only “eat out” if I’m bringing dinner to my grandma. I believe in DIY-ing my way through everything – including my taxes, rental properties, and even starting an LLC.
Still, the most important habit I’ve developed has been tracking my wins at work and advocating for what I’m worth. I’m lucky to have a career I’m passionate about, but it’s also a tool for long-term financial stability and, dammit, I’m going to make the most of it.
What are your three articles people should read to get to know you and your message better on your site?
My favorite post right now was actually a collaboration I wrote with my brilliant sister: Money Isn’t Evil, It’s A Tool. Get Yours.
She and I have followed vastly different paths. While I’ve been in Startup Land, she’s been through the non-profit grind that preys on the idea of servitude just as much, if not more. We have very different money philosophies, but that deprogramming process is essential for breaking through mental boundaries that tell us not to want what we’re worth, not to ask for more.
Becoming a DIY Rental Real Estate investor has been another massive gamechanger for me, which I thoroughly detailed here: From House-Hack to Rental Real Estate
And, if it wasn’t clear, I’m a firm Financial Feminist. I don’t believe it’s fair to anyone to believe that money is a gendered tool, only fit for half of the population. So, let’s Kill The Traditional Breadwinner.
For someone looking to improve their financial situation, what’s your best advice?
Obviously step one would be to take stock of what you have vs. what you spend. For anyone just getting started, I love these 10 10-Minute Steps. But for meaningful financial change? Increase and diversify your income. It’s easier said than done! It’s a combination of:
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Learning whether your career can be lucrative, and deciding whether that’s a priority to you.
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Reach out to people who know your industry well, and learn what would make you successful. Or, if you just want to chat with a Recruiter who may know what makes you hirable, hey there.
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Developing marketable (read: well-paying) skills for that career.
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Advocating for yourself, and, if necessary, moving to greener pastures.
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Building income-producing opportunities outside of your day job. For me, that’s meant taking on countless part-time jobs and freelance gigs, some of which I ended up loving like hosting trivia games at local pubs, working as a consulting recruiter, renting out space in my own home, and even blogging!
It’s work, but also requires a great deal of luck. There are assumed privileges just to start with a job or training opportunities, or time to invest in yourself. But if you have two of those three things, there’s a way to increase your income. That’s much more powerful than cutting costs or reducing debt.
What’s an area of your life which has benefited from improving your personal finances? Have there been any areas of your life which have suffered?
The biggest benefit of improving my personal finances has been my peace of mind. When I was earning next to nothing, it felt impossible to make any progress. My future felt intimidating and uncertain. I was struggling to save any money, I put off doctors appointments because I was worried about the bill, and even fixing a flat tire or doing my taxes felt out of reach.
Developing my career and learning advocate for myself, along with building healthy financial habits, has changed all of that. There’s a palpable relief of knowing I’m in control of my finances and have systems in place to weather a storm. The time and mental energy I used to devote to cutting costs and timing payments is now freed for self-development, or even dreaming of a future. I never saw myself having a family – now I know I can have one if I choose to. I told myself certain things weren’t for me, but the truth is a lot of those self-imposed boundaries were based on my lack of financial security.
Money can’t buy happiness, but it can reduce anxiety and open doors. There is a heightened opportunity for losing touch. Every dollar I’ve earned has brought privilege into my life. If I’m honest with myself, my blog can straight-up reek of privilege, and the further I go on this journey, the more my assumptions change about what’s normal or even accessible. So, no, I haven’t suffered from financial security, but I also don’t want to allow that sense of security to change my perspective over time.
In your opinion, what’s better? Renting a place or buying a house to live?
I remember being three years into startup #1, struggling to pay rent every month in my shared one bedroom apartment, and looking at the numbers. If I’d have somehow squirreled that rent money away, I could have purchased a home in Los Angeles with a full 20% downpayment. The thought of it felt so defeating.
There are tons of benefits to renting: you don’t have to worry if the water heater goes out, wear and tear doesn’t matter, and you can pick up and move with limited financial fallout. But I argue that homeownership has much more salient benefits:
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Some of my mortgage payment just goes to interest (gross), but a good chunk of it goes to my equity.
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I benefit just from having time pass; while real estate values rise, so does my net worth.
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Any new additions or fixes to the home also improve my net worth, and I can make decisions based on my priorities or preferences.
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I can rent bedrooms, storage space, or parking spots to strangers without breaking rules in a lease.
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And now that I’ve moved on to the next place, I can rent the whole house out!
Yes, I’ve had a hot water heater break down or a washing machine leak, but that’s what home warranties are for. The extra few hours of work to maintain my home – let alone rent it out – have given me an extra $80K+ of value in just 3 years.
What is your favorite investment class and why? (stocks, private business, bonds, real estate, crypto, precious metals, etc.)
Real Estate has proven my favorite investment class so far, but it’s expensive just to break into. Once I could afford to do it, it became the best financial decision of my life so far. Real Estate is not just a financial investment; it’s also a home, or a business. People will pay money on top of whatever you earn from the real estate market’s changes, or you can use it for yourself. Stocks, bonds, and crypto can’t do that.
It’s also a higher investment of time – at least the way I do it. But the investment has been worth it.
Do you have any financial mistakes you’d like to share, and how have you grown from these mistakes to improve your personal finances?
My biggest financial mistake has been working for free, or even just for less than I’m worth. I don’t just mean in those early Startup days! To this day, I sometimes struggle to charge what I’m worth because there’s a tinge of self-doubt and imposter syndrome still sticking around. I get asked all the time, as a recruiter, to help a friend of a friend or a former coworker with their job search. I’ve had to develop my own guidelines of when I charge people and when I don’t, but it’s worth it to protect my time and boundaries.
The same goes for my side gigs and hobbies. I’m a professional trivia host! How fun is that? But because it’s fun, it’s easy to want to devote hours of my time to the games. If a business wants me to host a team-building event or a pub needs an event, you can bet I’m charging them for the time. But if a friend of a friend wants games for an upcoming party, it’s harder to give them a quote.
It comes back down to the idea that money is evil, and asking for money makes you a bad friend. But the truth is, these are things I do to make my living, and they take time. I constantly need to remind myself that, while there are valid situations that warrant some work pro-bono, there are also situations where my efforts should be compensated. I need to stop stressing myself out trying to please everyone!
If you received a $5,000,000 windfall tomorrow, what would you do with the money?
f I got a $5,000,000 windfall tomorrow, I’d split it into a few pots:
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More hanging plants for my home office.
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A commercial investment! Residential rentals are great, but what would be really great? Commercial properties. I’d start looking for a good syndication deal to put some of that money and my own sweat equity into!
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A self-sustaining Giving Fund. I currently save a bit of money each month for my Random Acts of Generosity fund, but one of my goals for my 28th year is to establish a separate giving fund. I’m not exactly Miss Money Bags over here, but I’ll know I’ve made it once I can set up a long-term way to donate a small-but-mighty amount to great causes every year. Even better if I can do it in a way that uses the stock market to generate real good.
Dare to dream! But small investments and donations are a good starting point in the meantime. If I’ve learned anything about setting financial goals, it’s that just starting where you are matters more than aiming for unbelievable heights. Growth takes time, it can feel like I’m not getting anywhere in the thick of it, but progress is being made.
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Thank you for reading this interview, and thank you, Tis But A Moment, for providing us with some great personal finance tips!