A Wintry Emergency Fund Anecdote
We had a chilly experience in winter 2020. But thankfully, our emergency fund helped eliminate any stress from an otherwise bleak scenario.
We had a chilly experience in winter 2020. But thankfully, our emergency fund helped eliminate any stress from an otherwise bleak scenario.
House flipping can be an amazing business and I love it! I have been flipping for almost 20 years now and flipped over 200 houses. I have flipped more than 100 houses in the last five years and I don’t see myself ever stopping! However, it is not easy to fix and flip a house … Read more
I bought a commercial property in 2018 for $2,100,000. It was a 68k square foot strip mall that had a grocery store, restaurant, office, and coffee shop as tenants. I bought this property in Northern Colorado and it was the most expensive and biggest property I had ever purchased by far! I thought this was … Read more
For many Americans struggling to make ends meet, a 401k hardship withdrawal appears to be a viable option. When job loss, unexpected health issues, or recession hit, you may find yourself in dire need of help. House or rent payment. Utility bills. Late credit cards notices. Debt collectors calling you every hour on the hour. […]
The post 401k Hardship Withdrawal Rules appeared first on Good Financial Cents®.
It’s a chicken-and-egg scenario: You want to build credit, but most lenders won’t approve you for an account to help you build your score without a solid credit history. The good news is there are financial products available for those who are building their credit from scratch — a secured credit card being one of […]
The post How Long Does It Take to Build Credit With a Secured Credit Card? appeared first on SoFi.
Hey everyone! Today, I have a post written by a fellow blogger, Lindsay from TeacHer Finance. Her blog was one of the very first blogs that I read. Enjoy! Most of us know from our days in school that when we’re learning about a new topic or mastering a new skill there’s vocabulary we need […]
The post Credit Score vs. Credit Report: What They Are, Why They Matter appeared first on Making Sense Of Cents.
All his life, Paul Terhorst wanted to be rich. Even in grade school, he looked forward to having a corporate job, to joining the world of big business. “I didn’t just dream about money and power and expense account living — I planned for it.” He grew up and made it happen.
He got his MBA from Stanford. He became a certified public accountant and joined a large accounting firm. At age 30, he became a partner in the company. He had “a huge office, a leather chair, and a view of a polluted river”. He’d achieved everything he’d always dreamed about.
But at age 33, while on a business trip to Europe, he overhead two guys talking about a friend who had retired early. Terhorst was intrigued. “I began toying with the notion that if I could come up with a way to live off what I already had, I’d never have to work again.”
It took him two years to figure everything out. But in 1984, at age 35, Terhorst made the leap. He retired. (And he’s been retired ever since.) In 1988 he published Cashing In on the American Dream to share his experience — and the experience of others who made an early exit from worklife to pursue their passions.
“We need to find new opportunities for sharp, hardworking people who leave the corporate structure,” he writes. “Up to now, those outlets have been second careers, the Peace Corps, turning a hobby into a business, and the like. Those outlets give you at least some money to live on. The route I describe in this book offers more freedom.”
The first part of Cashing In on the American Dream is devoted to Terhorst’s three-part formula for achieving early retirement:
It takes less money than you think to retire early. “Millions could retire right now,” Terhorst says. But many folks are bound by “golden handcuffs”. Their high incomes fund lavish lifestyles, which means they remain voluntarily shackled to their jobs.
In 1984, Terhorst believed you needed a net worth of $400,000 to $500,000 — which would be $972,000 to $1,216,000 today — to retire early. With this level of wealth, he thinks you could live well on $50 per day. (According to official government inflation data, $50 in 1984 is equivalent to $121.62 in 2018. That means Terhorst advocates spending roughly $44,000 per year.) If you opt for what he calls “bare-bones retirement” — what we might now call LeanFIRE — you can retire much sooner.
Thinking of leaving these possessions in a car? Prepare for serious consequences.
I have flipped more than 200 houses and we are not one of those companies that paint every house the same color. We usually try out new colors all the time and make sure to use different colors on most of our projects. We show all of our house flips on YouTube and people are … Read more