The best advice I ever got was from my parents who taught me at a very young age to live below my means.  My parents were consistent savers so saving money was a way of life for me as long as I can remember.  My parents took it to the extreme sometimes and were super cheap.  On special occasions we would go to Burger King on Sundays because they would have $.99 cents Whoppers.  We would get the burgers but then come home and make our own fries or have chips! I have carried this “frugalness” into adulthood and have always tried to be prudent with my finances.  My Dad told me to save my raises whenever I got them at work.  This helped me avoid lifestyle inflation which I’ve seen from so many of my coworkers over the years. When I was working my first job out of business…

My wife’s 2005 Acura MDX recently failed inspection and needed a minimum of $2800 in repairs to “maybe” pass (no guarantees).  After over 200,00 miles and a recent slew of repairs needed it is finally time to get a new car.  But I should be clear, I mean new to me..not new.  I’ve never purchased a new car and never will! When you are researching cars online and going to the dealership and seeing all the nice,fancy cars it is easy to forget one important thing.  A car is a depreciating asset.  Unless you are buying a classic car or exotic sports car as soon as you drive it off the lot it will lose around 10 percent in the first month. Afterwards it will lose 15 to 20 percent of it’s value every year. So my rule of thumb is simple.  I buy a used car that is a…

The stock market has been all over the place lately.  As of this writing, this December is the worst on record since the Great Depression.  There is alot of pessimism and uncertainty out there and if you aren’t careful it can cause you undue stress and anxiety.  Some of the reasons for the downturn include: Looming trade war with China US government partial shut down A Federal reserve that continues to raise interest rates Slowing global economy Overall growing pessimism (my opinion) All these factors are putting the US stock market on track to turn into a bear market.  A bear market is defined as when a market indicator such as the S&P 500 falls from a 20% high. Given these factors you might be tempted to take your money out of the market and hide it in a CD or stuff it in your mattress.  However if you have…

During the holidays temptation to spend is everywhere!  Every where you turn some retailer or brand is bombarding you with messages, commercials, and images trying to get you to part ways with your hard earned dollars. The average US consumer is planning to spend $794 this holiday season. Deloitte is forecasting that holiday sales are expected to increase over 5% compared to last year.  That equates to over $1.1 trillion being spent between November and January.  Don’t be a statistic!  But trust me I know it’s easy to fall into this trap.  Recently I purchased an OLED TV that I don’t need on Amazon.  Luckily I quickly came to my senses and cancelled it. It was over $2,000 dollars and I  have a perfectly fine TV right now.  It may not be as good as the OLED but it gets the job done. So this holiday season make a budget…

Recently I was talking to a coworker who is looking to get a new car.  His lease on his BMW was ending soon and we was considering leasing a new 440i BMW.  Nice car but the monthly lease payment he was looking at was close to $700! I’ve worked with this guy for a long time and he talks to me about his financial struggles all the time and how he just can’t get ahead.  His problem to me is simple.  He always gets the latest gadgets and toys.  From leasing a BMW, getting a fancy drone, to riding around on a One wheel he is always finding new and creative ways to spend and burn his hard earned money.  He makes well over $100K per year but he complains to me all the time that he just cant get any momentum going with saving or investing.  In case you’re…

Tired of Being Broke? If you’re like most people you are probably asking yourself how can I make more money?  How can I make more cash now? Well my friend look no further. Here are some different ways to boost your income. I’m a firm believer that the best thing you can do is to diversity your sources of cash.  That way if one or two go away temporarily you won’t find yourself standing in the bread line. Salary From Your Job This is most likely your primary source of income.  Well I hate to break it to you but if this is your only source of money this is a HUGE mistake.  This is a massive risk and you should not have all your eggs in one basket.  If you work for “the man” then you run the risk of being fired at any time for any reason.  I’ve…

This past July marked the 3-year anniversary of me paying off my house and becoming completely debt-free.  Ever since I purchased my first home back in 2005 this was a dream of mine.  I absolutely despise debt and from Day 1 I was laser focused on paying off my home.  First of all let me say, this was the last debt that I paid off.  If you have high interest debt like credit cards or payday loans you should pay those off first.  Also make sure you are funding your retirement through 401k and/or IRA.  I started paying off my house only after I had paid off credit cards, student loans, and my vehicles.  As the guy at the Honda dealer told me when I drove up to get my 2002 Honda Accord serviced “Wow buddy…you drive them from can to can’t”! Also I focused on buying a house that…

The Best Financial Decision I Ever Made Was Paying Off My Mortgage No question, hands down this was the best decision I could have ever made!  We did this in a little less than 2 years with a $191,000 mortgage.  The purchase price of the home was $398,000 so as you can see we put down a pretty sizeable down payment. Even though it took my wife and I less than 2 years to pay off this mortgage….. this was  journey that started about 10 years ago with the purchase of our first home.  We lived in that house for 8 years and were able to sell it for a nice profit due in large part to the improving real estate market.  My wife and I had outgrown this home with the addition of our first child and with hopes of having another so we decided we needed more space.…