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Category: Lifestlye

Favorite Books of 2017

Favorite Books of 2017

Compound interest grows exponentially, so why not read, to compound your knowledge? ­čÖé I like to read books in the behavioral economics, finance, and personal growth department, so my books will mainly reflect that. They’re listed below unranked — just 15 of my favorite out of the 52 books I read last year. 1. Guns Germs and Steel: Jared Diamond Have you ever wondered why Europe was building multi-level stone buildings, while developed Asian countries at the time were mostly…

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Retire 3 Years Earlier By Cutting Down Your Clothing Consumption & Why I’m Going Cold Turkey

Retire 3 Years Earlier By Cutting Down Your Clothing Consumption & Why I’m Going Cold Turkey

Inspired by Cait Flander’s new book: The Year of Less, I started thinking about my consumption habits — particularly clothes. I wondered why I needed to buy new ones every year and how many years earlier I could retire by removing clothing consumption from my lifestyle. The average American Household spends $1,600 a year on clothes. Considering the average household income is $60,000, the after-tax in NY** is $42,000. 4 percent of your average household’s yearly expenditure is on clothing….

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8 Tips for Creating Your Own Financial Luck

8 Tips for Creating Your Own Financial Luck

1. Know the Market Price There are a ton of people who go out to yard sales, thrift stores, and estate sales and buy things for incredibly cheap prices, and turn around and sell it on eBay, Amazon, etc. When most people hear their story, they say things like,”Oh, they must be incredibly lucky! That kind of thing never happens to me!” First of all, this is a defeatist attitude. Second of all, the reason they can do this is…

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Costco – our favorite bulk money saver for food!

Costco – our favorite bulk money saver for food!

On Christmas Eve, we went to Costco, in an effort to start our year off right in terms of savings. Happy holidays for savings! I’d say Costco is great for non-perishables that you don’t need to put in the fridge. Even some perishables, like cakes and pies are very cheap and some meat, like the rotisserie chicken and marinated chicken wings are a really good deal. For perishables such as the cakes or 5 pound chicken wings, I usually separate…

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i401k or SEP IRA: An extra $54,000 in tax advantaged retirement accounts a year

i401k or SEP IRA: An extra $54,000 in tax advantaged retirement accounts a year

If you’re self-employed or have a side hustle, you have the best retirement accounts available to you. Have you ever wondered if an i401k or SEP IRA was better? A normal 401k has a contribution limit of $18,000, with an additional $6,000 in catch-up contributions if you’re 50 and older for the year of 2017. For an IRA, your maximum contribution is $5,500, with an additional $1,000 catch-up contribution if you’re 50 and older. For the long-term, I’d recommend a…

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Hustle in your 20s to be financially independent in under 10 years

Hustle in your 20s to be financially independent in under 10 years

Sometimes it seems impossible to reach financial independence. That kind of thinking is wrong — you can easily do it in less than 10 years. You’re awake for 16 hours a day, 112 hours a week. What do you do with your time? Throwing around some numbers, it’s around an hour a day to eat, an hour at the gym 5 times a week to stay healthy and active, an hour a day for your commute, 8 hours a week…

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Spend less than 2 hours and $40 making your entire week’s meals

Spend less than 2 hours and $40 making your entire week’s meals

I bet if you made your own meals at home in one go, you’d not only save on dollars, you’d save a ridiculous amount of time too. I take 2 hours to meal prep for the week, so that comes out to 17 minutes a day I “spend” on making food. Back when I used to eat out all the time, I probably spent 20 minutes going down to my cafeteria and getting some breakfast. For lunch, I’d either go…

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Make a few thousand dollars by saving for an emergency fund or moving it around

Make a few thousand dollars by saving for an emergency fund or moving it around

According to Vanguard, 60 percent of Americans don’t have enough saved up to last 3 months. I shudder to think of what the number is when it comes to 6 months. Given that we’re 10 years past the last recession, we’re due for layoffs soon — No, I’m not one of the people who call for a market dip every year, but sometime┬áduring your working life, you will most likely be laid off. Plus with all the continued automation and…

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Spend ~$40 on groceries a week and live extravagantly

Spend ~$40 on groceries a week and live extravagantly

Most people can’t tell you how much they spent on food in the last month. Can you? I firmly believe that anything you don’t track leads to inflated waste. Your mind is wired to love instant gratification, and will push that extra $5 you spent on your latte or the $20 takeout you order multiple times a week to the back of your mind. Those expensive meals from fast food restaurants or gourmet restaurants cost 4 times + the amount…

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They reached Financial Independence, why can’t you?

They reached Financial Independence, why can’t you?

As human beings, we tend to think of things as impossible unless someone else has done it first. If someone told you that you could reach financial independence in less than 10 years? What would you have thought? For years, scientists told the world that a four-minute mile couldn’t be broken. For 9 years, the world record stood at 4 minutes and 1 second. In 1954, Roger Bannister ran a below-4 minute mile. Soon after, athletes began breaking the the…

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