Key Takeaways: I believe better sleep (a component of a healthier lifestyle) and better personal finance are related. Sleep deprivation has become a badge of honor in American society, and it has severe consequences on health and wealth from personal experience. Prioritizing sleep could generate positive results across all aspects of life, including finances. Sleep…
Category: Principles
Core guiding principles for the financial independence journey.
Money is Time
Key Takeaways: The saying “time is money” is also true vice versa. Money is time. The guiding principle says to think of money in terms of the amount of time. Determine your real net hourly wage and use this metric to understand the implied “stored time” in various purchases to gain new perspectives. For many…
Negotiate everything. Compare prices. Shop offers. Create options!
For every financial decision, it’s critical to negotiate and compare. Taking the time to do your research and shop around could result in meaningful savings. I have leased a car with $4,000 off a $38,000 MSRP. I achieved the discount by comparing prices and offers across dealerships in the region and all its counties. I…
Never pay full price! Ways to do it and an example
Never pay full price… …unless necessary. It’s that simple. Never pay full price unless there’s no way around it. This concept is a fundamental principle and a beneficial personal finance habit. The seemingly small percentage of the full price accumulates over time and can become a significant sum to help push you forward towards your…
How to think of personal debt?
Key Takeaways Debt is a just a tool, and tools are meant to be more beneficial than burdensome to its users Debt can be an excellent tool for building wealth and value if it’s used for the right purposes Monetary debt is money borrowed from someone (e.g., a bank) with certain conditions and needs to…
Fees. Hate them.
Fees. I despise them. I hate fees with a passion, and I think you should too. While most fees are immaterial, these little and extra charges add up over time. Not only does the simple accumulation of fees add up to incredible amounts, but also, if you consider the impact of compounding, these fees could…
Discipline Equals Freedom
“Discipline equals freedom.” I was introduced to this concept when I was lucky enough to attend a talk by Jacko Willink, a retired Navy SEAL officer, a bestselling author, and a successful entrepreneur. The seminar I attended primarily focused on leadership and transformation. Jacko honed in on how the path of discipline results in progress….
Automate. Automate. Automate.
Automate as much of your finances as possible. One of the main contributors to financial success is having an automated system in place that was engineered specifically for your personal goals. An automated system saves time, reduces human errors, and builds habits. All of these benefits compound over time to accumulate success. Automation is critical…
Prepare for the worse… Hope for the best
“Prepare for the worst, hope for the best” is a common idiom. One of the big picture concepts within that idiom is to balance optimism and pessimism. We believe this concept applies to personal finance too. Prepare for the Worst Bad things happen. These unlucky events occur more often than we like, usually with the…