The Financial Freedom Equation

If you’re following the financial freedom equation, achieving a life (and lifestyle) of your choosing should be well within your grasp. The challenge for most people is, they’ve never identified what financial freedom means to them and have no way of keeping tabs on their progress towards that end. Recurring revenue should exceed expenses A software engineer turned multimillionaire I know once told me that financial freedom for him meant that he had more revenue coming in from passive sources than he had monthly expenses. Once he crossed over the line of having more money coming in (without having to …

What To Know About Collections

In 2005 I started working for a mortgage company as a wholesaler. My job involved calling on mortgage brokers and trying to get them to write loans through my employer. It was an eye-opening experience for a number of reasons: I realized that there were some really credible, integrity filled people in the industry and there were others who didn’t fit in either bucket. It became painfully obvious that a majority of the applicants had credit that needed serious repair. I learned SO MUCH about debt, collections, and adverse entries on your credit report. One of the most common items …

A Hillbilly Elegy Review

I’m always hyper aware of books that are mentioned around me. To the extent that I keep a running list of books that I need to read, often putting them in my wishlist on Amazon. When the same titles are mentioned again and again, I take that as a sign that it deserves a place on my reading list. When the recurrence of that title warrants it, the book moves all the way up my ‘to read’ pile and becomes the next book in succession.   The most recent book that fit that description was Hillbilly Elegy by J.D. Vance. …

You’re giving away money if you’re not using this tool

While I, myself, am not always the most frugal shopper (coupons aren’t really my thing and I tend to buy what I want instead of waiting for it to go on sale), my wife is an incredibly frugal person who knows how to work every angle and snag every discount possible. So when I found out the power that having Ebates loaded into my Google Chrome browser created, I kicked myself for the hundreds (and possibly thousands) that I could’ve been getting a nice little Ebate on. Here’s how it works: You simply sign up for an Ebates account, easily …

Coaching Matters: Why You Need A Financial Coach

Guest Post: Nick Der is the founder of Oxfords & Brogues, a financial coaching company based in Southern California.  My relationship to money can oftentimes be confusing and complex. No matter how sure I was about something regarding my finances (like how to best pay off my $30,000 in student loans or which investment funds to choose in my 401(k) or what tool was best for me to stick to a budget), there was always a troll on the internet saying the exact opposite to what I thought was right for me–experiencing stress and overwhelm, being stuck and avoiding my …

Build A Bigger Life, Not A Bigger Lifestyle

About three years ago I was delivering a talk to a group of young professionals about pursuing that which fired you up. Whether it was a hobby, a business, learning a craft or musical instrument, my message was they should be pursuing something that they loved to do. One attendee piped up in the middle of my talk and said, “but what if that isn’t possible?” “Tell me more…” was my reply. “Well, what if financially you just can’t afford to go do the things that fire you up inside?” (This is obviously not an abnormal thing, for people to …

Book Review: Mindset by Carole Dweck

The reason I started the MasteryOfMoney.com blog in the first place is I once heard everyone should be pursuing mastery in something. Since “money ranks right up there with oxygen on the need to have it scale”, why not pursue the mastery of money? (Quote credit to Zig Ziglar). I’ve seen numbers as high as 60-70% of the general population live their lives with money concerns that could likely be eliminated with the right amount of information, study and practice. So why don’t more people pursue the Mastery of Money? As Carole Dweck points out in this MasteryOfMoney book review, …

Why Now Is The Time To Update Your Will

One of the things least thought of but most needed is to update your will. If it’s been awhile since a rewrite of this incredibly important document, might be time to dust it off and make some changes! While cleaning some files out of our filing cabinet (something I’m prone to do at the beginning of every year), I ran across a file folder that has a copy of our will in it. We have the official copy in a safe and a safety deposit box, with this one as a quick reference copy. After reading through it once, it …