FIRE

Category Archives for FIRE.

STOP Leaving Your Money in Checking Accounts! Make It Earn FREE Interest Instead!

by Harlan 7 Comments

a man standing on a bridge

When I pull cash out of an ATM, the receipt always says I have something like $100 in my account. Yeah, in my checking account.

The truth is I keep my checking account balance low on purpose. Because money in a checking account ain’t doing nothing but sittin’ like a bump on a pickle (#SouthernSayins).

I want my money to work for me. Every day, for years. Compound interest is a wonderful tool that can work for you – or against you. So make it work FOR you!

At the very least, keep your money in an interest-bearing savings account. Pay your bills from checking, then transfer the excess to a high-interest savings or investment account.

earn free interest

Compound interest is one of the most powerful forces in the universe

Whatever you do, stop using checking accounts to park your money!

Get an interest savings account and/or an investment account to earn free interest

Read More

Did Fidelity Just Become the Best Investment Bank? 4 New FREE Funds!

by Harlan 19 Comments

a green and white text and a green and white logo

Very cool news from Fidelity.  There are 4 new total market funds with ZERO management expenses and NO minimums to start investing.

Plus, they’ve slashed fees and minimums on several other funds.

I wrote about the best IRA accounts and which banks let you start investing right away with a single $1. What’s cool with Fidelity is you can pair your IRA with the Fidelity Visa, which earns 2% cashback on every purchase. Then sweep the cashback rewards into one of these free index funds. The card is free to have – so it’s literally free money to invest into free funds.

fidelity zero index funds

Fidelity just made a bold move with 2 FREE funds

Everyone should have an IRA account. Here’s more info on Fidelity’s new mutual funds.

Fidelity Zero index funds

Read More

LAST DAY: $499 FinCon Passes – This September in Orlando!

by Harlan 2 Comments

a group of palm trees with text

Update 7/31/18: It looks like the $499 price is going strong because of a “Summer Sale”! I’d still say to act ASAP if you’re interested!

Looking for inspiration, truly great networking opportunities, and a ton of personal finance information in one jam-packed 4-day event?

I attended FinCon 2017 in Dallas. As soon as it was done, I immediately registered to attend Orlando 2018, though I didn’t know how I’d fit it in at the time.

Flash forward to now. In 2 short months, I’ll be in Orlando for a week of CardCon, FinCon, and maybe even Disney World (when in Rome, right?). 🏝

Last year’s FinCon was a turning point in my own financial development. Plus, I got to meet some of my favorite bloggers in person (Paula from Afford Anything, Chonce from My Debt Epiphany, and Summer from Mommy Points) – and so many other knowledgable, inspirational peeps.

This year’s conference will be in Orlando at the Rosen Shingle Creek hotel from September 26th through 29th, 2018. Today is the last day to lock in a basic pass for $499. As of tomorrow, the price jumps to $599. So if you’ve been on the fence, now’s the time to get the best deal! 

fincon 2018 orlando

Spend a few days delving deep into finance at FinCon this September

Plus, I’ll be there! 🤑

FinCon 2018 Orlando event information

Read More

Why I Bought a New Car (With a Car Note!) Despite FIRE

by Harlan 25 Comments

a car parked in a parking lot

Also see: 

I wrote how I bought a car with credit cards in early 2016. It was a used 2004 Subaru Forester. And it fit my needs at the time.

I swore I’d never buy a new car. It’s a badge of honor within the FIRE (financial independence, retire early) community to have an old car with tons of miles on it. It means you’re frugal. And saving. And “doing it right.” A quick search on Reddit returns more opinions than you can ever filter through.

There’s even a rap song called “No Car Note.” (“I love my ’98 Honda!”)

But after running the numbers, I broke my own rule. And bought a 2017 Nissan Versa Note. With a car note.

New or used car? Why I went new

Read More

Best IRA Accounts: 8 Companies Compared (Self-Directed, Apps, & Roboadvisors)

by Harlan 15 Comments

a man standing under a tree

Update 8/3/18: Fidelity now has the cheapest fees and NO minimums to start investing. Check out my full write-up!

Also see: 

A couple weeks ago, I wrote about Acorns, an app I think is a great place to get started with investing (especially for millennials). Talking about investing is dicey. For one, because it’s personal (duh). For that reason, everyone has an opinion on it. And that’s where the confusion starts.

My view is: it doesn’t matter where you begin, so long as you do. You can always switch things around later. To that end, I feel Acorns has the most approachable interface for a beginner “despite” costing $1 a month. And there’s no minimum to start investing.

best ira accounts

The best time to plant a tree was 20 years ago. The second best time is RIGHT THIS SECOND. Start NOW!

That said, it’s an app and doesn’t let you choose your own funds (you pick from their portfolios). Same with Stash, Wealthsimple, and Betterment. Of course, you’ll get the best deal with a self-directed account – but the minimums are dauntingly high for a beginner, with the exception of TD Ameritrade.

I’ll compare these companies for expenses, account and fund minimums, and quirky extras:

I am focusing on IRAs here – although they all have the option to simply be an investment account (which is why I excluded Robinhood – they do NOT have IRAs).

8 Best IRA Accounts Compared

Read More

House Hacking Through… Airbnb? My 1st Month Numbers!

by Harlan 5 Comments

a bed with pillows and a lamp in a room

Also see:

I’ve written extensively about my adventures hosting on Airbnb. I’ve always leased apartments, then listed them on Airbnb. That formula worked in New York and continues to work in Dallas.

The Airbnb service is intended to rent space in your primary residence. I’d never done that because I didn’t want strangers in my actual home. But last month, I took a weekend and converted my spare bedroom and bathroom into a private guest room and listed it on Airbnb.

airbnb house hacking

My guest bedroom

And so far… wow! The response is incredible. Guests are loving it. And something that surprised me… so am I!

A nice benefit is I’m earning more than if I had a roommate. And I’m even thinking it could get to the point where it could cover my entire mortgage payment – I could live in my own place for basically nothing!

Airbnb house hacking… for real?

Read More

Join Me at FinCon 2017 in Dallas with Limited-Time $249 Passes

by Harlan 6 Comments

a group of tall buildings

I read a lot of personal finance blogs. Increasingly, they mention “travel hacking” AKA what we do on the daily as a way to travel cheap.

And it’s true – I see the parallels between the 2 niches. Especially if you’re using the money you save on traveling and put it in a retirement account. WHICH YOU ALREADY DO, RIGHT? 😉

So when I learned FinCon will be in Dallas this year, I couldn’t think of a single reason not to attend – expect for maybe the cost of the pass.

When I looked, I saw the basic passes were only $249 until February 14th, 2017. Then they’d go up to $469.

Be a Super Early Bird and Come to FinCon for $249

Be a Super Early Bird and Come to FinCon for $249

I whipped out my card faster than you can say “points and miles” and bought a pass without a second thought. And you should come, too!

Why attend FinCon?

Read More

Why I Bought a Car With Credit Cards

by Harlan 14 Comments

a silver car parked on a concrete surface

Also see: 

I’m targeting late April/early May to be out of NYC and in Dallas full-time.

For as long as I can remember, I’ve wanted a silver Subaru Forester. Buying a house and moving to Dallas meant I’d need to buy a car sooner or later.

The budget I had in mind was $6,000 for everything. Tax, title, registration, base price of the vehicle, everything.

I knew car prices tend to rise as it gets warmer, so when I found a great deal on the car I wanted in late February, I went ahead and snagged it.

My new cahhh

My new cahhh. I named him Clyde

Oh! And I wanted to pay for it in full. No financing.

Just an in-shape, reliable used car whose only expenses were maintenance, insurance, and gas. Boom.

Buying a car with credit cards

Read More

How I Made an Extra $60K from Airbnb in 2015

by Harlan 31 Comments

a hand with a peace sign

Also see: 

Side hustle of the millennium

Side hustle extraordinaire

I’ve written a lot about my side hustle with Airbnb a lot in the past. So I thought I’d follow up, because side hustles are a big part of my FIRE, and a great way to dig yourself out of debt – or earn more income.

In my Q2 update, I estimated I’d make an extra ~$31K off the endeavor in 2015.

I took some knocks here and there, but doubled my original projection. All told, I earned an extra ~$60K from Airbnb in 2015. And most of it went toward debts. In 2016, I’ll earn less but hopefully knock out my student loans once and for all.

asd

Good vibes

Here’s how I did it.

The numbers

Read More

ABC + FIRE! (In which life is all acronyms.)

by Harlan 3 Comments

Also see:

I’ve been looking forward to writing this post for a few months by now. Now here it is!

Yesterday, I made the final payment on my credit cards. Now, I don’t owe a cent of credit card debt!

As you guys know, I charged those puppies up to:

There was a point, a real and scary one, where I felt I’d certainly overleveraged myself.

I wrote about the feeling in Smart Debt: Is carrying a balance ever a good idea?

Side hustle of the millennium

Side hustle of the millennium

And I definitely felt I’d nearly crossed the line into plain ol’ dumb debt.

Digging out of credit card debt is by far one of the most psychologically strenuous exercises I’ve faced. And that moment where I saw the interest get charged felt so wrong, my stomach turned. But I knew I could shoulder a couple of months of interest to make it all back, plus more.

Still, it sucked.

And today is the official turning point where I go full-force into FIRE.

What is FIRE?

Read More

In Praise of Humble Beginnings

by Harlan 10 Comments

I was reading an article called “How to invest even if you’re treading water financially” via Get Rich Slowly and a certain part jumped out at me (bolding and links mine):

“Don’t despise small beginnings.
The first steps in any endeavor are humble. Gustave Eiffel, famous today for his tower in Paris and the Statue of Liberty, started as an unpaid assistant in a foundry. Setting aside $10 a month might feel meaningless: “What difference can that ever make?” That’s wrong. It makes a difference in many ways:

Start somewhere

Read More