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Tag Archives for fire.

Taking a $25,000 beating & dealing with panic in a bear market – March 2020 Freedom Update

This year has already been difficult in many ways. So I’ll have to unleash a whole lot of not great news. Of course, everything is down right now. And I’m fighting my HOA about a roof repair and thinking about renting an apartment nearby and trying to sell my current place.

All that’s been going on in the background as everything I’ve worked to save in the past year or two has been wiped out in the stock market. I’m hoping I can sell before my property value suffers too much. I will never, NEVER live in a place with an HOA EVER again.

That said, I’m grateful to have a job that’s allowing us to work from home. But this – all of this – moving, renting, selling, and making repairs to my current place (including the roof and ceiling!) are going to cost me everything I have. Like, everything.

But I have to try.

March 2020 Freedom Update

I few weeks ago, we lived in a different world and I was in Cabo. How quickly things change

For a second, my finances are going to spin out of control. And oddly enough, it’ll all be OK.

March 2020 Freedom update

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One IRA maxed, a return to credit cards & up $10,000 – February 2020 Freedom Update

Hello my droogs. How quickly things change in a day.

I started this post with such excellent news to report: big gains, strong performance, and hard work paying off. As I write this, I fear I’m about to go into battle with my HOA over repairs that haven’t been made for a month – right before my (nearly free) Cabo trip. So I’ll try to put myself back into my previous headspace and vent about the rest later. Because I need to vent.

The good news is a continuous upward trend. Though I fear coronavirus is about to give my stocks a hell of a beating, I’ll have to see it as an opportunity to buy more at a discount. Because it’ll pass and that’s what it is.

This month finds me almost done maxing out my 2019 Roth IRA. Then I can finish paying my credit cards and turn attention to the 2020 Roth IRA. All according to plan.

February 2020 Freedom update

I’ll be back in Mexico at the end of this week, a lot further ahead than I was before – even if it doesn’t feel that way right now

The HOA stuff might throw a wrench in my progress soon, and I hate that. But life, right?

Sigh – going back to previous headspace again. As it stands now, my overall net worth is up to $137,88528% of the way toward my $500,000 goal. Baby steps feel so good.

February 2020 Freedom update

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Invest Vs Pay Down Credit Card Debt & Up $11,000 – January 2020 Freedom Update

Most of my thoughts recently have been on money instead of travel. Now that I have aggressive financial goals, I want to meet at least a few milestones before I take another big trip.

I’m seeing the juncture of points & miles with personal finance so clearly. I’m understanding how much you can really save on travel by accumulating credit card rewards – and sinking the extra funds into investment accounts.

Of course, I’ve always known how awesome points are if you’re passionate about travel. And you bet your bottom dollar I’m gonna treat myself to a nice big award (!) trip to celebrate soon enough.

January 2020 Freedom Update

Travel will always be my #1 passion. Now I’m wondering: where is the intersection of traveling cheap and living frugally?

This month, I was waiting for the right time to post this update. But there is no perfect time and things will always be in flux.

With that in mind, let’s dive into what happened in January!

January 2020 Freedom update

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My First Month of Diligent Saving & Net Worth Is up $20,000 – December 2019 Freedom Update

November was the first month I got down and dirty with my new financial goals. Having them in mind gave the month shape and purpose – I felt for the first time in a while that I was working toward something urgent and real and palpable that I could measure.

If naming things is empowering, creating a plan is getting superpowers. I watched as each dollar flowed into and out of my accounts.

Slow and steady wins the race, but I have an out-of-control, flaming emergency! I have GOT to pay off my credit cards by April 2020 before the 0% APR rate expires. And I’ve got over $14,000 left to go.

Last month, a combination of strong market and aggressive payments boosted my overall net worth to $115,806 – a full $20,000+ increase.

And while it’s nowhere near the $500,000 goal I want to hit, it’s an awesome start. And to that end, this is my first Freedom update (Freedom is what I call money). I hope I look back on these posts and marvel at my progress. One day…

December 2019 Freedom Update

Getting started on my FIRE in a big way – getting rid of credit card debt is my #1 prerogative right now

I know “never say never” buuuut… I will NEVER have credit card debit ever again as long as I live. In the future, I’ll dip into my healthy savings account. Because this hurdle really freaking sucks.

December 2019 Freedom update

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My Audacious Plan to Increase My Net Worth to $500,000 in 5 Years – November 2019 Freedom Update

I’ve been wanting to talk about personal money stuff for the longest time. After all, my tagline has always been “Investing. Positivity. Oh, and travel.

Fear held me back because I didn’t want to sound like I didn’t know what I was talking about. I was afraid of impostor syndrome. And revealing financial details can introduce shame because you’re officially throwing out your yard stick for everyone to see.

But you know what? I started this blog over six years ago before I knew what I was doing with miles and points and learned as I went along. I got a lot of stuff wrong, things changed, and I grew. I was scared then too. But also:

  • YOLO
  • Eff it
  • Jump in both feet first
  • Learn as you go
  • Start somewhere
  • Do it ugly
  • Nothing is ever lost by creating

The biggest point of contention was that – I’m 35 now – a strapping young buck to be sure, but when I see other financial bloggers retiring at 30 and I still have student loans and credit card debt I’m like… feeling so behind.

This is me 10 years ago in LA. I wish I’d done more to help him (he wasn’t thinking about FIRE) – but I can start helping future me right now

But by what measurement? I can’t – and shouldn’t – compare someone else’s end point to my in-process. Although I wonder… what the hell have I been doing for the last 15 years? 😵

In the spirit of starting somewhere and being where you are, I want to keep myself accounted for and confess my dirtiest financial deeds.

November 2019 Freedom update

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

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

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

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

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Out and Out’s Best Posts of 2015

Wow. Out and Out made huge strides in 2015. A lot happened – and even more will happen in 2016.

Blog traffic tripled this year. In fact December 2015 is the biggest month ever for the blog (and it’s not over yet!). I’m thinking of how to improve things around here even more, and celebrating every step of the way because I couldn’t grow without your support.

Celebrate!

Celebrating!

You guys are awesome. I love my readers!

I’ve ironed out many ideas on here and found solid resolutions thanks to tons of community-focused comments. And meeting new peeps at the regular Reach for the Miles meetup has been fantastic.

I hope to continue the momentum and keep improving.

But first, I want to take a moment to pause and look back at where we’ve been this year.

Best of 2015

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Come in Houston, er, Dallas: Buying a House and a Move Toward FIRE

Also see:

Alternate titles for this post: Airbnb helped me buy a house in Dallas.

Most of y’all know I run a few Airbnb properties here in NYC.

Well, I’ve been ferreting away the earnings for a long while.

I’ve been using my Fidelity Cash Management account as a defacto business checking account, and my Aspiration Summit account to save up a down payment (and an AMEX personal savings account to pay Uncle Sam) because it has a sweet 1% interest rate.

My new empire state?

My new empire state?

I haven’t posted my Dallas hotel reviews yet, and I haven’t meant to be not as chirpy as usual, but here’s what’s been up.

Way back in August, I flew down to Austin (and actually posted my review of my Austin hotel, go me) for a work meeting. On the way back, I tacked on a few days in Dallas and started shopping for a place in Oak Lawn/Uptown.

Why?

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

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?

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SmarterBucks & Radius Bank Unlimited 1% Cash Back Toward Student Loan Debt

In my exploration of new MS techniques, I stumbled across something else that could be potentially useful for some.

I’ve written about the whole PayPal debit card/My Cash/RadPad combo.

As you guys know, the PayPal Business Debit MasterCard earns unlimited 1% cash back in your PayPal account. It does work with RadPad and does NOT work with Evolve Money (in the sense that you’re charged a 3% fee for using it).

But some peeps don’t like the PayPal-ness of it all, as they’ve been known to shut down accounts after sending warning emails.

So enter…

SmarterBucks and Radius Bank

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