I started looking at the topic of America’s growing debt before the coronavirus pandemic spread. Across all age groups, debt has been accelerating rapidly for the last two decades, and I’m sure it has gotten much worse now. This chart, from a CNBC article, shows the magnitude of the debt problem, with perhaps the greatest growth happening among older Americans … As the chart shows, … Continue reading Debt Has Spread Like A Virus
How do you manage your spending with your spouse? How do you ensure that your spending is ‘fair’? Do you use combined accounts? Separate accounts? A hybrid approach? Today, I thought I would share the approach that Mrs. Fire Station and I use, which leverages a unique concept we named “Sunshine Funds”. First, all of our income and spending have always come out of one … Continue reading Sunshine Funds – Budgeting Our Individual Fun Money
Today we have a Guest Post from Tom “FIRE” – a FI blogger who reached out to Old Mr. FireStation to see if he could share a little Millennial experience with our readers. Tom’s website is FIREdUpMillennial.com. His experience with getting too deep in credit card debt in your twenties is very familiar to my wife & I, and he offers a great approach to get out … Continue reading Guest Post: How I Saved Money on My Credit Card Debt with a Personal Loan & Lessons I Learned Along the Way
We were discussing college kids and getting credit cards with some friends recently and I admit I am a bit hesitant to suggest to my son that he get a credit card. He has a debit card that works just fine for him, but I guess he is not building up a credit history that can contribute to a positive credit score. Given that … Continue reading Credit Scores – Must Everyone Have One?
We are in the car market again after two years with our current fleet. Our SUV has reached the point when it is starting to require quite a few repairs and as I have written before, vehicles are a budget item that I confess to being a guilty pleasure splurge. The SUV we will sell is a 2011 model with 114K miles. We have really … Continue reading Car Shopping Framework – 7 Principles That Guide Us
Earlier, I wrote a few posts on financial failures on our route to financial independence and early retirement (FIRE). The idea was to share that everything hasn’t been challenge-free on our route to a life of goofing off. Today’s story isn’t patently a financial failure, but it runs completely counter to the advice that you might typical hear as you build your retirement nest egg. … Continue reading Financial Failures – Taking Loans From 401k
There is probably no luxury that I have done more of an about-face on over the past 20 years than luxury automobiles. My DW and I started out very humbly in our 20s when we got married. We were very practical: she had a 11-year old Ford Fairmont (boring, but mostly reliable). I had managed to drive a few junkers into the ground through college … Continue reading Grown-Up Guilty Pleasure – Luxury Cars
It is with true sadness that I read that Dr. Thomas Stanley, co-author of the Millionaire Next Door, was killed recently in an unfortunate car accident. Reuters wrote that “Stanley was killed Saturday afternoon when a car slammed into his vehicle near his home in Marietta, Georgia.” Stanley researched the lives of American “high net worth individuals” – millionaires – and found that they … Continue reading Millionaire Next Door – Thomas Stanley RIP
Saving for FIRE is the last thing on the minds of most people. Although almost everyone dreams of being financially independent and retiring early, very few are doing anything about it. Americans saved just 4.4% of their income in 2014, according to the latest figures from a report from the U.S. Bureau of Economic Analysis. I’m guessing that is much too low to reach the … Continue reading Bank Your Raises To Catch FIRE
How can you find a secure 5-15% return on your investment with NO risk at all? Simple – start paying off your debts. The FIRE lifestyle begins with paying off the bank, credit cards & mortgage. Debt is a four-letter word that needs to be banished from your financial vocabulary. There are a few simple strategies to do so. One approach says to pay off … Continue reading Living Debt Free – That’s Means The Mortgage Too!