Hello and welcome to My Money Design!
This blog is my gift to you!
Every page of content we publish is all part of an ongoing effort to make life better and truly achieve financial freedom.
Everything I’ve ever learned about personal finance and every time I find a new trick I plan to share it with you on this site.
If you’d like to know more about our mission, why this site is called “My Money Design”, or more about me, please feel free to check out our About page.
If you haven’t already, please sign up to get free updates sent directly to your inbox. I promise not to spam you and only let you know when we have a new post or I’ve found something cool to share.
To help you get the most out of this blog, I’ve organized some of my favorite resources and a few must-read posts into the topic headings below. My hope is that you’ll read through them and get as much value from the information as you possibly can take.
First Things First – Track Your Money!
Before you learn anything about money from my blog (or anywhere for that matter), one of the best things you can do for yourself financially is to keep track of your money. By doing that you’ll then be able to follow the golden rule:
To do this I like to use a free financial service called Personal Capital to make sure I know what and where my money is at all times. With Personal Capital you can easily keep track of your:
- Budget. Link all your credit cards and see if your collective spending is on track for the month.
- Net Worth. Do you have a 401(k)? A few IRA’s? Stocks? Link all your accounts to your Personal Capital account and you’ll always have a snapshot of your complete net worth whenever you need it.
- Advice. With all of those accounts you link, Personal Capital can analyze your portfolio, help you reduce your fees, and give you a free “checkup”.
Saving for a Better Tomorrow:
There’s a lot of reasons to save your money:
Here’s how you can get started:
- How to figure out how much you need to save for retirement
- What is a 401(k)?
- How much can you contribute to a 401(k)?
- Traditional vs Roth IRA’s
- IRA vs 401k
- 401k to IRA rollovers
- 403(b) vs 401(k)
- Social Security Part 1 and Part 2
- What is a stock?
- What is a mutual fund?
- When you can access your various retirement accounts
- Understanding how compounding returns work
Once you’ve got a firm grip on these concepts, then you can move on to the next level of saving and investing:
More Advanced Techniques:
- Traditional vs Roth 401(k)
- How much you should save every year in your 401(k)
- Your ideal portfolio asset allocation
- Why you need to get your full 401(k) employer match
- Tax-Deferred vs Taxable Savings
- The smart way to double your money
- How to read stock metrics; in particular these important ones: Dividend Payout Ratio, Dividend Yield, PE Ratio
- Saving beyond a 401(k) or IRA with a SEP IRA
- Setting yourself up for a completely tax-free retirement
- How to retire on only $500,000
Yes, you CAN access your retirement savings early. Read more about:
Check out my personal early retirement plan!
Creating Additional Income Streams:
Who says you’ve got to be limited to just how much money you get from your paycheck?
In addition to planning for retirement, you can really take your finances to the next level by adding additional, multiple streams of income. Not only can these extra sources of money reduce how much you’ll need to save for retirement, but then can also help you to add stability to your income as well as achieve financial freedom more quickly.
Plus, who doesn’t want more money?
I’ve made tens of thousands of dollars since I’ve started blogging. Its a ton of fun and easy to do because it doesn’t feel like work.
Plus it costs hardly anything to get started. Just go to a reputable site like Bluehost, sign-up, and you’ll have your new blog up in minutes!
Here’s a few good resources I can recommend:
- This extensive +7,500 word post on How to Start a Blog
- My monthly Niche Website series is cram-packed full of new tips and tricks I’m trying every single month
Receiving dividend payments from the stocks you own is the ultimate form of passive income. You don’t have to lift a finger and the payments come rolling in!
To help you get started:
- Read this book: The Little Book of Big Dividends
- Check out this post on a strategy I personally use called the Dogs of the Dow
Thinking about becoming a landlord? Read:
- How Much Money Would I Make If I Rented Out A House?
- Which Is Better – Rental Income or a Stock Market Index Fund
Reducing Your Lifestyle Costs:
Don’t want to have to save so much for retirement? Try NOT needing so much money by cutting back on your expenses.
- How to Budget
- 10 Tips for Saving More Money
- Your Bills Are Negotiable
- What Should Be in Your Safety Net?
- Which is Better – Paying Off Your Mortgage or Investing the Money?
- Which Is Better – Paying Down Your Auto Loan or Mortgage?
- Which is Better – Points or No Points on Your Mortgage?
College Savings for Your Kids:
Motivation and Guidance:
Sometimes personal finance is more “mental” than it is “technical”. We all get lost along the way and need some help getting our priorities straight. Please enjoy these posts as they help you reflect on your goals and needs.
- Why Care About Money?
- Why Do You Want to Retire?
- Let Curiosity Guide You, But Common Sense Protect You
- Don’t Quit Your Day Job Yet
- The Value of What You Know
- Embrace That You ARE in Sales
- Do You Fake It?
- Go Ahead and Buy Yourself a Coffee – You Deserve It
Photo Credits: Microsoft Clip Art, freedigitalphotos.net