Answer me honestly: If you never went to work again, what would you do with the rest of your life? It’s a simple question. But one where the answer is probably more complex than you realize. You see recently I’ve been giving the matter of what to do when you retire early some serious thought. I don’t there’s anyone out there who hasn’t fantasized about the day when they finally have enough money to call it “quits” at work and do whatever it is they want from that point forward. Designing your financial freedom. It’s what this blog is all about. But recently I’ve been asking myself what happens AFTER you get there? What is it that is truly so wonderful and waiting for me on the other side of the early retirement gates? Can … [Read more...] about What To Do When You Retire Early – Here Are My Plans
Personal Finance
Can the Experts Really Help Us Find Good Stocks to Invest In? Let’s See for Ourselves
One of the most thrilling and scary things you can do with your money is to buy individual stocks. I like to hold a small portion of my investments in individual stocks because I have found it to be a very useful component to my overall plan for financial freedom (my money design as I call it). Plus I’ve been investing for a long time so I have a pretty good idea of what to do. Unlike when you own a mutual fund, you lose the safety and security of owning 100’s of stocks at one time when you buy pick and buy stocks one a time. (Of course the experts have also said that you really only need 10-12 stocks to be adequately diversified). But then there’s a pretty lucrative up-side to stock investing: Your winners could be unbound! … [Read more...] about Can the Experts Really Help Us Find Good Stocks to Invest In? Let’s See for Ourselves
14 Easy Ways How to Cut Power Bill Expenses During the Winter
The winter-time can be a very challenging time for most people. It’s cold. It’s dark. And it’s hard to travel. Unfortunately all of those things can make people want to stay indoors during that time. And that can lead to a big increase in your energy bill. All of the sudden you’re dealing with drafty windows, more hot water treatment, and a whole more electricity usage than you ever would have during the Summer-time. Luckily there are lots of effective ways how to cut power bill costs that are easy to do. All it just takes a little bit of planning and a few basic things to remember. Helpful Ways How to Cut Power Bill Costs: Lower the thermostat. Each degree that you turn down your thermostat will result in 5% … [Read more...] about 14 Easy Ways How to Cut Power Bill Expenses During the Winter
How Should I Set Up My Financial Plan?
How much thought have you ever given to your financial plan? Throughout my career, if there's one thing I've learned about successful businesses, its that they have a solid financial plan at the core. When it comes to our own personal finances, we could all benefit by doing exactly the same. This is why I strongly recommend that every house sets up their own financial plan for success. But how do you do this? What are the "correct" numbers to strive for? And what goals should you even be working towards? In this post, we'll seek to answer these questions and give you a sample financial plan that will kick your budget into shape! Your Personalized Sample Financial Plan: Over time we’ve collected a number of … [Read more...] about How Should I Set Up My Financial Plan?
The Ultimate Guide to How to Have a Tax Free Retirement
How incredible would it be to have a completely tax free retirement? I’m serious. You would owe no taxes. No, you won’t have to live in poverty. In fact if you’ve got enough savings you could withdraw over $100,000 and still not owe the government any money. Is that even possible? Of course it is. Lots of wealthy Americans take advantage of tax loop holes every day to pay a lower tax rate than their peers. There’s even a famous statement from Warren Buffett where he says that he is paying a lower tax rate than his secretary. Fortunately for you, we’re going to do a little better than that in this post. We’re going to see if we can’t find a way to pay NO taxes at all! All we’ll need is to be creative with how we plan to … [Read more...] about The Ultimate Guide to How to Have a Tax Free Retirement
The Pros and Cons of Brokers When You Try to Sell Your Annuities
Somethings your investments just don't work out like you planned, and you might decide it's time to sell your annuities. But selling a structured settlement can be a tough task, especially because of the mandatory court approval requirements, and the involvement of other stakeholders such as claim adjusters, attorneys, and of course, buyers. In addition to all this, you also have to decide whether you want to opt for the services of a broker. So how do you know if using a broker is the right decision? Pros of having a broker help you out to sell your annuities: Accurate representation of technical information about your settlements so that there are no last minute shockers – There is a lot about your structured settlement … [Read more...] about The Pros and Cons of Brokers When You Try to Sell Your Annuities
So Long AAA! Lowering the Cost of Car Insurance in My House
What do you say to the car insurance company you’ve had for the past 10 years when they won’t budge on their rates? Don’t let the door hit your butt on the way out! That’s exactly what I forced to say recently to my insurance provider, AAA, when they refused to negotiate down on the cost of car insurance for our household. Even though we gave them the chance to hold our business, we ultimately had to come to the decision to shop around only to discover that there were far better rates for basically the same amount of coverage. Here’s what happened. Reducing the Cost of Car Insurance: Frequently in the MMD household, we like to choose one bill from our expenses and pick on it. When the mortgage bill seemed too high, … [Read more...] about So Long AAA! Lowering the Cost of Car Insurance in My House
Tips for Getting by Without Borrowing Money
The following contribution is from a reader of My Money Design. If you’d like to write for us, please feel free to contact me. Borrowing money is usually one of those things that sounds great at first, until the bills start coming in. If you take a look at just how much money you have to repay for the amount you borrowed, you will realise how much money you may have wasted on interest. If you would have planned ahead before borrowing money, you would now have more cash available to purchase other things you want. The problem is that debt often turns into a never-ending cycle of outstanding debt as you continue to accrue more and more interest. Many people may spend their entire lifetime trying to climb out from under their pile of … [Read more...] about Tips for Getting by Without Borrowing Money
