Money Tips Network

“As a family, we never used a budget. When we decided to pursue financial independence, we started a monthly tally of our total spending and savings rates.

Our initial savings rate was 20%, including 10% into retirement accounts and the other 10% into savings. This was a tough change in our routine and took some getting used to. But as our savings grew, we recognized the benefits. We made incremental increases of 5% in total savings each month. With less of our income left over for spending, we adjusted by cutting items that we could live without.

We used to say we couldn’t even afford putting 15% into our 401k plans, and that we would be miserable without that money. Before long, our 50% savings rate seemed low, yet we were happier. Eventually, we were saving about 70% of our gross income. With that savings, we paid off our six figure mortgage in a year and a half. It felt great, and was a solid ratchet point on our climb towards financial independence.

Putting money into a savings account...that’s pretty boring. Going to Vegas and winning at the blackjack table...now that’s a rush! Unfortunately, gambling at the casino is eventual financial suicide and we all know it...so it’s best to just stay away from the tables.

But what if you could meet your savings goals, and then by doing so, you’d actually have a chance at winning games with cash prizes?? Believe it or not, it’s absolutely possible with a new start-up called, “‘Long Game”.

A new start-up out of San Francisco, Long Game is one of the first apps that actually makes saving fun. Sure, Mint can help you track your money, and Digit gets you to put a few pennies into savings here and there, but admit it, your life is still pretty dull even with these technological advances in your financial life.

Mixing love and money is tricky. In fact, a recent study conducted by Dave Ramsey and Ramsey Solutions found that money is the second leading cause of divorce. Infidelity is number one.

After this year's seemingly interminable winter, nothing would be finer than getting outside to enjoy nature, especially if you can do so with your special someone.

Summer is a fine time for concerts, fairs, vacationing, and just doing things! No matter where you are, there's bound to be a lot going on and a lot you want to do.

What is on your summer bucket list? What event or activity are you looking forward to the most?

When I was a younger man — back before I founded Get Rich Slowly in 2006 — I was intrigued by the idea of creating passive income. While passive income isn’t exactly a get rich quick scheme (and boy was I intrigued boy those back then!), there’s certainly some overlap. Both passive income and get rich quick schemes appeal to lazy people like my younger self, people looking for ways to make money for nothing.

What Is Passive Income?

Passive income, as the term implies, is money you earn on a regular basis with little or no effort required to maintain the cash flow after the income stream has begun.

Common examples of passive income include rental properties, royalties from books (and other published work), and profitable businesses that you own but in which you have little (or no) active involvement.

It’s pretty common for new clients to tell me that they’re not counting on Social Security as part of their retirement plan. And it’s easy to understand why.

For years now we’ve been told that Social Security is unsustainable. There were even recent headlines in major publications warning people that Social Security was running out of money and that it was headed toward insolvency.

But the situation isn’t nearly as grim as most people think.

The truth is that Social Security is still on track to pay out most of its estimated benefits through the end of this century, even if nothing is done to strengthen the system. And ignoring it just makes retirement planning harder than it needs to be.

Is fear holding you back from your dream of traveling the globe? You're not alone.

Seeing the world sounds glamorous, but fear and anxiety can put a major damper on your travel plans. In fact, according to the National Institute of Mental Health, over 31 percent of adults in the U.S.

The old formula worked like this: When you were tired of renting an apartment, you'd buy a starter home. This starter home would be affordable and small. When your family started to grow, you'd sell that starter home and buy a larger residence.

Does this strategy still make sense?