You know your current net worth and your average annual expenses. You also have your target number . So, now it’s time to start putting your financial independence plan together. And I’ll share my tips on creating a plan that will work, including my best tip that I learned watching basketball. You might be wondering if it’s even necessary to create a plan. Why not just wing it? Yes, I know making a plan isn’t always fun. I like to wing it  on most things myself, but I don’t

In your quest for financial independence, you can picture your personal finances as a bucket being filled with water . We're all trying to fill that bucket to the top, but the flow rate of money (income) and the leaks (expenses/inflation) determine how fast we get there. If you've been wondering where to put your money to make that bucket fill faster, you're in the right place. In this post, we'll cover the best financial accounts for beginners —the essential tools you need

Keeping your money in the bank is safe. The bank won’t lose your money, so it will always be there!  While the bank technically won't lose your money, the old wisdom is dead wrong . Let me explain why a standard savings account loses money to inflation every single year. In my previous post , I talked about how inflation drains your financial bucket roughly 3% per year. That number may seem trivial until you actually see how it affects your finances. If you haven’t done so

If there’s one thing that is constantly in the back of my mind when it comes to personal finances, it’s inflation. The effects of inflation on your financial health and retirement are devastating. Like many people, I used to brush off inflation as just a minor annoyance to put up with. But then I finally sat down with a calculator and saw how 3 percent inflation destroys savings over 20 years. And that’s when I had another oh, shit moment because I realized we were screwed i