The quick answer to how much you should have saved by age 45 is 8X your annual expenses. In other words, if you spend $50,000 a year, you should have about $400,000 in savings. Your ultimate goal is to achieve a 20X expense coverage ratio in order to retire comfortably. If you want to achieve financial […]
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Do you really want the financial freedom to do what you want when you want? Are you willing to make sacrifices today so you can be free tomorrow? If you aren’t willing to delay gratification, I’m not sure you want financial freedom bad enough. In 2009, with the launch of Financial Samurai, I kickstarted the
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In my Quora e-mail digest, I stumbled upon the most amazing and heartfelt estate plan I’ve ever read. A user asked: If you were left millions in your parent’s will, but your brother or sister were left nothing, would you give them some money? I think the large majority of us would say, “absolutely yes.”
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After over 10 years of writing over 2,000 personal finance articles, I’ve compiled 35 of the best Financial Samurai articles into one eBook to help you achieve financial independence sooner, rather than later. I’m also publishing a new hard copy book with Penguin Random House called Buy This, Not That: How To Spend Your Way
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Without healthcare subsidies, healthcare in America is extremely expensive. For example, my family of four is paying $2,633 a month for a Silver plan because we are receiving no healthcare subsidies. We would get a Platinum plan, but it’s simply too expensive. If we reduced our income to be no greater than 400% the Federal
Being financially independent is the best. The key is staying financially independent and never going in reverse. The first rule of financial independence states that once you’ve amassed enough money, you should never lose money. The second rule of financial independence is to never forget the first rule. If you lose 50% of your net
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The first rule of financial independence is to never lose money. If you lose lots of money, you ultimately lose lots of time. And time is your most valuable asset. Don’t go too backwards! The second rule of financial independence is to never forget the first rule. Well, no, that’s Fight Club. The second rule
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Whenever I write about an investment decision I make in a post or newsletter, someone gets upset. I’ll get a spiteful comment about how I’m market timing my decision. What someone does with their money has no bearing on what happens with your money. You have the freedom to make one giant paper money statue
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Every two years, the Bureau of Labor Statistics comes out with a fascinating amount of data bout the U.S. consumer. For the latest data that came out in 2019, the average expenditure per consumer unit for 2017 was $60,060, a 4.8% increase from 2016 levels. Out of the $60,060 average consumer expenditure, healthcare expenditure was
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Want to earn more money and pay less taxes? We all do. Let’s talk about three of my favorite ways to earn more and pay less. John F. Kennedy once said, “Ask not what your country can do for you, ask what you can do for your country.” I took his message to heart when
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