Have you recently made the decision that you want to better your financial life? Perhaps you’d like to minimize debt and start making actual strides to improve your financial situation? Or perhaps you heard about the inevitable retirement crises and want to get a jump start on preparing for your own retirement. In today’s day and age it seems like when we take one step forward we often take two back. Maybe we get a raise at work but instead of saving it we just go celebrate and then determine it won’t be as large of an increase as we initially expected. If any of this sounds familiar then you’ve come to the right place.
Financial Fixation. A new blog for everything personal finance related. Here I'll share ideas for how a person can up their personal savings game, accumulate wealth over time, and possibly even exit the old rat race through a concept known as financial independence.
Like you I have been perusing the Internet quite a bit recently and checking out other personal finance blogs. At times it can be quite overwhelming. Some have strategies of just making more income while trying to limit lifestyle creep (we’ll get into this in a later blog post). Others recommend cutting all expenses to the max and saving every penny possible. Although both of these sound great in theory neither of them are realistic for most people. Financial Fixation is about relevancy. It’s about applying to the masses and letting the reader take away what they want. I’ll let you in on my own financial journey towards financial independence, sharing what has worked well for me and what mistakes I’ve made along the way.
Financial Fixation won’t offer any get rich schemes nor will it try to sell you any products. It won’t transform a person into a well-oiled money generating/saving machine (that will be up to you). Instead I will offer various ideas on how a person can improve their current situation as well as insightful posts on the economy. A step in the right direction is still a step worth taking. Over time you can pick and choose what ideas are relevant to you.
I’d like to get people thinking about their finances and what’s important to them by asking a series of questions. I’ll give two options for each question, simply think to yourself what you’d rather do.
Purchase a lunch for work 4 days every week but have zero additional retirement income in 30 years
Purchase a lunch for work only 2 days a week but have an additional $117,000 at retirement
Purchase a latte every morning for work and have no emergency savings in 10 years
Make a coffee to go before work and have $11,000 in case of an emergency in 10 years
Purchase a brand new luxury SUV for $40,000 today and have zero additional savings for your child’s education expenses in 15 years
Purchase a quality SUV that’s 2 years old for $20,000 today but have an additional $63,000 for your child’s education
The above scenarios all assume about an 8% return on your investment, a tall order but one that may be feasible. If you answered that the second option sounds better to any of the questions above then I think you’ll gain quite a bit by following Financial Fixation. If nothing else stop by here and there and check out what we have to offer.
Have an idea for a new post or just a general question? Feel free to comment on any of the posts or just send me an email at firstname.lastname@example.org.