The following post is by ESI from ESI Money, a blog about achieving financial independence through earning, saving, and investing (ESI). It’s written by an early 50’s retiree who achieved financial independence, shares what’s worked for him, and details how others can implement those successes in their lives. Tim Ferriss says that “if you win […]
Whether you know it or not, you have a financial system.
If you didn't sit down and explicitly design it, it may be a little messy. It may have accounts you no longer need, credit cards you stopped using, and other relics you need to clean up.
It may not have some features you'd otherwise want but just haven't gotten around to because life has a funny way of getting in the way.
This category focuses on the big picture systems you put into place to make the rest of your life easier.
Ever wonder: “How much is my house worth?” When we track our net worth, one of the line items is the value of our home. We keep it as an offset against the mortgage, otherwise our net worth would be lopsided. One of the challenges with home values is that it’s difficult to mark them […]
Quicken does not charge for technical help. Let me repeat – Quicken does not charge you for technical help. A long time user of Quicken emailed me because she was having problems with Quicken. She’d been using it for twenty years and this year things started to go wrong, starting with being unable to transfer […]
Years ago, if you wanted to send money to someone online, you used Paypal. Years ago, if you wanted to hack a system to steal money online, you tried to hack Paypal. Nowadays, you have a lot of payment processors, a lot of money transfer systems, but the attacks and the phishing never stops. I’m […]
The software engineer in me never liked the idea of credit scores. Here’s this number that’s supposed to define your likelihood of defaulting on a loan but it doesn’t include anything about your ability to pay? It doesn’t include income anywhere. It doesn’t include your non-debt obligations (like rent). It doesn’t include any trends, like […]
The center of my financial network map is my primary bank account, a checking and savings account at a single bank. The checking account is my primary account, where I pay my bills and receive deposits. The savings account is where my money sits when I don’t need it for checking. It earns a little […]
Psychology was one of my favorite subjects in school. It was like getting an instruction manual for how people worked. A cheat sheet, if you will. One of my favorite “theories” in psychology is Abraham Maslow’s Hierarchy of Needs. Here it is: It’s a theory of human motivation. We aim to fulfill the needs at […]
When it comes to managing your finances, having a solid budget in place is key. Budgeting tells your money where to go and by giving your money a purpose, you gain more clarity and control over your finances. Creating and sticking to a budget is easy if you make it realistic. Tracking your spending and […]
When I was in high school, my high school quarterly report card always told me which decile I was in with respect to grades. Every quarter – top 10%, 2nd half. There were 495 students in my grade so that meant I was somewhere between 25th and 50th. Every quarter – same result. Top 10%, […]
Ten years ago, there were no solid money apps out there. If you wanted to track your money, you didn’t have many options beyond websites like Google Finance. I got my start tracking our budget and net worth with a spreadsheet. I would learn about Intuit’s Quicken software but it felt silly to pay for […]