As long as I can remember, I have tracked my money down to the penny. When I was younger this was out of necessity, but as my financial situation improved I retained the habit. Frugality, tracking, and a good income resulted in a fairly strong financial position, but I never really had much of a plan beyond saving for the “future.” That is until I discovered the concept of Financial Independence (FI) – having enough income to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others. Essentially, this is what you expect to achieve when you retire, but the possibility of reaching this stage earlier than 65, and possibly much earlier, never crossed my mind. But now my eyes have been opened to world of new possibilities.

On this page I will share some of what I have learned in the form of Personal Finance Nuggets. Each will contain a small bit of information, advice, ideas, etc. Most will link to one of my blog posts or some other resource which will elaborate on the topic. I plan to build this over time, so check back for updates. And feel free to post any nuggets of your own in the comments.

Personal Finance Nuggets

• Tax Gain Harvesting – Take advantage of 0% federal tax rate on long-term capital gains for low income earners. This can also be a useful tool for young people, early retirees, or anyone with a temporary drop in income.
• Give the Gift of Financial Independence – Learn how to get started on the path to FI. If you are already on the path, share your knowledge.
• When it comes to investing, keep it simple. Invest in low cost index funds; a mix of US Stocks (65%), International Stocks (20%), and Bonds (15%). These are my current numbers, choose yours based on risk tolerance and time horizon.
• Dump your cell phone carrier. I switched from Verizon to Spectrum Mobile. While this is only available to Spectrum Internet customers, there are several other low cost options. I went from $90+/month for two cell phones to $28/month. I have the exact same plan on the same network.
• Credit cards are a powerful tool if used properly. Take advantage of cash back, travel rewards, and other benefits, but only if you pay your balance in full each month.
• One of the most powerful gifts you can give a child is an understanding of compound interest and the freedom you can gain by making smart money decisions as a young adult.
• M1 Finance is a great platform to use for investing. They offer a wide range of ETFs (Exchange-Traded Funds), automatic investing into your selected “pies” to maintain your desired portfolio, and no fees. Check out ChooseFI’s review here. And if it looks good, use my referral link here.