Credit Good, Debt Bad

Credit Good, Debt Bad

I first learned about credit just after high school. First credit card I ever opened was a secured credit card for a $100.

A secured card was the only thing I could get approved for at the time, since I didn’t have established credit.

By using a secured credit card, I was able to safely build my credit history just like a regular (unsecured) credit card.

The only difference was that my limit was set by how ever much I deposited to an account at the bank.  I decided to start at the minimum of $100.  This gave the bank assurance in the event of a default. 

For example, Read more

Find Your Motivation to Save

Now, That’s Motivation!

I’ve been a saver for as long as I can remember. I tried to save what I could when I could.

Working for tips at a younger age, I remember making deposits of my daily tip money in a shoe box wrapped in duct tape  (my version of tamper proof) with a hole big enough to insert a folded stack of cash.

I used a sticky note with a paperclip to mark the date and amount I earned. I’d count the money and deposit it into a bank savings after 6+ months. It wasn’t a lot of money but this was a great way to save. In retrospect, I was essentially forming a new, pay-yourself-first habit.

The more I saved, the more I began to compare the buying power of my total savings to material things I could purchase in cash if I wanted to. Funny thing, though, once you have a good pile of money saved up, you tend to think twice about spending it.

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Nearly Inflated My Lifestyle with a Tesla

Tesla Model S

You know, it wasn’t long ago that I stumbled upon the current concept of financial independence and early retirement (FIRE). I, like most of you, became familiar with FIRE through great bloggers like Mr. Money Mustache (MMM), JLCollins, and others.

I came across these blogs serendipitously when I was contemplating what would have been the largest (non-real estate) purchase I’ve ever made: a car. I mean it’s a really nice car. But Read more