It's time for the weekly roundup of the best articles of the week for October 20, 2018.
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Check out these great bloggers and this week's articles.
Physician on Fire and Fly to FI
My first article is a guest post written by Cody Berman of Fly to FI for the Physician on Fire blog. Cody is an amazing twenty-two-year-old young man with wisdom far beyond his years. He started his own disc golf company and now runs the blog Fly to FI. He also has a weekly podcast called the FI Show. He's insightful and engaging.
When I began to read Cody's post, the gist of which was to stop and smell the roses, I thought I was reading something from a much more seasoned veteran of life (translation, an old buy like me). He talks about things like not being caged by society, not wasting time, and even putting down your cell phone. That's right, a twenty-two year old is telling us to put down our cell phones. He schedules times to read and respond to emails and texts. That makes him more available in the present.
We should shift our mindsets and think about what makes us happy; to think about something we don't enjoy and figure out why. His final encouragement is to “Live intentionally, enjoy your life, and never forget to stop and smell the roses.”
I told you he was wise beyond his years. I hope you enjoy this as much as I did.
Today's guest post comes from the young man J.D. Roth likes to refer to as the “wonderkid” Cody from Fly to FI . At 21 (he's now 22), I believe he was the youngest attendee at Camp FI Southeast the weekend we were all there. You may wonder how he earned that nickname.
Route to Retire
My next article comes to us from Jim of the blog Route to Retire. I met Jim in September at the FinCon conference. Jim and his family are about to retire, pack up with the family and move to Panama. Yup. You read that right. Panama.
Why? The cost of living there is very low. Jim told me the best part is the year-round temperature is 75 degrees. Sounds almost too good to be true, doesn't it?
Anyway, today's post was the feature article on Rockstar Finance. Jim's a straightforward guy with a great sense of humor. He's also quite smart and disciplined. After all, he's moving his family to another country at age 45. So many people make becoming financially independent complicated. Jim and his family followed the simple formula, which he says “ain't no secret!”
It starts out with getting out of debt, knowing where you are and where you need to be, and cutting stupid expenses. That last one may be the more difficult. It means not getting the latest shiny object and staying focused on the goal (whatever that might be for you).
I won't spoil the rest of it for you. Suffice it to say the rest of the “not so secret-secret” is just as simple and profound. I'll leave you with these two nuggets to spur you to read:
You can’t trade today’s happiness for tomorrow’s.
You’ve got to find a balance between paving a solid path for your future without forgetting about today.
There is a Secret Formula to FI, But It Ain't No Secret! – Rockstar Finance :: Curating the best of money and personal finance
By: Jim | Route to Retire Everyone likes a secret, but a secret formula? Even better! Now that we're only a few months out from me quitting my job, we're starting to share the news more with friends and family. A lot of them seem to be a little confused, but then we talk about our …
The Five Journeys
Brenda over at The Five Journeys blog brings us our next post for the roundup. Like me, Brenda started her blog in 2017. She says she realized her “energy, health, and spirit were in serious need of an overhaul.” When she thought about starting her blog, she “kept returning to the elements that contribute to my efforts to build a fulfilling life: a healthy lifestyle, financial independence, community, happiness, and inner peace.”
In keeping with that theme, the post I loved explores whether it's possible to have a balanced life. It's based on the four burners theory, which encourages we think about life as a stove with four burners. Each burner of the stove symbolically represents one of the four quadrants of life – family, friends, health, and work. She says the premise of the theory is that to be successful, you have to shut off at least one of the burners. To be really successful (whatever that means), you have to shut off two burners.
The larger point of the theory as Brenda says is to keep all four burners going all the time. We all have them. How do we not let the four burners fire consume us. It's an interesting and thoughtful read where Brenda uses her own burners as an example.
The other day I ran across an article on the Four Burners Theory. The origin of the concept is muddied, but here's the premise. Imagine your life as a stove with four burners on it. Each burner symbolizes one major quadrant of your life – family, friends, health, and work.
Real Money Robert
Robert is the author of the Real Money Robert blog. Like many of today's Millennial blogger, Robert says he's passionate about money. He recently married. He and his new bride have five children between the two of them. In addition, they 3 dogs, 17 chickens, and 3 ducks. If it walks like a duck… Nah, I'm not going there. Looks like that would be plenty to keep them busy.
You can see his beautiful family in the picture below (minus the animals).
Of course, Robert has to pay the bills, so he has a full-time job as a production manager for a local printing company. He blogs and does Facebook ads for local businesses to supplement his income.
The post I loved from Robert is a step-by-step guide to creating a family budget. It truly is a detailed step-by-step guide from start to finish. He introduces options to utilized based on your preferences like Excel or budgeting software. He shows you the system he and his family use as an example. Like many things in life, the process needs to be tied to a goal. So, that's the first step in setting up the family budget. Robert says (and I agree) you should have short-term and long-term goals.
You'll need to calculate income and expenses (fixed, variable, discretionary), and tie them all to your goals. Even if you already operate with a budget, I think you'll find this guide helpful. He also offers links to helpful guides and other resources to provide several options to consider.
Thanks, Robert for this great guide.
Budgeting has received a bad reputation in a wide majority of American households. Many people view budgeting as a big roadblock to spending money on the items they want. They think that with a family budget, they will no longer be able to spend money on that morning coffee. What?!
I hope you take the time to check out all of these great articles.
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See you next week!