Eating out has been a staple in our society as one gets a coffee on the way to work, orders take out for lunch while at work, enjoys a fast food grab on the way home or a nice outing with friends or family after a long day. I used to enjoy eating out as [...]
In 5 years, Mr and Mrs Cannes acquired 6 rental properties and a home. The rental profits from all properties are now enough to replace one income and make them financially independent. The following were the steps taken by Mr and Mrs Cannes. Frugality As Mr and Mrs Cannes were finishing university, their jobs during [...]
For 5 years, Mr. Cannes and I have been managing our own rental properties. People tend to think that managing properties take a lot of time, sometimes as much as a full time job. We manage 6 rental properties and typically spend 2-6 hrs each month for most of the year. There are however peaks. [...]
There are many definitions of financial independence around the web. Some define financial independence as being on your own without the support of family and having a job that covers your expenses. In the world of early retirement, I define financial independence as having enough passive income to cover your needs. If I was to [...]
Getting a real estate license in order to sell houses as a career is one option. What do you do when you are a real estate investor and you are buying/selling a lot of properties? Giving away a 2.5% commission is a lot of money once you start buying more than 6 figures of real estate. Looking [...]
Some money behavior fascinate me such as the person who has $8000 in their savings account but carry a $2000 credit card balance. Give up cable if you have credit card debt Credit card debt is an emergency at 19%+ interest. You should cut back all the luxuries in your life until your credit cards [...]
Project your retirement expenses based on current or future lifestyle and not on your current income. Most advisers recommend planning a retirement income of 70% of your salary. If one is to live very frugally, then it may be too conservative of a calculation. If you plan to rent or still have a mortgage in [...]
A family member recently advised me that I should buy a washer and dryer on a “Pay Later” plan. She claimed that it would be a very smart thing to do as I can put the equivalent amount of cash, which I have available in the bank, into a savings account or an investment vehicle. [...]
The average US wedding cost in 2012 was over $27 000. What does $27 000 get you? For most bride and groom, it gets them a stressful day, little face time with their guests, wedding bands and an exotic honeymoon. All this to provide a day that most guests will soon forget about along with [...]
It amazes me the response of peers when I share my story of Mr. Cannes and I retiring within the next 5 years. Many times I don’t get much of a response and assume my peer simply does not believe it can happen. At other times, the response is a question of why I would [...]
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