Unique Personal Finance Blog
Today’s article is about this unique personal finance blog.
The blog started last 2003. It was fueled by the ambition of the owner to blog his journey towards financial freedom by accumulating $1 Million dollars before he reaches the age of 40. He later changed his goal to reach it at the age of 36. He has been organized with his goals and with the sheer dedication he has given to achieve this goal, he has reported that as of 2006, his financial statement has reached $500,000- already half of his target!
Upon reading a few of his blogs, I had the impression that this guy must be really good at what he does. From what I understand, he already has a high paying job plus a business and investments. He referred to these as his ‘income pillars’. For people like us who also dream of hitting it big, his ideas are really worthy of reflection. Let me just emphasize some of the points that I found to be significant:
First, we have to start with an ambition. He said that an ambition should be hard to achieve, otherwise, it should not be classified as such. Ambitions are intended to be painstakingly difficult. People who want to get their ambition should be prepared for a hard ride.
Second, according to the writer, 1 million dollars is enough for financial independence. He devised a mathematical model that showed how feasible having a million dollars is. However, he also added that once you reach the target, it does not follow that you quit your job, pack everything up, and live the life of a king. Beyond monetary reasons, there is much fulfillment involved in having to accomplish something in life.
Third, the writer presented facts brought about by religious monitoring and tracking of his personal finance. For normal people like us with average cognitive capabilities, I believe that a simple Quicken tool can suffice, if ever we plan to be more detailed in our income and expenses. I admire, though, the effort that the author had invested in coming up with graphs and tables to illustrate his personal finance history.
Lastly, among the author’s plans is to source out new ‘income pillars’ in the future. This preparation includes assessing one’s abilities, to somehow determine an area where we can excel, hence be able to sustain financial stability in the many years to come.
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