Grand Rounds: Money, Money, Money……Money
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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
First raise your hand if you now have the song, “For The Love Of Money” by The O’jays (or for the reality TV based junkies, the theme song for The Apprentice) stuck in your head from my title.
This edition of Grand Rounds is dedicated to that green, or for our international readers multi-color, piece of paper that we often trade our limited supply of time for.
We all dream of being wealthy, but what is the general consensus regarding the threshold to reach that status?
The answer is it depends.
What generation you identify with as well as your locale can create different perceived points of entry into the realm of the wealthy as evidenced by The Money Habit post, “How Much Does It Take To Be Wealthy In America?”
Now that you have a financial target to shoot for, what is the best way to get there?
Get Rich Slowly graciously shares with us many financial tidbits discovered along the way that can turbocharge your path to the land of the wealthy in, “18 Useful Financial Rules Of Thumb (And Some Useful Money Guidelines).”
I have previously mentioned what my favorite kind of money is.
Hopefully you are convinced that this is the type of money you want coming into your household rather than the kind that makes you leave your house to earn it.
Sure it is great to say I want passive income, but how does one go about getting it?
Well Denis O’Brien from Chain of Wealth has created one of the most detailed guides I have come across to help you discover multiple ways of getting this elusive “mailbox money” in Passive Income: How To Set Up Multiple Streams Of Income.
For those of us FIRE walkers that are focusing on the RE component (Retire Early), the main point of consternation is when to pull the trigger and knowing you have enough money.
The fear of outliving your portfolio is a risk that every retiree, not just early retirees, must face.
Wealthy Doc attempts to guide you in making this all important decision with the post, “Fear Of Running Out Of Money.”
[Guest post extraordinaire, Gasem, has multiple posts on this site that also help ensure your portfolio is not on life support at a time you need it most.]
Are you more of a number crunching type individual and rather have a financial calculator confirm your ability to retire?
No worries. ESI has you covered in, “When Can I Retire? When Will I Be Financially Independent? A Retirement Calculator Guide.”
Been getting the greenlight to go ahead and transition yourself to W2-independent life?
Not so fast.
General consensus is that the accumulation phase of your financial life cycle is actually the easiest stage and that the real need for financial prowess is with the decumulation phase.
Not to worry.
Analysis extraordinaire, ERN, does an incredibly comprehensive (currently a multi-part series of 27 posts!) tutorial on how to walk this financial tightrope with a safety net in the aptly titled, “The Ultimate Guide To Safe Withdrawal Rate.” [You may be finished by the end of the weekend if you start now]
Hope you enjoyed the reading material.
Have a great rest of the week.
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