Like my father and his father before him, I am a cheap bastard. In January of 1995, when I was just getting out of college I put together my first spreadsheet to track my every penny. At the time I had a couple thousand dollars in credit card debt, and small holdings in a couple mutual funds. Since that time I've been tracking my money week by week and have seen how over time persistance can really pay off. The credit card bills are long gone, and the mutual funds have grown considerably.
Ultimately my goal is to hit "Critical Mass" - a term coined by my hero Bob Brinker, which basically means you have enough money that you don't have to work for "the man" anymore. I'd like to hit that goal well in advance of the time I need hip replacement surgery.
Why I joined NetworthIQ:
This site seems to capture some of what I have been doing on my own since the mid-90's. I thought it would be nice to share some of my personal history with others.
Best Financial Decision:
Buying a condo instead of renting. I didn't realize it at the time (2000), but the housing market was just about to explode. In 2003, just a few years after buying it for 60k, I cashed out with a profit of over 100k.
Worst Financial Decision:
Going all in on Bob Brinker's QQQ buy signal in October of 2000. I got killed!
Current Financial Strategy:
Double down on the mortgage each month.
Put anything extra in the 401k and IRA.
Use low cost providers - Vanguard and Scottrade to mention a couple.
How I manage my money:
Dollar cost average, and buy on the dips with any free cash.
Tools I use:
Excel - homegrown spreadsheet.
Favorite Financial Personalities:
Bob Brinker, Lou Dobbs, Art Cashin
I don't read books.
Too many to list. For the most part I like Independent / Foreign films.