Creating A Family Philanthropy Fund

How can we teach our kids about wealth, investing, and philanthropy in an understandable and engaging way? This is a different question than what my wife and I have asked ourselves in the past. We have worked hard to teach our kids about the value of money, saving, and avoiding consumerism. Our family also participates in charitable activities in our community, mostly focused on food security for both adults and children.  Our kids are teenagers now and old enough to engage in more technical discussions about money. I want to share with you a small philanthropy project we started with our kids and challenge you to do similar. Continue reading “Creating A Family Philanthropy Fund”

My First Investment at PeerStreet

This is the third post in a series about my PeerStreet account.

In the previous post I showed you what the process looks like to fund an individual account at PeerStreet, so now it’s time to get busy investing the $10,000 I deposited. Investors can pick individual property loans to invest in or use PeerStreet’s automated investing tool. Here’s what each of those look like. Continue reading “My First Investment at PeerStreet”

I Funded My PeerStreet Account

This is the second post in a series on my PeerStreet investment account

Progress to First Investment

The first post in this series shared my experience setting up an individual investor account at PeerStreet. In this post I will show you what’s involved with funding the account. It took several days to get my account funded, but not because PeerStreet is slow. My local bank was the slow link in the chain, which I’ll explain below. Continue reading “I Funded My PeerStreet Account”

I Opened A PeerStreet Account

This is the first post in a series on my PeerStreet investment account

What is PeerStreet?

The day after I setup my account I received an email and a phone call from Ethan at PeerStreet. He asked me if I had any questions. I said, “yes, how do I explain to my wife what I’m about to invest in?” The fact that I asked this question should be a red flag, because it’s a good indicator I haven’t done enough research yet. As a general rule I don’t invest in things that I can’t explain to Mrs. R., but I got around it this time by telling her I’m only going to start with $10,000 and see how it goes. Continue reading “I Opened A PeerStreet Account”

How to become financially independent in six steps… wash, rinse, repeat

Becoming financially independent is a lot like washing your hair. You become conscious that you need to do something (“my hair is dirty”), reach for a proven solution (shampoo), apply that solution to your personal situation (lather up your hair with shampoo), evaluate if the solution is working (rinse), and do it again if a successful outcome is achieved (repeat). People learn to wash their hair when they are children and have done it so many times that they don’t give it much thought. Having clean hair is a part of a person’s lifestyle, it is something they value, and they routinely use proven solutions to achieve the desired result. The same is true for people who become or are on their way to becoming financially independent.

Mrs. R. and I have developed a lifestyle that has led to us becoming financially independent but we didn’t initially set out with that goal in mind. Initially we were focused on paying down debt and saving for a down payment on a house. Then when we had our first child our goals changed to include Mrs. R becoming a stay at home mom. Several years later, after the birth of our second child, our goals changed again to include earning more money. More money coming into our lives led to other goals like paying off the house, maxing out tax deferred retirement savings, increasing our other non-tax deferred investing, taking more vacations, and giving back to our local community. We have been married for almost twenty years and like all people a lot of stuff happened during that time which can make it challenging to share our experiences with other people in order to help them with their specific situation. So we have identified six steps that we have come to realize we have used and continue to use to help guide our financial life. Admittedly, “steps” is probably the wrong term because they are more like a framework or broad categories that contain within them more specific actionable solutions. Over time we will explore these areas on this site and discuss the details and our experiences. First I think it would be good to layout the six step framework for our readers.

Continue reading “How to become financially independent in six steps… wash, rinse, repeat”

Hello world!

Every new WordPress account automatically generates a “hello world!” post that many people delete.  I’m keeping this one to mark the beginning of this experience – blogging.