Financial Goals for 2015

Early last year, I prepared goals for 2014. In September, in a shift of plans I decided to abandon my goal of paying off all my consumer debt and instead focused exclusively on maxing out my 401k. To review my goals for 2014: Pay off consumer debt of $35,741.09 I was able to pay this down to $16,508.47 before pivoting in September to maximize … [Read more...]

I Quit My Day Job – If You’re Going to San Francisco (Part 2 of 3)

  I haven’t yet decided if I should wear flowers in my hair. Over the past three and a half year, I have lived in the Dallas-Fort Worth Metroplex. I have mixed feelings about leaving and mixed feelings about the area in general and am excited to see what a new area has to offer. First, the pros of Dallas: the food and the low cost … [Read more...]

My Retirement Asset Allocation

Over the Thanksgiving weekend, I decided to play around with Morning Star's X-Ray tool. The tool takes your entire portfolio and analyzes the asset allocation by geography, by risk level, by asset class as well as by type (growth vs. value, etc.). Here is what my current asset allocation across my portfolio is (asset type): 39% Domestic … [Read more...]

I Quit My Day Job – Drinking from a Fire Hydrant (Part 1 of 3)

“Getting information off the Internet is like taking a drink from a fire hydrant.” – Mitchell Kapor This post is going to be the first part of a three-parter about a fresh change for one-third of the writers at Don’t Quit Your Day Job.... Since my colleague PK and I founded this website back in April of 2009, we have been gainfully employed (or … [Read more...]

September 2014 Goal Assessment

At the end of last year, I stated that I wanted to pay down ~$34,000 in consumer debt (outside of my mortgage). I am writing today to report on both a level of success and a switch in strategy. How am I faring? In short: decently. I am not currently on track to hit my $34,000 this year. As of today, September 17th, I have ~$16,000 left to go. … [Read more...]

FICO is a Corporation

Much has been written about the recent change in the FICO scoring system from both mainstream media and personal finance blogosphere. Using my compelling inside information and incredible subject matter expertise, I can insist that it will not make much of a difference. What?  Huh? First, a little background. Fair Isaac (FICO) is a publicly … [Read more...]

Time and Well-Being

Everybody has heard the old adage “Time is money,” but very few have considered what it means in their own lives. Every hour you spend on something could potentially be costing you lost wages, leisure, lost weight (through exercise), skills, hobbies, etc. When taken literally, time is entirely interchangeable with money. Money can buy you time … [Read more...]

Emergency Funds are Overrated: Part Three of Three

(Read parts one and two.) In the first two articles, I covered: How important it is to be cash flow positive How to cover very small shortfalls with credit How to cover truly large expenses with different forms of insurance. The most important large unplanned expenses that could potentially be covered by an emergency fund are the … [Read more...]

Emergency Funds are Overrated: Part Two of Three

In part one on Monday, I wrote about how credit cards can provide short-term liquidity where emergency funds would typically be recommended. In this article, I will write about how most "emergencies" people list as reasons for an emergency fund are not true emergencies and can be easily planned for (and anything that is above and beyond can be … [Read more...]

Emergency Funds are Overrated: Part One of Three

Emergency funds are a controversial topic that have always irked the writers here at DQYDJ. Okay: overall, we think they are a decent idea... but the singular focus on obtaining one despite the (usually ignored) costs is  the incorrect focus for most financial prioritization decisions. In this series, I will lay out three reasons why emergency … [Read more...]