Browse Month: January 2018

Why I’m Not Investing in Cryptocurrencies like Bitcoin

Early RetirementIn my recent article on our financial resolutions for 2018 I mentioned I did not want to invest in bitcoin, or any other cryptocurrencies, this year.

It’s not because I’m against making money.

It’s not because I don’t see the potential value in blockchains.

And it’s not because I think all cryptocurrencies won’t have any value five years from now.

But there are several reasons why I’d personally be very uncomfortable investing in cryptocurrencies right now, which I’ll outline below.

Continue Reading

ROMT’s Financial Resolutions for 2018

Financial Independence2017 was a good year for the ROMT family’s finances.

We paid off our mortgage!

We had solar panels installed on our roof, which over the second half of 2017 cut our electric bill by over 90% from what we paid during the same period in 2016!

We learned about financial independence and early retirement (FIRE), and developed a plan we hope can lead us down the path to FIRE before Mrs. ROMT or I turn 50. As of January 1, 2018, we were almost 78% of the way to our net worth goal!

2017 wasn’t without some missteps. My commute is still too long and too expensive, I’ve done a poor job taking care of myself, and our participation in the neighborhood garage sale was an abject failure!

But all in all, it was still a good year for our bottom line.

Continue Reading

Q4 2017 Financial Scorecard: Slow And Steady Wins The Race!

Personal FinanceWith the calendar finally turning to 2018, it’s time to report on the ROMT family’s financial status as of year-end 2017!

We made progress on each of our financial independence and early retirement goals during the fourth quarter, increasing our Net Worth, 529 Account Funding, and Passive Income.

Measuring our progress on a regular basis certainly helps keep our eyes on the prize, but we’ve found there are really no secrets to continuing to move in the right direction.

For those of us who aren’t founders of tech startups, first round NFL draft picks, or lottery winners, slow and steady progress is the surest way to build wealth over time.

Keeping our personal finances in order is largely a matter of doing the basic blocking and tackling on a daily basis.  Trying to save a larger portion of our income, making sure our money is working as hard for us as we are, avoiding unnecessary expenditures, and taking full advantage of any free money that is available, such as 401(k) matches and credit card rewards, may sound boring, but are all tried and true ways to continue moving towards financial independence and early retirement.

And we used all of those methods to move a little closer to our goals during the fourth quarter.

Continue Reading

Solar Panels Don’t Produce Much Energy When They Are Buried Under Snow!

Solar Power
There really are solar panels under the snow!

We’ve had our home solar energy system for just over six months, and have now experienced both the best and the worst the sun has to offer homeowners.

Our system was installed just before the Summer Solstice in June. During the summer months there were a handful of long and sunny days when our system generated over 50 kWh of energy, which helped us build up a nice bank of solar credits to offset future bills.

In recent weeks, however, our energy production has plunged as we neared the Winter Solstice. In late December, a combination of limited sunlight and snowy weather meant we produced less than 1 kWh of power on six of seven days.

Continue Reading