Author Archives: Mike And Lauren

There Are No Short Cuts to Wealth

 

Health and wealth are two things you have to work hard to get and keep. There are no shortcuts to wealth. And if you find one, studies have shown you won’t have it for long.

In this video we talk a little bit about the Millionaire Next Door, and the 7 traits that most wealthy people share:

1.They live well below their means.
2.They allocate their time, energy and money efficiently in wealth building activities.
3.They belief financial independence is more important that displaying high status.
4/5.They did not inherit their wealth and their adult children are economically self sufficient.
6. They are great at selecting and seizing opportunity.
7. They chose the right occupation.

Links:
Study 1: https://goo.gl/uOdF9E
Study 2: https://goo.gl/Lqnqzw
Mark Cuban: https://goo.gl/jJ8KYZ

Mike Makes Sawhorses | DIRESTA vs. Matthias Wandel Design!

I needed a few sawhorses for the shop. Instead of buying some, I made them with scrap wood. I couldn’t choose between Jimmy Diresta’s and Matthias Wandel’s design so I made both!

Which one did I decide to make a set of for the shop? Watch the video to find out! I was lucky enough to use a chop saw, table saw, radial arm saw, and nail gun. But it can be done with just a circular saw.

Breaking the Emergency Fund Rules | Fix Your Finances

Once you get out of debt, it’s time to build an emergency fund of 3-6 month’s expenses. How much to keep in your emergency fund depends on things like your job security, insurance, income sources, how many people you’re supporting, and much more.

In the video, we talk about how we don’t really have an emergency fund, but more of an “opportunity fund.” Normally, you should never spend your rainy day savings on anything that isn’t absolutely necessary. We tend to break the rules 🙂

What’s your emergency fund story?

Turning Hobbies into Profit – Another Craigslist Score…

After purchasing our Mercedes 300CD last week, we thought it would be fun to look into building a teardrop trailer for camping around the US. As these things usually happen, a deal to good to pass up presented itself on craigslist.

For $300 dollars, we purchased a half finished Big Woody Teardrop Camper complete with cherry plywood walls, and mahogany trim.

We weren’t really looking for a project, Mike was researching teardrop camping, and it just turned up…

Follow along as we finish building our tiny camper, fix up the Mercedes diesel, and hit the open road!

Why Get out of Debt and Other Questions | Fix Your Finances

Last week’s video about how to get out of debt was well received, but there were a few questions people had about paying off loans.

Most importantly, why should getting out of debt be your number one priority? In addition, we answer the questions:

1. What if I’m upside down on my car loan?
2. Would you stop investing while you paid debt?
3. What about debt consolidation loans?

We Bought a Mercedes-Benz?

I first discovered Mercedes-Benz diesels on our trip to Europe and fell in love. On that trip I found out that the Mercedes w123 engine is considered to be one of the most reliable engines ever manufactured.

Fast forward 2 years and for some reason I start looking for one again. Well…we bought one. It’s a 1979 Mercedes 300CD, diesel (non-turbo).

My initial plan was to sell the Prius and drive the Mercedes to further extend the longevity of our transportation. But since I got such a good deal, we may end up just fixing it up and re-selling it for a profit.

Setting Up Shop – Part 1 | Mike Makes

Over the past two weeks I’ve moved all of my Dad’s tools into the new shop, bought a Grizzly G1023SL 10″ table saw for $450 bucks, and somewhat restored my 10″ Craftsman drill press.

I built two work benches along the walls and recessed the Dewalt 12″ miter saw and DeWalt 10″ Power Shop radial arm saw into the top.

I’m very happy with the progress so far. Next, I need to build tool holders to hang all of my hand tools on the wall!

If We Woke up in Debt | Fix Your Finances

How would we get out of debt if we woke up one day with student loans and a credit card balance? By taking extreme measures to cut spending and earn extra income.

We discuss everything from cutting up our (hypothetical) credit cards to selling our excess furniture and gadgets on craigslist. Although it’s easy to stand on the sidelines and say “that’s what I would do,” we hope this is a help to someone out there.

All-Inclusive? The Hidden Costs of Cruise Vacations

Thinking about taking your first cruise vacation? Even if you book a cheap cruise, there are still a few hidden costs that you might not expect.

For example, most people don’t expect free alcohol, but soda isn’t free either. Add $6.50 per day for unlimited soda. What about tips and gratuities, and internet? We’ll talk about these and many more!

Is Bigger Really Better? Our Cruise Vacation on Allure of the Seas!

We?ve just returned from a 7 day vacation on the biggest cruise ship in the world, the ?Allure of the Seas.? Many people wonder if it?s worth the extra money, if it?s too crowded, and what makes this ship so special. We have answers to all those questions and many more.

We talk about the advantages and disadvantages of vacationing on a floating city at sea. As diamond members of Royal Caribbean?s crown and anchor, we?ve been on many different classes, itineraries, and cruise lines. Oasis and Allure of the Seas are amazing, but are they our favorite cruise ship?