Daily Entrepreneur
Daily Entrepreneur

MDTM Entrepreneur Daily – 9.14.16

The Entrepreneur Daily series are blog posts that I write when I am working on my side business. My goal is to write a post every day when I am in “entrepreneur mode” and actively working on my business, talking about what I’m grateful for and what I’m working on. In a perfect world, that would be every single day, but in my reality, I work on my business in spurts. I’ve accepted this as my reality for now and hope to improve going forward. This is my entrepreneur journal, to document where I am today.

What I’m Grateful For

Today I’m grateful for coffee. And I don’t mean that to sound like, “wow I’m super tired and thank god for coffee, otherwise I’d be on the floor.” I mean it more in a “coffee tastes so awesome that it makes my morning better” kind of way.

Today was one of those days where my coffee tastes better than any other day. It was “off the charts good” today. This is one of those days that only seems to come along once a month or so, where the coffee just tastes perfect.

There is nothing better than brewing the best tasting cup of coffee. This morning I hit one of those cups. A delicious brew that comes along rarely and blows you away when you taste it. Where the flavor hits your taste buds the right way, you get a big smile on your face, and the little voice in your head starts singing.

Today the voice in my head started singing opera songs. He doesn’t know any opera songs, but the coffee was so good he sung it out loud anyway. That’s how good the coffee tasted this morning and why I’m so thankful for it.

What I’m Working On

Personal finance continues to be the topic for this week. However, I realized this morning that I don’t have much left to do for damage control in my personal finances. That means I can come down from DEFCON 1 to a more relaxed posture. (I just watched the movie War Games from the 1980s and I have the DEFCONs on my mind).

I can at least call off the missile strikes and call back my bombers. But maybe I’ll leave the submarines forward deployed, ready to strike should things turn bad. So let’s say I go down to DEFCON 2.

I have a basic emergency fund of $1,000. I have total liquidity of about 3 months. The emergency fund is slowly growing, planning to hit 3 months worth of expenses in a few months.

I have automatic payments set for the remainder of September, paying down debt at an aggressive rate. This will increase cash flow each month.

We have turned off the spending faucet. My wife has no credit cards and only has a set limit per week on a debit card, used for groceries, gas, and other minor costs. I have one credit card, used sparingly and paid off in full each month. We discuss all miscellaneous expenses, especially those requiring a check.

I have automatic deposits set for the rest of the year (and beyond in some cases) for investment accounts. I am funding two Roth IRA accounts now with plans to reach the max amount later this year. I am also funding a brokerage account and a Lending Club account.

I setup a savings account with multiple buckets to account for different savings needs…emergency fund, house repair fund, car repair fund, vacation fund, etc.

I completed all paperwork required for our house refinance process. We should hear soon about a closing date.

The point I’m driving at is that I think I can relax on the personal finance side of things. I have set us up on a good path. There is still plenty of work to do, but not everyday type of tasks, more weekly or monthly tasks.

I plan to finish out the week working on my savings account and setting up recurring deposits for each savings category. I also want to start tracking my savings rate metric and putting that in my monthly numbers. That will finish out this week on personal finance, freeing me up to switch focus to real estate investing again.

Goals For the Day

Calculate my savings rate and input that metric into my monthly tracking report on financial health.

I’ve seen a few different methods for how to calculate the savings rate, so this will be interesting.

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  • Dwight Hyde

    Glad you can relax Brian. You all are doing awesome!! Your comment on setting up recurring deposits in you savings has gotten me thinking..thanks.

    • Thanks for checking in and leaving a comment, Dwight! I’m making slow but sure progress. Feels great!

      I always like setting up automatic and/or recurring transactions. I did it for my debt pay down, doing one payment per week for the month of September. I’m working towards the same thing with savings and using various buckets for my various savings goals. I’m working on those percentages now for what I want to do. I will likely change the percentages each quarter.

      Glad you were able to get something out of my daily ramblings. Good luck with your savings.

  • Love the post. Glad I found your site. Like the concept and seems like we have a lot in common with both the freelancing & the debt to mogul status. 🙂

    • Hey, thanks for commenting! Glad I found you on Twitter as well. I’ve found that writing frequently and posting it helps keep me accountable to my goals. I also found that making small daily or weekly goals helps keep me on track towards the bigger goals. That’s where this format came from, or at least what it evolved into.

      Yeah, I’m determined to get out of debt and hit “mogul” status someday. I still haven’t defined that, but passive income is part of the dream, that’s for sure.

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About Brian Stephens

Brian is on a journey from massive debt to real estate mogul. Join him as he stumbles and fails on his way towards long term success. Debt isn't pretty and turning it around won't be either. His primary goal here is to tell the story and network with like minded people who want financial independence through real estate investing.

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