Mr. Hobo Millionaire - Observations on Life, Business, and Money from a Life-Long Entrepreneur
  • Latest
  • About Mr. Hobo Millionaire
  • Contact Mr. Hobo Millionaire
Latest
About Mr. Hobo Millionaire
Contact Mr. Hobo Millionaire
Mr. Hobo Millionaire - Observations on Life, Business, and Money from a Life-Long Entrepreneur
  • Latest
  • About Mr. Hobo Millionaire
  • Contact Mr. Hobo Millionaire
Browsing Tag
saving
Life Money Relationships

Are You Blind To Your Financial Fire?

While commenting on a recent post and telling a personal story on a fellow blogger’s site, Rich @ Sport Of Money, it dawned on me to blog about this subject and expand on this story a bit more.

My Mother-In-Law’s Financial Life Is On Fire

My mother-in-law’s (MIL) financial life is on fire… and it’s not the good kind (as in FIRE – Financial Independence Retire Early). You see, she is in her mid 60’s, still working, and has only $35,000 invested in savings.

No, not $35,000 cash plus something else.

No, not $350,000 invested.

No, definitely not $3.5M invested.

And no, not $35,000 and a paid for house.

She has a total life savings of $35,000 at age 66. And she wouldn’t have that had we (my wife and I) not pushed her to start saving something a few of years ago (and to get out of debt). A few years ago she was in credit card debt and still carrying new car notes.

Continue reading
Reading time: 5 min
Hard Work Inspiration Life Money

The 7-Hour Workweek

I haven’t posted as much as I’d have liked to in the past month or so. The truth is I’ve been super busy. I was in Arkansas for three weeks helping my son rehab a new rental. I’m invested with him in some Airbnb rentals there. As anyone who’s ever rehabbed a house knows, it’s a lot of work. And the last couple of weeks, I’ve been doing some minor, but time-consuming, updates to software that I designed. When I work on a project, I generally go “all in” and commit full resources to it. Not just to get it done quicker, but I believe good (great) work requires complete focus. If you’re working on something business-related, I don’t believe you can do it half-hearted (at least not in the early years). So I generally work 10-12 hours per day until something is done. That means I’ve been working 70+ hour weeks the last 6-8 weeks. I don’t have a moderate switch.

The truth is, though, when I’m not going all out on a house rehab, or making a minor update to my software, I don’t have to work that much per week anymore to maintain my software company. A “small” software company that has recurring/subscription revenue of ~$700,000/year.

Continue reading
Reading time: 9 min
Hard Work Life Money

FIRE (Wealth) Is All About Math And Choices

I blog a lot about this subject (choices in life), because it really is at the core of all that I believe. The sum of your choices in life will determine where you end up (and with how much money). Of course there are people who get the “short end of the stick”… that’s not you. If you’re here reading this, you’re alive, have internet, you’re doing better than the folks who got the short end.

FIRE: Financial Independence Retire Early

The math of FIRE is simply to save 25-30 times your yearly expenses and live off that savings by withdrawing 3%-4% “forever”. If you spend $30,000/year, you need to save $750,000 to $900,000. If you spend $100,000/year, you need to save $2,500,000 to $3,000,000.

A lot of people seem to think it’s impossible to save 25-30 times your yearly expenses. It’s not. It’s all math and choices.

Continue reading
Reading time: 6 min

About Mr. Hobo Millionaire

I blog about money, financial independence (FIRE), life, and entrepreneurship. I got rich slowly (over 20+ years) with a niche software business. I also failed at a number of other things (and mild success with a few others). I share what I did right along the way, and a lot of what I did wrong, with a goal to encourage you think differently about life and money.

Subscribe to Blog via Email

Enter your email address to subscribe to this blog, and receive notifications of new posts by email.

Follow

@MrHoboM on social media:
Twitter | Facebook | Instagram

  • twitter
  • facebook
  • instagram

 Featured On

Physician on FIRE

Millionaires Unveiled

FinanciallyAlert.Com

ESIMoney.Com

Popular Posts

Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)

Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)

November 18, 2019
The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.

The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.

June 30, 2020
The 7-Hour Workweek

The 7-Hour Workweek

May 19, 2019
Find Your Why… For FI

Find Your Why… For FI

April 27, 2019
Equality? We Are NOT All Equal… And That’s OK.

Equality? We Are NOT All Equal… And That’s OK.

July 14, 2019

Recent Comments

  • Mr. Hobo Millionaire on Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)
  • Charlie @ doginvestor.com on Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)
  • Mr. Hobo Millionaire on Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)
  • Charlie @ doginvestor.com on Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)
  • Mr. Hobo Millionaire on Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)
  • BuddMann on Why I Have My Entire Stock Market Holdings In One Single Stock (VTI)
  • Dave on The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.
  • Mr. Hobo Millionaire on The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.
  • Dave on The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.
  • Marc Archibald on Equality? We Are NOT All Equal… And That’s OK.
  • Mr. Hobo Millionaire on Equality? We Are NOT All Equal… And That’s OK.
  • Mr. Hobo Millionaire on The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.
  • Marc Archibald on Equality? We Are NOT All Equal… And That’s OK.
  • Marc Archibald on The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.
  • Mr. Hobo Millionaire on The World Is Not Safe. It Has Never Been Safe. It Will Never Be Safe.

Tag Cloud

2nd place abundance Apple auditions business choices compounding critics death dividends entrepreneurship financial independence Financial Samurai FIRE freedom hard work Harry Potter investing investments JK Rowling life losers losing microsoft millionaire money negativity Oracle passion Quora recurring revenue retirement s&p 500 saving savings software SteveArk.Com stocks theodore roosevelt Vanguard VOO VTI winners winning work

© 2019 copyright MrHoboMillionaire.Com // All rights reserved
Designed by Mr. Hobo Millionaire