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Flip your life upside down and you may just live the best life ever

January 27, 2015 by Mr. 1500 Days 2 Comments

Spendosaurus, his girlfriend and their ridiculous car. Don't be like Spendosaurus.
Spendosaurus, his girlfriend and their ridiculous car. Don’t be like Spendosaurus.

I see people making ridiculous financial mistakes almost every day. Some of them really stick out though. At my first job, a 22 year old new hire, right out of college bought a new Corvette in his first month of employment. Buying a car equivalent to one year of your pre-tax salary at the tender age of 22 is a money mistake of epic proportions.

Mr. Corvette’s financial stupidity got me thinking. I have come to the conclusion that the best way to live your life is to flip it upside down. What on earth am I talking about? Read my guest post over on White Collar Freedom to hear the rest of the story.

PS: Mr. White Collar is one dude with the right idea. He’s the opposite of my Corvette Comrade. At 23, White Collar is already plotting his escape from the corporate cage. I wish I would have thought like that when I was 23.

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Filed Under: Bad Role Models Tagged With: Corvette, financial independence, flipping your life

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Comments

  1. Adam @ AdamChudy.com says

    January 29, 2015 at 8:11 am

    I bought an expensive car (brand new 4runner) when I was 23 or 24. I love the car and still drive it. I hope to put 200,000 miles on that thing, but I definitely regret the payments and I would have done it differently now.
    Adam @ AdamChudy.com recently posted…The Three-Body Problem by Liu CixinMy Profile

    Reply
  2. BeSmartRich says

    January 31, 2015 at 5:29 am

    Hahaha. Buying a Corvette is probably one of the dumbest money mistake that people often make. Well, I feel sorry for them. I tried wake up my coworkers and peers that just started their jobs and they don’t seem to get the idea. A lot of them started realizing how important it is to save and invest for future and not wasting money to those expensive purchases when they actually get married and have more mouth to feed.

    Cheers,

    BeSmartRich

    Reply

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Freedom!

My goal was to build a portfolio of $1,000,000 by February of 2017; 1500 days from the birth of this blog (January 1, 2013). And hey look, I’ve since retired!

Investments only (primary home excluded)
1/1/13 (The Start): $586,043
1/1/14 (1 Yr Later): $869,635
1/1/15 (2 Yrs Later): $987,351
1/1/16 (3 Yrs Later): $1,057,961
1/1/17 (4 Yrs Later): $1,257,128
1/1/18 (5 Yrs Later): $1,527,701
1/1/19 (6 Yrs Later): $1,549,440
1/1/20 (7 Yrs Later): $2,035,040*
1/1/21 (8 Yrs Later): $3,379,746**
1/1/22 (9 Yrs Later): $4,762,642
1/1/23 (10 Yrs Later): $3,112,821

2023: Investments only
1/1: $3,112,821

Overall
2023 investment gains: $0
Investment gains since 1/1/2013: $2,526,778
Net worth***: $3,342,821

* The big jump between 2019 and 2020 was partly because we bought another home, but kept the previous (much more expensive) one as a rental. We have since sold it.

** Tesla.

*** Includes our primary home equity in addition to our investment portfolio.

Finally, we still have about $290,000 in mortgage debt (which I love!). No regrets about the debts!

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Investing is risky business. The information contained on this site is for informational purposes only. As with all matters financial, proceed with caution. Do your research and seek professional advice.

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