In pursuit of financial independence and personal fulfillment

Author: I Dream of FIRE (Page 1 of 27)

I'm a personal finance blogger slowly working toward financial independence. I started to really take control of my money at 34, and have been immersed in the FIRE (financial independence/retire early) movement the past three years. I live in Utah with my wife and 5-year-old daughter and have two college-age stepsons.

Should I file my Airbnb or nightly rental income on Schedule C or Schedule E?

Should I file my Airbnb or nightly rental income on Schedule C or Schedule E?

Ask two dozen CPAs that question and you’ll probably get a pretty even split. Ask them why they think that and you’ll probably get half a dozen different answers, but the biggest thing you’ll hear is: “It’s a gray area.”

I looked all over the Internet for the definitive answer, and what I found was absolute chaos. So, of course, I had to do my own research to figure out which side of chaos felt right for me. Unlike a lot of the posts I read while trying to sort it out, I’m going to show my work so you can decide for yourself where you fit. Continue reading

We *gulp* bought our first rental property

Have you ever heard the saying, “You make your own luck”? My wife set out to prove it true, and at the end of that maxim’s rainbow we found ourselves the happy owners of our dream rental property that was never even on the market.

There are a lot of ins and outs to how this happened, but I think there are lessons for many of my readers all along the way, which is why this seemed like the perfect post to bring me out of my long blog hibernation. Continue reading

Talking burnout on the What’s Up Next Podcast

Is FI an antidote to career burnout? What causes people to feel like they need a change, and how can they walk away in today’s world?

On the What’s Up Next Podcast, Melissa Blevins, Bill Young, The Happy Philosopher and I talk with Doc G and Paul Thompson about our career pivots and how being financially aware makes it so much easier to make a change.

Check out the episode here.

Financial security is at the foundation of human needs

Most people have heard of Abraham Maslow’s Hierarchy of Needs at some point in their lives.

The basic notion is that human needs are grouped and ranked such that the basic needs — food, water, shelter, sleep, clothing — are the most important. Unless those needs are met, higher needs such as friendship, self-esteem, career advancement and the like do not become primary motivators in day-to-day life.

In Maslow’s pyramid, financial security is in the second layer, along with personal and emotional security, health and well-being, and safety.

I think it’s more important than that. For the majority of people, financial security is a base-level concern that directly affects all of those other basic needs.

Continue reading

Check me out on the Success Through Failing podcast

Today I have the honor of speaking with Wendy Bunnell, whose Success Through Failing podcast has explored the stories of incredible courage in the face of adversity.

My story isn’t as harrowing as many of Wendy’s guests’ tales, but I highlight how feeling trapped and lost when by all outward appearances you seem to be in a great place in life can be a struggle itself. Wendy and I talk about the path that led to me leaving my job, taking a mini-retirement, and launching my financial coaching business at the beginning of this year.

It’s a great conversation, and I hope you’ll stay to check out many of the amazing women who have been part of the podcast before! (I’m humbled to be her first male guest.) Click here to listen to it.

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