Hi. My name is James. I am in my early thirties and married with a toddler son.
In 2008, when the financial crisis happened, I was completely unprepared for the events that will unfold in the months following it.
First, I was laid off from my job at a major global financial company as part of their cost reduction strategy (though the company eventually filed for bankruptcy in 2011 anyway).
Next, with no source of income, no savings, and almost $41,000 still owed in student loans, I had to turn to my parents for help and ask to move back home.
As I was trying to process my current situation and figure out my next move, my then girlfriend decided she wanted no part of my troubles and broke up with me.
It took me a few months to recover both mentally and emotionally, but once I did – I knew I needed to fix my life and my finances. I started reading and learning about money management, investing, and entrepreneurship.
Over the last few years, I managed to pay off my student loans, saved up a decent amount (currently enough to last us several years if we had no income and needed to live off of it), invested in stocks and bonds to build passive income streams, and opened and ran a couple of successful businesses (both of which I eventually closed – the first because of a strained partnership and the second due to changes in market demands/trends).
While I did manage to accomplish quite a bit in the last few years, I also stumbled often and sometimes hard. For example, I opened several businesses in the past but only two of them were successful.
I started Penny Wise Dollar Wiser to share my experiences with you – from what worked for me to the mistakes I have made along the way.
Join me on my personal finance journey and let’s all get on a path to financial freedom.
Current Status: My wife and I are both employed full time. My wife works for a small marketing company while I work for yet another major global financial company. We both work because we don’t mind what we do but mainly because it allows us to earn more money to put towards other business ventures and investments. Our goal is to retire well before we hit 40.
Since the birth of our son and now with us planning to have a second, my wife plans to quit her job so she can be a stay-at-home mom. Thankfully, with all of the financial planning and measures we have put into place in the past few years, we can afford to lose her steady source of income. Now it is just a matter of planning the when.