Heartland on FIRE

Blazing a Trail Towards Financial Independence

Blazing a Trail Towards Financial Independence

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Mr. Heartland on FIRE

How to Move Up the Credit Score Leaderboard

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Credit cards can be a polarizing topic in the personal finance community.  On one end, you have Dave Ramsey and his cash envelope system which abhors the use of credit cards.  At the opposite end you have the travel hackers, who churn credit cards for travel rewards.  The Heartland on FIRE household has covered the full range of the credit card usage spectrum.  In 2017 we essentially did not use our credit cards.  However, over the past year, we have become big proponents of credit cards.  As such, we have been paying closer attention to our credit score.  Let’s explore whether a credit card is right for you, and if so, the importance of a high credit score.  Also, I’ve thrown in a quick tip to raise your score.

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Our Money Missteps: The Lost Decade

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As a personal finance blogger, specifically an advocate of the Financial Independence Retire Early (FIRE) movement, you might assume that the Heartland on FIRE family has a spotless past when it comes to money decisions.  You might think we’ve rarely, if ever, paid interest on credit cards, purchased only used cars, and made flawless house purchasing decisions.  I mean, if you look at our net worth progress, we are in better shape than many (most?) families in their early- to mid thirties.

You would be sorely mistaken

In this post, I am going to air out our dirty money laundry.  To come clean, as it were.  To demonstrate how, even after stacking poor decision on top of poor decision (FOR OVER A DECADE!!) you can still find yourself on the path to FIRE.

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Decision Point: What to Do with the Rental Property?

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Rental property:  It’s a popular path to develop passive cash flow for many in the Financial Independence Retire Early (FIRE) community.  When a property is purchased at the right location and for the right price it can certainly be a lucrative investment.  But when that rental property is your former primary residence… and was not purchased with long-term rental in mind, the numbers can be a bit more dodgy.  This is the predicament we here in the Heartland on FIRE household are in.  We just renewed our tenant for 6 months and the clock is ticking on whether to keep renting or to try and sell the house.  We can’t be the only folks who have faced this dilemma, so I figured posting our thought process and analysis may be a useful exercise for others.

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Seeing the Opportunity in Adversity

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Photo by Johannes Plenio from Pexels

“When one door closes,another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.” – Alexander Graham Bell

When you are on the path to Financial Independence, Retire Early (FIRE) you need to be looking for every edge.  This way of thinking allows FIRE seekers to uncover opportunities for savings and growth in everyday activities.  Whether it be house or travel hacking, biking over driving, or making delicious home-cooked meals for pennies on the dollar, the FIRE lifestyle is centered around creative thinking for everyday issues.  Housing, transportation and food are predictable everyday facts of life.

However, one facet of everyday life is not so predictable:

Adversity

How can FIRE thinking take advantage of that?

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Escape the 9-5 Faster with the Boost-Glide Path to Financial Independence

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Can you take cues from a rocket launch to enjoy the benefits of F.I.R.E. on an accelerated timeline? [Read more…] about Escape the 9-5 Faster with the Boost-Glide Path to Financial Independence