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About Me - Cash Lab

My Personal Finance Blog

Hello and welcome to my financial world!  I created this personal finance blog in order to help me improve my finances, keep track of my progress, and to help readers improve their finances along the way.  I also have a passion for helping others when it comes to marriage and finances which I like to share.

I've always known that I would like to retire early but I never had a clear path on how to do this.  Retire early to me means to quit my job and not have to rely on a paycheck.  I don't ever plan to stop working as I have other areas of interest which I'd like to work towards.

I am happy to say that we have made strides to retire early!  My wife and I now only work 24 hours per week each at our jobs instead of 40 hours per week.  We have already reduced our time at work by 40% which is huge!  This has allowed us to spend more time as a family and to pursue other passions.  Although we have reduced our hours at work and income, we have not reduced our lifestyle.

What's in a Name?

I like to hear how people arrived at their personal finance blog names.  I've created many websites and the hardest part to starting a new website is to come up with a name.  The name I chose for this blog, Mad Cash Lab, is actually two phrases combined.

Mad Cash

The definition of mad money or mad cash is: "a small sum of money carried or kept in reserve for minor expenses, emergencies, or impulse purchases."

Mad cash is also slang for having lots of money.  "That dude has mad cash!"

The goal at first is to create small passive income streams which can cover everyday living expenses.

For example, we have a rental property which covers the cost of purchasing and maintaining two cars.  If I stopped working today, then we have a stream of income that covers transportation expenses.

Now I have to multiply my streams of income to cover other expenses such as food, utilities, real estate taxes, etc.  Once this is achieved then I can retire early.

Cash Lab

I originally just wanted to use the word "cash lab" as my site however it was already taken.  I thought it flowed well and would work great for a personal finance blog.

In a lab you are producing something by trying different formulas.  I like to produce CASH through multiple streams of income.

My formulas currently are real estate, dividend income and monetizing this blog.

When Will I Retire Early

I want to be rich and wealthy so that makes retiring early a little more trickier.  I would like to be able to accomplish this by the year 2020.

There are certain milestones I need to cross in order to quit my job:

  • Move into our "forever" home.

    • This will cost between $500,000 - $600,000 in the area we live.

  • Have no personal debt.

    • Business debt is ok as long as the business sustains itself and makes a profit.

    • I would like to have 2 high end rental properties fully paid off however.

  • Replace my current salary with passive income.

    • That include gross income and health benefits which are paid for me.

Keep In Touch!

I love reading comments from my readers!  Please feel free to share your thoughts on any of my posts.  I will be sure to visit your blog as well to learn more about you!

Stay in touch with social media and I will be sure to do the same:

MadCashLab on Facebook

@MadCashLab on Twitter
Post date: 2016-07-01 17:54:02
Post date GMT: 2016-07-01 17:54:02
Post modified date: 2016-08-24 18:02:09
Post modified date GMT: 2016-08-24 18:02:09
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