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ratings:
Length:
22 minutes
Released:
Jul 5, 2018
Format:
Podcast episode

Description

Chris is the author behind the blog, Apathy Ends. Along with his wife, Chris had a student loan bill of $85,000, an expensive house and no savings. In the last 3 years, they have paid off $60,000 in debt while building a $90,000 nest egg. Welcome! [3:2] So what triggered the beginning of massive debt payoff for you? ·       Graduated 7 years ago with over $85,000 ·       6.5-6.8% with one at 10% ·       Had more interest than the maximum amount allowed to deduct by the IRS ·       Often you get handcuffed to living paycheck to paycheck [5:2] How have you managed to accumulate so much in such a short time? ·       The bulk is increasing income ·       Gone up 2.5x, similar with Josh’s wife ·       Kept big costs low and not letting lifestyle inflation take over [9:2] What do you own now that you wouldn’t buy again for its current value? ·       First house- only put 3.5% down and therefore was house poor. ·       Fortunately bought at a good time in the market ·       Beer brewing equipment [11:14] What small things can a person do in very little time, with no money at all, to have a big impact? ·       Spending review- easy to do in a few hours ·       There’s tons of information these days- reading and acquiring [12:3] For someone in their mid to late 20s/ 30’s who is coming to terms that they haven’t had the best financial path- what advice do you have for them? ·       Making small changes massive a massive impact ·       Increase your 401(k) and start very small amounts [13:21] Do you track your spending? ·       Originally did monthly spending reviews and didn’t work ·       Then decided to set a goal and automatically comes out of checks so you never see it ·       Then having guilt free spend [14:49] If you were on a game show and won $500,000- what would you do with it? ·       FI number in mind, so invest $400k into the stock market ·       $100k for College for kids Sponsors [18:32] Head over to chainofwealth.com/credible to get $200 off your student loan refinancing Value Link Round (VLR) [18:49] Why do you think people struggle to achieve their dreams? ·       People expect a “Big Bang” event that never materializes ·       Make smaller changes much sooner [19:23] Do you have any other books or podcasts you recommend? ·       The Automatic Millionaire ·       Your Money or Your Life ·       ChooseFI ·       Stacking Benjamins [19:44] Do you have a favorite quote? ·       Don’t search for the needle in the haystack ·       The miracle of compounding returns is overwhelmed by the tyranny of compounding costs [20:38] Any last advice? ·       Increasing your income is vital Support this podcast at — https://app.redcircle.com/shows/11f32da4-3081-471f-bf51-ea341b89ab1d/tip
Released:
Jul 5, 2018
Format:
Podcast episode

Titles in the series (100)

Denis and Katie interview inspiring people on topics around debt, wealth, investing, financing and more. Building wealth is a fundamental principle where there is not enough knowledge - follow them on their journey to pay back all Katie's debt and learn from the masters themselves! Episodes Monday & Thursday, which are perfect for your commute, teach you actionable ways to build your financial life and achieve your dreams. During the episodes, we touch on questions that unlock thought leaders' secrets. Right after that we jump right into the value link round, where we get their take on why people fail, some of the best books or podcasts they recommend and much more!Support this podcast at — https://app.redcircle.com/shows/11f32da4-3081-471f-bf51-ea341b89ab1d/tip