27 min listen
Chris discusses way to tackle debt
FromChain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More
Chris discusses way to tackle debt
FromChain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More
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)
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