Today's discussion, features, Jeremy Schneider, self-made multi-millionaire, retiree at 34 years old, and now founder of Personal Finance Club (@personalfinanceclub on Instagram), an organization built with the sole purpose of spreading the word that living below your means and investing early and often in index funds, is the most efficient and effective path to building wealth.

Jeremy turned down a handsome offer from Microsoft 17 years ago, after interning as a software developer. Armed with a BS in computer engineering and a Masters in Computer Science from the University of Michigan, and with the help of his mom, grew Rentlinx.com, a rental property advertisement business, from a desktop under his desk in his living room, to a $5M dollar business, all while over the course of about a decade never paying himself more than a $36k salary. Jeremy is an absolute titan of personal finance, and his mission is to offer free, real deal no strings attached knowledge on how to make better financial decisions.

Items we discuss on the episode:

-The only (2) concepts you'll ever need to know about personal finance, spend below your means, and invest early and often

-Ashley and Amanda, and other sample scenarios of how one can become a millionaire with a $4k after tax take home salary, by putting away $800/month over 40 years, vs the alternative - spending the entire $4k, and retiring into poverty living solely off of social security

-The financial realities of buying a new car, and the working years that will be tacked onto the tail end of our lives to pay for it.

-Why buying a home, is almost never a good financial decision. If you say it's the best investment you'll ever make, it is probably because it's the only investment you'll ever make.

-We also end the discussion with topics ranging from student loan pay down strategies, debt consolidation, frugality, easy investment strategies, and actionable steps to improve your finances and to build a life of freedom.

Thanks for listening!

Ways to contact Jeremy:

Instagram: https://www.instagram.com/personalfinanceclub/

LinkedIn: https://www.linkedin.com/in/jerschneid/

Books Discussed:

The Simple Path to Wealth, by JL Collins: https://amzn.to/2TaVrWc

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market, by Jack Bogle: https://amzn.to/2LEhr7m

A Beginners Guide to Investing, : https://amzn.to/3cAnjKV

Resources:

Personal Finance Club Web Site: https://www.personalfinanceclub.com/

Jeremy Schneider's YouTube Channel: https://www.youtube.com/channel/UCqhRZnzfUig6jtRVtYpV7Eg

Facebook Page: https://www.facebook.com/personalfinanceclub/

Rentlinx.com: https://www.rentlinx.com/

The Rule of 72: https://www.investopedia.com/financial-edge/0711/how-to-double-your-money-every-6-years.aspx

Florida Atlantic University and Florida International University faculty rent vs buy study: https://www.cnbc.com/2018/09/05/its-better-to-rent-than-to-buy-in-todays-housing-market.html

https://business.fau.edu/departments/finance/real-estate-initiative/bhj-buy-vs-rent-index/

MINT for budgeting: https://www.mint.com/

YNAB for budgeting: https://www.youneedabudget.com/

Statistics:

National Credit Card Debt: https://www.debt.org/faqs/americans-in-debt/

Auto

Loans:https://www.lendingtree.com/auto/debt-statistics/

US Consumer Debt: https://www.investopedia.com/personal-finance/american-debt-auto-loan-debt/

Learn more at www.thedatabinge.com

Connect with Derek:

LinkedIn: https://www.linkedin.com/in/derekwesleyrussell/

Youtube: https://www.youtube.com/channel/UCN1c5mzapLZ55ciPgngqRMg/featured

Instagram: https://www.instagram.com/drussnetwork/

Twitter: https://twitter.com/drussnetwork

Medium: https://medium.com/@derekwesleyrussell

Email: [email protected]

Interested in starting your own podcast? Some candid advice here: https://www.linkedin.com/pulse/how-start-podcast-3-step-gono-go-beginners-guide-derek-russell

Shoutouts: Check out this LinkedIn LIVE collaboration with the hosts of the “More in Common Podcast”: https://www.linkedin.com/posts/derekwesleyrussell_mentalhealthawarenessmonth-culture-linkedinlive-activity-6669628486845521920-sREc

Interested in More in Common? https://www.moreincommonpod.com/