September 15, 2020

From the Ghetto to a Growth Mindset | Jerry Brown

53 minutes

Today’s episode features Jerry Brown from Peerless Money Mentor.

Jerry grew up in a self-described ghetto with no real view of a way out.

We cover his background, how he turned things around, and how he’s built a powerful financial independence network.

You won’t want to miss this inspiring story!

Listen, learn, and let us know what you think about this awesome episode.

Episode Summary

Jerry’s Background

Jerry didn’t really know he was poor growing up

But he lived in a crime-filled neighborhood with few outside role models

His mom also needed assistance to get by

He talks about how people were surprised he’d even admit that he was from the area he lived in

Growing up he thought basketball or rapping would be the only possible way to escape

His mom did put a big emphasis on learning but financial independence never seemed reasonable

Can you Bootstrap Past Disadvantages?

Jerry sees it as a mixed bag

He does put a lot of weight into hard work

But he also acknowledges the real disadvantages

He was also cognizant enough to understand his family was a big advantage

Jerry’s Financial Mistakes

Jerry was young and healthy so he thought he didn’t need insurance

A large dental procedure led him to serious credit card debt

Then he started buying more things on credit

Eventually, Jerry would buy a $22k car while only earning $22k per year

Financial Wake Up Call

He came home and his fiance had her bags packed

Jerry realized he couldn’t afford to live by himself

So he thought he’d just live out of his car to avoid the embarrassment of moving home

Jerry was also carrying debt with 25% interest rates

He was making payments but was never actually making progress

A friend recommended he refinance through a personal loan

This lowered his debt all the way down to 5%

For his remaining credit card bills, he did a balance transfer

That gave him 0% rate for 18 months

Jerry’s Side Hustle Journey

He tried Swagbucks but the payout was terrible

Then he tried Uber but it was taking a toll on his car

Jerry also tried We Go Look where you send in pictures of damaged vehicles for insurance claims.

Now he is getting more into freelance writing and social media management

Jerry also highly recommends Beta Testing.

Networking

This was a really powerful part of Jerry’s story

Networking expanded his world view

It also tangibly impacted him

From ideas on debt payment or side hustles like freelance writing

Jerry really highlights the importance to surround yourself with people you can draw knowledge and encouragement from

Key Takeaways

Artificial Limits: One thing that really stuck out was the disadvantage that people experience simply by having low expectations set for them and surrounding them.

Mental Health: We loved that Jerry was open about his mental health journey and his encouragement to others to also take it seriously.

Call to Action

Expand your network! One easy way is to just join our Facebook group page. Other options are LinkedIn, MeetUp, or other Facebook group pages.

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Jerry’s Information

Website: Peerless Money Mentor

Twitter: @PeerlessMoney

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By Cody Berman and Justin Taylor

4.8

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