The Financial Independence Show

By Cody Berman and Justin TaylorBusiness Entrepreneurship Investing Careers

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The Financial Independence Show episodes

July 02, 2019 The Best Flippin’ Path to FI | Rob & Melissa from Flea Market Flipper
In today's episode, Cody and Justin are joined by Rob and Melissa from Flea Market Flipper.
You can just hear the passion jumping out of their voices and it's easy to see why when they show how they make $100k+ working only 25-30 hours a week flipping items.
Throw away assumptions like long hours spent shipping or fixing junk just to make $5. This is a truly impressive system they've built.
They also love educating and are offering all the FI Show listeners a free guide to selling on eBay!
So go take a listen, leave that 5-star review and give us some feedback!
Episode Summary
Rob is the laid back one of the group and Melissa is the one who is the more money focused one
From the start of their relationship they always used flips to earn money
In the beginning, they would just use it for vacations and cars but not employment
Rob saw his parents flipping items and just fell in their tracks
When Rob sees an item he can just quickly research the item on eBay and also give you a ready to use post so you don’t have to do much effort at all
After their third child was born four years ago they turned this to a full-time job
They don’t see any advantages they have to anyone recreating their exact same business
They’ve even started coaching people around the country
The style of flipping they do and coach is revolved around doing a smaller amount of flip with much larger returns instead of focusing on quantity
Commercial equipment is often something that can be had really cheap but sold at a big premium
When you check out their blog and reports you’ll see that they’ll sell and ship anything
The only thing they typically won’t mess with is anything following much below $100 profit
They source most of their items locally through things like Offer up, craigslist, or Facebook marketplace but sell almost exclusively on eBay
Sometimes they’ll do some touch-ups or small fixes but for the most part, they don’t do any work to the items which are different than when you’d flip a house
Rob started flipping out of a convertible mustang but over time he upgraded to storage units, a truck, trailer, etc.
He stresses that you should just stick to what you have until you start making money off the flips
On only 108 sells on eBay they made over $80k for the year which means they don’t have to spend a ton of time shipping items
Then we get into talking about a flip challenge they have going on
We’ve all heard of crazy stories/rumors of someone turning a rubber band into a car but this is real and is well documented
This challenge has them taking an item and turn it into a rental house within a year and they’re on track! It all started with a free chair from the trash
They stress that they try to teach what they can on taxes for these types of sales but note that they differ state to state so check your local laws
They do note that in this business you can see irregular income but they combat this by keeping recurring cost low because they pay for everything in full upfront
They’re currently not focusing on stock market investing because they’re really comfortable with real estate and already have two rental properties and are hoping for 10 over the next 7-10 years
They’re so excited about sharing their skills with everyone through the flipper university and also some free exclusive content for FI Show listeners!

Key Takeaways
Money is Everywhere: Just another reason why quitting a job doesn't mean you can't make money somewhere, somehow if you need to
Imitate then Improve: Rob and Melissa didn't create a new industry. Selling used stuff is as old as they come but they're doing it better than just about anyone and have built an impressive and repeatable process
Family First: It's so awesome seeing Rob and Melissa get their kids involved in the flipping and to see how this style of work allows for so much quality time with their kids instead of locked away in a cubicle.
Call to Action
Find something laying around the house you don't need, download the free eBay guide, and make a sale!
Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
Sign up for our exclusive newsletter
Join our Facebook Group
Leave us a voicemail
Send an email to contact [at] TheFIshow [dot] com
If you like what you hear, please leave a rating/review!
The FI show on iTunes
The FI show on Android

Check out the Flea Market Academy!
How to Sell on eBay
Flea Market Academy
Contact Rob and Melissa:
Flea Market Flipper Blog
Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
45 min
July 02, 2019 The Best Flippin’ Path to FI | Rob & Melissa from Flea Market Flipper
In today's episode, Cody and Justin are joined by Rob and Melissa from Flea Market Flipper.

You can just hear the passion jumping out of their voices and it's easy to see why when they show how they make $100k+ working only 25-30 hours a week flipping items.

Throw away assumptions like long hours spent shipping or fixing junk just to make $5. This is a truly impressive system they've built.

They also love educating and are offering all the FI Show listeners a free guide to selling on eBay!

So go take a listen, leave that 5-star review and give us some feedback!
Episode Summary

Rob is the laid back one of the group and Melissa is the one who is the more money focused one
From the start of their relationship they always used flips to earn money
In the beginning, they would just use it for vacations and cars but not employment
Rob saw his parents flipping items and just fell in their tracks
When Rob sees an item he can just quickly research the item on eBay and also give you a ready to use post so you don’t have to do much effort at all
After their third child was born four years ago they turned this to a full-time job
They don’t see any advantages they have to anyone recreating their exact same business
They’ve even started coaching people around the country
The style of flipping they do and coach is revolved around doing a smaller amount of flip with much larger returns instead of focusing on quantity
Commercial equipment is often something that can be had really cheap but sold at a big premium
When you check out their blog and reports you’ll see that they’ll sell and ship anything
The only thing they typically won’t mess with is anything following much below $100 profit
They source most of their items locally through things like Offer up, craigslist, or Facebook marketplace but sell almost exclusively on eBay
Sometimes they’ll do some touch-ups or small fixes but for the most part, they don’t do any work to the items which are different than when you’d flip a house
Rob started flipping out of a convertible mustang but over time he upgraded to storage units, a truck, trailer, etc.
He stresses that you should just stick to what you have until you start making money off the flips
On only 108 sells on eBay they made over $80k for the year which means they don’t have to spend a ton of time shipping items
Then we get into talking about a flip challenge they have going on
We’ve all heard of crazy stories/rumors of someone turning a rubber band into a car but this is real and is well documented
This challenge has them taking an item and turn it into a rental house within a year and they’re on track! It all started with a free chair from the trash
They stress that they try to teach what they can on taxes for these types of sales but note that they differ state to state so check your local laws
They do note that in this business you can see irregular income but they combat this by keeping recurring cost low because they pay for everything in full upfront
They’re currently not focusing on stock market investing because they’re really comfortable with real estate and already have two rental properties and are hoping for 10 over the next 7-10 years
They’re so excited about sharing their skills with everyone through the flipper university and also some free exclusive content for FI Show listeners!

Key Takeaways

* Money is Everywhere: Just another reason why quitting a job doesn't mean you can't make money somewhere, somehow if you need to
* Imitate then Improve: Rob and Melissa didn't create a new ind...
45 min
June 25, 2019 Is Side Hustling Right for You? (+Sneak Peek into Side Hustle Courses)
In today’s episode, Cody and Justin are joined by a third co-host! J from FIRE Drill Podcast / Millennial Boss.
The three discuss their experiences with side hustling and also talk about the new Side Hustle Courses that Cody and Julie (J) are launching.
There are also testimonials from several side hustlers who just recently took the course and are starting to earn real money online.
Whether you want to become a digital nomad, build an online empire, or just earn some additional income outside of your day job, we've got you covered.
Join us in this episode and learn why side hustling is right for everyone!
What Are These Side Hustle Courses All About?
Well, there are three separate tracks:
Blogging For Profit - Everything you need to know about how to start a profitable blog from Day 1. The course covers website setup, content creation, monetization, outsourcing, and everything in between.
Etsy Printables - Learn how to open your Etsy shop, create your first listing, optimize your digital products, and market them like a pro in this course. We walk you through everything you need to know step by step.
Freelance Toolkit - Do you want to earn money on your own time in a matter of weeks? Whether you have no existing skills or a few talents, we show you exactly how you can make money freelancing and get paid the most for your time.
Between the three courses, we spent thousands of hours building out the lessons which include 250+ videos, text lectures, worksheets, templates and more!
Here are some of the highlights:
Info-packed modules with text and video lectures
Bonus lessons, free templates, and interviews with industry experts
Weekly assignments and printable lesson plans to keep you on track
Free month in the VIP Facebook group for accountability & community
Advanced modules to take your side hustle to the next level
Key Takeaways
Side Hustling is mutually beneficial: When many people think of "making money online", they envision some scammy internet marketing scheme. However, there are tons of ways you can earn money online where you deliver value to your customer/client and get paid for it.
Not everyone is a natural: You don't have to a Type-A rockstar or creative genius to start a side hustle. Anyone can acquire the skills to make a little bit of income outside of the traditional day job.
Added layer of financial security: Every incremental dollar that you earn with your side hustle brings you one step closer to financial freedom. Even a few hundred dollars a month can go a long way over time.
Call to Action
Determine what side hustle might be right for you and take action. If you need additional inspiration, check out the Gold City Ventures Side Hustle Courses!
Featured Guests
Julie - Co-Founder of the Gold City Venture Side Hustle Courses, Etsy Printables Expert, Host of the FIRE Drill Podcast, and blogger at Millennial Boss.
James Lowery - Co-Founder of Rethink the Rat Race and real estate investor.
Nicole - Owner of The Printable Fairy Etsy Shop.
Nick Monfreda - Aspiring freelancer and golf enthusiast.
Jessie Bui - Owner of Jessie Bui Fitness: Instagram, Facebook, Email.
Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
Sign up for our exclusive newsletter
Join our Facebook Group
Leave us a voicemail
Send an email to contact [at] TheFIshow [dot] com
If you like what you hear, please leave a rating/review!
The FI show on iTunes
The FI show on Android

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
50 min
June 25, 2019 Is Side Hustling Right for You? (+Sneak Peek into Side Hustle Courses)
In today’s episode, Cody and Justin are joined by a third co-host! J from FIRE Drill Podcast / Millennial Boss.

The three discuss their experiences with side hustling and also talk about the new Side Hustle Courses that Cody and Julie (J) are launching.

There are also testimonials from several side hustlers who just recently took the course and are starting to earn real money online.

Whether you want to become a digital nomad, build an online empire, or just earn some additional income outside of your day job, we've got you covered.

Join us in this episode and learn why side hustling is right for everyone!
What Are These Side Hustle Courses All About?
Well, there are three separate tracks:

* Blogging For Profit - Everything you need to know about how to start a profitable blog from Day 1. The course covers website setup, content creation, monetization, outsourcing, and everything in between.
* Etsy Printables - Learn how to open your Etsy shop, create your first listing, optimize your digital products, and market them like a pro in this course. We walk you through everything you need to know step by step.
* Freelance Toolkit - Do you want to earn money on your own time in a matter of weeks? Whether you have no existing skills or a few talents, we show you exactly how you can make money freelancing and get paid the most for your time.

Between the three courses, we spent thousands of hours building out the lessons which include 250+ videos, text lectures, worksheets, templates and more!

Here are some of the highlights:

* Info-packed modules with text and video lectures
* Bonus lessons, free templates, and interviews with industry experts
* Weekly assignments and printable lesson plans to keep you on track
* Free month in the VIP Facebook group for accountability & community
* Advanced modules to take your side hustle to the next level

Key Takeaways

* Side Hustling is mutually beneficial: When many people think of "making money online", they envision some scammy internet marketing scheme. However, there are tons of ways you can earn money online where you deliver value to your customer/client and get paid for it.
* Not everyone is a natural: You don't have to a Type-A rockstar or creative genius to start a side hustle. Anyone can acquire the skills to make a little bit of income outside of the traditional day job.
* Added layer of financial security: Every incremental dollar that you earn with your side hustle brings you one step closer to financial freedom. Even a few hundred dollars a month can go a long way over time.

Call to Action
Determine what side hustle might be right for you and take action. If you need additional inspiration, check out the Gold City Ventures Side Hustle Courses!
Featured Guests
Julie - Co-Founder of the Gold City Venture Side Hustle Courses, Etsy Printables Expert, Host of the FIRE Drill Podcast, and blogger at Millennial Boss.

James Lowery - Co-Founder of Rethink the Rat Race and real estate investor.

50 min
June 18, 2019 From Zero to FI in Less Than 2 Years | James and Emily from Rethink the Rat Race
In today's episode, Cody and Justin are joined by James and Emily from Rethink the Rat Race who have one of the quickest journeys to financial independence you'll ever find.
Living in Huntsville, Alabama they find themselves in one of the best real estate markets in the country for rental properties. They took that opportunity and ran with it.
In 2017 they bought their first rental property and two years later they hit their 11th property and are now ready to retire this summer!
Cody and Justin are both great friends with this duo and this is definitely a can't-miss episode.
So go take a listen, leave that 5-star review and give us some feedback!
Episode Summary
James and Emily both had frugal backgrounds with James especially being on the really low end of the income spectrum
They met at a local community college and James got his college mostly paid for through financial aid
James ended up changing his major 4 times before eventually acquiring an associates degree
Emily wasn’t eligible for financial aid due to her Dad’s income but her parents did pay for her first two years
She ended up being able to pay off the final two years herself so they both graduated debt free
Emily would take a job starting at $60k and James was at $35k per year in Huntsville, Alabama
Even though they were in an affordable area with $95k of incomes, they weren’t saving a dime
They said they were happy with there life but weren’t spending money intentionally but looking back they can see that they’re so much happier with their life now
James was at work one day and someone said they came across a website that had changed their lives which turned out to be Mr. Money Mustache
James immediately went all in and came home adjusting water heaters and laying down all these things they were going to cut from their lives...probably too aggressively he’ll admit
This was 2016 when they discovered this idea of financial independence
They estimate they cut their expenses down to $35k the next year after discovering the topic and have since cut it to closer to $12k
Emily discusses how changing lifestyles can affect friend groups and social connections
After cutting their expenses down as low as they could they looked to accelerate their path even more through real estate investing
We go over their processes in finding properties and getting them ready to rent
You’ll get a taste of James fantastic knack for negotiating
They bought their first property in Summer of 2017 and have since hit 11 properties
Most of these units were had for under $50k and all of them bring in over 1% of the cost back via rent
Example: $50k house that brings in $500 is bringing in 1% every month
All of the homes were bought using traditional mortgages
Now they have enough money cash flowing every month to cover over 2x their expenses
This has accelerated their path so fast that they’re now looking to retire in September
That’s a 2-year path to financial independence!
On top of real estate, they’re also maxing out one 401k and both IRAs
Emily’s family owns a home in Cyprus that they plan on moving into this summer and doing some remodeling.
Emily already has her EU citizenship and James is applying
They’re not 100% sure what long term future looks like but they’ll probably pick up some side hustles in Cyprus to stay busy and travel all over Europe

Key Takeaways
Everyone has advantages: Some people might not realize living in Huntsville, Alabama is a huge advantage for financial independence but James and Emily realized this advantage and maximized it
Leverage is crazy powerful: James and Emily aren't these crazy high-income earners but they now own 11 rental units in 2 years. That's all possible thanks to the leverage you get through mortgages
Not Knowing is Ok: James and Emily don't have the rest of their lives mapped out. But what 28 year old does? But that's totally ok because they're in a great financial position and they can always jump back into the job market if they had to.
Call to Action
Take some time and research your area for potential to become a real estate investor as well as all the other options such as lending for real estate and investing in REITs.
Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
Sign up for our exclusive newsletter
Join our Facebook Group
Leave us a voicemail
Send an email to contact [at] TheFIshow [dot] com
If you like what you hear, please leave a rating/review!
The FI show on iTunes
The FI show on Android

Check out the Side Hustle Course!
Gold City Ventures
Contact James and Emily:
Rethink the Rat Race blog
Twitter
Facebook
Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
50 min
June 18, 2019 From Zero to FI in Less Than 2 Years | James and Emily from Rethink the Rat Race
In today's episode, Cody and Justin are joined by James and Emily from Rethink the Rat Race who have one of the quickest journeys to financial independence you'll ever find.

Living in Huntsville, Alabama they find themselves in one of the best real estate markets in the country for rental properties. They took that opportunity and ran with it.

In 2017 they bought their first rental property and two years later they hit their 11th property and are now ready to retire this summer!

Cody and Justin are both great friends with this duo and this is definitely a can't-miss episode.

So go take a listen, leave that 5-star review and give us some feedback!
Episode Summary

James and Emily both had frugal backgrounds with James especially being on the really low end of the income spectrum
They met at a local community college and James got his college mostly paid for through financial aid
James ended up changing his major 4 times before eventually acquiring an associates degree
Emily wasn’t eligible for financial aid due to her Dad’s income but her parents did pay for her first two years
She ended up being able to pay off the final two years herself so they both graduated debt free
Emily would take a job starting at $60k and James was at $35k per year in Huntsville, Alabama
Even though they were in an affordable area with $95k of incomes, they weren’t saving a dime
They said they were happy with there life but weren’t spending money intentionally but looking back they can see that they’re so much happier with their life now
James was at work one day and someone said they came across a website that had changed their lives which turned out to be Mr. Money Mustache
James immediately went all in and came home adjusting water heaters and laying down all these things they were going to cut from their lives...probably too aggressively he’ll admit
This was 2016 when they discovered this idea of financial independence
They estimate they cut their expenses down to $35k the next year after discovering the topic and have since cut it to closer to $12k
Emily discusses how changing lifestyles can affect friend groups and social connections
After cutting their expenses down as low as they could they looked to accelerate their path even more through real estate investing
We go over their processes in finding properties and getting them ready to rent
You’ll get a taste of James fantastic knack for negotiating
They bought their first property in Summer of 2017 and have since hit 11 properties
Most of these units were had for under $50k and all of them bring in over 1% of the cost back via rent

Example: $50k house that brings in $500 is bringing in 1% every month

All of the homes were bought using traditional mortgages
Now they have enough money cash flowing every month to cover over 2x their expenses
This has accelerated their path so fast that they’re now looking to retire in September

That’s a 2-year path to financial independence!

On top of real estate, they’re also maxing out one 401k and both IRAs
Emily’s family owns a home in Cyprus that they plan on moving into this summer and doing some remodeling.

* Emily already has her EU citizenship and James is applying

They’re not 100% sure what long term future looks like but they’ll probably pick up some side hustles in Cyprus to stay busy and travel all over Europe

Key Takeaways

* Everyone has advantages: Some people might not realize living in Huntsville, Alabama is a huge advantage for financial independence but James and Emily realized this advantage and maximized it
50 min
June 11, 2019 Everything You Need to Know About Insurance | Sa El from Simply Insurance
In today's episode, Cody and Justin are joined by the insurance guru from Simply Insurance, Sa El.
Sa El got started after a tragedy in the family and is now trying to make sure that never has to happen to anyone else.
In this episode, we cover every type of personal insurance: Health, Life, Renters, etc
You won't want to miss this episode so go take a listen, leave that 5-star review and give us some feedback!
Episode Summary
His journey went towards insurance because at age 20 his grandmother passed away from ovarian cancer and didn’t have any life insurance
He realized how many people didn’t understand insurance at all
Actually becoming certified was pretty simple
He passed a test after a week of studying
Got appointed to an insurance company
Health insurance, disability insurance, dental insurance, and life insurance are the types he lists as the most important to focus on
He actually calls disability insurance “paycheck” insurance
That’s because it’s not just for disabilities, it’s also for simple sickness
Most of these don’t kick in until you’re out of work for 60-90 days
Dental is so important because so many other illnesses are related to dental health plus poor looking teeth can impact your career
For health insurance, he really recommends a high deductible plan
Early retirees who are living on low amounts like $30k per year could take advantage of some of those subsidies that low-income individuals use even if you have a high net worth
We jump into some overarching topics that are problems with our health insurance system in the United States and things on the horizon to give us more transparency
For car insurance, he recommends shopping around for rates every six months and highly recommends USAA and travelers insurance
Also, watch out for double paying for things like a credit card that covers roadside assistance and also paying for it through auto insurance
Then we switch gears to Life Insurance
He’s very adamant that people pursuing financial independence should only consider term and never whole life insurance
Whole life is too expensive!
Then we talk about a type of life insurance that was new to us called “Return of premium” life insurance
It is term life insurance but if you live past the term you get the premiums back!
He calls it a savings account with free life insurance
If you’re going term, he recommends getting a 30-year term and shoots for 20 times your income for a coverage amount
So if you earn $50k, get $1M
Also, look out for online products that don’t require an exam such as Bestow
No exam doesn’t mean "no checking" so don’t lie on your forms!
Then we cover an interesting topic of paying for your parent’s life insurance and becoming the Owner/Payer/Beneficiary of the policy
Then we jump into renter’s insurance and the importance of reading all of your insurance fine print
DON’T CALL THEM UNTIL YOU DO READ EVERYTHING
Don’t forget, life insurance isn’t for you!
Key Takeaways
We all have something to learn: In this episode, we heard of so many new uses and types of insurance
Life insurance isn't for you: Don't get confused about the purpose of life insurance and don't mix it with an investment
Be the expert: If you want to make certain that you're getting the most out of your insurance and not left stuck with a bill, do the research and understand the ins and outs of your policy
Call to Action
Go read that boring fine print on your insurance products so you know exactly what your coverage is for!
Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
Sign up for our exclusive newsletter
Join our Facebook Group
Leave us a voicemail
Send an email to contact [at] TheFIshow [dot] com
If you like what you hear, please leave a rating/review!
The FI show on iTunes
The FI show on Android

Contact Sa El:
Simply Insurance Blog
Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
56 min
June 11, 2019 Everything You Need to Know About Insurance | Sa El from Simply Insurance
In today's episode, Cody and Justin are joined by the insurance guru from Simply Insurance, Sa El.

Sa El got started after a tragedy in the family and is now trying to make sure that never has to happen to anyone else.

In this episode, we cover every type of personal insurance: Health, Life, Renters, etc

You won't want to miss this episode so go take a listen, leave that 5-star review and give us some feedback!
Episode Summary

His journey went towards insurance because at age 20 his grandmother passed away from ovarian cancer and didn’t have any life insurance
He realized how many people didn’t understand insurance at all
Actually becoming certified was pretty simple

He passed a test after a week of studying
Got appointed to an insurance company

Health insurance, disability insurance, dental insurance, and life insurance are the types he lists as the most important to focus on
He actually calls disability insurance “paycheck” insurance
That’s because it’s not just for disabilities, it’s also for simple sickness

Most of these don’t kick in until you’re out of work for 60-90 days

Dental is so important because so many other illnesses are related to dental health plus poor looking teeth can impact your career
For health insurance, he really recommends a high deductible plan
Early retirees who are living on low amounts like $30k per year could take advantage of some of those subsidies that low-income individuals use even if you have a high net worth
We jump into some overarching topics that are problems with our health insurance system in the United States and things on the horizon to give us more transparency
For car insurance, he recommends shopping around for rates every six months and highly recommends USAA and travelers insurance

Also, watch out for double paying for things like a credit card that covers roadside assistance and also paying for it through auto insurance

Then we switch gears to Life Insurance
He’s very adamant that people pursuing financial independence should only consider term and never whole life insurance

Whole life is too expensive!

Then we talk about a type of life insurance that was new to us called “Return of premium” life insurance

It is term life insurance but if you live past the term you get the premiums back!
He calls it a savings account with free life insurance

If you’re going term, he recommends getting a 30-year term and shoots for 20 times your income for a coverage amount

So if you earn $50k, get $1M

Also, look out for online products that don’t require an exam such as Bestow

No exam doesn’t mean "no checking" so don’t lie on your forms!

Then we cover an interesting topic of paying for your parent’s life insurance and becoming the Owner/Payer/Beneficiary of the policy
Then we jump into renter’s insurance and the importance of reading all of your insurance fine print

DON’T CALL THEM UNTIL YOU DO READ EVERYTHING

Don’t forget, life insurance isn’t for you!

Key Takeaways

* We all have something to learn: In this episode, we heard of so many new uses and types of insurance
* Life insurance isn't for you: Don't get confused about the purpose of life insurance and don't mix it with an investment
* Be the expert: If you want to make certain that you're getting the most out of your insurance and not left stuck with a bill, do the research and understand the ins and outs of your policy

Call to Action

56 min
June 04, 2019 $500 Million in Student Loans | Travis Hornsby from Student Loan Planner
In today's episode, Cody and Justin are joined by Justin's old FinCon roomie, Travis from Student Loan Planner.
Travis tried his hand with Ph.D. education...hated it
Then he tried selling bonds at investing giant Vanguard...yep hated that too
So he got serious about his money and saved up a low six-figure cushion to travel the world. So how does a nomad create a business that has now consulted on over $500M in student loan debt? Well to win his wife's hand in marriage obviously.
You won't want to miss this episode so go take a listen, leave that 5-star review and give us some feedback!
Episode Summary
His first investment was as a kid by investing in coal through the help of his granddad
That investment ended up actually almost doubling which his granddad worried was actually a bad beginner lesson
Travis’ granddad was a big role model and great depression survivor who instilled a lot of frugality in him
When he was 18 he stacked so many scholarships that he ends up getting paid to go to college and banked about $7k after all expenses
He ended up with about $40k positive net worth upon graduation
Then he thought he would go and become a Ph.D. economist but quickly realized that wasn’t for him
So then he ends up working at Vanguard trading bonds, but he also didn’t feel happy in the corporate world
Then he discovers Mr. Money Mustache and focused on having a 60% savings rate and saved up low 6-figure mark
Somehow we also got a one-eyed rapper reference in here…
Travis took fall out money and a need for escape then books a flight to Iceland for $99 and ends up spending a year on the road across 40 countries
During this same time, he met his would-be wife who had a traditional job and a large chunk of student debt
When he asked her dad for permission to marry her, he declined Travis because he didn’t have a job even though he had a positive net worth
Travis thought he’d take on this topic of student debt and focus on consulting with people who owned several hundred thousand dollars
Since that time his consulting business has boomed and they’ve consulted on over $500M in student loans
He feels like if you really hate your job then get to that $50k mark if your young with no kids and just take the leap of doing something else and try to start a business knowing you have a cushion to fall on
Travis states that the two sectors of student debt that’s exploding are the people who owe over $200k and senior citizens
The number of people with these huge debts is doubling about every 3 years
Then we dig into the different student loan forgiveness programs such as the ones available to those who are government employees vs public sector employees
For some people, it makes a lot of sense to avoid paying off student loans quickly because they’ll be forgiven
We then jump into the problems with government-backed student loans and tuition rates that are being driven by the greed of many colleges
For instance, the pharmacy acceptance rate has gone up from ~35% to ~83% over the last 15 years which is driving down pay and allowing colleges to keep charging whatever they want
We also cover protections against being stuck with student debt if you become disabled or protection for your family if you die so they’re not stuck with it
Travis then gives us the rundown on re-financing which he said a good deal would be to save an additional 2%
While his business focuses almost exclusively on paying down debt, they also will sometimes take on some pre-debt counseling to avoid being bogged down in the first place but even then it’s generally just Grad school.
Travis rounds us out with his final tips and a great story of being study not being able to get through customs in Jordan and other interesting situations he found himself while traveling
Key Takeaways
Don't Settle: Travis wasn't happy but he kept switching it up and planning for ways out. No equation should be dominating your happiness
You May Need Help: It's often hard to admit we're not skilled enough for a task but when you're dealing with these huge student loan bills, you need to swallow your pride and find an expert like Travis.
Roomies equal Homies: Sorry..Had to throw this one in here. Travis was my roomie for my first FinCon. I was soooo green to the financial world. Now he's killing it. Then I was roomies with one of my favorite guests we've ever had at CampFI. Last but certainly not least, Cody and I were roomies at my last FinCon and we're doing our best to give you good folks content you can't wait to download. Build that community people...it's so important.
Call to Action
Regardless of the type or amount. Pick out some of your debt and analyze it. Should you pay it off first or last? Should you pay as much as you can or the minimum? Should you consolidate under a different loan vehicle? All very important questions.
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Additional Links
The Scholarship System
Ben White book for physicians with student loans
Cody's Side Hustle Course
Justin on Bigger Pockets Money
Contact Travis:
Student Loan Planner Podcast
Student Loan Planner Blog
Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
54 min
June 04, 2019 $500 Million in Student Loans | Travis Hornsby from Student Loan Planner
In today's episode, Cody and Justin are joined by Justin's old FinCon roomie, Travis from Student Loan Planner.

Travis tried his hand with Ph.D. education...hated it

Then he tried selling bonds at investing giant Vanguard...yep hated that too

So he got serious about his money and saved up a low six-figure cushion to travel the world. So how does a nomad create a business that has now consulted on over $500M in student loan debt? Well to win his wife's hand in marriage obviously.

You won't want to miss this episode so go take a listen, leave that 5-star review and give us some feedback!
Episode Summary

His first investment was as a kid by investing in coal through the help of his granddad
That investment ended up actually almost doubling which his granddad worried was actually a bad beginner lesson
Travis’ granddad was a big role model and great depression survivor who instilled a lot of frugality in him
When he was 18 he stacked so many scholarships that he ends up getting paid to go to college and banked about $7k after all expenses
He ended up with about $40k positive net worth upon graduation
Then he thought he would go and become a Ph.D. economist but quickly realized that wasn’t for him
So then he ends up working at Vanguard trading bonds, but he also didn’t feel happy in the corporate world
Then he discovers Mr. Money Mustache and focused on having a 60% savings rate and saved up low 6-figure mark
Somehow we also got a one-eyed rapper reference in here…
Travis took fall out money and a need for escape then books a flight to Iceland for $99 and ends up spending a year on the road across 40 countries
During this same time, he met his would-be wife who had a traditional job and a large chunk of student debt
When he asked her dad for permission to marry her, he declined Travis because he didn’t have a job even though he had a positive net worth
Travis thought he’d take on this topic of student debt and focus on consulting with people who owned several hundred thousand dollars
Since that time his consulting business has boomed and they’ve consulted on over $500M in student loans
He feels like if you really hate your job then get to that $50k mark if your young with no kids and just take the leap of doing something else and try to start a business knowing you have a cushion to fall on
Travis states that the two sectors of student debt that’s exploding are the people who owe over $200k and senior citizens
The number of people with these huge debts is doubling about every 3 years
Then we dig into the different student loan forgiveness programs such as the ones available to those who are government employees vs public sector employees
For some people, it makes a lot of sense to avoid paying off student loans quickly because they’ll be forgiven
We then jump into the problems with government-backed student loans and tuition rates that are being driven by the greed of many colleges
For instance, the pharmacy acceptance rate has gone up from ~35% to ~83% over the last 15 years which is driving down pay and allowing colleges to keep charging whatever they want
We also cover protections against being stuck with student debt if you become disabled or protection for your family if you die so they’re not stuck with it
Travis then gives us the rundown on re-financing which he said a good deal would be to save an additional 2%
While his business focuses almost exclusively on paying down debt, they also will sometimes take on some pre-debt counseling to avoid being bogged down in the first place but even then it’s generally just Grad school.
Travis rounds us out with his final tips and a grea...
54 min

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Cody Berman and Justin Taylor believe in the concept of “Financial Independence For All”. The Financial Independence Show focuses on REAL stories of individuals on their journey to financial…