The Financial Independence Show

In today’s episode, Cody and Justin bring you a really interesting story full of dynamics different than their own lives. Jamila is a mother and an immigrant and both of those parts of her story helped shaped her unique path to financial independence. She was heavily inspired by the strong women in her life who passed down the qualities of saving and hard work.

Jamila also has a natural gravitation towards entrepreneurship. Whether it was previous companies she has attempted, venturing into investment real estate at 22 in New York City, or stepping away from a safe corporate job to pursue Journey to launch, it's clear that she has a passion to be different and take control of her own path.

Episode Summary

Immigrated to the US at 18 months from Jamaica

She had a happy childhood in Brooklyn

Her mom had a large emphasis on education and reading

She also gained a lot of inspiration from her grandmother

Her mom didn’t really pass down investing but she did pass down the importance of saving

She talks about the importance of passing down grit and making her kids financially responsible even though they’re growing up in a more privileged upbringing

Fresh out of college she made an incredible real estate investment

She put down a down payment on a new condo build in the DUMBO district of Brooklyn

The unit she got was $338k and required a $30k down

She lived with her mom for 2 years while the unit was built so she was able to save up the rest of the money she needed to close on the property

The unit is now valued closer to $680k

She tried starting a couple of small businesses including a magazine company

Then she started a standard job that came with a really long commute

Having children made her realize how important financial independence is to her

She had a little breakdown on the way home stuck in traffic which was her “Ah-ha” moment

After having three children she decided to step away from the standard workforce and go full-time entrepreneur through Journey To Launch

She started Journey to Launch as a way to keep herself accountable

Her recommendation for entrepreneurs is to just start because she learned so much from her early business failures

For her early retirement doesn’t mean not working just not making it through the corporate world

She is married and her husband still works which provides healthcare and the flexibility for her to build up her business

Her plan is to really focus on Journey To Launch and if it doesn’t work out after two years she would be willing to go back into her corporate work

She also thinks you should focus on increasing income and looking at your career to see if it’s better to avoid side hustles and spend that time to make promotions and bonuses or if side hustles are the better option

Drake’s plan “God’s Plan” was the answer to the wildcard question but you’ll have to just listen to understand why!

Key Takeaways

Learn from, improve on. We are often surrounded by people who influence us whether we know it or not. Some may be more obvious like parents but it may be a more obscure co-worker. It's important to always learn from them but then try to take it one step further and evolve their idea. Learn from them, but improve on their ideas.

Strengthen your "Side-Hustle Muscle". Jamila hasn't had every entrepreneurship venture succeed and she hasn't had everyone fail, but she has refined her skills with each attempt. It's like any skill or muscle, it needs practice and work. Find something low risk and just start practicing your side hustle muscle and see what you need to work on for success.

Keep your motivation front and center. Jamila had that breakdown on the way home as she was stuck in traffic because it was keeping her from her kids. Too often we get stuck in a daze of the grind. We forget why we're doing it, what we're missing, or what we'd rather be doing. Don't obsess on the future so hard that you don't enjoy the journey, but always have a motivation to help point your efforts.

Call to Action

Take account of those people and places that your corporate job is keeping from you and keep that motivation front and center!

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

Links from the Episode

Journey to Launch

Still curious about DUMBO?

 

Contact Jamila:

Facebook

Instagram: @JourneytoLaunch

Twitter: @JourneytoLaunch

 

Learn More About Your Hosts:

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you a really interesting story full of dynamics different than their own lives. Jamila is a mother and an immigrant and both of those parts of her story helped shaped her unique path to financial independence. She was heavily inspired by the strong women in her life who passed down the qualities of saving and hard work.

Jamila also has a natural gravitation towards entrepreneurship. Whether it was previous companies she has attempted, venturing into investment real estate at 22 in New York City, or stepping away from a safe corporate job to pursue Journey to launch, it's clear that she has a passion to be different and take control of her own path.

Episode Summary

* Immigrated to the US at 18 months from Jamaica

* She had a happy childhood in Brooklyn

* Her mom had a large emphasis on education and reading

* She also gained a lot of inspiration from her grandmother

* Her mom didn’t really pass down investing but she did pass down the importance of saving

* She talks about the importance of passing down grit and making her kids financially responsible even though they’re growing up in a more privileged upbringing

* Fresh out of college she made an incredible real estate investment

* She put down a down payment on a new condo build in the DUMBO district of Brooklyn

* The unit she got was $338k and required a $30k down

* She lived with her mom for 2 years while the unit was built so she was able to save up the rest of the money she needed to close on the property

* The unit is now valued closer to $680k

* She tried starting a couple of small businesses including a magazine company

* Then she started a standard job that came with a really long commute

* Having children made her realize how important financial independence is to her

* She had a little breakdown on the way home stuck in traffic which was her “Ah-ha” moment

* After having three children she decided to step away from the standard workforce and go full-time entrepreneur through Journey To Launch

* She started Journey to Launch as a way to keep herself accountable

* Her recommendation for entrepreneurs is to just start because she learned so much from her early business failures

* For her early retirement doesn’t mean not working just not making it through the corporate world

* She is married and her husband still works which provides healthcare and the flexibility for her to build up her business

* Her plan is to really focus on Journey To Launch and if it doesn’t work out after two years she would be willing to go back into her corporate work

* She also thinks you should focus on increasing income and looking at your career to see if it’s better to avoid side hustles and spend that time to make promotions and bonuses or if side hustles are the better option

* Drake’s plan “God’s Plan” was the answer to the wildcard question but you’ll have to just listen to understand why!

Key Takeaways

* Learn from, improve on. We are often surrounded by people who influence us whether we know it or not. Some may be more obvious like parents but it may be a more obscure co-worker. It's important to always learn from them but then try to take it one step further and evolve their idea. Learn from them, but improve on their ideas.

* Strengthen your "Side-Hustle Muscle". Jamila hasn't had every entrepreneurship venture succeed and she hasn't had everyone fail, but she has refined her skills with each attempt. It's like any skill or muscle, it needs practice and work. Find something low risk and just start practicing your side hustle muscle and see what you need to work on for success.

* Keep your motivation front and center.

In today’s episode, Cody and Justin bring you a true the king of efficiency. A real estate junkie, Craig works over at Bigger Pockets and currently lives in Denver. From getting paid to go to college to renting out his car, Craig finds ways to squeeze money out of every aspect of life. Then you can add on the fact that he’s in his mid 20’s and you have a really inspiring story.

Craig may not head up a popular blog or podcast but I can promise you, he has some amazing insight. In this episode, you’ll get to hear his entry into real estate including some extreme house hacking. Oh, and did I mention he spends ~$500 per month on everything? It really highlights how removing auto and home expenses leaves you with an extremely tiny budget

Episode Summary

Started hustling in elementary school by selling his lunch to other kids

Chose his college based on an internship program that let him graduate w/ a $20k nest-egg

Gets a wake-up call when his boss interrupts his weekend at Big Sur

2 years after graduating he buys his first property, a duplex in Denver

His first property was  $380k and 1.5 miles from his work

He put down a down-payment of $17k

The duplex was cash-flowing $800 per month and he lived there rent free

He lived in a tiny section of one floor while Air BnB'ing out the rest

With a place so close to work, he was able to also rent out his car on Turo

On Turo, he was pocketing ~$30 per day...until a renter totaled the car

Turo handled the insurance without a hitch

One year after buying the duplex he buys his second property

In the new property, he rents the rooms out individually while still living rent free

With no rent and no car expense he's able to spend $500-$600 per month

At 25 he is prepping himself to be set up to travel and someday start a family

He uses credit cards with setting up his new properties to travel hack his trips

Currently loves his job at Bigger Pockets

He actually got into real estate due to the confidence he found from  Bigger Pockets

He chooses his properties based on location in relation to parks and bike paths

Key Takeaways

House hacking is one of the most efficient and effective ways to hit FI. If you can rent out half of a duplex (or the whole thing or if you're on Craig's level) you can eliminate your housing expense and actually make money to live! Housing is typically 33% of the average American budget.

"Live like no one else now, so you can live like no one else later". Craig understands that his youth gives him an advantage and allows him to kickstart his FI journey. He can take wisdom from his elders and implement all of the strategies that they wished they had used.

FU Money is one of the most powerful levers. Since Craig was able to live intentionally, amass a comfortable monthly cash flow and increase his net worth, he unlocked options in his life. He now can focus on the things he truly cares about and "peace out" from his job if he stops feeling fulfilled!

Call to Action

Examine your life, determine what is excess, and cut what's not necessary!

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

Links from the Episode

Turo (Get $25 off your first ride!)

Airbnb (Get $40 off your first stay!)

Rich Dad Poor Dad

Travel Hacking

Lifeonaire Book

 

Contact Craig:

BiggerPockets

LinkedIn

Facebook

 

Learn More About Your Hosts:

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you a true the king of efficiency. A real estate junkie, Craig works over at Bigger Pockets and currently lives in Denver. From getting paid to go to college to renting out his car, Craig finds ways to squeeze money out of every aspect of life. Then you can add on the fact that he’s in his mid 20’s and you have a really inspiring story.

Craig may not head up a popular blog or podcast but I can promise you, he has some amazing insight. In this episode, you’ll get to hear his entry into real estate including some extreme house hacking. Oh, and did I mention he spends ~$500 per month on everything? It really highlights how removing auto and home expenses leaves you with an extremely tiny budget

Episode Summary

* Started hustling in elementary school by selling his lunch to other kids

* Chose his college based on an internship program that let him graduate w/ a $20k nest-egg

* Gets a wake-up call when his boss interrupts his weekend at Big Sur

* 2 years after graduating he buys his first property, a duplex in Denver

* His first property was  $380k and 1.5 miles from his work

* He put down a down-payment of $17k

* The duplex was cash-flowing $800 per month and he lived there rent free

* He lived in a tiny section of one floor while Air BnB'ing out the rest

* With a place so close to work, he was able to also rent out his car on Turo

* On Turo, he was pocketing ~$30 per day...until a renter totaled the car

* Turo handled the insurance without a hitch

* One year after buying the duplex he buys his second property

* In the new property, he rents the rooms out individually while still living rent free

* With no rent and no car expense he's able to spend $500-$600 per month

* At 25 he is prepping himself to be set up to travel and someday start a family

* He uses credit cards with setting up his new properties to travel hack his trips

* Currently loves his job at Bigger Pockets

* He actually got into real estate due to the confidence he found from  Bigger Pockets

* He chooses his properties based on location in relation to parks and bike paths

Key Takeaways

* House hacking is one of the most efficient and effective ways to hit FI. If you can rent out half of a duplex (or the whole thing or if you're on Craig's level) you can eliminate your housing expense and actually make money to live! Housing is typically 33% of the average American budget.

* "Live like no one else now, so you can live like no one else later". Craig understands that his youth gives him an advantage and allows him to kickstart his FI journey. He can take wisdom from his elders and implement all of the strategies that they wished they had used.

* FU Money is one of the most powerful levers. Since Craig was able to live intentionally, amass a comfortable monthly cash flow and increase his net worth, he unlocked options in his life. He now can focus on the things he truly cares about and "peace out" from his job if he stops feeling fulfilled!

Call to Action

Examine your life, determine what is excess, and cut what's not necessary!

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!

Today we have a bonus episode recorded LIVE at FinCon with Jimmy and Jenny from Living Life Loving Us. Cody was fortunate enough to meet this amazing power couple at FinCon and immediately knew that he needed to get them on the podcast.

Since discovering financial independence, this couple has been able to increase their savings rate tremendously, maximize their income, and design a life of purpose and meaning. They also share some awesome tips about how to get your spouse on board with your financial plans!

Episode Summary

When they met, Jimmy was optimizing his time and Jenny was working 16-hour shifts.

Jimmy works as a firefighter and Jenny works as a nurse.

Jenny hacked travel nursing by living 52 miles outside of the 50-mile radius requirement.

Incurred $100K in debt from infertility treatment and paid it off as fast as possible.

Found Dave Ramsey, then Choose FI, then a bunch of other blogs.

Jenny thought they were “done” when all the debt was paid off … she was wrong.

Jimmy tried going minimalist/frugal psycho and get rid of everything – but Jenny wasn’t having it. Then, he made her write down her top ten 10 values and that made her realize that money didn’t make them happy!

After car payment was gone, Jenny had her “lightbulb” moment and now wanted to pursue FI by cutting expenses.

Started at negative net worth and soon achieved a 50%+ savings rate.

Recently downsized their house!

Jimmy got certifications to increase his overall pay. Went from $40K to $75K annual salary in just 6 and ½ years.

Cut your expenses wisely, NOT your lifestyle.

Jenny started making 60K per year and now has the ability to earn 120K. However, she chooses to only work 7 months of the year and still out-earns that original 60K!

Jenny leveraged her existing nursing skills to acquire additional PRN jobs in the nursing fields – she also does furniture flipping on the side during her 5 months off!

Jimmy works two 24-hour shifts per week, and uses his free days to hang out with his daughter and work on the blog.

They have friends that make the same amount of money, have the same jobs, live in the same area… but they’re not intentional with their spending! It’s all about focusing on what you actually value.

Striving toward a mutual goal makes life easier and reduces arguments.

“Fighting is inevitable. It’s the way you fight that’s important.” – Jimmy

Both trying to challenge themselves in every aspect of life: physically, financially, emotionally, etc.

Both value fitness and have competed in obstacle course races. Healthy eating is also extremely important to them.

Traveling with a baby is great (once you get to your destination), but the journey itself isn’t so fun…

They’ve already designed a life that they both love so the next five years might look eerily similar!

Their total spend is between $50K and $60K per year, but they could get below $40K if travel was eliminated … might go down with newly discovered travel hacking.

“You can’t live on a diet; you need to adjust your eating habits permanently. Same thing with your money” – Jenny

Jenny’s parents were entrepreneurs but never had any money during her early years. After her parents achieved success, they started to give Jenny everything she wanted and the “I can have anything” mindset started to set in. One great thing she learned from them though was the power of hard work.

Jimmy, on the other hand, barely spent any money to Jenny’s astonishment. The first year they met he had spent $5,000 for the entire previous year. Jimmy’s family never spoke about money, but his dad retired at 50 as a firefighter and had lots of free time.

Jimmy has a pension to bolster his FI journey through his job as a firefighter. The longer he works, the more it grows, but he has the option to leave whenever he wants.

Both have had health scares in the past. If Jimmy leaves his job, Jenny might get a year-round job for the healthcare benefits.

Key Takeaways

Find common ground with your partner or spouse. Jimmy and Jenny both recognize how powerful it is to chase financial independence as a team. They achieved this cooperation by finding common ground and respecting each other’s input. Some people like spreadsheets, some people don’t. Find out what works for your relationship.

Life is short. Enjoy each day. Jimmy and Jenny have both had health scares in their 20s and this opened their eyes to how precious life is. Now, they have created a life that they truly love and wake up looking forward to each day. This mindset is so powerful and something we should all adopt!

Understand your values. Sometimes, we don’t even know what makes us happy. Often times, it’s not the massive house, flashy cars, or new gadgets -- it’s quality time spent with friends and family. Definitely consider doing our Call to Action!

Call to Action

Make a list of the 10 things that you value most. Understand what truly makes you happy and create a plan to get there.

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

Links from the Episode

Jenny's post on fear

ChooseFI

Dave Ramsey

Camp FI

 

Contact Jimmy and Jenny:

Living Life Loving Us

livinglifelovingus [@] gmail.com

Twitter: @livnlifelovnus

Facebook: facebook.com/living-life-loving-us

 

Learn More About Your Hosts:

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today we have a bonus episode recorded LIVE at FinCon with Jimmy and Jenny from Living Life Loving Us. Cody was fortunate enough to meet this amazing power couple at FinCon and immediately knew that he needed to get them on the podcast.

Since discovering financial independence, this couple has been able to increase their savings rate tremendously, maximize their income, and design a life of purpose and meaning. They also share some awesome tips about how to get your spouse on board with your financial plans!

Episode Summary

* When they met, Jimmy was optimizing his time and Jenny was working 16-hour shifts.

* Jimmy works as a firefighter and Jenny works as a nurse.

* Jenny hacked travel nursing by living 52 miles outside of the 50-mile radius requirement.

* Incurred $100K in debt from infertility treatment and paid it off as fast as possible.

* Found Dave Ramsey, then Choose FI, then a bunch of other blogs.

* Jenny thought they were “done” when all the debt was paid off … she was wrong.

* Jimmy tried going minimalist/frugal psycho and get rid of everything – but Jenny wasn’t having it. Then, he made her write down her top ten 10 values and that made her realize that money didn’t make them happy!

* After car payment was gone, Jenny had her “lightbulb” moment and now wanted to pursue FI by cutting expenses.

* Started at negative net worth and soon achieved a 50%+ savings rate.

* Recently downsized their house!

* Jimmy got certifications to increase his overall pay. Went from $40K to $75K annual salary in just 6 and ½ years.

* Cut your expenses wisely, NOT your lifestyle.

* Jenny started making 60K per year and now has the ability to earn 120K. However, she chooses to only work 7 months of the year and still out-earns that original 60K!

* Jenny leveraged her existing nursing skills to acquire additional PRN jobs in the nursing fields – she also does furniture flipping on the side during her 5 months off!

* Jimmy works two 24-hour shifts per week, and uses his free days to hang out with his daughter and work on the blog.

* They have friends that make the same amount of money, have the same jobs, live in the same area… but they’re not intentional with their spending! It’s all about focusing on what you actually value.

* Striving toward a mutual goal makes life easier and reduces arguments.

* “Fighting is inevitable. It’s the way you fight that’s important.” – Jimmy

* Both trying to challenge themselves in every aspect of life: physically, financially, emotionally, etc.

* Both value fitness and have competed in obstacle course races. Healthy eating is also extremely important to them.

* Traveling with a baby is great (once you get to your destination), but the journey itself isn’t so fun…

* They’ve already designed a life that they both love so the next five years might look eerily similar!

* Their total spend is between $50K and $60K per year, but they could get below $40K if travel was eliminated … might go down with newly discovered travel hacking.

* “You can’t live on a diet; you need to adjust your eating habits permanently. Same thing with your money” – Jenny

* Jenny’s parents were entrepreneurs but never had any money during her early years. After her parents achieved success, they started to give Jenny everything she wanted and the “I can have anything” mindset started to set in. One great thing she learned from them though was the power of hard work.

* Jimmy, on the other hand, barely spent any money to Jenny’s astonishment. The first year they met he had spent $5,000 for the entire previous year. Jimmy’s family never spoke about money,

In today's episode, Cody and Justin bring you a true expert of the gig economy and side hustles. The great Kevin from Financial Panther. If you’re unfamiliar with the gig economy or side hustles, think Uber, Wag, or Air BnB. Kevin has used all of these new apps to bring in $1-3k per month on a very consistent basis.

Oh and don’t forget he does this while also being a lawyer. While a lot of lawyers might think it is beneath them to deliver food to college kids, Kevin sees it as a powerful tool to expedite his path to financial independence.

The other important part of this interview is how Kevin explains the ways to do these side hustles without stretching yourself too thin. We try to always stress the importance of enjoying this financial independence journey and not just rushing through it. He stresses finding ways to incorporate these side hustles into activities that you’d be doing anyway.

Own a dog? How much harder is it at that point to watch a second one for a night?

Workout? Why not jump on a real bike for a delivery instead of a stationary one?

These are examples of some nuggets we got from today’s show. Hope you enjoy it as much as we did!

Episode Summary

Kevin’s parents paid for his college and he didn’t even consider the financial implications of his college choice or major

Graduated in 2009 in the thick of the great recession when there were no jobs available

Took LSAT and decided on law school to follow up on his history/economics undergrad.

Received a 50% scholarship for law school but still came out with $87k in student debt

Continues living like a student after landing a lawyer gig to pay off debt as fast as possible

Discovers the Financial Independence movement 1 year into debt payoff

Was inspired by financial samurai, Mr. Money Mustache, and Dave Ramsey

Paid off his $87k in loans in just 2.5 years while working at a big high-paying law firm

Started side hustling in 2015 while still earning big lawyer money

Some side hustles include Uber eats, Wag, Rover, Bird, Air BnB, and Lime

He changes to a government job that came with a 50% pay cut and a little extra flexibility

Takes another pay cut to work for a non-profit that came with a great deal of flexibility

He talks about incorporating gig economy jobs into his normal day routine

For him, side hustles that involve driving his car came with the least return on investment

Kevin makes somewhere between $1-3k per month on side hustles

He even makes money on dumpster finds

He equates the gig economy as a pseudo emergency fund

Has ambitions to step away from working to blog full time

Kevin makes a great comparison that $10k in side hustles is equivalent to $250k in investments for those that follow the 4% rule

Key Takeaways

Your income isn’t everything. Kevin shows that by not taking one but two pay-cuts to add in flexibility. It means he's not only happier but also has more time to pursue outside passions that could very well become more and more profitable. 

There’s money everywhere. He found money in the trash! Just actually just furnished most of his home from free craigslist items that he could have sold if he wanted too. Kevin does it all though. Deliver food, walk dogs, rent rooms, and more. The beautiful thing is that you don't have to do much of the legwork. The jobs are waiting for you, so what are you waiting for?

You might be closer to retirement than you think. Our favorite insight with this interview was the idea that $10k in side hustles is equal to $250k in investments if you're following the 4% rule. That means you could be a lot closer to at least taking some time off if not actually retiring by picking up some side gigs!

Call to Action

Analyze your daily routine and find something you can do to make that $5k per year!

That’s only $13.70 per day

Side Hustles Mentioned

Uber

Lyft

Rover

Wag

Bird

Lime

Airbnb

UberEats

Postmates

DoorDash

Craigslist

eBay

FB Marketplace

Amazon Flex

Job Spotter

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

Links from the Episode

Financial Panther

Money and Confidence are Interchangeable

Financial Samurai

 

Contact Kevin:

kevin [@] financialpanther.com

Twitter: @financialpanthe

Facebook: facebook.com/financialpanthe

 

Learn More About Your Hosts:

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, Cody and Justin bring you a true expert of the gig economy and side hustles. The great Kevin from Financial Panther. If you’re unfamiliar with the gig economy or side hustles, think Uber, Wag, or Air BnB. Kevin has used all of these new apps to bring in $1-3k per month on a very consistent basis.

Oh and don’t forget he does this while also being a lawyer. While a lot of lawyers might think it is beneath them to deliver food to college kids, Kevin sees it as a powerful tool to expedite his path to financial independence.

The other important part of this interview is how Kevin explains the ways to do these side hustles without stretching yourself too thin. We try to always stress the importance of enjoying this financial independence journey and not just rushing through it. He stresses finding ways to incorporate these side hustles into activities that you’d be doing anyway.

* Own a dog? How much harder is it at that point to watch a second one for a night?

* Workout? Why not jump on a real bike for a delivery instead of a stationary one?

These are examples of some nuggets we got from today’s show. Hope you enjoy it as much as we did!

Episode Summary

Kevin’s parents paid for his college and he didn’t even consider the financial implications of his college choice or major

Graduated in 2009 in the thick of the great recession when there were no jobs available

Took LSAT and decided on law school to follow up on his history/economics undergrad.

Received a 50% scholarship for law school but still came out with $87k in student debt

Continues living like a student after landing a lawyer gig to pay off debt as fast as possible

Discovers the Financial Independence movement 1 year into debt payoff

Was inspired by financial samurai, Mr. Money Mustache, and Dave Ramsey

Paid off his $87k in loans in just 2.5 years while working at a big high-paying law firm

Started side hustling in 2015 while still earning big lawyer money

Some side hustles include Uber eats, Wag, Rover, Bird, Air BnB, and Lime

He changes to a government job that came with a 50% pay cut and a little extra flexibility

Takes another pay cut to work for a non-profit that came with a great deal of flexibility

He talks about incorporating gig economy jobs into his normal day routine

For him, side hustles that involve driving his car came with the least return on investment

Kevin makes somewhere between $1-3k per month on side hustles

He even makes money on dumpster finds

He equates the gig economy as a pseudo emergency fund

Has ambitions to step away from working to blog full time

Kevin makes a great comparison that $10k in side hustles is equivalent to $250k in investments for those that follow the 4% rule

Key Takeaways

Your income isn’t everything. Kevin shows that by not taking one but two pay-cuts to add in flexibility. It means he's not only happier but also has more time to pursue outside passions that could very well become more and more profitable. 

There’s money everywhere. He found money in the trash! Just actually just furnished most of his home from free craigslist items that he could have sold if he wanted too. Kevin does it all though. Deliver food, walk dogs, rent rooms, and more. The beautiful thing is that you don't have to do much of the legwork. The jobs are waiting for you, so what are you waiting for?

You might be closer to retirement than you think. Our favorite insight with this interview was the idea that $10k in side hustles is equal to $250k in investments if you're following the 4% rule. That means you could be a lot closer to at least taking some time off if not actually retiring by picking up some side gigs!

In today's episode, Cody and Justin bring you an interview that is guaranteed to be a new one for you. This is the story of Jimmy Ridenhour who, unlike most of our guests, has no blog, book, podcast or ever been on a podcast. That doesn't mean his story isn't remarkable.

Jimmy's story starts out with a very tragic start that involves murder and family turmoil but he amazingly finds his way to success and has an unmatched amount of positive vibes when you meet him in person.

After that tragic start, Jimmy landed on his feet literally as a mailman at age 18. While most people his age were racking up college debt, he was bringing in upwards of $80k a year while he put in 70+ hour weeks. This allowed him to purchase his first home for $125k and have it paid off at age 23. Now he's 27 with five properties and already has an income stream that would allow him to be financially independent if he wanted.

This is a can't-miss episode!

Episode Summary

Jimmy was born in the outskirts of NYC

Migrates to Arkansas around 3 years old

His father gets murdered while going to sell his car

Life becomes chaos as his mother struggles with depression and substance abuse

Splits time between his mom & grandparents until 12 then moves to grandparents full time

He started learning work ethic and business from the new family he was living with

From age 12 to 16 he saved $5k from small-town jobs

He decides to follow in his Aunt’s footsteps in working at the Post Office to hopefully have her normal life vs his chaotic one

He creates a postal profile at age 16 in hopes of one day becoming a postman

Then his grandmother passed away and his grandfather developed Alzheimer’s

At 18 he’s eligible to take the postal exam & scores high enough to get hired right away

He starts working 70+ hours a week

At age 20 he buys his first house for $125k which he paid off at 23 through high savings rates and house hacking via a roommate

Saving $80k in those three years while making a range of $50-80k per year

He talks about shaking the scarcity mentality but also keeping his very low budget lifestyle

He’s currently making 55k per year

His boss sold him his second house for $50k and which he puts $13k in for fixes

Gets deeper into BiggerPockets and starts crushing podcasts while delivering mail for work

Finds his 3rd home through a family member for $30k and knocked out all the fixes himself

Finds his 4th home for $40k which appraised for $65k that only needed a quick paint job

He discovers Paul Thompson from Ready Investor One and got involved in his first Wholesale purchase for $47k, invested $20k, sold it three months later and profited $18k even though he contracted out 90% of the work

He highly recommends doing all the work yourself in the beginning so you can negotiate better with contractors and protect yourself from getting taken advantage of.

His plan is to end up with 12 rental properties total

His expenses are currently so low (~$1300/mo) that he’s already financially independent with the 5 houses he has

He’s currently cash flowing over $2k per month through his rentals at age 27

Recommends using Mr. Landlords how to find a good tenant scoresheet when filtering out tenants

He manages all but one property and is now experimenting with the one property manager to hopefully someday step away and allow all his properties to be managed

His #1 tip is to just get started because you’ll learn so much from the first house

And trust me you won’t want to miss this week’s wildcard question about the most insane date Jimmy has ever been on!

Key Takeaways

Your past can't define you. Jimmy had an incredibly rough start and is still somehow so far ahead of almost anyone I know. This financial independence journey isn't reserved for kids with parents who taught them the value of money at a young age or who paid for their college. It doesn't have to be pursued in a big city with an outrageous economy. You decide if your path is successful, not your past.

Just jump in. We hear this tip so often but it can't be overstated. Just start. Whether that's index funds or real estate, you just have to get off the couch. The first experience will be profitable even if it doesn't look like it in your bank account. That's because you'll learn so much from it that you'd never get from simply reading about it.

There is no one path. Much like the first take away we just want to highlight how non-traditional this story is and how many excuses we hope were eliminated today. More specifically I think the interesting take away here is the value of earning income earlier. Jimmy didn't do the traditional 4-5 year degree, pay off debt, start getting ahead around 30 model that most do. He started earning serious cash at age 18 and that's why he's so far ahead. Don't box yourself or your kids in when thinking about your path.

Call to Action

Focus on your happiness because financial independence is not all about the end goal. Take time and enjoy the journey folks!

 

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Links from the Episode

Mr. Landlords Tenant Application

Scott Trench's book: Set For Life

Ready Investor One

Contact Jimmy:

Learn More About Your Hosts:

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, Cody and Justin bring you an interview that is guaranteed to be a new one for you. This is the story of Jimmy Ridenhour who, unlike most of our guests, has no blog, book, podcast or ever been on a podcast. That doesn't mean his story isn't remarkable.

Jimmy's story starts out with a very tragic start that involves murder and family turmoil but he amazingly finds his way to success and has an unmatched amount of positive vibes when you meet him in person.

After that tragic start, Jimmy landed on his feet literally as a mailman at age 18. While most people his age were racking up college debt, he was bringing in upwards of $80k a year while he put in 70+ hour weeks. This allowed him to purchase his first home for $125k and have it paid off at age 23. Now he's 27 with five properties and already has an income stream that would allow him to be financially independent if he wanted.

This is a can't-miss episode!

Episode Summary

* Jimmy was born in the outskirts of NYC

* Migrates to Arkansas around 3 years old

* His father gets murdered while going to sell his car

* Life becomes chaos as his mother struggles with depression and substance abuse

* Splits time between his mom & grandparents until 12 then moves to grandparents full time

* He started learning work ethic and business from the new family he was living with

* From age 12 to 16 he saved $5k from small-town jobs

* He decides to follow in his Aunt’s footsteps in working at the Post Office to hopefully have her normal life vs his chaotic one

* He creates a postal profile at age 16 in hopes of one day becoming a postman

* Then his grandmother passed away and his grandfather developed Alzheimer’s

* At 18 he’s eligible to take the postal exam & scores high enough to get hired right away

* He starts working 70+ hours a week

* At age 20 he buys his first house for $125k which he paid off at 23 through high savings rates and house hacking via a roommate

* Saving $80k in those three years while making a range of $50-80k per year

* He talks about shaking the scarcity mentality but also keeping his very low budget lifestyle

* He’s currently making 55k per year

* His boss sold him his second house for $50k and which he puts $13k in for fixes

* Gets deeper into BiggerPockets and starts crushing podcasts while delivering mail for work

* Finds his 3rd home through a family member for $30k and knocked out all the fixes himself

* Finds his 4th home for $40k which appraised for $65k that only needed a quick paint job

* He discovers Paul Thompson from Ready Investor One and got involved in his first Wholesale purchase for $47k, invested $20k, sold it three months later and profited $18k even though he contracted out 90% of the work

* He highly recommends doing all the work yourself in the beginning so you can negotiate better with contractors and protect yourself from getting taken advantage of.

* His plan is to end up with 12 rental properties total

* His expenses are currently so low (~$1300/mo) that he’s already financially independent with the 5 houses he has

* He’s currently cash flowing over $2k per month through his rentals at age 27

* Recommends using Mr. Landlords how to find a good tenant scoresheet when filtering out tenants

* He manages all but one property and is now experimenting with the one property manager to hopefully someday step away and allow all his properties to be managed

* His #1 tip is to just get started because you’ll learn so much from the first house

* And trust me you won’t want to miss this week’s wildcard question ...