The Struggle is Real: Financial Independence Strategies for Young Adults

The Struggle is Real: Financial Independence Strategies for Young Adults

By Justin Lee PetersBusinessEducationInvestingHow ToCareers
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The Struggle is Real: Financial Independence Strategies for Young Adults episodes

  • How Happiness and Investing Your Money Can Be Congruent Goals I E31 Joel O’Leary aka 5am Joel
    How would you feel about retiring 5, 10, even 20 years earlier than you planned? This probably raises some skeptical eyebrows but hundreds of people are doing just that through a movement called FIRE: financial independence, retire early.
    Inside groups pursuing FIRE, it’s common to hear of a couple who retired in their mid-40s. With time, discipline, and understanding of basic financial concepts, I believe you can do this as well.
    Joel O’Leary is here with me today to talk about his experience with FIRE and how he’s found balance with this popular movement.
    By listening to this episode, you’ll also hear us discuss the epiphanies Joel has had during his 3 year sabbatical, how he built and continues to grow his real estate portfolio, and why he believes happiness is a choice (along with a good story to back it up).
     
    Key Takeaways:
    [1:52] Why Joel took a sabbatical and what he has learned since quitting his job
    [15:34] The impact Joel’s parents had on his financial habits
    [22:34] How Joel uses real estate to create wealth
    [28:59] What is FIRE and where is Joel on his journey
    [39:08] Debunking common myths about FIRE
    [42:52] Joel believes happiness is a choice
     
    Favorite Quotes:
    [6:14] “I missed like 50 paychecks in a row…$0, $0, $0. Talk about facing your fears”
    [30:32] “It’s a bit of an immature mindset because they think that achieving FIRE is going to magically improve their life.”
    [36:05] “I don't want to make decisions based on money anymore. It frustrates me that I have to think about how much this is going to cost me or how much this is going to make me.”
    [42:19] “You can achieve financial independence on a very small salary as long as you are spending less than you are earning.”
    [43:49] “I personally think happiness is a choice.”
     
    More of Joel:
    Subscribe to 5am Joel email list: http://www.5amjoel.com/
    Learn more from Joel: www.budgetsaresexy.com
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    55 min
  • 26 Year Old Director Shares Advice on How to Quickly Rise Through the Ranks I E30 - Mason Burchette
    I’m assuming the job you have now isn’t the position you want forever. Most of us hope as we learn new skills and take on more responsibilities, we will get the opportunity to move up within our company.
    But why do some people seem to get the opportunity for promotions while others find themselves in the same role for years and years?
    My guest today believes it all starts with doing the little things right, like being dependable.
    Mason Burchette started out as a Technician at Best Buy Metals making $11.50 an hour and now, 7 years later, is their Director of Marketing and Development.
    Seeing his fast growth in such a short period of time, many of his friends and family started asking him for advice. Through that, he ended up writing his first book, “How to Make Sure You Never Get Promoted: An Antithetical Guide to Succeeding in Your Career.”
    Along with advice on getting promoted, we will also get into managing employees that are older than you and how to find a company that you can grow with.
     
    Key Takeaways:
    [2:07] Mason’s cancer journey and how that changed his focus in life
    [13:10] What led to Mason’s quick rise through his career?
    [19:57] Hiring and managing those who are older than you
    [28:06] How to find a company that you can grow with
    [32:52] Why being dependable is the building block of getting more opportunities
    [36:42] The Crush It Podcast
    [44:24] What does success mean to Mason?
     
    Favorite Quotes:
    [4:56] “There was definitely days after work where I just sat in my car and I was like holy crap I have cancer.”
    [15:14] “Get out of the road! Get the machine out of the road!...I’m quitting!”
    [19:12] ‘I looked like a bag boy at the grocery store.”
    [34:24] “Wise employers will look at how people are governing their personal lives and say that is how they’re going to manage company dollars, company people, company assets. We can’t afford to give them opportunities.”
    [40:30] “I didn’t join a secret society that told me how to be a successful leader. I went to Barnes & Noble and bought a $23 book.”
     
    Mentions:
    Civil Air Patrol: https://www.gocivilairpatrol.com/
    The Total Money Makeover by Dave Ramsey: https://www.amazon.com/dp/B00DNBE8P6/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
    The Legacy Journey: A Radical View of Biblical Wealth and Generosity by Dave Ramsey: https://www.amazon.com/dp/B00OAM42MG/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
     
    More of Mason:
    www.MasonBurchette.com
    IG: @masonwankenobi
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    58 min
  • Former NFL player on How to Start Owning Your Mistakes and Make the Change You Need | E29 Marques Ogden
    Today’s guest is former NFL offensive lineman, Marques Ogden.
    Marques played in the NFL for nearly 6 years. He was drafted in the 2003 by the Jaguars and went on to play with the Ravens, Bills, and Titans. While his NFL career ended in 2007, this was only the start of Marques’ rollercoaster life story. After leaving the NFL, he started Kayden Premier Enterprises which grew to the largest minority owned subcontractor in the state of Maryland.
    Life was good until a bad business deal sent Marques’ business spiraling into bankruptcy. Marques was left with $400 to his name. He swallowed his pride and the former NFL player and 8-figure business owner took a job as an overnight janitor making $8.25 an hour.
    After a rough ending to one of his shifts, Marques decided it was time to reinvent himself again but before he could do that, he needed to look back on his life choices and own the fact that his decisions, not someone else’s actions, lead him to his current life situation.
    Today, Marques is two-time author, keynote speaker, executive coach, and corporate trainer.
    Marques’ story is an inspiration and I hope to illustrate the power of accountability and ownership in this episode.
     
    Key Takeaways:
    [2:06] Marques’ relationship with his older brother Jonathan
    [4:55] Marques’ route to the NFL
    [13:21] Marques' rough rebound after leaving the NFL
    [16:47] The rise and fall of Kayden Premier Enterprises
    [27:42] Taking responsibility for your actions
     
    Favorite Quotes:
    [9:27] “Wow, I’ve actually made it. I’m here. I’m going to have an opportunity to play for the National Football league.”
    [18:16] “Someone in this room will become the next major minority contractor...why can’t it be you?”
    [32:22] “You get told no so many times that it becomes your own mission to keep going.”
     
    More of Marques:
    Facebook: https://www.facebook.com/MarquesOgdenSpeaker/
    Twitter: @Marques_Ogden
    Instagram: @marquesogden
    LinkedIn: https://www.linkedin.com/in/marquesogden/
    Website: https://marquesogden.com/
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    41 min
  • Helpful Money Advice that Will Have You Feeling More Confident | E28 Tracey Bissett
    Why don’t we feel better equipped to handle our finances when we get into the real world?
    My guest today is working to solve that issue. On the show with me is Tracey Bissett, President and Chief Financial Fitness Trainer at Bissett Financial Fitness.
    Tracey has over 20 years of experience in the financial services industry and after moving on from her successful career in banking, she’s now focused on helping young adults and entrepreneurs achieve their financial goals. 
    Tracey is also the Host of the Young Money Podcast: an advice show for young millionaires in the making which she started over 3 years ago and now has over 120,000 downloads.
    My goal by the end of this conversation is to have you feeling more confident about growing and using your financial skills.
     
    Show Notes:
    [1:39] What is financial fitness?
    [3:25] Why is money so mysterious and what are schools doing to change this?
    [10:29] Having money conversations with your roommates
    [14:39] How Tracey got started in entrepreneurship
    [23:45] What are young adults doing well with money?
    [28:06] What is credit and what factors create my credit score?
    [30:38] Tackling students loans
    [34:55] Tips for creating your side hustle
     
    Favorite Quotes:
    [2:39] “We can’t change where we are starting but we can certainly change where we end up.”
    [32:21] “Getting a $1,000 scholarship will save you about 70 hours of work.”
    [37:21] “Whenever I’m in doubt and don’t know how to approach something, I always ask Google.”
    [49:19] “Be purposeful. Make sure your life is filled with the things that you like and use your money as a tool to get you there.”
     
    Mentions:
    Young, Fun & Financially Free: Live the good life now and build a kick-ass future! By Leanna Haakons (https://www.amazon.com/Young-Fun-Financially-Free-Kick-Ass/dp/0998854638)
    Check your credit score at AnnualCreditReport.com
    Young Money Scholarship Fund (https://www.bissettfinancialfitness.com/ym-scholarship-fund/)
     
    More of Tracey:
    LinkedIn: https://www.linkedin.com/in/traceybissett/
    Young Money Podcast (https://www.bissettfinancialfitness.com/category/podcast/)
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    52 min
  • Understanding Personality Differences Leads to More Success in Your Career | E27 Brett Cooper & Evans Kerrigan
    Today’s guests are Brett Cooper and Evans Kerrigan, Co-Founders of Integris Performance Advisors which is focused on improving team performance. They also co-authored a book called Solving the People Problem: Essential Skills You Need to Lead and Succeed in Today’s Workplace.
    In their book and in this episode, Brett and Evans use their understanding of emotional intelligence and the DISC personality test to provide an easy model to follow called DISC EQ. This framework will help you communicate better, create more productive conflict, and successfully lead all the different personalities in your workplace.
    This is a useful episode for leaders, salespeople, and customer service focused individuals who frequently interact with various people or those who are looking to communicate with their colleagues, clients, and vendors more effectively.
     
    Key Takeaways:
    [3:07] How personality differences cause problems in the workplace
    [9:54] Why process improvement wasn’t enough for Brett and Evans
    [13:25] Why EQ is more important than IQ for career and personal success
    [20:14] 4 primary personality styles of DISC
    [36:22] Speaking not to be heard but to be understood
    [38:44] Why high caliber teams need conflict
    [43:21] Implementing the step up and step back approach
    [55:31] What Evans learned from his first CEO
     
    Favorite Quotes:
    [14:58] “Emotional intelligence actually has a bigger impact on your career success and your personal success than your IQ does.”
    [34:08] “We all have the ability to grow and develop ourselves.”
    [36:30] “Communication is not about speaking what we think, communication is about ensuring others hear what we mean.” - Simon Sinek
    [43:07] “We need to be able to challenge one another because that is how progress is made.”
     
    Mentions:
    What’s my DISC-EQ? (https://solvingthepeopleproblem.com/disc-eq/) Access Code: struggle
    Emotional Intelligence by Daniel Goleman (https://www.amazon.com/dp/B002ROKQNS/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1)
     
    More of Brett & Evans:
    www.SolvingThePeopleProblem.com
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    59 min
  • Showing Up As Your Authentic Self is More Important Than Fitting In l E26 Jay Williams
    Today’s guest is Jay Williams, the Founder of Maskless Men, an community based organization built for men to discuss the things we normally don’t get to talk about: break ups, emotions, family and parenting issues, sex, porn, the feeling of being inadequate, and more.
    Jay started Maskless Men after he saw the need for men to have a place to open up, share how they’re feeling, and gain some reassurance.
    In this conversation, Jay will talk about his 28 years of wearing what he calls masks.
    After being the good child, the agreeable and pleasing boyfriend, the tough, macho man at work, the loud, confident, funny friend, Jay decided he had enough. He became exhausted acting as a different personality depending on who he was with. He built the courage to take off the mask, go on a journey of self-discovery, and start showing up as his true authentic self.
    By listening to this episode, I hope you’ll begin to reflect how your upbringing may be affecting your relationships today, why showing up as your authentic self is more important than fitting in, and making a claim against outdated, harmful societal norm that men can’t express their feelings.
     
    Key Takeaways:
    [2:28] How Jay’s childhood influenced his commitment issues later in life
    [14:55] Wearing different masks to fit into your environment
    [23:57] Why can’t men talk about their feelings
    [50:21] Having pride for being a male
     
    Favorite Quotes:
    [6:57] “I’m terrified that what happened to my mom and dad is what is going to happen to me.”
    [29:21] “And he turned around and said...I want that too.”
    [44:37] “When you are in your head, you’re dead.”
    [53:20] “We are not our behaviors. Our behaviors are just a way of expressing what we are needing or feeling”
     
    Mentions:
    The 5 Love Languages: The Secret to Love that Lasts by Gary Chapman (https://www.amazon.com/Love-Languages-Secret-that-Lasts/dp/080241270X)
    The Landmark Forum (https://www.landmarkworldwide.com/)
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    1 hr 1 min
  • Traveling the World, Networking Practices that Work, and Uncovering Your Purpose l E25 Jared Schuster
    Today’s guest is Jared Schuster, Founder of Sparks of Consciousness which focuses on serving people who feel purposeless.
    In this conversation, Jared brings us through his last decade which included graduating through the 2008 recession, learning from yogis in India, a car accident that broke both of his legs, working with Shaman in South America, and much more.
    By listening to this episode, you’ll learn about following your intuition, networking practices that work, and questions to help you uncover your purpose.
    This episode is perfect for those wondering where their life is going to take them.
     
    Key Takeaways:
    [1:21] The job of a Fire Keeper
    [10:30] Finding his dream job through the 2008 Financial Crisis...and quitting 9 months later.
    [20:39] Networking practices that work
    [30:01] Chasing the endless summer in southeast Asia
    [43:14] Overcoming his father's death as a child
    [45:50] Finding your purpose with self-examining questions
     
    Favorite Quotes:
    [9:28] “When you speak a calling, the universe responds immediately.”
    [15:19] “There is such a power in putting pen to paper.”
    [25:40] “When you meet someone who has an impact on you, make sure you tell them.”
    [39:54] “When we are really ready to heal something in our life, we have to take on responsibility for every experience that we had.”
    [46:56] “To me, purpose is understanding who you are so much that you are able to give it back to the world.”
     
    More of Jared:
    https://www.sparksofconsciousness.com/
    LinkedIn: https://www.linkedin.com/in/jaredsschuster/
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    1 hr
  • Define Your North Star and Make an Impact l E24 Christen Brandt
    Today’s guest is Christen Brandt, Co-Founder and Chief Programs Officer at She’s the First, an organization working to create a world where girls are safe and have equal rights.
    At the end of 2019, She’s the First had a presence in over 21 countries, had over 500 graduates of partner programs, and reached over 11,000 girls.
    2020 has brought even more success for She’s the First, Christen, and her co-founder Tammy Tibbetts. The two of them can now call themselves authors, as their new book, Impact: A Step by Step Plan to Create the World You Want to Live In, was just released.
    Christen came on the podcast to discuss some core takeaways from the book including defining your North Star, band-aids versus system solutions, and overcoming the “shoulders” out there.
    This is an awesome episode for those who are looking to make an impact.
     
    Key Takeaways:
    [2:22] How Christen found her work wife
    [15:11] Serving women to create more firsts
    [19:03] How Christen’s experience led her to fight for girls’ rights
    [22:22] Defining your North Star
    [33:13] Creating an Impact Pitch
    [39:27] Finding help to progress She’s the First 
    [47:04] Baid-aids vs system solutions
    [54:03] Overcoming the “shoulders” and "but what about-ism"
     
    Favorite Quotes:
    [1:45] “Seeing the book on the shelf and seeing my name on the spine; that is the thing that gives me butterflies.”
    [11:37] “To have a good partnership, or to be a good leader, you need to be open to critique.”
    [25:13] “The people that can look around them and identify what is broken can often see all of it.”
    [45:27] “We talk a lot about not letting perfect get in the way of better.”
    [57:56] “If you are working on an issue area that is not personal to you, you are not going to sustain that over the course of your life.”
    [59:56] “No one can do everything but everyone can do something.”
     
    More of Christen:
    Instagram: @cjbrandt
    Instagram: @TammyTibbetts
    www.planyourimpact.com
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    1 hr 4 min
  • Zero Waste Mentality and How You Can Easily Implement It l E23 Tippi Thole
    There is no doubt that humans are causing long-term destruction to the environment because of our decisions. So what can we do to do our part in helping the planet?
    Today’s guest, Tippi Thole, was asking herself the same question when she heard her son talking about zero waste. That kicked off a News Year’s resolution to reduce her trash. Her efforts paid off.
    Today, her family’s weekly trash can fit into the palm of your hand. Tippi is here to convince us that we can do the same without it being a huge inconvenience on our lifestyle or breaking the bank on tons of eco-friendly products.
    In this episode, Tippi will share with you why receipts aren’t recyclable, why food scraps don’t just biodegrade in landfills, strategies for reducing waste during the holidays, and so much more.
    This episode is perfect for environmental lovers that have been struggling to figure out how they can make an impact.
     
    Key Takeaways:
    [3:28] How a zero waste lunch box sparked a New Year’s resolution
    [12:21] Why you should stop putting receipts into your recycle bin
    [16:54] The problem with plastic
    [24:03] 5 R’s model: refuse, reduce, reuse, recycle, rot
    [28:17] Creating a zero waste survival kit
    [32:31] Why food scraps don’t just biodegrade in the landfill
    [43:16] Refusing junk mail
    [46:46] Waste reduction strategies during the holidays
    [49:45] How to get started on your own zero waste journey
     
    Favorite Quotes:
    [9:43] “Trash is designed to be out of sight, out of mind. When you actually look at it, you start to better understand what you’re using.”
    [20:24] “I’d love to see plastic labeled as a hazardous material.”
    [20:54] “To date, 9% all of the plastic created has been recycled.”
    [25:08] “95% of our product’s environmental damage has already occurred by the time you’ve picked it off the shelf.”
    [47:52] “Making memories, not waste.”
     
    Mentions:
    Thinx Period Underwear: https://www.shethinx.com/
     
    More of Tippi:
    www.tinytrashcan.com
    Instagram: https://www.instagram.com/tiny.trash.can/
    Facebook: https://www.facebook.com/tinytrashcan.lessismore/
    Twitter: https://twitter.com/tinytrash_can
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    1 hr 3 min
  • Spend Less Time on Job Boards and Get More Responses l E22 James Aiken
    Today’s guest is James Aiken, Founder and President of Legacy Search, an independent recruiting agency in South Carolina.
    Over the last 8 months, COVID has wreaked havoc on many industries causing massive layoffs. I’ve had friends that have worked for airlines, restaurants, hotels, oil and gas, entertainment all lose their job.
    I’ve also heard from those that are gearing up to make a change. One gift of COVID has been that it has given us plenty of time to think, figure out what is important to us, and chart out our future.
    That’s why I thought it was important to bring James on the podcast to help set you up for success in your next job search.
    By listening to this episode, you are going to gain tons of job search prep advice including building a candidate packet to help you stand out from the crowd, how to maximize output while minimizing time on job boards, and overcoming the hurdle of having no relevant experience.
    This is the perfect episode for those searching for a new career opportunity.
     
    Key Takeaways:
    [5:01] Good reasons to be looking for a new job
    [12:38] Building a candidate packet to stand out
    [24:14] How to spend less time yet get more responses from job boards
    [29:29] Developing a networking plan by building two top 10 lists
    [36:03] Using persistence to meet your dream mentor
    [40:19] Optimizing your LinkedIn for a job search
    [45:40] The slingshot theory: Overcoming no relevant experience
     
    Favorite Quotes:
    [9:21] “It’s legal human trafficking.”
    [18:47] “The only difference between ordinary and extraordinary is a little extra.”
    [21:27] “You have to make yourself hard to ignore.”
    [31:07] “If you can get in front of the people that recognize and need your talents most, you are going to get the best results.”
    [38:23] “You can get in contact with anybody, it just matters how bad you want to get in contact with them.”
    [43:36] “The digital presence is there to get you to the personal presence.”
     
    Mentions:
    https://www.seamless.ai/
    https://hunter.io/
     
    More of James:
    Twitter: @LegacyGVL
    LinkedIn: https://www.linkedin.com/in/jpaiken/
     
    More of TSIR:
    Find show notes and more at https://www.tsirpodcast.com/
    Follow us on Instagram at https://www.instagram.com/tsirpod/
    1 hr 6 min

About The Struggle is Real: Financial Independence Strategies for Young Adults

From the publisher's feed

This show is for 20-somethings who want to expedite their journey to financial independence.