The Struggle is Real: Financial Independence Strategies for Young Adults

I hope you’ve taken the New Year as an opportunity to set priorities and state your goals. In today’s episode, we will discuss how to create systems in order to accomplish those goals.

My friend, David Ward from RunnersFI.com, is joining me in this conversation. From unhealthy and overweight to completing an ultra-marathon, David knows a thing or two about accomplishing the goals you set for yourself.

We will also discuss how to get started on your goal, when to use internal and external motivation, and escalating the meaning behind your goal with a concrete why.

Key Takeaways:

How to get started on your goals

It’s good to goal set but you need to create systems too

External motivation helps with the tough times but internal motivation keeps progress

Escalate your goal with a why

Mentions:

Are You Setting Goals or Are You Developing Systems?: https://runnersfi.com/are-you-setting-goals-or-are-you-developing-systems/

Atomic Habits by James Clear

Jesse Cramer on TSIR: www.tsirpodcast.com/75

More of David:

www.runnersfi.com

RunnersFI Facebook group: https://www.facebook.com/groups/472890344715095

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

I remember being so furious with my dad because I felt like I was the only 16-year-old in my friend group that paid for their own car insurance. 

 

Looking back now, I really appreciate him making me handle my financial responsibilities early on. Don’t get me wrong I still take advantage of my parents picking up the tab at dinner or paying for the hotel on a family vacation but I pay my own bills and it makes me feel so empowered being financially independent.

 

This was the first step toward my parents seeing me as financially mature.

 

Maybe you’re someone who’s been taking care of yourself since you were a teenager or you might feel guilty that your parents are still financially supporting you.

 

I’m here to tell you there is nothing wrong with being a young adult and getting support from your parents. Life is expensive and I don’t think it's a smart idea to rack up credit card debt to try to prove that you can pay for your own things.

 

Although the financial support might be nice, I know you want to be seen as mature enough to make your own money and handle it appropriately.

 

That’s what this conversation is about today. How do I move towards this goal without making a huge mistake? How do I gain trust from my parents?

 

My friend Clifton Corbin is going to share some advice as he’s gone through this journey himself. After making a mess of his finances in his early 20s by racking up debt and destroying his credit, his parents lost faith in him. Luckily, he turned things around and eventually earned back trust with his parents.

 

If you’re looking for what you should do and what shouldn’t in your own journey, this is a great place to start. We also talk about how to stop trading your time for money, how to know when you’re ready for kids, and how to maintain your identity whenever you become a parent.

 

If you’re a listener of the show and haven’t left us a rating and review, we’d really appreciate it if you did. And if you’re new, welcome, sit back, relax, and let’s learn something new.

 

I hope you enjoy my conversation with the basement DJ, PTA Chair, and Author of Your Kids, Their Money…Clifton Corbin.

 

Key Takeaways:

How to stop trading time for money

How money scripts affect your risk tolerance

What to do when you find yourself in credit card debt

How to cut the financial umbilical cord

How to know when you’re ready for kids

How to maintain your identity whenever you become a parent

Good parenting principles

 

Mentions:

Mason Burchette on TSIR: www.tsirpodcast.com/71

 

More of Clifton:

The Richest Man In Babylon by George Clason, Edited by Clifton Corbin: https://www.amazon.com/Richest-Man-Babylon-Illustrated-Revised/dp/1777869544

Your Kids, Their Money by Clifton Corbin: https://books2read.com/YourKidsTheirMoney

Website: www.cliftoncorbin.com

 

More of Justin & The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

It was fall of 2019 and I was absolutely lost with my career. 3 months prior, I had just left a longtime employer to try something else.

 

Here I was in this new job with a fancy title and absolutely hating it. The problem was, I wasn’t sure what to do about it.

 

Of course, I knew this role wasn’t a long term fit for me, but I wasn’t actually sure what was. I figured staying put was my best option until I figured things out but the unhappiness and anxiety around this role was clouding any sensible judgment for what my immediate future should be.

 

Then I made my best career decision, I decided to take some time off.

 

From January 2020 to August 2020, I created a sabbatical for myself. This break created distance from my career and that distance is what actually helped me gain clarity on my future career path.

 

I’m not saying I have everything figured out now but I have such a healthier relationship with my career and I used that time off to do something that brings me so much joy now….I created a podcast.

 

My good friend Krista Edwards had a similar experience. She needed a shakeup and turned to a career break as well. She spent 5.5 months hiking the Pacific Crest Trail, a long-distance thru hike which spans 2,650 miles.

 

We are both going to share stories from experience and transformation and discuss why a career break might be the exact thing you need right now.

 

If you’re a listener of the show and haven’t left us a rating and review, we’d really appreciate it if you did. And if you’re new, welcome, sit back, relax, and let’s learn something new.

 

I hope you enjoy my conversation…the Queen of Roth IRAs and the monster athlete herself…Krista Edwards

 

Key Takeaways:

Appreciate where you are because everything is temporary

Being able to let go as an overachiever

Invest in your lifestyle not just your career

How to become comfortable taking time off from your career

When it might be a good time to take a career break

Why the Roth IRA is the perfect retirement account for low to middle income

How to access money in your Roth IRA without getting taxed or penalized

 

Mentions:

I Will Teach You to Be Rich by Ramit Sethi

Sean Mullaney: www.tsirpodcast.com/39 and www.tsirpodcast.com/40

 

More of Krista:

Ready to Roth TikTok

Ready to Roth Instagram

Ready to Roth Podcast on Apple and Spotify

www.readytoroth.com

 

More of Justin & The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

Hi, I'm Justin Peters. I'm the host of The Struggles Real, a podcast focused on adulting advice for young professionals. You know, those moments where you think, I wish I would've learned this in school. Those are the topics that we love to talk about. Join me each week as I interview experts sharing their strategies for solving problems that us young adults will face throughout our twenties and thirties. Some of the experts you'll hear from include a former top 20 poker player, a corporate executive turned Tik-Toker, and a friendship and connection coach. You'll find we enjoy bouncing around between a myriad of subjects, but my favorite categories are personal finance, interpersonal relationships, career advice, and healthy living tips. If you need a recommendation on which episode to start with, check out one of our fan favorites, like episode 41, an inspiring story of the former inmate, Nate Dukes, who completely re-corrected his life. If you're looking for financial literacy, try episode 75 with Jesse Cramer titled, Is Investing Still a Smart Choice? Or, if you're looking to jump straight into the deep end, listen to our spicy conversation in episode 63 with sex expert Susan Bratton. So, what are you waiting for? Go give an episode a listen, and if you want new episodes about adulting advice every Monday, hit that follow button.

Today’s episode is an exciting conversation with Chris Sparks, a retired professional poker player although I think he uses the term retired fairly loosely. I’ll settle somewhere in the middle and call him a well-paid hobbyist.

 

Chris has played over 2 million hands of poker across thousands of tournaments including main events tournaments like World Series of Poker, World Poker Tour, and the European, Asian-Pacific, and Latin American Poker Tour.

 

During his hay days, he had a fast and furious climb that eventually led him to being ranked in the top 20 online cash game players in the world.

 

In our conversation, Chris shares stories about his growth as a poker player. He’ll also teach us the meta-skills of high stakes poker that can be extrapolated and applied to our own life.

 

By listening to this episode, you’ll learn how to recognize a good bet, how to take action with incomplete information, and the benefits of focusing on the process versus being results-oriented.

 

If you’re a listener of the show and haven’t left us a rating and review, we’d really appreciate it if you did. And if you’re new, welcome, sit back, relax, and let’s learn something new.

 

I hope you enjoy my conversation with the man who started playing poker in college for fun but eventually used it to pay for his tuition…Chris Sparks.

 

Key Takeaways:

Why Chris tried standup comedy

How Chris uses retirement in order to reprioritize what he currently wants his life to look like

How you can turn bad luck into good fortune 

The “Poker House”

How to use a forcing function to accomplish your goal

How to take action without complete information

Emotions have to be a part of the decision-making process

Skill acquisition is a long game so be kind to yourself, have fun, and stay curious

 

Mentions:

Expected Value Calculator: www.forcingfunction.com/evc

Play to Win Article: https://www.forcingfunction.com/articles/play-to-win

Experiment Without Limits Workbook: https://www.forcingfunction.com/workbook

Performance Assessment: https://www.forcingfunction.com/assessment

Team Performance Training: https://www.forcingfunction.com/team-training

 

More of Chris:

www.forcingfunction.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

I did not know how beneficial fiber was prior to this conversation and I wouldn’t even have been able to tell you fiber was only found in plants.

 

I’m excited about this episode though. I had a blast researching and preparing for this conversation.

 

It has been a while since I’ve dug deep into a health-focused subject. Our last was with Dr. Jennifer Reid in August when we talked about sleep, and looking at the numbers, I know you are interested in health topics.

 

Joining me today on the podcast today are the Co-Founders of Florasophy, an organic soluble fiber supplement.

 

Megan Barnett and Lee Carson created this company after Megan stumbled across the incredible benefits of soluble fiber and began using it in her functional medicine clinic.

 

Megan and Lee both believe in a science-based approach to alleviating health issues and focusing on preventive health in order to stay out of the medical system.

 

Getting adequate daily fiber, particularly soluble fiber, is an easy step someone can take.

 

If you want to know all the benefits of fiber and what foods you can eat to get to a suitable level, you’re in the right place. We’ll be discussing that plus other health related topics like Megan’s opinion on intermittent fasting and an explanation on what the heck microbiome is.

 

Key Takeaways:

How Lee’s experience with her mom motivated her to stay out of the western medical system and focus on preventive health

Why Megan went from “Busch-drinking, cigarette smoking” general contractor to a dietician

What is microbiome and gut health?

Adding weight training to your weekly routine for a balanced, preventive exercise program

What is fiber and why is it beneficial for our health?

Using fiber to help with imbalanced hormones

How much fiber should you be eating and what should I eat?

Who might benefit from intermittent fasting…and who wouldn’t?

When should you supplement?

 

Mentions:

Karen Hurd (The Bean Queen)

 

More of Megan and Lee:

https://thinkflorasophy.com/ (discount code is TheStruggleIsReal20)

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

If you’re paying attention to your portfolio right now, you know the stock market has been on a nosedive, and if you’re anything like me, this market drop has you feeling discouraged.

 

I continue doing all the right things. I maxed out my IRA, I’m dollar cost averaging through my 401K, and even investing my net earnings in my brokerage account.

 

All of this yet I’m still seeing my networth go backwards. I’m beginning to question if investing my money is still the right thing to do.

 

Well luckily my friend Jesse Cramer is here to talk me off the ledge. It could be investing for your future or changing your career path to align with your passion. Jesse reminded me that the right choice doesn't always create short-term success but over the long-run, it will.

 

Aside from being my personal therapist, Jesse has had a ton of success in creating his personal finance blog, The Best Interest. His writing has also been featured in CNBC, MSN, the Motley Fool, Yahoo Finance, and more.

 

Jesse started The Best Interest blog in 2018 when he was working as an engineer but over the last year, realizing how much passion he had for personal finance, he made a career pivot and now works for a wealth management firm.

 

If you are considering changing careers to align more with your passion, this will be a great episode to listen to. Jesse shares his thought process behind his decision even though it meant taking a pay cut (for now).

 

We get into a lot of money conversation as well including the financial order of operations, investing in the market vs investing in yourself, and a useful thought process called the success to stress ratio. From my “lost and confused” to my senior investors, this episode has something for everyone.

 

Key Takeaways:

- How Jesse went from being lost with finances to a personal finance blogger

- Why Jesse took a pay cut to switch careers

- Why making the right choice now will lead to success in the long-run even if in the short-term it doesn’t pay off

- Using the financial order of operation to get started investing

- Should I invest or pay off debt first? What about investing in a business?

- How to get started budgeting

- Success to stress ratio

- What Dave Ramsey got right about credit cards (absolute rules)

- Merging money with your significant other

 

Mentions:

Joel O’Leary on TSIR (Apple Podcasts or Spotify)

Darren Chait on TSIR (Apple Podcasts or Spotify)

 

More of Jesse:

Blog: https://bestinterest.blog/

Twitter: @BestInterest_JC

Money Mastermind: 30 Authors, 100+ Topics, One Essential Personal Finance Book

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

The amazing Brian Bogert is joining me on the podcast today.

 

At 7 years old, his life transformed in a blink of an eye after he was in a vehicle accident that his left arm was detached. Instead of dwelling in the suffering, he fully recovered with a reattached arm thanks to his persistent and proactive focus.

 

Today, Brian is a lot of things: entrepreneur, coach, speaker, business strategist, author, and philanthropist. But he would say his two most important titles are husband and father.

 

It took chasing traditional success for him to realize this though. At 27, Brian had it all on paper after he helped grow a risk management firm from $250,000 to over $15,000,000.

 

He had an abundance of money, a nice house, and a cool car but after being absent from the first 6 months of his baby’s life, he put an end to chasing traditional success. He stopped the era of “what” to begin the era of “who.” The people in his life now became his focus.

 

You’ll have many takeaways from this episode including understanding the critical questions in your life, how to focus less on what and more on who, and how to embrace pain to avoid suffering.

 

We also get into a really interesting discussion about anger near the end of the conversation.

 

Key Takeaways:

- Be where your feet are. Developing awareness and intentionality.

- Giving feedback and hearing their questions

- Brian’s life transforming truck accident and how that shaped him moving forward

- Dealing with anger

 

Mentions:

www.Nolimitsprelude.com

 

More of Brian:

https://brianbogert.com/

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

As much as I’d want to work on The Struggle is Real full-time, I do have a day job.

 

I could gripe about my 9-5 but I actually really enjoy my job at MMA. I like who I work with, who I work for, and what I work on. It also creates really cool opportunities like the one you’re going to hear today.

 

A colleague who leads an internal learning and development initiative called MMATalks asked if I wanted to present at their monthly webinar series. MMATalks sits at the crossroads of personal development, professional skills, and DE&I awareness.

 

Of course, I was in, and at first, I figured I’d cover a professional skill like networking or email management but instead, I decided to merge my two lives together and do what I do best, host a conversation.

 

I asked two former podcast guests to join me, Ahmad Jabbir (E61) and Nate Dukes (E41). I was grateful they said yes. Our goal for this talk was to illustrate Ahmad and Nate’s life experiences that lead to judgment from others (and themselves) and how they built back confidence.

 

You’ll hear about how childhood teasing led to Ahmad’s struggle with confidence, how Nate found himself in a Tennessee jail after a string of bad decisions, and how they both overcame external judgment and turned their lives around.

 

Show Notes:

[5:55] Why Ahmad wanted to meet 100 strangers

[9:49] Saying yes

[15:21] From successful business owner to handcuffed in the back of a cop car

[25:02] Breaking the thought that he was stupid by reading 100 books 

[28:03] Two types of people you need in your life

[31:56] Strangers are kinder than I thought

[37:35] Walgreens encounter

[41:12] How you don’t let external judgment affect you

[44:06] Why it isn’t worth revisiting your haters

 

Mentions:

Listen to Ahmad Jabbir on The Struggle is Real:

Spotify: https://open.spotify.com/episode/6b70qMksxQucIforKcPu7R

Apple Podcasts: https://podcasts.apple.com/us/podcast/tedx-speaker-on-betting-on-yourself-seeking-discomfort/id1496701179?i=1000558592368

Listen to Nate Dukes on The Struggle is Real:

Spotify: https://open.spotify.com/episode/2F1MOGXYJb3svZyW8uX3qT

Apple Podcasts: https://podcasts.apple.com/us/podcast/former-inmate-on-believing-in-yourself-creating-your/id1496701179?i=1000532168048

Ahmad Jabbir’s TedTalk: https://www.youtube.com/watch?v=xHw30Rdplaw&t=366s

 

More of Ahmad:

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

 

More of Nate:

www.YoullNeverChange.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

I did not anticipate one of the biggest struggles in my 20s would be making friends. It was so easy in high school and college when I was surrounded by people.

 

Although I have been lonely at times, I rarely spoke about it. I guess I had shame around feeling lonely but that line of thinking is changing for me.

 

It initially started when I was preparing for episode 49 with Michael Bauman where we discussed loneliness. That opened up my eyes to the fact that more people are lonely than I thought.

 

Then when preparing for this episode, Jewel Hohman, today’s guest, shared a New York Post article with me that surfaced many surprising findings including survey results from adults affirming that 45% of them find it difficult to make a new friend. It also mentioned confidence in making friends peaked at the age of 23.

 

Survey results aside, when talking to others, I found I am not alone. Many adults find it hard to make friends. I’m excited to finally tackle this topic on The Struggle is Real.

 

Jewel Hohman is a friendship expert. Through her work, she helps people stop overthinking their relationships and feel confident being themselves so that they can create the deep friendships they have been craving.

 

In this episode, we discuss 3 things every friendship needs, where to meet new people, and how to stop being awkward in conversation. I hope a blend of practical advice and emotional reassurance motivates you to get out there and give making friends another try.

 

If you like this episode, share it with a friend, leave a rating and review, and if you don’t want to miss the next episode, hit the follow button.

 

Show Notes:

[1:57] Why is making friends harder as we get older?

[6:03] How Jewel struggled making friends

[11:17] Same sex friendship

[20:31] Avoiding awkwardness and overcoming your shyness when talking to someone

[26:02] The problem with judging other people

[27:45] Your thoughts are not facts

[32:03] 3 things every friendship needs

 

Mentions:

The Damaging Consequences of Loneliness and What You Can Do About It l E49 Michael Bauman on Spotify or Apple Podcasts

Why the average American hasn’t made a new friend in 5 years (New York Post)

 

More of Jewel:

Instagram

Website

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/