109: Attacking Debt and Tenaciously Pursuing Financial Freedom with Airman Mildollar from Military Dollar

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 27 January 2020

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week, we sit down and talk with Airman Mildollar, from Military Dollar. (Spoiler Alert: Despite the name, Airman Mildollar is a woman!) Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force. She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing. She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay. Every time she received a raise, she committed to put at least 50% of that raise into her investments. In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains. 2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing. MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal. In This Episode We Cover: What an airman is Airman Mildollar's money journey Where she got her scholarships How she creates financial freedom Things she did on managing her finances The reason why she didn't do househacking On her housing and food allowance How she discover FIRE community What Thrift Savings Plan is How she finance her properties On her rental properties Her plans in the future And SO much more! Links from the Show Early-Retirement.org Early Retirement Forum Saving-Sherpa Get Rich Slowly Mr. Money Mustache Airbnb BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin FinCon BiggerPockets Money Facebook Group BiggerPockets Money Survey Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 109, where we interview Airman Mill
0:05.6	Dollar from Military Dollar and hear how she reached financial freedom without a partner or a career in tech. She's a United States Air Force
0:14.8	officer, financial independence fan, and passionate about helping you sort out
0:19.6	your money questions so you can live your best life. I had always been spending what I thought
0:25.9	was a very conservative amount but I actually started paying more attention and I found
0:32.3	up I could free another thousand dollars a month out of my budget
0:36.8	by just not spending money on things that other people cared about that I didn't care about.
0:42.2	Hello hello hello my name is Mindy Jensen and with me as always is my spectacular co-host Scott
0:47.1	Trench. Scott and I are here to make financial independence less scary, less just for somebody else, and show you that by following the proven steps,
0:56.5	you can put yourself on the road to early financial freedom and get money out of the way so
1:00.9	you can lead your best life.
1:03.2	Wherever you are in your financial or life journey,
1:05.3	you can begin rapidly moving towards a position capable of
1:07.8	generating a great income,
1:09.4	saving a huge percentage of that income,
1:11.3	and setting yourself up to make larger and larger
1:13.4	investments on your way to financial freedom. And whether you want to retire early
1:16.4	and travel the world, go on to make big-time investments in assets like
1:19.4	real estate or start your own business will help you put yourself in a position capable of launching yourself towards this dreams.
1:29.0	How's it going? I'm extremely excited for today's episode with Airman Mill Dollar.
1:33.3	We've met a couple of times.
1:34.7	She's big in the personal finance community
	...

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