110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 3 February 2020

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested. Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances. So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them. She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money. And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!” Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted! In This Episode We Cover: Purple's journey with money Her mom's gift Deciding to seek financial independence Convincing your partner to pursue FIRE Purple's net worth Tips for people who are looking for a new job and better income The importance of research Purple's plan in the future What her retirement looks like Possible downsides of remote work And SO much more! Links from the Show Reddit Mr. Money Mustache Glassdoor Indeed PayScale cFIREsim 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 BiggerPockets Money Podcast,
0:02.0	So, number 110, where we interview Purple from a Purple Life
0:06.0	and hear how she systematically increased her income every year
0:10.0	while decreasing her spending and boosting her savings and net worth.
0:13.7	Purple is set to retire next year at age 30 so we'll hear what that looks like to
0:18.0	hurt too. And then I realized I still wasn't fulfilled that dream job. I still was looking out the window thinking of all the things I could be doing
0:26.7	in the world that I could be seeing.
0:28.7	I was like, okay, I can see.
0:30.9	I'll look into this deeper and then I realized my preconceived notions were wrong
0:34.8	it's not about deprivation it's not about giving up your happiness now for later there's a
0:39.1	balance that can be struck and so I dove in.
0:47.8	Hello hello hello my name is Mindy Jensen and with me as always is my stupendous co-host Scott Trunch.
0:48.8	Scott and I are here to make financial independence less scary, less just for somebody else, and show you that by
0:55.2	following the proven steps, you can put yourself on the road to early financial freedom and
1:00.1	get money out of the way so you can lead your best life.
1:03.8	Wherever you are in your financial or life journey,
1:06.0	you can begin rapidly moving towards a position capable of generating a great income,
1:10.0	saving a huge percentage of that income,
1:12.0	and setting yourself up to make larger and larger investments on your way to financial freedom.
1:16.0	Whether you want to retire early and travel the world, go on to make big time investments in assets like real estate or start your own business.
1:22.0	We'll help you build a
1:23.3	financial position capable of launching yourself towards your dreams.
	...

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