141: How to Graduate College Debt-Free and Pursue FI Before 40 with 4 kids!

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 7 September 2020

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

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Summary

Blake Nielson is a college professor whose wife stays home to raise their four children. Despite having only one income - and six mouths to feed - they have paid off their home and are on the path to early financial freedom. Blake currently loves his job and has no plans to stop working - but still wants the freedom that financial independence gives. So how did he do it? He started off debt free from college, a HUGE leg up in life in general. Blake details just how he accomplished this feat, from college selection to funds available, scholarships and even working during the school year and especially during the summers between. Blake even shares a Solid Gold tip for finding out about scholarships that aren’t well publicized! Blake also strategically chose where he lived during his college years. He specifically chose a rental that was priced significantly lower than the “college” rentals in town - but still close enough to walk to school. There is no secret to Blake’s success. He put in the work at an early age and is on track to hit lean FI by age 40 and Fat FI by 45. Spend less than you earn, invest wisely. Blake shows you can live the FI life with four kids and one income. In This Episode We Cover: Blake's money story Simple principles of frugality 4 keys that any person can go to college debt free Talking about school selection How he budget his money House hacking Talking about scholarships His experience after getting a PhD Blake's job The problem that most people have with negotiation And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Money Podcast 80 with Rich & Regular BiggerPockets Money Podcast 32 with Mr. & Mrs. PoP BiggerPockets Money Podcast 64 with Zach Gautier Check the full show notes here: https://www.biggerpockets.com/moneyshow141 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the BiggerPoggas Money Podcast, Show Number 141, where we interview Blake Nielsen,
0:05.8	a college professor on the Path to Financial Independence with four kids and a stay-at-home wife.
0:11.8	You can be completely happy with doing things your own way and not
0:16.8	having the newest phone, the highest plan, eating out non-stop, spending money on everything in college, right?
0:25.0	I mean, you know, colleges can be expensive.
0:27.8	You can spend your money everywhere, or you can choose not to.
0:31.8	It's just that simple.
0:33.0	Hello, hello, hello, my name is Mindy Jensen,
0:35.0	and with me as always is my, I think Raising Kids
0:38.0	is going to be so easy.
0:40.0	Co-host Scott Trench.
0:42.0	Thank you, Mindy. I always do enjoy kidding.
0:44.0	Scott and I are here to make financial independence less scary,
0:50.0	less just for somebody else, and show you that by following the proven steps you can put yourself
0:55.3	on the road to early financial freedom and get money out of the way so you can lead your best life.
1:00.7	That's right.
1:01.7	Whether you want to retire early and travel the world as a college professor,
1:04.0	go on to make big-time investments in assets like real estate or start your own business.
1:08.0	We'll help you build a position capable of launching yourself towards those dreams. Today's guest is Blake Nielsen.
1:20.0	Blake has a great story, a highly repeatable journey.
1:26.1	I mean, he started young with the idea of just making the most of the best financial
1:30.9	decisions he could.
	...

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