167: From Fired to FI Couple in 2 Years with Josh and Ali

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 1 February 2021

⏱️ 104 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most people are told the same thing growing up, “go to college and take out a loan, get a car and take out a loan, live in a nice apartment even if it’s expensive”. This is exactly what Josh and Ali, AKA “The FI Couple”, did in their 20s. They racked up over $100,000 in student loans, had two car payments, and lived in an apartment outside of their means.

Josh grew up without much money, causing him to not have much of a financial foundation when he reached adulthood. Ali grew up middle class, but didn’t have any financially savvy role models to look up to. As they started dating and later got married, they realized that they had to take care of debt soon, or they’d be swallowed whole by it.

Josh stumbled upon a book that changed his financial view forever. A book one of our hosts is VERY familiar with. It was Set for Life, by our very own Scott Trench! After Josh read through it, he knew he had to share the information with Ali, but it took him time to find out her specific “financial language” and the best way for him to get her excited about financial independence.

After they were both on board for FI, house hacking was their next stop. As you’ll hear in the interview, they acquired four units in a short amount of time, paid off a big chunk of their student loans, and now have passive income rolling in, every month. Talk about a rags to riches story!

In This Episode We Cover

How debt can anchor you to a life that you don’t want
Why getting fired or losing a job opportunity could be a great catalyst for change
The importance of keeping your expenses as low as possible
Finding a house hack that works for you (and your partner) so you both love where you live
Using FHA loans to secure house hack properties with a very minimal down payment
Making debt a “common enemy” when you and your spouse are working to reach FI
And SO Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow167

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Transcript

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0:00.0	How do everybody we mentioned this last week, but we are going to have a Q&A, the first Q&A,
0:05.6	maybe the first, maybe not the last, maybe we'll have them go on a go forward basis.
0:09.2	You never know.
0:10.0	Live.
0:11.2	But yes, a live Q&A with me and Mindy, and we're going to answer questions that you have as an audience.
0:16.9	We just want to get to know you a little better and want to hear your questions directly from you
0:20.4	and spend some time with you in our Facebook group. We already obviously interact with you guys
0:25.0	on a regular basis in the Facebook group, but it's very fun. But this will be a chance to talk
0:28.9	live, I think, and get some good questions from you. That live session is going to be on February
0:34.7	4th, which is a Thursday at 5 p.m. Mountain Time. That's going to be 7 p.m. Eastern 4 p.m. Pacific.
0:42.1	So prime time, hopefully. Well, we're going big. But anyways, we hope to see you there. I think
0:46.7	it'll be a little fun little event. And obviously, all you have to do is join the Facebook group.
0:50.8	If you'd like to attend, the Facebook group is completely free to join. You can just find it at
0:54.2	Facebook.com slash groups slash BP money. Hope to see you there. Welcome to the bigger pockets money
0:59.8	podcast. Show number 167, where we interview the five couple, Ellie and Josh, and hear how they
1:05.6	went from a net worth of negative $100,000 back to zero in just a few short years.
1:11.7	Figuring out your why, and it has to be a big why, and you have to really care about it. Because
1:18.4	when you're whether you're paying off debt or you're investing or you're pursuing five,
1:22.8	it is not like a smooth sailing easy road. There are going to be challenges or there are going
1:28.1	to be things that test you. And I think when that happens, remembering your why and remembering
1:33.7	the big reason why you're pursuing this. Because at the end of the day, that's what gets you through
1:37.7	the hard time. So just figure that out and stick to it. Hello, hello, hello. My name is Mindy Jensen.
	...

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