211: From -$28k in Debt to $107k Net Worth by Cutting Out the Unnecessary

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 5 July 2021

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s nice to hear a fan of the BiggerPockets Money Show talk about how they are on the path to financial freedom. It’s even nicer when we hear that the fan, Melissa Yi, went from a negative net worth to now $100k+ due to some simple tips from Scott and Mindy. Melissa had stints in her childhood where she was facing homelessness, not knowing where her next meal was coming from. She worked hard after high school and ended up at a job that offered to pay for her college education. A year away from graduating, she made the decision to quit, without savings, another job lined up, or a way to pay for school. She took out student loans, auto loans, and sunk into credit card debt. At one point, Melissa looked around and realized she had a lot of stuff. Stuff that wasn’t doing anything for her, except for filling up her garage. She sold what she could, started bringing in side income streams, and stopped eating out. These small changes allowed her to slowly pay off her debt and get to a positive net worth. Now, she’s at the $100k+ point and slowly coasting her way to financial independence! In This Episode We Cover The importance of financial education when growing up Taking advantage of company-sponsored tuition reimbursement Why you should never cash out your 401(k) or other retirement accounts Credit card debt and why it’s so bad for uninformed consumers Using a live in flip to make a killer profit while paying $0 in taxes Setting up retirement accounts and maxing them out whenever possible And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Melissa’s Facebook Post Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners Check the full show notes here: https://www.biggerpockets.com/moneyshow210 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 211 where we talk to Melissa a listener who has
0:06.9	Completely changed how she handles money and is well on her way to financial independence
0:10.8	Simply by making a few key changes to her finances
0:13.7	I think it kind of just became something that because I had nothing I was so focused on having things
0:22.1	You know go you know being homeless not having a home. You know not knowing where your next meal is going to come from I
0:27.5	Definitely got more focused on having nice things
0:33.0	Then you know creating a sustainable life, which is you know where I'm at now
0:38.3	Hello, hello. Hello. My name is Mindy Jensen and with me as always is my standing on solid ground co-host Scott trench
0:45.1	Thank you for cementing my reputation with that lovely intro
0:47.9	You don't even know about these in advance. You're so good
0:53.8	Scott and I are here to make financial independence less scary less. I read that one like 10 seconds ago
1:01.6	We got that one, but that was really fast. I was thinking about a shovel or okay
1:08.6	Scott and I are here to make financial independence less scary less just for somebody else to introduce you to every money story
1:15.0	Because we truly believe that financial freedom is attainable for everyone no matter when or where you're starting
1:20.4	That's right
1:21.0	Whether you want to retire early and travel the world go on to make big-time investments in assets like real estate or dig yourself out of a
1:27.4	$50,000 whole and debt will help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams
1:36.7	Scott I am so excited to talk to Melissa today because she is the embodiment of all that we preach on this show
1:43.6	She has taken the idea of getting your spending under control and
1:47.9	Run with it and completely turn your her finances around we first became aware of Melissa when she posted in our Facebook group
1:56.9	Which can be found at Facebook dot com slash groups slash BP money and she said I stumbled across the BP money
2:03.1	Podcasted about two years ago at the time. I was roughly
	...

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