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BiggerPockets Money Podcast

225: From $52K in Debt to $100K/Month in (Almost) Passive Income

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 23 August 2021

⏱️ 72 minutes

🧾️ Download transcript

Summary

A lot of people in the financial independence community successfully get out of debt, but not many of them get out of debt and then start a monthly six-figure side business. One person who has done that is Deacon Hayes. Deacon was raised by a single mother on welfare who taught Deacon that debt was a way of life. When Deacon married his wife, they both collectively realized that the only way for them to live the life they wanted to, was to get out of debt. Deacon did whatever he could to pay off his debt. He delivered pizzas and resold furniture, all while working full time. Once he was out of debt, he decided his passion was in teaching others how to get rid of their debt, so he became a financial planner and started his website, Well Kept Wallet. His story was so well received that he was brought on to record with Fox and tell their audience about his debt-free journey. Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion's share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another worker to fill his role so he could focus on what he loves.  In This Episode We Cover Getting rid of debt as fast as you can so you can start saving and investing Foreclosures, land leases, and other real estate predicaments  Making sure you keep a large emergency fund (especially if you’re an entrepreneur)  How to hit “hockey stick” level growth and what to do when you want to step away Firing yourself from your business and learning to outsource How to establish self-worth after you “retire”  And So Much More! 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,

0:02.4

show number 225, where we interview Deacon Hayes

0:06.2

from Well-kept Wallet and talk about creating

0:08.9

a successful business.

0:10.8

When she asked me like, Deacon,

0:11.9

what do you want to do with your life?

0:13.3

It's like, well, I don't really want to be

0:15.3

helping hide net worth people, to be honest.

0:17.7

Like, I love this company, you guys are great,

0:19.9

but I really would love to figure out

0:21.6

how could I help the everyday person, right?

0:24.0

So she's like, well, we want to help you do that

0:26.0

so you're fired, but we'll give you a severance.

0:28.6

And I was like, okay, well, that didn't come out the way

0:31.8

I thought it would, but.

0:33.4

Hello, hello, hello, my name is Mindy Jensen,

0:35.2

and with me, as always, is my Worker Bee co-host, Scott Trent.

0:39.6

Thank you, Mindy, people will be buzzing about that intro.

0:41.7

Yeah.

0:43.4

Scott and I are here to make financial independence less scary,

0:46.4

less just for somebody else, to introduce you

0:49.1

to every money story, because we truly believe

...

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