245: High Income, New Cars, Profitable Businesses, and $190k in Debt

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 1 November 2021

⏱️ 94 minutes

🔗️ Recording | iTunes | RSS

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Summary

Brad Finn was raised with a strong work ethic that follows him to this day. He always knew he should be working hard, and that’s exactly what he did. Brad worked throughout high school, college, and started multiple businesses in adulthood. While his work ethic was strong, his financial skills were lacking. When Brad went to college, he remembers using almost a third of his student loans on partying alone. Fast forward to his mid-thirties, Brad is waking up in a beautiful house, with two nice cars in the driveway, a great income, a new business, and a negative net worth. It wasn’t until Brad allowed himself to look at the true number behind his net worth that he realized something needed to change. Fortunately, his wife had been slowly, but surely, trying to tell Brad that they had to make that change. The day Brad’s first child was born, he and his wife were debt-free. This didn’t come easy, especially since they were facing close to $190,000 in debt. They tracked their spending and realized they spent close to $20,000 in two months, solely on eating out. They dialed it in, worked side jobs to boost their savings rates, and rewarded themselves when they hit milestones. Now their net worth is growing fast, and they’re locked in on investing. In This Episode We Cover Calculating how much you need in student loans and taking out that exact amount How to continue your debt payoff journey without getting discouraged Rewarding yourself for big milestones, even if it will set you back a small amount Talking to your partner about money and asking their opinion on strategies Raising your budget on things that matter while lowering it on things that don’t Retirement plans for government workers, like 403b and 457 plans Understanding that the long journey to financial freedom is worth it 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 show number 245 where we interview Brad Finn and talk about paying off massive debt
0:08.1	Communication and how people who do have money still struggle with lifestyle creep
0:13.2	We're not bad people if we're bad with money if we're on educate on these things
0:17.7	You you do take out car loan payments and you do go into consumer debt
0:21.7	And you do just take out student loans and you do go to college instead of maybe
0:25.5	Trying one of the trades or going to community college or you know doing one of those particular things are just going into entrepreneurship
0:32.6	There's so many things I just didn't know
0:35.1	Hello, hello, hello. My name is Mindy Jensen and from time to time Scott schedule is CEO makes it difficult for him to record
0:41.4	But I have a lot of friends and joining me today again is Joe Salci high host of the stacking regiments podcast and
0:48.8	Author or co-author of stacked your super serious guide to modern money management
0:55.8	So and I are here to make financial independence less scary less just for somebody else to introduce you to every money story
1:02.6	Because we truly believe that financial freedom is attainable for everyone no matter when or where you're starting
1:08.0	And whether you want to retire early and travel the world go on to make big-time investments and assets like real estate or start your own business
1:14.8	We'll help you reach your financial goals and get money out of the way so you can launch yourself toward your dreams like maybe by an abroory
1:33.5	Joe, thank you so much for taking time out of your busy day
1:37.2	Messing around with your microphone on your show so you can mess around with the microphone from my show
1:42.3	Well, I'm so happy that I'm back and you're right Mindy you do have a lot of friends and I'm very happy that I get to be one
1:48.4	So I feel incredibly honored and I'm ready to see if I can mess this thing up again. Oh
1:54.4	I have every faith in you today
1:57.1	We are talking with Brad Finn and we are talking about
2:00.6	His whole money story and how he grew up not really talking about money
2:05.6	It wasn't really a taboo subject
	...

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