311: How to Create Financial Security (From Scratch!) and Become “Set for Life”

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 20 June 2022

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

What's stopping you from becoming debt-free? Everyone’s answers will vary, but one truth remains the same—excessive debt can prevent you from living the life you deserve. Today’s guest, Joe Bussey, took control of his life once he decided to pay off his $220,000 worth of debt and build a “financial runway” he could rely on. Joe's debt accumulated as he did what everyone in his life told him to. He was in pursuit of a college education when his life took a series of unexpected and unfortunate twists and turns. It all started when he got robbed at gunpoint for all the money he saved for college. From there, he had to start from scratch to save up for school. He had to work several jobs, once working five jobs at a time, to keep up with rent and student loan payments. He then went back to school to pursue a better career but ended up in school for five more years—forcing him to take out even more student loans.By the time he graduated, he was $220,000 in debt. After graduation, Joe was only making $1,000 a month and eventually fell into a deep depression. It was then Joe decided he needed a change, so he wrote out all his worries and came to one conclusion—they were financial problems. After doing some research, Joe came across BiggerPockets and Set for Life. He read the book cover to cover in one day, and a light bulb went off. After reading the book, Joe took control of his finances, saving up $25,000 in his bank account while paying off $100,000 in just fourteen months! In This Episode We Cover Financial runways and how to create financial security from scratch How to become “set for life” and the actionable steps you can take to start your journey to financial freedom Living off less than half your income and the importance of earning more and spending less Using your Roth IRA to maximize retirement savings and find financial peace The benefits of paying off student loans now and how to refinance them And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets How to Become an “Overnight” Success in 10 Short Years with David Greene Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Pide Cash Show number 311, where we interview Joseph
0:05.9	Bussey and hear how he simultaneously increased his income by $75,000 while paying down more
0:14.0	than $85,000 in student loan debt, all thanks to a little book called Set for Life.
0:19.8	I read this thing and I mean I read it in a day.
0:23.8	I sat down and I read it covered to cover without putting it down and I was like this makes sense.
0:32.8	I have a direction.
0:33.8	There's a plan here.
0:35.5	Let's see what happens.
0:36.5	I just start at part one here and just try to save $25,000.
0:40.3	Let me just go get a job and see what happens.
0:42.7	We're in the middle of COVID.
0:43.7	Everybody's hiring because nobody wants to work.
0:45.7	Everybody wants to collect their unemployment or whatever.
0:47.9	I'm like, let me just, I can know how to work.
0:49.4	I have no power to work.
0:51.2	Let me get a job and see what I can do and just try to save $25,000.
0:55.0	Just set that as a goal and do it.
0:56.8	Not worry about paying debt or whatever.
0:58.4	Just make that see if you can just in a bank account put $25,000 away.
1:02.7	And that's what I did.
1:04.5	Hello, hello, hello.
1:06.0	My name is Mindy Jensen and with me as always is my unflappable co-host, Scott Trench.
	...

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