329: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 22 August 2022
⏱️ 68 minutes
🧾️ Download transcript
Summary
Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought, or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future.
But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again.
But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!
In This Episode We Cover
Escaping childhood poverty through basic financial education
DIY financial literacy by asking questions others are too intimidated to
401ks, Roth IRAs, HSAs, and other tax-advantaged investing accounts
Tweaking your “money mindset” to place yourself on the path to building wealth
Amanda’s biggest financial mistake that, once corrected, increased her income two-fold
Building your emergency reserves and using them to catapult your investments
And So Much More!
Links from the Show
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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
She Wolf of Wall Street Website
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Transcript
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| 0:00.0 | Welcome to the Bigger Pog its Money Podcast show number 329 where we interview Amanda Wolfe, |
| 0:05.6 | the shoe wolf of Wall Street, and hear how she went from childhood poverty to adulthood wealth |
| 0:10.8 | to conscientious money management. |
| 0:12.8 | I didn't like the situation I was in and I was like, I don't want to live a life like this, |
| 0:16.8 | it has to be different. So what like do I want to live and I don't even know what else exists out there. |
| 0:22.5 | And I would say like even into my adult life there's things that I'm like constantly learning. |
| 0:27.2 | Like, oh I didn't even know that was like an option. Like whether it's like entrepreneurship |
| 0:30.6 | or starting your own business. So wait, like regular people do that. Wait a minute. |
| 0:33.9 | And I feel like my eyes are constantly being opened. But at the time it was just, no, I know I don't |
| 0:38.1 | like that life. So I need to like copy the life of what other successful people are doing where |
| 0:43.2 | I would enjoy a life like that. You know, they get to go on vacations or, you know, hello, hello, |
| 0:47.6 | hello. My name is Mindy Jensen and with me as always is my analytical co-host Scott Chent. |
| 0:52.0 | You really do a number with these intros Mindy. That was terrible. Scott and I are here to make |
| 0:58.1 | financial independence less scary, less just for somebody else to introduce you to every money |
| 1:03.3 | story because we truly believe financial freedom is attainable for everyone no matter when or where |
| 1:07.8 | you're starting. That's right whether you want to retire early and travel the world going to make |
| 1:11.2 | big-time investments in assets like real estate or start your own business will help you reach |
| 1:15.2 | your financial goals and get money out of the way so you can launch yourself towards those dreams. |
| 1:18.8 | Scott, I'm so excited to talk to Amanda today. She has a story and a half holy cow. She could |
| 1:26.5 | have very easily sat back and said, you know what? I grew up poor. I'm just going to be poor my |
| 1:31.0 | whole life, but she didn't. Yeah, I think a man, I think you're going to be really impressed with |
| 1:35.4 | Amanda and how, how much of a, a, a, a take charge person she is and, and how, how much responsibility |
... |
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