And then just throwing money in there always seemed like a gamble if you didn’t know what you were doing. But I would only put into the match because I didn’t want to invest the time it took to learn the stock market, I guess. So once things changed a little bit so the people that were going—we hustled a little bit.
Because most of the time, people hear the words that you say and they make a sentence, but that sentence doesn’t mean anything to them. And that’s the story that other people can do, too. No, you don’t have a degree so it’s going to look a little different. You can have your current job and on the side, you can help people. You don’t need a degree in social work to help people. And I do not like listening to people tell me how much they hate their job.
- And now, whereas most people, when they are 59 and a half or later and they start pulling that money out, they have to pay ordinary income tax on that money when they pull it out.
- If you were to purchase a ten-year-old car and drive that one into the ground, that’s costing you $2600 a year.
- You have $30,000 to $35,000 in debt and you are now getting a job.
- I tried lots of jobs.
- I just love… There is four ways to increase your wealth, right?
He just wants to have a comfortable lifestyle and have fun. I love listening to his story. It’s easier when you’re looking at the visual.
I was like, money has this potential, has this power. Financial freedom was a concept that came along for me later on down the road, a couple years later when I started to wade into those waters. What I knew was I didn’t want to be insecure.
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Like you said your dad had this job and then he lost it. Sorry you have to deal with girls that are bickering.’ I’m sure that never happens at your house, Joel. I actually feel guilty going to work sometimes. You don’t want to wake up in the morning be, ‘got to, go to work.’ You don’t want to spend 40 horrible hours.
Financial Freedom With 5 Kids IS Possible with Jordan Klint
So for the first, at least ten years, that’s what I would have been thinking, is something more along that line. I don’t really want to interact with 40 tenants. I don’t want to put down anybody else’s perspective on this so if you have an avenue or you think that you have something else, then you should exploit that. I think a lot of investors come at it with a completely different approach. We wanted to get a the price earnings ratio calculating little bit better tenant, is what we were looking at. $650 was way too low for the market so we had it filled up in a matter of no time with some great guys.
It was my goal every two years to buy another house, and rent out the prior house. That savings I put towards a purchase of another house. Once that happened, I was just accruing a lot more savings every month. Therefore was able to jump start my savings even more.
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We got married, stayed in the area—I guess that’s a little bit of the background. We were all homeschooled growing up so that’s a little bit there of my background. With competitive rates, interest-only payments, and no pre-penalties, rehab financial group puts your needs first.
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- So this was a house, it was a foreclosure.
- And a lot of people who are, you know, getting into their late twenties or thirties, they’re starting to make a lot of money and they say, ‘wow man, it’d be really difficult for us to get rid of one of those incomes’.
- I think that’s important.
- Then I got a job at a radio station just down the street for six months.
And yeah, that’s not the fun stuff you want to hear, but it’s the reality. And yeah, we could have made a lot more money, but I would not have changed anything. So, it’s not as easy for me, but there are a lot of people- Now that’s a lot shorter than, you know, in my neck of the woods, it’s like $300,000, and to save that up, that’s how many-? So, if you’re paying $50,000 for a property, it’s going to take you 12 or 13 months to save that up. I know a lot of people involve their kids in the business and finding a way to make that almost like a legacy for their family.
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Like, I don’t really care about clothes so I shop at a thrift store. Three is know what really matters to you how to change your tax filing status so you can spend money where it counts and save money on things that you don’t really care about. And everybody has stuff that they spent their money on that’s not necessary.
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You spend 40 hours a week at your job. The first one is being happy in your job. My second job in radio was working for this guy that you guys know, and many of your listeners have probably heard about. You can get this message out there to tens of thousands of people in one fell swoop. I love the idea that just like this podcast, you can create this message. We can go work for ourselves, and do something that we want to do and make money on it that way.
The Pillars of FI: Designing the Life You Want
There are so many ways to help people. Well, I don’t have a degree in this. And I don’t want that for her and I don’t want that for you. And my daughter, she was probably 11 at the time or whatever. But I didn’t have anybody. If you can’t buy it in cash, don’t buy it.
I will have links to this in the show notes because you want to make sure you’re spelling pour correctly both times. Literally, it’s really just balance sheet example template format analysis explanation an excuse for us to get together, and drink beer, and talk about what we love to talk about. I don’t even know if it’s still alive. I realized I just really like saying sarcastic things and I also love asking people awkward questions. I would work harder when you’re young, so that you can enjoy the fruits of your labor as you move along in life.
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I think that’s where Scott, you are now, which is kind of cool in that you realize, okay—I can open up a credit card. But when you learn about travel rewards and you learn about credit card sign-up bonuses, it’s like, the world has changed. So if that’s you, like my family—we use our credit card forever. So like that’s just table stakes to even think about getting into this. So obviously, many millions of people—tens of millions of people get in trouble with credit cards.
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Should they sell that car and start over and eat their loss or how should someone in that position handle the situation? And paying taxes on it every single year. But now, two or three weeks in, it’s just a norm. I think there is a point in time in which a car is just a car. My opportunity costs are exponential because I have since learned how to invest and that actually costs me a lot more than my $16,000.
Do you feel like you’re missing out on anything? Some people will hear what I do. Is there any kind of points you want to bring up for us, about your story start to finish here, before we move on to the Famous Four?