E160- Jeffrey Anzalone from Debt Free Dr

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Pro Tip: Timestamps below are clickable. Click on the time below in the brackets and the audio will start playing at that part of the show.

Today we have Jeffrey Anazalone who is a doctor that writes at debtfreedr.com. Becoming a doctor involves spending a ton of money to get qualified, Jeff was over $300,000 in debt when he started. Jeff went to dental school then did a surgery residency.

Welcome!

[5:33] What is your secret to becoming debt free forever?

  • Jeff stumbled across Dave Ramsey and listened to principles, Jeff thought he had a job secured so he didn’t worry too much about it at that point.
  • When Jeff finally started making money he used Dave’s principles and did the snowball.
  • Jeff managed to pay off his debt in 4.5 or 5 years

[8:33] What’s the honest truth behind building a 7 figure or more net worth?

  • Jeff had a slightly different take on Dave Ramsey’s principles so he was investing and paying off debt at the same time.
  • He is also self employed so his take is slightly different
  • Jeff was consistent about saving and after a long period of time he had a 7 figure net worth.

[17:59] Why is it really bad to rely on a single stream of income and what, in your opinion is a good way to setup more streams?

  • The worst number is 1.
  • To only have a single source of income, what happens if it dries up or if you get hurt
  • Find what you like to do, there is no point to being miserable.

[20:42] Do you believe that anybody can achieve financial independence?

  • Yeah- if you read the millionaire next door, it’s more about consistency.
  • Regular people can become millionaires, as long as they are confident and try

Sponsor:

[22:23] Sign up for a free book about QRPs!

Value Link Round

[22:41] What is your savings or retirement plan?

  • Office retirement plan 401k, 529 plans for the children, HSA for years but decided to do medishare instead, this change changed the premium from $1,600 to $300.
  • Vanguard index funds, real estate crowdfunding
  • Check out Joe Fairless podcast

[25:08] Do you have a favorite book?

  • Book: JL Collins the Simple Path to Wealth
  • Book: David Bach, Automatic Millionaire

[28:01] Favorite quote you like to live by?

  • The borrower is a slave to the lender

[30:21] Any other parting piece of guidance?

  • Focus on getting out of debt now!

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 300,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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