Chris is the author behind the blog, Apathy Ends. Along with his wife, Chris had a student loan bill of $85,000, an expensive house and no savings.
In the last 3 years, they have paid off $60,000 in debt while building a $90,000 nest egg.
Welcome!
[3:31] So what triggered the beginning of massive debt payoff for you?
· Graduated 7 years ago with over $85,000
· 6.5-6.8% with one at 10%
· Had more interest than the maximum amount allowed to deduct by the IRS
· Often you get handcuffed to living paycheck to paycheck
[5:31] How have you managed to accumulate so much in such a short time?
· The bulk is increasing income
· Gone up 2.5x, similar with Josh’s wife
· Kept big costs low and not letting lifestyle inflation take over
[9:31] What do you own now that you wouldn’t buy again for its current value?
· First house- only put 3.5% down and therefore was house poor.
· Fortunately bought at a good time in the market
· Beer brewing equipment
[11:43] What small things can a person do in very little time, with no money at all, to have a big impact?
· Spending review- easy to do in a few hours
· There’s tons of information these days- reading and acquiring
[12:32] For someone in their mid to late 20s/ 30’s who is coming to terms that they haven’t had the best financial path- what advice do you have for them?
· Making small changes massive a massive impact
· Increase your 401(k) and start very small amounts
[13:50] Do you track your spending?
· Originally did monthly spending reviews and didn’t work
· Then decided to set a goal and automatically comes out of checks so you never see it
· Then having guilt free spend
[15:18] If you were on a game show and won $500,000- what would you do with it?
· FI number in mind, so invest $400k into the stock market
· $100k for College for kids
Sponsor
[19:1] Head over to chainofwealth.com/credible to get $200 off your student loan refinancing
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[19:18] Why do you think people struggle to achieve their dreams?
· People expect a “Big Bang” event that never materializes
· Make smaller changes much sooner
[19:52] Do you have any other books or podcasts you recommend?
· The Automatic Millionaire
· Your Money or Your Life
· ChooseFI
· Stacking Benjamins
[20:13] Do you have a favorite quote?
· Don’t search for the needle in the haystack
· The miracle of compounding returns is overwhelmed by the tyranny of compounding costs
[21:7] Any last advice?
· Increasing your income is vital
