E80 – Chris from Apathy Ends

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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.


[3:2]聽So what triggered the beginning of massive debt payoff for you?
路聽聽聽聽聽聽 Graduated 7 years ago with over $85,000
路聽聽聽聽聽聽 6.5-6.8% with one at 10%
路聽聽聽聽聽聽 Had more interest than the maximum amount allowed to deduct by the IRS
路聽聽聽聽聽聽 Often you get handcuffed to living paycheck to paycheck

[5:2]聽How have you managed to accumulate so much in such a short time?
路聽聽聽聽聽聽 The bulk is increasing income
路聽聽聽聽聽聽 Gone up 2.5x, similar with Josh鈥檚 wife
路聽聽聽聽聽聽 Kept big costs low and not letting lifestyle inflation take over

[9:2]聽What do you own now that you wouldn鈥檛 buy again for its current value?
路聽聽聽聽聽聽 First house- only put 3.5% down and therefore was house poor.
路聽聽聽聽聽聽 Fortunately bought at a good time in the market
路聽聽聽聽聽聽 Beer brewing equipment

[11:14]聽What small things can a person do in very little time, with no money at all, to have a big impact?
路聽聽聽聽聽聽 Spending review- easy to do in a few hours
路聽聽聽聽聽聽 There鈥檚 tons of information these days- reading and acquiring

[12:3]聽For someone in their mid to late 20s/ 30鈥檚 who is coming to terms that they haven鈥檛 had the best financial path- what advice do you have for them?
路聽聽聽聽聽聽 Making small changes massive a massive impact
路聽聽聽聽聽聽 Increase your 401(k) and start very small amounts

[13:21]聽Do you track your spending?
路聽聽聽聽聽聽 Originally did monthly spending reviews and didn鈥檛 work
路聽聽聽聽聽聽 Then decided to set a goal and automatically comes out of checks so you never see it
路聽聽聽聽聽聽 Then having guilt free spend

[14:49]聽If you were on a game show and won $500,000- what would you do with it?
路聽聽聽聽聽聽 FI number in mind, so invest $400k into the stock market
路聽聽聽聽聽聽 $100k for College for kids


[18:32]聽Head over to chainofwealth.com/credible to get $200 off your student loan refinancing

Value Link Round

[18:49]聽Why do you think people struggle to achieve their dreams?
路聽聽聽聽聽聽 People expect a 鈥淏ig Bang鈥 event that never materializes
路聽聽聽聽聽聽 Make smaller changes much sooner

[19:23]聽Do you have any other books or podcasts you recommend?
路聽聽聽聽聽聽 The Automatic Millionaire
路聽聽聽聽聽聽 Your Money or Your Life
路聽聽聽聽聽聽 ChooseFI
路聽聽聽聽聽聽 Stacking Benjamins

[19:44]聽Do you have a favorite quote?
路聽聽聽聽聽聽 Don鈥檛 search for the needle in the haystack
路聽聽聽聽聽聽 The miracle of compounding returns is overwhelmed by the tyranny of compounding costs

[20:38]聽Any last advice?
路聽聽聽聽聽聽 Increasing your income is vital

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