Fast forward to today, Michelle now makes over $1.5 million per year from her blog and continues to see massive success with her overall online-based business. Not only has she gone from $0 to $1.5 million incredibly fast, but she’s done it all in her 20’s.
The intensity and results are multiplied when you have a married couple with a combined six-figure income working toward the same goal. This is a recipe for skyrocketing the net worth and savings.
To demonstrate this type of savings superpower, I’ve invited Jamila Souffrant on the show today. In 2016, she and her husband partnered together to save over $85,000 in just 12 short months.
And then … they did it again in 2017.
Our question of the month comes in from Ryan from Pittsburgh. He wants to know how to find the best financial advisor:
I’ve been listening to your show for the past few months. I like the way that you and Nicole partner together to meet your financial goals. It’s inspiring me and my wife (who is also coincidently also named Nicole) to do the same.
We’ve been following the Dave Ramsey baby steps and recently paid off our last debt. When we got focused, it really only took us about 2 years to pay off our $60,000 in debt. We both had car loans, student loans and a little bit of credit card debt.
Recently, my family became completely debt free.
No student loans, credit card debt, personal loans, car payments and, yes … no mortgage.
After 7 years of educating myself, diligent planning and partnership with my wife, we officially do not owe a single dollar to anyone. (We do have a late fee for Moana at the library. Does that count?)
We’re incredibly excited about our young family’s future and the opportunities that our debt freedom has opened up for us.
Unfortunately, our busy careers can make these quality get-togethers really difficult most days. There are late nights at work, deadlines and out-of-town trips. But …
- What if you woke up on Monday morning and you didn’t have to go into the office?
- What if there were no more business trips and no more work-related deadlines?
- How would that enhance your relationship with your spouse?
To answer these questions, I’ve invited Tanja Hester and Mark Bunge on the show today. After 10 years of marriage and 6 years of diligent savings, this young couple decided to retire from their busy careers in late 2017 and give more time to their marriage.
At 38 and 41, Tanja and Mark have regained the best years of their lives. As early retirees, they are pursuing their passion for the outdoors, travel and spending more quality time together.
In 2004, my first mortgage was a 30-year 5/1 ARM at 5.25%. If that information confuses you, don’t worry. I was completely confused too when I signed up for it at 22 years old.
I didn’t care though. After saving up $20,000, I was thrilled to put that money into my first house down payment. I was proud to be a homeowner.
That’s what we’re supposed to do, right? Buy a home so we’re not wasting our money on rent?
Well, homeownership can be a smart move for some, but not the way I did it. I made two mistakes right away with my first home:
- Signing up for a mortgage that I didn’t understand
- Committing to homeownership costs that I could not afford
Popularized by extreme frugality rock stars like Mr. Money Mustache, the Mad Fientist and Jacob from Early Retirement Extreme, the Financial Independence or FIRE community has grown in popularity over the past 5-10 years.
This is a subset of the personal finance world that encourages earning a solid income early in your life, saving a boat load of cash and retiring earlier than most of your peers.
For a frugal guy like me, this concept makes a ton of sense. Work hard, save and invest early so you can enjoy the majority of your life doing what you love.
But what happens when you’ve retired early? You still need something. You need a purpose or a goal to work toward.