When you consistently deliver quality work, it pays.
At least it has for Frank from 8th Great Wonder. He became a millionaire in his 30’s through providing superior work in comparison to his colleagues. When it came to raise time, Frank was considered first.
Check out my interview with Frank on how he capitalized on those pay increases and hit 7-figure status in one of the highest cost of living areas in the US.
Our question of the month comes in from Luke from Indiana:
I was reading on your blog that you recently paid off your mortgage early. Congratulations!
I’m a Dave Ramsey guy like you and we’re getting close to baby step 6. I’m considering going heavy into paying off my mortgage like you did, but I’m also thinking it might be smarter for me to invest more for my retirement or just simply invest in the market. I also know market returns are unpredictable and we’re near all-time highs.
I have a 15-year mortgage at around 4% and the principal sits around $200,000. My wife and I are both working – we like what we do and combined we make around $200,000 per year. I feel like we could throw $50k per year at the mortgage and we’d be done in 4 years or less.
That could also be a good amount to throw at our retirement each year too.
What would you suggest for us? Should we pay off our mortgage or invest the money?
Taking advantage of the stock market is an incredible way to build wealth for your family. By investing in the market, you are forcing your money to work for you. Your money starts to make you more money!
But … Where do we start?
Can we do this ourselves?
Should we turn to a financial advisor?
How do I know a good advisor from one that’s just trying to sell me financial products that only benefit them?
Our guest today, Joe Saul-Sehy is going to help us with this exact conundrum.
Financial independence and early retirement are huge accomplishments. Like running a marathon, becoming debt free or losing 100 pounds, they require focus, patience and a whole lot of perseverance.
This monumental financial status allows you the freedom to do what you want when you want and have the location independence you desire.
Author Deacon Hayes joins me today to talk about his new book, You Can Retire Early! We’re gonna review the ins and outs of how each and every one of us has the opportunity win at the game of early retirement.
Have you ever heard the saying, “You get what you pay for”?
This statement is essentially inferring that you if you want quality, then you’ll have to throw down some cash.
I used to believe that, but I don’t anymore. Over the last 7+ years, I’ve discovered more and more apps, tools and websites that have helped me on my journey to financial freedom. Most of my favorites have been completely free.
In 2014, my wife Nicole and I both started new careers. She moved from corporate recruiting into the role of Stay-at-Home Mom when our son Calvin was born. I moved to a new marketing agency to advance my career in account management.
After Nicole and I partnered together to pay off all of our debt, this single income life was something we were prepared for. It wasn’t an easy financial change, but it was completely worth it in our opinion.
With those new role changes we not only left old jobs behind, but we also left old 401k accounts behind as well. Since we both had been at our previous jobs for a while, the idea of rolling over our 401k accounts was new to us. We heard that we were definitely “supposed to” do the rollover immediately, but we didn’t really know why.
Following the “supposed to” advice, I decided to move forward with rolling over both of our 401k accounts into IRAs.
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.
Now that we’re debt-free, we want to start saving up for retirement. We’ve been delaying our retirement investing based on Dave’s advice to hold off until you’re debt free. I feel like we’re WAY behind though. We’re both 30 and we barely have anything in our retirement accounts.