What Financial Independence Means for a Young Father – with Jim White

For our Family FI segment this month, we’re talking about achieving financial independence with kids. A lot of people out there think that you have to choose one or the other. “You can’t have financial independence if you want to have kids” or “you can’t have kids if you want to have financial independence”.

My guest today completely disagrees with that sentiment because he’s walking, talking proof that you CAN have both.

Jim White from Route to Retire is my guest today. He’s a father, husband and recently he left his 9-5 job after becoming a millionaire and reaching financial independence at the age of 43.

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How a Bad Day at Work Inspired Our Family’s Financial Independence Plan

In mid-2016, I had a pretty rough day at work.

My new manager called me into his office to inform me that there would be some changes with my position. A position that I had grown to enjoy. I was proud to have built a team of 3 based on some solid sales wins that I had lead during the previous three years.

It was an honor to see the growth there really. I would win a piece of business and someone would get a full-time job. And then another and then another … It was really cool. I liked the fact that when I worked hard and earned the company money, someone got a job. That made me feel good.

So when my manager told me that I would no longer be managing those three people anymore, I was pretty devastated. Furthermore, my role of leadership on those accounts was no longer required either. I wasn’t being fired or demoted. I was being shifted.

Looking back, I understand why management made these decisions. Overall, the move has been good for the company and I’ve been able to help with growth in other areas.

But that day when I got home from work, I was pretty bummed.

In fact, I was more than bummed. I was scared.

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Side Hustles and The Life-Defining Lessons We Learn From Them – with Nick Loper

The term side hustle has gained a lot of attention lately. This is something outside of your full-time job that gives you more income and potentially more happiness.

To inspire us to think outside of the walls of our 9-5, I’ve invited the host of the Side Hustle Show, Nick Loper, on the show today. Nick and discuss the many benefits associated with a side hustle. Surprisingly, some of the best benefits have nothing to do with money.

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Why I’m Buying My First Rental Property in Cash

After paying off our mortgage in 2017, we have a lot more cash available to us as a family. We’ve used that extra dough to save up for our first rental property and we’re pumped to make it a reality this fall!

A big question that we’ve been struggling with is whether we should buy in cash or take out another mortgage. After much debate, we’ve decided it makes the most sense for us to go all cash.

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14 Money Goals to Accomplish Before You Turn 40

Our question of the month comes in from Anonymous from Cleveland:

Hi Andy,

I just finished reading an article of yours about paying off your mortgage early. Congratulations on that. I have a 30-year mortgage and I’m not sure if I want to pay it off, but it got me thinking about where I should be with my financial goals.

I’m 35, married, two kids. I want to make sure I’m on track.

What financial goals should I have checked off my list by the time I turn 40?

Do you have any articles on that?

Thanks,

Anonymous

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How Real Estate Helped This Multimillionaire Dad Build Wealth – with Doc G

Investing in real estate can feel intimidating when you’re just getting started. You hear stories of people who’ve amassed their wealth by investing in dozens or hundreds of rental properties. The prospect of owning so many properties can feel more stressful than hopeful.

Our guest today, Doc G, shares why we don’t need countless rentals to feel financially comfortable. As a physician, he’s been able to invest his day job income in just a few rentals that provide his family with consistent cash flow.

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Why Young Parents Should Pay Off Their Mortgage Early – with Colin Murphy

How would you like to own your home outright?

What would it feel like to never make a mortgage payment ever again?

For our Mortgage Freedom series, we’re interviewing Colin Murphy who eliminated his mortgage in less than five years. Colin is a father, a husband, and a Chicago native. He’s going to let us peek inside and see how he made this monumental feat happen.

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7 Dreams That Can Come True When You’re Debt Free

For the young couples and parents that are reading this, I think it’s safe to say that a whole bunch of you are looking for a little more freedom and fun in your lives. And I truly believe that when you become debt free, you will experience that freedom. You’ll also experience a reduction of stress like you never have before.

I know that me just spouting off words and phrases like “debt freedom” or “stress reduction” may not motivate you to jump out of you seat and start crushing debt. But perhaps if we get a little more specific together, it may just do the trick.

Here are 7 dreams that can come true when you’re debt free:

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How “No Spend Challenges” Helped One Woman Eliminate $78,000 of Debt – with Jen Smith

With nearly 80% of Americans living paycheck to paycheck, most of us could use some help with saving a bit more.

Our guest today, Jen Smith, is going to show us how. Jen and her husband paid off $78,000 of debt in just under two years. A huge factor in their success was taking advantage of “No Spend Challenges”.

These challenges encourage you to halt all “personal spending” for a set period of time. This cold turkey approach could be an excellent solution for a large population of our country right now.

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