If you follow the almost unbelievable path of today’s guest, you, too, could** achieve financial independence) in your thirties**. Would we recommend mimicking his strategy step-by-step? No! Because if you get it wrong, you could be further from FIRE) than when you started. Only the most prudent, risk-tolerant, and financially savvy among us could do what** Andrew Schrader **did.
After** racking up six figures in car loans and **student debt), Andrew knew something needed to change quickly. Thanks to his financial discipline, he paid his debts down fast, but what would he now do with the money he was sending toward debt every month? After a coworker threatened to quit on the spot without a care in the world (the coworker was FI), Andrew knew exactly what his next goal was.
So, he set out to do the impossible: Stretch his dollar as frugally as possible, spending in a year what many Americans live off of for a month and** taking calculated bets **that he knew the risks of. His unbelievable journey to FI will have you squirming in your chair (like Mindy did!) as you hear what incredible lengths you can go to reach your financial goals WAY faster than most Americans.
In This Episode We Cover
How to reach financial freedom) in your thirties by taking “calculated” risks
The exact method Andrew used to** pay off $100,000 in debt **
Why house hacking may be the single best decision for FIRE-chasers
Why Andrew put an entire home renovation on a credit card when he was close to broke
Emergency funds)** 101** and why it’s crucial to have money in the bank when buying real estate
**Saving tons of money **by cutting out a “category” every month
And **So **Much More!
Links from the Show
Mindy on BiggerPockets)
Scott on BiggerPockets)
Listen to All Your Favorite BiggerPockets Podcasts in One Place)
Join BiggerPockets for FREE)
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group)
BiggerPockets Creative Financing Forum)
Finding and Funding Great Deals)
Raising Private Capital, Revised Edition)
Wealth without Cash)
Andrew’s YouTube Channel )
Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate)
Grab "The Book on Investing in Real Estate with No (and Low) Money Down")
Find an Investor-Friendly Agent in Your Area)
House Hacking 101: What It Is and How to Get Started)
Connect with Andrew)
(00:00) Intro
(01:48) Stock Betting and $100K Debt
(04:12) Watching His Coworker FIRE
(07:16) Income and “Overtime”
(08:41) Taking SERIOUS Risk (BIG Reward!)
(16:21) 10Xing His Money
(19:46) Rock Bottom Expenses
(27:34) Building a Business
(36:45) Quit His Job?
(43:16) Make the RIGHT Bets
Check out more resources from this show on BiggerPockets.com) and https://www.biggerpockets.com/blog/money-583)
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