MI332: The Financial Freedom Formula w/ Your Friend Andy
The Intrinsic Value Podcast - The Investor’s Podcast Network
Bitcoin Price Predictions and Mining Ventures
The chapter discusses price predictions for Bitcoin, projecting a range of $100,000 to $150,000 in the upcoming cycle. It also explores the speaker's investment in Bitcoin mining, detailing costs and the success achieved. Strategies, profitability, and hardware arbitrage in mining are also covered in the conversation.
In this week’s episode, Patrick Donley (@JPatrickDonley) sits down with Your Friend Andy to discuss how he worked his way out of significant debt and became a millionaire before his 40th birthday. You’ll learn what steps Andy took to dig himself out of debt, the first money moves he recommends for someone in debt, why it’s never too late to get started, why you need to make asymmetric bets to built wealth, how Bitcoin has been an important part of his portfolio, and much, much more!
Andy is a lifelong entrepreneur, but was never very good with money. At age 29 he had racked up $86k in credit card debt and was living paycheck to paycheck and had no savings or investments. 10 years later, he’s erased the debt and become a millionaire.
For the past 3yrs, he’s been a creator on YouTube. Initially talking mostly about personal finance, but now solidly focused on Bitcoin and passive income.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro.
02:46 - How Andy’s 20’s got him into financial trouble.
05:41 - What authors made the biggest impact on Andy.
08:13 - What are the first money moves he would recommend for someone in debt.
09:37 - What budgeting app he recommends.
12:58 - Why it’s never too late to get started saving and investing.
15:59 - What the 4% rule is.
24:05 - How Andy approaches lifestyle design.
26:31 - How investing gives you optionality.
26:56 - What are asymmetric bets and how they can increase your net worth rapidly.
29:12 - How Andy got into Bitcoin and developed his conviction.
39:05 - How he has handled the volatility of Bitcoin.
49:25 - When and why he got started with bitcoin mining.
51:17 - How Andy got started with YouTube and how he’s monetized his channel.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
- Recommended Book: I Will Teach You To Be Rich by Ramit Sethi.
- Recommended Book: The Total Money Makeover by Dave Ramsey.
- Recommended Book: 4 Hour Workweek by Tim Ferriss.
- Recommended Book: The Bitcoin Standard by Saifedean Ammous.
- Recommended Book: The Creature of Jekyll Island by G. Edward Griffin.
- Check out: MI080: To Be a Successful Investor, You Need a Budget w/ Jesse Mecham | YouTube video.
- Check out: Passive Bites.
- Check out the books mentioned in the podcast here.
NEW TO THE SHOW?
- Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
- Check out our Millennial Investing Starter Packs.
- Browse through all our episodes (complete with transcripts) here.
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- Enjoy exclusive perks from our favorite Apps and Services.
- Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
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Connect with Patrick: Twitter
Connect with Your Friend Andy: Website | YouTube | Twitter
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