#91 - Windfalls, Learning to Invest, and YNAB 4: Jeremy Schneider of Personal Finance Club
May 29, 2024
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Entrepreneur turned personal finance teacher Jeremy Schneider shares his journey from frugality to multimillionaire status. He discusses simplifying finances, managing windfalls, evolving budget categories, efficient expense tracking, and the importance of financial freedom. The episode also touches on challenges of moving heavy appliances, using emojis for budgeting, passive investing, and a new transparent financial advising platform.
Living below your means is crucial for financial success and investing early is key to building wealth.
Simplify financial categories and maintain an emergency fund for financial stability during unexpected events.
Consider advice-only financial advisors for unbiased guidance and prioritize passive investing for long-term growth.
Deep dives
Summarized main ideas/key points/insights
Jeremy from the Personal Finance Club discusses his experience with YNAB, emphasizing the importance of living below your means and investing early. He talks about teaching personal finance and how YNAB helped him track his transactions manually in the past, simplifying his financial awareness.
Winab Anniversary Celebration and Event Details
The podcast announces Winab's 20th anniversary celebration in Salt Lake City, inviting fans to a fan fest where Jesse will give a speech. Listeners are urged to grab their free tickets soon due to limited availability by visiting the winab.com events page.
Travel and Charitable Contributions
The host and guest reflect on Jeremy's passion for travel as he allocates a significant portion towards vacation fund, prioritizing experiences. Jeremy's commitment to charitable donations is highlighted, with his business donating a portion of profits, showcasing his generosity beyond personal expenses.
Simplified Financial Categories and Emergency Funds
The speaker emphasizes the importance of simplifying financial categories and organization, highlighting the significance of emergency funds. They discuss how having a designated emergency fund ensures financial stability during unexpected events. Furthermore, the speaker shares insights on investment savings, emphasizing the importance of investing for long-term growth and financial security.
Advice-Only Financial Advisors and Passive Investing
The episode delves into the concept of advice-only financial advisors, focusing on a new business model that centers around paying for financial expertise without complex fee structures. The discussion highlights the benefits of this model, emphasizing the role of financial advisors in providing unbiased guidance. Moreover, the topic of passive investing is explored, stressing the significance of staying the course and avoiding reactive investment strategies for long-term growth.
Ben and Ernie chat with Jeremy Schneider, an entrepreneur turned personal finance teacher who aims to demystify the confusing world of investing with simple, unbiased information. In his early 20's, Jeremy founded an internet startup and ran it for 12 years, never taking home more than $36k/year -- while living in San Diego, CA! This experience required him to get surgical with his spending, and during this time he became an avid YNAB'er (using the old YNAB 4 software). At the age of 34, Jeremy sold his company and became a multimillionaire. After this windfall, Jeremy continued to work for a few years while figuring out how to manage his newfound wealth. This experience, along with his YNAB habits, drove him to found Personal Finance Club, a site with simple, easy to understand information for beginners learning to invest their money.
In this episode, Jeremy shares his tidy YNAB plan, with possibly the fewest categories of any guest so far! As a long-time YNAB'er, Jeremy organizes his categories using some of the logic from YNAB 4, but he also shares how his categories have evolved over time and how he has simplified his budget as he became more comfortable with his financial position.
Find more about Jeremy Schneider and the Personal Finance Club: