BiggerPockets Money Podcast

The Realistic, Repeatable Path to Investing for FIRE in Your 20s

7 snips
Sep 27, 2024
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In this insightful discussion, Anna Foley shares her remarkable journey of paying off over $80,000 in debt and achieving a $100,000 net worth shortly after college. She reveals her effective strategies for saving big while still enjoying life in her twenties. Anna explains why she prefers renting over buying a home to maximize savings, and emphasizes the power of 'paying yourself first.' With a focus on smart investing and personal values, she inspires young listeners to adopt a repeatable path toward financial independence.
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ANECDOTE

Starting Point

  • Anna and her husband started with a combined debt of $80,000 in student loans and a $14,000 car loan.
  • Their net worth was approximately -$95,000 in 2019 and -$75,000 in 2021.
ADVICE

Debt Payoff Strategy

  • Allocate funds towards debt repayment at the start of each month.
  • Increase debt payments with each raise to accelerate progress.
ADVICE

Values-Based Spending

  • Align spending with values rather than fixating on dollar amounts.
  • Prioritize expenses that bring happiness and cut out those that don't.
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