Q&A: 10-Years in Prison, $3.4M Mortgage, & Becoming a Millionaire Firefighter

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Jan 16, 2025

Dive into an engaging Q&A session tackling personal finance and investment strategies. Discover how to balance debt repayment while strategically investing, especially for those in their 20s. Learn about the importance of delayed gratification and optimizing retirement savings with Roth IRAs. Explore financial growth through home equity and smart investment tactics. Navigate the complexities of business acquisitions and retirement financial decisions, all while emphasizing community support and sharing experiences for a brighter financial future.

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ADVICE

Budgeting and Debt

Budget by working backward from your monthly expenses to determine your income needs.
Prioritize paying off high-interest credit card debt before investing.

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ADVICE

Early Investing

Invest early and often, especially in your 20s, to maximize compounding.
Consider a third income source to accelerate debt repayment and investing.

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ADVICE

Investing for Beginners

Consistently invest small amounts in diversified ETFs.
Prioritize maxing out your Roth IRA for tax-advantaged retirement savings.

Get the Snipd Podcast app to discover more snips from this episode

Balancing Debt Repayment and Investment Strategies

02:55 • 4min

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Path to Financial Independence: Tackling Debt and Investing Wisely

06:42 • 8min

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Strategic Investment and Delayed Gratification in Personal Finance

14:22 • 3min

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Maximizing Financial Growth through Home Equity and IRAs

17:27 • 5min

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Navigating Business Acquisition: Weighing Risks and Rewards

22:37 • 2min

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Navigating Ownership and Retirement Financial Decisions

24:55 • 18min

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Empowering Financial Sharing and Community Support

43:23 • 2min

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In this week's episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz answer your questions!

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❓ Ask us questions for our Q&A episodes – @richhabitspodcast on Instagram

📬 Inquire about working together – christian@witz.vc

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Disclosure: A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. As of 1/15/25, the average, annualized yield to worst (YTW) across the Bond Account is greater than 6%. A bond’s yield is a function of its market price, which can fluctuate; therefore, a bond’s YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠Fee Schedule⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://public.com/disclosures/bond-account⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more.