Next Level Pros #127: Risk the $600K in His Home or Play it Safe?
Welcome to a new episode of Next Level Pros! Join us as we delve into a compelling discussion with Seth Shaner, who shares his candid experiences about the financial and emotional challenges of being house poor. Discover how these challenges are impacting his business operations and family dynamics. Seth, who has a rich background in the restaurant industry, opens up about his journey through business failures, relocations, and the intricate balance of financial decisions and family life. Don't miss this deep dive into the real-world consequences of living beyond one's means.
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Highlights:
"I always said I would never be house poor, but here I am because the house is the expensive part."
"You can't have high society desires overcome what your income is."
"Being in proximity to people you know can be helpful too."
"I'm not going to go in as the president of a company this big very often."
Timestamps:
00:00 - Introduction
04:15 - Seth discusses his early business failures
08:54 - How past business experiences and financial choices impact Seth
13:16 - Seth’s current financial strategies and his consulting work dynamics
17:25 - Emotional and financial challenges post-divorce
20:31 - Benefits of relocating for financial and family stability
30:08 - Past financial disasters and their influence on present decisions
34:43 - Seth discusses shifting focus from consulting to what he truly enjoys
39:42 - Strategies for utilizing resources effectively in business
50:57 - The potential impacts of moving to more affordable locations.
55:30 - The pros and cons of staying in California versus relocating.
01:05:22 - The impact of financial stress on mental and emotional health.
01:15:39 - Closing thoughts
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