In today's episode, Cody and Justin are joined by Chris Mamula who is about to release his new Choose FI book. Chris has a great and relatable story that we really think everyone could follow. His story was also met with a lot of the same mental struggles we all face on this journey. Chris and his family are now financially independent in Utah. Listen and follow along with the summary below and make sure to check out the links at the bottom of the page. Episode Summary Chris and his wife have always been financially aware He was able to get through college debt-free His wife started working a year prior to him but she was carrying $20k in student debt Chris got his masters in physical therapy while his wife focused on math and operations research When they graduated Chris and his wife were both making in the mid 30k range They eventually got their income up to the 80-90k range each  From the start, they were saving ~50% of their income Making a move to a rural city would eventually really increase their income Interesting note that medical professionals can often earn more in small markets Chris did end up utilizing a financial advisor that was really taking advantage of him with fees They would go on to pay their house off in seven years and really start investing In 2012 they discovered they were going to have a child after not thinking it was possible Chris admits that he was a touch depressed at the idea of having a child It just seemed like all their financial plans were going to fall apart But just a few months later, he was all in after seeing that sonogram Around this time he discovers FIRE and starts really getting smart on investing He decided to start handling his own investments and how to restructure his $400k nest egg You can check out Chris’ full portfolio at his blog Can I Retire Yet That strategy has obviously worked as they got to retire a year ago Then Chris discusses how they would decide where to live in retirement They ended up landing at Ogden, Utah (skiing was big criteria) In reality, his wife was offered a remote job that allowed them to keep insurance with few hours and Chris got a book idea Chris had no idea what writing a book would entail but knew he wanted to do a series of interviews Being able to tie all those chapters into a cohesive story turned out to be a challenge The biggest thing he learned in the writing process was that designing a life you want is much more important than actually retiring He also calls out what a difference it can make to turn saving money into a fun competition versus it feeling like a chore Chris isn’t sure he’ll ever actually stop putting in work but certainly isn’t worried about pay Then we transition the discussion on how Chris is raising his young child in regards to money and educational path Key Takeaways Saving fixes all: They didn't make a ton of money, they got cheated by advisors, they had a kid...but they retired early Mental is tougher than money: Several examples were covered about psychology and those mental hurdles are so much tougher than an equation Relief not retired: The main focus should be on building a life you love not simply retiring because that's where the happiness really comes from Call to Action Chris has such a love for the outdoors and so do we. This week we just want you to lower the stress and back away from the computer and get outside. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android   Learn More About Chris!

In today's episode, Cody and Justin are joined by Zeona McIntyre who is an absolute boss with Air BnB rentals. Her story starts by getting a degree she'd never use and $50k in student debt. Fast forward to 2011 and a roommates exit opened her eyes to the possibility of Air BnB. Today she owns six homes and manages over 20 more that are all making huge profits on Air BnB. Listen and follow along with the summary below and make sure to check out the links at the bottom of the page. Episode Summary She grew up in a family that wasn’t good with money and included moments on food stamps Finance was always an interest to her and she started digging deeper into studying it around 18  She actually grew up in Maui There was always a deep interest with her in entrepreneurship and hustling Her dad didn’t believe in college but she ended up going even though she admits she didn’t use her degree and a lot of people go into debt for it with no benefit  When she graduated she came out with $50k in debt after getting a fashion marketing associates degree in Los Angeles She realized her degree was pointing her towards a corporate environment that wasn’t appealing to her After college she bounced around fun jobs like being a tour guide She was able to save money even with these fun jobs With the tour guide jobs, they were living on the road so she didn’t have housing costs During this time she was trying to pay student debt but only the minimum  After 10 years she realized she had barely lowered her student debt at all because of interest She moved to Boulder in 2011 to become a massage therapist and discovered Air BnB Because she already had experience with Couch Surfing, it felt comfortable to her She had a two bedroom apartment she was renting but had furnished it all herself After a roommate left, she decided to just Air BnB out the extra room It wasn’t steadily rented, but enough to cover the rent After it started being successful, she rented another apartment Yes, she was renting two, two bedroom apartments for Air BnB! At a point she started cleaning the places herself which allowed her to quit her $12/hour job We talk about how to give your Air BnB a unique touch to make it more desirable She feels like Air BnB is way more interesting and profitable than long term rentals Her first real introduction to financial independence also came in 2011 via Mr. Money Mustache She was 25 and wanted to retire by 30 When she started the focus was just on the large nest egg It eventually pivoted to a cash flow mindset when she saw the success of Air BnB She became cash flow FI at age 28 and began buying homes Now she owns 6 homes and manages over 20 properties at age 33 It’s important to remember that anyone can try this All you need is a couch or a backyard with a tent to get started Remember though things like towels and sheets! Then we talk about managing other people’s Air BnB vs posting your own place Rates range from 20-40% (Much higher than long term rentals) Key Takeaways Weird Works: Who would ever think to rent a second apartment just to put on Air BnB? It sounds weird but it's high profit and low risk! Build Habits: Zeona didn't have much money at first but she started good habits even if it was just $50. That allowed her to handle her money when she actually had a lot of excess coming in. Mix Business and Pleasure: Zeona has found a way to travel and support her business. By owning Air BnB's across the country, she can visit them to check up and get a vacation at the same time. Call to Action Look around your house or maybe a family members house and if you have a room or space that goes unused, pop it on Air BnB. Just get started! Join the Community

In today's episode, Cody and Justin take you on a behind the scenes tour of their monthly budgets. For some context, Cody is 23 and moving to Boston in September and Justin is 29 living in Boston with his girlfriend. Neither of them has kids. It's also important to note that despite their low monthly expenses, Justin and Cody do not feel deprived whatsoever. They're both enjoying life to the fullest. Ready to nerd out on some numbers? Let's dive in. Housing Justin - Currently paying $837 per person in Boston for a 2BR apartment. Cody - Paying $600 to share a room in Boston in a 3BR apartment with three roommates. Both Justin and Cody do an extensive amount of research before committing to a housing arrangement. Transportation Cody - Spends approximately $225 per month for gas and maintenance on his paid-off Nissan Frontier. Justin - A whopping $110 per month despite owning both a car and a truck... in a big city! The absence of a car payment or lease drastically reduces the cost of transportation each month. Food Justin - Spends $60 per month on groceries and ~$100 on all other food-related items (including alcohol) for a total of $160. Cody - Grocery expenses are typically around $110 and eating out / alcohol come in at about $190 for a total of $300. Justin and Cody are able to keep their food costs down by buying only primarily on-sale lean meat and vegetables and cooking 90%+ of the time. Entertainment/Travel Cody - Total monthly expenditure is around $400 per month. Justin - Spends about $300 per month in this category. Both Cody and Justin agree that experiences are 10x more valuable than material possessions. That's why they allocate a fairly large portion of their budget toward this category! They also take advantage of credit card rewards to gain free flights and airport perks. Miscellaneous Although it was hard to pin down exact numbers, Justin and Cody do have a miscellaneous category. Basically, anything that doesn't fit into the four categories above makes it into this one. Recently, Cody and Justin have started to focus more on quality instead of just buying the cheapest option possible. Key Takeaways Keep the big expenses low: Since Cody and Justin keep housing, transportation, and food low, they have a lot more flexibility when it comes to the fun categories (a.k.a. entertainment and miscellaneous) Do the extra research: One of the reasons why Justin and Cody are able to keep their monthly expenses low is because they are willing to put in a little bit of extra work to find a deal. Income Matters: Both hosts understand that saving isn't everything. If you're having trouble saving because your income is simply too low, consider starting a side hustle or figuring out ways to move up in your current role. Calls to Action Justin: Do you remember what you ate for lunch last Tuesday? Probably not. Figure out what other "Tuesday lunches" you have in your life and cut those out as much as possible. Cody: Lifestyle inflation is one of the sneakiest enemies of financial independence. Start experimenting for a week (or more) at a time and cut different things out of your budget. If you don't miss it, don't add it back in! Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android   Contact Us: Twitter Facebook Email Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today's episode, Cody and Justin are joined by Bobbi Rebell from the Financial Grownup Podcast and author of How to Be a Financial Grownup. She has a really interesting beginning from the ground floor and working her way up to multiple large media outlets and building a career on camera. Bobbi eventually saw an opportunity to step away and become her own boss which would end up being both a great financial choice and a great choice for her family. Come listen to where she finds her inspiration and the tangible steps she took to building both a successful corporate career and a business. Listen and follow along with the summary below and make sure to check out the links at the bottom of the page. Episode Summary Her dad was a Wall Street guy who would give the kids an opportunity to plan out their total expenses for a semester and they would make their request and that'd be there only chance to ask for money. (pretty awesome parenting exercise) She admits she had a lot of fortunate events and circumstances in her life but she also has had a great work ethic and paid her dues along the way Bobbi's working career started with working at a bakery, wrapping presents and folding clothes before her unpaid internship at CNBC She would come in during the middle of the night because people were a lot more likely to allow her to help and actually build a resume When she graduated college she didn't have any student debt which she credits to her granddad starting the trend of putting money back for her own parents' college Bobbi actually bought her studio apartment straight out of college at 23 in New York City and would end up flipping a couple of properties which lead to her nicer, larger apartment she owns today in NYC That first studio was only $90k which she bought during some down years in NY real estate Her friend actually got a similar apartment for under $70k! While she was making some big financial moves and making great progress, she wasn't without fault She bought a $3k chair with a home equity loan but she obviously rebounded Her career would quickly take off and she attributes it to always doing a little more than is expected and always adding skills She actually got her CFP from NYU thanks to some of the training her job paid for During her career, she became close with the likes of Tony Robbins and anchored shows at PBS and Reuters There were a couple of transitions obviously in that career and she details advice on loyalty to people vs businesses and how to handle transitions One day on a walk she decided to start a brand and write a book to help young people become financially responsible grown-ups Through the process, she was transparent with her company about her eventual transition The transition was a big one as she had three kids and a lot of groundwork to build for her business but she took a thorough approach over a three year period A big tip she gave us was to see if your company offers buy-outs for your job before you simply quit After agreeing to a slight delay in leaving, she did get a pretty nice buyout We then jump into some rituals and habits that keep her motivated and to help avoid burnout with such a high energy personality After making her transition, she realized that it really wouldn't take that much money on the side to make it a smart decision because of how expensive it was to work and raise children With this entrepreneur ventures, she doesn't pay for childcare and she can write off a decent amount of things as business expenses While she felt comfortable that she'd be able to make enough money on the side, she was surprised at what ended up being the most profitable Her favorite and most profitable part of her work is doing sponsored content for different brands On top of that, she MCs events, wrote a book, has two podcasts....  and more!

In today's episode, Cody and Justin are joined by Diego Corzo from House Hacking Club. His story is incredible and highlights why so many view America as the land of opportunity. Diego didn't even know he was undocumented until he attempts to get a drivers license. He faced a ton of obstacles but never stopped trying. Some luck and hard work meant he ended up qualifying for the Defense Action on Childhood Arrivals and DREAMER acts. Now Diego is living a successful life, spreading his story through places like TED talks...and yes paying a healthy sum of taxes. So go take a listen, leave that 5-star review and give us some feedback! Episode Summary Diego's family came to the United States on a VISA but it lapsed and left Diego here undocumented as a child He didn't even realize it until he started trying to apply for a drivers license and didn't have all the necessary paperwork He hits more roadblocks when he looks to college Eventually, he would get into Florida State University He could make money to help pay for college by building and selling study guides to fellow students or building websites Things seemed to be going Diego's way until he realized he couldn't actually work for anyone in his current status Then came the DACA and DREAMER programs under the Obama administration This gave Diego a chance to work and be as successful as any other kid raised in America He wasn't satisfied with the status quo though Diego came across the Book: Rich Dad, Poor Dad and it changed his whole view on life From then on, he knew his focus was to have assets and make his money work for him and not the other way This led to the first of many house hacks and his entry into real estate He actually bought his first home at age 23 After three years he quit his full-time job as a software developer and now owns a plethora of properties Diego is now a Realtor in Austin, TX and continues to grow his rental property empire   Key Takeaways Someone has it worse: This one just jumped out at me. I always think about how life was different if I had a better start and then you see people who started so far behind those who we'd consider at the back. But he still succeeded. Headlines are people: Man, when we see talking heads on TV, regardless of what side you're on, it's so easy to forget that things are complicated and that these are real people who are impacted greatly by the decisions and laws we're considering. Your message is important: If I was Diego, I'd be terrified to tell my story from worrying about what might happen to my family but he realized he could inspire so many people. It's not even about having a great story. Your story will be more relatable to some person than any other story they could hear. So tell it. Call to Action Imagine a young Diego scenario. No one can hire you but you need a job. What skills can take advantage of, what creative money making opportunities are you prepared for in case someone else isn't around to hire you. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android   Learn More About Diego! House Hacking Club More in-depth look at Diego Diego's TED Talk Contact Diego: Twitter Facebook Email Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today's episode, Cody and Justin are joined by  Rob and Melissa from Flea Market Flipper. You can just hear the passion jumping out of their voices and it's easy to see why when they show how they make $100k+ working only 25-30 hours a week flipping items. Throw away assumptions like long hours spent shipping or fixing junk just to make $5. This is a truly impressive system they've built. They also love educating and are offering all the FI Show listeners a free guide to selling on eBay! So go take a listen, leave that 5-star review and give us some feedback! Episode Summary Rob is the laid back one of the group and Melissa is the one who is the more money focused one From the start of their relationship they always used flips to earn money In the beginning, they would just use it for vacations and cars but not employment Rob saw his parents flipping items and just fell in their tracks When Rob sees an item he can just quickly research the item on eBay and also give you a ready to use post so you don’t have to do much effort at all After their third child was born four years ago they turned this to a full-time job They don’t see any advantages they have to anyone recreating their exact same business They’ve even started coaching people around the country The style of flipping they do and coach is revolved around doing a smaller amount of flip with much larger returns instead of focusing on quantity Commercial equipment is often something that can be had really cheap but sold at a big premium When you check out their blog and reports you’ll see that they’ll sell and ship anything The only thing they typically won’t mess with is anything following much below $100 profit They source most of their items locally through things like Offer up, craigslist, or Facebook marketplace but sell almost exclusively on eBay Sometimes they’ll do some touch-ups or small fixes but for the most part, they don’t do any work to the items which are different than when you’d flip a house Rob started flipping out of a convertible mustang but over time he upgraded to storage units, a truck, trailer, etc.  He stresses that you should just stick to what you have until you start making money off the flips On only 108 sells on eBay they made over $80k for the year which means they don’t have to spend a ton of time shipping items Then we get into talking about a flip challenge they have going on We’ve all heard of crazy stories/rumors of someone turning a rubber band into a car but this is real and is well documented This challenge has them taking an item and turn it into a rental house within a year and they’re on track! It all started with a free chair from the trash They stress that they try to teach what they can on taxes for these types of sales but note that they differ state to state so check your local laws They do note that in this business you can see irregular income but they combat this by keeping recurring cost low because they pay for everything in full upfront They’re currently not focusing on stock market investing because they’re really comfortable with real estate and already have two rental properties and are hoping for 10 over the next 7-10 years They’re so excited about sharing their skills with everyone through the flipper university and also some free exclusive content for FI Show listeners!   Key Takeaways Money is Everywhere: Just another reason why quitting a job doesn't mean you can't make money somewhere, somehow if you need to Imitate then Improve: Rob and Melissa didn't create a new industry. Selling used stuff is as old as they come but they're doing it better than just about anyone and have built an impressive and repeatable process Family First: It's so awesome seeing Rob and Melissa get their kids involved in the flipping and to see how this style of work allows for so much quality time with their kids instead of locke...

In today’s episode, Cody and Justin are joined by a third co-host! J from FIRE Drill Podcast / Millennial Boss. The three discuss their experiences with side hustling and also talk about the new Side Hustle Courses that Cody and Julie (J) are launching. There are also testimonials from several side hustlers who just recently took the course and are starting to earn real money online. Whether you want to become a digital nomad, build an online empire, or just earn some additional income outside of your day job, we've got you covered. Join us in this episode and learn why side hustling is right for everyone! What Are These Side Hustle Courses All About? Well, there are three separate tracks: Blogging For Profit - Everything you need to know about how to start a profitable blog from Day 1. The course covers website setup, content creation, monetization, outsourcing, and everything in between. Etsy Printables - Learn how to open your Etsy shop, create your first listing, optimize your digital products, and market them like a pro in this course. We walk you through everything you need to know step by step. Freelance Toolkit - Do you want to earn money on your own time in a matter of weeks? Whether you have no existing skills or a few talents, we show you exactly how you can make money freelancing and get paid the most for your time. Between the three courses, we spent thousands of hours building out the lessons which include 250+ videos, text lectures, worksheets, templates and more! Here are some of the highlights: Info-packed modules with text and video lectures Bonus lessons, free templates, and interviews with industry experts Weekly assignments and printable lesson plans to keep you on track Free month in the VIP Facebook group for accountability & community Advanced modules to take your side hustle to the next level Key Takeaways Side Hustling is mutually beneficial: When many people think of "making money online", they envision some scammy internet marketing scheme. However, there are tons of ways you can earn money online where you deliver value to your customer/client and get paid for it. Not everyone is a natural: You don't have to a Type-A rockstar or creative genius to start a side hustle. Anyone can acquire the skills to make a little bit of income outside of the traditional day job. Added layer of financial security: Every incremental dollar that you earn with your side hustle brings you one step closer to financial freedom. Even a few hundred dollars a month can go a long way over time. Call to Action Determine what side hustle might be right for you and take action. If you need additional inspiration, check out the Gold City Ventures Side Hustle Courses! Featured Guests Julie - Co-Founder of the Gold City Venture Side Hustle Courses, Etsy Printables Expert, Host of the FIRE Drill Podcast, and blogger at Millennial Boss. James Lowery - Co-Founder of Rethink the Rat Race and real estate investor. Nicole - Owner of The Printable Fairy Etsy Shop. Nick Monfreda - Aspiring freelancer and golf enthusiast. Jessie Bui - Owner of Jessie Bui Fitness: Instagram, Facebook, Email. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today's episode, Cody and Justin are joined by  James and Emily from Rethink the Rat Race who have one of the quickest journeys to financial independence you'll ever find. Living in Huntsville, Alabama they find themselves in one of the best real estate markets in the country for rental properties. They took that opportunity and ran with it. In 2017 they bought their first rental property and two years later they hit their 11th property and are now ready to retire this summer! Cody and Justin are both great friends with this duo and this is definitely a can't-miss episode. So go take a listen, leave that 5-star review and give us some feedback! Episode Summary James and Emily both had frugal backgrounds with James especially being on the really low end of the income spectrum They met at a local community college and James got his college mostly paid for through financial aid James ended up changing his major 4 times before eventually acquiring an associates degree Emily wasn’t eligible for financial aid due to her Dad’s income but her parents did pay for her first two years She ended up being able to pay off the final two years herself so they both graduated debt free Emily would take a job starting at $60k and James was at $35k per year in Huntsville, Alabama Even though they were in an affordable area with $95k of incomes, they weren’t saving a dime They said they were happy with there life but weren’t spending money intentionally but looking back they can see that they’re so much happier with their life now James was at work one day and someone said they came across a website that had changed their lives which turned out to be Mr. Money Mustache James immediately went all in and came home adjusting water heaters and laying down all these things they were going to cut from their lives...probably too aggressively he’ll admit This was 2016 when they discovered this idea of financial independence They estimate they cut their expenses down to $35k the next year after discovering the topic and have since cut it to closer to $12k Emily discusses how changing lifestyles can affect friend groups and social connections After cutting their expenses down as low as they could they looked to accelerate their path even more through real estate investing We go over their processes in finding properties and getting them ready to rent You’ll get a taste of James fantastic knack for negotiating They bought their first property in Summer of 2017 and have since hit 11 properties Most of these units were had for under $50k and all of them bring in over 1% of the cost back via rent Example: $50k house that brings in $500 is bringing in 1% every month All of the homes were bought using traditional mortgages Now they have enough money cash flowing every month to cover over 2x their expenses This has accelerated their path so fast that they’re now looking to retire in September That’s a 2-year path to financial independence! On top of real estate, they’re also maxing out one 401k and both IRAs Emily’s family owns a home in Cyprus that they plan on moving into this summer and doing some remodeling. Emily already has her EU citizenship and James is applying They’re not 100% sure what long term future looks like but they’ll probably pick up some side hustles in Cyprus to stay busy and travel all over Europe   Key Takeaways Everyone has advantages: Some people might not realize living in Huntsville, Alabama is a huge advantage for financial independence but James and Emily realized this advantage and maximized it Leverage is crazy powerful: James and Emily aren't these crazy high-income earners but they now own 11 rental units in 2 years. That's all possible thanks to the leverage you get through mortgages Not Knowing is Ok: James and Emily don't have the rest of their lives mapped out. But what 28 year old does?

In today's episode, Cody and Justin are joined by the insurance guru from Simply Insurance, Sa El. Sa El got started after a tragedy in the family and is now trying to make sure that never has to happen to anyone else. In this episode, we cover every type of personal insurance: Health, Life, Renters, etc You won't want to miss this episode so go take a listen, leave that 5-star review and give us some feedback! Episode Summary His journey went towards insurance because at age 20 his grandmother passed away from ovarian cancer and didn’t have any life insurance He realized how many people didn’t understand insurance at all Actually becoming certified was pretty simple He passed a test after a week of studying Got appointed to an insurance company Health insurance, disability insurance, dental insurance, and life insurance are the types he lists as the most important to focus on He actually calls disability insurance “paycheck” insurance That’s because it’s not just for disabilities, it’s also for simple sickness Most of these don’t kick in until you’re out of work for 60-90 days Dental is so important because so many other illnesses are related to dental health plus poor looking teeth can impact your career For health insurance, he really recommends a high deductible plan Early retirees who are living on low amounts like $30k per year could take advantage of some of those subsidies that low-income individuals use even if you have a high net worth We jump into some overarching topics that are problems with our health insurance system in the United States and things on the horizon to give us more transparency For car insurance, he recommends shopping around for rates every six months and highly recommends USAA and travelers insurance Also, watch out for double paying for things like a credit card that covers roadside assistance and also paying for it through auto insurance Then we switch gears to Life Insurance He’s very adamant that people pursuing financial independence should only consider term and never whole life insurance Whole life is too expensive! Then we talk about a type of life insurance that was new to us called “Return of premium” life insurance It is term life insurance but if you live past the term you get the premiums back! He calls it a savings account with free life insurance If you’re going term, he recommends getting a 30-year term and shoots for 20 times your income for a coverage amount So if you earn $50k, get $1M Also, look out for online products that don’t require an exam such as Bestow No exam doesn’t mean "no checking" so don’t lie on your forms! Then we cover an interesting topic of paying for your parent’s life insurance and becoming the Owner/Payer/Beneficiary of the policy Then we jump into renter’s insurance and the importance of reading all of your insurance fine print DON’T CALL THEM UNTIL YOU DO READ EVERYTHING Don’t forget, life insurance isn’t for you! Key Takeaways We all have something to learn: In this episode, we heard of so many new uses and types of insurance Life insurance isn't for you: Don't get confused about the purpose of life insurance and don't mix it with an investment Be the expert: If you want to make certain that you're getting the most out of your insurance and not left stuck with a bill, do the research and understand the ins and outs of your policy Call to Action Go read that boring fine print on your insurance products so you know exactly what your coverage is for! Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com

In today's episode, Cody and Justin are joined by Justin's old FinCon roomie, Travis from Student Loan Planner. Travis tried his hand with Ph.D. education...hated it Then he tried selling bonds at investing giant Vanguard...yep hated that too So he got serious about his money and saved up a low six-figure cushion to travel the world. So how does a nomad create a business that has now consulted on over $500M in student loan debt? Well to win his wife's hand in marriage obviously. You won't want to miss this episode so go take a listen, leave that 5-star review and give us some feedback! Episode Summary His first investment was as a kid by investing in coal through the help of his granddad That investment ended up actually almost doubling which his granddad worried was actually a bad beginner lesson Travis’ granddad was a big role model and great depression survivor who instilled a lot of frugality in him When he was 18 he stacked so many scholarships that he ends up getting paid to go to college and banked about $7k after all expenses He ended up with about $40k positive net worth upon graduation Then he thought he would go and become a Ph.D. economist but quickly realized that wasn’t for him So then he ends up working at Vanguard trading bonds,  but he also didn’t feel happy in the corporate world Then he discovers Mr. Money Mustache and focused on having a 60% savings rate and saved up low 6-figure mark Somehow we also got a one-eyed rapper reference in here… Travis took  fall out money and a need for escape then books a flight to Iceland for $99 and ends up spending a year on the road across 40 countries During this same time, he met his would-be wife who had a traditional job and a large chunk of student debt When he asked her dad for permission to marry her, he declined Travis because he didn’t have a job even though he had a positive net worth Travis thought he’d take on this topic of student debt and focus on consulting with people who owned several hundred thousand dollars Since that time his consulting business has boomed and they’ve consulted on over $500M in student loans He feels like if you really hate your job then get to that $50k mark if your young with no kids and just take the leap of doing something else and try to start a business knowing you have a cushion to fall on Travis states that the two sectors of student debt that’s exploding are the people who owe over $200k and senior citizens The number of people with these huge debts is doubling about every 3 years Then we dig into the different student loan forgiveness programs such as the ones available to those who are government employees vs public sector employees For some people, it makes a lot of sense to avoid paying off student loans quickly because they’ll be forgiven We then jump into the problems with government-backed student loans and tuition rates that are being driven by the greed of many colleges For instance, the pharmacy acceptance rate has gone up from ~35% to ~83% over the last 15 years which is driving down pay and allowing colleges to keep charging whatever they want We also cover protections against being stuck with student debt if you become disabled or protection for your family if you die so they’re not stuck with it Travis then gives us the rundown on re-financing which he said a good deal would be to save an additional 2% While his business focuses almost exclusively on paying down debt, they also will sometimes take on some pre-debt counseling to avoid being bogged down in the first place but even then it’s generally just Grad school. Travis rounds us out with his final tips and a great story of being study not being able to get through customs in Jordan and other interesting situations he found himself while traveling Key Takeaways Don't Settle: Travis wasn't happy but he kept switching it up and planning for ways out.