The Struggle is Real: Financial Independence Strategies for Young Adults Justin Lee Peters

As someone pursuing early financial independence, it is almost guaranteed that over time, a lot of your wealth will come from investment growth but as we all know, it takes money to make money.
The first $100,000 of your net worth is a lot of hard work: you need to make income, live below your means, and aggressively save. And through all of this, your career will be the backbone of this process.

Improving the skills that will make you more valuable is an important journey throughout your 20s. If you put effort in the right places, you will quickly become a high performer and be paid accordingly.

So with that in mind, what should you be focusing on? There are technical skills that will be in high demand in the future (think AI, cybersecurity, logistics) but these are industry-specific. There are also a set of skills that no matter what career path you pursue, will always pay dividends.

Today, I’ll be talking about the latter with Dave Lamont. Dave knows a thing or two about this subject as he’s built an incredible career for himself and not slowing down anytime soon. Dave is the CEO of Renfrew Business Group and president of Renfrew Chrysler, Lloydminster Nissan, and Royalty RV. In this episode, Dave shares 6 essential skills that led him to his success with the hope that you’ll find career success as well no matter how you define that.

So let’s get into it. I hope you enjoy my conversation with former hockey player, car enthusiast, and Author of Crank It!...Dave Lamont.

Key Takeaways:
Learning work ethic through role modelsHow hard work creates luckSimply strategies for effectively managing your timeHow to build rapport with colleagues twice your ageThe importance of learningEmbodying true confidenceWhy looking out for others will pay off

More of Dave:
Crank It! A Playbook for Succeeding in Business and Life: https://www.amazon.com/Crank-Playbook-Succeeding-Business-Life-ebook/dp/B0CBL2J76J

More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
Follow us on Instagram at https://www.instagram.com/tsirpod/

You’ve been pouring into your personal finance education and you’re starting to feel more empowered to manage your investments. You might have even played around with online calculators and realized how much that 1% advisor fee is really costing you. But years ago, when you were less confident and didn’t know better, you hired someone to help you with this. They grew into someone you call a friend and although you know the math and feel capable of handling your investments on your own now, you’re having difficulty cutting ties.
It’s not easy to break up with someone especially if they have treated you well, answered your phone calls, and have been sending you an annual Christmas card.
But I help you with the hard things and it’s time. With this in mind,  how can we make this a smooth process, set ourselves up for success, and respectfully and professionally break up with our financial advisor? Well, that’s today’s conversation.

To help me unpack this topic, I invited on Tess Waresmith. Tess is a financial coach that helps people feel confident with investing. But this wasn’t always the case. After socking away a ton of money working on cruise ships after she graduated, Tess hired a financial advisor to help her turn her savings into real wealth. But after some bad advice and other financial mishaps, Tess lost $80,000 and had to reset. Through a lot of self-education, she learned how to invest on her own through simple, yet effective methods.

In this episode, Tess shares the math behind the real cost of a financial advisor. She shares an easy step-by-step process for breaking up with your advisor and how to handle objections if they push back. We also talk about when it might be appropriate to hire help and who might be the right person for that situation.

Let’s get into it. I hope you enjoy my conversation with the aerial aerobatic and high diving financial coach…Tess Waresmith.

Key Takeaways:
How much a 1% advisor fee costs you over 40 yearsHow to compare your advisor’s performance against the averageA step-by-step process for breaking up with your advisorResponding to objections from your advisorFinancial situations that might require professional help and who to hireSimple definitions of common financial jargon

Mentions:
Free Guide: 26 need-to-know investing terms: https://www.moneyconfidentcoach.com/optin1656350743725

More of Tess:
IG: WealthWithTess (https://www.instagram.com/wealthwithtess/)

More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
Follow us on Instagram at https://www.instagram.com/tsirpod/

Dating is expensive. There is no way to sugarcoat it. Between dinner, drinks, parking, entertainment, and more…the costs quickly add up. I was reading an article and they surveyed 2,000 Americans to find out the average person has spent $3,025 over the last year on dating. That’s a little more than $250 a month and it didn’t include indirect costs like new clothes, make-up, and haircuts.
Even as someone in a long-term relationship where Gaby and I have similar financial goals, and the advantage of using coupons and hitting happy hours without social ridicule, we still spend a fair amount on dates.

It is because creating shared memories is important to us…but so is financial independence. So whenever it comes to dating, how can we maximize fun without breaking the bank? Well, that’s what I have in store for you today.

My friend Samantha Vigneau and I created a list of 5 affordable and fun date ideas. My challenge to her was each of these ideas had to be less than $50 for two people and she hit the mark with many ideas being little to no money at all.

This was a fun episode to make. I know many of us are dating right now let it be you’re looking for someone or in a relationship and going out and making memories together is important. So how do we find the balance between that and our financial goals? This episode will answer that.

I hope you enjoy my conversation with the Host of Single Status…Samantha Vigneau

Key Takeaways:
Elements of bad first date ideas5 affordable yet fun date ideasHow do you discuss money with a new romantic interest?Signs to look for to understand someone’s money valuesWhat to do if you feel like you’re falling behind in life

More of Samantha:
Website: https://www.singlestatuspodcast.com/
Instagram: https://www.instagram.com/samanthavigneau/

More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
Follow us on Instagram at https://www.instagram.com/tsirpod/

If you’re interested in early retirement, you have to consider how you will afford life when a paycheck isn’t hitting your bank account every other Friday. Of course, my favorite method is investing in the stock market. This provides dividend income and the ability to sell your stocks when you need to but there is another obvious method out there - real estate.
I don’t know how we’ve gone 135 episodes without extensively discussing investing in real estate. It may be because it isn’t something I currently participate in but it has my attention. When I think about my draw-down method, there is hesitation on what I would do if I felt like we were in a down market and I’m wondering if rental income would give me much-needed stability through my early FI years.

So I’m putting some effort into learning about it and if you do the same, there is one educator you will likely run into: Dustin Heiner. Dustin is the Host of Master Passive Income and is on a quest to help one million people get started investing in real estate. He is of course a real estate investor himself and at the age of 37, was able to quit his job because he had enough passive income from his real estate investments.

In this episode, we discuss three common mistakes that Dustin wants you to know about before you buy your first property. Our goal in this conversation is to prevent you from making mistakes that Dustin had to learn the hard way early on.

So if you’re interested in real estate investing, let’s get into it. I hope you enjoy my conversation with the father of 5 and successfully unemployed…Dustin Heiner.

Key Takeaways:
What you should do first before worrying about finding or financing your first propertyRules you can set in place to make your real estate business more passiveHow to estimate the cost of common real estate expensesOne rule to put in place so your property makes you money no matter what happens with the property valueHow to negotiate your offerHow to create passive income through real estate

Mentions:
Free Course: https://masterpassiveincome.com/freecourse/

More of Dustin:
Website: https://masterpassiveincome.com/dustin-heiner
Instagram: https://www.instagram.com/thedustinheiner/

More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
Follow us on Instagram at https://www.instagram.com/tsirpod/

Even with an aggressive savings rate, reaching financial independence will take 10 to 15 years assuming the market plays nice with you. Stack on paying off debts and saving for large purchases like a wedding, a new car, or your first home, we can see how this is going to be an extended journey.
Throughout that journey, how do we stay committed and follow through with our goals?

This is not an easy answer, especially in the age of instant gratification and social media.

So I turned to my friend Matt Worthington who has followed through with many impressive goals. When he started college, he committed to graduating debt-free. This required working multiple jobs, saying no to distractions, and an unhealthy amount of frugality but he made it happen. Then he wrote a book about it which is a feat in itself. Finally, over the last year, he’s accomplished several physical challenges including completing a half-ironman, finishing 75 hard, and running an ultra marathon, which required a focused training plan and a lot of mental toughness.

It is easy to write off Matt as someone born with these gifts but I promise you that wasn’t the case. Don’t worry, we’ll get into that story.

My hope with this episode is you pull out inspiration to continue following through with your commitments, financial goals, or anything you have your mind set on right now.

So if you’re looking for that inspiration, let’s get into it. I hope you enjoy my conversation with Mister Reinvention himself…Matt Worthington.

Key Takeaways:
Creating the belief that you can changeFollowing through with your commitments even when they get hard or you hit an obstacleHow to cultivate discipleSurrounding yourself with the right peopleGetting creatively thrifty 

More of Matt:
Instagram: https://www.instagram.com/matt_worthington/
Riser Network: https://www.risernation.org/
Riser Podcast: https://open.spotify.com/show/6WWt0CNuhVg5HSyKlEERWf?si=ix0gHEjFT72OXAKZcWVN3w&utm_medium=share&utm_source=linktree&nd=1&dlsi=3f4d5462c135468c
Ultra Productive: https://www.amazon.com/Ultra-Productive-Graduating-Debt-Free-Getting/dp/1946277835

More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
Follow us on Instagram at https://www.instagram.com/tsirpod/

When I say the word frugal, what comes to mind?
Do you think of your penny-pitching sibling? Or your coupon-clipping aunt? Your co-worker that always brings their lunch? The reality is, frugal means something different to everyone.

Frugality is a spectrum, and I believe it can be extremely beneficial to live your 20s with a healthy amount of frugality. Split rent with roommates. Shop at value-based stores. Avoid overspending on luxuries like new cars or fancy clothes. Winning these battles early on can pay dividends, literally and metaphorically, down the road.

But frugality can go too far. Your 20s aren’t the time to deprive yourself of everything at the expense of saving money.

So how do we find that balance? What are some signals that we’ve gone too far? And what can we be doing now so we don’t have to worry about frugality so much in the future?

Joel Larsgaard, Co-Host of How to Money, will be answering those questions today. Joel is a recovering frugalite. After experiencing his parents going bankrupt when he was 12, he vowed not to let money impact him in the same way. In his 20s, he worked two jobs, used his bike as a primary source of transportation, and scoured the internet for the best deals. As Joel entered his 30s, he realized he might have taken frugality a little too far. At times, being frugal tested his relationship with his wife and had him make short-sided decisions that might be considered cheap versus frugal. Joel will admit that he doesn’t have it all figured out now but I can tell he’s found a much healthier balance today. He still loves riding his bike but works less and isn’t afraid to spend money on quality items he loves.

I enjoyed my conversation with Joel because I can see myself following in his footsteps. I can often get lost in the bigger picture of financial independence. FI is not a number but instead, the flexibility to reimagine what life could look like.

So if you’re ready to experience what life could look like, let’s get into it. I hope you enjoy my conversation with the craft beer lover and co-host of How to Money…Joel Larsgaard.

Key Takeaways:
A case for frugality: frugality gives you optionsDefining frugal (and when frugal becomes cheap)Frugal strategies for saving lots of money in your 20sThe diminishing returns of frugalityFrugality isn’t the only tool to use in order to reach FIFinding balance by identifying your craft beer equivalent

Mentions:
HTM Money Mission Statement: https://drive.google.com/file/d/1IhrgSguUq7A3-5OoqF8-0XaX65M2ixyc/view

More of Joel:
Website: https://www.howtomoney.com/

More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
Follow us on Instagram at https://www.instagram.com/tsirpod/