141 episodes

This show is for 20-somethings who want to expedite their journey to financial independence.

Have you ever asked yourself, “If money wasn’t an issue, what would I do with my life?” If not, think about it because you’ll need an answer sooner than you think, but my guess is, you have. You’ve thought about an alternative career path, starting your own business, or spending more time developing your hobbies but the major factor holding you back is money. I want to solve that problem for you.

On the show, we’ll answer questions like:
*What are the best investment strategies for early retirement?
*How much money do I need to retire early?
*How do I negotiate a higher salary or raise at my current job?
*What are some profitable side hustle ideas I can start today?
*What are the best strategies for budgeting and managing my money?
*What frugal life hacks can make everyday purchases more affordable?
*How can I withdraw funds from retirement accounts penalty-free before the traditional retirement age?
*What are some long-term strategies for building wealth and financial security?

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

    • Business
    • 5.0 • 93 Ratings

This show is for 20-somethings who want to expedite their journey to financial independence.

Have you ever asked yourself, “If money wasn’t an issue, what would I do with my life?” If not, think about it because you’ll need an answer sooner than you think, but my guess is, you have. You’ve thought about an alternative career path, starting your own business, or spending more time developing your hobbies but the major factor holding you back is money. I want to solve that problem for you.

On the show, we’ll answer questions like:
*What are the best investment strategies for early retirement?
*How much money do I need to retire early?
*How do I negotiate a higher salary or raise at my current job?
*What are some profitable side hustle ideas I can start today?
*What are the best strategies for budgeting and managing my money?
*What frugal life hacks can make everyday purchases more affordable?
*How can I withdraw funds from retirement accounts penalty-free before the traditional retirement age?
*What are some long-term strategies for building wealth and financial security?

    Does My FIRE Number Account for Inflation? | E140 Jesse Cramer

    Does My FIRE Number Account for Inflation? | E140 Jesse Cramer

    I love playing with compound interest calculators and one equation I’m routinely calculating is the number of years until I reach financial independence. Using the 4% rule, I multiply my living expenses by 25 to get my FIRE number. I use that, my current net worth and various contribution rates to predict when I’ll reach FI.
    But then I started thinking about this equation. Instead of using my current expenses should I use an inflation-adjusted number that would more realistically match my future expenses? Also, now I’m second-guessing my average return rate. Does that include inflation or should I be adjusting that rate too?

    All of a sudden, I’m a little turned around. Not knowing if the number in front of me is an undershot or overshot. I don’t want to be so far off the mark that my calculation isn’t giving me a realistic path to financial independence.

    So what is the right way to account for inflation whenever running our numbers? Luckily Jesse Cramer is back so tell us the right way to go about this calculation.

    Jesse has a way of simplifying topics. He is routinely doing this through his podcast, The Best Interest. Jesse takes complex financial topics and puts them into layman's terms. Jesse is so good at doing this that this is the 3rd time I’ve invited him on The Struggle is Real.

    In this episode, we get straight into the topic of inflation and answer questions like why products get more expensive over time, 2 ways to correctly calculate your FI number, and how to protect your portfolio from inflation.

    So if you’re ready for that, let’s get into it. I hope you enjoy my conversation with TSIR’s most frequented guest (for now)...Jesse Cramer.

    Key Takeaways:
    How products and services get more expensive over timeHow inflation is measured2 ways to calculate your FI number without mistakenly leaving out or double counting inflationDoes the 4% rule account for inflation?How to inflation protect your portfolioHow concerned a 20-something should be about inflation whenever retirement planning

    Mentions:
    Accounting for Inflation in Retirement and FIRE Planning: https://bestinterest.blog/accounting-for-inflation-in-retirement-and-fire-planning/

    More of Jesse:
    Podcast: https://bestinterest.blog/the-best-interest-podcast/
    Blog: https://bestinterest.blog/

    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/

    • 55 min
    6 Essential Skills to Have a Successful Career (and Make More Money) | E139 Dave Lamont

    6 Essential Skills to Have a Successful Career (and Make More Money) | E139 Dave Lamont

    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/

    • 53 min
    How to Fire Your Financial Advisor (for Those Who Don’t Like Confrontation) | E138 Tess Waresmith

    How to Fire Your Financial Advisor (for Those Who Don’t Like Confrontation) | E138 Tess Waresmith

    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/

    • 48 min
    5 Affordable Yet Fun Date Ideas | E137 Samantha Vigneau

    5 Affordable Yet Fun Date Ideas | E137 Samantha Vigneau

    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/

    • 49 min
    First Time Real Estate Investor? Don’t Make These 3 Mistakes | E136 Dustin Heiner

    First Time Real Estate Investor? Don’t Make These 3 Mistakes | E136 Dustin Heiner

    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/

    • 43 min
    Learn to Improve Your Commitment and Follow-Through | E135 Matt Worthington

    Learn to Improve Your Commitment and Follow-Through | E135 Matt Worthington

    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/

    • 45 min

Customer Reviews

5.0 out of 5
93 Ratings

93 Ratings

About That Wallet ,

A Must Listen

Justin takes a deep look into life’s struggles and shares how to overcome such issues. Highly recommend for everyone to take a listen. You’ll be surprised of what you’ll learn!

MCooper64 ,

Great Podcast!

Justin does a wonderful job brining in different guests and their perspectives. Awesome for anyone who’s still in their first few entry level jobs or just graduating

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5 Star Podcast

Justin and his amazing guests share their awesome insights into life and their struggle to succeed. It’s become my latest bingable podcast.

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