Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought, or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future.
But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again.
But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!
In This Episode We Cover
Escaping childhood poverty through basic financial education
DIY financial literacy by asking questions others are too intimidated to
401ks, Roth IRAs, HSAs, and other tax-advantaged investing accounts
Tweaking your “money mindset” to place yourself on the path to building wealth
Amanda’s biggest financial mistake that, once corrected, increased her income two-fold
Building your emergency reserves and using them to catapult your investments
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
XY Planning Advisor
Fidelity Investments
She Wolf of Wall Street Website
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-329
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