311: How to Create Financial Security (From Scratch!) and Become “Set for Life”

What's stopping you from becoming debt-free? Everyone’s answers will vary, but one truth remains the same—excessive debt can prevent you from living the life you deserve. Today’s guest, Joe Bussey, took control of his life once he decided to pay off his $220,000 worth of debt and build a “financial runway” he could rely on.

Joe's debt accumulated as he did what everyone in his life told him to. He was in pursuit of a college education when his life took a series of unexpected and unfortunate twists and turns. It all started when he got robbed at gunpoint for all the money he saved for college. From there, he had to start from scratch to save up for school. He had to work several jobs, once working five jobs at a time, to keep up with rent and student loan payments. He then went back to school to pursue a better career but ended up in school for five more years—forcing him to take out even more student loans.By the time he graduated, he was $220,000 in debt.

After graduation, Joe was only making $1,000 a month and eventually fell into a deep depression. It was then Joe decided he needed a change, so he wrote out all his worries and came to one conclusion—they were financial problems. After doing some research, Joe came across BiggerPockets and Set for Life. He read the book cover to cover in one day, and a light bulb went off. After reading the book, Joe took control of his finances, saving up $25,000 in his bank account while paying off $100,000 in just fourteen months!

In This Episode We Cover

Financial runways and how to create financial security from scratch

How to become “set for life” and the actionable steps you can take to start your journey to financial freedom

Living off less than half your income and the importance of earning more and spending less

Using your Roth IRA to maximize retirement savings and find financial peace

The benefits of paying off student loans now and how to refinance them

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter