BiggerPockets Money Podcast 211: From -$28k in Debt to $107k Net Worth by Cutting Out the Unnecessary
It’s nice to hear a fan of the BiggerPockets Money Show talk about how they are on the path to financial freedom. It’s even nicer when we hear that the fan, Melissa Yi, went from a negative net worth to now $100k+ due to some simple tips from Scott and Mindy.
Melissa had stints in her childhood where she was facing homelessness, not knowing where her next meal was coming from. She worked hard after high school and ended up at a job that offered to pay for her college education. A year away from graduating, she made the decision to quit, without savings, another job lined up, or a way to pay for school. She took out student loans, auto loans, and sunk into credit card debt.
At one point, Melissa looked around and realized she had a lot of stuff. Stuff that wasn’t doing anything for her, except for filling up her garage. She sold what she could, started bringing in side income streams, and stopped eating out. These small changes allowed her to slowly pay off her debt and get to a positive net worth. Now, she’s at the $100k+ point and slowly coasting her way to financial independence!
In This Episode We Cover
The importance of financial education when growing up
Taking advantage of company-sponsored tuition reimbursement
Why you should never cash out your 401(k) or other retirement accounts
Credit card debt and why it’s so bad for uninformed consumers
Using a live in flip to make a killer profit while paying $0 in taxes
Setting up retirement accounts and maxing them out whenever possible
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners
Check the full show notes here: https://www.biggerpockets.com/moneyshow210
Learn more about your ad choices. Visit megaphone.fm/adchoices