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Matt and his wife went from living paycheck to paycheck to saving 60% of their income in just a few short years! They did this through a combination of prioritizing debt payoff, increasing income from career hacking and house hacking, and by lowering their expenses.
They saved over $50k the last 2 years, which allowed them to take a leap of faith and quit their W-2 jobs to be entrepreneurs. Matt is now working as a start-up consultant and making bank!
You’ll love Matt’s story and the inspiration he passes on.
We also chat about…
- the best pizza in Chicago
- best passive investments for every level of investor
- how Matt got started in consulting
- why Matt is moving to Hawaii (as if he needs a reason…)
Enjoy this chat with Matt from Distilled Dollar, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today’s episode
- Distilled Dollar <— Matt’s blog!
- Warren Buffet’s biography
- VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares)
- Distilled Dollar youtube channel
- Millennial Money minutes (Matt & Grant’s podcast)
- Episode 50 – Grant’s interview
Key takeaways from our chat with Matt from Distilled Dollar
1 – Make the system work for you, not against you
Compound interest is powerful. Working against you in the form of interest on debt owed, and working for you in compounding your savings over time. Pay off debt as quickly as you can and save as much as you can.
If someone pays your mortgage for you in the form of house hacking (roommates, multi-family, tiny houses, etc), the amount you can save goes way up! Eliminating or drastically reducing your housing costs and transportation costs will free up so much space in your budget, you won’t even recognize it.
1% changes add up over time!
2 – Gwen & J confess their investing secrets
**Spoilers** Gwen…. doesn’t have any accounts at Vanguard despite recommending them. She has all of her accounts at Fidelity thanks to her work 401k.
J…. uses part of her portfolio to actively invest in tech stocks! THE HORROR! However, it’s money she can afford to lose, it’s an industry she strongly believes in, and she merely buys and holds the stocks instead of day trading.
In the grand scheme of investing sins, these are pretty minor 😉
Today’s episode is brought to you by Peti from Leveraged Mama. If you are a momma trying to find financial freedom, you need Leveraged Mama. Find her awesome free debt reduction cheat sheet at Leveragedmama.com/firedrill.
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