Episode #583
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If you follow the almost unbelievable path of today’s guest, you, too, could achieve financial independence in your thirties. Would we recommend mimicking his strategy step-by-step? No! Because if you get it wrong, you could be further from FIRE than when you started. Only the most prudent, risk-tolerant, and financially savvy among us could do what Andrew Schrader did.
After racking up six figures in car loans and student debt, Andrew knew something needed to change quickly. Thanks to his financial discipline, he paid his debts down fast, but what would he now do with the money he was sending toward debt every month? After a coworker threatened to quit on the spot without a care in the world (the coworker was FI), Andrew knew exactly what his next goal was.
So, he set out to do the impossible: Stretch his dollar as frugally as possible, spending in a year what many Americans live off of for a month and taking calculated bets that he knew the risks of. His unbelievable journey to FI will have you squirming in your chair (like Mindy did!) as you hear what incredible lengths you can go to reach your financial goals WAY faster than most Americans.
00:00 Intro
01:48 Stock Betting and $100K Debt
04:12 Watching His Coworker FIRE
07:16 Income and “Overtime”
08:41Taking SERIOUS Risk (BIG Reward!)
16:21 10Xing His Money
19:46 Rock Bottom Expenses
27:34 Building a Business
36:45 Quit His Job?
43:16 Make the RIGHT Bets