From Family Bankruptcy to Multiple Income Streams|Ben Le Fort - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2019-10-01T07:00:34
In today's episode, Cody and Justin are joined by Ben Le Fort.
Ben is Canadian and has an awesome back story.His parents were financially unstable even to the point of needing Ben to help with the mortgage as a teenager and bankruptcy.
Ben would go on to turn things around and is now on the financial fast track. He and his wife now own two properties and are saving aggressively towards retirement.Fun note, one of those properties is actually the home that his parents now live in.
Listen and read below to hear his amazing journey.Episode Summary
Ben grew up upper-middle class but then 2008 happenedBoth of his parents were realtors and the recession crushed them leaving them bankrupt
His parents had no savings and the housing market crashedLooking back he saw some flags that they hadn't been saving
One of those flags was being asked to help pay the mortgage as a teenager The problems his parents went through caused him to choose economics as a major
Ben would end up graduating with about $30k in student debtThis was a rough go because he was having to use student lines of credit
His parents'income made him ineligible for financial aid or government student loans in Canada
Ben would go on to miss some payments which took a toll on his creditUpon graduation, he couldn't find a good job because of the recession (2010)
This drove him to going back and getting his masters degreeBen got roommates in a run-down apartment for $350 a month
He tried to continue living the college lifestyle so he could pay off his debtBen became debt-free in 2015
Then Ben talks to us about meeting his wifeShe was very risk-averse and investing scared her
After tackling stocks they moved on to real estateBen now has two properties and has done very well on both
Fun note, his parents actually rent a property from himBen's financial world is now off the charts and he's looking to help other
That's what started his venture into blogging online via Medium
That writing has now turned into a legitimate side hustleWe then tackle Canadian investing vs American investing
Key TakeawaysBe prepared for the unthinkable: His parents were so used to their income and the stability of the housing market. When it crashed, they certainly weren't prepared.
Your start doesn't define you: The thing that really jumps out in this episode is that his parents'bankruptcy didn't mean Ben couldn't be successful. It actually benefited him through the motivation it gave him.
Currency Matters: There was a really tangible discussion where Ben called out the tactics of someone in Canada investing and how it differs from the United States.Call to Action
Whether it is a parent, cousin, or just a friend. Find a loved one who could use a talk about finance and open up and talk to them. Keep it simple and make them feel comfortable if you can.Join the Community
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Connect with Ben:
Via his publication on Medium called Making of a MillionaireVia his writing at Wealthtender
Learn More About Your Hosts:
Fly to FI (Cody’s Blog)Saving-Sherpa (Justin’s blog)
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Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa