From the Ghetto to a Growth Mindset|Jerry Brown - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-09-15T07:00:16
Today's episode features Jerry Brown from Peerless Money Mentor.
Jerry grew up in a self-described ghetto with no real view of a way out.We cover his background, how he turned things around, and how he's built a powerful financial independence network.
You won't want to miss this inspiring story!
Listen, learn, and let us know what you think about this awesome episode.Episode Summary
Jerry's Background
Jerry didn't really know he was poor growing up
But he lived in a crime-filled neighborhood with few outside role modelsHis mom also needed assistance to get by
He talks about how people were surprised he'd even admit that he was from the area he lived in
Growing up he thought basketball or rapping would be the only possible way to escapeHis mom did put a big emphasis on learning but financial independence never seemed reasonable
Can you Bootstrap Past Disadvantages?Jerry sees it as a mixed bag
He does put a lot of weight into hard workBut he also acknowledges the real disadvantages
He was also cognizant enough to understand his family was a big advantageJerry's Financial Mistakes
Jerry was young and healthy so he thought he didn't need insurance
A large dental procedure led him to serious credit card debtThen he started buying more things on credit
Eventually, Jerry would buy a $22k car while only earning $22k per yearFinancial Wake Up Call
He came home and his fiance had her bags packedJerry realized he couldn't afford to live by himself
So he thought he'd just live out of his car to avoid the embarrassment of moving home
Jerry was also carrying debt with 25% interest ratesHe was making payments but was never actually making progress
A friend recommended he refinance through a personal loanThis lowered his debt all the way down to 5%
For his remaining credit card bills, he did a balance transferThat gave him 0% rate for 18 months
Jerry's Side Hustle Journey
He tried Swagbucks but the payout was terribleThen he tried Uber but it was taking a toll on his car
Jerry also tried We Go Look where you send in pictures of damaged vehicles for insurance claims.Now he is getting more into freelance writing and social media managementJerry also highly recommends Beta Testing.
NetworkingThis was a really powerful part of Jerry's story
Networking expanded his world viewIt also tangibly impacted him
From ideas on debt payment or side hustles like freelance writingJerry really highlights the importance to surround yourself with people you can draw knowledge and encouragement from
Key TakeawaysArtificial Limits: One thing that really stuck out was the disadvantage that people experience simply by having low expectations set for them and surrounding them.
Mental Health: We loved that Jerry was open about his mental health journey and his encouragement to others to also take it seriously.Call to Action
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Jerry's Information
Further episodes of The Financial Independence Show
Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa