The Low Income Path to FI|Chad Methner - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2019-09-03T07:00:33
In today's episode, Cody and Justin are joined by Chad Methner from Little Brother Life Coach.
Chad really wants to encourage people how to reach FI even if they're nowhere near a six-figure salary.
We discuss his battles during the recession, finding himself in a job he hated, and how he came through it all. You'll catch Chad now helping others through coaching and setting up local meetups.
It's a unique angle so go listen and follow along with the summary below and make sure to check out the links at the bottom of the page.
Episode SummaryChad first discovered financial importance from a Dave Ramsey book he stumbled across
The parts about debt pay off really hit ChadHe's still $20k in debt from college
After high school, he just did some manual labor while he tried to figure out what to do for collegeHe got half off tuition thanks to his dad's job at Ohio State
After college, he couldn't land a job because it was 2009 and the recession was in full swing
He didn't rack up any debt from college until he got his masters in 2015
While the job he had did some tuition reimbursement, it still cost him $25k in debtThat along with a car and some other loans left him with over $40k worth of debt
He continues at this job making under $11 per hourAfter he got his masters he went to try and get a promotion
Unfortunately, they didn't give him any options
After six years there he had maxed out at $13.25 an hour and decided to leaveHe landed a new job and almost doubled his income to just under $50k and in a role where he was more comfortable
We asked why he staid at that first job so long unhappy and underpaidFor Chad, it was just comfortable and easy but he finally had enough
The discussion swapped to how he saves money on this lower-incomeThe biggest thing for him was cooking at homeIt turned into a full-blown hobby instead of just a money saver
He plans to be out of debt in 3-5 yearsHis big goal is to retire before age 55 and hit that $1M mark
Chad is also trying to build up side hustles including coaching and writing a bookThen we discuss the"poverty-tax"and the importance of an emergency fund
Key TakeawaysEveryone can benefit from this journey: Chad began this journey on as little as $10.75 per hour and it's changed his life. Your velocity may be different but the impact is still extremely meaningful.
We can always help: Although Chad is still working through his debt payoff, he still has a lot to teach other low-income individuals chasing FI.Don't settle for misery: Chad obviously stayed at his first job too long. After 6 years he was still underpaid and forced into positions he hated. Regardless of pay, working in a job you hate is never worth it.
Call to ActionStart planning some frugal activities and trips. Maybe even take a look at activities you currently do and find a frugal alternative.
Join the CommunityWe’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
Sign up for our exclusive newsletterJoin our Facebook Group
Leave us a voicemailSend an email to contact [at] TheFIshow [dot]com
If you like what you hear, please leave a rating/review!The FI show on iTunes
The FI show on Android
Contact Chad:Via his blog Little Brother Life Coach
Catch him on TwitterIn our Facebook group!
Learn More About Your Hosts:Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
Further episodes of The Financial Independence Show
Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa