053 - MillMoneyMan

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4 - 47 Speaker You're listening to ChooseFI radio The blueprint for financial independence lives here. If you're looking to unlock the secrets to financial independence and early retirement you'r in the right place stay tuned to join a community of like minded people. Who. Are. Getting off the hamster wheel. And taking control of their lives in the pursuit of financial independence. ChooseFI. Your home for financial independence online.
47 - 84 Jonathan Mendonsa Hey guys they were talking with Bobby aka millennial money man who paid off 40000 dollars in student loan debt in a year and a half on a teacher's salary. Then he made the choice to actually quit his job and run his blog. Millennial Money Man.com full time with over 150000 readers he teaches people how to attack debt make more money and create an awesome life. You can get excited about. Today we're going to be exploring his story. We're going to talk about K through 12 and what they really ought to be teaching kids in schools and a little bit about the business asset class so I am excited to get this conversation started today to help me with this I have my cohost Brad here with me today. How are you doing buddy.
college-loans, debt, teacher
84 - 119 Brad Barrett I am doing quite well Jonathan. This should be a really interesting interview with Bobby. He's got so many cool little angles on his story from paying off student loan debt to being a teacher and trying to introduce personal finance into his classroom. To starting a side hustle right and really building out his own business asset. As Todd Truster talked about a couple of weeks ago and he just last month made over 16000 dollars from his website. So that's a pretty successful side hustle as far as I'm concerned. Yeah with that. Bobby welcome to the show.
college-loans, debt, hustle, teacher
119 - 129 Bobby "Millennial Money Man" Hoyt Hey guys. Thanks for having me on I really appreciate. I've been excited about this one for a while because I think a lot of my readers are actually big fans of your podcasts. It's a cool kind of crossover.
129 - 143 Jonathan Mendonsa Nice. I'm excited about this too and one of the things to me that was so interesting about your story is that my understanding from reading some of your writing is that when you left your job, your sight was not making anything. Am I right about that.
144 - 165 Bobby "Millennial Money Man" Hoyt That is 100 percent true. Yeah. When I left my job I'd only been blogging for about six months. The site had brought in a cool three dollars in Google ad revenue. But I was just I was so passionate about it. At the time and I was I've had this feeling that I could make it work somehow. And so I just took that leap of faith but I never recommend that other people do that later.
blogger
165 - 180 Jonathan Mendonsa Don't give up your only source of income. That sounds like just a great runway there. But yeah this is going to be a lot of fun. I mean it would be really cool. Maybe we could just take a few minutes and maybe you could tell us a little bit about your backstory. What were you doing before you decide to pursue this entrepreneurial laptop lifestyle.
backstory
180 - 372 Bobby "Millennial Money Man" Hoyt It really all started after college for me. I graduated had a music education degree. I had through high school and you know obviously your college I really really felt like I wanted to be a high school band director. I was good at music. I started in sixth grade. I went through that process I got the degree and I got a job here in Texas and I went waterskiing actually with my wife and a family friend of hers that was a he's an older guy. His name is Mike and he owned a pool company for a really long time. But he was successful he was a multimillionaire. He asked me he was on his boat and he asked me while we were out there water skiing is like Hey so what are you going to do about your student loans. I didn't have an answer because I was 23 I didn't know anything about personal finance or money like I was not interested in this world at all. And he basically was like hey here's what you're going to do if you want to be successful. And he told me to keep my living expenses as low as possible throw everything that I possibly could at the loans and so back then I was impressionable and still young enough to where I listened to him without really thinking about it too much. And I did it and so I paid off the 40000 dollars of student loan debt that I had in a year and a half and did it through a lot of different strategies. But my wife and I had the probably one of the biggest ones. We decided to rent a room from her parents which was a kind of an interesting. We had this little 10 by 10 bedroom and looking back on it was like this terrible living experience because nobody wants to live with their in-laws like that but we did it for a while and I drove this little crappy car with like roll up windows and I never I never let my lifestyle inflate after I started getting paychecks from from teaching. And so I just threw everything I could at those loans. After that I got really really excited about personal finance because I realized that nobody around me none of my colleagues or my friends or anything. They never talked about money. And so I was like you know when to start kind of talking about money so I went over to medium dotcom and I wrote this I don't even know what there really a blog post I just wrote this thing that was kind of just like a thesis statement on like what I thought Millennials should do with their money. And I shared it on Facebook with my friends and it kind of went mini viral and I realized that hey I might be kind of good at this. And so I started millennial money man and just started blogging kind of trying to figure that out. And then at the same time we had these advisory lessons while I was teaching. Every day the principal would send us these ridiculous advisory lessons that were like English lessons or like math. But it was really stupid curriculum. And the kids hated it. And so I was like well why don't I just start talking to them about money. And so I turned those advisory classes. I was not supposed to do this but I turned advisory classes into these money lessons where we talked about just very simple you know how does interest work and how do you how do you read a credit report. And the kids loved it. They were so into it that it was like all they talked about like oh we got to do Mr Hoyt's money lesson. And so I had been blogging for about six months and I had like a little bit of traction with millennial Money Man and I just decided one day that I was I was like OK I'm going to do this full time. And I walked in and I quit. And that was kind of how it all started. Now it's a couple of years later and it's gotten a lot bigger. But that was the the initial story behind all that.
blogger, college, college-loans, debt, families
372 - 411 Brad Barrett Wow that's incredible. I probably jotted down about 10 different questions just in a couple of minutes we're talking there so I want to go back to the beginning of the story if you don't mind. So you're on this boat right. You meet this guy and you have this inflection point in your life. I mean do you. Have you ever thought about like what you would have done with your suit minds had you not met this gentleman I think he said his name is Mike. What would have happened. Like what did you know about money beforehand. How did you educate yourself on money after that conversation to eventually go and write this thesis statement as he said on this Web site and then create millennial money man. Like Talk us through the thought process there.
411 - 452 Bobby "Millennial Money Man" Hoyt Sure. Well I mean as far as what I knew about money it was zero. I had never been interested in money. I think a lot of like a lot of teachers make that choice because you know you're not going to make a lot of money so you just kind of go like that you know. Whatever happens happens. And so yeah I was not interested in personal finance. The reason that that came up in the in the speedboat while we were out there the lake that we go waterskiing on has all these like beautiful mansions. And I said something to my wife like it's like yeah we need it we're going to live in one of those one day. And my friend Mike like looked over and he was like you're a teacher you've got 40000 dollars student loan debt that's probably not going to happen unless you do something different. And I was like oh that's good.
debt, teacher
452 - 456 Jonathan Mendonsa The natural conclusion of this story does not end with one of these million dollar homes right.
456 - 525 Bobby "Millennial Money Man" Hoyt Yeah yeah. So after that Mike was my wife's father's best friend. He just kind of took me under his wing and I'd go and hang out at his pool shop and he was kind of in the process of tearing down his business in a way like shutting things down very slowly and he decided that he wanted to he saw that I had kind of like an entrepreneurial spirit, but probably didn't know it yet and he just he started teaching me everything he could about about personal finance. He's a really seasoned investor and he had obviously built a very successful business too. So I mean he would literally would go up there and drink a couple of beers and he'd pull out his P&L statements and he'd pull out like he pull up his accounting program be like this is how you do accounting and he pull out his stock accounts his brokerage accounts. And walked me through everything and let me see all the numbers. Looking back on it it's pretty fascinating that he did that. And he's a he's a great friend of mine now and we have like a 40 year age gap almost. But he just he mentored me through that whole process and that was that was how I learned about personal finance and how I got interested. And then obviously you know now I'm immersed in this kind of weird culture that we have. So that's how I learned about things now. That was how it started.
brokeragechoice, stocks
525 - 570 Jonathan Mendonsa What struck me was this one point time you could see it were the light bulb really went off for you and this kind of wow if I can do this I can do anything mentality it was the paying off the 40000 dollars of student loan debt. And you can almost see this as this inflection point in your life this natural springboard where just making that single decision was the catalyst. And you said wow I can do this. You know what. Now I have something to add to the conversation. This is something that now I'm not just talking about in theory but this is practically how I applied this and I added this new level to my life. And from here I'm just going to go and I'm going to you know create something that hasn't existed before and add value back to the world. The reason I say that is it was paying off my student loans for me or even just being willing to attempt paying off my student loans aggressively. That empowered me to feel like I could share my story as well.
college-loans
570 - 615 Bobby "Millennial Money Man" Hoyt Yeah I think that's important. And I did not pay off the student loans. Like with the thought process that I was going to go out and try to reach a lot of people it was really just I was doing it because this guy that was wealthy told me it was a good idea and was like OK well go ahead and do that. And that through that process I realized how passionate I was about it. As you have that light bulb moment and you're looking at paying off loans rapidly or whatever. I mean you look around and you realize how everybody around you and your wife doesn't think about personal finance ever. like that it's something that they're like scared of. And so that was the reason that I was like OK well maybe I can start writing about this I'm a teacher anyway so I might as well try to teach some people how I did it. That was really the thought process behind it. After I paid off my loans.
college-loans, teacher
615 - 633 Brad Barrett Bobby have you made an impact on friends like in your actual real life. You know as far obviously you reach hundreds of thousands of people through your site but do you have these conversations about money with people in your age group who have student loans and don't know how to get out from under them or like does that ever come up in real life.
college-loans
633 - 704 Bobby "Millennial Money Man" Hoyt It does. You know I have made an impact on people maybe not in the way that I wanted to. I'll explain that in a second but I have kind of a rule now where I really try not to talk about money with friends and family because I've realized that more often than not it causes problems. because I think as much as people ask me hey what do you think about student loans when you start getting into the nitty gritty like what are you spending on this and what are you spending on this. There's always an immediate kind of retraction from them. It's like they stepped in the pool and they're like Oh the water is too cold. I don't want to do that. It's like. And so that's something that I realized over the past three years because I wanted to help all my friends and I've just learned that unless they really come to you and they're really serious about it that I just I try not to talk about personal finance with them and I hate that. But that's something that I think I would imagine a lot of personal finance influencers go through that because money is such a weird taboo thing in our society. You know people want answers but then they don't want they don't like what you tell them when it's like OK well you've got to sell your car and you've got to drive a piece of crap and you've got to get rid of cable when you get to do this this and this and that. They're like oh hey that's not as cool. But it wasn't as cool as what I thought it would sound like.
college-loans, families
704 - 722 Jonathan Mendonsa Yeah I mean I've I've seen the same thing over and over again. I think Brad has done a better job with this just generally speaking and maybe there's a level of strategy Brad that you can speak to at a different time. But for me I'm finding the exact same thing people step in the pool and decide you know it's a little too cool let's go ahead and go ahead and step out.
722 - 774 Bobby "Millennial Money Man" Hoyt Well I mentioned that I would tell you how I have affected people. Usually a lot of my friends actually do go to my website but they never really talk to me about it except for when I see them do things so like a long time ago I had a post on the site about this couple that was living in an RV they had bought this little camper and moved it out on some land to pay off their student loans. And so like in theory that sounds really cool. And I had two really close friends without talking to me about it all. A couple months later they went out bought RV's and went out to live and do the RV life thing and you know kind of quickly find out that it's not it's not quite as easy to do that pay off a bunch of student loan debts. I've had things like that happen where they see something through the site and they don't want to talk to me about it and then they go do it and then they find out that it maybe wasn't exactly what they thought but I just yeah. Friends typically don't want to talk about it with me that much I've found.
college-loans, debt
774 - 797 Jonathan Mendonsa Well you published this on your site. And so I thought this would maybe be a natural transition your site really has blown up and it's become more than you could ever hope for at least comparable to what your traditional path looked like before. So you wrote this article and it's I make 200 thousand dollars a year and dress like a scrub and I think he goes this idea I think what you were getting across was this idea of living your wage. I'd love to hear you talk to us about that article.
797 - 852 Bobby "Millennial Money Man" Hoyt Yeah I wrote that article. I think I wrote it in a coffee shop and that was really kind of inspired by there is a coffee shop that I go to and I write at quite a bit. The guys they are like they call me the blogger guy. Like I just don't typically dress very fancy. And I drive a really old car. Both of our cars are of 2004. They're not in the best shape right now. I wanted to kind of detail. Yes I make way more money than I used to. And my life kind of the life liquidity that I have like I have a lot of freedom in life to do a lot of cool things. Now that's changed. But I haven't changed who I am. I'm not a flashy dresser. I'm not. I don't need a cool car. I don't need all that stuff and I think part of the reason that I wrote that article is to show people like just because you make more money you don't have to act differently. You're pretty much going to be who you were in most cases. But if you're like if you're poor and you're flashy then when you're rich you're going to be flashy but you're probably going to be like living paycheck to paycheck. It's just it's that was kind of the thought process behind that article.
blogger
852 - 900 Brad Barrett Yeah that's interesting I've found that people even if they make a decent salary like if you look rich quote unquote look rich by having the McMansion and the Mercedes like there's just not enough money to go around like those people don't generally have a significant net worth. Right. They're the ones who are living paycheck to paycheck whereas as Jonathan calls it the dirt bag Millionaire. Right like wearing flip flops and looking like a college student you know they thought you were a college kid as opposed to somebody who's a successful blogger at almost 30 years old. Mike that's the stealth-wealth community I lover your little thing here with the look people have when you tell them you're a full time blogger which is this random like what the heck is that like. Do you make money doing that. The guy asked you.
blogger, college-loans, networth
900 - 940 Bobby "Millennial Money Man" Hoyt I get that question all time and I'm still not at the point where I'm like I don't know a good answer for that because there's blogging in itself like it sounds very simple but there's so many different components to it. Moving parts but yeah I mean I get that question all the time like do you actually make money. And I think also for me like the point of that article wasn't to tell people that I just dress like a scrub for no reason it's just that's just how I've always been. You know like I've just I've never I've never been into clothes and stuff like that and actually after I wrote the article my wife she read it and she didn't realize that all of my socks had holes in them and all of my underwear had holes in them, and she made me go out and buy new stuff After that article.
blogger
940 - 996 Jonathan Mendonsa What I loved about that and what with the continuity I see is that so many people are trying to fake a lifestyle right. We want to be rich so everything we own needs to project that. And what we see in the fi community and it sounds like something that you exhibit this character trait that you exhibit as well as you just don't feel that compulsion in fact, you almost hold it at arm's length and so your car doesn't advertise your net worth your clothing doesn't advertise your net worth when I met Brad. The first five times I saw him he was only wearing t shirts that he had gotten from FinCon over the last six years. That was that was it. That was his full standard attire. And you don't project this expensive lifestyle which means that you don't need to support that image year round which means that you then have more more money I guess leftover to invest in these other and these other aspects of your life which just makes sense. But it's also cool and it tells me that I found my tribe right.
fincon, networth
996 - 1039 Bobby "Millennial Money Man" Hoyt Yeah. I think the interesting thing too is a lot of people read that article and I think that was actually the most popular article that I wrote this year and I totally didn't mean for that to happen it just for whatever reason I guess the right picture in the right. You know the right story but we do have expensive hobbies. my wife and I go boating. We have a boat. We have it. We have a nice wakeboarding boat. our house. We just bought a house and it's a pretty nice house but we're not really like putting that in people's face all the time like we have a nice boat and we have a nice house. We do drive old cars and like my wife even doesn't shop very much. It's just that interesting thing you kind of when you start to get more money you tend to put into the things that you care about than just clothes and cars or just something I just don't really care about very much.
hobbies
1040 - 1109 Brad Barrett I love that speaks directly to my own personality which a phrase is that we coined here it's called valueist and that's what I call myself which is I'm not cheap I'm not frugal I'm a valueist and that means that I spend a lot of money on certain items. It it's what I place value on whereas cars I get no value out of. We have to 2003 cars were just right there with you same as Jonathan said I wear free clothes that I got from Fincon like I don't care about that stuff at all. But if there's something that I do place value on I'll buy it in a heartbeat and it sounds similar to you with your you know my wife and I own a pretty sweet wakeboarding boat. We go on vacations. We're in the process of building a cool house. Like Those are the things that are important to you and that's what's important to get across here to the audiences. This is not about deprivation. It's not about oh let me wear socks with holes in it just to be cheap and not spend any money. It's no, Bobby places value on some things that he goes out and spends a good bit of money on a wakeboarding boat you know how many people in the personal finance community have a Wake boarding boat probably not very many when you do because you place value on it. Like that's cool. As far as I'm concerned.
fincon, valuist
1109 - 1140 Bobby "Millennial Money Man" Hoyt Yeah there's so much that in the blogging community and I'm sure in the podcasting community there are a lot of these messages of like don't spend any money or like minimalism is really big right now and all those things and I'm not that way at all. I feel like I'm just a very normal person but I don't care what Joe Schmo at some coffee shop thinks about me you know I want to create a life for myself and my wife and our future kids. That is really cool. Like I don't care if somebody thinks I have a cool life so that's been a kind of an interesting study to see the responses to that article.
blogger
1140 - 1163 Jonathan Mendonsa One of the places that I thought would make this particular conversation so interesting is if we could actually leverage your experience as a teacher and as a band director and take a few minutes and talk about if you were back in that position knowing everything that you know now about money what points what thoughts or ideas would you absolutely want to communicate to kids. What would you actually want to teach kids about money.
teacher
1163 - 1260 Bobby "Millennial Money Man" Hoyt Well I think first I would try to really impress upon them the student loan thing is so bad right now and I mean my site is really focused towards people with student loans because obviously that was my story. And you know I still get emails all the time that are heartbreaking about people that they went out and got degrees and like maybe they had you know 180000 in debt but they didn't get a degree that allows them to pay that back. I would talk to kids a lot more about you know do you actually need to go to college and it's a weird thing because when I was when I was teaching you know you'd walk through the sixth grade campus and they had these little flags everywhere that was like each hall was like you know Texas in hallway and like Texas Christian University hallway like they push school districts I think kind of I won't say mistakenly push but it almost is a mistake in my opinion. They push the narrative that you have to go to college from such an early age they're indoctrinating these kids into thinking that the only way that they can have success in life is a degree. And I think it's well-intentioned but I think it's also dangerous because we're seeing this ballooning student loan debt and these people that are really struggling. And everybody you know wants to blame the kids for taking out the degree but what I saw all the time was that you know 16 year olds were making decisions about the rest of their life based on what high schools and junior highs had told them was the path to success. And so that would be my first thing is like you don't have to go to college. You don't have to go live in the nice dorm like if you do want to go to college go to junior college first live at home whatever. And when I tried to talk to kids about that there was a lot of pushback because I was so much so radically different from everything they had ever heard.
college, college-loans, debt
1260 - 1280 Jonathan Mendonsa Yeah I see that as well and it's something that you're threading that needle and it's not that there's anything intrinsically wrong with college or that college isn't necessarily an amazing idea for somebody but rather taking out a hundred thousand dollars in student loan debt to pursue a degree that may or may not have a job waiting for you. On the other side is probably a bad deal right.
college, college-loans
1280 - 1321 Bobby "Millennial Money Man" Hoyt And it is and it's unfortunate because it's like you have a lot of teachers and I'm not bashing on teachers, b/c I was a teacher that had student loan debt. But, You have a lot of teachers that have a lot of debt have a lot of student loans telling kids to go do the same thing because they think that's what they're supposed to be telling kids and I think you know you can make way more money as a welder than a lot of people think you can make a lot more money as a plumber. And honestly I think we're going to need more of those jobs as the people that have them right now are retiring. And I can't I can't cite the exact statistic but I know in Houston there's a big problem with trade work not being filled with new people because it's just you know schools haven't pushed that and I think that that's unfortunate.
college-loans, debt, teacher
1321 - 1352 Brad Barrett Bobbie knowing what you know about the educational system and being on the ground for it and also thinking that not everybody should go to college which I agree with as well it's the societal thing that we've kind of pushed down kids throats. At what point along the way would you teach kids that there are other options there are these welder jobs and electricians and all sorts of other jobs that don't require a college degree but are absolutely necessary. And frankly people can make a lot of money with like. At what point would you change change that emphasis.
college
1352 - 1411 Bobby "Millennial Money Man" Hoyt Honestly I do it probably around 6 or seventh grade. What I saw and this isn't probably based on any science, this is just from you know being in the classroom with kids. What I saw was that you know around 6 7th 8th grade kids really form a lot of their views of the world and they are very intuitive like that a lot of people think like dumb junior high kids but they're really intuitive they actually pick up a lot during that age. And I think that that's probably when a lot of the you have to go to college to be successful sets in. You know I had students that were already talking to me about you know I was like hey what do you want to do in life like I want to go to university of Texas. You know like they because their parents either dead or whatever and it that gets really strongly indoctrinated on them at that point. And then once they get older it's harder you know as kids get older it's harder to kind of change their mind about things so I'd start you know easily sixth grade probably not fifth grade because we're not quite. I don't think they're quite developed from like a mental standpoint to understand what you're trying to tell them but once they get into that junior high range for sure.
college, college-loans
1411 - 1434 Brad Barrett Yeah that's great. And where does the interplay come in with personal finance education. Because you know you talked about these advisory courses that you kind of hijacked right to teach job personal finance stuff. I think that is a crucial bit of education that that people are just not getting and love to hear where you think that should be involved and how you'd go about teaching and if that's something you could explain to the audience.
1434 - 1498 Bobby "Millennial Money Man" Hoyt Sure. Yeah I think I wouldn't talk about personal finance in junior high because I think what I found is like kids at that age they don't really have a concept of money like they have a concept of like all these things they want to do in their life but they've never made money before. I mean in most cases and they don't understand how how the whole system works but when they get into junior high a lot more of them have to start either getting a job or they're around money because their parents start giving them money to spend on things and so I think that ninth, 10th grade would be would be fine to start teaching kids about personal finance. And I would just keep it really stupidly simple. you know because I mean we both know like are we all know that you know personal finance really isn't that complicated. A lot of times it's like kindergarten numbers. And so I would just stick to just easy things like what's an asset what's a liability like you don't have to get into like compounding interest or anything like that it's just you know if you put your money into this thing you're going to get more money if you put your money into this thing you're going to lose it. And if you borrow money for this thing that's depreciating what you're going to lose that. So I think that would probably be the biggest thing that I would talk about from the beginning.
1498 - 1535 Brad Barrett Yeah you're right it certainly is not complicated but it's an issue of familiarity. Right. Like people don't even have even the barest comprehension of of what you just said. Right. Like 90 percent of the public. What is a depreciating asset. They have no clue what's a 401k. What's the distinction between a Roth IRA like to me it's criminal that we don't teach this to kids who are like you said a 16 year old kid is making a decision to go to college and potentially incurring a quarter of a million dollars worth of education debt. Right. That's insane that we that we let people make decisions when they don't have any comprehension of it.
401k, college, debt, ira, roth
1535 - 1577 Bobby "Millennial Money Man" Hoyt Well yeah I think you know in Texas at least the standardized testing is just really intense and it's eased off in the last couple of years. But I mean there is such a focus on on higher level math and that's great. I mean we need that for our society. But since I have graduated from high school I use so much more money than algebra. And I think every single person that is alive in this country has used more money on a daily basis than they do upper level math techniques or you know strategies. So to me it's confusing why we don't teach that. And it's I've never been able to get a good answer because I've talked to administration people about it and I've never gotten a good answer for why don't we talk about this very simple math related thing that everybody has to use.
1577 - 1585 Jonathan Mendonsa You haven't found the man that's trying to secretly keep it hidden from all these people everybody seems we know it sounds like a good idea but then just nothing happens with it right.
1585 - 1591 Bobby "Millennial Money Man" Hoyt Yeah I mean in my exit interview with my principal when I told him what I was doing he was like That sounds cool but you sound like you're kind of crazy and I was like.
1591 - 1595 Jonathan Mendonsa Well you're not wrong but I still think this is a good idea.
1595 - 1645 Bobby "Millennial Money Man" Hoyt Yeah yeah but he you know him and I talked about it he's like while Texas is really trying to put some curriculum in, but He even said you know we can't get like we can't bring Dave Ramsey in here and do the Financial Peace University because of the religious element and that's something you know when I talk about this a lot this specific subject I get a lot of Dave Ramsey fans that are like Well Dave Ramsey stuff and school districts a lot of them are really trying to avoid making things sway in one way or the other depending on a certain religion. And so there's just not a lot of good curriculum. I know you guys talked about that you are going to come up with some curriculum and there is a there's a vacuum there and I think that if I was going to sell that kind of curriculum to a school I would come in and say look this is non-religious. This is not biased in any way. We just want to help kids out. And I think that you have massive success with that.
ramsey
1645 - 1681 Jonathan Mendonsa I think there is a very narrow lane where common ground can be found on all sides of the spectrum and I love that you highlighted that. I mean just let's just let's just have a thought experiment here let's just imagine that we were actually able to teach kids budgeting student loans time value of money assets versus liabilities compound interest investment vehicles consumer debt entrepreneurship and taxes. Let's say that that was somehow able to be communicated and distilled into something that kids could absorb and incorporate into their life before they're 60 to 70 thousand dollars behind their student loan debt. How does the world change I mean think of the opportunity when you're starting life 18 years old with a fresh slate.
college-loans, debt, tax
1681 - 1743 Bobby "Millennial Money Man" Hoyt Yeah I thought about that a lot. I think it's hard to kind of predict like you know how the economy would change if people were more educated but I think there would be a lot less predatory lending. I think there would be a lot less consumer debt just random spending. I think people would obviously have higher net worth because they would understand how to actually grow their money instead of just borrowing stuff for things that you know will throw your money away for. So that's important. And I think the cool thing about it is like everybody thinks that you have to you know create content for kids that you know like they think money is boring but all you have to do. What I found if you're trying to introduce this kind of content to kids all you have to do is say hey do you want to be rich. And every single kid like it doesn't matter how old they are. Every kid understands the concept of wealth versus not having wealth. And if you asked us what an auditorium full of kids Haiti you guys might be rich and they would all raise their hands and you say OK it was and everything I say and they would. And it's really not that complex to Get kids to care about that kind of stuff.
debt, networth
1743 - 1783 Brad Barrett That's really neat. I love that that's a great takeaway for any of the teachers out there who are listening to this who aren't thinking about implementing some type of financial education in their classroom. Like you have to realize the strategy and we actually talk. Jonathan before you alluded to like how I have some luck seemingly introducing fi to people in my real life and I try to meet people where they are like try to find that strategy that will actually relate to them. And Bobby just gave a really good one for kids which is hey you know you're not saying these words but hey maybe personal finance is boring but man do you want to be rich. Just listen to these five things like that is a cool strategy. That's very impressive.
teacher
1783 - 1839 Bobby "Millennial Money Man" Hoyt Well I think you know the reason that I thought that that worked for me in the limited capacity that I did it. You know kids when they're before they graduate. They haven't been beaten down by the world yet you know they're still in that mode of like I can be whatever I want. I can do anything. which is cool. That's a good place for everybody. I wish we could all be like that all the time. But the reality is once people get through college and they get through their 20s, like they start to limit themselves and what they think they can do because society has kind of told them hey you can't. You're not going to be rich like you're just going to be you know this for the rest of your life. And kids don't have that. And so you know personal finance isn't boring to them. If the end goal is hey you can drive a nice car and you can have cool vacations and you can do all this stuff if you listen to this information. Because I mean you know if we can teach kids algebra and calculus I mean that's boring as hell in my opinion too. So like we teach them that stuff like that we teach them something is actually going to help them in the long run.
college
1839 - 1855 Brad Barrett Bobby Did you ever move forward with teaching any seminars. I know you said something like on your website. The original idea behind millennial money man was to teach seminars in schools. But it fell by the wayside. Did you ever move forward at all. Or was it just once you left your job it was you know full speed ahead with the Web site.
1855 - 1911 Bobby "Millennial Money Man" Hoyt Well so the idea behind Millennium Man in the beginning was I was going to be like a traveling seminar thing and I've actually worked it out with my principal in that exit interview. I was like hey I want to come back and I want you know I'm going to charge. I don't even know what I said like 50 bucks per kid you know and I'm going to do these financial seminars. And he was totally cool with it like we were going to do it. And then for whatever reason millennial money man started taking off and I just I put that on the backburner. But my plan now is you know I think ultimately I'm going to come back to do that but I'm going to build my business first and try to make as much money as I can and then kind of come back to it as more of a philanthropy project. But there's there's so much need for that. I think if somebody could fill that role I mean it would be so huge and I think it's something I'd like to do. But yeah I just fell by the wayside when Millennial Money Man started getting bigger and I had to put more time there.
1911 - 1946 Brad Barrett Yeah that makes sense and you kind of alluded to the fact that we have a project going on that we and this is to anyone in the audience if you're a teacher at the K through 12 level or at the University level we have groups of teachers and professors actually working on an FI and personal finance curriculum. So if you're interested in that reach out to us feedback at choose FI dot com and we can get you in touch with those groups. But yeah Bobbie we'd love to work with you down the road. So there would be that would be funded. It's a big focus of mine personally because I think this education is so important and I'm glad that it's something you're passionate about as well.
teacher
1946 - 1949 Bobby "Millennial Money Man" Hoyt Yeah I'd love to do that in the future. So just let me know.
1949 - 1984 Brad Barrett Cool. And so just going back. You walked in and you quit your job when your Web site made three dollars like. OK. This is you know I'd like to pivot the conversation to talking about side hustles and building a business like how on this earth did you do that. Like how did you feel confident enough that this was going to work out wasn't an issue of your wife was making money and you're receiving so much that you had some some safety net there. Talk me through the interplay of that and just think what your thought process was when you walk in and leave a very comfortable job for a site that's made three dollars.
hustle
1984 - 2082 Bobby "Millennial Money Man" Hoyt Yes. So I mean it was kind of interesting how that played out so after I paid off the student loan debt my wife and I had kept our money separate. She actually saved up for our wedding while I was paying off the student loan debt. You know I paid off the loans and then after that we just we kept our lifestyle the same for a couple who's maybe a year and a half after that and we just started saving up money and I think we don't know if we combined it at that point that we started saving up money up the way that the whole conversation went with the quitting the job thing was I sat down one day in my car at this point I was like I knew I needed to start a business of some sort. But I didn't know what I was going to do. I've got my phone calculator out and I started adding up all of the money that we had and we had just about a year's worth of my salary. And so I was like OK if I can if we can do this for like another year and save up a lot more money than once we have a hundred thousand dollars I'm going to quit my job and I actually texted that, sitting in the parking lot out of the outside of my school. I texted that to my friend Mike, and I was like OK in one more year I'm going to do it. He texted back pretty quickly and was like you know in the grand scheme of life there's not a lot of difference between fifty thousand dollars and 100000 dollars. And he was like you need to do it now. So I thought about it. I slept on it and I went in the next day and I went into my boss's office and I just told him like hey I'm going to quit for millennial money man. And it totally caught him off guard. It honestly caught me off guard too because I didn't know I that was not the intention. That wasn't the plan. But I just you know I just felt like I needed to jump on the opportunity and then. Actually that night sorry I skipped the part where I had to talk to my wife about it because that's obviously pretty.
college-loans, debt, savings
2082 - 2083 Brad Barrett Minor detail.
2083 - 2198 Bobby "Millennial Money Man" Hoyt Yeah. Minor detail but the cool thing about that was you know she had seen how how passionate I was about the blog and all that stuff. And I told her as like her name is cool and I was like hey cool. Like I think I can do this. I was like I don't know how like I don't know how I can make money but I believe in it. I was like do you think we can make this work. And she didn't even skip a beat she was just like sure. Like if you want to do that will make it work. So that gave me the. She basically gave me the green light on that. And so then the next day I did quit. And then what I like to tell people because it always sounds like a really cool story like it's like oh man it's so ballsy. He went in there and quit the night after that I woke up at probably three or four in the morning and my heart felt like it was about to explode out of my chest like I felt like I was dying. I went into the bathroom and I went into the bathroom and I just looked at myself in the mirror like oh my god am I dying, like what is happening. It probably took another half hour for it to calm down. I mean my heart was beating out of my chest. And so the next morning I talked to some people about it and they were like Oh you had a panic attack and I was like oh I've never had I have never had anxiety in my life I've never had a panic attack like I've never had any of those kind of issues. And people don't realize how how strong the safety net of a paycheck is until you fully realize that like crap. I don't have any money. I'm not going have any money coming in. Like how am I going to survive. And so it was it was terrifying for that first night. You know fortunately that hasn't happened since. But I always try to add that part into the story because I've had people that have seen my story and have emailed me and said hey like I saw your story I've been so inspired by the I quit my job to run my Web site. And it's just like oh god no. And so I've tried to be really responsible. I feel like it's irresponsible if I don't add in the panic attack and sheer terror part of it. The day after I quit.
2198 - 2265 Jonathan Mendonsa I loved that entire take on this and I think actually this would be a great place for us to actually go back and tie it into what we were talking about earlier about how essential is college. And it's not to relitigate that but rather to point out the obvious that when you're focused on achieving a level of personal finance achieving some level of financial independence it's just a function of the math. And so instead of trying to figure out the absolute perfect job for yourself when you're at your most fragile point in your life 16 to 18 years old and everybody everybody's telling you you have to get to school to get this 1 degree because that's the only job that you can be successful doing. Maybe it's worth your time to take some of the pressure off and realize that there are a million different ways to tackle this personal finance game and you might be better off pursuing something that actually makes you happy and then figure out how the math works behind that. And so what I love about this is it gives us a way to talk about business. What I'd love for you to do Bobbie is maybe just take a couple of minutes and talk to us someone decides they're going to pursue a side hustle business or passion project. It's day one. They haven't made a dollar or maybe they've made three dollars. What's their next step.
college, hustle
2265 - 2364 Bobby "Millennial Money Man" Hoyt Well I think I mean first we probably should back up just even choosing the side hustle because that's where I see the most. Indecision on is like what you know what should I do. And it's because back to what you said like everybody wants to have the perfect job or the perfect business. I think the interesting thing about side hustles is that they can be stupidly simple and they can become wildly successful you know like one of them. I always try to tell people like you can go out and there are people all around my neighborhood that do this. If somebody puts out a piece of furniture that looks like trash somebody can pick it up and go paint it with like chalk paint or something and flip it and make a hundred dollars. And even my mother in law who doesn't know anything about the Internet doesn't know anything about you know really side hustling or anything like that. She goes and does and she makes several hundred dollars a month just flipping furniture. And so I think that a side hustle it doesn't have to be like the perfect glamorous you know start a blog and become a millionaire or you know whatever. You know some kind of cool startup. It can be something really really simple that you can scale and then through the process like you know businesses most often don't look how you intended them to look when you start. So like for me I thought the millenial money man was going to be this rolling seminar thing. And it turned into a blog. So you can start the furniture flipping thing and then maybe all of a sudden it turns into like. Now you've got a storage unit and you're flipping stuff out of the storage and then all of a sudden you've got a storefront and then you've got an online store. Like everything is scalable with the Internet. And so I think that that would be where I would start. Don't overthink the actual side hustle just get started doing something and then try to scale it.
hustle
2364 - 2395 Jonathan Mendonsa There's so many different side hustles and and it's not really I don't think this will be the place for us to talk about every single side hustle that we've ever encountered. People have literally written books there's entire websites dedicated to this. Certainly we have people in our audience that have made the decision to start documenting their story via a blog. And since you have been wildly successful with this over the past couple of years do you have any specific advice to someone trying to figure out how to break through the noise and how to really start getting some traction with their new Internet based business. or blog.
hustle
2395 - 2483 Bobby "Millennial Money Man" Hoyt Yeah well blogging blogging is a very complex and slow ultra slow business model. You know I think that you shouldn't start a blog unless you are ready to click publish for like a year without seeing a dime ever roll in. And so a lot of people that I see like they're like how can I make money quickly with my blog. And the sad answer is like you can't. But the cool thing about it is that you can make money with related services so the way that I actually started making money because I quit my job obviously had no income. And I didn't realize how slow the blogging business model was. I started doing marketing services for local companies. There's local businesses all over the place that have blogs on their website that are probably crappy because nobody actually pays attention or knows how to write content. And so if you blog for like three to six months and you don't even have to have like wild success you can use your blog as a portfolio to go out and get local marketing clients. So that's what I did and I actually the guy that did my wife's engagement ring. I showed him my blog. And that turned into like a freelance writing gig which turned into managing all of his marketing. And so I was able to do that. As kind of a side hustle while I grew millennial money man. So I think whatever you're doing you always have to look on any online based business. In the beginning if you're trying to monetize it quickly it's not about like you know coming up with this prophetic content it's more getting the nuts and bolts down and then using that for local businesses to try to help them with their marketing game.
blogger, hustle
2483 - 2513 Jonathan Mendonsa I love how you framed that and in particular the fact that you latched on to just by the fact that you created a blog you developed a skill set that are in high demand it's in very high demand. We just started this conversation by say that almost any business if it's going to be scalable will require the Internet. And so you making the decision to create a blog for you to develop a very high demand skill set which you then took that entrepreneurial bent and marketed to your local community. That is a natural pivot that buys you time to grow your slow business right.
2513 - 2568 Bobby "Millennial Money Man" Hoyt Yeah. What actually I'm going to plug myself here. I do have of course coming out for that the make money marketing course that's going to drop probably in late December or January and it's going to be just that. Like how do you use your blog as a portfolio and show it to local businesses target local businesses that need your help. Because there are so many bloggers out there that are trying really really hard to make it but they're not making any money. And I think that this is the fastest monetization strategy strategies faster than affiliat incomeor sponsored posts or any of that requires more work. But if you really want to make money online that's the game the local marketing thing because if you run a blog you have to think you run social media you manage email campaigns you manage just online presence and general Web site design everything and that's all for all the small business owners out there. They all need that and they just they just don't know how to do it themselves and so I think that that is easily the fastest way to monetize a blog.
blogger, smallbusiness
2568 - 2634 Brad Barrett That's a great point Bob. I love that that reminds me of the author Scott Adams and his talent stack as he calls it which is basically accumulating all these different skills that you might not be world class at. You know you personally Bobby might not be world class at marketing for local businesses but if you're in the top 10 percent and you're in the top 10 percent of creating WordPress sites and understanding social media and writing and all these different things you are a very very valuable asset for local businesses even for national level businesses potentially. But but start locally. Right. That's a cool little hack because in all likelihood in your or in wherever someone in the audience listening to this is in your little city or town like there's probably not someone with that set of skills. So it's important to keep your mind open and like you said you thought millennial money man was going to be teaching seminars about personal finance to kids. Here you are with its ultra successful blog and courses on how to create you know marketing for local businesses. That is amazing. Like how cool is that pivot. And it was just because you kept an open mind.
talentstack
2634 - 2705 Bobby "Millennial Money Man" Hoyt Yeah and I'm going to I'm going to go off on a very tiny rant here for a second. But one of the things that I've come across a lot from people that start a blog or try to start an online business like there is this vibe out there right now and that in the blogging community anything that that's not an efficient way to make money is a waste of time and that's something I've seen a lot is like only go after you know certain ROI that's easier to get than other stuff. And I disagree with that because you know affiliate and I make a great affiliate income but I wouldn't make affiliate income if I had learned how to do all the sales from the marketing and been able to take that money and put it back in my business. I think there's too many bloggers that like see these successful bloggers like me and they're like oh they're making 50 60 k year in affiliate income like I'm only going to do things to try to get affiliate income when it's like no no no. I went and did the legwork and got clients and had to deal with with clients which is hard and I put in that work. And so I think you have to be realistic with yourself about your business. Like you're not going to go viral and just start making millions of dollars with the website. There's a lot of people out there that are probably saying the same thing so you're going to have to find other ways to make money rather than just like you know magic affiliate money that comes in sorry just a little rant.
blogger
2705 - 2824 Brad Barrett No that's a great rant and I agree with that completely. I mean when I started my first site which was Richmond saver's dotcom I wound up helping people one on one with travel rewards. I was a CPA at that point. I'm a manager at a Fortune 500 level company like. And there I am at my lunch hour on the phone with someone for a half hour talking about travel rewards because I knew I could make some money on the back. end if they used my affiliate links to sign up for credit cards. Well it sounds crazy to me. Now that was a hybrid business that I came up with that bridged the real world and the online world. And I looked at it almost as a customer even though they weren't paying me and now was just like this little idea that I had from basically being an accountant. And again looking at it not just as an online business but how can I make this hybrid business. I was never going to be Mr. Money Mustache getting millions of visitors at dopey little Richmond Savers dot com right. But like how could I make that something that made a little bit of money and was worth my time. And that was my thought and it did work out well and then I was able to scale it to your point like look for that foot in the door and then find a way to scale it right like I was able to then pivot and create an online course that was able to do it much more efficiently and I didn't have to spend a half hour of my time with one on one with a person. Right. So I think that is a brilliant idea. For The audience out there is like look where you can add value and don't just follow the herd like if the top SEO and internet marketers are saying you need to get a certain return on investment like OK and that's fine for them because they're probably making millions of dollars. But most blogs make very little money at the beginning and maybe make very little money period. But if you can come up with that little pivot then maybe you can turn it into something successful like I did or like Bobby did. I think that's a pretty cool takeaway.
accountant, travelrewards
2824 - 2881 Bobby "Millennial Money Man" Hoyt Yeah and to just even just to simplify like if somebody is looking at a blog like if you want to know the long game of how to make a million dollars a year you start your blog. You write stuff you're really passionate about, get a loyal following. Doesn't have to be huge. Then figure out a way a cool way to make money that nobody else is doing or some other people are doing but not a lot then document it for a couple of months, maybe a year, and then create a course on it and sell it to the people that you built trust with. That's how you take your blog from like nothing to a million dollars a year in like 4 years like the online course thing like for me I've got two online courses coming out in January. I truly believe just because of the interest that I have built up in this because I've been building trust with my readers for so long I think that I'm going to grow somewhere over five hundred thousand dollars with my blog next year. That's the game like figure out a way to make money document it, show people you are having success and then create a course and teach other people how to do it.
2881 - 2889 Jonathan Mendonsa Awesome. Well normally that would wrap up the interview but on this show we want to give you the chance to tackle the hot seat. Are you ready for this.
2889 - 2891 Bobby "Millennial Money Man" Hoyt Yes.
2891 - 2919 Speaker In a world drowning in debt and rapid consumption. Trapped by the chains of lifestyle inflation. These questions highlight the secrets of those who have broken free. Welcome to the choose FI hot seat.
debt
2919 - 2920 Jonathan Mendonsa All right.
2920 - 2924 Bobby "Millennial Money Man" Hoyt That was epic by the way awesome.
2924 - 2933 Jonathan Mendonsa Yeah that one was fun. We put that together way back in the day early on but we knew we wanted this epic music score that is just so over-the-top to go right along with us.
2933 - 2940 Bobby "Millennial Money Man" Hoyt That is perfect. I was trying really hard like I was laughing but I was trying to be like get away from the mike. Because it was awesome.
2940 - 2946 Brad Barrett Glad you liked it. Alright Bobby question number one your favorite blog. That's not your own.
hotseat-blog
2946 - 2949 Bobby "Millennial Money Man" Hoyt Making sense of cents from Michelle Shroeder Garner.
2949 - 2962 Jonathan Mendonsa Yeah that's awesome you know I'm pretty sure that back in the day when I started my very first website she got my affiliate commission on that with her bluehost tutorial. I'm pretty sure it was her. She's just so good at Pinterest marketing.
2962 - 2992 Bobby "Millennial Money Man" Hoyt Yes she's probably responsible for I'd say like 90 percent of the new blockers right now in the personal finance space the reason I like her sites so muchone she's a good friend of mine. I've gotten to kind of know her over the past I don't know maybe two years and she's always been so helpful. She's very very genuine and authentic and just a very nice person. And so I think that comes through and in a lot of things like she teaches people how to make affiliate income. She teaches people how to how to blog and I think do it the right way without being shady and doing stuff that you probably shouldn't do.
2992 - 3004 Brad Barrett Yeah that's very cool. I've known Michelle off and on via e-mail for the last couple of years and just a really nice genuine person and yeah she's actually going to be on the podcast in the next couple of months. And that should be good.
3004 - 3009 Jonathan Mendonsa All right. Question number two your favorite article of all time. Now this can be one that you wrote or somebody else's.
hotseat-post
3009 - 3059 Bobby "Millennial Money Man" Hoyt You know it's actually I hate to pick my own but it is my favorite one. There's one on the Web site under pipular posts on the sidebar and it's it's called the real reason I live debt free. And I wrote that one after my wife's father died. He actually when we were living with her parents and renting from them he was battling a disease called inclusion body mitositis. It's very similar to muscular dystrophy. He passed away while my wife and I were actually on vacation in Jamaica and it was like this terrible experience everything that we got back and I kind of reflected on it and I learned a lot about personal finance from him and just a lot about life in general. I wrote this thing it's not super long but it's I think it's the best thing I've ever written. It's a piece of content that I'm the most proud of in my blogging career so far. I hate that I had to write it. But it's also I think pretty pretty powerful and it's very emotional. So that's my favorite one.
blogger, career
3059 - 3063 Jonathan Mendonsa So it's in the sidebar and we'll put a link to it in the show notes as well.
3063 - 3066 Brad Barrett Question number three your favorite life hack.
hotseat-lifehack
3066 - 3080 Bobby "Millennial Money Man" Hoyt OK. You got some of these questions and this took me the longest time to figure that one out but I've realized since we just built this new house I've replaced every single lightbulb with an led lightbulb. And you can buy them at Dollar General. They're way cheaper than you can buy them anywhere else.
3080 - 3083 Jonathan Mendonsa You can get led light bulbs at Dollar General.
3083 - 3104 Bobby "Millennial Money Man" Hoyt Yes. And they're legit too. They're like GE like they're good light bulbs. They're kind of back in like the automotive section almost like they're in the back of the store. But Dollar General and like dollar store Dollar Tree store they have led light bulbs. So I replace every single light bulb in the house. And last month our energy bill was fifty five fifty five dollars for a 2600 square foot house.
3104 - 3126 Jonathan Mendonsa Oh I am going to Dollar General. That's amazing. I've been slowly. I've been slowly waiting until each light individually went dead before I changed them over and then I think I was dropping probably even using costco which I always assume has the best price I was probably still spending I don't know up to eight or six to seven dollars per light. Something like that is that.
3126 - 3140 Bobby "Millennial Money Man" Hoyt No you can get like a two pack for like five bucks so you need it. You need to go and check that out. And I don't want a guarantee because I don't know what everybody's energy rates are and all that stuff. But you will see a drastic difference that I think will pay for the cost of the lightbulbs within like a couple of months.
3140 - 3143 Jonathan Mendonsa See this is why we put the question here Brad to change lives.
3143 - 3144 Brad Barrett That's great I love it.
3144 - 3150 Jonathan Mendonsa All right. Question number four your biggest financial mistake.
hotseat-mistake
3150 - 3190 Bobby "Millennial Money Man" Hoyt That's an easy one. So when I quit my job I had 50000 dollars saved up. And I held that as cash where I think two years because I was so terrified to invest it and lose it that I just let it sit there and you know I'm sure everybody the audience is like ooh because I know your audience is very index fund happy. That was a huge mistake. But also at the same time I'm going to qualify it by saying that it gave me kind of the confidence knowing I had cash sitting there that I could get very quickly to be able to go out take some risk with my business and also this helped me sleep better at night. So it's kind of a quality of life thing but if I could go back I would have put that into either a high interest savings account or just bought a ton of index funds.
indexfunds, savings
3190 - 3193 Jonathan Mendonsa You can. Just call it an emergency fund and get a free pass I'm sure.
emergencyfunds
3193 - 3197 Bobby "Millennial Money Man" Hoyt Yeah it was a large emergency fund.
emergencyfunds
3197 - 3198 Jonathan Mendonsa There you go.
3198 - 3218 Brad Barrett But there's definitely something to that if that helps you sleep better at night than. It's not necessarily a terrible decision. I know obviously the math optimizer is out there would say it was a bad decision. Right. And think about how much you would have earned X Y and Z. But if that gives you peace of mind and help you sleep at night. All right. That's not so bad. It could be a lot worse you know.
3218 - 3251 Bobby "Millennial Money Man" Hoyt Well yeah. I think I think the math optimizer is like one yes they're right. Especially when you're looking at it in hindsight like when the market did this. But if you haven't ever taken a leap of faith and quit your job for something that doesn't make any money which most people haven't. And that's smart. Like every day is kind of a little bit scary. So a lot of business is a mind game when it kind of a mindset game if you can put yourself in a positive mindset and put yourself in a place to where you're comfortable taking risks with your business then it's gonna grow really fast. So I think that that was the way that I did it so it ultimately worked out but yes like mathematically not not smart.
mindset
3251 - 3258 Brad Barrett Yeah I like that explanation. That's very good. All right Bobby question number 5 the advice you would give your younger self.
hotseat-advice
3258 - 3297 Bobby "Millennial Money Man" Hoyt Yeah I would definitely tell my self I would try to convince myself that I was an entrepreneur a lot earlier because I felt like as I was getting into the high school band director thing it was something that I was like OK well I'm going to do this and I'm not like super happy with it. Like in school I had bad grades. I was not a model student. Looking back on it now I just realized it's because like I was destined to be an entrepreneur just work for myself. And I wish either you know I could go back and tell myself that or somebody had sat me down when I was like 15 and said like hey you know the traditional path is not going be right for you because you suck at school and you probably need to go off and do your own thing. So that's what I would tell myself.
3297 - 3351 Jonathan Mendonsa I love that and I can totally identify with what you're saying. I think it's probably I think if you were to reflect on that further though the decisions you made up at this point gave you your story which has given you the level of success that you're having today. So it might have been it might have been good advice but you would not be who you are now without those experiences and I think the actionable key there for the audience. You know this is one of those questions that it's what advice would you give your younger self. And I think it's very useful especially when you're talking about mentoring the next generation to think about that. But at the same time don't take that with regret. I mean there's in actuality the decisions you made made you who you are now and in many cases that's giving you the ability to thrive. So instead of doing that say What can I learn from this and how can I direct my life into a future that I can get excited about. All right well we also have a bonus question your favorite purchase made on Amazon.com within the last year.
hotseat-purchase
3351 - 3384 Bobby "Millennial Money Man" Hoyt I had direct my brain on this one and I actually went back through I couldn't remember what I had bought on Amazon and what I hadn't. So I went back and I don't know if you know this you can go back to like 2010 and see what you bought on Amazon. It's like really fascinating to go back and like why why did why in the world that I buy that thing seven years ago. But I think probably the most useful thing. The thing I got the most enjoyment we bought some snorkeling gear. We went to my wife and I went to Aruba probably four or five months ago and we bought some really sweet snorkeling gear. That was pretty cheap. So they'll probably be the best one.
3384 - 3402 Jonathan Mendonsa Nice. So Bobby we have probably 20 to 50 bloggers that have started since listening to choose F.I. and many other people that are considering starting an online business and I'm sure that many of them are going to want to reach out to you. Find out little bit more about your story and maybe read some of the content that you've been producing over the last several years. What's the best way for people to reach you.
blogger
3402 - 3423 Bobby "Millennial Money Man" Hoyt Well they can always email me Bobbie at millennial money man.com or if they just want to hit me up on Twitter Instagram. I'm pretty active so I answer everything I don't have somebody answering for me like a lot of bloggers do. So you can reach me at genY money man gen y money man on all my social media accounts. Thanks for having me guys I really appreciate it it's fun.
blogger
3423 - 3496 Jonathan Mendonsa Yeah absolutely. This has been absolutely fantastic. I know it's been valuable for me. I think our audience is really going to benefit from this. We just finished talking to Todd Truster about the value of the business asset class and I know we're going to be very intentional next year talking about the income strategy. So this really was a conversation that should help open up the door for that to continue into 2018. To our audience I hope you got value from this if you did definitely reach out to Bobby over at millennial money man. And if you'd like to support us and what we're doing here choose F.I. here are four easy ways 1 leave us an itunes review you want to do that just go to choose FI dot com slash iTunes two use our page to sign up for travel credit cards. If you want to travel the world with miles and points instead of your hard earned dollars then just go to choose F.I. dot com slash cards and get started today. 3 If you're working on the milestones of FI set up a personal capital account to track your progress and use our affiliate link. It's completely free and just go to. Choose F.I. dot com slash PC P as in Paul C as in cat and 4 and most importantly find your friends co-workers and family members who might be open to this message and tell them about the podcast. Have them start with episode 38 the Why of Fi and right behind that have them go Listen to Episode 21 the pillars of FI. It is a fantastic starting place. Alright my friends the fire is spreading. We'll see you next time as we continue to go down the road less traveled.
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3496 - 3502 Speaker You've been listening to choose FI Radio podcast where we help middle class America. build wealth one life hack at a time.

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