138: Financial Blunders to Financial Buff: How Farnoosh Torabi's Money History Grew Her Career
Farnoosh Torabi grew up talking about money. Her parents are from the Middle East, and in her culture, they “never miss a moment to talk about money.”
As the go-to girl for finance advice among her friends, imagine her surprise when she sat down and looked at her financial situation to discover tens of thousands of dollars in credit card debt! Farnoosh realized that paying for everything with a card, then paying the minimum balances didn’t lead to debt free life.
Not wanting to continue a life of debt - mainly so she wouldn’t have to tell her mom - she hustled during school. Taking class notes and selling them on her school’s notes system, babysitting, bird sitting, anything that would generate income so she could throw money at her debt and pay it off.
Graduation took her to New York City and a stroke of luck found her a shared apartment with a married couple for $500 a month. Definitely less than she could find on her own. She started off making very little, and strategically increased her income to offset the fact that she “isn’t a good saver.”
Farnoosh has parlayed her own financial knowledge into a career teaching others how to manage their own finances. From books, to podcasts, to television, Farnoosh is everywhere, educating this oh-so-important skill so that others can work toward their own financial freedom.
In This Episode We Cover:
- Farnoosh's journey with money
- Where she learned about money
- Talking about her money behaviour
- How she got rid of her debt
- Her approach on accumulating her assets
- How real estate helped her
- Her advice on people who are in a relationship
- The leading cause of a divorce
- The right time for people who are just starting to date to talk about money
- What her asset allocation looks like
- And SO much more!
Links from the Show
- BiggerPockets Money Facebook Group
- NextAdvisor with TIME | Smart Money Moves
- BiggerPockets Money Podcast 119
- BiggerPockets Forums