Digest

Emma Von Weiss, a 24-year-old coast-fi individual, joins the Bigger Pockets Money Podcast to share her incredible story of financial independence. From starting work at age 14 to save for a car and college, Emma's journey is marked by a strong work ethic and a relentless pursuit of financial knowledge. She reveals how she strategically navigated college costs by utilizing scholarships, community college credits, and even joining the Army ROTC program for reduced tuition. Emma's financial journey took a significant turn when she met a mentor who introduced her to index funds and the power of compound interest, leading her to fully fund her Roth IRA and invest in a taxable brokerage account. Emma's story is a testament to the fact that financial independence is attainable for everyone, regardless of their starting point. She emphasizes the importance of finding a career you love and building a life outside of work that brings fulfillment. Emma's journey is an inspiration to young people and a reminder that financial freedom is within reach with dedication, knowledge, and a little bit of hustle.

Outlines

00:00:00

Introduction

This Chapter introduces the Bigger Pockets Money Podcast and its mission to create 1 million millionaires. It also introduces the guest, Emma Von Weiss, a 24-year-old coast-fi individual who has been working hard and financially supporting herself for a decade.

00:01:13

Emma's Journey with Money

This Chapter delves into Emma's journey with money, starting from her early desire for financial independence at age 14. She shares her experiences with various jobs, her early savings habits, and the challenges she faced in finding actionable financial information. Emma recounts her first investment experiences, including a CD and a near-miss with whole life insurance, before discovering the power of index funds and Roth IRAs.

00:04:27

Emma's College Financing Strategies

This Chapter focuses on Emma's innovative approach to financing her college education. She shares how she chose her college based on financial aid, utilized community college credits to save money, and even joined the Army ROTC program for reduced tuition. Emma's determination to minimize college costs and her resourcefulness in finding loopholes are highlighted.

00:31:22

The Impact of a Mentor

This Chapter explores the pivotal role a mentor played in Emma's financial journey. She describes how she met Rob Jones, a financial planner, who introduced her to index funds and the power of compound interest. This encounter significantly shifted Emma's perspective on investing and instilled a sense of financial peace.

00:38:02

Emma's Career and Coast-Fi Journey

This Chapter follows Emma's career path after college, where she transitioned from a financial planner assistant to a financial planner at a firm that valued her experience. Emma discusses her current financial position, her coast-fi status, and her plans for the future. She emphasizes the importance of finding a career you love and building a life outside of work that brings fulfillment.

00:49:24

Coast-Fi and Third Decade

This Chapter highlights Emma's coast-fi status and her net worth of $100,000 at age 24. Scott Trench uses the rule of 72 to illustrate the potential growth of Emma's investments over time. Mindy Jensen then introduces Third Decade, a nonprofit organization that provides financial education and coaching to young adults.

Keywords

Q&A

• What are some of the key takeaways from Emma's story?

  Emma's story highlights the importance of early financial literacy, a strong work ethic, and the power of compounding. It demonstrates that financial independence is attainable even with a modest income and that seeking out mentors and communities can significantly accelerate your journey.

• How did Emma manage to finance her college education?

  Emma employed a multi-pronged approach to college financing, including scholarships, community college credits, and joining the Army ROTC program for reduced tuition. Her resourcefulness and determination to minimize costs are inspiring.

• What was the turning point in Emma's financial journey?

  Meeting a mentor who introduced her to index funds and the power of compound interest was a pivotal moment for Emma. This encounter shifted her perspective on investing and instilled a sense of financial peace.

• What is coast-fi and how does it differ from traditional financial independence?

  Coast-fi, or "coast to financial independence," is a strategy where individuals reach a point where they have enough assets to comfortably live off their investments without needing to actively save or earn more. It differs from traditional financial independence in that coast-fi individuals may continue working for enjoyment or other reasons, while still having the financial freedom to make choices.

• What are some of the benefits of joining the FI community?

  Joining the FI community provides access to a supportive network of like-minded individuals, educational resources, and opportunities to learn from experts. It can help individuals stay motivated, overcome challenges, and find inspiration on their financial journeys.

• What is Third Decade and how can it help young adults?

  Third Decade is a nonprofit organization that provides financial education and coaching to young adults aged 25 to 35. They offer a unique opportunity for both mentors and mentees to connect and share their financial expertise, empowering individuals to make informed financial decisions and achieve their goals.

• What advice would you give to young people who are just starting their financial journey?

  Start early, even with small amounts. Seek out knowledge and mentors. Don't be afraid to ask questions and explore different strategies. Remember that financial independence is a marathon, not a sprint, and consistency is key.

• What are some of the key differences between Dave Ramsey's approach to personal finance and the FI movement?

  Dave Ramsey's approach emphasizes debt elimination and a focus on saving and budgeting. The FI movement, on the other hand, often encourages investing in assets that generate passive income and building wealth over time. Both approaches have their merits, and the best one for you will depend on your individual circumstances and goals.

• What are some of the benefits of attending Campfire events?

  Campfire events provide a supportive and educational environment for attendees to connect with like-minded people, learn from experts, and share their financial journeys. They can help individuals stay motivated, overcome challenges, and find inspiration on their financial journeys.

• What is Emma's current financial position and what are her plans for the future?

  Emma is currently coast-fi with a net worth of $100,000 at age 24. She plans to continue working in her chosen field of financial planning, enjoying the flexibility and freedom that her financial position affords her. She emphasizes the importance of building a fulfilling life outside of work and pursuing her passions.

Show Notes