534: Coast FI at 24 and a $99K Net Worth Thanks to a Few Years of Pure Hustle
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
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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.
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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.
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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.
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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.
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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.
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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
Coast-Fi
Coast-Fi, short for "coast to financial independence," is a financial strategy where individuals reach a point where they have accumulated enough assets to comfortably live off their investments without needing to actively save or earn more. Coast-Fi individuals typically focus on maximizing their existing investments and enjoying a more relaxed approach to their financial goals.
Financial Independence
Financial independence refers to the state of having enough financial resources to live comfortably without relying on employment income. It allows individuals to pursue their passions, travel, or simply enjoy more freedom and flexibility in their lives. Achieving financial independence often involves a combination of saving, investing, and managing expenses effectively.
Index Funds
Index funds are mutual funds or exchange-traded funds (ETFs) that track a specific market index, such as the S&P 500. They aim to replicate the performance of the index by investing in all the securities included in it. Index funds are known for their low costs, diversification, and passive investment approach, making them a popular choice for long-term investors.
Compound Interest
Compound interest is the interest earned on both the principal amount and the accumulated interest. It's often referred to as "interest on interest" and is a powerful force in wealth building. The longer money is invested and compounded, the greater the potential for growth. Albert Einstein famously called compound interest the "eighth wonder of the world."
Roth IRA
A Roth IRA is a retirement savings account where contributions are made after taxes, but withdrawals in retirement are tax-free. It's a popular choice for individuals who expect to be in a higher tax bracket in retirement than they are currently. Roth IRAs offer tax advantages and flexibility, making them a valuable tool for long-term financial planning.
Taxable Brokerage Account
A taxable brokerage account is an investment account where gains and losses are taxed annually. It offers greater flexibility than retirement accounts, allowing investors to access their funds before retirement without penalty. Taxable brokerage accounts are often used for short-term investments, active trading, or building a diversified portfolio.
Third Decade
Third Decade is a nonprofit organization that provides financial education and coaching to young adults aged 25 to 35. They aim to empower individuals with the knowledge and skills they need to make informed financial decisions and achieve their financial goals. Third Decade offers a unique opportunity for both mentors and mentees to connect and share their financial expertise.
Army ROTC
Army ROTC (Reserve Officers' Training Corps) is a college program that prepares students for leadership roles in the United States Army. ROTC participants receive military training, leadership development, and the opportunity to earn a commission as an officer in the Army upon graduation. ROTC can offer financial benefits, such as scholarships and reduced tuition rates, to eligible students.
Dave Ramsey
Dave Ramsey is a well-known personal finance author, radio host, and financial advisor. He is known for his debt-free philosophy and his emphasis on budgeting, saving, and avoiding debt. Ramsey's teachings have helped millions of people achieve financial stability and freedom.
Campfire
Campfire is a community-driven organization that hosts in-person events and online forums for individuals interested in financial independence and early retirement. Campfire events, known as "camps," provide a supportive and educational environment for attendees to connect with like-minded people, learn from experts, and share their financial journeys.
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
Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same!
Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel.
In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community!
In This Episode We Cover
How Emma became Coast FI by twenty-four and built a $99,000 net worth
Creative ways to fund your college education and escape debt-free
The real value of buying used cars from private owners (and where to find deals!)
How to create a fun and fulfilling life you don’t want to retire from
How to fast-track your fortune using the power of compound interest
Making your money work harder for you after stockpiling cash
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers
Learn More About EconoMe Conference
00:00 Intro
01:18 Working & Saving at 14!
07:32 Taking Control of Her Finances
10:52 Buying Used Cars
15:32 Creative Ways to Fund College
23:28 Learning to Invest
30:12 Joining the FI Community
37:48 $99K Net Worth at 24!
45:07 The Power of Coast FI
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534
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