18 min listen
Living in an expensive city with Thomas Minter
FromChain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More
Living in an expensive city with Thomas Minter
FromChain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More
ratings:
Length:
38 minutes
Released:
Oct 29, 2018
Format:
Podcast episode
Description
Thomas Minter is a 33 year old millennial DINK (Double Income, No Kids), living in an expensive city. My Fiancée and I work hard, and earn a solid living. He started his blog, The City for Millennials, as a platform for urban-dwelling, up-and-comers to discuss ways to DO MORE, MAKE MORE, and SPEND LESS in cities. Welcome! [4:12] When you finished school you had $80,000 of student loan debt that you paid off in 3 years. To give people perspective the first job you had you were earning $40,000- what are some strategies you used to tackle such a large amount of debt? ● Had to increase income streams ● Shocked at first bill that came in, Thomas decided to get serious and pay it back quickly ● Ask questions at work how to increase your salary, any opportunity for overtime or travel ● Traveling for work really helped, sublet his apartment out ● If you work overseas you can exclude a ton of your salary [12:3] What’s the number 1 thing you see millennials spending (or wasting) their money on and what are ways to cut back on it? ● Housing is the biggest expense, try live in cheaper housing ● Transportation can also be a big expense, don’t buy too much car for what you need. ● Live like you were at College to save up some money [15:18] You had an awesome list of City specific side hustles- what are your favorite side hustles? ● New electric scooters! Check out Bird & Lime Scooters [19:00] What do you think the price of housing is going to do for millennials? ● Millennials are definitely in a different position to older generations ● Need to consider whether it’s worth it [24:26] Do you think the relative price in cities is going up faster than incomes are? In other words, is mild deflation happening for young people? ● City specific, the general costs is increasing faster than salary increases ● Older millennials entered the workplace at a bad time, start of the great depression Sponsor Check out Audible for your free ebook Value Link Round [29:28] What is your saving or retirement plan? ● Currently on the FI journey, trying to save 50% of income, max 401ks ● Looking at alternative ways to invest money ● Real estate ● Crowd Funded real estate [32:46] Do you have any other books or podcasts you can recommend? ● Financial Freedom Podcast ● Chain of Wealth ● Silent Spring [34:59] Favorite Quote? ● It isn’t about what others think of you it’s about what you think of others [36:12] Parting piece of advice? ● It’s about the journey Support this podcast at — https://app.redcircle.com/shows/11f32da4-3081-471f-bf51-ea341b89ab1d/tip
Released:
Oct 29, 2018
Format:
Podcast episode
Titles in the series (100)
Brandon Krieg on Micro Investing, The Stock Market and more!: Stash Invest - Investing Simplified! by Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More