Today we have Jeffrey Anazalone who is a doctor that writes at debtfreedr.com. Becoming a doctor involves spending a ton of money to get qualified, Jeff was over $300,000 in debt when he started. Jeff went to dental school then did a surgery residency.
[6:2] What is your secret to becoming debt free forever?
- Jeff stumbled across Dave Ramsey and listened to principles, Jeff thought he had a job secured so he didn’t worry too much about it at that point.
- When Jeff finally started making money he used Dave’s principles and did the snowball.
- Jeff managed to pay off his debt in 4.5 or 5 years
[9:2] What’s the honest truth behind building a 7 figure or more net worth?
- Jeff had a slightly different take on Dave Ramsey’s principles so he was investing and paying off debt at the same time.
- He is also self employed so his take is slightly different
- Jeff was consistent about saving and after a long period of time he had a 7 figure net worth.
[18:28] Why is it really bad to rely on a single stream of income and what, in your opinion is a good way to setup more streams?
- The worst number is 1.
- To only have a single source of income, what happens if it dries up or if you get hurt
- Find what you like to do, there is no point to being miserable.
[21:11] Do you believe that anybody can achieve financial independence?
- Yeah- if you read the millionaire next door, it’s more about consistency.
- Regular people can become millionaires, as long as they are confident and try
[22:52] Sign up for a free book about QRPs!
Value Link Round
[23:10] What is your savings or retirement plan?
- Office retirement plan 401k, 529 plans for the children, HSA for years but decided to do medishare instead, this change changed the premium from $1,600 to $300.
- Vanguard index funds, real estate crowdfunding
- Check out Joe Fairless podcast
[25:37] Do you have a favorite book?
- Book: JL Collins the Simple Path to Wealth
- Book: David Bach, Automatic Millionaire
[28:30] Favorite quote you like to live by?
- The borrower is a slave to the lender
[30:50] Any other parting piece of guidance?
- Focus on getting out of debt now!