Life in the suburbs can look like a cliché to some. But Greg has managed to avoid the “McMansion” lifestyle and learned from an early age that investing in experiences is a better path than spending on the flashier things in life. His podcast, Suburban Folk, touches on all things suburbia, from parenting, to home improvements, to personal finance. In this episode, we dig into his story and identify a number of ways to help save you money and optimize your life.
Podcast
- Wanted to discuss his varying interests related to growing up in suburbia
- Enjoys travel, health/fitness, DIY, finance, parenting
- Finances have an impact on each of those areas
Lifestyle and background
- Has always been an aggressive saver of money
- His father retired early at 52
- Has tried to manage his debt and minimize expenses
- Learned to prioritize travel and time with family from his parents
Dave Ramsey
- Appealed to his competitive side, comparing progress to others
- The emotional side vs the math side
- Learned about the baby steps
- Attended a seminar to learn more and learned about coaching courses
- Will complete coursework soon and is excited to help people with their finances
- Coaching will be based on the client’s goals, from paying down debt, to earning more money
Financial Independence
- Has always been debt averse, took out minimal school loans
- His perspective on FI is allowing flexibility to raise his family they way he sees fit
- Wife had med school debt (six figures) and focused on paying that off before they allowed any lifestyle inflation
- Having kids also triggered a desire to pursue FI
- Missed the birth of his daughter while traveling for work
- Wants to be around to experience his kids’ lives
Paying off your home early
- People become comfortable with the idea of a 30-year mortgage
- It doesn’t have to be that way if you re-prioritize paying it off early
- Can’t rely on home appreciation, using 2008 market crash as an example
- Increasing your income with side hustles and networking
- Earned a scholarship in college based on volunteering for theater program
- Attempted to sign a recording contract in college and learned about evaluating legal documents and being aware of being scammed
- Earned money giving guitar lessons, refereeing soccer games, built websites on WordPress, earned form a rental property, runs a small consulting business and has also earned money from editing podcasts
- Likes having additional sources of income as a backup and to supplement his primary income
- Extra money can go right towards savings, or can cover daily expenses and allow your primary income to fund savings and retirement
General advice
- Believes it’s never too late
- Has learned a lot from reading, loves using the local library to learn for free
- Don’t make excuses, if you are motivated you can make a plan that works
Travel goals
- Top destination is Australia, loves the band Silverchair which is from Australia
- Would like to return to Europe to explore more
- Stretch goal is to visit all the continents
- Finds that the best travel experiences are when you step away from the standard tourist destinations
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