Description

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.

Welcome!

[5:33] 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

[8:33] 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.

[17:59] 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.

[20:42] 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

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[22:23] Sign up for a free book about QRPs!

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[22:41] 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

[25:08] Do you have a favorite book?

• Book: JL Collins the Simple Path to Wealth
• Book: David Bach, Automatic Millionaire

[28:01] Favorite quote you like to live by?

• The borrower is a slave to the lender

[30:21] Any other parting piece of guidance?

• Focus on getting out of debt now!