In today’s episode, Cody and Justin are joined by Chad Methner from Little Brother Life Coach.
Chad really wants to encourage people how to reach FI even if they’re nowhere near a six-figure salary.
We discuss his battles during the recession, finding himself in a job he hated, and how he came through it all. You’ll catch Chad now helping others through coaching and setting up local meetups.
It’s a unique angle so go listen and follow along with the summary below and make sure to check out the links at the bottom of the page.
Episode Summary
- Chad first discovered financial importance from a Dave Ramsey book he stumbled across
- The parts about debt pay off really hit Chad
- He’s still $20k in debt from college
- After high school, he just did some manual labor while he tried to figure out what to do for college
- He got half off tuition thanks to his dad’s job at Ohio State
- After college, he couldn’t land a job because it was 2009 and the recession was in full swing
- He didn’t rack up any debt from college until he got his masters in 2015
- While the job he had did some tuition reimbursement, it still cost him $25k in debt
- That along with a car and some other loans left him with over $40k worth of debt
- He continues at this job making under $11 per hour
- After he got his masters he went to try and get a promotion
- Unfortunately, they didn’t give him any options
- After six years there he had maxed out at $13.25 an hour and decided to leave
- He landed a new job and almost doubled his income to just under $50k and in a role where he was more comfortable
- We asked why he staid at that first job so long unhappy and underpaid
- For Chad, it was just comfortable and easy but he finally had enough
- The discussion swapped to how he saves money on this lower-income
- The biggest thing for him was cooking at home
- It turned into a full-blown hobby instead of just a money saver
- He plans to be out of debt in 3-5 years
- His big goal is to retire before age 55 and hit that $1M mark
- Chad is also trying to build up side hustles including coaching and writing a book
- Then we discuss the “poverty-tax” and the importance of an emergency fund
Key Takeaways
- Everyone can benefit from this journey: Chad began this journey on as little as $10.75 per hour and it’s changed his life. Your velocity may be different but the impact is still extremely meaningful.
- We can always help: Although Chad is still working through his debt payoff, he still has a lot to teach other low-income individuals chasing FI.
- Don’t settle for misery: Chad obviously stayed at his first job too long. After 6 years he was still underpaid and forced into positions he hated. Regardless of pay, working in a job you hate is never worth it.
Call to Action
Start planning some frugal activities and trips. Maybe even take a look at activities you currently do and find a frugal alternative.
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Contact Chad:
Via his blog Little Brother Life Coach
Catch him on Twitter
In our Facebook group!
Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
