Reshawn and Rob got married nine years ago, joining their lives, families and bank accounts. Premarital counseling revealed two different views on money—and they knew if they wanted to stay married, they needed to get themselves on the same page.
Reshawn and Rob implemented a modified version of Dave Ramsey’s Baby Steps program to get themselves out of debt so they could start investing. Their team approach to their finances, focusing not on who’s debt it is but instead focusing on paying it off together strengthened their marriage and their desire to attain financial independence.
They stepped away from the corporate world to pursue passion projects, Rob in real estate and Reshawn in travel planning.
Are you looking to get your spouse on board with your financial independence plans? Listen to this episode together.
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In This Episode We Cover:
- Their money background story
- The reason they decided to combine their finances
- Their savings rate and what they did after they combined their finances
- Ways to cut back on spending
- How Dave Ramsey helped them
- How they paid off all of their debts
- The 529 college savings plan
- Their investment philosophy after paying off debt
- Redeploying their home equity and turning it into an investment property
- Replenishing their emergency fund after purchasing a new rental property
- Their property taxes
- On being financially independent
- The importance of having a giant goal
- Having an agreement on how to approach major decisions
- What their next plan is
- And SO much more!
Links from the Show
- BiggerPockets Podcast
- BiggerPockets Money Podcast 55: How to Quit Your Job and Travel the World with Millennial Revolution
- Millenial Revolution
- Journey To Launch
- Afford Anything
- BiggerPockets: An argument about should I pay off my mortgage or not?
Books Mentioned in this Show
- Richest Man in Babylon by George Samuel Clason
- One Bed, One Bank Account by Carrie Olsen and Derek Olsen
- Total Money Makeover by Dave Ramsey
- Set For Life by Scott Trench
- The Millionaire Next Door by Thomas J. Stanley
- The Millionaire Real Estate Investor by Jay Papasan & Gary Keller
- “There is no upfront money.” (Tweet This!)
- “It takes discipline.” (Tweet This!)
- “Every time our emergency fund got to six months, we went out and bought a new rental.” (Tweet This!)