Ep 0065 Get Rich Slowly with J.D. Roth

Get Rich Slowly with J.D. Roth

JD Roth - GetRichSlowly.org

Bio: J.D. Roth is an accidental personal-finance expert. For years, he was deep in debt and struggled to get by an average American salary. Eventually, he stopped looking for easy answers and started doing the hard work necessary to turn his financial life around. Along the way, he documented his progress at GetRichSlowly.org, which he started in 2006. That site grew to become one of the biggest money blogs on the internet. Today, twelve years later, J.D. is still learning about money — and still sharing what he learns with Get Rich Slowly readers. https://www.getrichslowly.org/

Money Learnings: J.D. grew up very poor for where he was and who they were. His family were farmers who lived in rural Oregon for over 100 years. His dad was always starting businesses. They relied on charity sometimes for food and clothing. His school did provide a good financial education.

Take away: Be clear on your mission in life.

Action step: If you don’t have a life plan it’s time to start working on it, if you do it’s a great time to review it and make updates.

Highlights from this episode:

Link to article about mega backdoor IRA’s https://www.madfientist.com/after-tax-contributions/

Business owners don’t usually understand the numbers or focus on profit.
What’s the balance between the money side of business and the business itself.
JD got caught up in $20,000 in credit cards debt during and after college.
Numbers on paper don’t always equate to the reality of spending.
After reading many books on money J.D. figured out how to get out of debt. He wrote about what he was learning in an article called get rich slowly. The article became very popular and he decided to start a blog based on the title.
The banks actually don’t have skin in the game in the mortgage business. They do what’s best for the bank not you.
How much should you really borrow?
How buying a house starts a chain reaction on spending.
Know your purpose and be clear.
The shiny object syndrome and how to avoid it.
While J.D. talks about money he actually is focused on finding happiness.
What’s your personal mission statement? Moneyboss.com – check under resources for exercises to figure out your mission.
The struggle people have finding happiness.
The direct pursuit of happiness doesn’t work and why.
Flow – the optimal experience.
You have to play the cards you are dealt.
The power of delayed gratification.
Create a gap beyond earnings and savings. The bigger the gap the more doors you open.
Linchpin habits and how to change behavior.
The power to say no – and how to change the negotiating power at work!
Money buys the freedom to allow happiness to occur.
The biggest surprise about people and money and much more!