This isn’t the typical story of growing up with nothing and using that hardship to motivate me throughout life. My childhood included private schooling up through 8th grade, yearly vacations and I’m sure more toys than I knew what to do with. My motivation actually comes from watching my parents and never realizing that the private school, yearly vacations and the abundance of toys are what has them still working to this day in their 60s!
I grew up in a city neighborhood on the southside of Pittsburgh. Everyone was the typical blue-collar, hard-working, Steeler loving yinzer. If you lived here, it was normal to be found at the local bar every Wednesday night eating wings throwing back a couple iron citys and a shot or two of Crown Royal. Most patrons were regulars that were just getting off of work trying to ease the pain of a hard day of labor. These bars were full of smiling faces that boasted laughter out onto the streets. Many stories you heard were reminiscent of the past and how those were the glory days. My neighborhood was full of these bars with similar atmospheres throughout. Although a night at one of these establishments can be an amazing experience, its not hard to slowly get sucked into that life and before you realize it, you’re now a regular. All of these establishments served food so it wasn’t uncommon for parents to bring their kids and give them a handful of quarters to be distracted by darts or a couple rounds of pool. It wasn’t until later in life that I realized this lifestyle existed because I was sheltered by the Catholic grade school that was located in a significantly better area within a middle class neighborhood.
Attending this school is what ultimately exposed me to what life was like on the other side. Most of my friends grew up in mansions, had really nice cars and moms who were able to stay at home… Looking back now, the houses weren’t mansions and the cars had hefty monthly payments but either way, it was enough to motivate and make me realize that I wanted money! The transition from Catholic school to a city high school was never going to be an easy move but if anything, it was something that fueled the fire to become financially free. Seeing where some of my new friends lived and what their parents had to do to scrape by was enough to say I have to be successful. College was college and we can leave it at that, lol. Only things I should probably share are the facts that I graduated and this is where I met my beautiful wife! Oh, and I had $65,000 in student loans that ended up being deferred until they couldn’t be… This totaled around $80,000 for a business degree from a state school!
Throughout my 20’s, not only was I bad with money, but I witnessed my family and friends all make bad financial choices. I couldn’t help but notice these were mostly emotional decisions that were feel good in the moment purchases. More importantly, I knew my parents were nearing retirement age but had little invested for those years. I wanted to help more than anything but how could I preach and educate others, if I myself was still in debt. My wife and I decided that it was time for us to face this debt head on. We started following Dave Ramsey and immediately transformed our daily life into his frugal mentality. Through daily podcasts and the occasional budget meeting, we were able to pay off $110,000 in 2.5 years with yearly gross income between $100,000 to $150,000. As Dave would say, we weren’t Gazelle intense but we never lost focus during those 2.5 years. It took a little longer because we completely renovated our house while bringing in 2 little boys into this world!
I continually educate myself on personal finance. I am open to all forms of investing but I honestly see myself only going two routes: Real Estate and Index Funds. I am a real estate professional so this one is a given and right in my wheel house. Index funds are extremely attractive as I am looking to be very passive with my stock investments plus I think their low fees and track record make it easy to go with them.
Since becoming debt free, I have worked with several families in helping them take control of their finances and devise a plan to pay off debt and start investing. My main focus is helping others pay down their loans with the end goal of being able to say they’re debt free! I know this passion stems from living a life of constant pressure of debt hanging over my head. This really helps me relate with my peers and hopefully it gives them the extra push they were looking for. Let’s be honest, debt is the ugliest part of personal finance and the biggest barrier for families trying to reach their financial goals. I have the dedication and grit to get down in the trenches with these families and help them get through the battles. The importance of these families struggling through this process and becoming debt free, is for them to never forget the feeling of life with debt. It is the pain of those memories that will keep them out of debt and sturdy the foundation needed to grow their wealth. I have been blessed to be in the situation I’m in and because of that I will continue this path in order to give back to my friends and family.
~There is no normal life that is free of pain. It’s the very wrestling with our problems that can be the impetus for our growth.~
Mr. Rogers