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Episode Info

Episode Info:

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

Sponsor:

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

Value Link Round

[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!

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