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House of FI - Financial Independence for Families, Dave Ramsey Graduates and the FIRE Community


Dec 5, 2018

Learn Hustle Grow

How Two Forty-Something Empty-Nesters Achieved Debt Freedom and Built a Thriving Real Estate Business

Rob and Reshawn are the power couple behind the blog, Learn Hustle Grow.  This power couple are the parents of two kids, and they are so inspiring because they are in their 40s and are officially debt and mortgage free.  One a saver and one a spender, these two faced the challenge of melding their money together, setting them on a path to financial success.

Dave Ramsey

Dave Ramsey is the cornerstone of the debt payoff movement.  He personally helped both Wendy and I, and he also helped both Reshawn and Rob as they paid off their debt. If you visit Dave’s website there is a wealth of information about the debt snowball process, and he also has a podcast that is easy to listen to. Here is a link to Dave Ramsay's total money makeover site. 

Rob

Rob, one of three, grew up in Portsmouth Virginia to a poor but loving family.  After high school he decided to commit his time and focus to joining the Marine Corp.  During that time he had his own money, clothes and cars, but he learned little about money.  After the Marine Corp he was able to go to college and get married.

There were two big mistakes that Rob made during that time - mistakes that would take a few years to clean up.  One is that he over spent, there by using all of his extra GI Bill money on expenses outside of college. Next he went through a separation in which he was left with all of the credit cards - which contained shared expenses, but which were in his name solely.  He was a newly minted single dad, in debt.

It would be some time before he would meet Reshawn, and clean up his finances alongside her.

Reshawn

Reshawn was raised in a single parent home that never really discussed money growing up - but she never felt like they were poor or broke as a family.  It became clear there was no money for her and her sister for college, though, so she joined the Army Reserves. She finished college with the help of the GI bill, but ended college with thousands of dollars of student loans and credit card debt.  She was also a new single mom, in debt.

 

Reshawn realized that daycare expenses and baby clothes were her new normal, and she began to call the credit card companies to negotiate her debt.  It took her 10 years to pay off her student loans - and all of her debt was taken care of before meeting her “Mr. Wonderful”.

 

Two Lives Combined

Reshawn hesitated when she realized that she was a saver while Rob was a spender, especially with the fact that they were not only combining their lives, but the lives of their 10 and 8 year old.  Here is the advice they gave during our episode that outlines how they went through the process of combining their lives :

  1. Go through credit reports, earnings and premarital financial counseling
  2. Be open to adjusting the plan as you become aware of new ideas and realize that something works better than the current plan
  3. The relationship you have with money at the start of a marriage can, will and even should evolve - be thoughtful in your approach
  4. Find a combined plan that works for the entire family - For Rob and Reshawn this was Real Estate!

Making Money Moves as a Unit

Rob and Reshawn took multiple steps to overcome the hurdles that were in their way at the beginning of their marriage.  Here is a blueprint that all couples should consider in order to follow the path that Rob and Reshawn:

  1. Pay off your debt together or side by side
  2. Save a 6 month emergency fund
  3. Make a decision on whether or not you will use credit to your advantage- together
  4. Agree on the rules and restrictions of credit card use as a family
  5. Find your key to financial independence.  For Rob and Reshawn this is Real Estate.

 

Real Estate Moguls

Rob had the goal of becoming a real estate mogul, and eventually Reshawn joined in.  We had the opportunity to learn about how they went from one property to owning multiple properties, including a small apartment complex!  

Now that they have multiple properties and have reached financial independence, what do they plan to do with their newfound freedom?  Read the answers to their final questions to find out and listen to our episode to find out more about this!

 

Rob and Reshawn on the final questions:

  • Don’t Be Broke!  Communication about money is KEY to success
  • You should have your own “blow Money” or allowance money so you won’t feel guilty about spending it.  
  • The importance of being open to learning new things.  Look beyond the day to day to grow your own life, your own interests and own business.  
  • Do not give up - keep reaching for your goals.  Set it and work hard to get to the end.
  • Book/ Podcast - Travel podcasts are there thing right now.  They plan to make an announcement - They are going to take a break and leave corporate.  They want to travel for all of 2019, visiting Buenos Aires, Argentina and the rest of South America.  

Find them and follow their story at learnhustlegrow.com

Sites mentioned in this podcast:

Dave Ramsey

Bigger Pockets

Listen to our previous episode about Justin, who retired a millionaire at 33 years old!