We have a great guest post today for you! Jake & Gina are the owners of TheWickedWallet.com. They are in their early twenties and we approached them to ask them why financial freedom is important to them and what they are doing on their journey to achieve it.
Maleah and I have been advocating for financial freedom and trying to explain to our friends and family why financial freedom is important for many years. We reached financial freedom in our early thirties, by using a combination of real-estate investing and online businesses.
There are so many reasons that financial freedom is important, here are a few of our favorites.
- Freedom to live the life you want to live
- Ability to deal with medical emergencies
- Financial freedom eliminates money worries
There are so many more reasons as well! Anyway, let me turn you over to Jake & Gina. They have inspired me that not all millennials are created equal! These guys know why financial freedom is important and they are on a rapid journey to achieve it ASAP!
Here is their story….
Why is Financial Independence Important?
We are Jake & Gina from The Wicked Wallet. We are honored to share our story with you today and wanted to thank Russell & Maleah for having us on their impressive site. Before we dive in too deep, let us provide you with some information on us.
We are two 23-year old’s who are on the path to financial freedom. As financial freedom and its meaning can vary from person to person, it might be tricky to decisively say what it means for you, so why don’t we explain what it means to us.
What Financial Freedom Means
For us it means to be able to have ample cash flow from all investments (passive and/or active) so that in theory, you never have to make another penny to survive. Now that is not to say you can never work again, just that you don’t have to work.
We actually both plan to work once we reach financial independence (FI) but performing fulfilling jobs for meaning rather than for money.
How Did We Discover Financial Independence?
Well, it might be better for us to explain what we want from life and how we discovered this. In the spring of 2015, with a mixture of hard work, luck and some capital, we were able to study abroad for a semester. This semester taught us a lot about ourselves, but more than anything it taught us what we wanted from life, the ability to roam freely AKA the travel bug bit us HARD.
We were both pursuing business-related degrees (Jake – Economics & Gina – Personal Finance) and working our butts off to get jobs at top companies. In our minds, this was our way to earn enough money to be able to travel freely. We had an abrupt reality check once we started and were given strict vacation time policies.
Luckily, we were already planning to purchase a multi-family investment property shortly after graduation – thanks to BiggerPockets Real Estate Podcast which we discovered at age 21. This multi-family was our way of house hacking, or eliminating our housing expense which is normally the largest expense in an individual’s budget (learn more about house hacking by reading this article).
On our path to purchasing our first property, we were trying to read and listen to just about anything we could get our hands on related to rental properties. We ran across a podcast that mentioned financial freedom and interviewed someone who had reached it at the ripe age of 30.
We were simultaneously in awe and hooked. We couldn’t absorb enough information fast enough about the subject. Pretty soon the idea completely engulfed our lives. Books like “Set for Life” by Scott Trench, “Your Money or Your Life” by Vicki Robin and “Rich Dad Poor Dad” by Robert Kiyosaki had made such an impact on our lives, that we found ourselves recommending them to just about anyone we talked to.
P.S. if you are looking for some more book and podcast recommendations check out these two posts!
So like… we kinda did this thing…
All jokes aside. We are really excited for our blog. It is quite scary putting yourself out there but the FI community is so welcoming and have all been really great to learn from.
We want to spread financial awareness to the masses. Seriously. We want to help people learn more about basic financial health from an early age so that they can have a stronger start. It’s really sad how people are thrown into the workforce and really not taught anything about their personal finances (retirement savings, emergency funds, etc.) unless they studied it in school.
If you follow our blog, in the future you will likely see new real estate purchases and hopefully other endeavors (it’s a secret – but we’re super excited to share!) in the near future.
Any Last Advice?
It is never too early to start caring about your finances and you are never too young to begin planning for retirement. Just because your friends aren’t, doesn’t mean you shouldn’t. Likewise, it is never too late to turn your financial health around.
Thank you all for sticking around this long and don’t be afraid to reach out to us over at The Wicked Wallet, we try our best to answer at lightning speed :).