Your Friend Andy

Your Friend Andy



I went from $86,000 in debt and $0 in the bank to over $1,500,000 in 8 years. If I had to do it all over, here's what I would do:

First of all, you have to want to make the change. This isn't strong enough: "It would be nice to be on top of my finances!" I had to feel this: "I can't stand this anymore, I have to do something about my situation"

Here's how I did it: 1) I KNOW it's cliche, BUT you have to have a budget. If you have no idea where your money is going and what it is doing, you CANNOT take control of it. I use @ynab and think it's an amazing tool, but use whatever you like best.

@ynab 2) Figure out how to reduce your expenses to a minimum so you have money left over each month. You have to stop spending as much as you make if you want to succeed. If you can't do this (I had a hard time at first), I will share more in a moment.

@ynab 3) If you have high interest debt like credit card debt... you have to prioritize killing this ASAP. Paying the minimum and not attacking this debt is like knowing you have cancer in your body but knowingly letting it consume you without doing anything about it.

@ynab 4) Make more money. After budgeting and cutting back expenses, paying off debt was going to take longer than I wanted it to. And I hadn't even started investing yet.

@ynab So I started doing side hustles. I drove for uber/lyft, I flipped stuff on ebay/craigslist, I enjoyed photography, so I started picking up gigs on the side. Do whatever you can to make more money.

@ynab Making more money through getting a new job or promotion, starting side hustles, or starting a business is the #1 way I got out of my situation. More income can dig you out of your financial grave like nothing else IF you can be disciplined while you earn it.

@ynab I paid off $86,000 in credit card debt in just a few years because I worked my ass off with side income. I was sick of the way the debt made me feel, so I poured most of my spare energy into killing it. It's all about how bad you want something.

@ynab 5) Now the fun part. Making your money WORK for you instead of it being just you working for your money. Once I had my budget squared away and I started making real progress on the debt, I started taking investing seriously.

@ynab I did the normal, boring stuff, like open a Roth IRA and invest in index funds like VOO. BUT this is also when I got serious about crypto.

@ynab 6) Make asymmetric bets In the last crypto bear market, I bought lots of Bitcoin below $10,000. I invested in other crypto projects as well. I focused on building crypto passive income. These all helped accelerate my journey to millionaire status.

@ynab But I also focused on making asymmetric bets on myself. I invested in my own business, I started my youtube channel, I focused on building an audience.

@ynab Whatever you invest in, you need to make sure it compounds. Index funds compound over the long term and make you money. Crypto can earn you more money that compounds. Building your own business that scales can compound your income beyond your working hours.

@ynab There is so much more nuance to all this, but those are some of the foundational steps I took to get out of debt, get out of living paycheck to paycheck, and start my journey towards financial freedom. If I can do this, so can you.

@ynab Want more insights like this? Want insights specifically on investing, wealth-building, and crypto? Sign up for my free newsletter: Money Never Sleeps

@ynab Thanks for reading this. If you got something out of this please: 1) Follow me at @OhHaiAndy 2) Retweet the first tweet of the thread

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