Welcome to another episode of the Mind of a Millionaire Podcast. This week our special guest is Robert Farrington. Robert is the founder of The College Investor – a blog all about paying off your student loans, starting your own side hustles, and money management altogether.
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Who is Robert Farrington? [0:42]
“How do you help people escape student loan debt and what’s most effective?” [2:24]
- Get organized.
What should you be cautious of when looking for a loan? [5:34]
Class of 2016 Average Student Loan Debt: $37,172 [7:15]
“Do you recommend people start investing right away?” [7:26]
- Get the full match through work retirement plans.
- Health Savings Account (HSA) [8:18]
How do you recommend kids in high school start investing? [10:39]
Do you recommend mutual funds or index funds for young investors? [12:37]
- Warren Buffet vs. S&P 500 [14:04]
“In your twenties you’re working with a shovel – you shouldn’t be picking stocks with a fine-tooth comb.” [15:38]
- You are the biggest asset that you have.
“How do you recommend that people earn more money?” [18:48]
“A millionaire is made ten bucks at a time.” – Mr. Money Mustache
The best side hustle is the one that works for you. [24:44]
“Frugality is great, but it’s only going to get you so far; you can only cut so much.” [26:33]
- Become an intentionalspender. [27:22]
Drawbacks vs. Benefits: Ubering Everywhere [29:19]
“Am I living intentional or am I living a life that people said I should have?” [32:04]
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
No strategy assures success or protects against loss.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
Robert Farrington and The College Investor are not affiliated with LPL Financial and Denver Wealth Management.
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Securities offered through LPL Financial, member FINRA/SIPC. Investment Advice offered through Providence Capital Partners, Inc. a Registered Investment Adviser. Providence Capital Partners, Inc. and Denver Wealth Management are separate entities from LPL.