In our third series of interviews, I conducted a Personal Finance Interview with Well Kept Wallet. Well Kept Wallet has been a bookmarked page of mine for quite some time. I had the opportunity to ask Deacon a few questions about Well Kept Wallet and his thoughts on personal finance, passive income and more. This is the third guest interview for Millionaire Mob and you can find the link to the others at the end of the interview. Let’s get into our early retirement interview with Deacon of Well Kept Wallet.
Early Retirement Interview with Well Kept Wallet: Work Hard for FIRE
Our early retirement interview with Well Kept Wallet features a number of topics that will certainly help you. We share a number of investing philosophies and where to put your money. I loved learning from Deacon Hayes to hear more about his blog, ebook and more. He’s done a great job for the personal finance and early retirement community. He’s done a lot in the community and everyone knows him so I was excited to start interviewing him.
Who is Well Kept Wallet?
Deacon Hayes started Well Kept Wallet. Well Kept Wallet is a personal finance site dedicated to helping you save money, make money and pay off debt. I love the simple philosophy of his site. You need to save money, make money and live debt free to truly live financially free.
Early Retirement Interview Questions with Well Kept Wallet
Let’s dive into my early retirement interview questions with Deacon of Well Kept Wallet.
Why Well Kept Wallet? What did you hope to accomplish with Well Kept Wallet?
Well Kept Wallet really started because I wanted to share some of the things I learned about personal finance during my own journey to becoming debt free. Since then, I’ve learned so much more about building wealth that I also wrote a book called, You Can Retire Early. I really hope to inspire people to reach for their financial goals and provide tips and actionable advice they can use to get there.
What inspired you to create your site? What’s one thing that you didn’t know that you know now?
In the beginning, I had no idea a blog could earn so much passive income. I started several years ago and there have definitely been different trends and ways to make make money through websites that have come and gone since then. It’s a whole different world now than it was when I first started.
What is the one piece of advice that you’d give to people just realizing that they need to get their ‘financial fitness’ in order?
When you first get started, cutting expenses is the easiest way to see an immediate result in your bank account. Then you can put that money toward saving for emergencies or paying off debt depending on what your goal is. But, don’t be tempted to stop with frugality. The real way to make fast progress is to find ways to earn more money.
For example, I delivered pizzas for extra money in the evenings and weekends so my wife and I could pay off $52,000 of debt. Millionaire Mob has several ideas to increase your income and help you pay down debt:
- Best Things to Flip for a Profit: Earn Side Hustle Income
- 15 Online Jobs from Home
- 10+ Ways to Make $500 Fast
I agree with the fact that you have to make sacrifices to get rid of debt. Focus on increasing your income.
What are your favorite forms of passive income?
My favorite form of passive income is through investing, which could be done a variety of ways, from real estate investing to investing with a robo-advisor, and more. I also enjoy earning a passive income through sales of my book and through my website.
Investing for passive income is real. Millionaire Mob has created a simple 5 step plan that can help you obtain the goal of living off dividends forever.
What is the most hidden / least talked about way to attack debt?
I think one of the less talked about ways to get out of debt is through good, old-fashioned hard work. Many people simply assume it isn’t possible to become debt free (and stay that way), so they don’t even try. But, if they would just buckle down with their expenses and find ways to earn extra income, it’s completely possible to become debt free.
What have you learned from creating passive income streams? Do you like to take your side income and recycle it into new opportunities?
I’m a big fan of re-investing my passive income to generate more income for the future. For example, I invest thousands into my blog each month which is generating a high return in the form of affiliate income. Once you reach the point where you can afford to re-invest your profits, you’ll begin to build wealth much faster.
Do you have any mentors or people that you follow that have influenced you to be financially independent or personal finance savvy?
In the beginning I followed personal finance gurus like Dave Ramsey. Now that we’re debt-free and are focused on building wealth through our online businesses, I follow people who are crushing it in the online business world, like Pat Flynn.
Do you find it more important to save money or find ways to earn more income? Are there any tools out there that help you?
I really find that a balance of both is the sweet spot for getting ahead. Earning potential is unlimited, but if you don’t use that money wisely, you won’t be getting ahead financially. I still track my business and personal spending and do my best to keep them low (relative to the income I’m earning). I track my return on investment everyday for my online income so I can make decisions quickly. If I find things that are working well, I can ramp them up. Or if things aren’t working, I can stop spending money on them.
Millionaire Mob tracks everything through Personal Capital. You can’t deny it’s the best platform out there to use. These are some of the best 401(k) fee calculators out there.
What did you do to achieve such advanced financial knowledge?
I practiced what I preached each and every day with consistency. I also read a lot of books, listened to podcasts, read blog posts, and more.
What would you tell young professionals beginning their careers? What is the first thing young professionals need to do upon the start of their careers?
If your employer offers it, start investing in the 401(k) plan from day one. If they offer a match for your investments, it’s a great way to grow your money quickly for your future retirement.
Keep that wallet well kept.
Early Retirement Interview with Well Kept Wallet Conclusion
Compound interest is your friend. Take advantage of it early and often. You can build wealth extremely quick if you focus on attacking debt and earning additional income. All additional income should be recycled into new opportunities or investments that are higher returning in nature. You will be surprised at how quickly you can build wealth and achieve financial flexibility.
One of my favorite takeaways from our early retirement interview with Well Kept Wallet was that you need to work hard. I cannot agree more. If you can work hard, stay frugal and save, you future self will be very happy. Develop a habit of earning more than you spend. Never increase your spending.
I hope you obtained some helpful information from our Personal Finance Interview with Well Kept Wallet. Let us know in the comments below. We’d love to hear from you.
Other Related Blogger Guest Interviews:
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