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My one question: how did he make it to 22 without any debt? I had $5,000 in the bank at 18, but at 22 I was about $50K in the hole because of college. I know I

by breck 6y ago

My one question: how did he make it to 22 without any debt? I had $5,000 in the bank at 18, but at 22 I was about $50K in the hole because of college. I know I shouldn't have worried about it because monthly payments were low and interest was low, but it felt crushing, and if I was saving $6k per year like he did, it would take me 12+ years to have "$12k in the bank and be free".

sjg007 6y ago
Scholarships maybe?
- doopy1 6y ago
  Or generous parents.
  - xapata 6y ago
    Or ... no college, because he's a musician? Ah, no. Berklee.
Beaver117 6y ago
Community college can shave off two years of tuition. Not staying in dorms and instead commuting from home can shave off thousands of dollars in rent. Working part time is enough to pay for the rest, unless it's a private college with enormous tuition.
xapata 6y ago
Many people don't go to college. It's also good to remember that those who do go to college wind up with (on average) dramatically more wealth, regardless of student loans.
wolfgang42 6y ago
Stereotypically, these “I got rich early, anyone can do it, all you need is grit” blog posts have an unstated “...and wealthy parents.” This one seems to be no exception; the author’s parents had a family business that could casually loan him $20,000 to record an album <https://sive.rs/mistake https://sive.rs/mistake>. Eating peanut butter sandwiches for three meals a day is a lot easier if you have that kind of safety net to fall back on.
- breck 6y ago
  Ah that makes sense. How I got rich was I was born to middle class parents who sent me to a private high school that taught me to work hard, and despite going into heavy debt for college, didn’t die from starvation or homelessness because every time I hadn’t eaten for a couple days or my bank closed my account and rent check bounced, my mom or a friend would lend me money to survive, and eventually some bets paid off. Not spending helps, but the family and friends were the dominating factor.
- ryandrake 6y ago
  > author’s parents had a family business that could casually loan him $20,000 to record an album <https://sive.rs/mistake https://sive.rs/mistake> Boom! Great find. Amazing how behind so many Bootstrappy, Self Made Millionaire stories lurks the entrepreneur's wealthy family either 1. directly contributing money, 2. loaning and investing or at least 3. providing a roof and food to fall back on during rough times.

by breck 6y ago

sjg007 6y ago

Scholarships maybe?

doopy1 6y ago
Or generous parents.
- xapata 6y ago
  Or ... no college, because he's a musician? Ah, no. Berklee.

Beaver117 6y ago

Community college can shave off two years of tuition. Not staying in dorms and instead commuting from home can shave off thousands of dollars in rent. Working part time is enough to pay for the rest, unless it's a private college with enormous tuition.

xapata 6y ago

Many people don't go to college. It's also good to remember that those who do go to college wind up with (on average) dramatically more wealth, regardless of student loans.

wolfgang42 6y ago

Stereotypically, these “I got rich early, anyone can do it, all you need is grit” blog posts have an unstated “...and wealthy parents.” This one seems to be no exception; the author’s parents had a family business that could casually loan him $20,000 to record an album <https://sive.rs/mistake https://sive.rs/mistake>. Eating peanut butter sandwiches for three meals a day is a lot easier if you have that kind of safety net to fall back on.

breck 6y ago
Ah that makes sense. How I got rich was I was born to middle class parents who sent me to a private high school that taught me to work hard, and despite going into heavy debt for college, didn’t die from starvation or homelessness because every time I hadn’t eaten for a couple days or my bank closed my account and rent check bounced, my mom or a friend would lend me money to survive, and eventually some bets paid off. Not spending helps, but the family and friends were the dominating factor.
ryandrake 6y ago
> author’s parents had a family business that could casually loan him $20,000 to record an album <https://sive.rs/mistake https://sive.rs/mistake> Boom! Great find. Amazing how behind so many Bootstrappy, Self Made Millionaire stories lurks the entrepreneur's wealthy family either 1. directly contributing money, 2. loaning and investing or at least 3. providing a roof and food to fall back on during rough times.