015: How to Organize and Invest Your Money with America’s Millennial Money Expert Robert Farrington
Robert Farrington is America’s Millennial Money Expert and Founder of TheCollegeInvestor.com.
Robert is on a mission to help millennials get out of student loan debt and start building wealth for their future.
Robert is the quintessential master of his money. At such a young age in his early 30s he’s showing us all how it’s done. Really impressive.
In this episode, you’ll hear Robert share how he’s managed to pay off debt and make huge strides with his investing, the exact tools he uses to stay on top of his money and manage his investments, his savings goals, and his interesting strategy for buying his next car.
I left the interview with a list of to-dos for my own financial life. Get ready to be challenged.
Listen to This Episode with Robert Farrington
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I hope you enjoyed that. A big thank you to Robert for giving us the gold today.
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Show Notes
[1:45] How Robert keeps things organized in his financial life.
[7:30] Dealing with debt.
[10:00] Managing a debt payoff strategy with investing for the future.
[12:00] Buying his first house and saving for a $80k down payment.
[13:30] Life after paying off student loan debt.
[14:15] The surprising thing Robert says he’s bad at when it comes to money.
[17:15] How Robert and his wife found a good mortgage rate.
[18:00] Financial goals for the future (retirement vs new home vs lifestyle).
[19:45] Managing a side-hustle (thecollegeinvestor.com) while working a full-time job.
[21:15] All of Roberts savings goals and accounts.
[22:00] Using 529 Plans for college savings.
[29:45] What it’s been like working with a good CPA.
[31:00] What he’s doing with his taxable investing account.
[33:45] The handy resources he uses for financial information.
[36:30] His strategy for buying his next car.
[41:00] Plans for wealth accumulation and his business.
[43:00] Thoughts on looking back on the journey so far.
Show Sponsor
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Links/Terms/Concepts from the Show
- Empower (how Robert organizes his finances)
- Mint
- SEP IRA (Robert’s business retirement account)
- Costco Car Buying
- Uniform Gift to Minors Act (UGMA) Account (the investing account Robert’s grandparents opened for him)
- You Need a Budget (YNAB)
- Money Market Account (MMA)
- Fidelity
- Uber
- Lyft
- Solo 401K
- Roth Solo 401K
- E*TRADE
- Vanguard
- Optum Bank (Robert gets his HSA here)
- Employee Stock Purchase Plan (ESPP)
- US Bank (Robert’s business bank)
- USAA (Robert’s personal bank)
- Municipal Bond
- VFORX (PT’s target date fund with Vanguard)
- Subreddit on Student Loans (on Personal Finance, and on FI/RE)
- Mr. Money Mustache Forum
- MMM on buying new vs used cars
- The College Investor Youtube Channel
Full Transcript
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This show is part of the FinCon Podcast Network and was produced by Steve Stewart.
