A conversation with Larry Hagner from The Good Dad Project updating Brad on the recent financial changes he’s made in pursuit of more financial independence and his family’s budgeting strategies, as well as highlight’s from Monday’s episode from The White Coat Investor.
- Jonathan gives an update on his vegan experiment.
- Adopting a meatless diet was relatively easy, but going all-in vegan is more challenging.
- Dr. Dahle, from Monday’s episode, pioneered DIY personal finance.
- No one has a more personal interest in your personal finance than you do.
- What makes Dr. Dahle’s ‘investing policy’ so valuable?
- Larry Hagner, founder of The Good Dad Project, comes on the show and talks about how and why he started the project.
- The biggest lessons Larry’s learned along the way:
- Don’t come home with a wallet full of money and a house full of strangers.
- Constantly date your wife.
- Isolation is the enemy of excellence.
- It’s easy to share life’s wins, but when things are difficult, it’s easiest to withdraw from community.
- After Brad was a guest on Larry’s podcast, he’s made some significant changes to his financial mindset.
- Early in his marriage Larry managed their finances, paying off $80k of debt, but doing it in a somewhat reckless manner.
- Managing finances together with his wife, as a team, is crucial to Larry.
- Did Brad or Jonathan have any financial education growing up?
- Larry has started putting money into an account that he can use to pay off their mortgage in 7 years or less.
- He and his wife are buying a rental property to assist with paying off his mortgage.
- Automating payments/withdrawals will dramatically increase the chances that you will follow through on your investment plans.
- What does it actually take to feed four hungry boys?
- Larry and his wife are trying out strategies for where to shop, and how to shop for food.
- Larry talks through the logic behind the way he budgets for all the ‘unexpected’ or inconsistent expenses that come with life.
- Larry is experimenting with allowance for his boys:
- A higher allowance for his older boys = they’re responsible for haircuts, purchasing clothes, putting money in savings and giving 10% for charity.
