Robert Farrington is the founder of The College Investor, which is one of the largest personal finance blog and the #1 resource for helping people get out of student loan debt. Robert is also trademarked as the America’s Millennial Money Expert and America’s Student Load Debt Expert. Most important of all, he’s on a mission to help more people live debt free and has walked the path, which most people only dreamed of, as a successful sidepreneur.
00:00 – Wuyen introduces Robert to the show
00:40 – Robert’s story
01:28 – The Collect Investor as side project
01:50 – Lesson-Learned for starting a side business
03:12 – Time management
04:14 – Don’t worry – just start publishing
04:57 – It’s so easy to start something online
05:18 – Everyone need a website
06:09 – Robert bring us into the world of financial investment
06:34 – Personal Finance Investment vs 401k Retirement Plan
07:39 – #1 Rule of building wealth
● Maxing out your 401k
● Maxing out your IRA (Individual Retirement Account)
● Save for your emergency account
● Use what is left for your life
09:13 – How to calculate the amount to save
10:07 – What to do with your 401K when you left your previous job
12:02 – Beginner’s guide to start investing today
● Start a zero cost IRA account (recommend Fidelity)
● Start with Index Fund
● Let the Index grow over time
14:32 – Index Fund
15:31 – How often do you monitor your IRA
16:48 – Patterns and cycles in the stock market
17:57 – Other resource
19:02 – Financial Planner
21:57 – Where to find out more about Robert
Top 3 Key Points:
- The biggest thing for starting a side business is time management. You have to know your priority of what needs to come first.
- The key to financial investment is save early, save often, and save as much as you possibly can. Save until it hurts!
- For beginner, don’t worry about the daily up-and-down of the stock market and aim for a long-term goal. Start with the Index Fund to invest in the stock market as a whole. Historically, the stock market has grown 8% per year.