Boise Man Went From $30K In Debt to $1.8M Net Worth in 6 Years
Talk about a financial glow up.
When is the last time you thought about your finances? Actually, that's a dumb question. I believe for so many of us, finances have been on our minds constantly for the better part of the last 18 months.
Thanks a lot, COVID.
Many people lost their jobs or had to cut back on work last year and our bank accounts took a hit. Now, coming out of the pandemic we find ourselves trying to pick up the pieces and build back our wealth.
Perhaps investing is the fix you need.
Recently, I was intrigued by this article about a man who completely turned his financial portfolio around in just six years. And according to Business Insider, he lives in Boise!
His name is Cory Harelson and the article I found states that in 2015, he was $30,000 in student loan debt and he had zero dollars in his savings account. Not to mention he was working 60 to 80 hours a week to take care of his wife and son.
Fast forward to 2021 and Harelson now has a net worth of $1.8 million.
What changed? He began reading. The books that stand out to him are "The Wealthy Barber" by David Chilton and "Rich Dad, Poor Dad" by Robert Kiyosaki.
These books got Harelson thinking about money. The first taught him about building savings while the second got him thinking about investing. Real estate investing to be specific.
Business Insider reports that he stumbled upon a mobile home park on Craiglist and the lightbulb went off in his head.
If he bought the land, the tenants' rent would not only help pay for it, but create some cash flow as well. He saw his relationship with his tenants as a partnership in taking care of the lot. After saving for a down payment and securing the appropriate loan, it was off to the races.
Harelson also admits to Business Insider that analyzing how he and his family spent their money allowed them to save more each month. He recommends You Need a Budget to help you see where your money is going and make appropriate adjustments.
Now excuse me while I go take a look at my own finances.