DeepSummary
The podcast hosts Austin Hankwitz and Robert Croak welcome Jeremy Snyder (known as @PersonalFinanceClub on Instagram) to discuss his journey from selling his software company for $5 million to growing his net worth to over $5 million currently. Jeremy shares his tips on building wealth, such as living below your means, investing early and often, and keeping investment strategies simple.
Jeremy explains how he invested the proceeds from selling his company, mainly into index funds and ETFs, and how he now lives off the growth from those investments. The discussion also covers mistakes Jeremy made, like selling winners too early, as well as his new company Nectarine, an advice-only financial advisory marketplace.
The hosts and Jeremy emphasize the importance of taking a long-term approach to investing, not having knee-jerk reactions, and looking at investing as a way to build sustainable wealth over time rather than trying to get rich quickly. They also touch on the dangers of conflicts of interest with many traditional financial advisors.
Key Episodes Takeaways
- Live below your means and spend less than you earn to build true wealth.
- Invest early, often, and for the long-term in a simple portfolio of index funds and ETFs.
- Avoid knee-jerk reactions to market fluctuations and stay patient with your investments.
- Be wary of conflicts of interest with commission-based financial advisors pushing products.
- Consider flat-fee, advice-only financial advisors like those on Nectarine's platform.
- Don't sell winners too early - let compounding work over the long run.
- A windfall provides opportunity but also responsibility - take time before making decisions.
- Focus on building sustainable wealth rather than getting rich quickly.
Top Episodes Quotes
- “Wealth is what's left over after you have spending. And so I'd say the first tip is live below your means.“ by Jeremy Snyder
- “The reality is the best investors keep it very, very simple. They buy a few things, maybe even one thing, and just keep buying more of the same thing over time.“ by Jeremy Snyder
- “If I would have let my winners run, if I would have held that for longer, even if instead of selling 90% or 80%, if I sold 30%, kind of took a little bit more aggressive stance towards that, I would have been in a dramatically better financial situation than I am today.“ by Jeremy Snyder
- “And so I hope you guys do offer that flat fee service. I think it's a great idea and I think the industry is going to move that way.“ by Jeremy Snyder
Entities
Company
Person
Product
Concept
Episode Information
Rich Habits Podcast
Austin Hankwitz and Robert Croak
6/3/24
In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz sit down with Jeremy Schneider from @PersonalFinanceClub on Instagram!
Jeremy sold his software company for $5M in 2015. He quickly had $2.2M deposited to his checking account. Since the exit of his company, he's grown his net worth to over $5M.
Austin and Robert ask Jeremy how he invested his money, his biggest money mistakes, and his new company.
- Follow @PersonalFinanceClub on Instagram
- Check out Nectarine, Jeremy's new company
---
👉 Join us tomorrow, June 4th, for our free options webinar with Public! Click here to save your seat.
---
👉 Discover new stock ideas and analysis on Moby! Click here to learn more.
---
👉 Find new investing communities that fit your unique strategies on Blossom, an investing social network. Click here!
---
⭐ Download our FREE Budgeting Template – click here
⭐ Earn 5.1% on your savings with a High-Yield Cash Account – click here
⭐ Trade stocks, options, music royalties and crypto on Public – click here
⭐ Get a $35 bonus when you start saving & investing with Acorns – click here
⭐ Automatically buy stock where you shop with Grifin – click here
⭐ Protect your family with term life insurance from Suriance – click here
⭐ Use code “Spotify” for 15% off our 4-module video course – click here
⭐ Optimize your portfolio with Seeking Alpha – click here
---
👤 Explore everything Austin does – click here
👤 Explore everything Robert does – click here
❓ Ask us questions for our Q&A episodes – @richhabitspodcast on Instagram
📬 Inquire about working together – christian@witz.vc