Escaping Poverty Through DIY Wealth-Building and Smart Spending

Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future.

But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she would never feel poor again.

But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!

Show Notes at:
https://www.biggerpockets.com/blog/money-329?utm_source=youtube&utm_medium=description&utm_campaign=none
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Join the BiggerPockets Money Facebook Group:
https://www.facebook.com/groups/bpmoney
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5 Critical Financial Lessons We Can Learn From Poverty:
https://www.biggerpockets.com/blog/2015-08-25-financial-lessons-poverty-homelessness?utm_source=youtube&utm_medium=description&utm_campaign=none
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Top 5 Hacks To Maximize Retirement Savings:
https://www.biggerpockets.com/blog/top-5-hacks-maximize-retirement-savings?utm_source=youtube&utm_medium=description&utm_campaign=none
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Improving Financial Education with Billy Hensley:
https://www.biggerpockets.com/blog/biggerpockets-money-fincon-bonus-episode-billy-hensley?utm_source=youtube&utm_medium=description&utm_campaign=none
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Change Your Money Mindset, Change Your Life:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-98-vicki-robin?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Amanda:
Instagram: @shewolfeofwallstreet or https://www.instagram.com/shewolfeofwallstreet/
Website: https://shewolfeofwallstreet.com/
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Find a Fee-Only Financial Advisor:
https://www.xyplanningnetwork.com/
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: https://www.biggerpockets.com/guest?utm_source=youtube&utm_medium=description&utm_campaign=none
Finance Friday: https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode 329

00:00 Intro
02:32 Raised in Poverty and Self-Sufficient at 16
14:10 Figuring Out Her Finances
20:46 Developing Your "Money Mindset"
25:20 Amanda's Biggest Financial Mistake
30:25 From Scarcity to Safety to Thriving
37:49 Building a Second Full-Time Income
44:03 How Amanda Invests
59:31 Connect with Amanda!
01:00:06 Building Your Own Financial Education

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