This Financial Life with Thomas Frank Part 1

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Table of Contents  
  1. Show Notes

Thomas has been a past guest but we don’t know much about his financial life.  Today we’ll see what he’s doing well and where he could improve.

If you’re going to be a host on LMM, you have to come clean with the audience about your financial habits and mistakes.  We don’t judge and these shows prove that none of us are perfect and even financial podcasters have some lessons to learn.

Currently Thomas has a net worth of about $30,000.  But it wasn’t always that way.  From October 2012 through March 2013, he got serious about paying off his student loans which totaled about $14,000.

His site started making money, he was working part time and by the time he graduated in May 2013, he was debt free.  He was only twenty one.

One of his tips is once money hits your account, transfer it straight to debt.  The longer it sits in your checking account, the more likely you are to spend it. The moment it comes in, it should go straight back out.  Like you never even had it.

Our finances are a team effort.

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Thomas knew he wanted to make College Info Geek his full time career.  He was averaging $5000 a month via the site. It’s currently making between $4,900 and $8,500 a month.  And Thomas lives in Iowa where the cost of living is cheap.

Thomas contributes $500 a month into Van Guard.  He has $16,000 in an IRA.  His goal, along with his girl friend Anna (hi Anna!) is to have $900,000 invested by age forty and live off 4% of that, or $36,000 a year. They each need to save $25,000 a year to reach that goal.

Because Thomas runs a small business, there are tax implications.  He uses tax deferred investments to lower his taxable rate.

Is Thomas making any mistakes?  Not in Part 1.  Stay tuned for Part 2 to find out.

Show Notes

Wild Devil Ale:  An India pale ale.

The PF Missing Manual:  The book that Thomas read to learn investing.

Van Guard:  Where Thomas and Andrew both invest.

Candice Elliott - Senior Editor
Candice Elliott is a substantial contributor to Listen Money Matters. She has been a personal finance writer since 2013 and has written extensively on student loan debt, investing, and credit. She has successfully navigated these areas in her own life and knows how to help others do the same. Candice has answered thousands of questions from the LMM community and spent countless hours doing research for hundreds of personal finance articles. She happily calls New Orleans, Louisiana home-the most fun city in the world.

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