BiggerPockets Money3 Touko 2021

193: Building a Business After Homelessness, Addiction, and Debt

Part of the mission of the BiggerPockets Money Show is to share journeys from all walks of life. Our guests show that no matter where you’re at, you can reach financial freedom and enjoy your life on your terms. Today’s guest, T Christopher Colton, is a shining example of pulling yourself out of the depths and into the light.

Chris never liked school, and was spanked all throughout elementary and middle school for failing to pay attention in class. He was told he needed to go to college, but didn’t have the passion for higher learning that other classmates did. He ran away from home multiple times, ended up being homeless, and addicted to drugs. He had stints as a car salesman, before going into carpentry.

With the help of his wife, Chris was able to get off the streets and live a stable life with his full time income. But, he wanted more. He became an electrician apprentice and started doing side work to help pay off the $100,000+ debt he had accumulated. Thankfully, he found out about financial independence through Dave Ramsey, putting him on a path to reject consumer debt, go hard on retirement accounts, and bring in more income.

In This Episode We Cover

The financial danger of buying a new car, and the costs that come with it
Selling everything to get out of debt fast
Moving states and reducing costs of living dramatically
401(k)s, IRAs, and Roth IRAs for retirement
Starting a side business and having your W2 pay for your everyday expenses
Getting your children on a path to success with early financial independence
And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow193

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