225: From $52K in Debt to $100K/Month in (Almost) Passive Income

A lot of people in the financial independence community successfully get out of debt, but not many of them get out of debt and then start a monthly six-figure side business. One person who has done that is Deacon Hayes. Deacon was raised by a single mother on welfare who taught Deacon that debt was a way of life. When Deacon married his wife, they both collectively realized that the only way for them to live the life they wanted to, was to get out of debt. Deacon did whatever he could to pay off his debt. He delivered pizzas and resold furniture, all while working full time. Once he was out of debt, he decided his passion was in teaching others how to get rid of their debt, so he became a financial planner and started his website, Well Kept Wallet. His story was so well received that he was brought on to record with Fox and tell their audience about his debt-free journey. Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion's share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another worker to fill his role so he could focus on what he loves. In This Episode We Cover Getting rid of debt as fast as you can so you can start saving and investing Foreclosures, land leases, and other real estate predicaments Making sure you keep a large emergency fund (especially if you’re an entrepreneur) How to hit “hockey stick” level growth and what to do when you want to step away Firing yourself from your business and learning to outsource How to establish self-worth after you “retire” And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices