7 - Bikes with Money like Mike

On Board today is Mike Staunton: Investor, Personal Finance Coach and the CEO and co-founder of Money like Mike. Mike lives in inner Melbourne, and after reaching Financial Independence he left a high stress career as an Engineer to pursue his passion of helping others take control of their wealth. Mike has a pretty interesting story - originally from North Carolina in the USA, he trained and worked as an electrical engineer. Despite being in one of the highest paying career paths, he somehow only seemed to go backwards with money, ending up with over $100,000 in personal debt in his early twenties including loans on three cars - one of which didn't even run! Mike needed a change, and after being inspired by Dave Ramsey 8 years ago, jumped on board his first ever aircraft flight on a one way trip to Melbourne, taking a chance on a transfer to his employers Australian office. Mike sold everything when he left to pay down as much of his debt as he could, and adopted a lifestyle in the city which kept his cost of living rock bottom enabling him to drag himself out of debt. Through a combination of frugality, cycling, not having a car, being plant based and being alcohol free Mike was able to pay off his debts and start investing. Mike invests in both the US and Australia through his 401K, IRA, Superannuation, Mutual funds and a conventional brokerage account. Ultimately, understanding the difference between a want and a need enabled Mike to pay off his debts and Reach Financial Independence in only 8 years. Now on the path to becoming a deca-millionaire, Mike shares with me some of the top saving and investing tips he uses with his clients. Although we don't exactly see eye-to-eye on everything, Mike certainly provided me with a refreshing perspective and I had a great time chewing the fat with him on everything from Cycling, 'the rules', getting out of debt, investing and psychology. Strap in because its a pretty long poddy!