$600k Windfall to $220k in debt

INTRODUCTION
I missed last week

To my existing subscribers, let me start by apologizing for missing last week’s newsletter. My family and I were in Florida for spring break and to help my mother-in-law pack her house to move in with us.

I underestimated the amount of time it would take to accomplish and ran out of time to write. This week’s interviewee was a lot of fun. As a fellow financial coach, he is incredibly passionate about the mission of helping people win with their money.

His journey from his own massive debt to helping others is nothing short of inspirational. So, without further adieux, let’s dive in.

THE INTERVIEW
Justin Brown-Woods

Justin is a husband and father to three children (ages 4, 2.5, and 8 months). He and his wife Haley are the duo behind the ‘Price of Avocado Toast’ podcast and financial coaching business. Justin also coaches high school football.

Justin’s tale of financial awakening began with a life-altering windfall of money. At the age of 24, he found himself the recipient of a $600,000 payout from a wrongful death lawsuit related to his grandmother’s passing.

This influx happened just as he and his future wife Haley started their relationship. Having both come from financially unstable households, they were unprepared for the responsibility that came with such a large sum of money.

Their initial response was to spend liberally, enjoying comforts they had not known, believing their financial well-being was secure.

However, this was short lived. Within 3.5 years, not only had they depleted the entire $600k, they had also accumulated over $220k in debt.

Their turning point came from an unexpectedly simple moment - a dispute over the purchase of pumpkin muffins. This may seem trivial to most, but it highlights Justin's severe financial strain. It was the ‘aha’ moment that ignited a change in their approach to money.

Determined to rewrite their money story, Justin and Haley learned all they could about personal finance, started budgeting, cut unnecessary expenses, and aggressively paid down debt. The pair sold things, took on multiple jobs, and used every resource available to claw their way out of debt.

Over 18 months, they paid off $130,000 and, in the process, realigned their lives with their values and goals. This process also sparked their passion to help others avoid the pitfalls they encountered.

Today, Justin and Haley have transformed their painful lessons into a mission to empower others. Through their podcast, "Price of Avocado Toast," and their financial coaching business, they share their knowledge, experiences, and insights, guiding individuals and families toward financial literacy and freedom.

Their story is a testament to the power of resilience, education, and the transformative impact of facing financial challenges head-on.

You can check out the full video interview HERE.

If you want to connect with Justin you can find him across most social platforms @PriceofAvocadoToast. On 𝕏, it is just @PriceAvocado. I also highly recommend checking out the '“Price of Avocado Toast” podcast wherever you listen to podcasts.

KEY LESSONS AND TAKEAWAYS
Don’t go alone.

• Financial Education is Personalized: Justin emphasizes the importance of understanding that financial strategies should be tailored to individual circumstances rather than following a one-size-fits-all approach.

• The Value of Budget Tracking: Regularly monitoring expenses within a budget is crucial. It illuminates spending habits, helps identify unnecessary expenses, and aligns financial activities with personal values.

• Community Support: Sharing your financial goals and challenges with others can foster a supportive community, provide accountability, and encourage perseverance through tough times.

• Finding Your "Why": Identifying and focusing on your core values and goals can help you navigate financial decisions and maintain motivation throughout the journey to financial freedom.

• Educating the Next Generation: Justin shares the importance of introducing financial concepts to children in a positive and engaging manner, laying the foundation for a lifetime of financial literacy and responsible decision-making.