Matt Viera

INTRODUCTION
Welcome to the Relaunch

Hey Friends.

If you have been with me for awhile, you know I hinted at some big changes coming to this newsletter in 2024. Well….here they are…welcome to the relaunch of the Freedom Launch Newsletter.

If you’re new here, welcome…you’ll never know the previous format so I hope you like what you see now.

In late 2023 I was reflecting on my current financial journey. I realized that I have found inspiration and motivation from other people’s journeys to financial freedom.

Specifically, I have found inspiration from the stories of “normal” people that broke free from the typical advice of: get a degree, land a steady job, work tirelessly for decades, and then finally, you’ll be rewarded with retirement.

I want to share these stories with you so…each week I will be sharing either an interview with someone new or a monthly recap.

I will pull out and highlight practical strategies and actionable tips you can put into practice in your own life. I will use the monthly recaps to pull together common themes and trends I see with all of the interviewees.

I can’t tell you how excited I am to share these people and there stories with you. I’m confident you will be inspired and know if you apply what you learn, you’ll be able to set yourself on a path toward financial freedom.

So without further delay, let’s dive in to this week’s interview.

THE STORY
Matt Viera

Let me introduce you to Matt Viera.

Matt is a US Army veteran (paratrooper) turned New York City attorney turned educator working for the City of New York. He will turn 52 next month. I mention this because it’s an important factor in his story.

Matt graduated from law school in 2008, saddled with over $220,000 in student loan debt. His monthly payment for this debt alone was about $1100.

Matt believed he’d be stuck working the rest of his life to pay off his debts.

In 2022, a fortunate turn of events changed this for him. Financial actions he had put in place over the past decade started to come together.

It was at this point, he began to believe financial freedom was not only achievable, but something he could do by 2028.

If you find yourself asking, “How is this even possible?” you’re not alone.

You see, it wasn’t just student loan debt Matt was facing. Living in a high-cost of living (HCOL) city with lots of fun things to do, Matt also racked up credit card debt.

While he was able to earn reward points to use for travel, he was also carrying a balance each month.

Matt’s frustration of seeing money that could be used for something more meaningful go toward debt payments was motivation for a change.

Matt started to attack the credit card debt using the snowball method. He was able to find an extra $200 to kickstart the snowball and knock out the credit card debt in short order.

The snowball combined with a habit he started in 2021 of tracking his daily spending helped him get control of his spending.

He still uses his cards daily, earning reward points for travel (Matt hasn’t paid for a plane ticket since 2017), but he pays his balances in full each month.

Matt also had the foresight to apply for the Public Service Student Loan Forgiveness (PSLF) program about 12 years ago. It is a program that will forgive one’s student loans if you work for a federal, state, or city government agency and make 10 years of on time payments.

Jumping back to 2022 and that fortunate turn of events…

Matt was on his third “mini-retirement, ” this time in Spain. He was spending 5-weeks in Spain, 4 in Barcelona.

He was having a great time doing what he wanted whenever and not waking up to an alarm clock when he was notified that about $153k of student loan debt was wiped clean by the PSLF program.

This was when things shifted and he asked himself, "What do I have to do to live the rest of my life like this?" At that point, something clicked, and he promised himself, "I'm going to retire in 5 years."

Some other changes Matt implemented before and after this include:

• Contributing pre-tax income to his retirement account consistently for the past 12 years

• Attacking his credit card debt with the snowball method

• Opening an several investment accounts and automating contributions.

• Using High Yield Savings Accounts (HYSA) for his emergency fund and mini-retirement fund, both funded by overtime pay and side-hustle income

• Daily spend tracking

These types of changes don’t often stick with out a mindset shift and some discipline, both of which Matt leveraged.

When Matt turned 50, he realized, he could actually retire by 56 based on years of service. He also concluded he was didn’t want to trade time for money anymore.

To stay motivated and disciplined, he calculates his net worth the first of each month.

Matt also leverages goal setting. He has his financial goals written on a small index card that he carries with him and reviews daily. 

In hindsight, Matt wishes he had learned money fundamentals in his early 20’s (don’t we all). When I asked him for what actionable steps he thinks people can take to move closer to financial freedom, he gave me this list:

1. Figure out your current net worth

2. Come up with at least three (3) SMART financial goals

3. Review your financial goals daily

4. Start tracking your daily spending

5. Use and stick to a budget

6. Get rid of credit card debt as soon as possible

7. Have fun

He especially highlights #7, have fun. This is non-negotiable for him and he walks the walk.

Matt takes regular weekend getaways, a solo cross-country trip every year to Wyoming, and his annual “mini-retirement” trip. He spends 1-month during the summer in a different European city with no alarm clock.

Matt sees this not as spending money but rather “an investment in life experience.” After all, “life’s entirely too short.”

If you want to learn more details about Matt’s story, check out the complete interview transcript HERE.

Also be sure to:

• Follow him on 𝕏 and

• Subscribe to his newsletter where he writes about mini-retirements and living the life you actually want to live.

KEY LESSONS AND TAKEAWAYS
It’s never too late.

One of things I find most inspirational about Matt’s story is that he didn’t truly start saving until his late 30’s early 40’s.

He also didn’t even consider financial freedom was possible until he was 50.

It’s never too late. 

Here are some key lesson’s and takeaways I took away from his story:

• Take debt seriously. Especially high-interest credit card debt. Create a debt-reduction plan and stick to it.

• Know your numbers. One of the most common things I help coaching clients overcome is a lack of awareness of their money.

  Take the time to sit down and at minimum:

  • calculate your net worth

  • create a budget/spending plan

  • track your spending regularly (ideally daily).

• Automate Investments. Regular contributions over time add up, especially once compounding begins to take off. Pay yourself first by automating these contributions. Set it and forget it.

• Know your options. Be aware of programs like PSLF, or if you’re a public servant, pension/years of service based retirement programs. Take advantage of any and all work provided programs like 401k matches, etc.

• Diversify your income. I didn’t cover it much above, but Matt has side-hustle income he uses to help fund his mini-retirements. If you have a single source of income, it never hurts to diversify.

• Have a plan for additional income. More money in the bank off leads to lifestyle creep. Matt funnels his additional income to his emergency fund and mini-retirement accounts. If you get additional income, have a plan established in advance so it doesn’t “disappear.”

• Finally, Have Fun. What’s the point of working, scrimping, saving, if you don’t enjoy life. I’m not saying to blow all of your money, but don’t live like a miser and not enjoy life.