DIY Your Way to FI with Tinian Crawford | BiggerPockets Money Podcast 44

TL;DR

Tinian Crawford shares his journey to financial independence through DIY and trade skills.

Transcript

welcome to the BiggerPockets money podcast show number 44 where we interview Tinian crawford from DIY 2phi it's time for a new American Dream one that doesn't involve working in a cubicle for 40 years barely scraping by whether you're looking to get your financial house in order invest the money you already have or discover new paths for wealth cre... Read More

Key Insights

• Tinian Crawford took six years to complete an associate degree in graphic design, realizing later that college wasn't for him.
• He transitioned from odd jobs to a sign shop, where he discovered the value of becoming an electrician.
• Tinian chose an expensive vocational path to become a licensed electrician, starting at minimum wage and working up to a journeyman.
• His financial journey was significantly influenced by his wife's saving habits and their mutual decision to save $20,000 before their first child was born.
• After a concussion, his wife discovered financial independence podcasts, which shifted their financial mindset and goals.
• Tinian and his wife are now focused on cutting unnecessary expenses and investing in VTSAX while considering real estate investments.
• He leverages his electrician skills for side jobs, significantly increasing his income and providing flexibility in pursuing financial independence.
• Tinian emphasizes the importance of skill compounding and the potential of trades in achieving financial independence without a traditional college degree.

Questions & Answers

Q: What led Tinian Crawford to pursue a career as an electrician?

Tinian Crawford's journey to becoming an electrician began while working at a sign shop, where he noticed many signs required electrical work. Realizing the potential for increased value and income, he decided to pursue a career as an electrician, despite initially choosing a costly vocational path.

Q: How did Tinian and his wife manage their finances before discovering financial independence?

Before discovering financial independence, Tinian and his wife focused on saving money, influenced by his wife's natural saving habits. They successfully saved $20,000 before their first child was born, despite Tinian's modest income as an apprentice electrician, by cutting back on unnecessary expenses and maintaining a frugal lifestyle.

Q: What was the turning point for Tinian and his wife in their financial journey?

The turning point in Tinian and his wife's financial journey occurred when his wife suffered a concussion and discovered financial independence podcasts. This revelation shifted their financial mindset, leading them to focus on cutting expenses, investing in VTSAX, and considering real estate investments as part of their path to financial independence.

Q: How does Tinian Crawford leverage his skills to increase his income?

Tinian Crawford leverages his skills as a licensed electrician to take on side jobs, significantly boosting his income. This flexibility allows him to earn additional money on top of his salary from his full-time job at a university, providing him with more financial freedom and opportunities to invest in his path to financial independence.

Q: What advice does Tinian offer to those starting their financial independence journey?

Tinian advises those starting their financial independence journey to recognize that skill collections compound over time. He emphasizes the importance of gradually building skills and confidence, similar to the compounding effect of investments, and suggests that trades can offer a viable path to financial independence without a traditional college degree.

Q: What role did Tinian's wife play in their financial journey?

Tinian's wife played a crucial role in their financial journey by being a natural saver and influencing their financial habits. Her insistence on saving $20,000 before their first child was born set a strong financial foundation. Additionally, her discovery of financial independence podcasts further transformed their financial outlook and goals.

Q: How did Tinian and his wife approach investing after discovering financial independence?

After discovering financial independence, Tinian and his wife opened a Vanguard account and began investing in VTSAX. They also utilized tax-advantaged accounts like 403(b) and 457 plans through Tinian's state employment, maximizing their savings and investments to accelerate their journey towards financial independence.

Q: What is Tinian's perspective on DIY and its role in financial independence?

Tinian views DIY as a critical component of financial independence, allowing him to apply his electrician skills to save money on home projects and increase his income through side jobs. He believes in the power of skill compounding, gradually building expertise in various areas to enhance self-sufficiency and financial growth.

Summary & Key Takeaways

• Tinian Crawford's journey to financial independence started with a nontraditional path, taking six years to complete an associate degree in graphic design. He discovered his passion for electrical work while working at a sign shop, leading him to pursue a career as an electrician.

• Despite choosing an expensive path to become a licensed electrician, Tinian's career shift allowed him to increase his income steadily. Alongside his wife's saving habits, they managed to save $20,000 before their first child, marking a significant financial milestone.

• A concussion led Tinian's wife to discover financial independence podcasts, changing their financial outlook. They now focus on cutting expenses, investing wisely, and considering real estate investments, leveraging Tinian's skills for side jobs to boost their income.