EPISODE 44 -Hacking Personal Finances with Nilam Patel
SHOW NOTES
This is our second episode with Nilam Patel - she was also featured on Episode 30, where she educated us on autism and the importance of awareness in her field of ABA (Applied Behavior Analysis). After the episode, we learned that personal budgeting was a passion of hers, so we asked her back to share some helpful hacks to help us start our own journeys to financial independence.
(1) How it started
Fueled by determination to support her children, Nilam became a coupon queen and adapted a new lifestyle to live simply and mindful budget. In addition to climbing the career ladder, she also started her own business on the side, as a consultant and a BCBA supervisor.
Ditch the “Keeping up with the Joneses” mentality - there are healthier financial mindsets to practice.
(2) Our Review of “Quit Like a Millionaire”
We discussed our takeaways from the book, Quit Like a Millionaire. For us, it is about the conscious choices to reach budget goals.
Intro to the F.I.R.E (Financial Independence, Retire Early) Movement.
Nilam sums it up with the “latte example.” You could choose to skip your morning latte and save $5. But if you love your latte, buy your latte and balance your spending on other areas.
(3) How it’s going
Nilam uses three trackers to help keep her budget in check and updates them weekly: (1) Net Worth Spreadsheet, (2) Checking Account activity, and (3) Spending activity.
She decided the start an UTMA for her children to help them save for their future
For additional income, Nilam has invested in property across the states. She shares a bit about how she manages her team and what it’s like to be a virtual landlord. And Yan and I chime in with our opinions on the current housing market in the Bay Area.
BONUS
Looking for a personal monthly budget tracker? Download our template to get started!
Resources Mentioned
BCBA Supervision Hours - founded by Nilam Patel (#1-13-13361) to offer remote supervision to help create a personalized experience in fulfilling requirements toward board certification.
Mint - website and app designed to help consumers easily manage personal finances
Wealthfront - website and app to help you manage investments and your cash.
I Will Teach You to Be Rich - by Ramit Sethi
Retire Before Mom & Dad - by Rob Berger
Playing with FIRE - by Scott Rieckens
