The Financial Independence Garage, named for our recording studio in the Mechanic’s garage…is made up of three friends with diverse backgrounds in finance and life.
The Mechanic now in his 40’s grew up in a challenging financial situation. Without any spare money around back in those days, he started out with paper routes and landscaping work at age 14. The necessity to save and fund his own education and lifestyle taught him a great deal about being responsible with money. Although he wasn’t able to invest much early on, since becoming debt free in 2005, he has saved and invested diligently. With his partner, they managed to save a 20% down payment for a house in 2014. Since then, the focus has been on increased payments to principal, and building up a diversified portfolio of low fee ETF’s and
The accountant spent most of his career in public practice until recently when he took a job with a local company as their in house accountant. As a kid he was always a saver and was constantly trying to come up with new ways to make money. His interest in money eventually lead him into the accounting field where he worked on his skills and helped clients to better manage their money and minimize their taxes. He was also always interested in real estate and purchased his first house at the age of 20 with a friend in order for them to rent out their extra rooms and live for next to nothing. Now on the cusp of his 30’s he has been working to build up a portfolio of rental properties, he sold the first house but since then has acquired three other properties and is hoping to add more in the future.
The economist has spent his life balancing employment and entrepreneurship. He holds a degree in mathematics and a master’s degree in Economics. After dealing with some debt that was incurred while pursuing two failed ventures during his 20s he has managed to build his stock and investment portfolio as well as his personal finance knowledge over the past 5 years while continuing to look for exciting entrepreneurial opportunities. Lately, in an effort to increase his saving rate, the economist has been turning his attention to reducing expenses while maintaining his quality of life.