Pete Mockaitis grew up in the cheapest place to live: Danville, Ill. He watched his mother work her way up the local credit union ladder from teller to CEO, simply by doing more than necessary—repeatedly.
His mother strongly discouraged debt, having seen so many of the credit union’s customers declare bankruptcy and have their entire bank accounts wiped out.
Witnessing firsthand how hustle pays off, he helped his brother with his paper route for a quarter—only to learn his brother was making $1.80.
After high school, he got into college on a full ride scholarship and graduated into his dream job with Bain & Company. He saved money by skipping the little things like taking a cab when he could walk, having roommates instead of living alone, and drinking water instead of ordering drinks when he was out.
Pete’s true calling was entrepreneurship. To prepare for the jump to self-employment, he figured out his burn rate and discovered it was a lot lower than he originally thought. By figuring out how much he was spending and computing the value of his pre- and post-tax time, Pete optimized his path to financial freedom and is now enjoying the fruits of his labor.
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In This Episode We Cover:
- Pete’s journey with money
- Lessons he learned from his mother
- How he applied the lessons he learned in his approach to early financial freedom
- On growing up frugal
- Why it took him three years to save a year’s worth of living expenses
- His advice for people who would like to try the entrepreneurial route
- The importance of being smart with your savings
- On being real and quantitative
- On tracking recurring and non-recurring expenses and breaking it down into dollars per day
- His advice on building revenue and investing
- And SO much more!
Links from the Show
Books Mentioned in this Show
- “Fundamentally, someone is going to part with money in exchange for what you have.” (Tweet This!)
- “Savings is key.” (Tweet This!)
- “Time is money.” (Tweet This!)
- “Your numbers are telling you something.” (Tweet This!)
- “At the end of the day, you make your own money choices that really work for you.” (Tweet This!)