BROADCASTS.com

110 | Rocky Lalvani, blogger at Richer Soul, shares his story of growing up as an immigrant\u2019s child, learning how to save money in his early years, and how he\u2019s teaching his own children about finances now.

\xa0

• Rocky\u2019s parents came to the U.S. in 1968, when Rocky was 2 years old.
• Among Rocky\u2019s parents\u2019 friends and their community, money was an open topic, and in pursuit of the \u201cAmerican Dream\u201d his family consistently climbed the financial ladder.
• When Rocky was 7 his father became a single dad, and Rocky started learning how to be more independent, personally and financially. \xa0
• Paying attention to what customers and supervisors actually wanted helped Rocky advance at work.
• How much was Rocky saving when he was working in his youth?
• Rocky worked through college by delivering pizza and working at the university, finishing without any student debt.
• When he got his first post-college job, his dad helped him set up all the available automated savings accounts \u2013 401k, company stock, etc.
• After realizing he needed to get out of consumer debt, what was Rocky\u2019s strategy?
• Rocky\u2019s plan was always to be a millionaire \u2013 he had been calculating and trying strategies since early on.
• Seeing people lose their life savings in an economic downturn motivated Rocky to get himself into a steady financial position.
• What steps did Rocky take to get himself to FI?
• • Started saving early.
  • Always spent less than he made.
  • Rocky paid off his mortgage as early as possible.
• How is Rocky teaching his children about money?
• At this point, Rocky\u2019s children are young adults \u2013 they don\u2019t need things to be confident.
• Rocky wishes that in addition to teaching how to save money, he had also taught his children to earn money.
• Rocky\u2019s strategy to help his daughter do well on the SAT, and hopefully earn a good scholarship, was to download an app on her phone and answer one SAT question a day for three years, prior to taking the exam.
• Earning a scholarship to college is a sliding scale \u2013 a student might earn scholarship at a lower tier school, when they would not earn anything at a \u201cbetter\u201d school.
• Rocky and his son went a step further and did their best to figure out how to pay for college with the lowest price tag.

For more information, visit the show notes at https://ChooseFI.com/110\xa0