I went to a pretty decent high school and college and there were no personal finance classes offered, and I didn’t seek one either.
My guest today is Bob Lotich. Bob found himself at his breaking point in his early 20’s overwhelmed by debt and stranded 1,000 miles from home with only $7 to his name.
After crying out to God for wisdom and discovering a simple Biblically-inspired formula he reached a level of financial freedom he never dreamed possible: having a paid off house by age 31 and even reaching a personal goal of giving $1 million by age 40.
For the last 14 years he’s shared his best lessons with over 50 million readers and listeners on his award-winning website, Podcast, and courses. Bob and his wife, Linda, live in Franklin, TN with their three children.
What You’ll Learn
5:54 Interview Begins
7:04 Growing up
Bob grew up with both of his parents and his father pushed sports a lot. Being a blue collar worker, hs parents instilled higher education as a way for their children to have a better future
10:40 40 yr. parents marriage – The Lessons
Bob talks about how his parents fought through the hard times and didn’t call it quits. For him it was a very memorable thing. In parenting, he learned that his parents would invest disposable income on creating memorable experiences.
14:32 Experiences over Stuff
Larry shares the quote, “Experiences over stuff” through which his family lives by. Bob Lotich then goes on to talk about a book he is reading called, “Die with Zero” and in it, the author explains the importance of creating memories that will last and pay dividends at any age. Those memories will carry on with you no matter what.
17:31 Don’t try to change her
Larry drops a really good question on Bob. What advice would you give to yourself if you could go back to when you first started your marriage. Now, take into account that Bob has been married for over 17 years.
Bob shares that he would tell himself, “Don’t try to change your wife”. He then goes on to explain that he has learned to see her for who she is and they are both at their peak when they accept each other as they are.
23:30 Simple Money, Rich Life
Bob talks about how his book came about and the journey of getting to writing it. He shares a quote by Einstein, “Everything is as simple as it can be, but no simpler”. He really enjoys simplifying what the financial industry overcomplicates.
33:10 Paying off his home in 3 years
Bob Lotich explains why paying off his house was a goal for him and his wife and how they went about doing it. The most important thing for them was based on the values that they have. Many people will tell you that it needs to be done a certain way, but overall Bob tells the audience that personal finances are just that.. PERSONAL
Bob Lotich’s Links
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