A High School Band Teacher Turned Six-Figure Online Entrepreneur | Bobby Hoyt from Millennial Money Man

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In today’s episode, Cody and Justin are joined by Bobby Hoyt from Millennial Money Man. Bobby started off as a music teacher but today is changing lives with his wildly popular Facebook Ads course that the FI Show guys have seen change lives first hand.

In that course, Bobby teaches people how to contract yourself out to businesses and run their Facebook marketing. We’re talking $1k+ per month of income with Bobby’s first job himself bringing in $3k per month. Somewhere in between teaching band and teaching ads, he realized he had to be his own boss.

Now go take a listen to Bobby’s story and see how he pulled off such an amazing transition.

Episode Summary

Bobby didn’t talk about money at all with his parents growing up
His dad was an engineer and his mom was a secretary
He said he didn’t care about money and all and ended up choosing to be a music major in college
He graduated with $40k in student debt
His big goal after college was to buy a new Camaro
A family friend of his who owned a pool installation business started mentoring him one day on debt payoff and general finance and because the friend was wealthy, Bobby really took it to heart
When he first started teaching music he really loved it
By year 3 of teaching, he knew he wanted to work for himself that teaching began to be a drag on him
He toyed with the idea of also starting a pool business but instead started putting a lot of effort into his blog
His main focus with the blog was focusing on living below your means and student loan debt
He was doing some extreme house hacking by renting a room from his in-laws
He realized he had about $50k saved up, which was about three years of expenses, and that’s when he took the leap of full-time blogging
His first six months were pretty scary with not earning hardly any money
Their jeweler came across his blog and mentioned he needed someone to help him with his marketing and hired Bobby at $3k per month
He got discovered by CNBC which really pushed his blog
He had installed the Facebook pixel days before that story went live and that allowed him to make lookalike audiences
Those audiences really helped him market to the right people and started making a couple of grand per month off the blog
He’s always tried to really focus on a personal connection with his audience vs simply numbers
He admits he waited far too long to hire on help because he was getting really overwhelmed
Bobby admits he actually let his mental and physical health take a downturn with the overload
Now that his business has taken off so successfully he has plenty of money so while not wasting tons of money he also isn’t super frugal
He also realizes that as an entrepreneur he can’t guarantee his future income so when he does want something nicer he buys it in cash so monthly expenses aren’t a problem
Bobby doesn’t really see himself retiring anytime soon and looks to continue growing the business
He’s now doing courses to help others get into the business of doing Facebook ads for local business so you too can step away from the grind
His last remarks are about letting people pass you up and by that he means while you’re grinding and saving you’ll see those around you spending money and seemingly passing you but you’ll slingshot past them soon enough

Key Takeaways

We need to reach the youth: Bobby made a decision to go follow his passion. Which is fine, but he didn’t do so considering all the implications, such as the financial ones. We have to reach out and introduce these topics to the high school age kids to at least make it a consideration.
Prep makes bold easy: It seems super bold to walk away from your job to try and be your own internet boss. No doubt it’s bold but it’s a lot easier when you’ve prepped and saved three years of living expenses just in case things don’t pan out.
Learn, refine, monetize: First you have to find a new skill, preferably one you’re really passionate about. Then you need to work towards becoming the expert, steadily refining your skills. Then you monetize it whether it’s through providing the service or teaching others.

Call to Action

The call to action this week is to consider some premium content. Whether it’s Bobby’s course or some other content designed to make you happier or wealthier. Try to find reviews from folks you can trust and invest in yourself!

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