Today’s episode features Jerry Brown from Peerless Money Mentor.
Jerry grew up in a self-described ghetto with no real view of a way out.
We cover his background, how he turned things around, and how he’s built a powerful financial independence network.
You won’t want to miss this inspiring story!
Listen, learn, and let us know what you think about this awesome episode.
- Jerry didn’t really know he was poor growing up
- But he lived in a crime-filled neighborhood with few outside role models
- His mom also needed assistance to get by
- He talks about how people were surprised he’d even admit that he was from the area he lived in
- Growing up he thought basketball or rapping would be the only possible way to escape
- His mom did put a big emphasis on learning but financial independence never seemed reasonable
Can you Bootstrap Past Disadvantages?
- Jerry sees it as a mixed bag
- He does put a lot of weight into hard work
- But he also acknowledges the real disadvantages
- He was also cognizant enough to understand his family was a big advantage
Jerry’s Financial Mistakes
- Jerry was young and healthy so he thought he didn’t need insurance
- A large dental procedure led him to serious credit card debt
- Then he started buying more things on credit
- Eventually, Jerry would buy a $22k car while only earning $22k per year
Financial Wake Up Call
- He came home and his fiance had her bags packed
- Jerry realized he couldn’t afford to live by himself
- So he thought he’d just live out of his car to avoid the embarrassment of moving home
- Jerry was also carrying debt with 25% interest rates
- He was making payments but was never actually making progress
- A friend recommended he refinance through a personal loan
- This lowered his debt all the way down to 5%
- For his remaining credit card bills, he did a balance transfer
- That gave him 0% rate for 18 months
Jerry’s Side Hustle Journey
- He tried Swagbucks but the payout was terrible
- Then he tried Uber but it was taking a toll on his car
- Jerry also tried We Go Look where you send in pictures of damaged vehicles for insurance claims.
- Now he is getting more into freelance writing and social media management
- Jerry also highly recommends Beta Testing.
- This was a really powerful part of Jerry’s story
- Networking expanded his world view
- It also tangibly impacted him
- From ideas on debt payment or side hustles like freelance writing
- Jerry really highlights the importance to surround yourself with people you can draw knowledge and encouragement from
- Artificial Limits: One thing that really stuck out was the disadvantage that people experience simply by having low expectations set for them and surrounding them.
- Mental Health: We loved that Jerry was open about his mental health journey and his encouragement to others to also take it seriously.
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