As a society, we are often taught that achieving financial freedom is a difficult task that requires sacrifice and a long-term mindset. However, Brennan Schlagbaum and his family have proven that it is possible to achieve financial freedom, even with a young family. In this expert opinion piece, we will explore the lessons that can be learned from Brennan and his family’s journey to financial freedom and how they were able to balance their family life with their financial goals.
Brennan and his wife Erin faced several challenges as they began their journey to financial freedom, not least of which was their daughter Logan’s diagnosis of Dravet Syndrome. Dravet Syndrome is a rare and severe form of epilepsy requiring specialized medical treatment and frequent travel to hospitals. Despite these challenges, the Schlagbaum’s were able to pay off over $300,000 in debt and build a successful financial education business, Budgetdog.
One of the critical lessons that can be learned from the Schlagbaum’s journey is the importance of self-education. According to Brennan, “we turned to Google, YouTube, and books to learn about budgeting, saving, and investing.” By taking the initiative to educate themselves, they were able to make informed financial decisions that ultimately led to their success.
Another important lesson is having a plan and sticking to it. Without a plan, the Schlagbaum’s found themselves “spinning their wheels and not making any progress.” By having a clear plan in place, they could stay focused and achieve their financial goals, even with the added challenges of a young family.
Another valuable lesson is avoiding lifestyle inflation and staying in your lane, which means not comparing yourselves to others and not squandering money on unnecessary items. By remaining true to themselves and their financial goals, the Schlagbaum’s were able to achieve financial freedom and provide for their daughter’s medical needs.
Critics may argue that the Schlagbaum’s journey is not easily replicated, as their financial education business helped contribute to their success. However, the business was built on the foundation of self-education and a strong plan. These principles can be applied to any financial situation, regardless of whether or not one has a business.
The Schlagbaum’s story serves as a reminder that financial freedom is possible, even with a young family. Take the initiative to educate yourself on personal finance, create a plan, and stay true to your financial goals. It’s never too early or too late to start making positive changes in your financial life.
Brennan Schlagbaum and his family’s journey to financial freedom is a testament to the power of self-education, a solid plan, and perseverance in facing challenges. Their story can inspire those seeking financial freedom, especially those with young families. By following their example, it is possible to balance the responsibilities of family life with pursuing financial goals.