This self-made millionaire and personal finance influencer has one simple rule for growing your wealth – CNBC

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Personal finance knowledge is important to just about everyone, but with the emergence of social media, the conversations we see about it can also be filled with misguided opinions, hot takes or even lies.

Jeremy Schneider, founder of Personal Finance Club, is cutting through the noise of risky cryptocurrency bets, leveraging debt and overspending with one concise message to help others build wealth: Live below your means and invest early and often.

This principle — along with selling his first company, a start-up called RentLinx — allowed him to retire at 36 years old. Now, he spends his days running a popular Instagram account featuring all things personal finance.

Select recently sat down with Schneider to get a better understanding of his journey, the Personal Finance Club’s growth and impact — and his best advice for building your own net worth.

A man with a plan — and a big exit

Before Schneider struck it big, he lived the life of a regular college student, attending and running track at the University of Michigan. Thanks to some help from his parents, scholarships and money earned by working on the side, he was able to graduate debt-free.

Following graduation, Schneider decided to take a big risk, turned down a full-time job at Microsoft and set out on his own as an entrepreneur.

While building his first company, RentLinx, throughout his 20’s, Schneider lived a very modest lifestyle. He still brags about the 1999 Ford Explorer he bought used and how he paid himself a low salary of $36,000 per year despite being a CEO and living in a high-cost-of-living area. All the while, he was still persistent about investing the way his parents had taught him at 16 years old — in low-cost index funds inside a Roth IRA.

In 2015, at 34 years old, Schneider struck gold by selling RentLinx for $5 million. He immediately began dreaming of sitting on an island forever until its new CEO asked him, “What are you going to do when you get back?” It was then that he knew he had to do something else — after celebrating a bit of course.

Following the sale, Schneider put more than $2 million in his pocket and continued to work for the same company under new management. Shortly after, he decided to take a year off.

So, what did this self-made millionaire do with all his newfound free time? He played video games. Schneider admits it …….

Source: https://www.cnbc.com/select/this-self-made-millionaire-has-one-simple-rule-for-growing-wealth/

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