Paying Off Debt, Pivoting Business, and Podcast Networking (with Mike Cavaggioni)

ℹ️ Guest Bio

Mike Cavaggioni is a combat veteran and retired U.S. Navy officer having served for 20 years. Mike is a licensed REALTOR-ASSOCIATE®, Financial Coach, Real Estate Investor, and Podcast Host. Near the end of his Navy career, he shifted his focus to financial independence and entrepreneurship. Mike started investing in real estate and working his other side-hustles to create passive income and become financially independent by age 38.

Mike is the host of the Average Joe Finances® Podcast, a top 1% internationally ranked podcast. He started the podcast to share both his own and his guest’s adventures in becoming financially independent. While learning the ins and outs of podcasting, he started to outsource some podcast related tasks to a small team that he built. Realizing that other podcasters are likely facing the same challenges, he created his own podcast post production agency called Edit Pods. Mike now helps other podcasters grow and monetize their show.

❇️ Key topics and bullets

Mike's Financial Journey

- Maxing out credit cards and short selling his home

- Following Dave Ramsey's baby steps to get out of debt

- Utilizing the envelope system and multiple bank accounts

- Celebrating small victories to stay motivated

- Paying off $40,000 in debt and saving $40,000 in two years

- Purchasing a home in Hawaii using savings and a VA loan

- Getting back into real estate and closing his first deal in February 2020

Mike's Podcasting Journey

- Starting a podcast about personal finance

- Interviewing various guests to grow the show

- Building a podcast editing team

- Achieving high rankings and focusing on impact over downloads

- Outsourcing podcast editing to spend more time with family

- Monetizing the podcast through affiliate marketing and paid sponsors

- Running ads to generate traffic and attract clients

- Networking and making connections through podcasting

Frugalpreneur Ventures

- Failed inflatable club business, Pop Up Club 808

- Selling the failed business and focusing on EditPods

- Collaboration with Phil and Chris

- Hosting successful events and live streams

- Importance of networking as a host and as a guest

Balancing Work and Personal Life

- Accepting a federal position with the Navy as a civilian

- Excitement about the job and work-life balance it offers

- Outsourcing tasks to a virtual assistant (VA)

- Managing time and focusing on recording content

- Need for a great team to support podcasting endeavors

❓ Questions

1. How did Mike Cavaggioni and his wife navigate their financial challenges and adopt a frugal lifestyle?

2. What were the key strategies and steps they took to pay off their debt and save a significant amount of money?

3. How did Mike's military background and experience influence his approach to personal finance and real estate investing?

4. What are some valuable lessons that Mike learned from following Dave Ramsey's baby steps and utilizing the envelope system?

5. How did Mike's experience as a realtor and his knowledge of the real estate market influence his decision to invest in property?

6. Why did Mike decide to get back into real estate around the start of the COVID-19 pandemic, and how did he navigate the challenges that came with it?

7. How did Mike's podcast, "Average Joe Finances," contribute to his financial journey and overall success?

8. What role did networking and connections through podcasting play in Mike's journey, both as a host and as a guest?

9. How did Mike's involvement in various businesses, including real estate, podcast editing, and the Pop Up Club, shape his entrepreneurial journey?

10. What are some key takeaways from Mike's experience in outsourcing tasks to a virtual assistant and building a great team to support his ventures?

Relevant Links

MikeCavaggioni.com

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