Escaping Poverty Through DIY Wealth-Building and Smart Spending

Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future.
But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she would never feel poor again.
But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!
Show Notes at:
www.biggerpockets.com/blog/mo...
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Join the BiggerPockets Money Facebook Group:
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5 Critical Financial Lessons We Can Learn From Poverty:
www.biggerpockets.com/blog/20...
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Top 5 Hacks To Maximize Retirement Savings:
www.biggerpockets.com/blog/to...
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Improving Financial Education with Billy Hensley:
www.biggerpockets.com/blog/bi...
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Change Your Money Mindset, Change Your Life:
www.biggerpockets.com/blog/bi...
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Connect with Amanda:
Instagram: @shewolfeofwallstreet or / shewolfeofwallstreet
Website: shewolfeofwallstreet.com/
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Find a Fee-Only Financial Advisor:
www.xyplanningnetwork.com/
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
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Connect with Scott and Mindy on BiggerPockets:
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Mindy: www.biggerpockets.com/users/m...
Episode 329
00:00 Intro
02:32 Raised in Poverty and Self-Sufficient at 16
14:10 Figuring Out Her Finances
20:46 Developing Your "Money Mindset"
25:20 Amanda's Biggest Financial Mistake
30:25 From Scarcity to Safety to Thriving
37:49 Building a Second Full-Time Income
44:03 How Amanda Invests
59:31 Connect with Amanda!
01:00:06 Building Your Own Financial Education
#biggerpockets #biggerpocketsmoney #ep329

[@jennyjenny3531]

I'm 9 minutes in and just have to pause and say, what a remarkable child she was- such maturity, long-term thinking, resourcefulness, and her ability to stay focused on her goals rather than wallow in bitterness and self-pity and anger (which would be understandable) is truly inspiring. THANK YOU for bringing this amazing woman to light on your podcast!

[@rosiecortez6763]

Amazing Human Being. Well Said.

[@ACHealthjourney2024]

My thoughts exactly! Such a beam of inspiration.

[@lynettehoselton9519]

I appreciate her humility and her tenacity and perseverance!

[@evelynbarry5046]

Love her, Wasn't preachy like most finance people. Humble and love that she teaches to ask and follow people who have experience.

[@AndyManilow]

God bless this woman for her strength. Smart, pretty and articulate. I hope her lousy parents don't affect her adulthood as it does some. Well done, Amanda.

[@batirtzeurkiaga1716]

What a life story!!!!!!! 😳😳😳😳 It's very impressive. Makes me think how very lucky I've been to have great parents. She's amazing, this lady. ☀️☀️☀️☀️☀️☀️☀️☀️☀️

[@KimKemboi]

I've listened to this interview 5 times... every time learning something new. Absolutely love how articulate she is. On point!

[@JEREMY99218]

High school and college students need to see this.

[@Xjag87X]

She's definitely going to be very successful! Sometimes people need to remember to not let the bad experiences get us down!

[@klt9874]

Her story is amazing! Such an inspiration!

[@donnaepps4192]

Great episode! So good to hear about someone with a corporate job who simultaneously started her own business. Loved hearing how she organizes her various personal accounts. Very inspiring!

[@omeramian3773]

Q

[@redbunnyclassic]

Great Talk!🤠She defeated the monster called poverty!

[@bgreen4485]

Super impressed with this girl! Stories like this need to be spread through the schools where there are so many other kids growing up in similar situations, sitting around waiting on the government to take care of their needs and wants. A few questions popped up for me: 1) where was her high school guidance counselor? The schools know when kids are in bad home situations. Here you have a young girl with no help at home, she's busting her tail in school and working. The guidance counselor is supposed to help with things like prepping for college, etc. 2) as an emancipated minor she should have qualified for Lots of college assistance, including grants that don't have to be paid back. But maybe the college gets more if they offer her loans instead of grants? (shrugging) Way to go, Amanda! Many people can learn from you! Thanks for sharing!

[@patrinajackson4533]

Put you can change your family cycle.

[@AllrightIsee]

I relate to her story so much. Her fear of being poor …. Her asking “dumb” questions because she didn’t have a role model. Good for her and if she says “like” alot oh well. She is candid and real

[@MemeHam123]

Truly remarkable! You are the story my dad would have told us ... yes, you can!

[@alegriadelsol4862]

Loved this episode! She shared so many great tips! I hope she can come back soon!!❤

[@Liljoozy]

Amazing human being who has hustled to get to be where she is now! So many good lessons.

[@kathleenmccarthy1692]

Fantastic interview. Amanda is a force in life. God Bless her journey.

[@Iquey]

Wow north Carolina, Kentucky, Illinois, that's a glow up! From Appalachia to the city! "Where did all my money go?" The landlord took it!!!!

[@CraigCastanet]

There are some people so meritorious that you fall in love with them.

[@freedomworks3976]

The quality of your life is based on the quality of your thoughts 💭

[@edgarb.2010]

Staying at your company for so long, nail it, so under paid. Very smart, pandemic hit on march, she took 75% of liquid and put on market, brilliant!

[@sandi6818]

I can relate to her so much. I also grew up in poverty and I took out way more college debt than she did. I also had to deal with health issues as well where I couldn’t work much and I also was in an abusive marriage struggling through college. She has no idea how blessed she really was. She had the ability to change her life completely. I’m now a divorced mom in my forties with two little boys still struggling to break out of poverty. I’m better off but still burdened by a lot of student loans. The education system is not set up for poor students to succeed. The American education is so corrupt. Other countries offer and guarantee an education. Student loans are such a huge burden and take a huge emotional and financial toll.

[@jtowensbyiii6018]

Her mom dieing and her starving as a toddler isn't blessed

[@sandi6818]

@@jtowensbyiii6018 I meant now. She overcame all the challenges life threw her way!

[@BloomByCC]

I hear you 100% and agree. Student Loan Debt is criminal, it should be one hundred percent protected under bankruptcy… it’s intentional and lawmakers created this mess. It’s the single reason why tuition is skyrocketing, why universities look more like luxury resorts, and why generations are trapped in poverty.

[@donaldlyons17]

@@sandi6818 Yeah but she is a survivor and I suspect for every one of her there must be someone else who didn't.

[@sandielefant8258]

I'm a younger widow at 53 that is new to managing the family $$. I am going to dive deep into this channel and look at Amanda's content. I'm looking to hire a financial advisor but my assets are currently all in funds/bonds. No individual stocks. The past year was just so scary for me how much the accounts went down :( I want to wait out the turmoil, since I waited through all of last year already, but fear does get to me. I'm going to check out xy. Thanks for the tips!

[@quinnS870]

Definitely agree on the changing jobs, I'm in the process of this now because my company gave me a promotion and payrise last year but I found out that the person they took on recently, who is a level lower than me and is reporting to me, is on more money than me. I spoke to a recruitment agency who confirmed other companies are paying 15-30% more for new hires at my level.

[@miamiflorida6965]

She's AWESOME! I have had friends, whom have grown up with drug addict and alcohol parents, and have wonderful lives today. These people definately know what kind of lives they want to lead in the future. She knew since she was a little girl something was wrong! I wish much her love, peace and financial success! ❤️🙏❤️ I am fluent in Spanish, it was my first language, although I was born here in the States! 🙏🙏🙏🙏

[@rosiecortez6763]

Amen

[@williambarrios3639]

She had me at "bachata is my favorite music". My girl and I love it and dance to it. When you come to LA, let's hit the club and dance. In addition, your story is amazing.

[@gabbymcnabb7186]

Brains & beauty. Love it!

[@Ape_Shi]

The 44th minute attitude and cough is distasteful, and telling! I love this episode, the guest makes sense because she’s really lived it!!! WOW, let’s go !

[@katiemvp6536]

❤ amazing girl!!! So inspiring

[@melissahall5552]

Love this story! Good on her 😀

[@StephsHealthMatters]

Awesome Episode. Didn't want it to end. So many nuggets of goodness here

[@robertjones7023]

Amanda's story is similar to mine except for the extreme childhood poverty. One big item missed here is real-estate investing, leveraging debt and tax advantages of real-estate. There are many ways to build wealth! I love Amanda's story, thank you for sharing.

[@cb1623]

That you are a success in life comes across from this interview. What a start to life.. with so little guidance how did she know how to live life so successfully? To make friends? to communicate in such a healthy way? come across so normal and secure? It's mind boggling.

[@debbiecurrlin335]

What an amazing story. Love her. 😢❤

[@carieyoung1111]

I have a mega backdoor 401k- it’s for individuals who own their own business and are essentially their own employer (this must be set up by a financial institution) I have Edward Jones/ I’ve done it for 3 years now! You can’t have any employees but yourself doing this. Once you do you have to stop contributing. I have an LLC and claim as an Scorp. Saves me tons of taxes Btw best interview yet! Love this woman- wish we would be friends :-) get on KZbin!!!!

[@BrokeMillionaire1]

Phenomenal story!!!!

[@ruthreddick8369]

Congratulations to you!! Job well done!!

[@kerrylow6894]

Hello, great channel. The memory and clear sightedness gives this interview so much value, ilove it!

[@shelleyhuskey1870]

I love this story! Thanks for sharing!

[@tessahiggins8142]

There is always hope! Great episode.

[@MissaLifeStyle]

So true… to retain the same marketing position it was offering $110k verse new hire would have gotten $140k.

[@sistasafi3263]

Absolutely love this episode.

[@nonniwilliams2220]

Very inspiring and informative! Great episode!

[@amydurham1150]

Such a great episode. So encouraging! #goals

[@BigStaff]

Unfortunately, companies want to get the most out of their employees and pay them the least amount possible. So, when you see people moving on for a better paying job, it’s typically because the employee is not valued. I was underpaid for years not with the same job or industry but the same career. Once I hit 10 years of experience, it all changed.

[@cpbeauvoir]

She's so inspiring.

[@mariselaperez9899]

Amazing episode!

[@PrinceAzureZZZ]

vary inspiring women ❤ Thank you for sharing your story❤❤

[@annoravetz5908]

She should have become an RA because they get free room and board. My daughter did that for 2 years. I'm not surprised the RA's father was a financial advisor. My daughter got her tuition paid for because there was a Governor's scholarship because she maintained a 3.5 average. When he began working, I told my son to max out his 401(k) and put it into THE MOST RISKY funds, but he only put in up to what they matched. The rest he "invested" into an options scam. Mother knows best.

[@annoravetz5908]

Staying at a job too long is a mistake. There was a CFO at one of my jobs who made it a point to up and leave every 5 years. 5 years came up, and he didn't have another job lined up, but he was confident. Probably also because someone brought in a refugee from the Clinton Administration who basically took the company down to a shadow of its former self. If you stay too long, they begin to take you for granted and undervalue you, even though you use your experience to operate at peak efficiency and organization, and you have no learning curve. They promoted people over me, I was not offered any raises toward both ends. I was at the top of my game both times, and I was demoted both times, without them even informing, me before I quit. My skin was also the wrong color. Emphasis was on "diversity", and I guess all of the admins had to be a darker skin color, Asian, or Jewish. No Europeans (without accents) allowed!

[@didiash]

Maun thing I learn from this was about how she divided her money in different accounts. That us so smart to prevent you from feeling guilty

[@fundosbytrish8631]

Another inspiring episode! To come from nothing and work improve her situation is truly remarkable!! Amanda rocks and has more drive and ambition then many young people and adults have today! I truly believe it was Devine intervention that allowed this channel to come up on my YT feed and made me click on it. It's the "self help" I needed right now ❤

[@IvanTerreroDDS]

She loves to dance to bachata! Wepa! 🇩🇴🇩🇴🇩🇴🇩🇴🇩🇴💯

[@michaelav.3674]

Absolutly love this attitude. And creating crisis scenario with the Zombie apocalyps? I did it too 😅 Like what worse thing can happen? 😂 Better to be prepared.

[@staykeli1635]

That is the power of the human will.

[@Mideezhanti]

So inspiring, literally rags to riches.

[@jonica1982]

Such a good episode

[@abarnaabalakrishnan1862]

i love this video this is my favorite video

[@theolamarshall-bernard]

Amazing inspiring story!

[@AmandaGatesHome]

My company does not offer healthcare or a 401K so I started a Roth through Vanguard on my own. How does this HSA work? I don't have a healthcare plan, is that a supplement for that? Or do you have to get through your company? And since I don't have a 401K is there another way to build for retirement other then saving?

[@almmason7]

This episode is about changing our money mindset. Which is needed especially as an investor or going FI...

[@andreal2625]

Most of us start out in poverty when we leave our parent’s house😊

[@alex_la_fantastica1632]

OMG she loves bachata 😂 me too.

[@JabbaBlue]

This is sooo good. Thank you. You have an amazing story. Such an inspiration.

[@bethrook]

Do you tithe or give money to charity?

[@brookiebakerie]

I'm one of those people who calls and asks questions. In the late 90s I was calling up my health insurance company asking them to explain my EOB. Why did you pay this part but not that? You pay what towards well-child checkups? But you don't pay this other thing? Why am I getting this bill from this doctor's office? I've done the same with banks and credit unions. And just last week I called my local Board of Realtors and asked why my fees to join were what they said. Never be embarrassed to call and ask questions and ask for explanations of what you don't know. How else are you going to learn???

[@lilibethvilella]

Divorce is like a death however it is an option. There’s a book “THE SUN ALWAYS PIERCES THROUGH” will help u find wholeness again after divorce. ☀️

[@rightright6582]

How do u hide the bank account?

[@celinalima1194]

She look like Lara Trump Smart and Beautiful 🤩 ❤

[@annoravetz5908]

Staying at a job too long is a mistake. There was a CFO at one of my jobs who made it a point to up and leave every 5 years. 5 years came up, and he didn't have another job lined up, but he was confident. Probably also because someone brought in a refugee from the Clinton Administration who basically took the company down to a shadow of its former self (similar to what happened to the Clinton Foundation). If you stay too long, they begin to take you for granted and undervalue you, even though you use your experience to operate at peak efficiency and organization, and you have no learning curve. They promoted people over me, I was not offered any raises toward both ends. I was at the top of my game both times, and I was demoted both times, without them even informing, me before I quit. My skin was also the wrong color. Emphasis was on "diversity", and I guess all of the admins had to be a darker skin color, Asian, or Jewish. No Europeans (without accents) allowed!

[@tamirnachum1]

I’m listening for 40 mins still do t know what she does, how much she makes or invests, it’s very vague

[@kata7742]

In the early part she’s said she got into tech

[@angelgirldebbiejo]

I think like 77k

[@michiganabigail]

I've been listening for 30 minutes and I learned she makes like twice what I make. I also learned that I need to get a new job or at least a new side hustle.

[@framore___]

She said she graduated in communication and Spanish

[@holdencawffle626]

I'm lost too. Horrible interview. Start at the beginning and provide details, sheesh

[@cc123456789]

Yes real estate... search for grant cardone

[@timothyglassel1239]

My story as well

[@Placebo201]

Blondie was already living life on easy mode

[@natusfreedom472]

The interview just drags , we need to get to the transition and how she made the change

[@jtowensbyiii6018]

The whole thing is the change, grow up

[@MattBuysHouse]

Julia Roberts?

[@della1822]

A job paying 77k is not starting from nothing. How is this helpful?

[@bgreen4485]

Did you miss the part where she grew up with nothing and not only worked her way through college, she worked and supported herself in High School? And she learned absolutely nothing about working or money from parents who were drug addicts . . .

[@rightright6582]

Is this real? In the US...? Unbelievable

[@JakeRichardsong]

U. of Illinois is better than pretty good.

[@dansabin2794]

Like I like her story, but like I’m having a lot of trouble lately, listening to like people that like say like too much. Like I don’t know how this trend like caught on.

[@sakib9784]

This part of Biggerpockets have gone to gutters. You have 'INTERNET MARKETERS', pumping themselves up using all the buzzwords to sell their crap. No value, no nothing. Will always love BP main shows and podcast, love to Scott!

[@bjjfreak8261]

Seriously. Give us numbers

[@JT0007]

@@bjjfreak8261 Yep. No numbers = worthless

[@GRINDETHIKSMIXTAPESHOW]

really u in debt every time u pay monthly bills

[@jaeger8652]

I would not recommend this episode.

[@jtowensbyiii6018]

Of course not, you're a bigot

[@BudsMcKenzie1]

Interesting story. Says "like" far too frequently. Couldn't make it past the thirty minute mark.

[@jtowensbyiii6018]

Mocking someone's speech patterns? Grow tf up , you don't deserve the education

[@Practice_Kindness-1st]

I got dizzy just hearing it soooo many times!

[@jessejess9456]

I learned absolutely Nothing from this podcast. This is was a waste of time. This could have been a 10-15 minute video. I love BP videos but this was the worse one.

[@jtowensbyiii6018]

Why do you bigots troll every video a woman talks in

[@aliceford799]

I tried to listen to the end but I just couldn’t do it. I’ve never heard two people say “like” more than these two. So annoying. Ugh.

[@milesduggan]

Please go talk to an actual professional. She has no accreditation or professional training! Please talk to a CPA, financial planner, wealth advisor. These are snake oil salesman.

[@juicyfruit100x]

She is the "LIKE" filler word machine. That was rough. Like, Like, Like

[@BrokeMillionaire1]

Phenomenal story!!!!

[@BrokeMillionaire1]

Phenomenal story!!!!