Twentysomething overcomes mountain of debt
He may still live with his momma, but Adam Goodman has come a long way.
A year-and-a-half ago, Goodman was up to his eyeballs in debt - $60,000 of which was accumulated going back to school for his MBA.
But that would be considered “good debt” compared to the amount he racked up thanks to his love of new cars.
Between the ages of 19 and 24, Goodman bought eight or nine of them.
Today he leases a no-frills economy car and has paid off 80 per cent of his overall debt. He’s also looking to move out of his mom’s basement in the next few months.
Goodman, who works for a telecommunications company in Toronto, details how he managed to get off the fast track to financial ruin in his new book, Following the Goods: Financial Management for the Young and Ambitious.
It was during his MBA course that he found motivation to turn things around. A classmate who had never held a full-time job, except for a few co-ops here and there, managed to accumulate $50,000 by saving wisely.
Goodman says he tackled the traditional ways of learning financial independence reading books and personal finance websites, but he also requested informational meetings with an accountant, a banker and a financial advisor.
"As I was talking to them, I realized that it wasn't rocket science."
But he also realized that the advice he was getting came from an older generation in terms that would overwhelm a recent graduate.
Goodman says he took special care to write his book in layman’s terms for the financial novice.
And he has also thanked his classmate – with an autographed copy of the book.