Real Estate Journey from Debt to Wealth (with Mathew Pezon)
💡 Guest bioMathew Pezon was born and raised in Easton, Pennsylvania, into a family with a strong engineering background. Growing up, he was always interested in math and science, and he was motivated to start his own business due to the financial challenges his family faced after his parents split up. Believing that a degree in chemical engineering would lead him to success, Mathew attended engineering school and began his career in the field. However, his first job out of college was during the depths of the great recession in 2010, which presented him with new challenges and opportunities to grow.ℹ️ IntroductionIn this episode of Frugalpreneur, we feature Mathew Pezon, a fourth-generation engineer turned successful real estate entrepreneur from Easton, Pennsylvania. Mathew shares his inspiring journey of bootstrapping his business, emphasizing the importance of financial discipline and frugality. He discusses his early struggles, such as being labeled the worst employee and facing significant debt, which motivated him to pursue independence and start his own business. Through persistence, grit, and a low-cost, savings-focused mindset, he managed to build his real estate empire while minimizing expenses and maximizing income.Mathew provides valuable tips for fellow entrepreneurs on how to bootstrap effectively, stressing the need to prioritize high-value activities, maintain good credit, save cash reserves, and understand the importance of bookkeeping. His story serves as a powerful example of how financial discipline and strategic decision-making can lead to success in the world of entrepreneurship. Tune in to glean practical insights and inspiration from Mathew's journey, and learn how you too can bootstrap your business to new heights.📚 Timestamped overview00:00 Struggles with finances led to pursuing entrepreneurship.04:30 Started with no money, used creative marketing.08:00 Bookkeeping is crucial for understanding business finances.09:40 Entrepreneur tips: understand your numbers, offer help.❇️ Key topics and bulletsSure, here is a comprehensive sequence of topics covered in this text, with sub-topic bullets below each primary topic:**Primary Topic: Introduction to Mathew**- Mathew's background as a 4th generation engineer- Motivation to get started in business due to childhood financial struggles- Pursuit of a chemical engineering degree and early career experiences**Primary Topic: Bootstrapping Journey**- Mathew's experience of being told he was the worst employee at his first job during the Great Recession- His resolve to not depend on employment for financial sustainability- Pursuit of further education and involvement in real estate investment- The frugality mindset on both personal and business sides**Sub-Topic: Personal Frugality**- Living frugally in a friend's basement to reduce personal expenses- Making meals in bulk and limiting social activities**Sub-Topic: Business Frugality**- Lack of budget for marketing and working through realtors and meetups to find properties- Handwriting letters and making calls for marketing on a limited budget- Doing all the work himself without massive spending**Primary Topic: Bootstrapping Success and Failures**- Success in maximizing income and minimizing expenses through persistence and grit- Failure in focusing on higher value activities during the bootstrapping phase**Primary Topic: Tips, Tricks, and Tactics for Bootstrapping**- Importance of good personal credit for access to lines of credit and loans- Maximizing personal income and reducing expenses to invest more in the business- Saving cash reserves and maintaining control over finances- Focusing efforts on...