In my Money Managers interview series, I interview notable members of the personal finance community. Generally, my interviewees are bloggers or professionals working in finance. In this article I interviewed Adam, creator of the @AdamShoup Twitter account. I love his financial tips and how he has a more holistic view of personal finance than most people. Without further ado, let’s get into the interview!
For my readers who may not be familiar with you, would you please introduce yourself? Who are you? What do you do?
My name is Adam. I’m a 27-year-old living in Nevada with my wife and dog Tyson. I received my bachelor’s degree in accounting from the University of Nevada, Reno. When I’m not talking personal finance on Twitter (@AdamShoup), I love being outdoors, staying active, and traveling. Skiing and snowboarding are my big winter hobbies, and in the summer I enjoy hiking and visiting Lake Tahoe. I’m currently working as a tax accountant for a large insurance company working on partnership tax returns.
What is your platform about, and in your opinion, what sets it apart from the others in your niche?
My Twitter platform is all about personal finance & health. My main focus is on helping people get a better understanding of their money and learning about the great options we have to grow wealth. I started documenting the back half of our debt payoff journey, and my hope is that it has motivated some people to pay off their debts (credit cards, personal loans, student loans, etc). Even if I’ve helped encourage one person to pay down their debt, I see that as worth it all. You don’t have to search far in my niche to hear the terms “good debt” & “bad debt”, but I believe it’s not as simple to just say a debt such as real estate is “good” because there are so many factors behind that such as risk tolerance, amount of debt, and what your financial goals are. As for the health aspect, while we paid off our debt I lost 50lbs by just exercising regularly, intermittent fasting, and being more intentional with my fitness.
When and why did you start getting involved in Twitter and online communities? Looking back, would you have gone about starting it differently?
I had sworn off social media for the most part, but in September 2020 I stumbled across a Twitter Course on Gumroad. I bought the course and thought it would be a cool idea to document my journey. Once I started my account I made it a goal to start sharing our story, and how we have tackled our finances. If I had to do something differently I think I would’ve come into this space with more of an open mind. My initial thoughts on money/debt were pretty set in stone, and I think if I was more open to understanding why people thought the way they did it would’ve made my experience better in the beginning. Since I’ve made the switch, I’ve found other people’s methods more interesting even if we don’t implement them.
Are there bloggers, authors, friends, or anyone else who has really inspired you?
I could lay down a list of accounts that have helped really inspired me, but if I had to narrow it down to a few it’d be: @BestInterest_JC, @rinkydoofinance, @UncommonYield, @OhHaiAndy, @upshotwealth, and @ShadowRents. Within that group, there are a lot of differing opinions, but I think that is a great thing because it forces you to evaluate if your opinions are actually the best methods for yourself, or if your opinions/processes need some updating.
What are some of the biggest challenges you’ve faced so far, through helping people learn about finance as well as in your own personal finance journey?
The biggest challenge I’ve faced would probably be sorting between the people who actually want to have an open dialogue and those who just want to argue. Constructive debate is great for all parties, but I find on Twitter that sometimes it turns personal, and that isn’t constructive for anyone. Through our own personal journey, the biggest challenge I face would be to remain patient. It takes a lot of time to clean up any messes, and then put yourself in a position to win. After we paid off our debt, we’ve focused on investing, building an emergency fund, and paying for our wedding in cash. Just like the debt, these require time, and I’m always trying to focus on being more patient and enjoying the process.
Time for a bit of a loaded question – what is your favorite type of investment and why (index funds, stocks, bonds, real estate, etc.)?
I’m pretty “boring” in that regard as my favorite investments are index funds. I don’t have any desire to pick single stocks or do the research for them. We are comfortable knowing that they are long-term bets, and now we just buy and enjoy the ride. I believe if more people were aware and encouraged to invest through index funds our society’s financial situation would be in a different spot. You never heard your uncle at thanksgiving dinner talk about his favorite index fund. It’s always the “hottest stock”, and I think people get intimidated about investing because they think they have to be a great stock picker to have success in the market.
At the end of the day, what is the main thing you hope your viewers learn or understand?
The message I try to push is that it’s never too late to change your financial situation for the better. You could have a poor track record with money like we did, but that doesn’t mean you can’t change and set your future self up in a better position. Getting started is the hardest part, but if you’re able to get started, be consistent, and stay the course you’re going to end up in a much more positive situation than if you continued to stay where you are.
What’s the best piece of advice you received growing up? How did it shape you into the person you are today?
The best advice I received growing up was regarding compound interest. My dad showed me a Roth IRA chart showing someone who started investing at 18 as opposed to 28, and the difference that the account balance grew to. This led me to open a Roth IRA when I was 16, but unfortunately, I didn’t actively participate in the account much through college, and several years after. Now that we have changed our financial mindsets and I became ready to “accept” his advice, this was easily the best.
Everyone views success differently, what personal metric do you use to define your own success?
That’s a tough question. I’d have to say my personal metric that I use is to make sure I recognize that money is a tool and not the end-all-be-all. Money is great to have. But my focus is to build our wealth so that I have more time to do the things that matter the most to me. With every investment, I am getting one step closer to being able to spend my time doing what I enjoy most as opposed to getting caught in the hamster wheel always chasing more money.
People tend to struggle with finding a good work-life balance, especially these days. How do you manage? In other words, what’s an average weekday like for you?
I stick to my routine as best as I can, which involves working from home normally between 7:30 am to 5:30 pm. I start each day doing 27 (my age) pushups, situps, and air-squats, and during my lunch break we usually take our dog to the park, or I will lay out in the sun and relax for around an hour. After my workday is over I’m either working on a podcast I do with my older brother, training in Brazilian Jiu-Jitsu, or doing something with my wife. During the week my schedule is pretty loaded. So I have to use the weekends to my advantage to catch up on projects, but also make time to relax and recharge.
What’s something you’re interested in – outside of personal finance?
I love traveling. My wife is from Brazil, and so I’ve been down to Brazil 4-5 times. The day after graduating high school I left for a “Eurotrip” with a friend and we visited Sweden, Denmark, The Netherlands, Belgium, France, and Germany. Other than those countries I’ve been on trips to The United Kingdown, Canada, Mexico, and Honduras. Obviously, I haven’t been able to do much of that since the pandemic and with us focusing on paying off our debt, but after our wedding celebration in November, my wife and I are going to start getting a few trips planned. Bali, Italy, and New Zealand are high on our list.
If you had to give advice to someone who has just joined the job market and started their personal finance journey, what would it be?
Always be working to grow whether that be where you’re at or into a new position/role/career. It’s easy to let the time slip by because it’s comfortable, but there are always options out there and it may be a better fit for you. As for personal finance, the earlier you start the better. If you’re fresh out of college and have no debt or a little bit, start working on systems that your future self will thank you for. Use your 401k (if offered), open a Roth IRA, build an emergency fund, live on less than you make, and invest the rest in a brokerage. This will set you miles ahead of the average person. I’d also add that the most important thing is that your system is sustainable, or you’ll eventually quit. Have some fun along the way, but put yourself in a position that your future self will be thankful for.
Conclusion
I hope you enjoyed learning about Adam and his views on personal finance as much as I did! If you liked what he had to say and want to see more, be sure to check him out on Twitter @AdamShoup. As always, if you have any thoughts you’d like to contribute, add a comment!
