Join Tiffany as she talks culture, consumer debt, and traveling through 25 states in 25 weeks with Dimitry Neyshtadt. Learn how he lowered his living expenses by purchasing an RV and road-tripping!
About our Guest
Dimitry Neyshtadt created 90 Day Money Pro to ensure that any hard-working & motivated American would have access to the most important and critical tips to achieve Financial Independence. He’s been an award-winning financial advisor for the past 10+ years and has helped over 1,000 clients one-on-one to optimize their finances. He’s also a great speaker who frequently presents at colleges and universities, nonprofits, real estate agencies, conferences and meetings, and more. In 2019, he’s traveled 25 States in 25 Weeks on the “Money Pro Tour” while Full-Time RVing with @TheFinanceFrenchie, his 2-year-old dog Brady. Check out his great content on social media @90DayMoneyPro and his Podcast on Apple Podcasts & Spotify.
Like him on Facebook: www.facebook.com/90daymoneypro
Follow him on Twitter: www.twitter.com/90daymoneypro
Follow him on Instagram: www.instagram.com/90daymoneypro
Consumer debt article: https://www.moneytalkwitht.com/word-wednesdays/consumer-debt
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Welcome to Money Talk with Tiff, a podcast where we discuss everything money – from tips and tricks to current events. Follow me on my journey to become debt-free, and meet other cool people along the way. I’m your host, Tiffany Grant, now let’s talk money.
Tiffany Grant (Host): Hey everyone. So today is another guest episode. I have Dimitry Neyshtadt on the line. So Dimitry is an award-winning financial adviser and motivational speaker destined to revolutionize the way personal finances can be optimized in the lives of millions. Dimitry has helped over 1,000 individuals and families from all races, occupations, and income levels in his 10 yrs+ careers as a Chartered Financial Consultant (ChFC). Hey Dimitry! How are you?
Dimitry Neyshtadt (Guest): … I’m doing great, how are you? Thanks so much for having me on.
Tiffany Grant: Oh yes, absolutely! I’m so excited you speak with you because we are going to talk about the role culture plays in your money story. So Dimitry was born in Belarus, Russia, and immigrated over here with his family. So, can you just talk a little bit about how the Russian culture is different from the American culture when it comes to money?
Dimitry Neyshtadt: Yes, that’s a good question. It’s funny, right? I think the Soviet Union in general, as that era came to a fall in 1990. My parents left the Soviet Union in 1989-90, they were in their mid-thirties at the time with two kids, myself being the younger, and my older brother was 7 years older than me.
Moving here and immigrating is a challenge for any culture. To pick up where you are and leave, to another country (sometimes halfway around the world) for the chance of a better life, not only for yourself but for your kids and future generations. I’m sure there are plenty of folks listening, who either were born in different countries or their parent were first-generation Americans. So yes, it was an immigrant starting out from scratch.
I think it was tough, I think a lot of listeners can probably relate to that. There were a lot of years of paycheck-to-paycheck living. And I think they’re many new Americans, in general, that’s something that is an experience that when someone goes through that, they often time have to learn how to make money decisions better, almost out of necessity sometimes. Where every dollar matters that much, to make sure all the bills are getting paid and there’s food on the table and such.
So, I’ll be foolish to say that Russians like to drink in some bar, but hey that’s probably true, I’ll be the first person to admit that. But at the same time, we’re very much balanced around family and the importance of that and making sure that there’s a very strong household. I think that’s a common trend in our culture, for sure.
Tiffany Grant: Right. Before we got on, I was telling you that my partner who I’m with right now just came here from another country as well, and he had no idea what credit was. Over there, there’s cash for everything and so it’s mainly an American culture – where everything is bought on credit.
Dimitry Neyshtadt: Absolutely. I think moving here, my mum will be quick to tell you that she heard horror stories from friends and folks that will tell you that “At the store, this credit card was offered to me, I made such a mistake signing up for it.” And my father even to this day (almost in 2020), will be proud to tell you that he pays a lot of bills in cash, and handles his finances in a more liquid-cash way than so many folks.
I’m sure you’ve heard about credit card hacking to get extra miles on planes or points off their monthly bills. That’s not my parents at all, I’ll tell you that for sure! They are more old school. That’s just the way that generation was. My father does not use online banking.
Recently, I was working with a client on one-on-one advising, he was in his 40s and very much Americanized, and still hasn’t used online banking, had never had an app on his phone that was linked to any kind of bank account. I think part of it is like inertia – an object's willingness or unwillingness to move in an unchanging state.
I think there are a lot of folks who are listening who would probably say that “Yea, my transfer that goes from my checking to my savings account hasn’t been increased in a while because I’ve had automatic transfer going for so long. I’ve had this system of writing out my bills every single month on a piece a paper and that’s how I look at it.” Some kind of system that works for folks, “if it ain’t broke don’t fix it,” that will be one word or phrase I’ll add to that for sure.
Tiffany Grant: Exactly. I’m all about cash or debit card. You know, I don’t use a credit card, hardly for anything, but if I have to teach myself that. I talked about this in another episode that everybody around me, and usually in the American culture, depends on credit cards too much! This is why I just did an article on this – the debt is $3.1 trillion as of June 2019 (the consumer debt). That’s not including housing, cars, and things like that, that’s just credit cards, and I’m like “What?!” *laughs* It’s ridiculous!
“Debt is so ingrained into our culture that most Americans cannot even envision a car without a payment, a house without a mortgage, a student without a loan, and credit without a card. We’ve been sold debt with such repetition and with such fervor that most folks can’t conceive of what it would be like to have NO payments”
– Dave Ramsey
Dimitry Neyshtadt: Yes. I think if we narrow down that big number, even more, the stat that came out earlier this year (I believe it was US News World Report, I’ll confirm that source for sure) – the average consumer that has a credit card is sitting with around $17,000 of credit card debt.
Tiffany Grant: Oh my God!
Dimitry Neyshtadt: It’s terrifying.
Tiffany Grant: It is.
Dimitry Neyshtadt: Think about what kind of minimum monthly payment requirement that has each month, with the high-interest rate on that debt, you’ll have a treadmill that individual or family is dealing with.
I’m trying to chip away and make this a $500 payment, but 150 of that $500 payment is just paying fees and interest, the debt is so frustrating and toxic. And that’s one of the things that we’re always preaching – making the smart money decisions and avoiding building up credit card debt.
“Your Credit Report and Credit Score are two of the most vital aspects of your financial health.”
– Erin Lowry
One of the big tips I always say is that a credit card is a 30-day loan, don’t trip like it’s something more than that!
Tiffany Grant: *laughs*
Dimitry Neyshtadt: If you got something on your credit card, you better pay that sucker off by the time that statement comes due. We’re not talking about “Oh yea, I’ll pay for that vacation now on a credit card and I’ll figure out how to pay that thing off later.” No! No!
Tiffany Grant: *laughs* Absolutely! I wholeheartedly agree with that. I made a joke in a previous episode (it’s not really a joke, it’s true). I would always use my credit card when I was trying to build my credit, I would only get gas repeatedly and pay it off repeatedly the next month, cos I was really scared of rolling over a balance, so I’d pay it over the next one.
Dimitry Neyshtadt: That’s great! You’ll laugh at your application. Through our coaching program, I do a 90-day go-to program with clients one-on-one, and I had a client who called me on phone and she goes “Look, I just want to let you know, I’m in my car at the shopping mall, and I just used the credit card, but I just made the payment in my car before I even left the parking lot at the mall. I already went to my phone and made the payment.”
I’m like “that’s amazing! Take some high five through the phone!”
Tiffany Grant: *laughs*
Dimitry Neyshtadt: And we celebrated that! As opposed to thinking about what the opposite end of the spectrum is. These people who are spending recklessly on their card, and not even consciously or purposeful burying it down deep, and ignoring it like an Ostrich bearing tender sand, that is not the way to deal with that stuff.
We have to be able to grab the bull by the horn to make those smarter cash flow decisions and I show folks you can still go out and spend money. It doesn’t mean it has to be coupon-clicking; ramming Google; sit at home; don’t go out, say no to everybody; hermit crab, you know what I mean? Just to save money.
You should have that balanced approach, that is so important, and I think that’s something that my parents tried to find over the years. You’ll agree with me, you don’t just snap your fingers and you’re at financial balance in all parts of your world.
Tiffany Grant: Absolutely.
Dimitry Neyshtadt: That’s impossible! Things are always evolving, our jobs are ever-changing and developing, life is developing around us. Whether folks are singular and they find that special someone and get hitched up and so on, and start a family. Whether they move somewhat to start a business or invest in real estate, whatever, there are so many different paths, but being able to make those decisions in the right order and with balance, allows folks to be able to really enjoy their journey. And that’s something I emphasize enough. You had the speaker said right? His presentation at FinCon? What do you think? What do you love spending money on?
Tiffany Grant: Well, when the lady said that. When we asked her “What do you want to do after you ou off all your debt?” She said, “Take a nap!” I felt that! I felt that! *laughs*
I would take the most serious nap after I was debt-free.
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Tiffany Grant: I want to talk a little bit because you just got off the road from doing a #MoneyPro Tour where you went to… how many different states?
Dimitry Neyshtadt: Yes, 25 states in 25 weeks full-time, RVing. My RV was my house, I was like a turtle. I brought it everywhere with me like it was on my back.
I toured to really highlight the need for financial education and literacy, and all about making smarter money decisions, in the right order. I think that’s a really key component – what do we do first, second, and third to make sure that we are not jumping the gun on stuff that we’re going to then regret later. And really being able to help folks overcome that barrier.
That’s me and my friend bulldog, the Finance Frenchy, shout out to him on Instagram. He’s more “Insta-famous” than I’ll ever be. I’m telling you. Like I can post up the greatest financial content, and people are like, like, like, like… whatever! And then as soon as I post up a photo with a puppy, people go crazy and they’re like chatting me up like crazy.
Tiffany Grant: *laughs*
Dimitry Neyshtadt: So, you got to check out the Finance Frenchy, he just traveled to 25 states in 25 weeks with me in our 32-foot Class C RV, that I purchased on a loan.
Tiffany Grant: *laughs*
Dimitry Neyshtadt: What if I told you my housing payment before I left Boston (my one-bedroom apartment) was $2,500 a month, okay? Not cheap! It was a nice building, it had a parking spot, a nice common area, and amenities. It has a doggy daycare and all these cool stuff in it. I’ll give you that. But you can’t have wheels, I couldn’t go anywhere.
This RV with zero money down my monthly payment for my housing camp is $565 a month.
Tiffany Grant: Nice! And you just finished traveling the country in your house. *laughs*
Dimitry Neyshtadt: That’s right. In each state, we had finally meet-ups or presentations or podcast interviews. So on my YouTube channel – the MoneyPro Method – you’ll see videos from all 25 states posted up there. Yes, we had so many cool conversations.
I’ll be the first one to admit that living off in Boston, I grew up here, more or less from when I was 3-4 years old through my 20s, and it’s quite a bubble how here in the North-East. We’re very much insulated. I saw a statistic recently, I don’t know if this shocks you, but do you know that right now, 50% of Americans live within 15 miles of where they were born.
Tiffany Grant: I believe that. I definitely do.
Dimitry Neyshtadt: I think so many of us like staying in our own little sheltered space, right? And I think that sometimes or most of the time, we would benefit greatly from being able to expose ourselves to other peoples, cultures, and neighborhoods.
I spoke with farmers in different parts of the country, young black kids in Flint, Michigan who were telling me about the water crisis out there. I spoke with fifty surfer dudes in North Carolina. I spoke with some very cool people in Seattle, with young adults, with this organization called Year Up, which helps 18-24-year-olds who are in college to reach their full potential and bridge the opportunity gap. That’s yearup.org – they’re awesome!
You know nationwide, so many different cities, so you’re being able to see not only different communities, but be able to be a part of that by being able to visit and poke my head into their lives for a little bit. Where I and my Finance Frenchy would walk around, and go to dog parks and chat with people there. We would go to dog-friendly breweries. We would go to some of the main streets and cool events that were happening around town, and I had my money jacket. It’s one of the things on paper sources, this dollar-print money jacket.
Tiffany Grant: I saw that.
Dimitry Neyshtadt: I had other colors that I brought, and Brady, yes, the Finance Frenchy has his dollar bill color and bandana, and all that fun stuffs. So let’s just say when we’re walking down the street, people are like what’s going over here, people are like “What’s going over here? What’s this dude doing with the camera? Interviewing people with his Frenchy in the street?” So we had a pretty fun way to have an icebreaker when I arrived in a new city all around the country.
Tiffany Grant: That’s awesome! I am low-key hating because that’s one of my bucket-list items – to do a round trip around the country. So, I love it! I’ll live vicariously through you by listening to the podcast because I saw that you had all the different states, and just seeing what you’ve experienced. I’ll just live vicariously through you for now. *laughs*
Dimitry Neyshtadt: It’s funny right? You know, I first considered this idea when I had some friend who took me to an RV show, here in Greater Boston, and it was probably two years ago. By just walking up and down in the Convention Centre and then getting exposed to websites and bloggers and YouTube channels of folks who were full-time RVing and what kind of lifestyle that provides.
It caught me at the time when I was like “Look, I’m 31, I’m single, I don’t have kids.” So I’m in a position where I’m blessed to say I have some flexibility as far as commitments and responsibilities that come with my age are concerned. I’m very much aware of that, and I think that “if I was to do it at any time of my life, now was the time to do it.”
So, after working for 10 years from age 10-31, I was a financial adviser working with clients one-on-one in Boston. Very much the same way a Dentist is fixing cavities or a Doctor is taking blood tests, that was the same way I was working with “financial patients” and really helping them overcome so many obstacles and barriers that as great as it was, Tiff I’m sure you can relate to this.
Even if I helped 200 people a year, for 30 more years, 200 times 30 is 6,000 families, and that was great! I get hugs from my clients, I’m blessed to say I’ve been to their weddings, I see them have kids, and their house warming parties, it’s amazing! But this little voice kept creeping into my head, cos you and I both know that 2 out of 3 Americans in this country right now do not have $1,000 in their savings!
Tiffany Grant: Exactly. Yes.
Dimitry Neyshtadt: And I looked at that and I said what is 6,000 people? When there are tens of millions who would benefit from being able to know the way that I can help folks out.
“We were not taught financial literacy in school. It takes a lot of work and time to change your thinking and to become financially literate.”
– Robert T. Kiyosaki
I felt almost guilty just sitting in my office, I felt as if I was saddling, and so that’s what really got me to think of how I could potentially go into minimalism and essentialism and delegate a lot of my previous job duties to my junior associates and fellow team members at my office, as I hit the road.
It was about giving presentations and thoughts and pop-off events. Going to popping up at breweries at weekends, and outside of ball games at different times, and even outside of supermarkets and in public parks. It was so cool to interact with so many different Americans and hear what was probably a truth that I (already) knew going to it, but there are so many of us that are struggling with the same challenge.
Tiffany Grant: Right. Exactly. Well anytime you find yourself in North Carolina, please let me know. *laughs* And I’ll look forward to the RV, the money jacket, and the dog.
Dimitry Neyshtadt: Yes, I will. One of my favorite highlights was North Carolina. It was the teacher rally in Raleigh, North Carolina. Over 10,000 teachers marched on the Capital for teachers' rights and wages and better environment for students and investing in kids. It was such a powerful state. I got my love for North Carolina.
Tiffany Grant: Awesome. Yes, I remember that, I had a few friends that went out (for that rally).
So, I want to go ahead and wrap it up a little bit. So where can people find you, if they want to learn more about Dimitry, follow Dimitry, where can they find you?
Dimitry Neyshtadt: So you can find me all across Social Media, from Facebook, Instagram, and Twitter at 90 day MoneyPro. That’s right. We show folks how in 90 days, instead of being money amateurs we all want to be Money Pros and feel like we have all our money stuff taken care of.
You can also find me at 90daymoneypro.com or dimitrineyshtadt.com where you can see more about the MoneyPro Tour. You can click the link in any of our bios, it’ll get you to our YouTube channel, and a free e-book to our listeners – The 6 Simple Steps to Financial Freedom for Life. That’s a free ebook that I have published, it is available right there, through that link as well. Feel free to download that for some additional insights on how to make smarter money decisions in the right order, for your family and your life.
Tiffany Grant: Nice. And I’ll have all of those links in the show notes. Thank you so much for coming on, this was so much fun. We covered so much.
Dimitry Neyshtadt: Love it! A great Money Talk With Tiff. I love it!
Tiffany Grant: *laughs* Have a good one!
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