From our CEO: How I went from nearly a quarter-million in debt to financial freedom

I was sitting in my dorm room freshman year at the University of Pennsylvania when I got an email that knocked my life off course.

I had gone to Penn for an undergraduate degree in computer science and finance. When I got accepted, the school said they would cover my tuition.

But that email said they were revoking my financial aid. I hadn’t done anything wrong, but there was basically nothing I could do about it.

I frantically threw out transfer applications. I got rejected. I did the math. If I stayed, I would wind up a quarter of a million dollars in debt by the time I graduated.

I thought about my future. Penn had a unique program that could set me up to succeed. I was happy: I loved the city, I loved my program, I loved my friends. I’d just met a woman who I couldn’t stop thinking about.

I decided to stay.

I took out a high-interest loan. I stacked up on classes and shaved a semester off to save money.

I left school with $225,000 of debt at 9% interest.

My first post-college job was at Morgan Stanley. All I’d ever wanted was to be an entrepreneur, but I had to tackle the debt first. And I knew getting investment banking experience would help in the long run.

I stayed frugal. I lived with my high school best friend, Brendan McNamara, in what was basically a shack, I didn’t have a car, and I ate most of my meals at work. The few times I did grab Chipotle with friends, I agonized. Was getting guac a splurge I couldn’t afford?

Because frugality wasn’t enough, I taught myself about personal finance. I learned how to use tax advantages. I got obsessed with credit card points.

People around me noticed and started asking me questions. I liked helping them find ways to optimize their money. I loved seeing them succeed.

What if, I wondered, I could do that for a living?

I kept living cheaply. I refinanced my loan down to 2% with the help of that incredible woman I’d met freshman year. I was in awe that she did that for me.

On my 24th birthday, my net worth finally hit zero. I know it sounds ridiculous, but I celebrated. It meant the debt was no longer crushing me.

I kept working and explored the world of financial advisors. I didn’t like what I saw. Some charged obscene amounts based on a client’s income. Others wouldn’t work with someone who didn’t have a super high net worth. Many just plugged people’s data into an impersonal algorithm. The platforms weren’t on par with what they should be in this digital age. And they weren’t customer friendly.

It bothered me deeply. Why shouldn’t everyone have access to the best personal financial information?

I’d always wanted to build something. So had Brendan — that guy who lived with me in the shack all those years ago (and is now a talented engineer). We started talking. What would it look like if we actually built something? What if that something helped people?

We started Fifr.

This is the dream I’ve always wanted to follow. I’m working with my best friend. Our team is growing. We’re innovating and challenging each other every day. (And remember that woman I met freshman year who later helped refinance my loan? I’m now lucky enough to call her my wife and mother to my beautiful newborn son!)

We may be new, but I’m incredibly excited by what we’re creating. Thanks for coming along on our journey — I can’t wait to keep you posted.